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

-31.50 pp-120%-15.75 pp-60%+0.00 pp+0%+15.75 pp+60%+31.50 pp+120%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.18 pp weight change; -34.3% relative return; weight 0.91%Technology Hardware, Storage & Peripherals: +1.27 pp weight change; -7.7% relative return; weight 7.10%Technology Hardware, Storage & PeripheralsBiotechnology: +0.26 pp weight change; -11.1% relative return; weight 1.86%Health Care Equipment: +0.68 pp weight change; +2.0% relative return; weight 2.62%Health Care EquipmentIT Consulting & Other Services: +0.41 pp weight change; +16.4% relative return; weight 1.17%Application Software: +1.05 pp weight change; +5.3% relative return; weight 3.35%Application SoftwareSemiconductors: +9.11 pp weight change; -6.6% relative return; weight 12.22%SemiconductorsAgricultural Products & Services: -0.01 pp weight change; -30.6% relative return; weight 0.08%Human Resource & Employment Services: +0.15 pp weight change; +19.7% relative return; weight 0.43%Multi-Utilities: +0.22 pp weight change; -6.2% relative return; weight 1.13%Electric Utilities: +0.48 pp weight change; +8.0% relative return; weight 1.53%Independent Power Producers & Energy Traders: +0.02 pp weight change; +11.0% relative return; weight 0.09%Life & Health Insurance: +0.06 pp weight change; -4.4% relative return; weight 0.39%Multi-line Insurance: +0.03 pp weight change; -1.0% relative return; weight 0.18%Insurance Brokers: +0.27 pp weight change; +11.3% relative return; weight 0.79%Internet Services & Infrastructure: +0.08 pp weight change; +11.1% relative return; weight 0.14%Specialty Chemicals: +0.06 pp weight change; -13.2% relative return; weight 0.53%Health Care Supplies: -0.02 pp weight change; -39.6% relative return; weight 0.09%Property & Casualty Insurance: +0.38 pp weight change; +10.2% relative return; weight 1.20%Building Products: +0.22 pp weight change; +8.5% relative return; weight 0.62%Semiconductor Materials & Equipment: +0.15 pp weight change; -30.0% relative return; weight 0.57%Electrical Components & Equipment: +0.10 pp weight change; -7.8% relative return; weight 0.61%Asset Management & Custody Banks: +0.94 pp weight change; +7.6% relative return; weight 1.44%Telecom Tower REITs: +0.08 pp weight change; -1.4% relative return; weight 0.38%Broadline Retail: +1.45 pp weight change; +2.9% relative return; weight 5.01%Broadline RetailOil & Gas Exploration & Production: +0.09 pp weight change; -29.9% relative return; weight 0.77%Industrial Gases: +0.13 pp weight change; -4.3% relative return; weight 0.64%Electronic Components: +0.12 pp weight change; +22.9% relative return; weight 0.22%Automotive Parts & Equipment: -0.01 pp weight change; -29.1% relative return; weight 0.03%Office REITs: -0.01 pp weight change; -29.9% relative return; weight 0.05%Paper & Plastic Packaging Products & Materials: -31.37 pp weight change; -11.0% relative return; weight 0.33%Water Utilities: +0.01 pp weight change; -1.2% relative return; weight 0.06%Consumer Finance: +0.22 pp weight change; +13.1% relative return; weight 0.68%Automotive Retail: +0.05 pp weight change; +19.5% relative return; weight 0.15%Aerospace & Defense: +0.86 pp weight change; +12.4% relative return; weight 2.57%Diversified Banks: +1.04 pp weight change; +10.0% relative return; weight 3.71%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -31.0% relative return; weight 0.03%Computer & Electronics Retail: -0.00 pp weight change; -28.0% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: +0.20 pp weight change; +18.9% relative return; weight 0.55%Oil & Gas Equipment & Services: -0.03 pp weight change; -30.1% relative return; weight 0.22%Pharmaceuticals: +0.17 pp weight change; -19.6% relative return; weight 3.59%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +7.4% relative return; weight 0.00%Health Care Distributors: +0.14 pp weight change; +15.9% relative return; weight 0.43%Construction Machinery & Heavy Transportation Equipment: +0.11 pp weight change; -7.2% relative return; weight 0.66%Financial Exchanges & Data: +0.35 pp weight change; +11.8% relative return; weight 1.11%Real Estate Services: +0.04 pp weight change; +2.5% relative return; weight 0.15%Fertilizers & Agricultural Chemicals: +0.05 pp weight change; +9.8% relative return; weight 0.17%Regional Banks: +0.07 pp weight change; +2.6% relative return; weight 0.30%Household Products: +0.06 pp weight change; -8.7% relative return; weight 0.37%Air Freight & Logistics: -0.02 pp weight change; -27.3% relative return; weight 0.31%Cable & Satellite: +0.10 pp weight change; +0.5% relative return; weight 0.39%Health Care Services: +0.07 pp weight change; -7.3% relative return; weight 0.49%Restaurants: +0.39 pp weight change; -0.3% relative return; weight 1.06%Managed Health Care: -0.32 pp weight change; -42.6% relative return; weight 0.94%Consumer Staples Merchandise Retail: +1.08 pp weight change; +17.6% relative return; weight 3.03%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: +0.30 pp weight change; +4.7% relative return; weight 1.13%Communications Equipment: +0.47 pp weight change; +16.6% relative return; weight 1.01%Rail Transportation: +0.07 pp weight change; -11.9% relative return; weight 0.56%Diversified Support Services: +0.19 pp weight change; -1.9% relative return; weight 0.36%Integrated Oil & Gas: -0.03 pp weight change; -22.2% relative return; weight 0.54%Passenger Airlines: +0.05 pp weight change; +3.9% relative return; weight 0.17%Agricultural & Farm Machinery: +0.11 pp weight change; +21.1% relative return; weight 0.31%Homebuilding: -0.01 pp weight change; -25.3% relative return; weight 0.17%Movies & Entertainment: +0.19 pp weight change; +7.9% relative return; weight 0.65%Data Center REITs: +0.10 pp weight change; +6.0% relative return; weight 0.33%Health Care REITs: +0.14 pp weight change; +23.1% relative return; weight 0.32%Industrial Machinery & Supplies & Components: +0.17 pp weight change; -7.8% relative return; weight 1.00%Research & Consulting Services: +0.05 pp weight change; +6.4% relative return; weight 0.17%Reinsurance: +0.00 pp weight change; -19.8% relative return; weight 0.03%Multi-Family Residential REITs: +0.05 pp weight change; +1.6% relative return; weight 0.20%Self-Storage REITs: +0.04 pp weight change; +0.5% relative return; weight 0.20%Automobile Manufacturers: +1.45 pp weight change; +60.1% relative return; weight 2.72%Automobile ManufacturersTrading Companies & Distributors: +0.04 pp weight change; -0.1% relative return; weight 0.16%Copper: -0.02 pp weight change; -34.6% relative return; weight 0.13%Broadcasting: +0.02 pp weight change; +6.9% relative return; weight 0.06%Retail REITs: +0.07 pp weight change; -0.1% relative return; weight 0.30%Systems Software: +2.20 pp weight change; -0.2% relative return; weight 8.36%Systems SoftwarePackaged Foods & Meats: +0.01 pp weight change; -19.7% relative return; weight 0.45%Distributors: +0.00 pp weight change; -20.1% relative return; weight 0.04%Consumer Electronics: +0.03 pp weight change; +11.1% relative return; weight 0.09%Investment Banking & Brokerage: +0.50 pp weight change; +16.9% relative return; weight 1.31%Leisure Products: +0.01 pp weight change; +2.9% relative return; weight 0.02%Health Care Facilities: +0.04 pp weight change; -0.1% relative return; weight 0.21%Home Improvement Retail: +0.24 pp weight change; -3.1% relative return; weight 1.12%Industrial Conglomerates: +0.15 pp weight change; +3.6% relative return; weight 0.59%Hotel & Resort REITs: +0.02 pp weight change; -3.6% relative return; weight 0.10%Other Specialized REITs: +0.02 pp weight change; +11.2% relative return; weight 0.07%Construction & Engineering: +0.04 pp weight change; +6.8% relative return; weight 0.15%Cargo Ground Transportation: +0.00 pp weight change; -20.1% relative return; weight 0.11%Oil & Gas Storage & Transportation: +0.18 pp weight change; +19.5% relative return; weight 0.50%Soft Drinks & Non-alcoholic Beverages: +0.17 pp weight change; -11.1% relative return; weight 1.29%Food Retail: +0.03 pp weight change; +17.5% relative return; weight 0.10%Casinos & Gaming: -0.00 pp weight change; -19.7% relative return; weight 0.11%Construction Materials: +0.02 pp weight change; -11.5% relative return; weight 0.15%Tobacco: +0.42 pp weight change; +51.5% relative return; weight 0.87%Oil & Gas Refining & Marketing: -0.02 pp weight change; -23.3% relative return; weight 0.31%Gold: +0.04 pp weight change; +14.1% relative return; weight 0.13%Apparel, Accessories & Luxury Goods: -0.01 pp weight change; -25.2% relative return; weight 0.24%Steel: -0.02 pp weight change; -33.6% relative return; weight 0.10%Advertising: -0.00 pp weight change; -28.1% relative return; weight 0.03%Personal Care Products: +0.19 pp weight change; -4.9% relative return; weight 1.01%Industrial REITs: +0.03 pp weight change; -10.2% relative return; weight 0.23%Electronic Equipment & Instruments: +0.06 pp weight change; -3.2% relative return; weight 0.29%Apparel Retail: +0.11 pp weight change; +4.2% relative return; weight 0.43%Environmental & Facilities Services: +0.16 pp weight change; +8.7% relative return; weight 0.52%Food Distributors: +0.01 pp weight change; -9.0% relative return; weight 0.08%Integrated Telecommunication Services: +0.29 pp weight change; +18.4% relative return; weight 0.87%Electronic Manufacturing Services: +0.03 pp weight change; +2.7% relative return; weight 0.15%Other Specialty Retail: +0.06 pp weight change; -14.7% relative return; weight 0.11%Timber REITs: +0.00 pp weight change; -21.7% relative return; weight 0.04%Interactive Home Entertainment: +0.04 pp weight change; +24.6% relative return; weight 0.09%Data Processing & Outsourced Services: +0.02 pp weight change; +8.5% relative return; weight 0.06%Gas Utilities: +0.02 pp weight change; +20.6% relative return; weight 0.06%Commodity Chemicals: -0.03 pp weight change; -54.3% relative return; weight 0.04%Wireless Telecommunication Services: +0.23 pp weight change; +24.0% relative return; weight 0.62%Technology Distributors: -0.00 pp weight change; -27.8% relative return; weight 0.05%Heavy Electrical Equipment: +0.20 pp weight change; +112.5% relative return; weight 0.31%Single-Family Residential REITs: +0.01 pp weight change; -11.6% relative return; weight 0.05%Passenger Ground Transportation: +0.14 pp weight change; +15.1% relative return; weight 0.40%Footwear: +0.03 pp weight change; -48.9% relative return; weight 0.04%Health Care Technology: +0.01 pp weight change; +8.8% relative return; weight 0.03%Homefurnishing Retail: +0.05 pp weight change; -9.2% 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.