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

-31.00 pp-150%-15.50 pp-75%+0.00 pp+0%+15.50 pp+75%+31.00 pp+150%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.12 pp weight change; -32.1% relative return; weight 0.90%Technology Hardware, Storage & Peripherals: +0.63 pp weight change; -15.7% relative return; weight 6.94%Technology Hardware, Storage & PeripheralsBiotechnology: +0.14 pp weight change; -16.4% relative return; weight 1.77%Health Care Equipment: +0.61 pp weight change; -0.4% relative return; weight 2.54%Health Care EquipmentIT Consulting & Other Services: +0.36 pp weight change; +11.1% relative return; weight 1.15%Application Software: +0.95 pp weight change; -0.9% relative return; weight 3.56%Application SoftwareSemiconductors: +10.43 pp weight change; +3.7% relative return; weight 13.54%SemiconductorsAgricultural Products & Services: -0.01 pp weight change; -25.8% relative return; weight 0.08%Human Resource & Employment Services: +0.12 pp weight change; +11.9% relative return; weight 0.38%Multi-Utilities: +0.21 pp weight change; -5.2% relative return; weight 1.04%Electric Utilities: +0.51 pp weight change; +13.3% relative return; weight 1.49%Independent Power Producers & Energy Traders: +0.03 pp weight change; +25.2% relative return; weight 0.08%Life & Health Insurance: +0.07 pp weight change; -2.6% relative return; weight 0.38%Multi-line Insurance: +0.03 pp weight change; +2.4% relative return; weight 0.17%Insurance Brokers: +0.19 pp weight change; +0.1% relative return; weight 0.71%Internet Services & Infrastructure: +0.04 pp weight change; +11.2% relative return; weight 0.14%Specialty Chemicals: +0.05 pp weight change; -14.0% relative return; weight 0.50%Health Care Supplies: -0.02 pp weight change; -35.9% relative return; weight 0.09%Property & Casualty Insurance: +0.32 pp weight change; +6.9% relative return; weight 1.09%Building Products: +0.22 pp weight change; +10.6% relative return; weight 0.61%Semiconductor Materials & Equipment: +0.19 pp weight change; -26.3% relative return; weight 0.64%Electrical Components & Equipment: +0.15 pp weight change; +0.8% relative return; weight 0.63%Asset Management & Custody Banks: +0.81 pp weight change; +12.9% relative return; weight 1.47%Telecom Tower REITs: +0.08 pp weight change; +0.0% relative return; weight 0.37%Broadline Retail: +1.28 pp weight change; -2.1% relative return; weight 5.10%Broadline RetailOil & Gas Exploration & Production: +0.11 pp weight change; -27.6% relative return; weight 0.77%Industrial Gases: +0.11 pp weight change; -6.2% relative return; weight 0.61%Electronic Components: +0.13 pp weight change; +25.4% relative return; weight 0.23%Automotive Parts & Equipment: -0.00 pp weight change; -16.7% relative return; weight 0.03%Office REITs: -0.01 pp weight change; -29.6% relative return; weight 0.05%Paper & Plastic Packaging Products & Materials: -30.61 pp weight change; -13.7% relative return; weight 0.31%Water Utilities: +0.01 pp weight change; -5.2% relative return; weight 0.06%Consumer Finance: +0.27 pp weight change; +23.3% relative return; weight 0.71%Automotive Retail: +0.04 pp weight change; +7.9% relative return; weight 0.14%Aerospace & Defense: +0.92 pp weight change; +17.3% relative return; weight 2.55%Aerospace & DefenseDiversified Banks: +1.23 pp weight change; +16.7% relative return; weight 3.84%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; -18.5% relative return; weight 0.03%Computer & Electronics Retail: -0.00 pp weight change; -28.3% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: +0.21 pp weight change; +19.6% relative return; weight 0.59%Oil & Gas Equipment & Services: -0.03 pp weight change; -30.3% relative return; weight 0.22%Pharmaceuticals: -0.00 pp weight change; -23.2% relative return; weight 3.49%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +2.7% relative return; weight 0.00%Health Care Distributors: +0.14 pp weight change; +16.3% relative return; weight 0.43%Construction Machinery & Heavy Transportation Equipment: +0.15 pp weight change; -0.4% relative return; weight 0.68%Financial Exchanges & Data: +0.32 pp weight change; +9.0% relative return; weight 1.09%Real Estate Services: +0.06 pp weight change; +13.1% relative return; weight 0.16%Fertilizers & Agricultural Chemicals: +0.05 pp weight change; +16.6% relative return; weight 0.17%Regional Banks: +0.09 pp weight change; +8.9% relative return; weight 0.31%Household Products: +0.02 pp weight change; -18.2% relative return; weight 0.33%Air Freight & Logistics: -0.04 pp weight change; -30.3% relative return; weight 0.31%Cable & Satellite: +0.09 pp weight change; +0.0% relative return; weight 0.39%Health Care Services: +0.09 pp weight change; -2.3% relative return; weight 0.49%Restaurants: +0.36 pp weight change; -0.7% relative return; weight 1.02%Managed Health Care: -0.34 pp weight change; -43.6% relative return; weight 0.92%Consumer Staples Merchandise Retail: +0.87 pp weight change; +9.8% relative return; weight 2.82%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: +0.29 pp weight change; +5.8% relative return; weight 1.08%Communications Equipment: +0.51 pp weight change; +20.2% relative return; weight 1.06%Rail Transportation: +0.08 pp weight change; -8.7% relative return; weight 0.55%Diversified Support Services: +0.17 pp weight change; -7.6% relative return; weight 0.34%Integrated Oil & Gas: -0.00 pp weight change; -17.7% relative return; weight 0.54%Passenger Airlines: +0.05 pp weight change; +5.4% relative return; weight 0.17%Agricultural & Farm Machinery: +0.10 pp weight change; +18.7% relative return; weight 0.30%Homebuilding: +0.00 pp weight change; -18.6% relative return; weight 0.18%Movies & Entertainment: +0.25 pp weight change; +19.4% relative return; weight 0.68%Data Center REITs: +0.07 pp weight change; -3.8% relative return; weight 0.29%Health Care REITs: +0.12 pp weight change; +18.8% relative return; weight 0.30%Industrial Machinery & Supplies & Components: +0.18 pp weight change; -5.6% relative return; weight 0.97%Research & Consulting Services: +0.04 pp weight change; -3.4% relative return; weight 0.16%Reinsurance: +0.00 pp weight change; -21.6% relative return; weight 0.03%Multi-Family Residential REITs: +0.03 pp weight change; -9.5% relative return; weight 0.19%Self-Storage REITs: +0.02 pp weight change; -11.3% relative return; weight 0.18%Automobile Manufacturers: +1.02 pp weight change; +30.9% relative return; weight 2.39%Trading Companies & Distributors: +0.04 pp weight change; +5.9% relative return; weight 0.16%Copper: +0.00 pp weight change; -22.2% relative return; weight 0.13%Broadcasting: +0.03 pp weight change; +32.4% relative return; weight 0.06%Retail REITs: +0.06 pp weight change; -3.1% relative return; weight 0.29%Systems Software: +2.13 pp weight change; -2.8% relative return; weight 8.64%Systems SoftwarePackaged Foods & Meats: +0.01 pp weight change; -17.9% relative return; weight 0.42%Distributors: +0.00 pp weight change; -22.2% relative return; weight 0.04%Consumer Electronics: +0.03 pp weight change; +11.9% relative return; weight 0.09%Investment Banking & Brokerage: +0.58 pp weight change; +26.1% relative return; weight 1.38%Leisure Products: +0.01 pp weight change; +13.3% relative return; weight 0.02%Health Care Facilities: +0.04 pp weight change; +3.3% relative return; weight 0.20%Home Improvement Retail: +0.18 pp weight change; -7.7% relative return; weight 1.05%Industrial Conglomerates: +0.13 pp weight change; +0.3% relative return; weight 0.57%Hotel & Resort REITs: +0.02 pp weight change; -4.3% relative return; weight 0.10%Other Specialized REITs: +0.02 pp weight change; +1.3% relative return; weight 0.07%Construction & Engineering: +0.06 pp weight change; +20.2% relative return; weight 0.15%Cargo Ground Transportation: +0.00 pp weight change; -21.0% relative return; weight 0.10%Oil & Gas Storage & Transportation: +0.18 pp weight change; +18.1% relative return; weight 0.50%Soft Drinks & Non-alcoholic Beverages: +0.14 pp weight change; -12.8% relative return; weight 1.21%Food Retail: +0.03 pp weight change; +26.2% relative return; weight 0.10%Casinos & Gaming: +0.00 pp weight change; -17.5% relative return; weight 0.11%Construction Materials: +0.02 pp weight change; -10.8% relative return; weight 0.15%Tobacco: +0.38 pp weight change; +47.1% relative return; weight 0.83%Oil & Gas Refining & Marketing: -0.02 pp weight change; -21.4% relative return; weight 0.31%Gold: +0.05 pp weight change; +22.2% relative return; weight 0.14%Apparel, Accessories & Luxury Goods: +0.02 pp weight change; -13.4% relative return; weight 0.23%Steel: -0.00 pp weight change; -23.2% relative return; weight 0.11%Advertising: -0.00 pp weight change; -28.7% relative return; weight 0.03%Personal Care Products: +0.10 pp weight change; -13.5% relative return; weight 0.89%Industrial REITs: +0.02 pp weight change; -16.7% relative return; weight 0.21%Electronic Equipment & Instruments: +0.06 pp weight change; -5.9% relative return; weight 0.28%Apparel Retail: +0.06 pp weight change; -8.3% relative return; weight 0.39%Environmental & Facilities Services: +0.11 pp weight change; -0.6% relative return; weight 0.48%Food Distributors: +0.01 pp weight change; -6.2% relative return; weight 0.08%Integrated Telecommunication Services: +0.26 pp weight change; +14.3% relative return; weight 0.84%Electronic Manufacturing Services: +0.05 pp weight change; +14.0% relative return; weight 0.16%Other Specialty Retail: +0.06 pp weight change; -10.4% relative return; weight 0.11%Timber REITs: +0.00 pp weight change; -20.0% relative return; weight 0.04%Interactive Home Entertainment: +0.04 pp weight change; +34.3% relative return; weight 0.09%Data Processing & Outsourced Services: +0.02 pp weight change; +7.7% relative return; weight 0.06%Gas Utilities: +0.02 pp weight change; +16.3% relative return; weight 0.05%Commodity Chemicals: -0.03 pp weight change; -53.9% relative return; weight 0.04%Wireless Telecommunication Services: +0.20 pp weight change; +17.9% relative return; weight 0.58%Technology Distributors: -0.01 pp weight change; -30.5% relative return; weight 0.05%Heavy Electrical Equipment: +0.23 pp weight change; +140.9% relative return; weight 0.33%Single-Family Residential REITs: +0.00 pp weight change; -18.7% relative return; weight 0.04%Passenger Ground Transportation: +0.14 pp weight change; +10.4% relative return; weight 0.42%Footwear: +0.03 pp weight change; -45.1% relative return; weight 0.03%Health Care Technology: +0.01 pp weight change; +23.3% relative return; weight 0.03%Homefurnishing Retail: +0.04 pp weight change; -10.7% relative return; weight 0.04%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.