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: -0.27 pp weight change; -14.0% relative return; weight 1.67%Technology Hardware, Storage & Peripherals: -0.26 pp weight change; -0.1% relative return; weight 8.24%Technology Hardware, Storage & PeripheralsBiotechnology: -0.28 pp weight change; -8.6% relative return; weight 2.37%BiotechnologyHealth Care Equipment: -0.05 pp weight change; -3.8% relative return; weight 2.98%Health Care EquipmentIT Consulting & Other Services: +0.18 pp weight change; +16.8% relative return; weight 1.39%Application Software: +0.89 pp weight change; +27.7% relative return; weight 3.89%Application SoftwareSemiconductors: +0.94 pp weight change; +28.5% relative return; weight 4.26%SemiconductorsAgricultural Products & Services: -0.03 pp weight change; -44.4% relative return; weight 0.12%Human Resource & Employment Services: -0.04 pp weight change; -5.8% relative return; weight 0.42%Multi-Utilities: -0.33 pp weight change; -26.1% relative return; weight 1.13%Electric Utilities: -0.24 pp weight change; -13.1% relative return; weight 1.31%Independent Power Producers & Energy Traders: -0.02 pp weight change; -20.1% relative return; weight 0.06%Life & Health Insurance: -0.11 pp weight change; -12.1% relative return; weight 0.48%Multi-line Insurance: -0.02 pp weight change; +1.3% relative return; weight 0.22%Insurance Brokers: -0.02 pp weight change; -0.8% relative return; weight 0.77%Internet Services & Infrastructure: -0.01 pp weight change; -4.2% relative return; weight 0.10%Specialty Chemicals: -0.05 pp weight change; -4.9% relative return; weight 0.72%Health Care Supplies: -0.03 pp weight change; -13.9% relative return; weight 0.15%Property & Casualty Insurance: -0.01 pp weight change; +0.9% relative return; weight 1.14%Building Products: +0.01 pp weight change; +3.0% relative return; weight 0.54%Semiconductor Materials & Equipment: +0.15 pp weight change; +35.7% relative return; weight 0.59%Electrical Components & Equipment: +0.07 pp weight change; +12.6% relative return; weight 0.72%Asset Management & Custody Banks: +0.13 pp weight change; -15.1% relative return; weight 0.75%Telecom Tower REITs: -0.15 pp weight change; -22.5% relative return; weight 0.47%Broadline Retail: +1.85 pp weight change; +50.5% relative return; weight 5.33%Broadline RetailOil & Gas Exploration & Production: -0.19 pp weight change; -12.2% relative return; weight 0.97%Industrial Gases: -0.06 pp weight change; -4.3% relative return; weight 0.77%Electronic Components: -0.02 pp weight change; -9.9% relative return; weight 0.13%Automotive Parts & Equipment: -0.05 pp weight change; -44.6% relative return; weight 0.06%Office REITs: -0.04 pp weight change; -25.2% relative return; weight 0.09%Paper & Plastic Packaging Products & Materials: -0.11 pp weight change; -11.0% relative return; weight 0.32%Water Utilities: -0.02 pp weight change; -30.0% relative return; weight 0.07%Consumer Finance: -0.00 pp weight change; +3.4% relative return; weight 0.65%Automotive Retail: -0.01 pp weight change; -1.4% relative return; weight 0.16%Aerospace & Defense: -0.18 pp weight change; -6.1% relative return; weight 2.33%Aerospace & DefenseDiversified Banks: -0.44 pp weight change; -5.8% relative return; weight 3.68%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; -6.3% relative return; weight 0.06%Computer & Electronics Retail: -0.01 pp weight change; -17.1% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: +0.07 pp weight change; +21.1% relative return; weight 0.53%Oil & Gas Equipment & Services: -0.12 pp weight change; -22.6% relative return; weight 0.37%Pharmaceuticals: +0.09 pp weight change; +6.2% relative return; weight 5.11%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +8.8% relative return; weight 0.00%Health Care Distributors: +0.05 pp weight change; +18.5% relative return; weight 0.44%Construction Machinery & Heavy Transportation Equipment: +0.07 pp weight change; +13.9% relative return; weight 0.83%Financial Exchanges & Data: +0.02 pp weight change; +1.8% relative return; weight 1.16%Real Estate Services: -0.01 pp weight change; -6.1% relative return; weight 0.18%Fertilizers & Agricultural Chemicals: -0.10 pp weight change; -32.8% relative return; weight 0.18%Regional Banks: -0.15 pp weight change; -27.6% relative return; weight 0.32%Household Products: -0.06 pp weight change; -8.8% relative return; weight 0.45%Air Freight & Logistics: -0.18 pp weight change; -22.9% relative return; weight 0.52%Cable & Satellite: -0.14 pp weight change; -22.2% relative return; weight 0.47%Health Care Services: -0.15 pp weight change; -15.3% relative return; weight 0.67%Restaurants: -0.19 pp weight change; -11.5% relative return; weight 1.13%Managed Health Care: -0.42 pp weight change; -16.4% relative return; weight 1.88%Consumer Staples Merchandise Retail: +0.02 pp weight change; +3.6% relative return; weight 1.78%Transaction & Payment Processing Services: -0.11 pp weight change; -5.1% relative return; weight 1.29%Communications Equipment: -0.11 pp weight change; -9.1% relative return; weight 0.81%Rail Transportation: -0.03 pp weight change; +0.1% relative return; weight 0.82%Diversified Support Services: +0.10 pp weight change; +14.7% relative return; weight 0.24%Integrated Oil & Gas: -0.27 pp weight change; -20.1% relative return; weight 0.81%Passenger Airlines: -0.04 pp weight change; -17.0% relative return; weight 0.18%Agricultural & Farm Machinery: -0.15 pp weight change; -28.4% relative return; weight 0.29%Homebuilding: +0.06 pp weight change; +34.7% relative return; weight 0.28%Movies & Entertainment: -0.02 pp weight change; -3.4% relative return; weight 0.73%Data Center REITs: +0.04 pp weight change; +11.1% relative return; weight 0.37%Health Care REITs: -0.02 pp weight change; -12.8% relative return; weight 0.23%Industrial Machinery & Supplies & Components: +0.10 pp weight change; +4.4% relative return; weight 1.26%Research & Consulting Services: +0.02 pp weight change; +13.3% relative return; weight 0.20%Reinsurance: -0.01 pp weight change; -20.6% relative return; weight 0.05%Multi-Family Residential REITs: -0.08 pp weight change; -24.8% relative return; weight 0.21%Self-Storage REITs: -0.03 pp weight change; -21.5% relative return; weight 0.23%Automobile Manufacturers: -0.53 pp weight change; -19.3% relative return; weight 2.11%Trading Companies & Distributors: +0.03 pp weight change; +20.5% relative return; weight 0.19%Copper: -0.05 pp weight change; -24.0% relative return; weight 0.16%Broadcasting: -0.07 pp weight change; -54.4% relative return; weight 0.06%Retail REITs: -0.04 pp weight change; -16.1% relative return; weight 0.34%Systems Software: +2.44 pp weight change; +34.4% relative return; weight 9.23%Systems SoftwarePackaged Foods & Meats: -0.22 pp weight change; -22.1% relative return; weight 0.67%Distributors: -0.03 pp weight change; -29.3% relative return; weight 0.06%Consumer Electronics: +0.01 pp weight change; +16.7% relative return; weight 0.08%Investment Banking & Brokerage: -0.34 pp weight change; -19.6% relative return; weight 1.08%Leisure Products: -0.01 pp weight change; -21.8% relative return; weight 0.02%Health Care Facilities: -0.00 pp weight change; +4.8% relative return; weight 0.24%Home Improvement Retail: -0.02 pp weight change; +4.1% relative return; weight 1.48%Industrial Conglomerates: -0.17 pp weight change; -18.2% relative return; weight 0.59%Hotel & Resort REITs: -0.03 pp weight change; -16.3% relative return; weight 0.13%Other Specialized REITs: +0.01 pp weight change; +26.2% relative return; weight 0.07%Construction & Engineering: +0.02 pp weight change; +14.2% relative return; weight 0.14%Cargo Ground Transportation: -0.00 pp weight change; -0.3% relative return; weight 0.13%Oil & Gas Storage & Transportation: -0.00 pp weight change; -1.4% relative return; weight 0.42%Soft Drinks & Non-alcoholic Beverages: -0.36 pp weight change; -18.2% relative return; weight 1.60%Food Retail: -0.01 pp weight change; -4.4% relative return; weight 0.10%Casinos & Gaming: -0.06 pp weight change; -21.0% relative return; weight 0.19%Construction Materials: +0.04 pp weight change; +25.4% relative return; weight 0.20%Tobacco: -0.21 pp weight change; -21.3% relative return; weight 0.61%Oil & Gas Refining & Marketing: -0.05 pp weight change; +7.1% relative return; weight 0.48%Gold: -0.02 pp weight change; -39.5% relative return; weight 0.10%Apparel, Accessories & Luxury Goods: +0.05 pp weight change; -23.5% relative return; weight 0.45%Steel: -0.03 pp weight change; -8.0% relative return; weight 0.19%Advertising: -0.01 pp weight change; -18.2% relative return; weight 0.05%Personal Care Products: +0.04 pp weight change; -5.9% relative return; weight 1.18%Industrial REITs: -0.05 pp weight change; -9.9% relative return; weight 0.35%Electronic Equipment & Instruments: -0.04 pp weight change; -11.3% relative return; weight 0.34%Apparel Retail: +0.02 pp weight change; +7.8% relative return; weight 0.47%Environmental & Facilities Services: +0.11 pp weight change; +13.3% relative return; weight 0.52%Food Distributors: -0.02 pp weight change; -9.5% relative return; weight 0.12%Integrated Telecommunication Services: -0.22 pp weight change; -15.7% relative return; weight 0.83%Electronic Manufacturing Services: +0.04 pp weight change; -4.3% relative return; weight 0.18%Other Specialty Retail: -0.02 pp weight change; -13.5% relative return; weight 0.09%Timber REITs: -0.01 pp weight change; -8.2% relative return; weight 0.07%Interactive Home Entertainment: +0.01 pp weight change; +8.8% relative return; weight 0.07%Data Processing & Outsourced Services: +0.01 pp weight change; +19.5% relative return; weight 0.07%Gas Utilities: -0.01 pp weight change; -16.6% relative return; weight 0.05%Commodity Chemicals: -0.03 pp weight change; -16.5% relative return; weight 0.11%Wireless Telecommunication Services: -0.05 pp weight change; -6.1% relative return; weight 0.56%Technology Distributors: -0.00 pp weight change; -0.2% relative return; weight 0.09%Heavy Electrical Equipment: -0.01 pp weight change; -24.0% relative return; weight 0.02%Single-Family Residential REITs: -0.01 pp weight change; -8.8% relative return; weight 0.06%Passenger Ground Transportation: +0.47 pp weight change; +4.7% relative return; weight 0.47%Footwear: +0.00 pp weight change; -18.9% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -18.9% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -18.9% 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.