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

-7.00 pp-60%-3.50 pp-30%+0.00 pp+0%+3.50 pp+30%+7.00 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.35 pp weight change; -10.1% relative return; weight 1.42%Technology Hardware, Storage & Peripherals: -0.94 pp weight change; -0.7% relative return; weight 8.72%Technology Hardware, Storage & PeripheralsBiotechnology: -0.15 pp weight change; +2.8% relative return; weight 2.26%Health Care Equipment: -0.35 pp weight change; -4.6% relative return; weight 2.61%Health Care EquipmentIT Consulting & Other Services: -0.13 pp weight change; -1.4% relative return; weight 1.16%Application Software: -0.51 pp weight change; -6.6% relative return; weight 3.32%Application SoftwareSemiconductors: +6.51 pp weight change; +11.8% relative return; weight 10.11%SemiconductorsAgricultural Products & Services: -0.03 pp weight change; -37.0% relative return; weight 0.11%Human Resource & Employment Services: -0.09 pp weight change; -10.2% relative return; weight 0.39%Multi-Utilities: -0.07 pp weight change; -3.0% relative return; weight 1.20%Electric Utilities: +0.02 pp weight change; +5.0% relative return; weight 1.41%Independent Power Producers & Energy Traders: +0.01 pp weight change; +24.3% relative return; weight 0.07%Life & Health Insurance: -0.04 pp weight change; +6.0% relative return; weight 0.45%Multi-line Insurance: -0.01 pp weight change; +9.5% relative return; weight 0.19%Insurance Brokers: -0.07 pp weight change; -2.2% relative return; weight 0.75%Internet Services & Infrastructure: +0.02 pp weight change; -22.1% relative return; weight 0.14%Specialty Chemicals: -0.09 pp weight change; -3.8% relative return; weight 0.64%Health Care Supplies: -0.05 pp weight change; -35.9% relative return; weight 0.15%Property & Casualty Insurance: +0.20 pp weight change; +30.1% relative return; weight 1.17%Building Products: +0.04 pp weight change; +15.4% relative return; weight 0.56%Semiconductor Materials & Equipment: -0.01 pp weight change; +5.8% relative return; weight 0.50%Electrical Components & Equipment: -0.09 pp weight change; -5.6% relative return; weight 0.61%Asset Management & Custody Banks: +0.46 pp weight change; +5.5% relative return; weight 0.95%Telecom Tower REITs: -0.06 pp weight change; -1.8% relative return; weight 0.43%Broadline Retail: -0.02 pp weight change; +4.9% relative return; weight 4.60%Broadline RetailOil & Gas Exploration & Production: -0.32 pp weight change; -20.0% relative return; weight 0.83%Industrial Gases: -0.11 pp weight change; -4.5% relative return; weight 0.70%Electronic Components: +0.05 pp weight change; +12.4% relative return; weight 0.18%Automotive Parts & Equipment: -0.05 pp weight change; -42.9% relative return; weight 0.05%Office REITs: -0.02 pp weight change; -9.6% relative return; weight 0.08%Paper & Plastic Packaging Products & Materials: +0.03 pp weight change; +8.3% relative return; weight 0.39%Water Utilities: -0.02 pp weight change; -14.5% relative return; weight 0.07%Consumer Finance: +0.09 pp weight change; +30.3% relative return; weight 0.63%Automotive Retail: -0.02 pp weight change; +1.5% relative return; weight 0.14%Aerospace & Defense: -0.02 pp weight change; +9.7% relative return; weight 2.35%Aerospace & DefenseDiversified Banks: +0.30 pp weight change; +23.1% relative return; weight 3.58%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -4.1% relative return; weight 0.05%Computer & Electronics Retail: -0.00 pp weight change; +11.6% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: -0.02 pp weight change; +6.5% relative return; weight 0.47%Oil & Gas Equipment & Services: -0.19 pp weight change; -32.7% relative return; weight 0.30%Pharmaceuticals: -0.49 pp weight change; +1.3% relative return; weight 4.77%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +7.1% relative return; weight 0.00%Health Care Distributors: -0.01 pp weight change; +7.3% relative return; weight 0.38%Construction Machinery & Heavy Transportation Equipment: -0.05 pp weight change; +6.2% relative return; weight 0.71%Financial Exchanges & Data: -0.01 pp weight change; +6.6% relative return; weight 1.14%Real Estate Services: -0.03 pp weight change; -9.1% relative return; weight 0.16%Fertilizers & Agricultural Chemicals: -0.05 pp weight change; -14.3% relative return; weight 0.15%Regional Banks: +0.02 pp weight change; +21.3% relative return; weight 0.33%Household Products: -0.03 pp weight change; +2.5% relative return; weight 0.44%Air Freight & Logistics: -0.21 pp weight change; -24.1% relative return; weight 0.44%Cable & Satellite: -0.25 pp weight change; -33.0% relative return; weight 0.41%Health Care Services: -0.13 pp weight change; -7.3% relative return; weight 0.54%Restaurants: -0.11 pp weight change; -17.1% relative return; weight 1.12%Managed Health Care: -0.20 pp weight change; -1.3% relative return; weight 1.83%Consumer Staples Merchandise Retail: +1.11 pp weight change; +22.4% relative return; weight 2.71%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.16 pp weight change; -2.0% relative return; weight 1.14%Communications Equipment: -0.21 pp weight change; -13.3% relative return; weight 0.77%Rail Transportation: -0.09 pp weight change; -3.1% relative return; weight 0.68%Diversified Support Services: +0.07 pp weight change; +9.1% relative return; weight 0.22%Integrated Oil & Gas: -0.30 pp weight change; -22.4% relative return; weight 0.65%Passenger Airlines: -0.06 pp weight change; -22.9% relative return; weight 0.14%Agricultural & Farm Machinery: -0.12 pp weight change; -22.8% relative return; weight 0.26%Homebuilding: +0.03 pp weight change; +26.5% relative return; weight 0.28%Movies & Entertainment: -0.09 pp weight change; -7.0% relative return; weight 0.52%Data Center REITs: -0.05 pp weight change; -8.7% relative return; weight 0.31%Health Care REITs: +0.05 pp weight change; +16.0% relative return; weight 0.28%Industrial Machinery & Supplies & Components: -0.07 pp weight change; -2.0% relative return; weight 1.09%Research & Consulting Services: -0.01 pp weight change; +4.2% relative return; weight 0.19%Reinsurance: -0.01 pp weight change; -10.2% relative return; weight 0.04%Multi-Family Residential REITs: -0.03 pp weight change; -1.7% relative return; weight 0.23%Self-Storage REITs: -0.01 pp weight change; +9.0% relative return; weight 0.24%Automobile Manufacturers: -1.01 pp weight change; -29.5% relative return; weight 1.89%Trading Companies & Distributors: +0.01 pp weight change; +17.8% relative return; weight 0.17%Copper: -0.03 pp weight change; -8.9% relative return; weight 0.15%Broadcasting: -0.06 pp weight change; -51.6% relative return; weight 0.05%Retail REITs: +0.01 pp weight change; +6.8% relative return; weight 0.34%Systems Software: -0.25 pp weight change; +4.3% relative return; weight 7.90%Systems SoftwarePackaged Foods & Meats: -0.20 pp weight change; -17.0% relative return; weight 0.57%Distributors: -0.02 pp weight change; -22.4% relative return; weight 0.05%Consumer Electronics: +0.02 pp weight change; +43.3% relative return; weight 0.09%Investment Banking & Brokerage: -0.05 pp weight change; +7.7% relative return; weight 1.06%Leisure Products: -0.01 pp weight change; -19.3% relative return; weight 0.02%Health Care Facilities: +0.01 pp weight change; +16.6% relative return; weight 0.25%Home Improvement Retail: -0.25 pp weight change; -8.3% relative return; weight 1.23%Industrial Conglomerates: -0.08 pp weight change; -0.3% relative return; weight 0.61%Hotel & Resort REITs: -0.02 pp weight change; -6.1% relative return; weight 0.11%Other Specialized REITs: +0.02 pp weight change; +49.7% relative return; weight 0.08%Construction & Engineering: -0.01 pp weight change; +1.7% relative return; weight 0.14%Cargo Ground Transportation: +0.01 pp weight change; -25.4% relative return; weight 0.14%Oil & Gas Storage & Transportation: +0.05 pp weight change; +17.8% relative return; weight 0.46%Soft Drinks & Non-alcoholic Beverages: -0.35 pp weight change; -10.2% relative return; weight 1.50%Food Retail: -0.01 pp weight change; -4.8% relative return; weight 0.09%Casinos & Gaming: -0.10 pp weight change; -38.5% relative return; weight 0.12%Construction Materials: -0.02 pp weight change; -5.5% relative return; weight 0.16%Tobacco: -0.04 pp weight change; +9.1% relative return; weight 0.68%Oil & Gas Refining & Marketing: -0.09 pp weight change; +0.3% relative return; weight 0.40%Gold: +0.05 pp weight change; +13.6% relative return; weight 0.15%Apparel, Accessories & Luxury Goods: -0.03 pp weight change; -35.4% relative return; weight 0.27%Steel: -0.06 pp weight change; -21.8% relative return; weight 0.13%Advertising: -0.00 pp weight change; +3.8% relative return; weight 0.05%Personal Care Products: -0.22 pp weight change; -8.9% relative return; weight 1.08%Industrial REITs: -0.08 pp weight change; -14.1% relative return; weight 0.29%Electronic Equipment & Instruments: -0.05 pp weight change; -8.5% relative return; weight 0.30%Apparel Retail: -0.03 pp weight change; +3.4% relative return; weight 0.44%Environmental & Facilities Services: +0.08 pp weight change; +15.6% relative return; weight 0.49%Food Distributors: -0.02 pp weight change; -6.7% relative return; weight 0.09%Integrated Telecommunication Services: -0.04 pp weight change; +9.1% relative return; weight 0.77%Electronic Manufacturing Services: +0.01 pp weight change; -10.1% relative return; weight 0.14%Other Specialty Retail: -0.03 pp weight change; -25.0% relative return; weight 0.05%Timber REITs: -0.02 pp weight change; -22.3% relative return; weight 0.05%Interactive Home Entertainment: -0.01 pp weight change; -7.8% relative return; weight 0.07%Data Processing & Outsourced Services: -0.01 pp weight change; -5.8% relative return; weight 0.06%Gas Utilities: -0.01 pp weight change; -6.1% relative return; weight 0.05%Commodity Chemicals: -0.03 pp weight change; -16.2% relative return; weight 0.09%Wireless Telecommunication Services: +0.05 pp weight change; +20.0% relative return; weight 0.56%Technology Distributors: -0.02 pp weight change; -12.5% relative return; weight 0.07%Heavy Electrical Equipment: +0.13 pp weight change; +18.9% relative return; weight 0.16%Single-Family Residential REITs: -0.01 pp weight change; -9.5% relative return; weight 0.05%Passenger Ground Transportation: +0.37 pp weight change; -3.7% relative return; weight 0.37%Footwear: +0.01 pp weight change; -17.4% relative return; weight 0.01%Health Care Technology: +0.03 pp weight change; -12.5% relative return; weight 0.03%Homefurnishing Retail: +0.00 pp weight change; -19.0% 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.