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-60%-1.25 pp-30%+0.00 pp+0%+1.25 pp+30%+2.50 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.40 pp weight change; -21.3% relative return; weight 1.64%Technology Hardware, Storage & Peripherals: +1.49 pp weight change; +21.4% relative return; weight 9.23%Technology Hardware, Storage & PeripheralsBiotechnology: -0.49 pp weight change; -15.8% relative return; weight 2.40%Health Care Equipment: -0.16 pp weight change; -11.4% relative return; weight 2.89%Health Care EquipmentIT Consulting & Other Services: +0.05 pp weight change; +5.9% relative return; weight 1.33%Application Software: +0.95 pp weight change; +30.9% relative return; weight 3.81%Application SoftwareSemiconductors: +0.98 pp weight change; +32.6% relative return; weight 4.01%SemiconductorsAgricultural Products & Services: -0.07 pp weight change; -34.9% relative return; weight 0.11%Human Resource & Employment Services: -0.09 pp weight change; -16.9% relative return; weight 0.41%Multi-Utilities: -0.40 pp weight change; -28.4% relative return; weight 1.25%Electric Utilities: -0.38 pp weight change; -19.9% relative return; weight 1.34%Independent Power Producers & Energy Traders: -0.02 pp weight change; -21.0% relative return; weight 0.07%Life & Health Insurance: -0.12 pp weight change; -14.4% relative return; weight 0.49%Multi-line Insurance: -0.03 pp weight change; -6.3% relative return; weight 0.21%Insurance Brokers: -0.09 pp weight change; -9.4% relative return; weight 0.73%Internet Services & Infrastructure: -0.01 pp weight change; -5.6% relative return; weight 0.12%Specialty Chemicals: -0.05 pp weight change; -5.0% relative return; weight 0.72%Health Care Supplies: +0.02 pp weight change; +12.5% relative return; weight 0.15%Property & Casualty Insurance: -0.14 pp weight change; -10.0% relative return; weight 1.03%Building Products: +0.01 pp weight change; +3.9% relative return; weight 0.52%Semiconductor Materials & Equipment: +0.12 pp weight change; +33.3% relative return; weight 0.51%Electrical Components & Equipment: +0.02 pp weight change; +4.4% relative return; weight 0.67%Asset Management & Custody Banks: +0.19 pp weight change; -7.0% relative return; weight 0.77%Telecom Tower REITs: -0.15 pp weight change; -19.6% relative return; weight 0.53%Broadline Retail: +1.58 pp weight change; +46.4% relative return; weight 4.75%Broadline RetailOil & Gas Exploration & Production: -0.31 pp weight change; -19.6% relative return; weight 1.03%Industrial Gases: -0.05 pp weight change; -4.5% relative return; weight 0.78%Electronic Components: -0.02 pp weight change; -11.3% relative return; weight 0.12%Automotive Parts & Equipment: -0.02 pp weight change; -21.2% relative return; weight 0.08%Office REITs: -0.03 pp weight change; -20.8% relative return; weight 0.10%Paper & Plastic Packaging Products & Materials: -0.12 pp weight change; -11.9% relative return; weight 0.34%Water Utilities: -0.02 pp weight change; -27.8% relative return; weight 0.08%Consumer Finance: +0.02 pp weight change; +7.4% relative return; weight 0.60%Automotive Retail: -0.04 pp weight change; -13.8% relative return; weight 0.14%Aerospace & Defense: -0.17 pp weight change; -6.5% relative return; weight 2.41%Aerospace & DefenseDiversified Banks: -0.31 pp weight change; -4.3% relative return; weight 3.62%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; -6.6% relative return; weight 0.05%Computer & Electronics Retail: -0.01 pp weight change; -16.2% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: +0.14 pp weight change; +39.6% relative return; weight 0.54%Oil & Gas Equipment & Services: +0.02 pp weight change; -17.9% relative return; weight 0.42%Pharmaceuticals: -1.12 pp weight change; -16.0% relative return; weight 4.70%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -5.6% relative return; weight 0.00%Health Care Distributors: -0.02 pp weight change; +1.0% relative return; weight 0.41%Construction Machinery & Heavy Transportation Equipment: +0.05 pp weight change; +3.4% relative return; weight 0.77%Financial Exchanges & Data: +0.06 pp weight change; +5.0% relative return; weight 1.21%Real Estate Services: -0.01 pp weight change; -4.7% relative return; weight 0.19%Fertilizers & Agricultural Chemicals: -0.08 pp weight change; -30.0% relative return; weight 0.18%Regional Banks: -0.11 pp weight change; -21.0% relative return; weight 0.33%Household Products: -0.10 pp weight change; -16.1% relative return; weight 0.44%Air Freight & Logistics: -0.10 pp weight change; -12.3% relative return; weight 0.57%Cable & Satellite: -0.01 pp weight change; -1.3% relative return; weight 0.57%Health Care Services: -0.26 pp weight change; -24.4% relative return; weight 0.70%Restaurants: -0.16 pp weight change; -10.3% relative return; weight 1.18%Managed Health Care: -0.56 pp weight change; -19.9% relative return; weight 2.07%Consumer Staples Merchandise Retail: -0.08 pp weight change; -2.8% relative return; weight 1.67%Transaction & Payment Processing Services: -0.11 pp weight change; -6.2% relative return; weight 1.26%Communications Equipment: -0.07 pp weight change; -5.7% relative return; weight 0.85%Rail Transportation: -0.09 pp weight change; -6.6% relative return; weight 0.81%Diversified Support Services: +0.08 pp weight change; +7.8% relative return; weight 0.23%Integrated Oil & Gas: -0.41 pp weight change; -29.4% relative return; weight 0.84%Passenger Airlines: -0.02 pp weight change; -12.6% relative return; weight 0.17%Agricultural & Farm Machinery: -0.13 pp weight change; -22.7% relative return; weight 0.33%Homebuilding: +0.08 pp weight change; +44.7% relative return; weight 0.28%Movies & Entertainment: -0.06 pp weight change; -9.2% relative return; weight 0.62%Data Center REITs: +0.02 pp weight change; +6.3% relative return; weight 0.35%Health Care REITs: +0.01 pp weight change; -0.5% relative return; weight 0.24%Industrial Machinery & Supplies & Components: +0.12 pp weight change; +5.3% relative return; weight 1.21%Research & Consulting Services: +0.01 pp weight change; +8.5% relative return; weight 0.19%Reinsurance: -0.00 pp weight change; -11.1% relative return; weight 0.05%Multi-Family Residential REITs: -0.05 pp weight change; -15.8% relative return; weight 0.23%Self-Storage REITs: +0.01 pp weight change; -6.0% relative return; weight 0.26%Automobile Manufacturers: +0.91 pp weight change; +51.2% relative return; weight 2.64%Automobile ManufacturersTrading Companies & Distributors: +0.03 pp weight change; +27.2% relative return; weight 0.17%Copper: -0.01 pp weight change; -7.0% relative return; weight 0.18%Broadcasting: -0.00 pp weight change; -1.8% relative return; weight 0.08%Retail REITs: -0.03 pp weight change; -10.6% relative return; weight 0.35%Systems Software: +2.04 pp weight change; +28.7% relative return; weight 8.74%Systems SoftwarePackaged Foods & Meats: -0.23 pp weight change; -22.8% relative return; weight 0.70%Distributors: -0.03 pp weight change; -33.0% relative return; weight 0.06%Consumer Electronics: +0.01 pp weight change; +17.0% relative return; weight 0.07%Investment Banking & Brokerage: -0.24 pp weight change; -13.4% relative return; weight 1.17%Leisure Products: -0.01 pp weight change; -28.0% relative return; weight 0.02%Health Care Facilities: -0.03 pp weight change; -6.9% relative return; weight 0.22%Home Improvement Retail: -0.19 pp weight change; -7.4% relative return; weight 1.41%Industrial Conglomerates: -0.19 pp weight change; -16.7% relative return; weight 0.68%Hotel & Resort REITs: -0.01 pp weight change; -10.2% relative return; weight 0.14%Other Specialized REITs: +0.01 pp weight change; +19.8% relative return; weight 0.06%Construction & Engineering: +0.02 pp weight change; +10.8% relative return; weight 0.13%Cargo Ground Transportation: +0.01 pp weight change; +5.1% relative return; weight 0.13%Oil & Gas Storage & Transportation: -0.03 pp weight change; -9.1% relative return; weight 0.42%Soft Drinks & Non-alcoholic Beverages: -0.44 pp weight change; -21.1% relative return; weight 1.68%Food Retail: -0.02 pp weight change; -14.1% relative return; weight 0.10%Casinos & Gaming: -0.02 pp weight change; -9.5% relative return; weight 0.19%Construction Materials: +0.02 pp weight change; +13.9% relative return; weight 0.18%Tobacco: -0.21 pp weight change; -20.2% relative return; weight 0.65%Oil & Gas Refining & Marketing: -0.08 pp weight change; +1.2% relative return; weight 0.47%Gold: -0.04 pp weight change; -25.4% relative return; weight 0.10%Apparel, Accessories & Luxury Goods: +0.09 pp weight change; -17.4% relative return; weight 0.49%Steel: +0.00 pp weight change; +6.4% relative return; weight 0.18%Advertising: -0.01 pp weight change; -10.4% relative return; weight 0.05%Personal Care Products: -0.14 pp weight change; -19.0% relative return; weight 1.15%Industrial REITs: -0.01 pp weight change; -0.6% relative return; weight 0.37%Electronic Equipment & Instruments: -0.03 pp weight change; -8.2% relative return; weight 0.36%Apparel Retail: -0.02 pp weight change; -1.9% relative return; weight 0.46%Environmental & Facilities Services: +0.05 pp weight change; +0.1% relative return; weight 0.49%Food Distributors: -0.03 pp weight change; -19.6% relative return; weight 0.11%Integrated Telecommunication Services: -0.24 pp weight change; -18.0% relative return; weight 0.83%Electronic Manufacturing Services: +0.05 pp weight change; +1.9% relative return; weight 0.18%Other Specialty Retail: -0.02 pp weight change; -15.6% relative return; weight 0.08%Timber REITs: -0.01 pp weight change; -3.5% relative return; weight 0.08%Interactive Home Entertainment: +0.02 pp weight change; +26.4% relative return; weight 0.08%Data Processing & Outsourced Services: +0.02 pp weight change; +27.8% relative return; weight 0.07%Gas Utilities: -0.01 pp weight change; -13.2% relative return; weight 0.05%Commodity Chemicals: -0.01 pp weight change; -6.2% relative return; weight 0.11%Wireless Telecommunication Services: -0.08 pp weight change; -5.9% relative return; weight 0.55%Technology Distributors: +0.00 pp weight change; +5.4% relative return; weight 0.09%Heavy Electrical Equipment: +0.00 pp weight change; +5.0% relative return; weight 0.02%Single-Family Residential REITs: -0.00 pp weight change; -2.1% relative return; weight 0.06%Passenger Ground Transportation: +0.38 pp weight change; -18.2% relative return; weight 0.38%Footwear: +0.00 pp weight change; -18.2% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -18.2% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -18.2% 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.