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

-8.50 pp-60%-4.25 pp-30%+0.00 pp+0%+4.25 pp+30%+8.50 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.31 pp weight change; -6.5% relative return; weight 1.39%Technology Hardware, Storage & Peripherals: -0.69 pp weight change; +3.8% relative return; weight 8.55%Technology Hardware, Storage & PeripheralsBiotechnology: -0.40 pp weight change; -6.3% relative return; weight 2.12%Health Care Equipment: -0.38 pp weight change; -4.1% relative return; weight 2.53%Health Care EquipmentIT Consulting & Other Services: -0.11 pp weight change; +2.1% relative return; weight 1.18%Application Software: -0.31 pp weight change; +0.7% relative return; weight 3.39%Application SoftwareSemiconductors: +8.00 pp weight change; +11.7% relative return; weight 11.59%SemiconductorsAgricultural Products & Services: -0.04 pp weight change; -39.8% relative return; weight 0.10%Human Resource & Employment Services: -0.09 pp weight change; -10.2% relative return; weight 0.38%Multi-Utilities: -0.03 pp weight change; +2.0% relative return; weight 1.20%Electric Utilities: +0.07 pp weight change; +10.9% relative return; weight 1.47%Independent Power Producers & Energy Traders: +0.01 pp weight change; +40.4% relative return; weight 0.08%Life & Health Insurance: -0.07 pp weight change; +2.5% relative return; weight 0.45%Multi-line Insurance: -0.04 pp weight change; -4.4% relative return; weight 0.17%Insurance Brokers: -0.12 pp weight change; -7.6% relative return; weight 0.71%Internet Services & Infrastructure: +0.01 pp weight change; -27.7% relative return; weight 0.13%Specialty Chemicals: -0.08 pp weight change; -1.5% relative return; weight 0.63%Health Care Supplies: -0.04 pp weight change; -30.0% relative return; weight 0.15%Property & Casualty Insurance: +0.09 pp weight change; +19.2% relative return; weight 1.14%Building Products: +0.06 pp weight change; +23.4% relative return; weight 0.58%Semiconductor Materials & Equipment: +0.00 pp weight change; +10.6% relative return; weight 0.49%Electrical Components & Equipment: -0.08 pp weight change; -1.4% relative return; weight 0.62%Asset Management & Custody Banks: +0.22 pp weight change; +8.9% relative return; weight 0.96%Telecom Tower REITs: -0.03 pp weight change; +6.1% relative return; weight 0.43%Broadline Retail: +0.17 pp weight change; +11.3% relative return; weight 4.63%Broadline RetailOil & Gas Exploration & Production: -0.46 pp weight change; -30.5% relative return; weight 0.74%Industrial Gases: -0.13 pp weight change; -6.0% relative return; weight 0.68%Electronic Components: +0.05 pp weight change; +14.8% relative return; weight 0.18%Automotive Parts & Equipment: -0.05 pp weight change; -44.6% relative return; weight 0.04%Office REITs: -0.01 pp weight change; -1.0% relative return; weight 0.08%Paper & Plastic Packaging Products & Materials: +0.02 pp weight change; +5.5% relative return; weight 0.38%Water Utilities: -0.01 pp weight change; -8.3% relative return; weight 0.07%Consumer Finance: +0.09 pp weight change; +34.0% relative return; weight 0.63%Automotive Retail: -0.03 pp weight change; -5.7% relative return; weight 0.14%Aerospace & Defense: +0.00 pp weight change; +13.2% relative return; weight 2.29%Aerospace & DefenseDiversified Banks: -0.05 pp weight change; +13.4% relative return; weight 3.31%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; +4.9% relative return; weight 0.05%Computer & Electronics Retail: +0.00 pp weight change; +18.0% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: -0.01 pp weight change; +11.0% relative return; weight 0.49%Oil & Gas Equipment & Services: -0.24 pp weight change; -38.8% relative return; weight 0.28%Pharmaceuticals: -0.86 pp weight change; -4.8% relative return; weight 4.40%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -0.3% relative return; weight 0.00%Health Care Distributors: -0.09 pp weight change; -9.5% relative return; weight 0.34%Construction Machinery & Heavy Transportation Equipment: -0.05 pp weight change; +8.7% relative return; weight 0.74%Financial Exchanges & Data: -0.04 pp weight change; +5.7% relative return; weight 1.10%Real Estate Services: -0.02 pp weight change; -3.2% relative return; weight 0.16%Fertilizers & Agricultural Chemicals: -0.07 pp weight change; -19.7% relative return; weight 0.15%Regional Banks: +0.01 pp weight change; +18.1% relative return; weight 0.32%Household Products: -0.05 pp weight change; +1.3% relative return; weight 0.42%Air Freight & Logistics: -0.22 pp weight change; -24.2% relative return; weight 0.43%Cable & Satellite: -0.29 pp weight change; -36.7% relative return; weight 0.39%Health Care Services: -0.19 pp weight change; -14.6% relative return; weight 0.53%Restaurants: -0.09 pp weight change; -13.7% relative return; weight 1.12%Managed Health Care: -0.51 pp weight change; -14.2% relative return; weight 1.72%Consumer Staples Merchandise Retail: +1.03 pp weight change; +20.3% relative return; weight 2.67%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.16 pp weight change; -0.9% relative return; weight 1.12%Communications Equipment: -0.19 pp weight change; -9.7% relative return; weight 0.77%Rail Transportation: -0.13 pp weight change; -7.3% relative return; weight 0.64%Diversified Support Services: -0.00 pp weight change; +7.6% relative return; weight 0.22%Integrated Oil & Gas: -0.42 pp weight change; -30.8% relative return; weight 0.63%Passenger Airlines: -0.02 pp weight change; -1.5% relative return; weight 0.16%Agricultural & Farm Machinery: -0.10 pp weight change; -14.8% relative return; weight 0.27%Homebuilding: +0.04 pp weight change; +35.6% relative return; weight 0.28%Movies & Entertainment: -0.08 pp weight change; -3.6% relative return; weight 0.54%Data Center REITs: -0.03 pp weight change; -1.6% relative return; weight 0.32%Health Care REITs: +0.05 pp weight change; +17.6% relative return; weight 0.28%Industrial Machinery & Supplies & Components: -0.03 pp weight change; +3.7% relative return; weight 1.10%Research & Consulting Services: -0.02 pp weight change; +0.9% relative return; weight 0.17%Reinsurance: -0.01 pp weight change; -18.4% relative return; weight 0.04%Multi-Family Residential REITs: -0.02 pp weight change; +2.0% relative return; weight 0.22%Self-Storage REITs: -0.00 pp weight change; +12.0% relative return; weight 0.24%Automobile Manufacturers: -0.80 pp weight change; -19.6% relative return; weight 2.15%Trading Companies & Distributors: +0.02 pp weight change; +26.9% relative return; weight 0.17%Copper: -0.01 pp weight change; +3.0% relative return; weight 0.17%Broadcasting: -0.04 pp weight change; -42.3% relative return; weight 0.05%Retail REITs: +0.01 pp weight change; +9.1% relative return; weight 0.33%Systems Software: -0.38 pp weight change; +4.5% relative return; weight 7.84%Systems SoftwarePackaged Foods & Meats: -0.22 pp weight change; -17.9% relative return; weight 0.55%Distributors: -0.02 pp weight change; -24.5% relative return; weight 0.05%Consumer Electronics: +0.01 pp weight change; +29.5% relative return; weight 0.08%Investment Banking & Brokerage: -0.10 pp weight change; +4.1% relative return; weight 1.01%Leisure Products: -0.01 pp weight change; -12.6% relative return; weight 0.02%Health Care Facilities: +0.02 pp weight change; +26.4% relative return; weight 0.24%Home Improvement Retail: -0.12 pp weight change; +3.4% relative return; weight 1.29%Industrial Conglomerates: -0.10 pp weight change; -1.3% relative return; weight 0.59%Hotel & Resort REITs: -0.03 pp weight change; -9.2% relative return; weight 0.11%Other Specialized REITs: +0.02 pp weight change; +56.5% relative return; weight 0.08%Construction & Engineering: +0.00 pp weight change; +9.7% relative return; weight 0.14%Cargo Ground Transportation: +0.00 pp weight change; -27.2% relative return; weight 0.14%Oil & Gas Storage & Transportation: +0.02 pp weight change; +13.5% relative return; weight 0.44%Soft Drinks & Non-alcoholic Beverages: -0.38 pp weight change; -10.9% relative return; weight 1.44%Food Retail: -0.01 pp weight change; -0.4% relative return; weight 0.10%Casinos & Gaming: -0.06 pp weight change; -16.9% relative return; weight 0.14%Construction Materials: -0.02 pp weight change; -2.6% relative return; weight 0.15%Tobacco: -0.09 pp weight change; +3.4% relative return; weight 0.64%Oil & Gas Refining & Marketing: -0.19 pp weight change; -18.5% relative return; weight 0.36%Gold: +0.04 pp weight change; +13.0% relative return; weight 0.14%Apparel, Accessories & Luxury Goods: -0.02 pp weight change; -31.1% relative return; weight 0.28%Steel: -0.06 pp weight change; -20.9% relative return; weight 0.13%Advertising: -0.00 pp weight change; +8.6% relative return; weight 0.05%Personal Care Products: -0.22 pp weight change; -7.7% relative return; weight 1.05%Industrial REITs: -0.07 pp weight change; -12.0% relative return; weight 0.27%Electronic Equipment & Instruments: -0.06 pp weight change; -9.1% relative return; weight 0.30%Apparel Retail: -0.04 pp weight change; +1.9% relative return; weight 0.42%Environmental & Facilities Services: +0.04 pp weight change; +8.7% relative return; weight 0.46%Food Distributors: -0.02 pp weight change; -7.8% relative return; weight 0.09%Integrated Telecommunication Services: -0.01 pp weight change; +15.5% relative return; weight 0.81%Electronic Manufacturing Services: +0.01 pp weight change; -9.1% relative return; weight 0.14%Other Specialty Retail: -0.02 pp weight change; -19.3% relative return; weight 0.06%Timber REITs: -0.02 pp weight change; -13.7% relative return; weight 0.06%Interactive Home Entertainment: -0.02 pp weight change; -16.9% relative return; weight 0.06%Data Processing & Outsourced Services: -0.01 pp weight change; -7.3% relative return; weight 0.06%Gas Utilities: -0.00 pp weight change; +2.2% relative return; weight 0.05%Commodity Chemicals: -0.03 pp weight change; -15.3% relative return; weight 0.09%Wireless Telecommunication Services: +0.01 pp weight change; +13.6% relative return; weight 0.56%Technology Distributors: -0.02 pp weight change; -14.0% relative return; weight 0.07%Heavy Electrical Equipment: +0.16 pp weight change; +49.6% relative return; weight 0.19%Single-Family Residential REITs: -0.01 pp weight change; -12.1% relative return; weight 0.05%Passenger Ground Transportation: +0.37 pp weight change; -7.3% relative return; weight 0.37%Footwear: +0.01 pp weight change; -22.9% relative return; weight 0.01%Health Care Technology: +0.03 pp weight change; -10.8% relative return; weight 0.03%Homefurnishing Retail: +0.00 pp weight change; -24.1% 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.