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: -0.21 pp weight change; -10.8% relative return; weight 1.64%Technology Hardware, Storage & Peripherals: -1.46 pp weight change; -13.0% relative return; weight 7.88%Technology Hardware, Storage & PeripheralsBiotechnology: -0.34 pp weight change; -10.9% relative return; weight 2.28%Health Care Equipment: -0.42 pp weight change; -12.5% relative return; weight 2.92%Health Care EquipmentIT Consulting & Other Services: +0.01 pp weight change; +3.0% relative return; weight 1.18%Application Software: +0.33 pp weight change; +10.7% relative return; weight 3.59%Application SoftwareSemiconductors: +0.87 pp weight change; +26.5% relative return; weight 4.19%SemiconductorsAgricultural Products & Services: -0.02 pp weight change; -34.5% relative return; weight 0.13%Human Resource & Employment Services: -0.03 pp weight change; -4.1% relative return; weight 0.41%Multi-Utilities: -0.26 pp weight change; -20.6% relative return; weight 1.25%Electric Utilities: -0.19 pp weight change; -8.8% relative return; weight 1.41%Independent Power Producers & Energy Traders: +0.00 pp weight change; +6.6% relative return; weight 0.08%Life & Health Insurance: -0.03 pp weight change; +1.6% relative return; weight 0.48%Multi-line Insurance: +0.02 pp weight change; +21.2% relative return; weight 0.22%Insurance Brokers: -0.07 pp weight change; -8.8% relative return; weight 0.75%Internet Services & Infrastructure: -0.03 pp weight change; -20.6% relative return; weight 0.09%Specialty Chemicals: -0.05 pp weight change; -4.5% relative return; weight 0.69%Health Care Supplies: -0.00 pp weight change; -20.4% relative return; weight 0.19%Property & Casualty Insurance: +0.14 pp weight change; +15.3% relative return; weight 1.19%Building Products: +0.10 pp weight change; +20.3% relative return; weight 0.59%Semiconductor Materials & Equipment: +0.18 pp weight change; +46.5% relative return; weight 0.59%Electrical Components & Equipment: +0.15 pp weight change; +26.5% relative return; weight 0.75%Asset Management & Custody Banks: +0.20 pp weight change; -2.6% relative return; weight 0.72%Telecom Tower REITs: -0.19 pp weight change; -29.3% relative return; weight 0.41%Broadline Retail: +1.60 pp weight change; +40.8% relative return; weight 5.34%Broadline RetailOil & Gas Exploration & Production: -0.04 pp weight change; +1.1% relative return; weight 1.10%Industrial Gases: -0.07 pp weight change; -5.4% relative return; weight 0.77%Electronic Components: +0.00 pp weight change; +3.1% relative return; weight 0.14%Automotive Parts & Equipment: -0.04 pp weight change; -41.0% relative return; weight 0.06%Office REITs: -0.01 pp weight change; -10.4% relative return; weight 0.09%Paper & Plastic Packaging Products & Materials: -0.08 pp weight change; -5.1% relative return; weight 0.32%Water Utilities: -0.03 pp weight change; -28.0% relative return; weight 0.07%Consumer Finance: +0.12 pp weight change; +26.8% relative return; weight 0.70%Automotive Retail: -0.02 pp weight change; -5.2% relative return; weight 0.16%Aerospace & Defense: +0.07 pp weight change; +4.1% relative return; weight 2.51%Aerospace & DefenseDiversified Banks: +0.41 pp weight change; +17.9% relative return; weight 3.90%Diversified BanksMetal, Glass & Plastic Containers: +0.01 pp weight change; +13.4% relative return; weight 0.06%Computer & Electronics Retail: -0.01 pp weight change; -11.3% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: +0.10 pp weight change; +28.9% relative return; weight 0.53%Oil & Gas Equipment & Services: -0.05 pp weight change; -9.4% relative return; weight 0.39%Pharmaceuticals: -0.19 pp weight change; +0.6% relative return; weight 5.03%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +3.2% relative return; weight 0.00%Health Care Distributors: +0.05 pp weight change; +17.8% relative return; weight 0.44%Construction Machinery & Heavy Transportation Equipment: +0.16 pp weight change; +28.3% relative return; weight 0.84%Financial Exchanges & Data: -0.02 pp weight change; -1.8% relative return; weight 1.11%Real Estate Services: -0.00 pp weight change; -0.4% relative return; weight 0.19%Fertilizers & Agricultural Chemicals: -0.06 pp weight change; -22.0% relative return; weight 0.18%Regional Banks: +0.00 pp weight change; +7.6% relative return; weight 0.33%Household Products: -0.06 pp weight change; -7.9% relative return; weight 0.48%Air Freight & Logistics: -0.16 pp weight change; -20.4% relative return; weight 0.53%Cable & Satellite: -0.19 pp weight change; -31.2% relative return; weight 0.41%Health Care Services: -0.03 pp weight change; -0.6% relative return; weight 0.68%Restaurants: -0.32 pp weight change; -20.5% relative return; weight 1.09%Managed Health Care: -0.41 pp weight change; -15.9% relative return; weight 1.87%Consumer Staples Merchandise Retail: +0.96 pp weight change; +4.9% relative return; weight 2.69%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.09 pp weight change; -3.5% relative return; weight 1.29%Communications Equipment: -0.09 pp weight change; -7.0% relative return; weight 0.80%Rail Transportation: -0.01 pp weight change; +1.4% relative return; weight 0.76%Diversified Support Services: +0.11 pp weight change; +20.1% relative return; weight 0.25%Integrated Oil & Gas: -0.22 pp weight change; -14.8% relative return; weight 0.87%Passenger Airlines: +0.00 pp weight change; +2.2% relative return; weight 0.19%Agricultural & Farm Machinery: -0.06 pp weight change; -10.3% relative return; weight 0.32%Homebuilding: +0.03 pp weight change; +17.5% relative return; weight 0.27%Movies & Entertainment: -0.02 pp weight change; -2.3% relative return; weight 0.72%Data Center REITs: -0.00 pp weight change; -2.7% relative return; weight 0.32%Health Care REITs: +0.02 pp weight change; -5.4% relative return; weight 0.25%Industrial Machinery & Supplies & Components: +0.14 pp weight change; +8.1% relative return; weight 1.25%Research & Consulting Services: -0.02 pp weight change; -6.0% relative return; weight 0.17%Reinsurance: -0.00 pp weight change; -15.6% relative return; weight 0.05%Multi-Family Residential REITs: -0.05 pp weight change; -14.0% relative return; weight 0.23%Self-Storage REITs: -0.03 pp weight change; -20.6% relative return; weight 0.21%Automobile Manufacturers: -0.09 pp weight change; -3.6% relative return; weight 1.97%Trading Companies & Distributors: +0.05 pp weight change; +41.3% relative return; weight 0.19%Copper: +0.02 pp weight change; +14.2% relative return; weight 0.21%Broadcasting: -0.06 pp weight change; -53.8% relative return; weight 0.05%Retail REITs: -0.01 pp weight change; -8.8% relative return; weight 0.34%Systems Software: +0.79 pp weight change; +8.8% relative return; weight 8.78%Systems SoftwarePackaged Foods & Meats: -0.26 pp weight change; -24.4% relative return; weight 0.69%Distributors: -0.02 pp weight change; -18.0% relative return; weight 0.06%Consumer Electronics: +0.02 pp weight change; +28.9% relative return; weight 0.08%Investment Banking & Brokerage: -0.01 pp weight change; +4.1% relative return; weight 1.18%Leisure Products: -0.00 pp weight change; -6.8% relative return; weight 0.02%Health Care Facilities: -0.03 pp weight change; -7.0% relative return; weight 0.24%Home Improvement Retail: -0.11 pp weight change; -3.0% relative return; weight 1.34%Industrial Conglomerates: -0.12 pp weight change; -11.4% relative return; weight 0.62%Hotel & Resort REITs: -0.03 pp weight change; -16.8% relative return; weight 0.12%Other Specialized REITs: +0.01 pp weight change; +24.7% relative return; weight 0.07%Construction & Engineering: +0.03 pp weight change; +22.8% relative return; weight 0.15%Cargo Ground Transportation: -0.02 pp weight change; -11.5% relative return; weight 0.11%Oil & Gas Storage & Transportation: +0.05 pp weight change; +10.6% relative return; weight 0.46%Soft Drinks & Non-alcoholic Beverages: -0.34 pp weight change; -16.7% relative return; weight 1.68%Food Retail: -0.00 pp weight change; -0.3% relative return; weight 0.12%Casinos & Gaming: -0.10 pp weight change; -35.4% relative return; weight 0.16%Construction Materials: +0.05 pp weight change; +32.8% relative return; weight 0.20%Tobacco: -0.17 pp weight change; -14.2% relative return; weight 0.65%Oil & Gas Refining & Marketing: +0.03 pp weight change; +27.4% relative return; weight 0.51%Gold: +0.01 pp weight change; -23.9% relative return; weight 0.14%Apparel, Accessories & Luxury Goods: -0.02 pp weight change; -35.6% relative return; weight 0.38%Steel: -0.01 pp weight change; +1.6% relative return; weight 0.18%Advertising: -0.01 pp weight change; -9.5% relative return; weight 0.05%Personal Care Products: -0.02 pp weight change; -10.8% relative return; weight 1.22%Industrial REITs: -0.12 pp weight change; -28.4% relative return; weight 0.27%Electronic Equipment & Instruments: -0.03 pp weight change; -9.2% relative return; weight 0.33%Apparel Retail: +0.00 pp weight change; +4.0% relative return; weight 0.43%Environmental & Facilities Services: +0.09 pp weight change; +9.0% relative return; weight 0.55%Food Distributors: -0.02 pp weight change; -14.9% relative return; weight 0.11%Integrated Telecommunication Services: -0.15 pp weight change; -9.2% relative return; weight 0.83%Electronic Manufacturing Services: +0.04 pp weight change; -1.8% relative return; weight 0.17%Other Specialty Retail: -0.04 pp weight change; -31.3% relative return; weight 0.07%Timber REITs: -0.01 pp weight change; -11.3% relative return; weight 0.06%Interactive Home Entertainment: -0.00 pp weight change; -1.8% relative return; weight 0.07%Data Processing & Outsourced Services: +0.01 pp weight change; +15.6% relative return; weight 0.07%Gas Utilities: -0.00 pp weight change; -9.3% relative return; weight 0.05%Commodity Chemicals: -0.01 pp weight change; -5.7% relative return; weight 0.12%Wireless Telecommunication Services: -0.03 pp weight change; -1.7% relative return; weight 0.56%Technology Distributors: +0.02 pp weight change; +23.3% relative return; weight 0.09%Heavy Electrical Equipment: +0.12 pp weight change; +13.7% relative return; weight 0.15%Single-Family Residential REITs: -0.01 pp weight change; -8.9% relative return; weight 0.06%Passenger Ground Transportation: +0.40 pp weight change; -8.0% relative return; weight 0.40%Footwear: +0.01 pp weight change; -25.7% relative return; weight 0.01%Health Care Technology: +0.00 pp weight change; -14.5% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -14.5% 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.