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

-4.00 pp-150%-2.00 pp-75%+0.00 pp+0%+2.00 pp+75%+4.00 pp+150%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.47 pp weight change; -31.0% relative return; weight 0.96%Technology Hardware, Storage & Peripherals: -1.23 pp weight change; -11.6% relative return; weight 7.49%Technology Hardware, Storage & PeripheralsBiotechnology: -0.46 pp weight change; -18.1% relative return; weight 1.80%Health Care Equipment: -0.19 pp weight change; -5.9% relative return; weight 2.41%IT Consulting & Other Services: -0.23 pp weight change; -18.3% relative return; weight 0.93%Application Software: +0.06 pp weight change; -0.9% relative return; weight 3.38%Application SoftwareSemiconductors: +4.00 pp weight change; +21.0% relative return; weight 14.10%SemiconductorsAgricultural Products & Services: -0.01 pp weight change; -13.7% relative return; weight 0.10%Human Resource & Employment Services: -0.03 pp weight change; -3.8% relative return; weight 0.36%Multi-Utilities: -0.15 pp weight change; -11.4% relative return; weight 1.05%Electric Utilities: +0.06 pp weight change; +3.9% relative return; weight 1.46%Independent Power Producers & Energy Traders: +0.01 pp weight change; +18.0% relative return; weight 0.08%Life & Health Insurance: -0.08 pp weight change; -11.4% relative return; weight 0.37%Multi-line Insurance: -0.03 pp weight change; -4.4% relative return; weight 0.16%Insurance Brokers: -0.08 pp weight change; -13.4% relative return; weight 0.67%Internet Services & Infrastructure: -0.02 pp weight change; -10.0% relative return; weight 0.12%Specialty Chemicals: -0.14 pp weight change; -19.5% relative return; weight 0.50%Health Care Supplies: -0.06 pp weight change; -41.1% relative return; weight 0.09%Property & Casualty Insurance: -0.15 pp weight change; -10.0% relative return; weight 1.02%Building Products: +0.01 pp weight change; -3.5% relative return; weight 0.57%Semiconductor Materials & Equipment: +0.09 pp weight change; -15.7% relative return; weight 0.59%Electrical Components & Equipment: -0.01 pp weight change; +2.4% relative return; weight 0.60%Asset Management & Custody Banks: +0.56 pp weight change; +8.5% relative return; weight 1.51%Telecom Tower REITs: -0.10 pp weight change; -19.3% relative return; weight 0.33%Broadline Retail: +0.55 pp weight change; +11.0% relative return; weight 5.15%Broadline RetailOil & Gas Exploration & Production: -0.06 pp weight change; -21.7% relative return; weight 0.78%Industrial Gases: -0.10 pp weight change; -11.4% relative return; weight 0.60%Electronic Components: +0.07 pp weight change; +40.8% relative return; weight 0.26%Automotive Parts & Equipment: -0.01 pp weight change; -4.1% relative return; weight 0.04%Office REITs: -0.03 pp weight change; -28.1% relative return; weight 0.05%Paper & Plastic Packaging Products & Materials: -0.01 pp weight change; -23.3% relative return; weight 0.38%Water Utilities: -0.01 pp weight change; -11.5% relative return; weight 0.06%Consumer Finance: +0.21 pp weight change; +17.8% relative return; weight 0.84%Automotive Retail: +0.19 pp weight change; +14.2% relative return; weight 0.33%Aerospace & Defense: +0.23 pp weight change; +10.5% relative return; weight 2.58%Aerospace & DefenseDiversified Banks: +0.28 pp weight change; +15.7% relative return; weight 3.86%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; -27.9% relative return; weight 0.03%Computer & Electronics Retail: -0.02 pp weight change; -33.7% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: +0.14 pp weight change; +31.2% relative return; weight 0.61%Oil & Gas Equipment & Services: -0.07 pp weight change; -16.6% relative return; weight 0.24%Pharmaceuticals: -1.35 pp weight change; -25.9% relative return; weight 3.42%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -8.9% relative return; weight 0.00%Health Care Distributors: +0.01 pp weight change; +6.4% relative return; weight 0.39%Construction Machinery & Heavy Transportation Equipment: -0.02 pp weight change; +2.3% relative return; weight 0.70%Financial Exchanges & Data: -0.09 pp weight change; -5.5% relative return; weight 1.05%Real Estate Services: +0.02 pp weight change; +11.1% relative return; weight 0.18%Fertilizers & Agricultural Chemicals: +0.00 pp weight change; +6.9% relative return; weight 0.16%Regional Banks: -0.01 pp weight change; +3.3% relative return; weight 0.32%Household Products: -0.13 pp weight change; -26.6% relative return; weight 0.31%Air Freight & Logistics: -0.15 pp weight change; -30.2% relative return; weight 0.29%Cable & Satellite: -0.13 pp weight change; -29.4% relative return; weight 0.29%Health Care Services: -0.07 pp weight change; -7.8% relative return; weight 0.47%Restaurants: -0.16 pp weight change; -11.7% relative return; weight 0.96%Managed Health Care: -1.00 pp weight change; -52.3% relative return; weight 0.84%Consumer Staples Merchandise Retail: -0.06 pp weight change; -0.1% relative return; weight 2.66%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.16 pp weight change; -10.7% relative return; weight 0.98%Communications Equipment: +0.36 pp weight change; +23.0% relative return; weight 1.12%Rail Transportation: -0.15 pp weight change; -17.5% relative return; weight 0.53%Diversified Support Services: +0.10 pp weight change; -11.8% relative return; weight 0.32%Integrated Oil & Gas: -0.08 pp weight change; -2.1% relative return; weight 0.58%Passenger Airlines: +0.05 pp weight change; +38.9% relative return; weight 0.19%Agricultural & Farm Machinery: +0.01 pp weight change; +8.5% relative return; weight 0.27%Homebuilding: -0.08 pp weight change; -20.2% relative return; weight 0.21%Movies & Entertainment: +0.11 pp weight change; +22.3% relative return; weight 0.63%Data Center REITs: -0.03 pp weight change; -11.2% relative return; weight 0.28%Health Care REITs: +0.05 pp weight change; +10.5% relative return; weight 0.32%Industrial Machinery & Supplies & Components: -0.14 pp weight change; -10.3% relative return; weight 0.95%Research & Consulting Services: -0.04 pp weight change; -22.5% relative return; weight 0.14%Reinsurance: -0.01 pp weight change; -23.2% relative return; weight 0.03%Multi-Family Residential REITs: -0.05 pp weight change; -20.2% relative return; weight 0.18%Self-Storage REITs: -0.07 pp weight change; -24.7% relative return; weight 0.17%Automobile Manufacturers: +0.55 pp weight change; +30.0% relative return; weight 2.44%Automobile ManufacturersTrading Companies & Distributors: +0.08 pp weight change; +16.6% relative return; weight 0.25%Copper: -0.02 pp weight change; -12.3% relative return; weight 0.13%Broadcasting: +0.01 pp weight change; +28.0% relative return; weight 0.06%Retail REITs: -0.04 pp weight change; -10.0% relative return; weight 0.29%Systems Software: +0.47 pp weight change; +4.2% relative return; weight 8.37%Systems SoftwarePackaged Foods & Meats: -0.17 pp weight change; -25.1% relative return; weight 0.40%Distributors: -0.01 pp weight change; -13.4% relative return; weight 0.04%Consumer Electronics: +0.01 pp weight change; +15.6% relative return; weight 0.10%Investment Banking & Brokerage: +0.35 pp weight change; +28.6% relative return; weight 1.40%Leisure Products: +0.00 pp weight change; +7.0% relative return; weight 0.02%Health Care Facilities: -0.05 pp weight change; -11.2% relative return; weight 0.20%Home Improvement Retail: -0.09 pp weight change; -4.7% relative return; weight 1.14%Industrial Conglomerates: -0.07 pp weight change; -6.7% relative return; weight 0.54%Hotel & Resort REITs: -0.02 pp weight change; -9.0% relative return; weight 0.10%Other Specialized REITs: -0.02 pp weight change; -27.6% relative return; weight 0.06%Construction & Engineering: +0.02 pp weight change; +14.1% relative return; weight 0.15%Cargo Ground Transportation: -0.05 pp weight change; -30.6% relative return; weight 0.09%Oil & Gas Storage & Transportation: -0.01 pp weight change; -0.4% relative return; weight 0.45%Soft Drinks & Non-alcoholic Beverages: -0.32 pp weight change; -18.5% relative return; weight 1.18%Food Retail: +0.00 pp weight change; +12.2% relative return; weight 0.09%Casinos & Gaming: +0.01 pp weight change; +23.6% relative return; weight 0.13%Construction Materials: -0.00 pp weight change; +1.6% relative return; weight 0.16%Tobacco: +0.09 pp weight change; +19.7% relative return; weight 0.77%Oil & Gas Refining & Marketing: -0.08 pp weight change; -11.3% relative return; weight 0.32%Gold: +0.02 pp weight change; +22.8% relative return; weight 0.17%Apparel, Accessories & Luxury Goods: -0.04 pp weight change; -11.0% relative return; weight 0.23%Steel: -0.02 pp weight change; -10.7% relative return; weight 0.11%Advertising: -0.02 pp weight change; -30.5% relative return; weight 0.03%Personal Care Products: -0.23 pp weight change; -18.7% relative return; weight 0.84%Industrial REITs: -0.07 pp weight change; -20.5% relative return; weight 0.22%Electronic Equipment & Instruments: -0.04 pp weight change; -12.1% relative return; weight 0.26%Apparel Retail: -0.03 pp weight change; -2.8% relative return; weight 0.41%Environmental & Facilities Services: -0.04 pp weight change; -6.2% relative return; weight 0.45%Food Distributors: -0.01 pp weight change; -8.5% relative return; weight 0.08%Integrated Telecommunication Services: +0.05 pp weight change; +13.3% relative return; weight 0.82%Electronic Manufacturing Services: +0.03 pp weight change; +27.2% relative return; weight 0.17%Other Specialty Retail: +0.06 pp weight change; +8.0% relative return; weight 0.11%Timber REITs: -0.01 pp weight change; -24.6% relative return; weight 0.04%Interactive Home Entertainment: +0.02 pp weight change; +24.4% relative return; weight 0.09%Data Processing & Outsourced Services: +0.00 pp weight change; +5.2% relative return; weight 0.06%Gas Utilities: +0.01 pp weight change; +12.1% relative return; weight 0.06%Commodity Chemicals: -0.05 pp weight change; -57.4% relative return; weight 0.04%Wireless Telecommunication Services: +0.03 pp weight change; +10.9% relative return; weight 0.59%Technology Distributors: -0.03 pp weight change; -36.1% relative return; weight 0.04%Heavy Electrical Equipment: +0.21 pp weight change; +140.1% relative return; weight 0.37%Single-Family Residential REITs: -0.01 pp weight change; -24.2% relative return; weight 0.04%Passenger Ground Transportation: +0.03 pp weight change; +10.5% relative return; weight 0.41%Footwear: +0.03 pp weight change; -35.5% relative return; weight 0.04%Health Care Technology: -0.00 pp weight change; -1.7% relative return; weight 0.03%Homefurnishing Retail: +0.05 pp weight change; +3.5% 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.