Observatory · observe first

Allocation and performance can disagree

Read two independent dimensions together. A position on this map describes the observation—it does not imply what happens next.

Historical time machine
Historical observation
20182026

Market allocation quadrant

Horizontal: 12M weight change (pp) · vertical: 12M relative return (%) · bubble size: current loaded-universe weight

-3.00 pp-40%-1.50 pp-20%+0.00 pp+0%+1.50 pp+20%+3.00 pp+40%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.39 pp weight change; -25.7% relative return; weight 1.52%Technology Hardware, Storage & Peripherals: +0.43 pp weight change; +1.2% relative return; weight 9.37%Technology Hardware, Storage & PeripheralsBiotechnology: -0.26 pp weight change; -12.4% relative return; weight 2.47%BiotechnologyHealth Care Equipment: -0.11 pp weight change; -14.0% relative return; weight 2.79%Health Care EquipmentIT Consulting & Other Services: +0.01 pp weight change; -2.8% relative return; weight 1.29%Application Software: +0.86 pp weight change; +21.3% relative return; weight 3.75%Application SoftwareSemiconductors: +0.58 pp weight change; +13.3% relative return; weight 3.44%SemiconductorsAgricultural Products & Services: -0.06 pp weight change; -31.9% relative return; weight 0.13%Human Resource & Employment Services: -0.07 pp weight change; -15.5% relative return; weight 0.44%Multi-Utilities: -0.28 pp weight change; -22.1% relative return; weight 1.26%Electric Utilities: -0.12 pp weight change; -9.6% relative return; weight 1.45%Independent Power Producers & Energy Traders: -0.03 pp weight change; -33.5% relative return; weight 0.07%Life & Health Insurance: -0.09 pp weight change; -13.5% relative return; weight 0.52%Multi-line Insurance: -0.00 pp weight change; +0.3% relative return; weight 0.22%Insurance Brokers: +0.08 pp weight change; +6.1% relative return; weight 0.85%Internet Services & Infrastructure: -0.00 pp weight change; -3.8% relative return; weight 0.12%Specialty Chemicals: -0.08 pp weight change; -13.2% relative return; weight 0.68%Health Care Supplies: +0.01 pp weight change; +6.5% relative return; weight 0.14%Property & Casualty Insurance: +0.09 pp weight change; -1.5% relative return; weight 1.14%Building Products: +0.01 pp weight change; -1.4% relative return; weight 0.48%Semiconductor Materials & Equipment: +0.12 pp weight change; +30.7% relative return; weight 0.47%Electrical Components & Equipment: +0.06 pp weight change; +7.0% relative return; weight 0.67%Asset Management & Custody Banks: +0.14 pp weight change; -15.9% relative return; weight 0.69%Telecom Tower REITs: -0.15 pp weight change; -25.5% relative return; weight 0.50%Broadline Retail: +0.96 pp weight change; +16.8% relative return; weight 4.75%Broadline RetailOil & Gas Exploration & Production: -0.26 pp weight change; -16.7% relative return; weight 1.22%Industrial Gases: +0.12 pp weight change; +14.0% relative return; weight 0.84%Electronic Components: -0.02 pp weight change; -16.6% relative return; weight 0.12%Automotive Parts & Equipment: -0.00 pp weight change; -13.5% relative return; weight 0.08%Office REITs: -0.04 pp weight change; -36.4% relative return; weight 0.08%Paper & Plastic Packaging Products & Materials: -0.08 pp weight change; -7.7% relative return; weight 0.35%Water Utilities: -0.02 pp weight change; -25.5% relative return; weight 0.08%Consumer Finance: -0.06 pp weight change; -11.9% relative return; weight 0.53%Automotive Retail: -0.02 pp weight change; -10.8% relative return; weight 0.16%Aerospace & Defense: +0.02 pp weight change; -4.2% relative return; weight 2.42%Diversified Banks: -0.66 pp weight change; -17.7% relative return; weight 3.28%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; -10.6% relative return; weight 0.05%Computer & Electronics Retail: -0.01 pp weight change; -7.5% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: +0.04 pp weight change; +8.8% relative return; weight 0.47%Oil & Gas Equipment & Services: +0.13 pp weight change; +0.1% relative return; weight 0.51%Pharmaceuticals: -0.44 pp weight change; -8.8% relative return; weight 5.11%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +4.5% relative return; weight 0.00%Health Care Distributors: +0.02 pp weight change; +5.7% relative return; weight 0.44%Construction Machinery & Heavy Transportation Equipment: +0.04 pp weight change; -1.8% relative return; weight 0.71%Financial Exchanges & Data: +0.10 pp weight change; -1.3% relative return; weight 1.13%Real Estate Services: -0.03 pp weight change; -16.5% relative return; weight 0.17%Fertilizers & Agricultural Chemicals: -0.10 pp weight change; -34.7% relative return; weight 0.21%Regional Banks: -0.19 pp weight change; -39.7% relative return; weight 0.28%Household Products: -0.02 pp weight change; -7.1% relative return; weight 0.47%Air Freight & Logistics: -0.05 pp weight change; -8.4% relative return; weight 0.60%Cable & Satellite: +0.07 pp weight change; +7.4% relative return; weight 0.64%Health Care Services: -0.19 pp weight change; -21.1% relative return; weight 0.74%Restaurants: -0.06 pp weight change; -7.6% relative return; weight 1.23%Managed Health Care: -0.34 pp weight change; -15.0% relative return; weight 2.39%Consumer Staples Merchandise Retail: -0.17 pp weight change; -12.8% relative return; weight 1.68%Transaction & Payment Processing Services: -0.21 pp weight change; -16.6% relative return; weight 1.24%Communications Equipment: +0.09 pp weight change; +7.2% relative return; weight 0.96%Rail Transportation: -0.06 pp weight change; -7.9% relative return; weight 0.78%Diversified Support Services: +0.12 pp weight change; +9.5% relative return; weight 0.23%Integrated Oil & Gas: -0.33 pp weight change; -24.6% relative return; weight 0.93%Passenger Airlines: -0.05 pp weight change; -29.1% relative return; weight 0.15%Agricultural & Farm Machinery: -0.07 pp weight change; -15.6% relative return; weight 0.36%Homebuilding: +0.06 pp weight change; +29.5% relative return; weight 0.23%Movies & Entertainment: -0.17 pp weight change; -25.7% relative return; weight 0.63%Data Center REITs: +0.08 pp weight change; +17.9% relative return; weight 0.36%Health Care REITs: +0.04 pp weight change; +6.7% relative return; weight 0.24%Industrial Machinery & Supplies & Components: +0.11 pp weight change; +0.6% relative return; weight 1.16%Research & Consulting Services: +0.01 pp weight change; +3.2% relative return; weight 0.18%Reinsurance: +0.01 pp weight change; +12.9% relative return; weight 0.06%Multi-Family Residential REITs: -0.06 pp weight change; -21.9% relative return; weight 0.23%Self-Storage REITs: -0.06 pp weight change; -33.4% relative return; weight 0.22%Automobile Manufacturers: -0.50 pp weight change; -21.5% relative return; weight 2.43%Automobile ManufacturersTrading Companies & Distributors: +0.02 pp weight change; +15.2% relative return; weight 0.15%Copper: +0.00 pp weight change; -2.3% relative return; weight 0.16%Broadcasting: -0.03 pp weight change; -30.9% relative return; weight 0.08%Retail REITs: -0.04 pp weight change; -16.3% relative return; weight 0.32%Systems Software: +2.53 pp weight change; +31.1% relative return; weight 8.94%Systems SoftwarePackaged Foods & Meats: -0.14 pp weight change; -17.4% relative return; weight 0.75%Distributors: -0.03 pp weight change; -33.0% relative return; weight 0.06%Consumer Electronics: +0.01 pp weight change; +8.3% relative return; weight 0.07%Investment Banking & Brokerage: -0.34 pp weight change; -24.8% relative return; weight 1.03%Leisure Products: -0.01 pp weight change; -34.2% relative return; weight 0.02%Health Care Facilities: -0.02 pp weight change; -5.2% relative return; weight 0.21%Home Improvement Retail: -0.16 pp weight change; -10.5% relative return; weight 1.34%Industrial Conglomerates: -0.12 pp weight change; -15.3% relative return; weight 0.69%Hotel & Resort REITs: -0.02 pp weight change; -18.8% relative return; weight 0.14%Other Specialized REITs: +0.01 pp weight change; +11.4% relative return; weight 0.06%Construction & Engineering: +0.01 pp weight change; +6.0% relative return; weight 0.13%Cargo Ground Transportation: +0.01 pp weight change; +6.7% relative return; weight 0.13%Oil & Gas Storage & Transportation: -0.01 pp weight change; -1.7% relative return; weight 0.43%Soft Drinks & Non-alcoholic Beverages: -0.22 pp weight change; -15.5% relative return; weight 1.83%Food Retail: -0.01 pp weight change; -11.4% relative return; weight 0.11%Casinos & Gaming: +0.02 pp weight change; +8.1% relative return; weight 0.20%Construction Materials: +0.02 pp weight change; +10.0% relative return; weight 0.17%Tobacco: -0.09 pp weight change; -10.2% relative return; weight 0.71%Oil & Gas Refining & Marketing: -0.04 pp weight change; +7.0% relative return; weight 0.51%Gold: -0.02 pp weight change; -16.6% relative return; weight 0.10%Apparel, Accessories & Luxury Goods: +0.17 pp weight change; -0.2% relative return; weight 0.48%Steel: +0.06 pp weight change; +2.1% relative return; weight 0.18%Advertising: -0.00 pp weight change; -3.8% relative return; weight 0.05%Personal Care Products: +0.19 pp weight change; +1.2% relative return; weight 1.32%Industrial REITs: -0.05 pp weight change; -15.5% relative return; weight 0.32%Electronic Equipment & Instruments: -0.04 pp weight change; -14.7% relative return; weight 0.35%Apparel Retail: +0.06 pp weight change; +11.7% relative return; weight 0.48%Environmental & Facilities Services: +0.05 pp weight change; -4.5% relative return; weight 0.50%Food Distributors: -0.04 pp weight change; -28.7% relative return; weight 0.11%Integrated Telecommunication Services: -0.14 pp weight change; -13.3% relative return; weight 0.88%Electronic Manufacturing Services: -0.01 pp weight change; -11.3% relative return; weight 0.13%Other Specialty Retail: -0.02 pp weight change; -18.2% relative return; weight 0.08%Timber REITs: -0.01 pp weight change; -11.9% relative return; weight 0.07%Interactive Home Entertainment: +0.01 pp weight change; +2.0% relative return; weight 0.08%Data Processing & Outsourced Services: +0.01 pp weight change; +4.7% relative return; weight 0.07%Gas Utilities: +0.00 pp weight change; -6.4% relative return; weight 0.05%Commodity Chemicals: -0.00 pp weight change; -1.5% relative return; weight 0.12%Wireless Telecommunication Services: -0.10 pp weight change; -14.3% relative return; weight 0.57%Technology Distributors: +0.01 pp weight change; +6.0% relative return; weight 0.09%Heavy Electrical Equipment: -0.01 pp weight change; -34.5% relative return; weight 0.02%Single-Family Residential REITs: -0.01 pp weight change; -12.8% relative return; weight 0.06%Passenger Ground Transportation: +0.00 pp weight change; -9.7% relative return; weight 0.00%Footwear: +0.00 pp weight change; -9.7% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -9.7% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -9.7% relative return; weight 0.00%12M CHANGE IN UNIVERSE WEIGHT →↑ 12M RETURN RELATIVE TO ACWI

Gaining weight · outperforming

Both dimensions increased over 12 months.

Gaining weight · underperforming

Market-weight gains coexist with negative relative returns.

Losing weight · outperforming

Relative return is positive while market weight fell.

Losing weight · underperforming

Both dimensions declined over 12 months.

The axes use raw changes and a zero boundary, not an opinion or a standardised score. A sector may gain market weight without outperforming the benchmark because allocation and relative return are different dimensions. No quadrant is called a future winner or an investment signal.