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

-7.50 pp-120%-3.75 pp-60%+0.00 pp+0%+3.75 pp+60%+7.50 pp+120%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.43 pp weight change; -14.5% relative return; weight 1.21%Technology Hardware, Storage & Peripherals: -0.66 pp weight change; +6.1% relative return; weight 8.15%Technology Hardware, Storage & PeripheralsBiotechnology: -0.66 pp weight change; -16.4% relative return; weight 1.85%Health Care Equipment: -0.39 pp weight change; -2.3% relative return; weight 2.62%Health Care EquipmentIT Consulting & Other Services: -0.15 pp weight change; +0.5% relative return; weight 1.26%Application Software: -0.48 pp weight change; -5.8% relative return; weight 3.47%Application SoftwareSemiconductors: +7.06 pp weight change; -2.8% relative return; weight 11.08%SemiconductorsAgricultural Products & Services: -0.01 pp weight change; -25.4% relative return; weight 0.08%Human Resource & Employment Services: -0.04 pp weight change; +4.0% relative return; weight 0.39%Multi-Utilities: -0.14 pp weight change; -0.8% relative return; weight 1.06%Electric Utilities: +0.10 pp weight change; +15.5% relative return; weight 1.41%Independent Power Producers & Energy Traders: -0.01 pp weight change; +8.4% relative return; weight 0.06%Life & Health Insurance: -0.08 pp weight change; +1.6% relative return; weight 0.43%Multi-line Insurance: -0.05 pp weight change; -6.3% relative return; weight 0.17%Insurance Brokers: -0.05 pp weight change; +2.7% relative return; weight 0.70%Internet Services & Infrastructure: +0.03 pp weight change; -12.0% relative return; weight 0.15%Specialty Chemicals: -0.15 pp weight change; -10.5% relative return; weight 0.54%Health Care Supplies: -0.02 pp weight change; -23.2% relative return; weight 0.13%Property & Casualty Insurance: -0.09 pp weight change; +3.4% relative return; weight 1.05%Building Products: +0.04 pp weight change; +10.3% relative return; weight 0.55%Semiconductor Materials & Equipment: +0.12 pp weight change; -5.5% relative return; weight 0.62%Electrical Components & Equipment: -0.03 pp weight change; +7.9% relative return; weight 0.62%Asset Management & Custody Banks: +0.92 pp weight change; +23.3% relative return; weight 1.67%Telecom Tower REITs: -0.16 pp weight change; -22.5% relative return; weight 0.33%Broadline Retail: +0.80 pp weight change; +26.9% relative return; weight 5.63%Broadline RetailOil & Gas Exploration & Production: -0.20 pp weight change; -19.3% relative return; weight 0.77%Industrial Gases: -0.11 pp weight change; -3.3% relative return; weight 0.64%Electronic Components: +0.07 pp weight change; +25.7% relative return; weight 0.19%Automotive Parts & Equipment: -0.04 pp weight change; -36.5% relative return; weight 0.03%Office REITs: -0.03 pp weight change; -21.5% relative return; weight 0.06%Paper & Plastic Packaging Products & Materials: +0.00 pp weight change; +3.0% relative return; weight 0.34%Water Utilities: -0.02 pp weight change; -14.9% relative return; weight 0.05%Consumer Finance: +0.09 pp weight change; +32.3% relative return; weight 0.73%Automotive Retail: -0.02 pp weight change; +0.7% relative return; weight 0.14%Aerospace & Defense: -0.14 pp weight change; +7.8% relative return; weight 2.20%Diversified Banks: +0.19 pp weight change; +23.7% relative return; weight 3.87%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; -15.8% relative return; weight 0.04%Computer & Electronics Retail: -0.01 pp weight change; +2.3% relative return; weight 0.04%Hotels, Resorts & Cruise Lines: +0.05 pp weight change; +23.0% relative return; weight 0.59%Oil & Gas Equipment & Services: -0.11 pp weight change; -17.1% relative return; weight 0.28%Pharmaceuticals: -1.03 pp weight change; -10.5% relative return; weight 3.88%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +1.1% relative return; weight 0.00%Health Care Distributors: -0.08 pp weight change; -4.7% relative return; weight 0.37%Construction Machinery & Heavy Transportation Equipment: -0.07 pp weight change; +7.5% relative return; weight 0.72%Financial Exchanges & Data: -0.14 pp weight change; -0.4% relative return; weight 1.08%Real Estate Services: -0.01 pp weight change; +3.4% relative return; weight 0.17%Fertilizers & Agricultural Chemicals: -0.01 pp weight change; +8.4% relative return; weight 0.16%Regional Banks: +0.00 pp weight change; +16.9% relative return; weight 0.33%Household Products: -0.10 pp weight change; -10.6% relative return; weight 0.36%Air Freight & Logistics: -0.17 pp weight change; -21.6% relative return; weight 0.36%Cable & Satellite: -0.21 pp weight change; -30.0% relative return; weight 0.35%Health Care Services: -0.22 pp weight change; -19.7% relative return; weight 0.46%Restaurants: -0.08 pp weight change; -12.4% relative return; weight 1.08%Managed Health Care: -0.55 pp weight change; -17.4% relative return; weight 1.46%Consumer Staples Merchandise Retail: +1.21 pp weight change; +26.5% relative return; weight 2.93%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.08 pp weight change; +8.3% relative return; weight 1.23%Communications Equipment: -0.03 pp weight change; +11.1% relative return; weight 0.83%Rail Transportation: -0.21 pp weight change; -15.1% relative return; weight 0.60%Diversified Support Services: +0.12 pp weight change; +2.5% relative return; weight 0.35%Integrated Oil & Gas: -0.23 pp weight change; -12.6% relative return; weight 0.60%Passenger Airlines: +0.05 pp weight change; +42.4% relative return; weight 0.21%Agricultural & Farm Machinery: -0.04 pp weight change; +1.7% relative return; weight 0.29%Homebuilding: -0.07 pp weight change; -12.6% relative return; weight 0.21%Movies & Entertainment: -0.03 pp weight change; +6.7% relative return; weight 0.62%Data Center REITs: -0.04 pp weight change; -4.6% relative return; weight 0.32%Health Care REITs: +0.05 pp weight change; +23.1% relative return; weight 0.28%Industrial Machinery & Supplies & Components: -0.16 pp weight change; -1.7% relative return; weight 1.06%Research & Consulting Services: -0.03 pp weight change; -3.5% relative return; weight 0.17%Reinsurance: -0.02 pp weight change; -23.8% relative return; weight 0.03%Multi-Family Residential REITs: -0.02 pp weight change; +2.6% relative return; weight 0.20%Self-Storage REITs: -0.05 pp weight change; -8.8% relative return; weight 0.19%Automobile Manufacturers: +1.05 pp weight change; +68.2% relative return; weight 3.09%Automobile ManufacturersTrading Companies & Distributors: -0.03 pp weight change; -2.0% relative return; weight 0.16%Copper: -0.05 pp weight change; -24.3% relative return; weight 0.11%Broadcasting: -0.02 pp weight change; -13.8% relative return; weight 0.06%Retail REITs: -0.03 pp weight change; -2.7% relative return; weight 0.30%Systems Software: -1.93 pp weight change; -11.9% relative return; weight 7.30%Systems SoftwarePackaged Foods & Meats: -0.29 pp weight change; -31.3% relative return; weight 0.43%Distributors: -0.02 pp weight change; -29.4% relative return; weight 0.04%Consumer Electronics: +0.02 pp weight change; +52.1% relative return; weight 0.09%Investment Banking & Brokerage: +0.15 pp weight change; +31.6% relative return; weight 1.26%Leisure Products: -0.00 pp weight change; +1.1% relative return; weight 0.02%Health Care Facilities: -0.06 pp weight change; -9.7% relative return; weight 0.19%Home Improvement Retail: -0.17 pp weight change; +0.0% relative return; weight 1.24%Industrial Conglomerates: -0.03 pp weight change; +10.3% relative return; weight 0.59%Hotel & Resort REITs: -0.04 pp weight change; -16.8% relative return; weight 0.10%Other Specialized REITs: +0.01 pp weight change; +28.1% relative return; weight 0.07%Construction & Engineering: +0.01 pp weight change; +22.2% relative return; weight 0.14%Cargo Ground Transportation: +0.00 pp weight change; -25.0% relative return; weight 0.13%Oil & Gas Storage & Transportation: +0.10 pp weight change; +41.9% relative return; weight 0.51%Soft Drinks & Non-alcoholic Beverages: -0.45 pp weight change; -16.3% relative return; weight 1.22%Food Retail: +0.00 pp weight change; +13.2% relative return; weight 0.10%Casinos & Gaming: -0.07 pp weight change; -24.4% relative return; weight 0.12%Construction Materials: -0.03 pp weight change; -5.0% relative return; weight 0.15%Tobacco: +0.02 pp weight change; +22.2% relative return; weight 0.65%Oil & Gas Refining & Marketing: -0.21 pp weight change; -25.3% relative return; weight 0.31%Gold: +0.03 pp weight change; +5.0% relative return; weight 0.11%Apparel, Accessories & Luxury Goods: -0.16 pp weight change; -26.4% relative return; weight 0.29%Steel: -0.08 pp weight change; -32.9% relative return; weight 0.11%Advertising: -0.02 pp weight change; -18.1% relative return; weight 0.04%Personal Care Products: -0.26 pp weight change; -10.5% relative return; weight 0.96%Industrial REITs: -0.10 pp weight change; -19.5% relative return; weight 0.25%Electronic Equipment & Instruments: -0.04 pp weight change; -2.2% relative return; weight 0.30%Apparel Retail: -0.04 pp weight change; +4.1% relative return; weight 0.42%Environmental & Facilities Services: -0.04 pp weight change; +2.6% relative return; weight 0.46%Food Distributors: -0.04 pp weight change; -23.4% relative return; weight 0.08%Integrated Telecommunication Services: -0.16 pp weight change; -3.1% relative return; weight 0.75%Electronic Manufacturing Services: -0.04 pp weight change; -7.6% relative return; weight 0.14%Other Specialty Retail: -0.03 pp weight change; -26.4% relative return; weight 0.06%Timber REITs: -0.02 pp weight change; -20.3% relative return; weight 0.05%Interactive Home Entertainment: -0.01 pp weight change; -6.9% relative return; weight 0.07%Data Processing & Outsourced Services: -0.01 pp weight change; -1.9% relative return; weight 0.06%Gas Utilities: -0.00 pp weight change; +6.3% relative return; weight 0.05%Commodity Chemicals: -0.05 pp weight change; -36.4% relative return; weight 0.06%Wireless Telecommunication Services: +0.04 pp weight change; +21.4% relative return; weight 0.59%Technology Distributors: -0.03 pp weight change; -26.5% relative return; weight 0.06%Heavy Electrical Equipment: +0.23 pp weight change; +119.1% relative return; weight 0.25%Single-Family Residential REITs: -0.02 pp weight change; -19.1% relative return; weight 0.04%Passenger Ground Transportation: -0.09 pp weight change; -15.2% relative return; weight 0.31%Footwear: +0.06 pp weight change; -6.4% relative return; weight 0.06%Health Care Technology: +0.03 pp weight change; +3.3% relative return; weight 0.03%Homefurnishing Retail: +0.00 pp weight change; -17.2% 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.