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-130%-2.00 pp-65%+0.00 pp+0%+2.00 pp+65%+4.00 pp+130%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.24 pp weight change; -19.0% relative return; weight 1.00%Technology Hardware, Storage & Peripherals: -0.11 pp weight change; -0.9% relative return; weight 8.25%Technology Hardware, Storage & PeripheralsBiotechnology: -0.33 pp weight change; -15.4% relative return; weight 1.80%Health Care Equipment: -0.32 pp weight change; -13.6% relative return; weight 2.20%IT Consulting & Other Services: -0.16 pp weight change; -14.8% relative return; weight 0.98%Application Software: -0.05 pp weight change; -7.6% relative return; weight 3.37%Application SoftwareSemiconductors: +3.85 pp weight change; +29.8% relative return; weight 15.99%SemiconductorsAgricultural Products & Services: +0.00 pp weight change; -5.3% relative return; weight 0.09%Human Resource & Employment Services: -0.11 pp weight change; -26.5% relative return; weight 0.29%Multi-Utilities: -0.14 pp weight change; -12.6% relative return; weight 1.06%Electric Utilities: -0.01 pp weight change; -3.8% relative return; weight 1.47%Independent Power Producers & Energy Traders: +0.01 pp weight change; +24.7% relative return; weight 0.08%Life & Health Insurance: -0.09 pp weight change; -16.9% relative return; weight 0.34%Multi-line Insurance: -0.03 pp weight change; -8.9% relative return; weight 0.15%Insurance Brokers: -0.17 pp weight change; -28.1% relative return; weight 0.55%Internet Services & Infrastructure: -0.03 pp weight change; -22.4% relative return; weight 0.10%Specialty Chemicals: -0.16 pp weight change; -26.4% relative return; weight 0.44%Health Care Supplies: -0.05 pp weight change; -37.7% relative return; weight 0.09%Property & Casualty Insurance: -0.22 pp weight change; -18.8% relative return; weight 0.90%Building Products: -0.01 pp weight change; -9.2% relative return; weight 0.54%Semiconductor Materials & Equipment: +0.20 pp weight change; +33.6% relative return; weight 0.84%Electrical Components & Equipment: -0.01 pp weight change; -0.9% relative return; weight 0.62%Asset Management & Custody Banks: +0.28 pp weight change; -15.8% relative return; weight 1.31%Telecom Tower REITs: -0.12 pp weight change; -29.2% relative return; weight 0.28%Broadline Retail: +0.52 pp weight change; +6.8% relative return; weight 5.19%Broadline RetailOil & Gas Exploration & Production: -0.09 pp weight change; -27.3% relative return; weight 0.68%Industrial Gases: -0.18 pp weight change; -26.9% relative return; weight 0.49%Electronic Components: +0.13 pp weight change; +63.1% relative return; weight 0.32%Automotive Parts & Equipment: +0.00 pp weight change; +16.2% relative return; weight 0.03%Office REITs: -0.03 pp weight change; -42.6% relative return; weight 0.04%Paper & Plastic Packaging Products & Materials: -0.07 pp weight change; -37.0% relative return; weight 0.32%Water Utilities: -0.01 pp weight change; -22.5% relative return; weight 0.05%Consumer Finance: +0.17 pp weight change; +8.6% relative return; weight 0.81%Automotive Retail: +0.15 pp weight change; +1.4% relative return; weight 0.28%Aerospace & Defense: +0.35 pp weight change; +13.1% relative return; weight 2.55%Aerospace & DefenseDiversified Banks: +0.23 pp weight change; +10.4% relative return; weight 3.74%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; -34.5% relative return; weight 0.03%Computer & Electronics Retail: -0.01 pp weight change; -22.3% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: -0.03 pp weight change; -5.6% relative return; weight 0.51%Oil & Gas Equipment & Services: -0.04 pp weight change; -13.6% relative return; weight 0.24%Pharmaceuticals: -0.71 pp weight change; -16.4% relative return; weight 3.52%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -13.8% relative return; weight 0.00%Health Care Distributors: +0.09 pp weight change; +27.9% relative return; weight 0.43%Construction Machinery & Heavy Transportation Equipment: +0.08 pp weight change; +12.3% relative return; weight 0.82%Financial Exchanges & Data: -0.18 pp weight change; -16.2% relative return; weight 0.89%Real Estate Services: -0.02 pp weight change; -13.1% relative return; weight 0.15%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; -16.4% relative return; weight 0.13%Regional Banks: -0.06 pp weight change; -14.8% relative return; weight 0.28%Household Products: -0.12 pp weight change; -30.1% relative return; weight 0.27%Air Freight & Logistics: -0.12 pp weight change; -26.8% relative return; weight 0.30%Cable & Satellite: -0.18 pp weight change; -44.0% relative return; weight 0.23%Health Care Services: -0.07 pp weight change; -11.7% relative return; weight 0.42%Restaurants: -0.27 pp weight change; -24.7% relative return; weight 0.82%Managed Health Care: -0.75 pp weight change; -46.1% relative return; weight 0.84%Consumer Staples Merchandise Retail: -0.16 pp weight change; -6.6% relative return; weight 2.54%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.38 pp weight change; -31.5% relative return; weight 0.80%Communications Equipment: +0.32 pp weight change; +13.8% relative return; weight 1.12%Rail Transportation: -0.10 pp weight change; -15.3% relative return; weight 0.51%Diversified Support Services: -0.10 pp weight change; -26.8% relative return; weight 0.27%Integrated Oil & Gas: -0.11 pp weight change; -9.8% relative return; weight 0.53%Passenger Airlines: -0.03 pp weight change; -12.3% relative return; weight 0.16%Agricultural & Farm Machinery: -0.02 pp weight change; -5.8% relative return; weight 0.24%Homebuilding: -0.08 pp weight change; -28.8% relative return; weight 0.17%Movies & Entertainment: +0.01 pp weight change; +0.5% relative return; weight 0.56%Data Center REITs: -0.07 pp weight change; -21.4% relative return; weight 0.28%Health Care REITs: +0.04 pp weight change; +2.7% relative return; weight 0.34%Industrial Machinery & Supplies & Components: -0.20 pp weight change; -18.0% relative return; weight 0.89%Research & Consulting Services: -0.06 pp weight change; -34.7% relative return; weight 0.11%Reinsurance: -0.01 pp weight change; -26.8% relative return; weight 0.03%Multi-Family Residential REITs: -0.06 pp weight change; -28.1% relative return; weight 0.15%Self-Storage REITs: -0.07 pp weight change; -29.1% relative return; weight 0.15%Automobile Manufacturers: +1.09 pp weight change; +44.8% relative return; weight 3.20%Automobile ManufacturersTrading Companies & Distributors: +0.02 pp weight change; -13.5% relative return; weight 0.20%Copper: -0.03 pp weight change; -23.4% relative return; weight 0.12%Broadcasting: +0.06 pp weight change; +124.8% relative return; weight 0.11%Retail REITs: -0.05 pp weight change; -16.2% relative return; weight 0.27%Systems Software: +0.62 pp weight change; +3.5% relative return; weight 8.13%Systems SoftwarePackaged Foods & Meats: -0.17 pp weight change; -30.7% relative return; weight 0.35%Distributors: -0.00 pp weight change; -6.7% relative return; weight 0.03%Consumer Electronics: -0.01 pp weight change; -10.8% relative return; weight 0.08%Investment Banking & Brokerage: +0.27 pp weight change; +17.2% relative return; weight 1.38%Leisure Products: -0.00 pp weight change; -1.3% relative return; weight 0.02%Health Care Facilities: -0.01 pp weight change; +5.2% relative return; weight 0.21%Home Improvement Retail: -0.27 pp weight change; -21.0% relative return; weight 1.00%Industrial Conglomerates: -0.06 pp weight change; -8.4% relative return; weight 0.52%Hotel & Resort REITs: -0.02 pp weight change; -19.1% relative return; weight 0.08%Other Specialized REITs: -0.03 pp weight change; -30.1% relative return; weight 0.06%Construction & Engineering: +0.08 pp weight change; +12.3% relative return; weight 0.23%Cargo Ground Transportation: -0.05 pp weight change; -37.0% relative return; weight 0.09%Oil & Gas Storage & Transportation: -0.10 pp weight change; -20.0% relative return; weight 0.40%Soft Drinks & Non-alcoholic Beverages: -0.25 pp weight change; -17.9% relative return; weight 1.11%Food Retail: -0.01 pp weight change; -5.2% relative return; weight 0.08%Casinos & Gaming: -0.02 pp weight change; -8.0% relative return; weight 0.12%Construction Materials: -0.02 pp weight change; -14.3% relative return; weight 0.15%Tobacco: -0.08 pp weight change; -8.6% relative return; weight 0.63%Oil & Gas Refining & Marketing: -0.00 pp weight change; +4.8% relative return; weight 0.32%Gold: +0.05 pp weight change; +48.0% relative return; weight 0.17%Apparel, Accessories & Luxury Goods: -0.07 pp weight change; -26.2% relative return; weight 0.19%Steel: -0.01 pp weight change; -8.0% relative return; weight 0.11%Advertising: -0.02 pp weight change; -37.4% relative return; weight 0.03%Personal Care Products: -0.28 pp weight change; -26.2% relative return; weight 0.74%Industrial REITs: -0.02 pp weight change; -7.3% relative return; weight 0.23%Electronic Equipment & Instruments: -0.06 pp weight change; -22.6% relative return; weight 0.23%Apparel Retail: -0.00 pp weight change; -0.1% relative return; weight 0.41%Environmental & Facilities Services: -0.08 pp weight change; -17.2% relative return; weight 0.39%Food Distributors: -0.02 pp weight change; -17.1% relative return; weight 0.07%Integrated Telecommunication Services: -0.12 pp weight change; -12.5% relative return; weight 0.67%Electronic Manufacturing Services: +0.05 pp weight change; +40.7% relative return; weight 0.19%Other Specialty Retail: +0.05 pp weight change; -6.3% relative return; weight 0.10%Timber REITs: -0.02 pp weight change; -38.1% relative return; weight 0.03%Interactive Home Entertainment: +0.03 pp weight change; +29.1% relative return; weight 0.09%Data Processing & Outsourced Services: -0.01 pp weight change; -13.6% relative return; weight 0.05%Gas Utilities: +0.00 pp weight change; +3.0% relative return; weight 0.05%Commodity Chemicals: -0.05 pp weight change; -57.7% relative return; weight 0.03%Wireless Telecommunication Services: -0.15 pp weight change; -22.3% relative return; weight 0.46%Technology Distributors: -0.02 pp weight change; -30.1% relative return; weight 0.04%Heavy Electrical Equipment: +0.11 pp weight change; +50.3% relative return; weight 0.33%Single-Family Residential REITs: -0.01 pp weight change; -24.3% relative return; weight 0.03%Passenger Ground Transportation: +0.04 pp weight change; +9.1% relative return; weight 0.39%Footwear: -0.03 pp weight change; -58.8% relative return; weight 0.02%Health Care Technology: -0.01 pp weight change; -22.5% relative return; weight 0.02%Homefurnishing Retail: +0.05 pp weight change; +1.3% 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.