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

-3.00 pp-130%-1.50 pp-65%+0.00 pp+0%+1.50 pp+65%+3.00 pp+130%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.12 pp weight change; -13.1% relative return; weight 1.03%Technology Hardware, Storage & Peripherals: -0.51 pp weight change; -9.6% relative return; weight 8.35%Technology Hardware, Storage & PeripheralsBiotechnology: +0.12 pp weight change; +3.4% relative return; weight 1.91%Health Care Equipment: -0.18 pp weight change; -11.4% relative return; weight 2.25%IT Consulting & Other Services: -0.15 pp weight change; -16.3% relative return; weight 0.99%Application Software: -0.53 pp weight change; -20.0% relative return; weight 2.98%Application SoftwareSemiconductors: +2.87 pp weight change; +17.6% relative return; weight 15.05%SemiconductorsAgricultural Products & Services: +0.01 pp weight change; -2.1% relative return; weight 0.09%Human Resource & Employment Services: -0.10 pp weight change; -28.4% relative return; weight 0.28%Multi-Utilities: -0.07 pp weight change; -10.4% relative return; weight 1.03%Electric Utilities: +0.04 pp weight change; -3.3% relative return; weight 1.38%Independent Power Producers & Energy Traders: +0.02 pp weight change; +29.5% relative return; weight 0.08%Life & Health Insurance: -0.06 pp weight change; -13.6% relative return; weight 0.35%Multi-line Insurance: -0.01 pp weight change; -1.5% relative return; weight 0.16%Insurance Brokers: -0.12 pp weight change; -24.5% relative return; weight 0.57%Internet Services & Infrastructure: -0.04 pp weight change; -28.9% relative return; weight 0.10%Specialty Chemicals: -0.09 pp weight change; -19.5% relative return; weight 0.44%Health Care Supplies: -0.04 pp weight change; -31.9% relative return; weight 0.09%Property & Casualty Insurance: -0.08 pp weight change; -10.1% relative return; weight 0.98%Building Products: -0.07 pp weight change; -13.0% relative return; weight 0.50%Semiconductor Materials & Equipment: +0.37 pp weight change; +54.5% relative return; weight 0.94%Electrical Components & Equipment: -0.06 pp weight change; -12.0% relative return; weight 0.57%Asset Management & Custody Banks: -0.18 pp weight change; -15.8% relative return; weight 1.43%Telecom Tower REITs: -0.06 pp weight change; -18.5% relative return; weight 0.28%Broadline Retail: -0.39 pp weight change; -13.7% relative return; weight 4.91%Broadline RetailOil & Gas Exploration & Production: -0.08 pp weight change; -20.8% relative return; weight 0.69%Industrial Gases: -0.10 pp weight change; -18.8% relative return; weight 0.50%Electronic Components: +0.12 pp weight change; +56.8% relative return; weight 0.31%Automotive Parts & Equipment: -0.00 pp weight change; +2.8% relative return; weight 0.03%Office REITs: -0.03 pp weight change; -42.3% relative return; weight 0.04%Paper & Plastic Packaging Products & Materials: -0.01 pp weight change; -27.5% relative return; weight 0.33%Water Utilities: -0.01 pp weight change; -12.3% relative return; weight 0.05%Consumer Finance: +0.17 pp weight change; +4.4% relative return; weight 0.86%Automotive Retail: +0.13 pp weight change; -9.2% relative return; weight 0.26%Aerospace & Defense: +0.47 pp weight change; +15.6% relative return; weight 2.56%Aerospace & DefenseDiversified Banks: +0.33 pp weight change; +10.2% relative return; weight 3.93%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -20.3% relative return; weight 0.03%Computer & Electronics Retail: -0.01 pp weight change; -32.8% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: -0.01 pp weight change; -5.4% relative return; weight 0.55%Oil & Gas Equipment & Services: -0.02 pp weight change; -12.0% relative return; weight 0.25%Pharmaceuticals: +0.28 pp weight change; +4.6% relative return; weight 4.11%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -9.4% relative return; weight 0.00%Health Care Distributors: +0.09 pp weight change; +22.9% relative return; weight 0.44%Construction Machinery & Heavy Transportation Equipment: +0.14 pp weight change; +17.8% relative return; weight 0.85%Financial Exchanges & Data: -0.10 pp weight change; -11.8% relative return; weight 0.95%Real Estate Services: -0.01 pp weight change; -10.2% relative return; weight 0.15%Fertilizers & Agricultural Chemicals: -0.01 pp weight change; -9.7% relative return; weight 0.13%Regional Banks: -0.01 pp weight change; -3.0% relative return; weight 0.31%Household Products: -0.12 pp weight change; -32.7% relative return; weight 0.25%Air Freight & Logistics: -0.07 pp weight change; -17.6% relative return; weight 0.32%Cable & Satellite: -0.15 pp weight change; -42.6% relative return; weight 0.22%Health Care Services: +0.02 pp weight change; +4.9% relative return; weight 0.44%Restaurants: -0.20 pp weight change; -20.9% relative return; weight 0.86%Managed Health Care: -0.55 pp weight change; -40.5% relative return; weight 0.84%Consumer Staples Merchandise Retail: -0.10 pp weight change; -7.4% relative return; weight 2.68%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.38 pp weight change; -33.6% relative return; weight 0.81%Communications Equipment: +0.25 pp weight change; +2.2% relative return; weight 1.07%Rail Transportation: -0.05 pp weight change; -9.4% relative return; weight 0.53%Diversified Support Services: -0.07 pp weight change; -23.9% relative return; weight 0.27%Integrated Oil & Gas: +0.01 pp weight change; -10.1% relative return; weight 0.60%Passenger Airlines: -0.01 pp weight change; -3.7% relative return; weight 0.20%Agricultural & Farm Machinery: -0.01 pp weight change; -9.0% relative return; weight 0.25%Homebuilding: -0.04 pp weight change; -17.3% relative return; weight 0.17%Movies & Entertainment: -0.04 pp weight change; -15.9% relative return; weight 0.57%Data Center REITs: -0.09 pp weight change; -29.9% relative return; weight 0.25%Health Care REITs: +0.08 pp weight change; +13.8% relative return; weight 0.34%Industrial Machinery & Supplies & Components: -0.10 pp weight change; -12.3% relative return; weight 0.92%Research & Consulting Services: -0.05 pp weight change; -31.7% relative return; weight 0.11%Reinsurance: -0.01 pp weight change; -22.6% relative return; weight 0.03%Multi-Family Residential REITs: -0.05 pp weight change; -24.0% relative return; weight 0.16%Self-Storage REITs: -0.05 pp weight change; -26.0% relative return; weight 0.14%Automobile Manufacturers: +0.02 pp weight change; -7.1% relative return; weight 3.17%Automobile ManufacturersTrading Companies & Distributors: +0.04 pp weight change; -6.6% relative return; weight 0.19%Copper: +0.02 pp weight change; +10.6% relative return; weight 0.14%Broadcasting: +0.08 pp weight change; +122.7% relative return; weight 0.14%Retail REITs: -0.03 pp weight change; -12.5% relative return; weight 0.27%Systems Software: +0.02 pp weight change; -7.3% relative return; weight 7.56%Systems SoftwarePackaged Foods & Meats: -0.12 pp weight change; -25.0% relative return; weight 0.34%Distributors: -0.00 pp weight change; -11.2% relative return; weight 0.03%Consumer Electronics: -0.01 pp weight change; -18.4% relative return; weight 0.08%Investment Banking & Brokerage: +0.33 pp weight change; +17.8% relative return; weight 1.48%Leisure Products: +0.00 pp weight change; +24.6% relative return; weight 0.02%Health Care Facilities: +0.04 pp weight change; +28.0% relative return; weight 0.21%Home Improvement Retail: -0.26 pp weight change; -24.0% relative return; weight 0.94%Industrial Conglomerates: -0.06 pp weight change; -11.6% relative return; weight 0.52%Hotel & Resort REITs: -0.01 pp weight change; -15.6% relative return; weight 0.08%Other Specialized REITs: -0.02 pp weight change; -33.2% relative return; weight 0.05%Construction & Engineering: +0.13 pp weight change; +1.2% relative return; weight 0.27%Cargo Ground Transportation: -0.02 pp weight change; -20.4% relative return; weight 0.10%Oil & Gas Storage & Transportation: -0.08 pp weight change; -18.1% relative return; weight 0.43%Soft Drinks & Non-alcoholic Beverages: -0.12 pp weight change; -11.5% relative return; weight 1.12%Food Retail: -0.02 pp weight change; -14.8% relative return; weight 0.08%Casinos & Gaming: +0.00 pp weight change; +3.9% relative return; weight 0.13%Construction Materials: +0.16 pp weight change; -5.0% relative return; weight 0.31%Tobacco: +0.05 pp weight change; +7.5% relative return; weight 0.68%Oil & Gas Refining & Marketing: -0.00 pp weight change; +1.3% relative return; weight 0.29%Gold: +0.12 pp weight change; +122.9% relative return; weight 0.21%Apparel, Accessories & Luxury Goods: -0.08 pp weight change; -28.6% relative return; weight 0.20%Steel: +0.02 pp weight change; +18.8% relative return; weight 0.12%Advertising: -0.01 pp weight change; -20.5% relative return; weight 0.03%Personal Care Products: -0.27 pp weight change; -28.6% relative return; weight 0.72%Industrial REITs: +0.01 pp weight change; +2.2% relative return; weight 0.23%Electronic Equipment & Instruments: -0.05 pp weight change; -22.0% relative return; weight 0.23%Apparel Retail: +0.03 pp weight change; +3.3% relative return; weight 0.45%Environmental & Facilities Services: -0.03 pp weight change; -10.1% relative return; weight 0.41%Food Distributors: -0.02 pp weight change; -19.1% relative return; weight 0.07%Integrated Telecommunication Services: -0.07 pp weight change; -9.0% relative return; weight 0.68%Electronic Manufacturing Services: +0.05 pp weight change; +31.1% relative return; weight 0.18%Other Specialty Retail: +0.05 pp weight change; -14.4% relative return; weight 0.10%Timber REITs: -0.01 pp weight change; -29.0% relative return; weight 0.03%Interactive Home Entertainment: +0.02 pp weight change; +13.6% relative return; weight 0.09%Data Processing & Outsourced Services: -0.01 pp weight change; -18.1% relative return; weight 0.05%Gas Utilities: +0.00 pp weight change; +0.5% relative return; weight 0.05%Commodity Chemicals: -0.03 pp weight change; -48.8% relative return; weight 0.03%Wireless Telecommunication Services: -0.14 pp weight change; -23.7% relative return; weight 0.44%Technology Distributors: -0.02 pp weight change; -35.1% relative return; weight 0.03%Heavy Electrical Equipment: +0.14 pp weight change; +54.2% relative return; weight 0.36%Single-Family Residential REITs: -0.01 pp weight change; -26.2% relative return; weight 0.03%Passenger Ground Transportation: +0.04 pp weight change; +10.7% relative return; weight 0.33%Footwear: -0.04 pp weight change; -58.3% relative return; weight 0.03%Health Care Technology: +0.00 pp weight change; -2.0% relative return; weight 0.03%Homefurnishing Retail: +0.04 pp weight change; -6.6% 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.