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-100%-2.00 pp-50%+0.00 pp+0%+2.00 pp+50%+4.00 pp+100%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.10 pp weight change; -10.6% relative return; weight 1.06%Technology Hardware, Storage & Peripherals: +0.37 pp weight change; +0.8% relative return; weight 8.57%Technology Hardware, Storage & PeripheralsBiotechnology: +0.09 pp weight change; +2.4% relative return; weight 1.94%Health Care Equipment: -0.12 pp weight change; -8.3% relative return; weight 2.35%IT Consulting & Other Services: -0.16 pp weight change; -16.9% relative return; weight 0.99%Application Software: -0.61 pp weight change; -24.5% relative return; weight 2.91%Application SoftwareSemiconductors: +3.50 pp weight change; +24.7% relative return; weight 15.05%SemiconductorsAgricultural Products & Services: +0.01 pp weight change; -2.1% relative return; weight 0.09%Human Resource & Employment Services: -0.11 pp weight change; -29.7% relative return; weight 0.28%Multi-Utilities: -0.06 pp weight change; -8.6% relative return; weight 1.10%Electric Utilities: +0.03 pp weight change; -3.6% relative return; weight 1.46%Independent Power Producers & Energy Traders: +0.02 pp weight change; +28.7% relative return; weight 0.08%Life & Health Insurance: -0.10 pp weight change; -19.8% relative return; weight 0.34%Multi-line Insurance: -0.03 pp weight change; -9.0% relative return; weight 0.15%Insurance Brokers: -0.17 pp weight change; -29.2% relative return; weight 0.57%Internet Services & Infrastructure: -0.03 pp weight change; -21.3% relative return; weight 0.11%Specialty Chemicals: -0.12 pp weight change; -22.2% relative return; weight 0.46%Health Care Supplies: -0.05 pp weight change; -36.0% relative return; weight 0.09%Property & Casualty Insurance: -0.15 pp weight change; -14.9% relative return; weight 0.98%Building Products: -0.05 pp weight change; -15.9% relative return; weight 0.51%Semiconductor Materials & Equipment: +0.31 pp weight change; +46.3% relative return; weight 0.90%Electrical Components & Equipment: -0.08 pp weight change; -13.9% relative return; weight 0.59%Asset Management & Custody Banks: -0.11 pp weight change; -21.7% relative return; weight 1.33%Telecom Tower REITs: -0.09 pp weight change; -24.1% relative return; weight 0.29%Broadline Retail: +0.08 pp weight change; -4.8% relative return; weight 4.97%Broadline RetailOil & Gas Exploration & Production: -0.11 pp weight change; -23.1% relative return; weight 0.71%Industrial Gases: -0.16 pp weight change; -25.8% relative return; weight 0.49%Electronic Components: +0.12 pp weight change; +57.6% relative return; weight 0.31%Automotive Parts & Equipment: +0.00 pp weight change; +18.2% relative return; weight 0.03%Office REITs: -0.03 pp weight change; -42.0% relative return; weight 0.04%Paper & Plastic Packaging Products & Materials: -0.03 pp weight change; -31.7% relative return; weight 0.33%Water Utilities: -0.01 pp weight change; -17.6% relative return; weight 0.05%Consumer Finance: +0.13 pp weight change; -0.7% relative return; weight 0.82%Automotive Retail: +0.17 pp weight change; +7.6% relative return; weight 0.30%Aerospace & Defense: +0.32 pp weight change; +9.6% relative return; weight 2.46%Aerospace & DefenseDiversified Banks: +0.03 pp weight change; +2.3% relative return; weight 3.75%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -31.5% relative return; weight 0.03%Computer & Electronics Retail: -0.01 pp weight change; -21.6% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: -0.04 pp weight change; -10.1% relative return; weight 0.52%Oil & Gas Equipment & Services: -0.05 pp weight change; -19.2% relative return; weight 0.25%Pharmaceuticals: +0.25 pp weight change; +4.2% relative return; weight 4.11%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -9.9% relative return; weight 0.00%Health Care Distributors: +0.10 pp weight change; +24.1% relative return; weight 0.47%Construction Machinery & Heavy Transportation Equipment: +0.09 pp weight change; +9.8% relative return; weight 0.84%Financial Exchanges & Data: -0.15 pp weight change; -16.3% relative return; weight 0.92%Real Estate Services: -0.02 pp weight change; -14.0% relative return; weight 0.15%Fertilizers & Agricultural Chemicals: -0.02 pp weight change; -12.6% relative return; weight 0.13%Regional Banks: -0.06 pp weight change; -17.9% relative return; weight 0.29%Household Products: -0.12 pp weight change; -31.5% relative return; weight 0.26%Air Freight & Logistics: -0.10 pp weight change; -23.1% relative return; weight 0.31%Cable & Satellite: -0.21 pp weight change; -52.3% relative return; weight 0.21%Health Care Services: -0.04 pp weight change; -8.6% relative return; weight 0.45%Restaurants: -0.20 pp weight change; -20.7% relative return; weight 0.87%Managed Health Care: -0.76 pp weight change; -48.5% relative return; weight 0.83%Consumer Staples Merchandise Retail: -0.10 pp weight change; -6.8% relative return; weight 2.70%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.41 pp weight change; -35.2% relative return; weight 0.79%Communications Equipment: +0.26 pp weight change; +4.2% relative return; weight 1.07%Rail Transportation: -0.09 pp weight change; -15.5% relative return; weight 0.53%Diversified Support Services: -0.12 pp weight change; -32.7% relative return; weight 0.27%Integrated Oil & Gas: -0.04 pp weight change; -17.3% relative return; weight 0.60%Passenger Airlines: -0.02 pp weight change; -11.2% relative return; weight 0.18%Agricultural & Farm Machinery: -0.03 pp weight change; -14.4% relative return; weight 0.25%Homebuilding: -0.06 pp weight change; -22.5% relative return; weight 0.18%Movies & Entertainment: -0.07 pp weight change; -19.9% relative return; weight 0.55%Data Center REITs: -0.10 pp weight change; -31.5% relative return; weight 0.25%Health Care REITs: +0.10 pp weight change; +19.3% relative return; weight 0.38%Industrial Machinery & Supplies & Components: -0.20 pp weight change; -19.2% relative return; weight 0.91%Research & Consulting Services: -0.05 pp weight change; -33.0% relative return; weight 0.11%Reinsurance: -0.01 pp weight change; -30.5% relative return; weight 0.03%Multi-Family Residential REITs: -0.06 pp weight change; -27.5% relative return; weight 0.16%Self-Storage REITs: -0.06 pp weight change; -30.7% relative return; weight 0.15%Automobile Manufacturers: +0.37 pp weight change; +5.8% relative return; weight 3.04%Automobile ManufacturersTrading Companies & Distributors: +0.01 pp weight change; -19.3% relative return; weight 0.19%Copper: -0.02 pp weight change; -16.4% relative return; weight 0.12%Broadcasting: +0.06 pp weight change; +93.9% relative return; weight 0.12%Retail REITs: -0.04 pp weight change; -14.0% relative return; weight 0.28%Systems Software: +0.34 pp weight change; -2.7% relative return; weight 7.72%Systems SoftwarePackaged Foods & Meats: -0.11 pp weight change; -23.0% relative return; weight 0.36%Distributors: -0.00 pp weight change; -10.1% relative return; weight 0.04%Consumer Electronics: -0.02 pp weight change; -21.0% relative return; weight 0.07%Investment Banking & Brokerage: +0.20 pp weight change; +8.0% relative return; weight 1.41%Leisure Products: +0.00 pp weight change; +11.6% relative return; weight 0.02%Health Care Facilities: +0.04 pp weight change; +32.6% relative return; weight 0.23%Home Improvement Retail: -0.31 pp weight change; -26.9% relative return; weight 0.97%Industrial Conglomerates: -0.06 pp weight change; -10.8% relative return; weight 0.53%Hotel & Resort REITs: -0.02 pp weight change; -19.2% relative return; weight 0.08%Other Specialized REITs: -0.03 pp weight change; -39.0% relative return; weight 0.05%Construction & Engineering: +0.07 pp weight change; +3.2% relative return; weight 0.22%Cargo Ground Transportation: -0.06 pp weight change; -41.1% relative return; weight 0.09%Oil & Gas Storage & Transportation: -0.11 pp weight change; -22.9% relative return; weight 0.43%Soft Drinks & Non-alcoholic Beverages: -0.10 pp weight change; -9.6% relative return; weight 1.16%Food Retail: -0.01 pp weight change; -4.8% relative return; weight 0.09%Casinos & Gaming: +0.00 pp weight change; +5.9% relative return; weight 0.14%Construction Materials: -0.01 pp weight change; -11.8% relative return; weight 0.15%Tobacco: +0.00 pp weight change; +0.4% relative return; weight 0.68%Oil & Gas Refining & Marketing: -0.00 pp weight change; +2.0% relative return; weight 0.33%Gold: +0.09 pp weight change; +86.3% relative return; weight 0.19%Apparel, Accessories & Luxury Goods: -0.07 pp weight change; -27.0% relative return; weight 0.19%Steel: -0.01 pp weight change; -7.2% relative return; weight 0.12%Advertising: -0.02 pp weight change; -40.1% relative return; weight 0.03%Personal Care Products: -0.29 pp weight change; -29.0% relative return; weight 0.75%Industrial REITs: -0.00 pp weight change; -3.4% relative return; weight 0.23%Electronic Equipment & Instruments: -0.06 pp weight change; -25.0% relative return; weight 0.23%Apparel Retail: +0.02 pp weight change; +2.0% relative return; weight 0.44%Environmental & Facilities Services: -0.05 pp weight change; -14.7% relative return; weight 0.41%Food Distributors: -0.01 pp weight change; -14.0% relative return; weight 0.07%Integrated Telecommunication Services: -0.08 pp weight change; -8.8% relative return; weight 0.70%Electronic Manufacturing Services: +0.04 pp weight change; +29.2% relative return; weight 0.17%Other Specialty Retail: +0.05 pp weight change; -5.2% relative return; weight 0.10%Timber REITs: -0.02 pp weight change; -39.8% relative return; weight 0.03%Interactive Home Entertainment: +0.02 pp weight change; +10.6% relative return; weight 0.09%Data Processing & Outsourced Services: -0.01 pp weight change; -16.9% relative return; weight 0.05%Gas Utilities: +0.00 pp weight change; +0.9% relative return; weight 0.06%Commodity Chemicals: -0.03 pp weight change; -50.9% relative return; weight 0.03%Wireless Telecommunication Services: -0.17 pp weight change; -27.2% relative return; weight 0.46%Technology Distributors: -0.01 pp weight change; -29.5% relative return; weight 0.04%Heavy Electrical Equipment: +0.11 pp weight change; +43.2% relative return; weight 0.34%Single-Family Residential REITs: -0.01 pp weight change; -27.7% relative return; weight 0.03%Passenger Ground Transportation: +0.02 pp weight change; +3.0% relative return; weight 0.36%Footwear: -0.04 pp weight change; -62.0% relative return; weight 0.03%Health Care Technology: +0.00 pp weight change; +1.0% relative return; weight 0.03%Homefurnishing Retail: +0.04 pp weight change; -2.4% 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.