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

-2.50 pp-40%-1.25 pp-20%+0.00 pp+0%+1.25 pp+20%+2.50 pp+40%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.39 pp weight change; -22.3% relative return; weight 1.59%Technology Hardware, Storage & Peripherals: +1.23 pp weight change; +15.6% relative return; weight 9.52%Technology Hardware, Storage & PeripheralsBiotechnology: -0.52 pp weight change; -18.2% relative return; weight 2.29%Health Care Equipment: -0.04 pp weight change; -8.8% relative return; weight 2.84%Health Care EquipmentIT Consulting & Other Services: +0.02 pp weight change; +1.8% relative return; weight 1.33%Application Software: +1.12 pp weight change; +35.0% relative return; weight 3.99%Application SoftwareSemiconductors: +0.55 pp weight change; +14.5% relative return; weight 3.68%SemiconductorsAgricultural Products & Services: -0.06 pp weight change; -30.5% relative return; weight 0.12%Human Resource & Employment Services: -0.09 pp weight change; -16.9% relative return; weight 0.43%Multi-Utilities: -0.29 pp weight change; -23.9% relative return; weight 1.27%Electric Utilities: -0.21 pp weight change; -12.2% relative return; weight 1.39%Independent Power Producers & Energy Traders: -0.03 pp weight change; -28.1% relative return; weight 0.07%Life & Health Insurance: -0.11 pp weight change; -12.8% relative return; weight 0.50%Multi-line Insurance: -0.01 pp weight change; +1.2% relative return; weight 0.22%Insurance Brokers: +0.03 pp weight change; +3.4% relative return; weight 0.82%Internet Services & Infrastructure: -0.00 pp weight change; +1.2% relative return; weight 0.12%Specialty Chemicals: -0.07 pp weight change; -9.0% relative return; weight 0.70%Health Care Supplies: +0.02 pp weight change; +15.2% relative return; weight 0.14%Property & Casualty Insurance: -0.01 pp weight change; -0.6% relative return; weight 1.09%Building Products: -0.01 pp weight change; -1.9% relative return; weight 0.50%Semiconductor Materials & Equipment: +0.08 pp weight change; +20.5% relative return; weight 0.49%Electrical Components & Equipment: +0.02 pp weight change; +4.2% relative return; weight 0.65%Asset Management & Custody Banks: +0.14 pp weight change; -12.8% relative return; weight 0.73%Telecom Tower REITs: -0.12 pp weight change; -17.2% relative return; weight 0.55%Broadline Retail: +1.35 pp weight change; +34.7% relative return; weight 4.77%Broadline RetailOil & Gas Exploration & Production: -0.29 pp weight change; -17.9% relative return; weight 1.08%Industrial Gases: +0.01 pp weight change; +2.7% relative return; weight 0.81%Electronic Components: -0.02 pp weight change; -14.9% relative return; weight 0.12%Automotive Parts & Equipment: -0.03 pp weight change; -30.2% relative return; weight 0.07%Office REITs: -0.04 pp weight change; -31.2% relative return; weight 0.09%Paper & Plastic Packaging Products & Materials: -0.10 pp weight change; -8.4% relative return; weight 0.35%Water Utilities: -0.01 pp weight change; -20.4% relative return; weight 0.08%Consumer Finance: -0.03 pp weight change; -2.9% relative return; weight 0.56%Automotive Retail: -0.02 pp weight change; -8.3% relative return; weight 0.16%Aerospace & Defense: -0.01 pp weight change; -1.5% relative return; weight 2.39%Aerospace & DefenseDiversified Banks: -0.59 pp weight change; -12.2% relative return; weight 3.42%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -10.1% relative return; weight 0.05%Computer & Electronics Retail: -0.02 pp weight change; -21.6% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: +0.06 pp weight change; +17.1% relative return; weight 0.49%Oil & Gas Equipment & Services: +0.08 pp weight change; -6.2% relative return; weight 0.44%Pharmaceuticals: -0.69 pp weight change; -10.0% relative return; weight 4.86%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +1.5% relative return; weight 0.00%Health Care Distributors: +0.02 pp weight change; +9.1% relative return; weight 0.43%Construction Machinery & Heavy Transportation Equipment: +0.03 pp weight change; -0.6% relative return; weight 0.71%Financial Exchanges & Data: +0.03 pp weight change; +1.1% relative return; weight 1.19%Real Estate Services: -0.02 pp weight change; -9.1% relative return; weight 0.18%Fertilizers & Agricultural Chemicals: -0.11 pp weight change; -37.6% relative return; weight 0.18%Regional Banks: -0.16 pp weight change; -31.8% relative return; weight 0.30%Household Products: -0.04 pp weight change; -7.6% relative return; weight 0.46%Air Freight & Logistics: -0.11 pp weight change; -13.3% relative return; weight 0.59%Cable & Satellite: -0.01 pp weight change; -2.5% relative return; weight 0.59%Health Care Services: -0.29 pp weight change; -29.0% relative return; weight 0.65%Restaurants: -0.11 pp weight change; -7.2% relative return; weight 1.20%Managed Health Care: -0.32 pp weight change; -11.8% relative return; weight 2.25%Consumer Staples Merchandise Retail: -0.23 pp weight change; -12.7% relative return; weight 1.62%Transaction & Payment Processing Services: -0.09 pp weight change; -6.1% relative return; weight 1.26%Communications Equipment: -0.05 pp weight change; -4.4% relative return; weight 0.87%Rail Transportation: -0.11 pp weight change; -9.8% relative return; weight 0.78%Diversified Support Services: +0.10 pp weight change; +12.2% relative return; weight 0.24%Integrated Oil & Gas: -0.36 pp weight change; -26.8% relative return; weight 0.85%Passenger Airlines: -0.04 pp weight change; -22.8% relative return; weight 0.16%Agricultural & Farm Machinery: -0.12 pp weight change; -24.8% relative return; weight 0.33%Homebuilding: +0.07 pp weight change; +38.8% relative return; weight 0.25%Movies & Entertainment: -0.05 pp weight change; -9.8% relative return; weight 0.65%Data Center REITs: +0.04 pp weight change; +10.7% relative return; weight 0.37%Health Care REITs: +0.01 pp weight change; -1.5% relative return; weight 0.24%Industrial Machinery & Supplies & Components: +0.11 pp weight change; +4.0% relative return; weight 1.18%Research & Consulting Services: +0.01 pp weight change; +10.0% relative return; weight 0.19%Reinsurance: +0.01 pp weight change; +11.2% relative return; weight 0.06%Multi-Family Residential REITs: -0.07 pp weight change; -22.0% relative return; weight 0.22%Self-Storage REITs: -0.02 pp weight change; -19.8% relative return; weight 0.23%Automobile Manufacturers: +0.18 pp weight change; +5.2% relative return; weight 2.63%Automobile ManufacturersTrading Companies & Distributors: +0.02 pp weight change; +17.0% relative return; weight 0.15%Copper: -0.03 pp weight change; -14.5% relative return; weight 0.17%Broadcasting: -0.01 pp weight change; -17.6% relative return; weight 0.08%Retail REITs: -0.04 pp weight change; -12.8% relative return; weight 0.33%Systems Software: +2.48 pp weight change; +33.5% relative return; weight 9.18%Systems SoftwarePackaged Foods & Meats: -0.17 pp weight change; -17.8% relative return; weight 0.72%Distributors: -0.03 pp weight change; -32.9% relative return; weight 0.06%Consumer Electronics: +0.01 pp weight change; +21.6% relative return; weight 0.07%Investment Banking & Brokerage: -0.36 pp weight change; -22.4% relative return; weight 1.07%Leisure Products: -0.01 pp weight change; -30.2% relative return; weight 0.02%Health Care Facilities: -0.02 pp weight change; -5.4% relative return; weight 0.21%Home Improvement Retail: -0.23 pp weight change; -11.6% relative return; weight 1.33%Industrial Conglomerates: -0.18 pp weight change; -17.7% relative return; weight 0.66%Hotel & Resort REITs: -0.02 pp weight change; -16.3% relative return; weight 0.13%Other Specialized REITs: +0.00 pp weight change; +10.9% relative return; weight 0.06%Construction & Engineering: +0.01 pp weight change; +4.7% relative return; weight 0.13%Cargo Ground Transportation: +0.00 pp weight change; +2.9% relative return; weight 0.13%Oil & Gas Storage & Transportation: +0.00 pp weight change; -2.5% relative return; weight 0.45%Soft Drinks & Non-alcoholic Beverages: -0.30 pp weight change; -15.9% relative return; weight 1.74%Food Retail: -0.02 pp weight change; -17.2% relative return; weight 0.10%Casinos & Gaming: -0.02 pp weight change; -9.0% relative return; weight 0.18%Construction Materials: +0.02 pp weight change; +10.0% relative return; weight 0.18%Tobacco: -0.12 pp weight change; -11.4% relative return; weight 0.68%Oil & Gas Refining & Marketing: -0.06 pp weight change; +4.1% relative return; weight 0.49%Gold: -0.03 pp weight change; -19.9% relative return; weight 0.10%Apparel, Accessories & Luxury Goods: +0.14 pp weight change; -8.0% relative return; weight 0.49%Steel: +0.06 pp weight change; +1.4% relative return; weight 0.19%Advertising: -0.01 pp weight change; -6.1% relative return; weight 0.05%Personal Care Products: +0.05 pp weight change; -6.2% relative return; weight 1.25%Industrial REITs: -0.04 pp weight change; -9.8% relative return; weight 0.33%Electronic Equipment & Instruments: -0.03 pp weight change; -9.9% relative return; weight 0.35%Apparel Retail: -0.00 pp weight change; +0.5% relative return; weight 0.45%Environmental & Facilities Services: +0.04 pp weight change; -2.0% relative return; weight 0.49%Food Distributors: -0.04 pp weight change; -23.0% relative return; weight 0.11%Integrated Telecommunication Services: -0.15 pp weight change; -10.8% relative return; weight 0.87%Electronic Manufacturing Services: -0.01 pp weight change; -5.0% relative return; weight 0.13%Other Specialty Retail: -0.02 pp weight change; -17.7% relative return; weight 0.08%Timber REITs: -0.01 pp weight change; -8.9% relative return; weight 0.07%Interactive Home Entertainment: +0.02 pp weight change; +34.5% relative return; weight 0.08%Data Processing & Outsourced Services: +0.01 pp weight change; +19.1% relative return; weight 0.07%Gas Utilities: -0.00 pp weight change; -12.7% relative return; weight 0.05%Commodity Chemicals: -0.01 pp weight change; -3.8% relative return; weight 0.11%Wireless Telecommunication Services: -0.10 pp weight change; -10.3% relative return; weight 0.54%Technology Distributors: +0.00 pp weight change; +1.7% relative return; weight 0.09%Heavy Electrical Equipment: -0.00 pp weight change; -0.3% relative return; weight 0.02%Single-Family Residential REITs: -0.00 pp weight change; -5.2% relative return; weight 0.06%Passenger Ground Transportation: +0.00 pp weight change; -10.1% relative return; weight 0.00%Footwear: +0.00 pp weight change; -10.1% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -10.1% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -10.1% 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.