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-110%-3.50 pp-55%+0.00 pp+0%+3.50 pp+55%+7.00 pp+110%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.59 pp weight change; -23.9% relative return; weight 1.08%Technology Hardware, Storage & Peripherals: +0.20 pp weight change; +15.8% relative return; weight 8.43%Technology Hardware, Storage & PeripheralsBiotechnology: -0.33 pp weight change; -1.7% relative return; weight 2.04%Health Care Equipment: -0.31 pp weight change; +0.7% relative return; weight 2.67%Health Care EquipmentIT Consulting & Other Services: -0.19 pp weight change; -2.1% relative return; weight 1.20%Application Software: -0.58 pp weight change; -8.4% relative return; weight 3.31%Application SoftwareSemiconductors: +6.88 pp weight change; -7.1% relative return; weight 11.14%SemiconductorsAgricultural Products & Services: -0.05 pp weight change; -23.2% relative return; weight 0.07%Human Resource & Employment Services: -0.01 pp weight change; +11.1% relative return; weight 0.41%Multi-Utilities: -0.04 pp weight change; +8.7% relative return; weight 1.09%Electric Utilities: +0.15 pp weight change; +16.3% relative return; weight 1.46%Independent Power Producers & Energy Traders: +0.00 pp weight change; +20.8% relative return; weight 0.07%Life & Health Insurance: -0.05 pp weight change; +6.7% relative return; weight 0.43%Multi-line Insurance: -0.04 pp weight change; +0.7% relative return; weight 0.17%Insurance Brokers: +0.04 pp weight change; +11.8% relative return; weight 0.80%Internet Services & Infrastructure: +0.03 pp weight change; -10.2% relative return; weight 0.13%Specialty Chemicals: -0.16 pp weight change; -11.7% relative return; weight 0.55%Health Care Supplies: -0.04 pp weight change; -36.8% relative return; weight 0.11%Property & Casualty Insurance: -0.01 pp weight change; +11.4% relative return; weight 1.13%Building Products: +0.01 pp weight change; +6.9% relative return; weight 0.55%Semiconductor Materials & Equipment: -0.02 pp weight change; -25.2% relative return; weight 0.57%Electrical Components & Equipment: -0.14 pp weight change; -7.6% relative return; weight 0.58%Asset Management & Custody Banks: +0.78 pp weight change; +13.9% relative return; weight 1.53%Telecom Tower REITs: -0.11 pp weight change; -11.4% relative return; weight 0.36%Broadline Retail: -0.23 pp weight change; +4.4% relative return; weight 5.10%Broadline RetailOil & Gas Exploration & Production: -0.17 pp weight change; -17.6% relative return; weight 0.80%Industrial Gases: -0.12 pp weight change; -3.0% relative return; weight 0.65%Electronic Components: +0.06 pp weight change; +22.3% relative return; weight 0.19%Automotive Parts & Equipment: -0.03 pp weight change; -28.9% relative return; weight 0.03%Office REITs: -0.03 pp weight change; -17.2% relative return; weight 0.06%Paper & Plastic Packaging Products & Materials: +0.05 pp weight change; +10.0% relative return; weight 0.37%Water Utilities: -0.01 pp weight change; +1.8% relative return; weight 0.06%Consumer Finance: +0.04 pp weight change; +22.9% relative return; weight 0.70%Automotive Retail: -0.02 pp weight change; +1.5% relative return; weight 0.14%Aerospace & Defense: -0.08 pp weight change; +7.3% relative return; weight 2.24%Diversified Banks: +0.14 pp weight change; +22.6% relative return; weight 3.82%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; -27.9% relative return; weight 0.03%Computer & Electronics Retail: -0.01 pp weight change; +0.6% relative return; weight 0.04%Hotels, Resorts & Cruise Lines: +0.03 pp weight change; +19.5% relative return; weight 0.56%Oil & Gas Equipment & Services: -0.09 pp weight change; -12.7% relative return; weight 0.28%Pharmaceuticals: -0.96 pp weight change; -7.3% relative return; weight 4.16%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +8.9% relative return; weight 0.00%Health Care Distributors: -0.06 pp weight change; +0.6% relative return; weight 0.38%Construction Machinery & Heavy Transportation Equipment: -0.15 pp weight change; -3.9% relative return; weight 0.68%Financial Exchanges & Data: -0.05 pp weight change; +8.5% relative return; weight 1.11%Real Estate Services: -0.02 pp weight change; +1.6% relative return; weight 0.17%Fertilizers & Agricultural Chemicals: -0.04 pp weight change; -5.8% relative return; weight 0.14%Regional Banks: +0.01 pp weight change; +17.7% relative return; weight 0.32%Household Products: -0.07 pp weight change; -3.0% relative return; weight 0.38%Air Freight & Logistics: -0.15 pp weight change; -17.6% relative return; weight 0.37%Cable & Satellite: -0.09 pp weight change; -9.0% relative return; weight 0.38%Health Care Services: -0.18 pp weight change; -14.1% relative return; weight 0.49%Restaurants: +0.01 pp weight change; -5.0% relative return; weight 1.14%Managed Health Care: -0.57 pp weight change; -20.3% relative return; weight 1.31%Consumer Staples Merchandise Retail: +1.23 pp weight change; +25.7% relative return; weight 3.01%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.07 pp weight change; +9.5% relative return; weight 1.22%Communications Equipment: +0.22 pp weight change; +18.6% relative return; weight 1.03%Rail Transportation: -0.23 pp weight change; -16.9% relative return; weight 0.59%Diversified Support Services: +0.10 pp weight change; -3.7% relative return; weight 0.34%Integrated Oil & Gas: -0.18 pp weight change; -5.5% relative return; weight 0.62%Passenger Airlines: +0.02 pp weight change; +23.3% relative return; weight 0.20%Agricultural & Farm Machinery: +0.00 pp weight change; +16.0% relative return; weight 0.29%Homebuilding: -0.09 pp weight change; -21.5% relative return; weight 0.18%Movies & Entertainment: -0.10 pp weight change; -1.9% relative return; weight 0.63%Data Center REITs: -0.06 pp weight change; -8.1% relative return; weight 0.31%Health Care REITs: +0.09 pp weight change; +42.6% relative return; weight 0.32%Industrial Machinery & Supplies & Components: -0.24 pp weight change; -7.7% relative return; weight 1.03%Research & Consulting Services: -0.04 pp weight change; -7.2% relative return; weight 0.16%Reinsurance: -0.01 pp weight change; -15.2% relative return; weight 0.03%Multi-Family Residential REITs: +0.00 pp weight change; +16.7% relative return; weight 0.21%Self-Storage REITs: -0.04 pp weight change; -3.0% relative return; weight 0.19%Automobile Manufacturers: +0.19 pp weight change; +21.2% relative return; weight 2.30%Automobile ManufacturersTrading Companies & Distributors: -0.05 pp weight change; -15.5% relative return; weight 0.14%Copper: -0.04 pp weight change; -14.2% relative return; weight 0.12%Broadcasting: +0.00 pp weight change; +13.1% relative return; weight 0.06%Retail REITs: -0.03 pp weight change; +5.9% relative return; weight 0.32%Systems Software: -2.04 pp weight change; -14.6% relative return; weight 7.19%Systems SoftwarePackaged Foods & Meats: -0.21 pp weight change; -19.5% relative return; weight 0.46%Distributors: -0.02 pp weight change; -25.8% relative return; weight 0.04%Consumer Electronics: +0.02 pp weight change; +47.1% relative return; weight 0.10%Investment Banking & Brokerage: +0.22 pp weight change; +30.3% relative return; weight 1.31%Leisure Products: +0.00 pp weight change; +16.1% relative return; weight 0.02%Health Care Facilities: -0.07 pp weight change; -14.1% relative return; weight 0.17%Home Improvement Retail: -0.29 pp weight change; -7.7% relative return; weight 1.20%Industrial Conglomerates: -0.00 pp weight change; +13.7% relative return; weight 0.59%Hotel & Resort REITs: -0.03 pp weight change; -9.5% relative return; weight 0.10%Other Specialized REITs: -0.00 pp weight change; +5.7% relative return; weight 0.06%Construction & Engineering: -0.02 pp weight change; -7.2% relative return; weight 0.12%Cargo Ground Transportation: -0.01 pp weight change; -30.9% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.11 pp weight change; +43.3% relative return; weight 0.53%Soft Drinks & Non-alcoholic Beverages: -0.28 pp weight change; -5.5% relative return; weight 1.32%Food Retail: +0.00 pp weight change; +15.9% relative return; weight 0.10%Casinos & Gaming: -0.08 pp weight change; -27.6% relative return; weight 0.12%Construction Materials: -0.06 pp weight change; -22.9% relative return; weight 0.14%Tobacco: +0.14 pp weight change; +47.9% relative return; weight 0.75%Oil & Gas Refining & Marketing: -0.17 pp weight change; -19.1% relative return; weight 0.32%Gold: +0.00 pp weight change; +21.9% relative return; weight 0.11%Apparel, Accessories & Luxury Goods: -0.16 pp weight change; -25.9% relative return; weight 0.29%Steel: -0.08 pp weight change; -29.0% relative return; weight 0.12%Advertising: -0.01 pp weight change; -16.3% relative return; weight 0.04%Personal Care Products: -0.16 pp weight change; -1.4% relative return; weight 1.01%Industrial REITs: -0.10 pp weight change; -16.7% relative return; weight 0.26%Electronic Equipment & Instruments: -0.05 pp weight change; -4.9% relative return; weight 0.29%Apparel Retail: -0.05 pp weight change; +2.0% relative return; weight 0.42%Environmental & Facilities Services: -0.04 pp weight change; +4.6% relative return; weight 0.49%Food Distributors: -0.03 pp weight change; -16.8% relative return; weight 0.08%Integrated Telecommunication Services: +0.02 pp weight change; +20.3% relative return; weight 0.85%Electronic Manufacturing Services: -0.04 pp weight change; -6.0% relative return; weight 0.14%Other Specialty Retail: +0.01 pp weight change; -35.5% relative return; weight 0.10%Timber REITs: -0.02 pp weight change; -22.1% relative return; weight 0.05%Interactive Home Entertainment: +0.01 pp weight change; +25.2% relative return; weight 0.08%Data Processing & Outsourced Services: -0.01 pp weight change; +4.5% relative return; weight 0.06%Gas Utilities: +0.01 pp weight change; +19.9% relative return; weight 0.05%Commodity Chemicals: -0.05 pp weight change; -37.2% relative return; weight 0.06%Wireless Telecommunication Services: +0.13 pp weight change; +45.3% relative return; weight 0.69%Technology Distributors: -0.04 pp weight change; -36.4% relative return; weight 0.05%Heavy Electrical Equipment: +0.21 pp weight change; +108.8% relative return; weight 0.22%Single-Family Residential REITs: -0.01 pp weight change; -10.5% relative return; weight 0.05%Passenger Ground Transportation: -0.12 pp weight change; -17.0% relative return; weight 0.36%Footwear: +0.05 pp weight change; -22.9% relative return; weight 0.05%Health Care Technology: +0.03 pp weight change; +16.6% relative return; weight 0.03%Homefurnishing Retail: +0.00 pp weight change; -13.2% 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.