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-50%-1.50 pp-25%+0.00 pp+0%+1.50 pp+25%+3.00 pp+50%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.36 pp weight change; -18.0% relative return; weight 1.64%Technology Hardware, Storage & Peripherals: +0.66 pp weight change; +12.2% relative return; weight 8.82%Technology Hardware, Storage & PeripheralsBiotechnology: -0.17 pp weight change; -3.2% relative return; weight 2.51%BiotechnologyHealth Care Equipment: +0.07 pp weight change; -2.1% relative return; weight 3.01%Health Care EquipmentIT Consulting & Other Services: +0.17 pp weight change; +18.2% relative return; weight 1.41%Application Software: +0.91 pp weight change; +30.1% relative return; weight 3.96%Application SoftwareSemiconductors: +0.77 pp weight change; +25.9% relative return; weight 4.03%SemiconductorsAgricultural Products & Services: -0.07 pp weight change; -39.8% relative return; weight 0.09%Human Resource & Employment Services: -0.03 pp weight change; -3.2% relative return; weight 0.43%Multi-Utilities: -0.30 pp weight change; -22.9% relative return; weight 1.20%Electric Utilities: -0.31 pp weight change; -15.3% relative return; weight 1.30%Independent Power Producers & Energy Traders: -0.02 pp weight change; -19.1% relative return; weight 0.07%Life & Health Insurance: -0.10 pp weight change; -9.0% relative return; weight 0.50%Multi-line Insurance: -0.01 pp weight change; +1.5% relative return; weight 0.22%Insurance Brokers: -0.06 pp weight change; -4.7% relative return; weight 0.75%Internet Services & Infrastructure: -0.01 pp weight change; -4.4% relative return; weight 0.12%Specialty Chemicals: -0.09 pp weight change; -9.0% relative return; weight 0.69%Health Care Supplies: +0.00 pp weight change; +3.6% relative return; weight 0.16%Property & Casualty Insurance: -0.00 pp weight change; +3.9% relative return; weight 1.13%Building Products: -0.02 pp weight change; -0.7% relative return; weight 0.51%Semiconductor Materials & Equipment: +0.09 pp weight change; +25.4% relative return; weight 0.51%Electrical Components & Equipment: +0.02 pp weight change; +6.2% relative return; weight 0.65%Asset Management & Custody Banks: +0.14 pp weight change; -12.8% relative return; weight 0.76%Telecom Tower REITs: -0.20 pp weight change; -26.3% relative return; weight 0.48%Broadline Retail: +1.14 pp weight change; +30.6% relative return; weight 4.83%Broadline RetailOil & Gas Exploration & Production: -0.33 pp weight change; -19.9% relative return; weight 0.98%Industrial Gases: -0.05 pp weight change; -2.5% relative return; weight 0.75%Electronic Components: -0.01 pp weight change; -6.9% relative return; weight 0.13%Automotive Parts & Equipment: -0.04 pp weight change; -36.9% relative return; weight 0.07%Office REITs: -0.04 pp weight change; -26.8% relative return; weight 0.09%Paper & Plastic Packaging Products & Materials: -0.12 pp weight change; -10.9% relative return; weight 0.33%Water Utilities: -0.03 pp weight change; -29.1% relative return; weight 0.07%Consumer Finance: -0.02 pp weight change; +1.5% relative return; weight 0.64%Automotive Retail: -0.01 pp weight change; +0.2% relative return; weight 0.15%Aerospace & Defense: -0.11 pp weight change; -2.9% relative return; weight 2.34%Aerospace & DefenseDiversified Banks: -0.36 pp weight change; -3.5% relative return; weight 3.68%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -15.3% relative return; weight 0.05%Computer & Electronics Retail: -0.02 pp weight change; -24.7% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: +0.09 pp weight change; +26.8% relative return; weight 0.54%Oil & Gas Equipment & Services: -0.02 pp weight change; -23.4% relative return; weight 0.39%Pharmaceuticals: -0.29 pp weight change; +0.2% relative return; weight 4.92%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +8.0% relative return; weight 0.00%Health Care Distributors: +0.03 pp weight change; +15.9% relative return; weight 0.44%Construction Machinery & Heavy Transportation Equipment: +0.06 pp weight change; +7.0% relative return; weight 0.78%Financial Exchanges & Data: +0.03 pp weight change; +4.3% relative return; weight 1.22%Real Estate Services: -0.02 pp weight change; -8.5% relative return; weight 0.18%Fertilizers & Agricultural Chemicals: -0.10 pp weight change; -35.2% relative return; weight 0.17%Regional Banks: -0.13 pp weight change; -22.9% relative return; weight 0.33%Household Products: -0.04 pp weight change; -3.8% relative return; weight 0.45%Air Freight & Logistics: -0.16 pp weight change; -18.8% relative return; weight 0.53%Cable & Satellite: -0.05 pp weight change; -6.2% relative return; weight 0.57%Health Care Services: -0.20 pp weight change; -18.1% relative return; weight 0.67%Restaurants: -0.17 pp weight change; -9.3% relative return; weight 1.16%Managed Health Care: -0.36 pp weight change; -12.1% relative return; weight 2.01%Consumer Staples Merchandise Retail: -0.06 pp weight change; +0.0% relative return; weight 1.72%Transaction & Payment Processing Services: -0.12 pp weight change; -4.9% relative return; weight 1.31%Communications Equipment: -0.04 pp weight change; -0.1% relative return; weight 0.86%Rail Transportation: -0.04 pp weight change; +1.3% relative return; weight 0.81%Diversified Support Services: +0.09 pp weight change; +13.9% relative return; weight 0.23%Integrated Oil & Gas: -0.32 pp weight change; -22.8% relative return; weight 0.83%Passenger Airlines: -0.05 pp weight change; -19.9% relative return; weight 0.17%Agricultural & Farm Machinery: -0.10 pp weight change; -17.3% relative return; weight 0.33%Homebuilding: +0.06 pp weight change; +32.1% relative return; weight 0.27%Movies & Entertainment: -0.14 pp weight change; -16.4% relative return; weight 0.66%Data Center REITs: +0.01 pp weight change; +4.2% relative return; weight 0.36%Health Care REITs: -0.02 pp weight change; -10.9% relative return; weight 0.22%Industrial Machinery & Supplies & Components: +0.10 pp weight change; +5.9% relative return; weight 1.22%Research & Consulting Services: +0.00 pp weight change; +7.5% relative return; weight 0.19%Reinsurance: +0.00 pp weight change; -1.7% relative return; weight 0.05%Multi-Family Residential REITs: -0.07 pp weight change; -20.2% relative return; weight 0.22%Self-Storage REITs: -0.02 pp weight change; -14.5% relative return; weight 0.24%Automobile Manufacturers: -0.20 pp weight change; -6.8% relative return; weight 2.04%Trading Companies & Distributors: +0.03 pp weight change; +25.0% relative return; weight 0.18%Copper: -0.05 pp weight change; -20.8% relative return; weight 0.17%Broadcasting: -0.05 pp weight change; -40.7% relative return; weight 0.07%Retail REITs: -0.06 pp weight change; -14.8% relative return; weight 0.33%Systems Software: +2.66 pp weight change; +41.1% relative return; weight 9.23%Systems SoftwarePackaged Foods & Meats: -0.14 pp weight change; -12.6% relative return; weight 0.72%Distributors: -0.02 pp weight change; -24.9% relative return; weight 0.06%Consumer Electronics: +0.00 pp weight change; +8.9% relative return; weight 0.07%Investment Banking & Brokerage: -0.30 pp weight change; -16.2% relative return; weight 1.11%Leisure Products: -0.01 pp weight change; -23.5% relative return; weight 0.02%Health Care Facilities: -0.00 pp weight change; +5.8% relative return; weight 0.24%Home Improvement Retail: -0.15 pp weight change; -3.7% relative return; weight 1.41%Industrial Conglomerates: -0.19 pp weight change; -17.6% relative return; weight 0.62%Hotel & Resort REITs: -0.03 pp weight change; -15.2% relative return; weight 0.13%Other Specialized REITs: +0.00 pp weight change; +13.2% relative return; weight 0.06%Construction & Engineering: +0.01 pp weight change; +6.2% relative return; weight 0.13%Cargo Ground Transportation: -0.00 pp weight change; -1.5% relative return; weight 0.13%Oil & Gas Storage & Transportation: -0.03 pp weight change; -5.7% relative return; weight 0.41%Soft Drinks & Non-alcoholic Beverages: -0.26 pp weight change; -12.4% relative return; weight 1.67%Food Retail: -0.01 pp weight change; -7.2% relative return; weight 0.10%Casinos & Gaming: -0.06 pp weight change; -21.7% relative return; weight 0.19%Construction Materials: +0.02 pp weight change; +16.6% relative return; weight 0.18%Tobacco: -0.20 pp weight change; -17.8% relative return; weight 0.63%Oil & Gas Refining & Marketing: -0.04 pp weight change; +12.0% relative return; weight 0.52%Gold: -0.06 pp weight change; -40.5% relative return; weight 0.08%Apparel, Accessories & Luxury Goods: +0.04 pp weight change; -25.5% relative return; weight 0.45%Steel: -0.03 pp weight change; -4.7% relative return; weight 0.19%Advertising: -0.01 pp weight change; -4.8% relative return; weight 0.05%Personal Care Products: +0.07 pp weight change; -2.0% relative return; weight 1.22%Industrial REITs: -0.06 pp weight change; -11.7% relative return; weight 0.35%Electronic Equipment & Instruments: -0.04 pp weight change; -9.9% relative return; weight 0.35%Apparel Retail: -0.00 pp weight change; +3.8% relative return; weight 0.46%Environmental & Facilities Services: +0.09 pp weight change; +11.3% relative return; weight 0.50%Food Distributors: -0.01 pp weight change; -5.8% relative return; weight 0.12%Integrated Telecommunication Services: -0.19 pp weight change; -10.6% relative return; weight 0.91%Electronic Manufacturing Services: +0.04 pp weight change; -0.9% relative return; weight 0.18%Other Specialty Retail: -0.02 pp weight change; -14.0% relative return; weight 0.09%Timber REITs: -0.02 pp weight change; -12.2% relative return; weight 0.07%Interactive Home Entertainment: +0.02 pp weight change; +27.7% relative return; weight 0.08%Data Processing & Outsourced Services: +0.01 pp weight change; +21.3% relative return; weight 0.07%Gas Utilities: -0.01 pp weight change; -12.7% relative return; weight 0.05%Commodity Chemicals: -0.03 pp weight change; -16.5% relative return; weight 0.11%Wireless Telecommunication Services: -0.08 pp weight change; -4.9% relative return; weight 0.55%Technology Distributors: -0.00 pp weight change; +2.6% relative return; weight 0.09%Heavy Electrical Equipment: -0.01 pp weight change; -17.4% relative return; weight 0.02%Single-Family Residential REITs: -0.01 pp weight change; -7.6% relative return; weight 0.06%Passenger Ground Transportation: +0.40 pp weight change; -7.1% relative return; weight 0.40%Footwear: +0.00 pp weight change; -12.3% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -12.3% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -12.3% 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.