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-50%-1.25 pp-25%+0.00 pp+0%+1.25 pp+25%+2.50 pp+50%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.13 pp weight change; -3.2% relative return; weight 1.07%Technology Hardware, Storage & Peripherals: -0.61 pp weight change; -2.4% relative return; weight 6.34%Technology Hardware, Storage & PeripheralsBiotechnology: +0.03 pp weight change; +8.5% relative return; weight 1.65%Health Care Equipment: -0.36 pp weight change; -12.6% relative return; weight 1.80%Health Care EquipmentIT Consulting & Other Services: -0.03 pp weight change; +3.0% relative return; weight 0.83%Application Software: -0.10 pp weight change; +0.4% relative return; weight 2.46%Application SoftwareSemiconductors: +0.23 pp weight change; +13.8% relative return; weight 2.84%SemiconductorsAgricultural Products & Services: -0.02 pp weight change; -36.7% relative return; weight 0.08%Human Resource & Employment Services: -0.05 pp weight change; -8.0% relative return; weight 0.28%Multi-Utilities: -0.10 pp weight change; -10.0% relative return; weight 0.85%Electric Utilities: -0.00 pp weight change; +0.7% relative return; weight 1.00%Independent Power Producers & Energy Traders: +0.00 pp weight change; +9.7% relative return; weight 0.05%Life & Health Insurance: -0.02 pp weight change; +7.2% relative return; weight 0.32%Multi-line Insurance: +0.00 pp weight change; +13.5% relative return; weight 0.14%Insurance Brokers: +0.00 pp weight change; +3.9% relative return; weight 0.54%Internet Services & Infrastructure: +0.02 pp weight change; -19.8% relative return; weight 0.10%Specialty Chemicals: -0.06 pp weight change; -6.0% relative return; weight 0.45%Health Care Supplies: -0.03 pp weight change; -34.0% relative return; weight 0.10%Property & Casualty Insurance: +0.11 pp weight change; +24.4% relative return; weight 0.78%Building Products: +0.02 pp weight change; +10.2% relative return; weight 0.39%Semiconductor Materials & Equipment: +0.04 pp weight change; +18.6% relative return; weight 0.39%Electrical Components & Equipment: +0.01 pp weight change; +8.1% relative return; weight 0.47%Asset Management & Custody Banks: +0.35 pp weight change; +5.4% relative return; weight 0.70%Telecom Tower REITs: -0.03 pp weight change; -2.7% relative return; weight 0.31%Broadline Retail: +0.50 pp weight change; +19.5% relative return; weight 3.54%Broadline RetailOil & Gas Exploration & Production: -0.17 pp weight change; -15.1% relative return; weight 0.63%Industrial Gases: -0.07 pp weight change; -5.9% relative return; weight 0.50%Electronic Components: +0.04 pp weight change; +11.0% relative return; weight 0.13%Automotive Parts & Equipment: -0.03 pp weight change; -45.8% relative return; weight 0.03%Office REITs: -0.01 pp weight change; -12.1% relative return; weight 0.06%Paper & Plastic Packaging Products & Materials: +2.08 pp weight change; +6.0% relative return; weight 32.36%Paper & Plastic Packaging Products & MaterialsWater Utilities: -0.01 pp weight change; -15.5% relative return; weight 0.05%Consumer Finance: +0.06 pp weight change; +25.6% relative return; weight 0.46%Automotive Retail: -0.00 pp weight change; +7.7% relative return; weight 0.10%Aerospace & Defense: +0.05 pp weight change; +11.0% relative return; weight 1.70%Diversified Banks: +0.12 pp weight change; +15.4% relative return; weight 2.61%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; -5.7% relative return; weight 0.04%Computer & Electronics Retail: -0.01 pp weight change; -6.5% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: -0.02 pp weight change; +3.2% relative return; weight 0.34%Oil & Gas Equipment & Services: -0.09 pp weight change; -21.3% relative return; weight 0.25%Pharmaceuticals: -0.20 pp weight change; +2.3% relative return; weight 3.22%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +6.6% relative return; weight 0.00%Health Care Distributors: +0.01 pp weight change; +14.3% relative return; weight 0.29%Construction Machinery & Heavy Transportation Equipment: -0.00 pp weight change; +9.5% relative return; weight 0.52%Financial Exchanges & Data: +0.01 pp weight change; +5.4% relative return; weight 0.79%Real Estate Services: -0.01 pp weight change; -5.1% relative return; weight 0.12%Fertilizers & Agricultural Chemicals: -0.04 pp weight change; -19.2% relative return; weight 0.11%Regional Banks: +0.01 pp weight change; +14.1% relative return; weight 0.24%Household Products: -0.03 pp weight change; -0.9% relative return; weight 0.30%Air Freight & Logistics: -0.15 pp weight change; -26.0% relative return; weight 0.32%Cable & Satellite: -0.10 pp weight change; -19.7% relative return; weight 0.33%Health Care Services: -0.10 pp weight change; -11.8% relative return; weight 0.40%Restaurants: -0.12 pp weight change; -23.2% relative return; weight 0.76%Managed Health Care: -0.15 pp weight change; -4.0% relative return; weight 1.32%Consumer Staples Merchandise Retail: +0.71 pp weight change; +14.3% relative return; weight 1.86%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.11 pp weight change; -4.8% relative return; weight 0.80%Communications Equipment: -0.07 pp weight change; -5.6% relative return; weight 0.54%Rail Transportation: -0.08 pp weight change; -7.3% relative return; weight 0.49%Diversified Support Services: +0.06 pp weight change; +13.0% relative return; weight 0.16%Integrated Oil & Gas: -0.14 pp weight change; -12.6% relative return; weight 0.53%Passenger Airlines: -0.04 pp weight change; -25.3% relative return; weight 0.11%Agricultural & Farm Machinery: -0.09 pp weight change; -24.8% relative return; weight 0.18%Homebuilding: +0.02 pp weight change; +23.7% relative return; weight 0.20%Movies & Entertainment: -0.05 pp weight change; -5.8% relative return; weight 0.39%Data Center REITs: -0.03 pp weight change; -7.8% relative return; weight 0.22%Health Care REITs: +0.03 pp weight change; +9.2% relative return; weight 0.19%Industrial Machinery & Supplies & Components: -0.00 pp weight change; +0.0% relative return; weight 0.80%Research & Consulting Services: +0.00 pp weight change; +6.8% relative return; weight 0.13%Reinsurance: -0.00 pp weight change; -5.0% relative return; weight 0.03%Multi-Family Residential REITs: -0.03 pp weight change; -8.2% relative return; weight 0.15%Self-Storage REITs: +0.00 pp weight change; -2.7% relative return; weight 0.15%Automobile Manufacturers: -0.58 pp weight change; -24.3% relative return; weight 1.49%Trading Companies & Distributors: +0.02 pp weight change; +28.9% relative return; weight 0.13%Copper: -0.02 pp weight change; -11.8% relative return; weight 0.12%Broadcasting: -0.03 pp weight change; -43.4% relative return; weight 0.04%Retail REITs: -0.00 pp weight change; -3.4% relative return; weight 0.23%Systems Software: +0.10 pp weight change; +6.6% relative return; weight 5.84%Systems SoftwarePackaged Foods & Meats: -0.15 pp weight change; -20.2% relative return; weight 0.41%Distributors: -0.01 pp weight change; -17.0% relative return; weight 0.04%Consumer Electronics: +0.01 pp weight change; +41.5% relative return; weight 0.06%Investment Banking & Brokerage: -0.04 pp weight change; +4.3% relative return; weight 0.79%Leisure Products: -0.00 pp weight change; -11.1% relative return; weight 0.02%Health Care Facilities: +0.00 pp weight change; +14.8% relative return; weight 0.17%Home Improvement Retail: -0.13 pp weight change; -4.7% relative return; weight 0.91%Industrial Conglomerates: -0.05 pp weight change; -0.3% relative return; weight 0.44%Hotel & Resort REITs: -0.02 pp weight change; -11.2% relative return; weight 0.08%Other Specialized REITs: +0.01 pp weight change; +48.1% relative return; weight 0.05%Construction & Engineering: +0.00 pp weight change; +9.0% relative return; weight 0.10%Cargo Ground Transportation: +0.02 pp weight change; -18.6% relative return; weight 0.11%Oil & Gas Storage & Transportation: +0.04 pp weight change; +15.2% relative return; weight 0.32%Soft Drinks & Non-alcoholic Beverages: -0.24 pp weight change; -12.3% relative return; weight 1.07%Food Retail: -0.01 pp weight change; -1.8% relative return; weight 0.07%Casinos & Gaming: -0.07 pp weight change; -37.8% relative return; weight 0.09%Construction Materials: +0.01 pp weight change; +10.7% relative return; weight 0.13%Tobacco: -0.04 pp weight change; +3.2% relative return; weight 0.47%Oil & Gas Refining & Marketing: -0.02 pp weight change; +14.4% relative return; weight 0.31%Gold: +0.03 pp weight change; +1.2% relative return; weight 0.10%Apparel, Accessories & Luxury Goods: -0.04 pp weight change; -42.3% relative return; weight 0.19%Steel: -0.03 pp weight change; -10.3% relative return; weight 0.11%Advertising: -0.00 pp weight change; +2.4% relative return; weight 0.03%Personal Care Products: -0.06 pp weight change; -12.0% relative return; weight 0.74%Industrial REITs: -0.04 pp weight change; -11.0% relative return; weight 0.21%Electronic Equipment & Instruments: -0.04 pp weight change; -10.0% relative return; weight 0.22%Apparel Retail: +0.01 pp weight change; +11.9% relative return; weight 0.31%Environmental & Facilities Services: +0.05 pp weight change; +10.7% relative return; weight 0.34%Food Distributors: -0.02 pp weight change; -11.6% relative return; weight 0.07%Integrated Telecommunication Services: +0.01 pp weight change; +14.2% relative return; weight 0.55%Electronic Manufacturing Services: +0.01 pp weight change; -11.4% relative return; weight 0.11%Other Specialty Retail: -0.02 pp weight change; -24.0% relative return; weight 0.04%Timber REITs: -0.01 pp weight change; -17.9% relative return; weight 0.04%Interactive Home Entertainment: -0.01 pp weight change; -15.8% relative return; weight 0.05%Data Processing & Outsourced Services: +0.00 pp weight change; +10.8% relative return; weight 0.05%Gas Utilities: -0.00 pp weight change; -7.6% relative return; weight 0.03%Commodity Chemicals: -0.02 pp weight change; -13.2% relative return; weight 0.07%Wireless Telecommunication Services: +0.03 pp weight change; +14.6% relative return; weight 0.38%Technology Distributors: -0.00 pp weight change; +0.8% relative return; weight 0.05%Heavy Electrical Equipment: +0.08 pp weight change; -12.4% relative return; weight 0.10%Single-Family Residential REITs: -0.01 pp weight change; -11.5% relative return; weight 0.04%Passenger Ground Transportation: +0.24 pp weight change; -10.4% relative return; weight 0.24%Footwear: +0.01 pp weight change; -16.1% relative return; weight 0.01%Health Care Technology: +0.02 pp weight change; -15.1% relative return; weight 0.02%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.