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

-8.00 pp-90%-4.00 pp-45%+0.00 pp+0%+4.00 pp+45%+8.00 pp+90%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.43 pp weight change; -14.9% relative return; weight 1.16%Technology Hardware, Storage & Peripherals: -1.31 pp weight change; -0.8% relative return; weight 8.20%Technology Hardware, Storage & PeripheralsBiotechnology: -0.45 pp weight change; -8.0% relative return; weight 1.84%Health Care Equipment: -0.37 pp weight change; -1.4% relative return; weight 2.47%Health Care EquipmentIT Consulting & Other Services: -0.18 pp weight change; -1.5% relative return; weight 1.15%Application Software: -0.47 pp weight change; -0.6% relative return; weight 3.52%Application SoftwareSemiconductors: +7.86 pp weight change; +11.1% relative return; weight 11.55%SemiconductorsAgricultural Products & Services: -0.04 pp weight change; -40.9% relative return; weight 0.09%Human Resource & Employment Services: -0.04 pp weight change; +4.7% relative return; weight 0.39%Multi-Utilities: -0.12 pp weight change; +3.5% relative return; weight 1.16%Electric Utilities: +0.04 pp weight change; +11.4% relative return; weight 1.44%Independent Power Producers & Energy Traders: -0.00 pp weight change; +12.7% relative return; weight 0.07%Life & Health Insurance: -0.06 pp weight change; +6.8% relative return; weight 0.44%Multi-line Insurance: -0.05 pp weight change; -2.9% relative return; weight 0.17%Insurance Brokers: -0.09 pp weight change; -1.3% relative return; weight 0.73%Internet Services & Infrastructure: +0.01 pp weight change; -23.6% relative return; weight 0.13%Specialty Chemicals: -0.12 pp weight change; -5.0% relative return; weight 0.58%Health Care Supplies: -0.01 pp weight change; -14.9% relative return; weight 0.14%Property & Casualty Insurance: +0.04 pp weight change; +16.3% relative return; weight 1.13%Building Products: +0.06 pp weight change; +27.2% relative return; weight 0.56%Semiconductor Materials & Equipment: +0.10 pp weight change; -6.9% relative return; weight 0.59%Electrical Components & Equipment: +0.02 pp weight change; +16.7% relative return; weight 0.67%Asset Management & Custody Banks: +0.72 pp weight change; +29.0% relative return; weight 1.44%Telecom Tower REITs: -0.17 pp weight change; -21.2% relative return; weight 0.37%Broadline Retail: +0.12 pp weight change; +12.7% relative return; weight 4.89%Broadline RetailOil & Gas Exploration & Production: -0.26 pp weight change; -21.1% relative return; weight 0.82%Industrial Gases: -0.16 pp weight change; -8.2% relative return; weight 0.65%Electronic Components: +0.07 pp weight change; +32.9% relative return; weight 0.19%Automotive Parts & Equipment: -0.04 pp weight change; -47.0% relative return; weight 0.03%Office REITs: -0.02 pp weight change; -5.0% relative return; weight 0.07%Paper & Plastic Packaging Products & Materials: +0.01 pp weight change; +6.8% relative return; weight 0.36%Water Utilities: -0.02 pp weight change; -16.0% relative return; weight 0.06%Consumer Finance: +0.13 pp weight change; +43.6% relative return; weight 0.69%Automotive Retail: -0.03 pp weight change; -3.7% relative return; weight 0.13%Aerospace & Defense: -0.25 pp weight change; +3.4% relative return; weight 2.14%Diversified Banks: +0.30 pp weight change; +28.8% relative return; weight 3.72%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -10.3% relative return; weight 0.04%Computer & Electronics Retail: -0.01 pp weight change; +4.9% relative return; weight 0.04%Hotels, Resorts & Cruise Lines: +0.07 pp weight change; +31.3% relative return; weight 0.56%Oil & Gas Equipment & Services: -0.15 pp weight change; -22.5% relative return; weight 0.29%Pharmaceuticals: -1.00 pp weight change; -9.1% relative return; weight 3.86%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +6.1% relative return; weight 0.00%Health Care Distributors: -0.06 pp weight change; +0.3% relative return; weight 0.37%Construction Machinery & Heavy Transportation Equipment: +0.05 pp weight change; +26.3% relative return; weight 0.76%Financial Exchanges & Data: -0.11 pp weight change; +3.6% relative return; weight 1.08%Real Estate Services: -0.01 pp weight change; +3.6% relative return; weight 0.17%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; -3.5% relative return; weight 0.15%Regional Banks: +0.05 pp weight change; +36.8% relative return; weight 0.35%Household Products: -0.08 pp weight change; -4.5% relative return; weight 0.38%Air Freight & Logistics: -0.17 pp weight change; -18.1% relative return; weight 0.41%Cable & Satellite: -0.17 pp weight change; -19.1% relative return; weight 0.42%Health Care Services: -0.16 pp weight change; -10.1% relative return; weight 0.49%Restaurants: -0.13 pp weight change; -14.9% relative return; weight 1.08%Managed Health Care: -0.66 pp weight change; -19.2% relative return; weight 1.59%Consumer Staples Merchandise Retail: +1.18 pp weight change; +30.6% relative return; weight 2.80%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.07 pp weight change; +9.9% relative return; weight 1.19%Communications Equipment: -0.06 pp weight change; +8.0% relative return; weight 0.81%Rail Transportation: -0.16 pp weight change; -8.6% relative return; weight 0.62%Diversified Support Services: +0.14 pp weight change; +9.1% relative return; weight 0.38%Integrated Oil & Gas: -0.20 pp weight change; -7.0% relative return; weight 0.64%Passenger Airlines: +0.04 pp weight change; +41.9% relative return; weight 0.20%Agricultural & Farm Machinery: -0.05 pp weight change; +2.6% relative return; weight 0.28%Homebuilding: -0.01 pp weight change; +12.4% relative return; weight 0.24%Movies & Entertainment: -0.03 pp weight change; +8.3% relative return; weight 0.62%Data Center REITs: -0.02 pp weight change; +3.8% relative return; weight 0.35%Health Care REITs: +0.05 pp weight change; +20.1% relative return; weight 0.28%Industrial Machinery & Supplies & Components: -0.07 pp weight change; +7.2% relative return; weight 1.11%Research & Consulting Services: -0.03 pp weight change; -3.8% relative return; weight 0.16%Reinsurance: -0.02 pp weight change; -23.8% relative return; weight 0.04%Multi-Family Residential REITs: -0.01 pp weight change; +13.0% relative return; weight 0.21%Self-Storage REITs: -0.01 pp weight change; +9.8% relative return; weight 0.21%Automobile Manufacturers: +0.04 pp weight change; +14.6% relative return; weight 2.67%Automobile ManufacturersTrading Companies & Distributors: +0.02 pp weight change; +34.1% relative return; weight 0.18%Copper: -0.03 pp weight change; -5.2% relative return; weight 0.14%Broadcasting: -0.02 pp weight change; -20.7% relative return; weight 0.06%Retail REITs: -0.01 pp weight change; +4.3% relative return; weight 0.32%Systems Software: -1.80 pp weight change; -9.6% relative return; weight 7.39%Systems SoftwarePackaged Foods & Meats: -0.24 pp weight change; -22.8% relative return; weight 0.47%Distributors: -0.02 pp weight change; -22.9% relative return; weight 0.04%Consumer Electronics: +0.02 pp weight change; +40.2% relative return; weight 0.09%Investment Banking & Brokerage: +0.13 pp weight change; +31.6% relative return; weight 1.20%Leisure Products: -0.00 pp weight change; +16.3% relative return; weight 0.02%Health Care Facilities: -0.03 pp weight change; +4.1% relative return; weight 0.18%Home Improvement Retail: -0.05 pp weight change; +10.8% relative return; weight 1.28%Industrial Conglomerates: -0.07 pp weight change; +3.5% relative return; weight 0.59%Hotel & Resort REITs: -0.03 pp weight change; -9.7% relative return; weight 0.10%Other Specialized REITs: +0.02 pp weight change; +57.3% relative return; weight 0.08%Construction & Engineering: +0.02 pp weight change; +32.3% relative return; weight 0.15%Cargo Ground Transportation: +0.02 pp weight change; -11.8% relative return; weight 0.15%Oil & Gas Storage & Transportation: +0.09 pp weight change; +41.3% relative return; weight 0.54%Soft Drinks & Non-alcoholic Beverages: -0.48 pp weight change; -16.1% relative return; weight 1.26%Food Retail: -0.00 pp weight change; +11.7% relative return; weight 0.10%Casinos & Gaming: -0.05 pp weight change; -11.5% relative return; weight 0.13%Construction Materials: -0.01 pp weight change; +5.0% relative return; weight 0.16%Tobacco: -0.01 pp weight change; +18.6% relative return; weight 0.67%Oil & Gas Refining & Marketing: -0.16 pp weight change; -13.7% relative return; weight 0.33%Gold: +0.01 pp weight change; -15.4% relative return; weight 0.11%Apparel, Accessories & Luxury Goods: -0.22 pp weight change; -38.1% relative return; weight 0.26%Steel: -0.06 pp weight change; -19.3% relative return; weight 0.13%Advertising: -0.00 pp weight change; +6.0% relative return; weight 0.05%Personal Care Products: -0.22 pp weight change; -5.2% relative return; weight 1.03%Industrial REITs: -0.09 pp weight change; -17.2% relative return; weight 0.24%Electronic Equipment & Instruments: -0.06 pp weight change; -5.4% relative return; weight 0.30%Apparel Retail: -0.02 pp weight change; +8.4% relative return; weight 0.43%Environmental & Facilities Services: -0.03 pp weight change; +6.7% relative return; weight 0.47%Food Distributors: -0.03 pp weight change; -13.2% relative return; weight 0.08%Integrated Telecommunication Services: -0.09 pp weight change; +6.0% relative return; weight 0.78%Electronic Manufacturing Services: +0.01 pp weight change; -8.0% relative return; weight 0.13%Other Specialty Retail: -0.02 pp weight change; -21.1% relative return; weight 0.05%Timber REITs: -0.02 pp weight change; -16.2% relative return; weight 0.05%Interactive Home Entertainment: -0.01 pp weight change; -5.8% relative return; weight 0.07%Data Processing & Outsourced Services: -0.01 pp weight change; -2.1% relative return; weight 0.06%Gas Utilities: -0.00 pp weight change; +7.9% relative return; weight 0.05%Commodity Chemicals: -0.04 pp weight change; -28.7% relative return; weight 0.07%Wireless Telecommunication Services: +0.09 pp weight change; +31.7% relative return; weight 0.63%Technology Distributors: -0.04 pp weight change; -33.3% relative return; weight 0.05%Heavy Electrical Equipment: +0.21 pp weight change; +87.8% relative return; weight 0.23%Single-Family Residential REITs: -0.02 pp weight change; -16.1% relative return; weight 0.05%Passenger Ground Transportation: +0.33 pp weight change; -7.6% relative return; weight 0.33%Footwear: +0.07 pp weight change; -1.2% relative return; weight 0.07%Health Care Technology: +0.03 pp weight change; -4.7% relative return; weight 0.03%Homefurnishing Retail: +0.00 pp weight change; -20.9% 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.