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

-32.50 pp-190%-16.25 pp-95%+0.00 pp+0%+16.25 pp+95%+32.50 pp+190%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.14 pp weight change; -34.9% relative return; weight 0.93%Technology Hardware, Storage & Peripherals: +0.55 pp weight change; -18.1% relative return; weight 6.89%Technology Hardware, Storage & PeripheralsBiotechnology: +0.14 pp weight change; -18.5% relative return; weight 1.78%Health Care Equipment: +0.59 pp weight change; -1.5% relative return; weight 2.38%Health Care EquipmentIT Consulting & Other Services: +0.15 pp weight change; -11.5% relative return; weight 0.98%Application Software: +1.23 pp weight change; +7.0% relative return; weight 3.69%Application SoftwareSemiconductors: +11.56 pp weight change; +18.7% relative return; weight 14.40%SemiconductorsAgricultural Products & Services: -0.00 pp weight change; -25.1% relative return; weight 0.08%Human Resource & Employment Services: +0.10 pp weight change; +3.0% relative return; weight 0.37%Multi-Utilities: +0.21 pp weight change; -7.4% relative return; weight 1.06%Electric Utilities: +0.54 pp weight change; +12.7% relative return; weight 1.54%Independent Power Producers & Energy Traders: +0.04 pp weight change; +38.0% relative return; weight 0.09%Life & Health Insurance: +0.03 pp weight change; -12.4% relative return; weight 0.36%Multi-line Insurance: +0.01 pp weight change; -10.1% relative return; weight 0.15%Insurance Brokers: +0.12 pp weight change; -13.8% relative return; weight 0.65%Internet Services & Infrastructure: +0.03 pp weight change; -2.6% relative return; weight 0.13%Specialty Chemicals: +0.02 pp weight change; -20.8% relative return; weight 0.48%Health Care Supplies: -0.02 pp weight change; -38.8% relative return; weight 0.09%Property & Casualty Insurance: +0.23 pp weight change; -4.0% relative return; weight 1.00%Building Products: +0.20 pp weight change; +4.5% relative return; weight 0.59%Semiconductor Materials & Equipment: +0.23 pp weight change; -18.6% relative return; weight 0.62%Electrical Components & Equipment: +0.20 pp weight change; +7.5% relative return; weight 0.66%Asset Management & Custody Banks: +0.85 pp weight change; +9.7% relative return; weight 1.55%Telecom Tower REITs: +0.04 pp weight change; -14.1% relative return; weight 0.35%Broadline Retail: +1.79 pp weight change; +8.6% relative return; weight 5.33%Broadline RetailOil & Gas Exploration & Production: +0.15 pp weight change; -24.5% relative return; weight 0.77%Industrial Gases: +0.10 pp weight change; -9.5% relative return; weight 0.59%Electronic Components: +0.12 pp weight change; +42.4% relative return; weight 0.25%Automotive Parts & Equipment: -0.00 pp weight change; -14.5% relative return; weight 0.03%Office REITs: -0.01 pp weight change; -31.9% relative return; weight 0.05%Paper & Plastic Packaging Products & Materials: -32.06 pp weight change; -19.9% relative return; weight 0.31%Water Utilities: +0.01 pp weight change; -12.9% relative return; weight 0.06%Consumer Finance: +0.32 pp weight change; +9.4% relative return; weight 0.78%Automotive Retail: +0.04 pp weight change; +4.6% relative return; weight 0.14%Aerospace & Defense: +0.90 pp weight change; +12.3% relative return; weight 2.59%Aerospace & DefenseDiversified Banks: +1.21 pp weight change; +14.5% relative return; weight 3.82%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; -21.4% relative return; weight 0.03%Computer & Electronics Retail: -0.00 pp weight change; -31.9% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: +0.24 pp weight change; +26.9% relative return; weight 0.58%Oil & Gas Equipment & Services: -0.02 pp weight change; -27.4% relative return; weight 0.23%Pharmaceuticals: +0.13 pp weight change; -21.5% relative return; weight 3.35%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; -7.0% relative return; weight 0.00%Health Care Distributors: +0.11 pp weight change; +4.5% relative return; weight 0.40%Construction Machinery & Heavy Transportation Equipment: +0.20 pp weight change; +6.5% relative return; weight 0.72%Financial Exchanges & Data: +0.29 pp weight change; +2.9% relative return; weight 1.09%Real Estate Services: +0.06 pp weight change; +12.8% relative return; weight 0.18%Fertilizers & Agricultural Chemicals: +0.05 pp weight change; +10.6% relative return; weight 0.16%Regional Banks: +0.06 pp weight change; -2.8% relative return; weight 0.31%Household Products: +0.01 pp weight change; -20.9% relative return; weight 0.31%Air Freight & Logistics: -0.04 pp weight change; -32.7% relative return; weight 0.28%Cable & Satellite: -0.04 pp weight change; -34.1% relative return; weight 0.29%Health Care Services: +0.03 pp weight change; -16.7% relative return; weight 0.42%Restaurants: +0.20 pp weight change; -5.1% relative return; weight 0.95%Managed Health Care: -0.62 pp weight change; -59.6% relative return; weight 0.70%Consumer Staples Merchandise Retail: +0.87 pp weight change; +9.4% relative return; weight 2.72%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: +0.19 pp weight change; -5.8% relative return; weight 0.99%Communications Equipment: +0.55 pp weight change; +23.5% relative return; weight 1.09%Rail Transportation: +0.06 pp weight change; -14.3% relative return; weight 0.55%Diversified Support Services: +0.17 pp weight change; -8.9% relative return; weight 0.32%Integrated Oil & Gas: +0.03 pp weight change; -14.7% relative return; weight 0.56%Passenger Airlines: +0.06 pp weight change; +21.7% relative return; weight 0.17%Agricultural & Farm Machinery: +0.12 pp weight change; +23.5% relative return; weight 0.30%Homebuilding: -0.02 pp weight change; -27.9% relative return; weight 0.18%Movies & Entertainment: +0.23 pp weight change; +19.0% relative return; weight 0.63%Data Center REITs: +0.07 pp weight change; -5.5% relative return; weight 0.29%Health Care REITs: +0.13 pp weight change; +18.0% relative return; weight 0.32%Industrial Machinery & Supplies & Components: +0.16 pp weight change; -9.9% relative return; weight 0.96%Research & Consulting Services: +0.02 pp weight change; -16.0% relative return; weight 0.14%Reinsurance: -0.00 pp weight change; -24.5% relative return; weight 0.03%Multi-Family Residential REITs: +0.02 pp weight change; -14.2% relative return; weight 0.17%Self-Storage REITs: +0.01 pp weight change; -20.2% relative return; weight 0.16%Automobile Manufacturers: +0.80 pp weight change; +13.0% relative return; weight 2.29%Trading Companies & Distributors: +0.11 pp weight change; +5.5% relative return; weight 0.23%Copper: +0.00 pp weight change; -22.3% relative return; weight 0.12%Broadcasting: +0.03 pp weight change; +31.5% relative return; weight 0.07%Retail REITs: +0.05 pp weight change; -8.8% relative return; weight 0.28%Systems Software: +3.11 pp weight change; +10.2% relative return; weight 8.95%Systems SoftwarePackaged Foods & Meats: +0.00 pp weight change; -21.5% relative return; weight 0.41%Distributors: +0.00 pp weight change; -21.9% relative return; weight 0.04%Consumer Electronics: +0.03 pp weight change; +12.1% relative return; weight 0.09%Investment Banking & Brokerage: +0.61 pp weight change; +26.3% relative return; weight 1.40%Leisure Products: +0.01 pp weight change; +5.2% relative return; weight 0.02%Health Care Facilities: +0.01 pp weight change; -15.1% relative return; weight 0.18%Home Improvement Retail: +0.13 pp weight change; -13.9% relative return; weight 1.04%Industrial Conglomerates: +0.10 pp weight change; -5.7% relative return; weight 0.54%Hotel & Resort REITs: +0.02 pp weight change; -8.5% relative return; weight 0.10%Other Specialized REITs: +0.01 pp weight change; -15.5% relative return; weight 0.06%Construction & Engineering: +0.07 pp weight change; +24.1% relative return; weight 0.16%Cargo Ground Transportation: -0.02 pp weight change; -35.3% relative return; weight 0.10%Oil & Gas Storage & Transportation: +0.15 pp weight change; +10.8% relative return; weight 0.47%Soft Drinks & Non-alcoholic Beverages: +0.10 pp weight change; -17.2% relative return; weight 1.17%Food Retail: +0.03 pp weight change; +13.5% relative return; weight 0.10%Casinos & Gaming: +0.03 pp weight change; +5.4% relative return; weight 0.12%Construction Materials: +0.02 pp weight change; -14.4% relative return; weight 0.15%Tobacco: +0.29 pp weight change; +24.6% relative return; weight 0.76%Oil & Gas Refining & Marketing: -0.01 pp weight change; -20.8% relative return; weight 0.31%Gold: +0.04 pp weight change; +11.7% relative return; weight 0.14%Apparel, Accessories & Luxury Goods: +0.04 pp weight change; -5.4% relative return; weight 0.23%Steel: +0.00 pp weight change; -20.4% relative return; weight 0.11%Advertising: -0.00 pp weight change; -34.4% relative return; weight 0.03%Personal Care Products: +0.09 pp weight change; -15.3% relative return; weight 0.83%Industrial REITs: -0.00 pp weight change; -24.3% relative return; weight 0.21%Electronic Equipment & Instruments: +0.06 pp weight change; -6.0% relative return; weight 0.28%Apparel Retail: +0.07 pp weight change; -7.2% relative return; weight 0.39%Environmental & Facilities Services: +0.12 pp weight change; -0.7% relative return; weight 0.46%Food Distributors: +0.01 pp weight change; -7.8% relative return; weight 0.08%Integrated Telecommunication Services: +0.24 pp weight change; +11.4% relative return; weight 0.79%Electronic Manufacturing Services: +0.07 pp weight change; +28.9% relative return; weight 0.18%Other Specialty Retail: +0.07 pp weight change; +2.8% relative return; weight 0.11%Timber REITs: -0.00 pp weight change; -29.9% relative return; weight 0.04%Interactive Home Entertainment: +0.04 pp weight change; +27.8% relative return; weight 0.08%Data Processing & Outsourced Services: +0.02 pp weight change; +1.5% relative return; weight 0.06%Gas Utilities: +0.02 pp weight change; +7.8% relative return; weight 0.05%Commodity Chemicals: -0.03 pp weight change; -60.3% relative return; weight 0.03%Wireless Telecommunication Services: +0.18 pp weight change; +14.6% relative return; weight 0.57%Technology Distributors: -0.00 pp weight change; -30.0% relative return; weight 0.05%Heavy Electrical Equipment: +0.30 pp weight change; +186.6% relative return; weight 0.40%Single-Family Residential REITs: +0.00 pp weight change; -22.3% relative return; weight 0.04%Passenger Ground Transportation: +0.15 pp weight change; +17.6% relative return; weight 0.39%Footwear: +0.03 pp weight change; -40.4% relative return; weight 0.03%Health Care Technology: +0.01 pp weight change; +4.7% relative return; weight 0.03%Homefurnishing Retail: +0.05 pp weight change; +3.1% 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.