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

-6.50 pp-90%-3.25 pp-45%+0.00 pp+0%+3.25 pp+45%+6.50 pp+90%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.54 pp weight change; -23.2% relative return; weight 1.10%Technology Hardware, Storage & Peripherals: +0.59 pp weight change; +19.3% relative return; weight 8.20%Technology Hardware, Storage & PeripheralsBiotechnology: -0.21 pp weight change; +1.7% relative return; weight 2.15%Health Care Equipment: -0.28 pp weight change; -0.3% relative return; weight 2.69%Health Care EquipmentIT Consulting & Other Services: -0.12 pp weight change; +0.9% relative return; weight 1.19%Application Software: -0.61 pp weight change; -11.6% relative return; weight 3.16%Application SoftwareSemiconductors: +6.07 pp weight change; -16.4% relative return; weight 10.38%SemiconductorsAgricultural Products & Services: -0.05 pp weight change; -27.0% relative return; weight 0.08%Human Resource & Employment Services: +0.02 pp weight change; +17.5% relative return; weight 0.43%Multi-Utilities: +0.01 pp weight change; +11.1% relative return; weight 1.18%Electric Utilities: +0.19 pp weight change; +16.6% relative return; weight 1.53%Independent Power Producers & Energy Traders: -0.01 pp weight change; +2.4% relative return; weight 0.07%Life & Health Insurance: -0.05 pp weight change; +5.4% relative return; weight 0.44%Multi-line Insurance: -0.03 pp weight change; +6.4% relative return; weight 0.19%Insurance Brokers: +0.10 pp weight change; +17.9% relative return; weight 0.86%Internet Services & Infrastructure: +0.05 pp weight change; +1.3% relative return; weight 0.15%Specialty Chemicals: -0.16 pp weight change; -13.1% relative return; weight 0.56%Health Care Supplies: -0.10 pp weight change; -43.0% relative return; weight 0.11%Property & Casualty Insurance: +0.07 pp weight change; +16.0% relative return; weight 1.24%Building Products: -0.00 pp weight change; +2.8% relative return; weight 0.56%Semiconductor Materials & Equipment: -0.03 pp weight change; -28.2% relative return; weight 0.55%Electrical Components & Equipment: -0.17 pp weight change; -14.5% relative return; weight 0.56%Asset Management & Custody Banks: +0.71 pp weight change; +5.8% relative return; weight 1.47%Telecom Tower REITs: -0.04 pp weight change; +2.1% relative return; weight 0.41%Broadline Retail: -0.41 pp weight change; -1.6% relative return; weight 4.86%Broadline RetailOil & Gas Exploration & Production: -0.10 pp weight change; -17.8% relative return; weight 0.94%Industrial Gases: -0.09 pp weight change; -1.5% relative return; weight 0.68%Electronic Components: +0.06 pp weight change; +20.2% relative return; weight 0.19%Automotive Parts & Equipment: -0.03 pp weight change; -30.5% relative return; weight 0.03%Office REITs: -0.03 pp weight change; -20.2% relative return; weight 0.06%Paper & Plastic Packaging Products & Materials: +0.04 pp weight change; +4.9% relative return; weight 0.36%Water Utilities: +0.00 pp weight change; +14.9% relative return; weight 0.07%Consumer Finance: -0.00 pp weight change; +12.2% relative return; weight 0.66%Automotive Retail: +0.00 pp weight change; +12.9% relative return; weight 0.16%Aerospace & Defense: +0.03 pp weight change; +10.1% relative return; weight 2.38%Aerospace & DefenseDiversified Banks: -0.15 pp weight change; +11.2% relative return; weight 3.71%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; -27.2% relative return; weight 0.03%Computer & Electronics Retail: -0.01 pp weight change; -12.9% relative return; weight 0.04%Hotels, Resorts & Cruise Lines: -0.03 pp weight change; +3.7% relative return; weight 0.51%Oil & Gas Equipment & Services: -0.11 pp weight change; -18.1% relative return; weight 0.29%Pharmaceuticals: -0.85 pp weight change; -7.4% relative return; weight 4.18%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +17.8% relative return; weight 0.00%Health Care Distributors: -0.00 pp weight change; +11.9% relative return; weight 0.43%Construction Machinery & Heavy Transportation Equipment: -0.20 pp weight change; -12.2% relative return; weight 0.67%Financial Exchanges & Data: +0.00 pp weight change; +11.0% relative return; weight 1.14%Real Estate Services: -0.02 pp weight change; -2.7% relative return; weight 0.17%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; -3.9% relative return; weight 0.15%Regional Banks: -0.02 pp weight change; +5.9% relative return; weight 0.31%Household Products: -0.05 pp weight change; +0.1% relative return; weight 0.40%Air Freight & Logistics: -0.16 pp weight change; -20.8% relative return; weight 0.37%Cable & Satellite: -0.04 pp weight change; -0.6% relative return; weight 0.41%Health Care Services: -0.16 pp weight change; -11.4% relative return; weight 0.54%Restaurants: +0.09 pp weight change; +0.2% relative return; weight 1.16%Managed Health Care: -0.31 pp weight change; -7.3% relative return; weight 1.52%Consumer Staples Merchandise Retail: +0.22 pp weight change; +19.2% relative return; weight 2.86%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.06 pp weight change; +7.8% relative return; weight 1.24%Communications Equipment: +0.21 pp weight change; +14.0% relative return; weight 1.02%Rail Transportation: -0.18 pp weight change; -13.5% relative return; weight 0.60%Diversified Support Services: +0.12 pp weight change; -3.2% relative return; weight 0.37%Integrated Oil & Gas: -0.11 pp weight change; +2.9% relative return; weight 0.70%Passenger Airlines: -0.01 pp weight change; +4.0% relative return; weight 0.17%Agricultural & Farm Machinery: -0.01 pp weight change; +7.9% relative return; weight 0.30%Homebuilding: -0.10 pp weight change; -23.1% relative return; weight 0.20%Movies & Entertainment: -0.17 pp weight change; -14.3% relative return; weight 0.59%Data Center REITs: -0.04 pp weight change; -5.6% relative return; weight 0.30%Health Care REITs: +0.11 pp weight change; +47.8% relative return; weight 0.34%Industrial Machinery & Supplies & Components: -0.25 pp weight change; -11.0% relative return; weight 1.02%Research & Consulting Services: -0.01 pp weight change; +1.8% relative return; weight 0.17%Reinsurance: -0.01 pp weight change; -13.2% relative return; weight 0.04%Multi-Family Residential REITs: +0.01 pp weight change; +17.1% relative return; weight 0.22%Self-Storage REITs: -0.03 pp weight change; -1.0% relative return; weight 0.20%Automobile Manufacturers: +0.34 pp weight change; +29.2% relative return; weight 2.18%Trading Companies & Distributors: -0.05 pp weight change; -14.0% relative return; weight 0.15%Copper: -0.06 pp weight change; -24.1% relative return; weight 0.13%Broadcasting: +0.00 pp weight change; +14.3% relative return; weight 0.06%Retail REITs: -0.02 pp weight change; +4.8% relative return; weight 0.32%Systems Software: -1.88 pp weight change; -15.0% relative return; weight 7.19%Systems SoftwarePackaged Foods & Meats: -0.16 pp weight change; -13.0% relative return; weight 0.49%Distributors: -0.02 pp weight change; -26.3% relative return; weight 0.04%Consumer Electronics: +0.02 pp weight change; +37.8% relative return; weight 0.10%Investment Banking & Brokerage: +0.12 pp weight change; +16.6% relative return; weight 1.26%Leisure Products: -0.00 pp weight change; +5.7% relative return; weight 0.02%Health Care Facilities: -0.04 pp weight change; -2.9% relative return; weight 0.20%Home Improvement Retail: -0.28 pp weight change; -10.1% relative return; weight 1.17%Industrial Conglomerates: -0.01 pp weight change; +10.1% relative return; weight 0.61%Hotel & Resort REITs: -0.02 pp weight change; -5.1% relative return; weight 0.11%Other Specialized REITs: -0.01 pp weight change; +2.7% relative return; weight 0.06%Construction & Engineering: -0.03 pp weight change; -9.7% relative return; weight 0.12%Cargo Ground Transportation: -0.00 pp weight change; -29.5% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.13 pp weight change; +44.5% relative return; weight 0.57%Soft Drinks & Non-alcoholic Beverages: -0.20 pp weight change; -1.8% relative return; weight 1.40%Food Retail: +0.00 pp weight change; +12.6% relative return; weight 0.12%Casinos & Gaming: -0.07 pp weight change; -30.9% relative return; weight 0.11%Construction Materials: -0.06 pp weight change; -23.6% relative return; weight 0.14%Tobacco: +0.22 pp weight change; +58.1% relative return; weight 0.83%Oil & Gas Refining & Marketing: -0.23 pp weight change; -28.3% relative return; weight 0.33%Gold: +0.01 pp weight change; +28.2% relative return; weight 0.13%Apparel, Accessories & Luxury Goods: -0.14 pp weight change; -28.8% relative return; weight 0.24%Steel: -0.09 pp weight change; -35.2% relative return; weight 0.11%Advertising: -0.01 pp weight change; -17.8% relative return; weight 0.04%Personal Care Products: -0.12 pp weight change; +0.9% relative return; weight 1.06%Industrial REITs: -0.09 pp weight change; -17.4% relative return; weight 0.25%Electronic Equipment & Instruments: -0.04 pp weight change; -3.6% relative return; weight 0.30%Apparel Retail: -0.03 pp weight change; +3.8% relative return; weight 0.43%Environmental & Facilities Services: -0.01 pp weight change; +8.6% relative return; weight 0.52%Food Distributors: -0.02 pp weight change; -11.7% relative return; weight 0.09%Integrated Telecommunication Services: +0.10 pp weight change; +28.5% relative return; weight 0.94%Electronic Manufacturing Services: -0.04 pp weight change; -7.4% relative return; weight 0.14%Other Specialty Retail: +0.02 pp weight change; -28.6% relative return; weight 0.11%Timber REITs: -0.02 pp weight change; -22.1% relative return; weight 0.05%Interactive Home Entertainment: +0.02 pp weight change; +29.8% relative return; weight 0.09%Data Processing & Outsourced Services: +0.00 pp weight change; +11.9% relative return; weight 0.07%Gas Utilities: +0.01 pp weight change; +24.0% relative return; weight 0.06%Commodity Chemicals: -0.05 pp weight change; -40.5% relative return; weight 0.06%Wireless Telecommunication Services: +0.19 pp weight change; +54.1% relative return; weight 0.72%Technology Distributors: -0.04 pp weight change; -41.0% relative return; weight 0.05%Heavy Electrical Equipment: +0.20 pp weight change; +82.1% relative return; weight 0.22%Single-Family Residential REITs: -0.01 pp weight change; -5.9% relative return; weight 0.05%Passenger Ground Transportation: -0.08 pp weight change; -12.0% relative return; weight 0.36%Footwear: +0.03 pp weight change; -33.7% relative return; weight 0.04%Health Care Technology: +0.03 pp weight change; +19.2% relative return; weight 0.03%Homefurnishing Retail: +0.05 pp weight change; -7.0% relative return; weight 0.05%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.