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

-3.50 pp-60%-1.75 pp-30%+0.00 pp+0%+1.75 pp+30%+3.50 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.22 pp weight change; -11.5% relative return; weight 1.02%Technology Hardware, Storage & Peripherals: -0.96 pp weight change; -7.8% relative return; weight 6.30%Technology Hardware, Storage & PeripheralsBiotechnology: -0.02 pp weight change; +4.6% relative return; weight 1.63%Health Care Equipment: -0.40 pp weight change; -13.6% relative return; weight 1.93%Health Care EquipmentIT Consulting & Other Services: -0.09 pp weight change; -4.7% relative return; weight 0.79%Application Software: +0.01 pp weight change; +4.6% relative return; weight 2.61%Application SoftwareSemiconductors: +0.49 pp weight change; +23.7% relative return; weight 3.11%SemiconductorsAgricultural Products & Services: -0.01 pp weight change; -31.1% relative return; weight 0.08%Human Resource & Employment Services: -0.04 pp weight change; -7.3% relative return; weight 0.26%Multi-Utilities: -0.15 pp weight change; -16.3% relative return; weight 0.83%Electric Utilities: -0.05 pp weight change; -4.7% relative return; weight 0.98%Independent Power Producers & Energy Traders: +0.00 pp weight change; +13.6% relative return; weight 0.05%Life & Health Insurance: -0.02 pp weight change; +4.8% relative return; weight 0.32%Multi-line Insurance: -0.00 pp weight change; +9.7% relative return; weight 0.14%Insurance Brokers: -0.07 pp weight change; -9.2% relative return; weight 0.52%Internet Services & Infrastructure: +0.01 pp weight change; -27.4% relative return; weight 0.10%Specialty Chemicals: -0.09 pp weight change; -11.6% relative return; weight 0.45%Health Care Supplies: -0.03 pp weight change; -33.0% relative return; weight 0.11%Property & Casualty Insurance: +0.08 pp weight change; +17.6% relative return; weight 0.77%Building Products: +0.02 pp weight change; +8.7% relative return; weight 0.39%Semiconductor Materials & Equipment: +0.10 pp weight change; +35.5% relative return; weight 0.46%Electrical Components & Equipment: +0.01 pp weight change; +6.1% relative return; weight 0.48%Asset Management & Custody Banks: +0.30 pp weight change; -2.7% relative return; weight 0.66%Telecom Tower REITs: -0.09 pp weight change; -18.4% relative return; weight 0.29%Broadline Retail: +0.67 pp weight change; +23.9% relative return; weight 3.82%Broadline RetailOil & Gas Exploration & Production: -0.09 pp weight change; -5.0% relative return; weight 0.67%Industrial Gases: -0.08 pp weight change; -8.6% relative return; weight 0.50%Electronic Components: +0.00 pp weight change; +7.6% relative return; weight 0.10%Automotive Parts & Equipment: -0.03 pp weight change; -42.2% relative return; weight 0.04%Office REITs: -0.01 pp weight change; -8.1% relative return; weight 0.06%Paper & Plastic Packaging Products & Materials: +3.21 pp weight change; +10.1% relative return; weight 30.92%Paper & Plastic Packaging Products & MaterialsWater Utilities: -0.02 pp weight change; -22.4% relative return; weight 0.05%Consumer Finance: +0.02 pp weight change; +12.4% relative return; weight 0.45%Automotive Retail: -0.01 pp weight change; -0.9% relative return; weight 0.10%Aerospace & Defense: -0.11 pp weight change; +0.2% relative return; weight 1.63%Diversified Banks: +0.20 pp weight change; +18.4% relative return; weight 2.62%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -12.4% relative return; weight 0.03%Computer & Electronics Retail: -0.01 pp weight change; -9.6% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: +0.01 pp weight change; +12.5% relative return; weight 0.37%Oil & Gas Equipment & Services: -0.06 pp weight change; -13.4% relative return; weight 0.25%Pharmaceuticals: -0.22 pp weight change; +1.9% relative return; weight 3.49%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +0.0% relative return; weight 0.00%Health Care Distributors: -0.02 pp weight change; +1.6% relative return; weight 0.29%Construction Machinery & Heavy Transportation Equipment: +0.01 pp weight change; +11.8% relative return; weight 0.53%Financial Exchanges & Data: -0.05 pp weight change; -2.8% relative return; weight 0.76%Real Estate Services: -0.03 pp weight change; -20.9% relative return; weight 0.11%Fertilizers & Agricultural Chemicals: -0.04 pp weight change; -19.2% relative return; weight 0.11%Regional Banks: +0.01 pp weight change; +13.5% relative return; weight 0.22%Household Products: -0.04 pp weight change; -5.7% relative return; weight 0.32%Air Freight & Logistics: -0.13 pp weight change; -21.7% relative return; weight 0.35%Cable & Satellite: -0.12 pp weight change; -26.0% relative return; weight 0.29%Health Care Services: -0.10 pp weight change; -12.3% relative return; weight 0.40%Restaurants: -0.28 pp weight change; -25.4% relative return; weight 0.65%Managed Health Care: -0.23 pp weight change; -9.7% relative return; weight 1.27%Consumer Staples Merchandise Retail: +0.78 pp weight change; +16.4% relative return; weight 1.95%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.14 pp weight change; -8.3% relative return; weight 0.79%Communications Equipment: -0.10 pp weight change; -9.6% relative return; weight 0.55%Rail Transportation: -0.10 pp weight change; -11.2% relative return; weight 0.47%Diversified Support Services: +0.06 pp weight change; +11.5% relative return; weight 0.17%Integrated Oil & Gas: -0.15 pp weight change; -13.2% relative return; weight 0.54%Passenger Airlines: -0.04 pp weight change; -23.2% relative return; weight 0.12%Agricultural & Farm Machinery: -0.08 pp weight change; -21.5% relative return; weight 0.19%Homebuilding: -0.01 pp weight change; +3.2% relative return; weight 0.17%Movies & Entertainment: -0.04 pp weight change; -3.9% relative return; weight 0.43%Data Center REITs: -0.02 pp weight change; -6.8% relative return; weight 0.22%Health Care REITs: +0.02 pp weight change; +2.6% relative return; weight 0.18%Industrial Machinery & Supplies & Components: -0.05 pp weight change; -6.0% relative return; weight 0.79%Research & Consulting Services: -0.01 pp weight change; -5.9% relative return; weight 0.13%Reinsurance: -0.00 pp weight change; -4.8% relative return; weight 0.03%Multi-Family Residential REITs: -0.03 pp weight change; -10.7% relative return; weight 0.16%Self-Storage REITs: -0.01 pp weight change; -11.0% relative return; weight 0.16%Automobile Manufacturers: -0.80 pp weight change; -33.9% relative return; weight 1.37%Trading Companies & Distributors: +0.00 pp weight change; +12.0% relative return; weight 0.11%Copper: -0.00 pp weight change; +3.3% relative return; weight 0.13%Broadcasting: -0.04 pp weight change; -50.3% relative return; weight 0.03%Retail REITs: -0.01 pp weight change; -7.0% relative return; weight 0.23%Systems Software: +0.34 pp weight change; +10.0% relative return; weight 6.51%Systems SoftwarePackaged Foods & Meats: -0.20 pp weight change; -27.2% relative return; weight 0.40%Distributors: -0.02 pp weight change; -29.6% relative return; weight 0.04%Consumer Electronics: +0.01 pp weight change; +33.9% relative return; weight 0.06%Investment Banking & Brokerage: -0.00 pp weight change; +8.6% relative return; weight 0.80%Leisure Products: -0.01 pp weight change; -20.2% relative return; weight 0.02%Health Care Facilities: -0.04 pp weight change; -10.5% relative return; weight 0.16%Home Improvement Retail: -0.15 pp weight change; -8.1% relative return; weight 0.88%Industrial Conglomerates: -0.07 pp weight change; -6.2% relative return; weight 0.44%Hotel & Resort REITs: -0.02 pp weight change; -15.5% relative return; weight 0.08%Other Specialized REITs: +0.01 pp weight change; +37.0% relative return; weight 0.05%Construction & Engineering: +0.00 pp weight change; +5.8% relative return; weight 0.10%Cargo Ground Transportation: +0.01 pp weight change; -22.1% relative return; weight 0.10%Oil & Gas Storage & Transportation: +0.04 pp weight change; +16.0% relative return; weight 0.32%Soft Drinks & Non-alcoholic Beverages: -0.29 pp weight change; -15.8% relative return; weight 1.07%Food Retail: -0.01 pp weight change; -8.7% relative return; weight 0.07%Casinos & Gaming: -0.06 pp weight change; -29.8% relative return; weight 0.11%Construction Materials: -0.01 pp weight change; -4.0% relative return; weight 0.12%Tobacco: -0.09 pp weight change; -8.0% relative return; weight 0.45%Oil & Gas Refining & Marketing: +0.01 pp weight change; +24.1% relative return; weight 0.32%Gold: +0.01 pp weight change; -14.8% relative return; weight 0.09%Apparel, Accessories & Luxury Goods: -0.03 pp weight change; -40.3% relative return; weight 0.21%Steel: -0.03 pp weight change; -12.3% relative return; weight 0.11%Advertising: -0.01 pp weight change; -18.3% relative return; weight 0.03%Personal Care Products: -0.03 pp weight change; -9.1% relative return; weight 0.79%Industrial REITs: -0.07 pp weight change; -20.9% relative return; weight 0.19%Electronic Equipment & Instruments: -0.05 pp weight change; -13.7% relative return; weight 0.22%Apparel Retail: +0.01 pp weight change; +10.3% relative return; weight 0.32%Environmental & Facilities Services: +0.04 pp weight change; +5.2% relative return; weight 0.36%Food Distributors: -0.02 pp weight change; -17.1% relative return; weight 0.07%Integrated Telecommunication Services: -0.04 pp weight change; +3.2% relative return; weight 0.58%Electronic Manufacturing Services: +0.01 pp weight change; -13.5% relative return; weight 0.11%Other Specialty Retail: -0.02 pp weight change; -25.2% relative return; weight 0.05%Timber REITs: -0.02 pp weight change; -26.9% relative return; weight 0.04%Interactive Home Entertainment: -0.01 pp weight change; -11.4% relative return; weight 0.05%Data Processing & Outsourced Services: -0.00 pp weight change; +1.4% relative return; weight 0.04%Gas Utilities: -0.01 pp weight change; -13.6% relative return; weight 0.03%Commodity Chemicals: -0.02 pp weight change; -12.1% relative return; weight 0.07%Wireless Telecommunication Services: +0.00 pp weight change; +7.7% relative return; weight 0.39%Technology Distributors: -0.00 pp weight change; +3.4% relative return; weight 0.06%Heavy Electrical Equipment: +0.08 pp weight change; -16.5% relative return; weight 0.10%Single-Family Residential REITs: -0.01 pp weight change; -8.9% relative return; weight 0.04%Passenger Ground Transportation: +0.28 pp weight change; -1.0% relative return; weight 0.28%Footwear: +0.01 pp weight change; -13.8% relative return; weight 0.01%Health Care Technology: +0.02 pp weight change; -25.3% relative return; weight 0.02%Homefurnishing Retail: +0.00 pp weight change; -16.2% 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.