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

-2.00 pp-60%-1.00 pp-30%+0.00 pp+0%+1.00 pp+30%+2.00 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.32 pp weight change; -15.9% relative return; weight 1.64%Technology Hardware, Storage & Peripherals: -1.58 pp weight change; -14.5% relative return; weight 7.61%Technology Hardware, Storage & PeripheralsBiotechnology: -0.34 pp weight change; -10.5% relative return; weight 2.35%Health Care Equipment: -0.17 pp weight change; -4.9% relative return; weight 2.96%Health Care EquipmentIT Consulting & Other Services: +0.08 pp weight change; +9.1% relative return; weight 1.30%Application Software: +0.45 pp weight change; +14.6% relative return; weight 3.77%Application SoftwareSemiconductors: +0.69 pp weight change; +19.6% relative return; weight 4.31%SemiconductorsAgricultural Products & Services: -0.02 pp weight change; -36.0% relative return; weight 0.13%Human Resource & Employment Services: -0.05 pp weight change; -7.9% relative return; weight 0.41%Multi-Utilities: -0.32 pp weight change; -25.0% relative return; weight 1.17%Electric Utilities: -0.24 pp weight change; -12.4% relative return; weight 1.33%Independent Power Producers & Energy Traders: -0.01 pp weight change; -3.7% relative return; weight 0.07%Life & Health Insurance: +0.00 pp weight change; +8.4% relative return; weight 0.49%Multi-line Insurance: +0.03 pp weight change; +24.4% relative return; weight 0.22%Insurance Brokers: -0.02 pp weight change; -0.4% relative return; weight 0.76%Internet Services & Infrastructure: -0.02 pp weight change; -13.1% relative return; weight 0.10%Specialty Chemicals: -0.02 pp weight change; -0.6% relative return; weight 0.72%Health Care Supplies: +0.01 pp weight change; -13.6% relative return; weight 0.20%Property & Casualty Insurance: +0.12 pp weight change; +14.6% relative return; weight 1.18%Building Products: +0.05 pp weight change; +11.1% relative return; weight 0.56%Semiconductor Materials & Equipment: +0.13 pp weight change; +31.9% relative return; weight 0.58%Electrical Components & Equipment: +0.10 pp weight change; +18.0% relative return; weight 0.74%Asset Management & Custody Banks: +0.21 pp weight change; -2.5% relative return; weight 0.76%Telecom Tower REITs: -0.17 pp weight change; -25.0% relative return; weight 0.45%Broadline Retail: +1.58 pp weight change; +40.8% relative return; weight 5.27%Broadline RetailOil & Gas Exploration & Production: -0.07 pp weight change; -1.6% relative return; weight 1.04%Industrial Gases: -0.04 pp weight change; -2.6% relative return; weight 0.77%Electronic Components: -0.02 pp weight change; -10.6% relative return; weight 0.13%Automotive Parts & Equipment: -0.04 pp weight change; -42.4% relative return; weight 0.06%Office REITs: -0.01 pp weight change; -8.0% relative return; weight 0.09%Paper & Plastic Packaging Products & Materials: -0.10 pp weight change; -7.4% relative return; weight 0.33%Water Utilities: -0.02 pp weight change; -30.8% relative return; weight 0.07%Consumer Finance: +0.08 pp weight change; +17.6% relative return; weight 0.66%Automotive Retail: -0.00 pp weight change; +4.3% relative return; weight 0.16%Aerospace & Defense: -0.12 pp weight change; -3.2% relative return; weight 2.36%Aerospace & DefenseDiversified Banks: +0.45 pp weight change; +19.7% relative return; weight 3.85%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; +0.6% relative return; weight 0.06%Computer & Electronics Retail: -0.01 pp weight change; -10.6% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: +0.11 pp weight change; +30.9% relative return; weight 0.54%Oil & Gas Equipment & Services: -0.03 pp weight change; -4.2% relative return; weight 0.41%Pharmaceuticals: +0.03 pp weight change; +5.3% relative return; weight 5.03%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +10.5% relative return; weight 0.00%Health Care Distributors: +0.05 pp weight change; +18.8% relative return; weight 0.43%Construction Machinery & Heavy Transportation Equipment: +0.16 pp weight change; +28.5% relative return; weight 0.87%Financial Exchanges & Data: -0.01 pp weight change; -0.1% relative return; weight 1.13%Real Estate Services: +0.02 pp weight change; +11.4% relative return; weight 0.19%Fertilizers & Agricultural Chemicals: -0.06 pp weight change; -22.3% relative return; weight 0.18%Regional Banks: -0.00 pp weight change; +6.1% relative return; weight 0.33%Household Products: -0.06 pp weight change; -8.8% relative return; weight 0.45%Air Freight & Logistics: -0.20 pp weight change; -24.4% relative return; weight 0.53%Cable & Satellite: -0.13 pp weight change; -21.5% relative return; weight 0.45%Health Care Services: -0.02 pp weight change; +0.8% relative return; weight 0.70%Restaurants: -0.27 pp weight change; -17.7% relative return; weight 1.07%Managed Health Care: -0.37 pp weight change; -14.5% relative return; weight 1.83%Consumer Staples Merchandise Retail: +0.92 pp weight change; +3.7% relative return; weight 2.65%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.04 pp weight change; -0.3% relative return; weight 1.30%Communications Equipment: -0.15 pp weight change; -12.7% relative return; weight 0.82%Rail Transportation: -0.02 pp weight change; +1.3% relative return; weight 0.78%Diversified Support Services: +0.11 pp weight change; +20.4% relative return; weight 0.25%Integrated Oil & Gas: -0.25 pp weight change; -18.3% relative return; weight 0.81%Passenger Airlines: -0.01 pp weight change; -7.1% relative return; weight 0.18%Agricultural & Farm Machinery: -0.10 pp weight change; -18.1% relative return; weight 0.32%Homebuilding: +0.07 pp weight change; +38.6% relative return; weight 0.29%Movies & Entertainment: +0.03 pp weight change; +4.4% relative return; weight 0.76%Data Center REITs: +0.02 pp weight change; +3.4% relative return; weight 0.34%Health Care REITs: +0.00 pp weight change; -4.0% relative return; weight 0.22%Industrial Machinery & Supplies & Components: +0.14 pp weight change; +7.9% relative return; weight 1.28%Research & Consulting Services: -0.00 pp weight change; +4.1% relative return; weight 0.19%Reinsurance: -0.00 pp weight change; -8.2% relative return; weight 0.05%Multi-Family Residential REITs: -0.05 pp weight change; -16.1% relative return; weight 0.22%Self-Storage REITs: -0.03 pp weight change; -19.4% relative return; weight 0.23%Automobile Manufacturers: -0.74 pp weight change; -28.0% relative return; weight 1.84%Trading Companies & Distributors: +0.05 pp weight change; +38.9% relative return; weight 0.20%Copper: -0.01 pp weight change; -5.3% relative return; weight 0.19%Broadcasting: -0.07 pp weight change; -53.1% relative return; weight 0.06%Retail REITs: -0.01 pp weight change; -9.3% relative return; weight 0.34%Systems Software: +1.47 pp weight change; +18.4% relative return; weight 9.07%Systems SoftwarePackaged Foods & Meats: -0.26 pp weight change; -25.1% relative return; weight 0.65%Distributors: -0.02 pp weight change; -22.8% relative return; weight 0.06%Consumer Electronics: +0.01 pp weight change; +22.7% relative return; weight 0.08%Investment Banking & Brokerage: -0.04 pp weight change; +1.8% relative return; weight 1.14%Leisure Products: -0.00 pp weight change; -9.9% relative return; weight 0.02%Health Care Facilities: -0.00 pp weight change; +3.6% relative return; weight 0.24%Home Improvement Retail: +0.03 pp weight change; +7.5% relative return; weight 1.46%Industrial Conglomerates: -0.12 pp weight change; -11.5% relative return; weight 0.61%Hotel & Resort REITs: -0.03 pp weight change; -14.3% relative return; weight 0.13%Other Specialized REITs: +0.01 pp weight change; +28.0% relative return; weight 0.07%Construction & Engineering: +0.03 pp weight change; +20.1% relative return; weight 0.15%Cargo Ground Transportation: -0.00 pp weight change; -1.0% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.03 pp weight change; +6.8% relative return; weight 0.44%Soft Drinks & Non-alcoholic Beverages: -0.39 pp weight change; -19.1% relative return; weight 1.60%Food Retail: -0.01 pp weight change; -3.8% relative return; weight 0.11%Casinos & Gaming: -0.07 pp weight change; -23.4% relative return; weight 0.18%Construction Materials: +0.05 pp weight change; +35.6% relative return; weight 0.21%Tobacco: -0.18 pp weight change; -17.2% relative return; weight 0.61%Oil & Gas Refining & Marketing: +0.01 pp weight change; +20.5% relative return; weight 0.55%Gold: -0.02 pp weight change; -38.4% relative return; weight 0.11%Apparel, Accessories & Luxury Goods: -0.01 pp weight change; -34.1% relative return; weight 0.38%Steel: -0.00 pp weight change; +6.1% relative return; weight 0.20%Advertising: -0.01 pp weight change; -14.0% relative return; weight 0.05%Personal Care Products: -0.02 pp weight change; -10.2% relative return; weight 1.17%Industrial REITs: -0.06 pp weight change; -12.9% relative return; weight 0.33%Electronic Equipment & Instruments: -0.04 pp weight change; -11.3% relative return; weight 0.34%Apparel Retail: +0.03 pp weight change; +8.6% relative return; weight 0.46%Environmental & Facilities Services: +0.09 pp weight change; +9.6% relative return; weight 0.53%Food Distributors: -0.02 pp weight change; -12.3% relative return; weight 0.11%Integrated Telecommunication Services: -0.19 pp weight change; -12.6% relative return; weight 0.84%Electronic Manufacturing Services: +0.03 pp weight change; -8.1% relative return; weight 0.17%Other Specialty Retail: -0.03 pp weight change; -20.0% relative return; weight 0.09%Timber REITs: -0.00 pp weight change; -0.5% relative return; weight 0.07%Interactive Home Entertainment: +0.00 pp weight change; +1.0% relative return; weight 0.07%Data Processing & Outsourced Services: +0.01 pp weight change; +15.4% relative return; weight 0.07%Gas Utilities: -0.01 pp weight change; -11.8% relative return; weight 0.05%Commodity Chemicals: -0.02 pp weight change; -9.6% relative return; weight 0.11%Wireless Telecommunication Services: -0.07 pp weight change; -7.8% relative return; weight 0.54%Technology Distributors: +0.01 pp weight change; +7.8% relative return; weight 0.10%Heavy Electrical Equipment: -0.00 pp weight change; -5.2% relative return; weight 0.02%Single-Family Residential REITs: -0.00 pp weight change; -3.7% relative return; weight 0.06%Passenger Ground Transportation: +0.44 pp weight change; +1.5% relative return; weight 0.44%Footwear: +0.01 pp weight change; -18.8% relative return; weight 0.01%Health Care Technology: +0.00 pp weight change; -18.8% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -18.8% 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.