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

-4.00 pp-50%-2.00 pp-25%+0.00 pp+0%+2.00 pp+25%+4.00 pp+50%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.18 pp weight change; -9.1% relative return; weight 1.09%Technology Hardware, Storage & Peripherals: -1.26 pp weight change; -11.0% relative return; weight 5.83%Technology Hardware, Storage & PeripheralsBiotechnology: -0.16 pp weight change; -2.9% relative return; weight 1.60%Health Care Equipment: -0.35 pp weight change; -11.0% relative return; weight 1.95%Health Care EquipmentIT Consulting & Other Services: -0.15 pp weight change; -11.0% relative return; weight 0.76%Application Software: -0.31 pp weight change; -7.0% relative return; weight 2.30%Application SoftwareSemiconductors: +0.43 pp weight change; +22.4% relative return; weight 3.11%SemiconductorsAgricultural Products & Services: -0.01 pp weight change; -27.1% relative return; weight 0.09%Human Resource & Employment Services: -0.03 pp weight change; -3.5% relative return; weight 0.27%Multi-Utilities: -0.13 pp weight change; -12.9% relative return; weight 0.91%Electric Utilities: -0.03 pp weight change; -1.2% relative return; weight 1.06%Independent Power Producers & Energy Traders: +0.01 pp weight change; +31.7% relative return; weight 0.06%Life & Health Insurance: +0.01 pp weight change; +15.4% relative return; weight 0.33%Multi-line Insurance: +0.01 pp weight change; +20.1% relative return; weight 0.15%Insurance Brokers: -0.06 pp weight change; -6.0% relative return; weight 0.52%Internet Services & Infrastructure: -0.03 pp weight change; -30.2% relative return; weight 0.06%Specialty Chemicals: -0.04 pp weight change; -1.9% relative return; weight 0.47%Health Care Supplies: -0.01 pp weight change; -20.3% relative return; weight 0.12%Property & Casualty Insurance: +0.10 pp weight change; +21.9% relative return; weight 0.82%Building Products: +0.07 pp weight change; +25.7% relative return; weight 0.41%Semiconductor Materials & Equipment: +0.07 pp weight change; +29.5% relative return; weight 0.43%Electrical Components & Equipment: +0.06 pp weight change; +21.1% relative return; weight 0.51%Asset Management & Custody Banks: +0.14 pp weight change; +2.6% relative return; weight 0.50%Telecom Tower REITs: -0.09 pp weight change; -17.0% relative return; weight 0.30%Broadline Retail: +0.45 pp weight change; +18.1% relative return; weight 3.56%Broadline RetailOil & Gas Exploration & Production: -0.08 pp weight change; -2.2% relative return; weight 0.69%Industrial Gases: -0.06 pp weight change; -3.9% relative return; weight 0.51%Electronic Components: +0.01 pp weight change; +13.9% relative return; weight 0.10%Automotive Parts & Equipment: -0.02 pp weight change; -23.5% relative return; weight 0.04%Office REITs: -0.01 pp weight change; -6.1% relative return; weight 0.06%Paper & Plastic Packaging Products & Materials: +3.91 pp weight change; +14.0% relative return; weight 31.70%Paper & Plastic Packaging Products & MaterialsWater Utilities: -0.02 pp weight change; -25.1% relative return; weight 0.05%Consumer Finance: +0.04 pp weight change; +20.0% relative return; weight 0.46%Automotive Retail: -0.02 pp weight change; -6.7% relative return; weight 0.10%Aerospace & Defense: -0.04 pp weight change; +5.7% relative return; weight 1.71%Diversified Banks: +0.24 pp weight change; +21.3% relative return; weight 2.67%Diversified BanksMetal, Glass & Plastic Containers: +0.00 pp weight change; +10.9% relative return; weight 0.04%Computer & Electronics Retail: -0.00 pp weight change; -0.8% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: +0.03 pp weight change; +19.0% relative return; weight 0.35%Oil & Gas Equipment & Services: -0.03 pp weight change; -4.5% relative return; weight 0.25%Pharmaceuticals: -0.36 pp weight change; -1.0% relative return; weight 3.41%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +4.4% relative return; weight 0.00%Health Care Distributors: -0.00 pp weight change; +8.8% relative return; weight 0.29%Construction Machinery & Heavy Transportation Equipment: +0.09 pp weight change; +32.9% relative return; weight 0.56%Financial Exchanges & Data: -0.07 pp weight change; -3.6% relative return; weight 0.76%Real Estate Services: -0.02 pp weight change; -14.0% relative return; weight 0.11%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; -11.2% relative return; weight 0.12%Regional Banks: +0.01 pp weight change; +14.4% relative return; weight 0.23%Household Products: -0.06 pp weight change; -8.4% relative return; weight 0.31%Air Freight & Logistics: -0.13 pp weight change; -21.8% relative return; weight 0.34%Cable & Satellite: -0.11 pp weight change; -22.7% relative return; weight 0.30%Health Care Services: -0.08 pp weight change; -6.9% relative return; weight 0.42%Restaurants: -0.28 pp weight change; -23.5% relative return; weight 0.68%Managed Health Care: -0.36 pp weight change; -16.0% relative return; weight 1.27%Consumer Staples Merchandise Retail: +0.73 pp weight change; +13.2% relative return; weight 1.94%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.09 pp weight change; -2.0% relative return; weight 0.83%Communications Equipment: -0.13 pp weight change; -13.3% relative return; weight 0.54%Rail Transportation: -0.07 pp weight change; -4.9% relative return; weight 0.49%Diversified Support Services: +0.06 pp weight change; +13.0% relative return; weight 0.17%Integrated Oil & Gas: -0.13 pp weight change; -9.2% relative return; weight 0.57%Passenger Airlines: -0.01 pp weight change; -4.6% relative return; weight 0.13%Agricultural & Farm Machinery: -0.06 pp weight change; -11.2% relative return; weight 0.20%Homebuilding: +0.02 pp weight change; +19.3% relative return; weight 0.19%Movies & Entertainment: -0.03 pp weight change; -1.1% relative return; weight 0.46%Data Center REITs: -0.02 pp weight change; -5.0% relative return; weight 0.23%Health Care REITs: +0.02 pp weight change; +6.0% relative return; weight 0.18%Industrial Machinery & Supplies & Components: +0.06 pp weight change; +8.7% relative return; weight 0.83%Research & Consulting Services: -0.02 pp weight change; -7.8% relative return; weight 0.12%Reinsurance: -0.00 pp weight change; -5.3% relative return; weight 0.03%Multi-Family Residential REITs: -0.04 pp weight change; -13.2% relative return; weight 0.15%Self-Storage REITs: -0.02 pp weight change; -16.5% relative return; weight 0.15%Automobile Manufacturers: -0.55 pp weight change; -26.0% relative return; weight 1.27%Trading Companies & Distributors: +0.03 pp weight change; +39.1% relative return; weight 0.12%Copper: +0.02 pp weight change; +26.0% relative return; weight 0.14%Broadcasting: -0.03 pp weight change; -40.9% relative return; weight 0.04%Retail REITs: -0.01 pp weight change; -5.2% relative return; weight 0.23%Systems Software: -0.09 pp weight change; +2.3% relative return; weight 6.16%Systems SoftwarePackaged Foods & Meats: -0.23 pp weight change; -28.0% relative return; weight 0.44%Distributors: -0.01 pp weight change; -19.6% relative return; weight 0.04%Consumer Electronics: +0.01 pp weight change; +31.7% relative return; weight 0.06%Investment Banking & Brokerage: -0.00 pp weight change; +9.5% relative return; weight 0.81%Leisure Products: -0.00 pp weight change; -14.2% relative return; weight 0.02%Health Care Facilities: -0.01 pp weight change; +4.9% relative return; weight 0.17%Home Improvement Retail: -0.12 pp weight change; -4.0% relative return; weight 0.88%Industrial Conglomerates: -0.08 pp weight change; -5.7% relative return; weight 0.44%Hotel & Resort REITs: -0.02 pp weight change; -17.3% relative return; weight 0.08%Other Specialized REITs: +0.01 pp weight change; +27.0% relative return; weight 0.05%Construction & Engineering: +0.01 pp weight change; +19.1% relative return; weight 0.10%Cargo Ground Transportation: +0.02 pp weight change; -14.9% relative return; weight 0.10%Oil & Gas Storage & Transportation: +0.04 pp weight change; +20.1% relative return; weight 0.32%Soft Drinks & Non-alcoholic Beverages: -0.33 pp weight change; -16.5% relative return; weight 1.11%Food Retail: -0.01 pp weight change; -4.3% relative return; weight 0.07%Casinos & Gaming: -0.06 pp weight change; -27.8% relative return; weight 0.11%Construction Materials: +0.01 pp weight change; +11.6% relative return; weight 0.13%Tobacco: -0.09 pp weight change; -5.3% relative return; weight 0.45%Oil & Gas Refining & Marketing: +0.02 pp weight change; +30.9% relative return; weight 0.33%Gold: +0.01 pp weight change; -14.0% relative return; weight 0.09%Apparel, Accessories & Luxury Goods: +0.00 pp weight change; -29.2% relative return; weight 0.25%Steel: -0.00 pp weight change; +9.3% relative return; weight 0.12%Advertising: -0.01 pp weight change; -11.9% relative return; weight 0.03%Personal Care Products: -0.02 pp weight change; -6.3% relative return; weight 0.81%Industrial REITs: -0.09 pp weight change; -26.2% relative return; weight 0.20%Electronic Equipment & Instruments: -0.05 pp weight change; -13.5% relative return; weight 0.22%Apparel Retail: +0.01 pp weight change; +10.2% relative return; weight 0.31%Environmental & Facilities Services: +0.04 pp weight change; +6.8% relative return; weight 0.36%Food Distributors: -0.02 pp weight change; -13.5% relative return; weight 0.07%Integrated Telecommunication Services: -0.07 pp weight change; +0.4% relative return; weight 0.58%Electronic Manufacturing Services: +0.02 pp weight change; -2.9% relative return; weight 0.12%Other Specialty Retail: -0.01 pp weight change; -15.7% relative return; weight 0.05%Timber REITs: -0.01 pp weight change; -12.2% relative return; weight 0.04%Interactive Home Entertainment: -0.01 pp weight change; -5.8% relative return; weight 0.05%Data Processing & Outsourced Services: +0.00 pp weight change; +12.6% relative return; weight 0.05%Gas Utilities: -0.01 pp weight change; -16.4% relative return; weight 0.03%Commodity Chemicals: -0.01 pp weight change; +0.6% relative return; weight 0.08%Wireless Telecommunication Services: -0.01 pp weight change; +4.4% relative return; weight 0.39%Technology Distributors: +0.00 pp weight change; +6.5% relative return; weight 0.06%Heavy Electrical Equipment: +0.09 pp weight change; +14.5% relative return; weight 0.11%Single-Family Residential REITs: -0.01 pp weight change; -14.2% relative return; weight 0.04%Passenger Ground Transportation: +0.26 pp weight change; -15.2% relative return; weight 0.26%Footwear: +0.01 pp weight change; -6.0% relative return; weight 0.01%Health Care Technology: +0.02 pp weight change; -19.1% relative return; weight 0.02%Homefurnishing Retail: +0.00 pp weight change; -19.1% 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.