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-100%-3.25 pp-50%+0.00 pp+0%+3.25 pp+50%+6.50 pp+100%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.64 pp weight change; -30.4% relative return; weight 1.01%Technology Hardware, Storage & Peripherals: +0.06 pp weight change; +10.6% relative return; weight 7.95%Technology Hardware, Storage & PeripheralsBiotechnology: -0.21 pp weight change; +0.5% relative return; weight 2.07%Health Care Equipment: -0.22 pp weight change; +1.0% relative return; weight 2.70%Health Care EquipmentIT Consulting & Other Services: -0.02 pp weight change; +7.6% relative return; weight 1.16%Application Software: -0.33 pp weight change; -5.2% relative return; weight 3.26%Application SoftwareSemiconductors: +6.47 pp weight change; -12.3% relative return; weight 10.66%SemiconductorsAgricultural Products & Services: -0.05 pp weight change; -26.1% relative return; weight 0.08%Human Resource & Employment Services: +0.01 pp weight change; +13.4% relative return; weight 0.42%Multi-Utilities: -0.08 pp weight change; +2.3% relative return; weight 1.17%Electric Utilities: +0.16 pp weight change; +12.1% relative return; weight 1.56%Independent Power Producers & Energy Traders: -0.01 pp weight change; -2.4% relative return; weight 0.07%Life & Health Insurance: -0.06 pp weight change; +1.8% relative return; weight 0.42%Multi-line Insurance: -0.04 pp weight change; -0.2% relative return; weight 0.18%Insurance Brokers: +0.04 pp weight change; +11.6% relative return; weight 0.80%Internet Services & Infrastructure: +0.06 pp weight change; +13.5% relative return; weight 0.16%Specialty Chemicals: -0.14 pp weight change; -11.7% relative return; weight 0.55%Health Care Supplies: -0.08 pp weight change; -38.6% relative return; weight 0.11%Property & Casualty Insurance: +0.03 pp weight change; +12.0% relative return; weight 1.22%Building Products: -0.00 pp weight change; +1.7% relative return; weight 0.59%Semiconductor Materials & Equipment: -0.02 pp weight change; -28.1% relative return; weight 0.57%Electrical Components & Equipment: -0.17 pp weight change; -14.7% relative return; weight 0.58%Asset Management & Custody Banks: +0.72 pp weight change; +7.5% relative return; weight 1.44%Telecom Tower REITs: +0.02 pp weight change; +16.8% relative return; weight 0.43%Broadline Retail: -0.57 pp weight change; -5.6% relative return; weight 4.77%Broadline RetailOil & Gas Exploration & Production: -0.28 pp weight change; -33.3% relative return; weight 0.81%Industrial Gases: -0.11 pp weight change; -4.7% relative return; weight 0.66%Electronic Components: +0.07 pp weight change; +20.5% relative return; weight 0.20%Automotive Parts & Equipment: -0.03 pp weight change; -28.3% relative return; weight 0.03%Office REITs: -0.03 pp weight change; -28.7% relative return; weight 0.05%Paper & Plastic Packaging Products & Materials: +0.02 pp weight change; -0.1% relative return; weight 0.34%Water Utilities: -0.00 pp weight change; +9.8% relative return; weight 0.07%Consumer Finance: -0.04 pp weight change; +5.7% relative return; weight 0.66%Automotive Retail: +0.00 pp weight change; +14.4% relative return; weight 0.16%Aerospace & Defense: -0.05 pp weight change; +5.8% relative return; weight 2.45%Aerospace & DefenseDiversified Banks: -0.24 pp weight change; +7.5% relative return; weight 3.65%Diversified BanksMetal, Glass & Plastic Containers: -0.03 pp weight change; -32.5% relative return; weight 0.04%Computer & Electronics Retail: -0.01 pp weight change; -15.6% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: -0.02 pp weight change; +5.7% relative return; weight 0.51%Oil & Gas Equipment & Services: -0.15 pp weight change; -31.3% relative return; weight 0.23%Pharmaceuticals: -0.80 pp weight change; -7.1% relative return; weight 4.24%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +20.0% relative return; weight 0.00%Health Care Distributors: +0.01 pp weight change; +15.1% relative return; weight 0.45%Construction Machinery & Heavy Transportation Equipment: -0.20 pp weight change; -13.7% relative return; weight 0.64%Financial Exchanges & Data: +0.01 pp weight change; +10.8% relative return; weight 1.12%Real Estate Services: -0.02 pp weight change; -5.5% relative return; weight 0.16%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; -1.7% relative return; weight 0.16%Regional Banks: -0.04 pp weight change; -0.7% relative return; weight 0.30%Household Products: -0.10 pp weight change; -10.8% relative return; weight 0.39%Air Freight & Logistics: -0.20 pp weight change; -30.7% relative return; weight 0.32%Cable & Satellite: -0.00 pp weight change; +9.0% relative return; weight 0.41%Health Care Services: -0.13 pp weight change; -7.5% relative return; weight 0.55%Restaurants: +0.04 pp weight change; -4.8% relative return; weight 1.13%Managed Health Care: -0.59 pp weight change; -24.1% relative return; weight 1.28%Consumer Staples Merchandise Retail: +0.44 pp weight change; +26.8% relative return; weight 3.13%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.11 pp weight change; +2.3% relative return; weight 1.18%Communications Equipment: +0.21 pp weight change; +13.9% relative return; weight 1.01%Rail Transportation: -0.20 pp weight change; -17.5% relative return; weight 0.56%Diversified Support Services: +0.14 pp weight change; +1.2% relative return; weight 0.39%Integrated Oil & Gas: -0.29 pp weight change; -21.4% relative return; weight 0.58%Passenger Airlines: -0.03 pp weight change; -7.7% relative return; weight 0.16%Agricultural & Farm Machinery: -0.01 pp weight change; +7.3% relative return; weight 0.30%Homebuilding: -0.08 pp weight change; -18.0% relative return; weight 0.19%Movies & Entertainment: -0.13 pp weight change; -10.7% relative return; weight 0.58%Data Center REITs: +0.01 pp weight change; +8.8% relative return; weight 0.33%Health Care REITs: +0.09 pp weight change; +38.2% relative return; weight 0.34%Industrial Machinery & Supplies & Components: -0.24 pp weight change; -11.0% relative return; weight 1.01%Research & Consulting Services: +0.01 pp weight change; +14.6% relative return; weight 0.18%Reinsurance: -0.01 pp weight change; -10.7% relative return; weight 0.04%Multi-Family Residential REITs: -0.01 pp weight change; +5.1% relative return; weight 0.21%Self-Storage REITs: -0.01 pp weight change; +5.1% relative return; weight 0.20%Automobile Manufacturers: +0.41 pp weight change; +30.1% relative return; weight 2.38%Trading Companies & Distributors: -0.03 pp weight change; -7.6% relative return; weight 0.15%Copper: -0.08 pp weight change; -34.7% relative return; weight 0.12%Broadcasting: -0.00 pp weight change; +5.1% relative return; weight 0.05%Retail REITs: -0.03 pp weight change; +2.4% relative return; weight 0.31%Systems Software: -1.10 pp weight change; -7.1% relative return; weight 7.68%Systems SoftwarePackaged Foods & Meats: -0.20 pp weight change; -19.4% relative return; weight 0.49%Distributors: -0.02 pp weight change; -31.2% relative return; weight 0.04%Consumer Electronics: +0.01 pp weight change; +17.3% relative return; weight 0.09%Investment Banking & Brokerage: +0.10 pp weight change; +13.1% relative return; weight 1.28%Leisure Products: -0.00 pp weight change; -6.9% relative return; weight 0.02%Health Care Facilities: -0.03 pp weight change; +0.2% relative return; weight 0.21%Home Improvement Retail: -0.18 pp weight change; -4.0% relative return; weight 1.16%Industrial Conglomerates: -0.04 pp weight change; +4.4% relative return; weight 0.58%Hotel & Resort REITs: -0.02 pp weight change; -5.1% relative return; weight 0.10%Other Specialized REITs: -0.00 pp weight change; +6.3% relative return; weight 0.06%Construction & Engineering: -0.01 pp weight change; -1.1% relative return; weight 0.14%Cargo Ground Transportation: +0.00 pp weight change; -24.9% relative return; weight 0.11%Oil & Gas Storage & Transportation: +0.06 pp weight change; +25.4% relative return; weight 0.52%Soft Drinks & Non-alcoholic Beverages: -0.31 pp weight change; -8.9% relative return; weight 1.38%Food Retail: -0.00 pp weight change; +18.9% relative return; weight 0.11%Casinos & Gaming: -0.06 pp weight change; -24.9% relative return; weight 0.10%Construction Materials: -0.04 pp weight change; -14.3% relative return; weight 0.16%Tobacco: +0.23 pp weight change; +55.7% relative return; weight 0.88%Oil & Gas Refining & Marketing: -0.22 pp weight change; -32.4% relative return; weight 0.29%Gold: +0.01 pp weight change; +18.4% relative return; weight 0.14%Apparel, Accessories & Luxury Goods: -0.16 pp weight change; -33.4% relative return; weight 0.23%Steel: -0.06 pp weight change; -27.0% relative return; weight 0.11%Advertising: -0.02 pp weight change; -24.5% relative return; weight 0.04%Personal Care Products: -0.20 pp weight change; -6.8% relative return; weight 1.02%Industrial REITs: -0.05 pp weight change; -7.6% relative return; weight 0.23%Electronic Equipment & Instruments: -0.04 pp weight change; -6.3% relative return; weight 0.29%Apparel Retail: +0.02 pp weight change; +15.9% relative return; weight 0.45%Environmental & Facilities Services: -0.01 pp weight change; +7.2% relative return; weight 0.54%Food Distributors: -0.02 pp weight change; -11.9% relative return; weight 0.08%Integrated Telecommunication Services: +0.09 pp weight change; +26.4% relative return; weight 0.92%Electronic Manufacturing Services: -0.02 pp weight change; -1.9% relative return; weight 0.14%Other Specialty Retail: +0.03 pp weight change; -18.7% relative return; weight 0.11%Timber REITs: -0.02 pp weight change; -21.3% relative return; weight 0.05%Interactive Home Entertainment: +0.03 pp weight change; +45.8% relative return; weight 0.10%Data Processing & Outsourced Services: +0.00 pp weight change; +13.7% relative return; weight 0.07%Gas Utilities: +0.01 pp weight change; +24.7% relative return; weight 0.06%Commodity Chemicals: -0.06 pp weight change; -49.1% relative return; weight 0.05%Wireless Telecommunication Services: +0.12 pp weight change; +36.2% relative return; weight 0.67%Technology Distributors: -0.04 pp weight change; -40.0% relative return; weight 0.05%Heavy Electrical Equipment: +0.11 pp weight change; +92.9% relative return; weight 0.26%Single-Family Residential REITs: -0.01 pp weight change; -7.8% relative return; weight 0.05%Passenger Ground Transportation: +0.01 pp weight change; +9.1% relative return; weight 0.41%Footwear: +0.03 pp weight change; -27.5% relative return; weight 0.04%Health Care Technology: +0.03 pp weight change; -0.5% relative return; weight 0.03%Homefurnishing Retail: +0.05 pp weight change; -12.4% 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.