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-80%-4.25 pp-40%+0.00 pp+0%+4.25 pp+40%+8.50 pp+80%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.49 pp weight change; -17.8% relative return; weight 1.15%Technology Hardware, Storage & Peripherals: -0.38 pp weight change; +10.6% relative return; weight 8.85%Technology Hardware, Storage & PeripheralsBiotechnology: -0.61 pp weight change; -14.3% relative return; weight 1.79%Health Care Equipment: -0.46 pp weight change; -4.8% relative return; weight 2.43%Health Care EquipmentIT Consulting & Other Services: -0.19 pp weight change; -2.1% relative return; weight 1.14%Application Software: -0.29 pp weight change; +0.1% relative return; weight 3.51%Application SoftwareSemiconductors: +8.17 pp weight change; +8.5% relative return; weight 12.18%SemiconductorsAgricultural Products & Services: -0.04 pp weight change; -41.2% relative return; weight 0.08%Human Resource & Employment Services: -0.03 pp weight change; +7.5% relative return; weight 0.38%Multi-Utilities: -0.15 pp weight change; +0.6% relative return; weight 1.10%Electric Utilities: +0.00 pp weight change; +8.7% relative return; weight 1.35%Independent Power Producers & Energy Traders: -0.01 pp weight change; +1.3% relative return; weight 0.06%Life & Health Insurance: -0.08 pp weight change; +2.5% relative return; weight 0.42%Multi-line Insurance: -0.05 pp weight change; -2.1% relative return; weight 0.17%Insurance Brokers: -0.04 pp weight change; +5.2% relative return; weight 0.69%Internet Services & Infrastructure: +0.02 pp weight change; -14.4% relative return; weight 0.14%Specialty Chemicals: -0.18 pp weight change; -14.3% relative return; weight 0.53%Health Care Supplies: -0.02 pp weight change; -23.1% relative return; weight 0.13%Property & Casualty Insurance: +0.03 pp weight change; +16.0% relative return; weight 1.06%Building Products: +0.05 pp weight change; +12.3% relative return; weight 0.57%Semiconductor Materials & Equipment: +0.07 pp weight change; -11.3% relative return; weight 0.58%Electrical Components & Equipment: -0.05 pp weight change; +6.3% relative return; weight 0.63%Asset Management & Custody Banks: +0.83 pp weight change; +16.8% relative return; weight 1.61%Telecom Tower REITs: -0.20 pp weight change; -27.0% relative return; weight 0.33%Broadline Retail: +0.55 pp weight change; +23.0% relative return; weight 5.30%Broadline RetailOil & Gas Exploration & Production: -0.25 pp weight change; -21.7% relative return; weight 0.78%Industrial Gases: -0.18 pp weight change; -11.1% relative return; weight 0.60%Electronic Components: +0.07 pp weight change; +28.5% relative return; weight 0.19%Automotive Parts & Equipment: -0.04 pp weight change; -42.6% relative return; weight 0.03%Office REITs: -0.03 pp weight change; -22.5% relative return; weight 0.07%Paper & Plastic Packaging Products & Materials: +0.00 pp weight change; +3.6% relative return; weight 0.34%Water Utilities: -0.02 pp weight change; -17.9% relative return; weight 0.06%Consumer Finance: +0.08 pp weight change; +32.7% relative return; weight 0.69%Automotive Retail: -0.01 pp weight change; +5.5% relative return; weight 0.13%Aerospace & Defense: -0.31 pp weight change; +0.8% relative return; weight 2.09%Diversified Banks: -0.02 pp weight change; +18.3% relative return; weight 3.60%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; -17.4% relative return; weight 0.04%Computer & Electronics Retail: -0.01 pp weight change; -2.6% relative return; weight 0.04%Hotels, Resorts & Cruise Lines: +0.02 pp weight change; +19.3% relative return; weight 0.56%Oil & Gas Equipment & Services: -0.15 pp weight change; -25.6% relative return; weight 0.27%Pharmaceuticals: -0.88 pp weight change; -6.8% relative return; weight 3.82%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +8.2% relative return; weight 0.00%Health Care Distributors: -0.06 pp weight change; -0.8% relative return; weight 0.35%Construction Machinery & Heavy Transportation Equipment: -0.07 pp weight change; +8.4% relative return; weight 0.70%Financial Exchanges & Data: -0.16 pp weight change; -0.9% relative return; weight 1.05%Real Estate Services: -0.03 pp weight change; -7.9% relative return; weight 0.16%Fertilizers & Agricultural Chemicals: -0.04 pp weight change; -8.0% relative return; weight 0.14%Regional Banks: -0.01 pp weight change; +12.8% relative return; weight 0.32%Household Products: -0.07 pp weight change; -2.4% relative return; weight 0.37%Air Freight & Logistics: -0.18 pp weight change; -19.6% relative return; weight 0.39%Cable & Satellite: -0.19 pp weight change; -24.8% relative return; weight 0.38%Health Care Services: -0.28 pp weight change; -29.5% relative return; weight 0.41%Restaurants: -0.12 pp weight change; -14.2% relative return; weight 1.06%Managed Health Care: -0.68 pp weight change; -23.0% relative return; weight 1.39%Consumer Staples Merchandise Retail: +1.11 pp weight change; +24.9% relative return; weight 2.78%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.07 pp weight change; +10.1% relative return; weight 1.19%Communications Equipment: -0.03 pp weight change; +11.7% relative return; weight 0.82%Rail Transportation: -0.24 pp weight change; -18.2% relative return; weight 0.58%Diversified Support Services: +0.11 pp weight change; -0.3% relative return; weight 0.34%Integrated Oil & Gas: -0.25 pp weight change; -13.8% relative return; weight 0.59%Passenger Airlines: +0.04 pp weight change; +38.0% relative return; weight 0.21%Agricultural & Farm Machinery: -0.07 pp weight change; -8.4% relative return; weight 0.26%Homebuilding: -0.07 pp weight change; -13.6% relative return; weight 0.21%Movies & Entertainment: -0.01 pp weight change; +12.3% relative return; weight 0.61%Data Center REITs: -0.01 pp weight change; +6.7% relative return; weight 0.34%Health Care REITs: +0.03 pp weight change; +13.0% relative return; weight 0.27%Industrial Machinery & Supplies & Components: -0.19 pp weight change; -3.4% relative return; weight 1.03%Research & Consulting Services: -0.03 pp weight change; -6.2% relative return; weight 0.16%Reinsurance: -0.01 pp weight change; -11.0% relative return; weight 0.04%Multi-Family Residential REITs: -0.03 pp weight change; +2.0% relative return; weight 0.20%Self-Storage REITs: -0.07 pp weight change; -14.7% relative return; weight 0.19%Automobile Manufacturers: +0.52 pp weight change; +35.5% relative return; weight 3.16%Automobile ManufacturersTrading Companies & Distributors: -0.02 pp weight change; +2.7% relative return; weight 0.15%Copper: -0.06 pp weight change; -22.9% relative return; weight 0.12%Broadcasting: -0.02 pp weight change; -20.9% relative return; weight 0.06%Retail REITs: -0.04 pp weight change; -4.4% relative return; weight 0.30%Systems Software: -1.19 pp weight change; -2.7% relative return; weight 7.54%Systems SoftwarePackaged Foods & Meats: -0.25 pp weight change; -23.7% relative return; weight 0.46%Distributors: -0.02 pp weight change; -26.1% relative return; weight 0.04%Consumer Electronics: +0.02 pp weight change; +39.0% relative return; weight 0.09%Investment Banking & Brokerage: -0.01 pp weight change; +16.4% relative return; weight 1.16%Leisure Products: -0.00 pp weight change; -2.3% relative return; weight 0.02%Health Care Facilities: -0.04 pp weight change; -4.8% relative return; weight 0.17%Home Improvement Retail: -0.22 pp weight change; -2.5% relative return; weight 1.19%Industrial Conglomerates: -0.10 pp weight change; -0.9% relative return; weight 0.58%Hotel & Resort REITs: -0.04 pp weight change; -18.1% relative return; weight 0.10%Other Specialized REITs: +0.01 pp weight change; +31.5% relative return; weight 0.07%Construction & Engineering: +0.01 pp weight change; +19.1% relative return; weight 0.14%Cargo Ground Transportation: -0.00 pp weight change; -26.7% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.09 pp weight change; +41.3% relative return; weight 0.51%Soft Drinks & Non-alcoholic Beverages: -0.45 pp weight change; -14.7% relative return; weight 1.24%Food Retail: +0.00 pp weight change; +16.6% relative return; weight 0.10%Casinos & Gaming: -0.06 pp weight change; -16.8% relative return; weight 0.13%Construction Materials: -0.03 pp weight change; -7.1% relative return; weight 0.15%Tobacco: -0.02 pp weight change; +16.2% relative return; weight 0.63%Oil & Gas Refining & Marketing: -0.18 pp weight change; -20.4% relative return; weight 0.30%Gold: -0.00 pp weight change; -21.5% relative return; weight 0.10%Apparel, Accessories & Luxury Goods: -0.20 pp weight change; -33.6% relative return; weight 0.28%Steel: -0.08 pp weight change; -34.2% relative return; weight 0.10%Advertising: -0.01 pp weight change; -12.7% relative return; weight 0.04%Personal Care Products: -0.16 pp weight change; -1.5% relative return; weight 0.99%Industrial REITs: -0.15 pp weight change; -30.3% relative return; weight 0.22%Electronic Equipment & Instruments: -0.08 pp weight change; -11.7% relative return; weight 0.28%Apparel Retail: -0.04 pp weight change; +5.9% relative return; weight 0.42%Environmental & Facilities Services: -0.06 pp weight change; -0.0% relative return; weight 0.43%Food Distributors: -0.02 pp weight change; -8.5% relative return; weight 0.09%Integrated Telecommunication Services: -0.08 pp weight change; +7.7% relative return; weight 0.75%Electronic Manufacturing Services: -0.05 pp weight change; -10.0% relative return; weight 0.13%Other Specialty Retail: -0.03 pp weight change; -19.3% relative return; weight 0.06%Timber REITs: -0.03 pp weight change; -29.0% relative return; weight 0.05%Interactive Home Entertainment: -0.01 pp weight change; -2.6% relative return; weight 0.07%Data Processing & Outsourced Services: -0.01 pp weight change; -4.9% relative return; weight 0.06%Gas Utilities: -0.00 pp weight change; +5.0% relative return; weight 0.05%Commodity Chemicals: -0.05 pp weight change; -34.3% relative return; weight 0.06%Wireless Telecommunication Services: +0.03 pp weight change; +18.9% relative return; weight 0.58%Technology Distributors: -0.04 pp weight change; -34.1% relative return; weight 0.05%Heavy Electrical Equipment: +0.20 pp weight change; +77.3% relative return; weight 0.23%Single-Family Residential REITs: -0.02 pp weight change; -17.5% relative return; weight 0.04%Passenger Ground Transportation: -0.09 pp weight change; -16.6% relative return; weight 0.29%Footwear: +0.07 pp weight change; +10.2% relative return; weight 0.07%Health Care Technology: +0.03 pp weight change; -5.2% relative return; weight 0.03%Homefurnishing Retail: +0.00 pp weight change; -14.9% 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.