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

-4.50 pp-120%-2.25 pp-60%+0.00 pp+0%+2.25 pp+60%+4.50 pp+120%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.21 pp weight change; -19.5% relative return; weight 0.99%Technology Hardware, Storage & Peripherals: -0.21 pp weight change; -6.0% relative return; weight 7.94%Technology Hardware, Storage & PeripheralsBiotechnology: +0.08 pp weight change; +1.7% relative return; weight 1.93%Health Care Equipment: -0.49 pp weight change; -21.8% relative return; weight 2.13%IT Consulting & Other Services: -0.28 pp weight change; -24.8% relative return; weight 0.97%Application Software: -1.03 pp weight change; -33.2% relative return; weight 2.45%Application SoftwareSemiconductors: +4.26 pp weight change; +32.4% relative return; weight 15.34%SemiconductorsAgricultural Products & Services: +0.03 pp weight change; +18.6% relative return; weight 0.10%Human Resource & Employment Services: -0.13 pp weight change; -34.4% relative return; weight 0.26%Multi-Utilities: -0.00 pp weight change; -4.1% relative return; weight 1.06%Electric Utilities: -0.06 pp weight change; -9.6% relative return; weight 1.34%Independent Power Producers & Energy Traders: +0.01 pp weight change; +21.4% relative return; weight 0.08%Life & Health Insurance: -0.08 pp weight change; -16.5% relative return; weight 0.35%Multi-line Insurance: -0.03 pp weight change; -9.4% relative return; weight 0.14%Insurance Brokers: -0.15 pp weight change; -28.2% relative return; weight 0.55%Internet Services & Infrastructure: -0.05 pp weight change; -34.7% relative return; weight 0.10%Specialty Chemicals: -0.07 pp weight change; -14.6% relative return; weight 0.47%Health Care Supplies: -0.05 pp weight change; -38.6% relative return; weight 0.08%Property & Casualty Insurance: -0.12 pp weight change; -12.7% relative return; weight 0.92%Building Products: -0.04 pp weight change; -6.3% relative return; weight 0.51%Semiconductor Materials & Equipment: +0.57 pp weight change; +82.7% relative return; weight 1.19%Electrical Components & Equipment: -0.01 pp weight change; -3.5% relative return; weight 0.61%Asset Management & Custody Banks: -0.30 pp weight change; -21.4% relative return; weight 1.38%Telecom Tower REITs: -0.06 pp weight change; -18.0% relative return; weight 0.27%Broadline Retail: -0.66 pp weight change; -17.1% relative return; weight 4.97%Broadline RetailOil & Gas Exploration & Production: -0.03 pp weight change; -14.2% relative return; weight 0.74%Industrial Gases: -0.11 pp weight change; -19.3% relative return; weight 0.52%Electronic Components: +0.14 pp weight change; +66.6% relative return; weight 0.34%Automotive Parts & Equipment: -0.00 pp weight change; -0.6% relative return; weight 0.03%Office REITs: -0.03 pp weight change; -40.0% relative return; weight 0.04%Paper & Plastic Packaging Products & Materials: +0.01 pp weight change; -23.7% relative return; weight 0.34%Water Utilities: -0.01 pp weight change; -13.0% relative return; weight 0.05%Consumer Finance: +0.05 pp weight change; -10.4% relative return; weight 0.78%Automotive Retail: +0.14 pp weight change; -5.9% relative return; weight 0.28%Aerospace & Defense: +0.50 pp weight change; +16.4% relative return; weight 2.70%Aerospace & DefenseDiversified Banks: -0.14 pp weight change; -2.0% relative return; weight 3.74%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -15.0% relative return; weight 0.03%Computer & Electronics Retail: -0.01 pp weight change; -34.5% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: -0.02 pp weight change; -7.1% relative return; weight 0.57%Oil & Gas Equipment & Services: +0.02 pp weight change; +3.2% relative return; weight 0.30%Pharmaceuticals: +0.20 pp weight change; +3.0% relative return; weight 4.08%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -16.0% relative return; weight 0.00%Health Care Distributors: +0.08 pp weight change; +18.5% relative return; weight 0.44%Construction Machinery & Heavy Transportation Equipment: +0.22 pp weight change; +29.1% relative return; weight 0.94%Financial Exchanges & Data: -0.12 pp weight change; -13.2% relative return; weight 0.96%Real Estate Services: -0.02 pp weight change; -16.9% relative return; weight 0.15%Fertilizers & Agricultural Chemicals: -0.02 pp weight change; -10.6% relative return; weight 0.14%Regional Banks: -0.01 pp weight change; -2.7% relative return; weight 0.32%Household Products: -0.08 pp weight change; -23.7% relative return; weight 0.27%Air Freight & Logistics: -0.01 pp weight change; -2.2% relative return; weight 0.35%Cable & Satellite: -0.13 pp weight change; -38.3% relative return; weight 0.22%Health Care Services: -0.04 pp weight change; -9.0% relative return; weight 0.42%Restaurants: -0.19 pp weight change; -19.7% relative return; weight 0.88%Managed Health Care: -0.73 pp weight change; -50.6% relative return; weight 0.73%Consumer Staples Merchandise Retail: -0.12 pp weight change; -7.2% relative return; weight 2.81%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.50 pp weight change; -41.5% relative return; weight 0.73%Communications Equipment: +0.26 pp weight change; +3.5% relative return; weight 1.09%Rail Transportation: -0.08 pp weight change; -13.3% relative return; weight 0.53%Diversified Support Services: -0.08 pp weight change; -25.3% relative return; weight 0.27%Integrated Oil & Gas: +0.09 pp weight change; +1.7% relative return; weight 0.68%Passenger Airlines: -0.02 pp weight change; -10.8% relative return; weight 0.19%Agricultural & Farm Machinery: -0.01 pp weight change; -8.0% relative return; weight 0.27%Homebuilding: -0.04 pp weight change; -14.4% relative return; weight 0.17%Movies & Entertainment: +0.53 pp weight change; -20.9% relative return; weight 1.15%Data Center REITs: -0.05 pp weight change; -20.8% relative return; weight 0.26%Health Care REITs: +0.06 pp weight change; +9.1% relative return; weight 0.34%Industrial Machinery & Supplies & Components: -0.11 pp weight change; -12.0% relative return; weight 0.95%Research & Consulting Services: -0.06 pp weight change; -38.4% relative return; weight 0.11%Reinsurance: -0.01 pp weight change; -21.0% relative return; weight 0.03%Multi-Family Residential REITs: -0.05 pp weight change; -23.7% relative return; weight 0.15%Self-Storage REITs: -0.04 pp weight change; -21.8% relative return; weight 0.15%Automobile Manufacturers: +0.25 pp weight change; -10.1% relative return; weight 3.33%Automobile ManufacturersTrading Companies & Distributors: +0.03 pp weight change; -9.6% relative return; weight 0.19%Copper: +0.05 pp weight change; +39.6% relative return; weight 0.17%Broadcasting: +0.07 pp weight change; +116.1% relative return; weight 0.13%Retail REITs: -0.02 pp weight change; -7.7% relative return; weight 0.28%Systems Software: -0.52 pp weight change; -15.8% relative return; weight 6.78%Systems SoftwarePackaged Foods & Meats: -0.08 pp weight change; -16.7% relative return; weight 0.35%Distributors: +0.00 pp weight change; +1.1% relative return; weight 0.04%Consumer Electronics: -0.02 pp weight change; -22.2% relative return; weight 0.07%Investment Banking & Brokerage: +0.26 pp weight change; +11.2% relative return; weight 1.51%Leisure Products: +0.01 pp weight change; +31.6% relative return; weight 0.02%Health Care Facilities: +0.03 pp weight change; +22.2% relative return; weight 0.21%Home Improvement Retail: -0.24 pp weight change; -21.1% relative return; weight 1.00%Industrial Conglomerates: -0.04 pp weight change; -7.9% relative return; weight 0.55%Hotel & Resort REITs: -0.01 pp weight change; -14.4% relative return; weight 0.08%Other Specialized REITs: -0.01 pp weight change; -23.0% relative return; weight 0.05%Construction & Engineering: +0.17 pp weight change; +17.3% relative return; weight 0.30%Cargo Ground Transportation: -0.02 pp weight change; -16.7% relative return; weight 0.11%Oil & Gas Storage & Transportation: -0.04 pp weight change; -10.9% relative return; weight 0.46%Soft Drinks & Non-alcoholic Beverages: -0.05 pp weight change; -5.9% relative return; weight 1.16%Food Retail: -0.02 pp weight change; -14.8% relative return; weight 0.08%Casinos & Gaming: -0.01 pp weight change; -5.6% relative return; weight 0.11%Construction Materials: +0.15 pp weight change; -8.9% relative return; weight 0.31%Tobacco: +0.09 pp weight change; +13.1% relative return; weight 0.73%Oil & Gas Refining & Marketing: +0.01 pp weight change; +6.2% relative return; weight 0.32%Gold: +0.13 pp weight change; +119.1% relative return; weight 0.23%Apparel, Accessories & Luxury Goods: -0.10 pp weight change; -35.6% relative return; weight 0.19%Steel: +0.02 pp weight change; +15.7% relative return; weight 0.13%Advertising: -0.01 pp weight change; -24.5% relative return; weight 0.03%Personal Care Products: -0.22 pp weight change; -23.7% relative return; weight 0.74%Industrial REITs: -0.01 pp weight change; -7.1% relative return; weight 0.23%Electronic Equipment & Instruments: -0.08 pp weight change; -28.9% relative return; weight 0.23%Apparel Retail: +0.01 pp weight change; +0.7% relative return; weight 0.44%Environmental & Facilities Services: -0.05 pp weight change; -14.7% relative return; weight 0.40%Food Distributors: -0.00 pp weight change; -3.1% relative return; weight 0.08%Integrated Telecommunication Services: -0.03 pp weight change; -3.3% relative return; weight 0.71%Electronic Manufacturing Services: +0.04 pp weight change; +23.4% relative return; weight 0.17%Other Specialty Retail: +0.05 pp weight change; -7.0% relative return; weight 0.11%Timber REITs: -0.01 pp weight change; -28.7% relative return; weight 0.04%Interactive Home Entertainment: +0.01 pp weight change; -2.7% relative return; weight 0.08%Data Processing & Outsourced Services: -0.02 pp weight change; -31.1% relative return; weight 0.04%Gas Utilities: +0.00 pp weight change; -2.2% relative return; weight 0.05%Commodity Chemicals: -0.02 pp weight change; -37.9% relative return; weight 0.04%Wireless Telecommunication Services: -0.17 pp weight change; -29.6% relative return; weight 0.42%Technology Distributors: -0.03 pp weight change; -47.2% relative return; weight 0.03%Heavy Electrical Equipment: +0.15 pp weight change; +54.6% relative return; weight 0.39%Single-Family Residential REITs: -0.01 pp weight change; -26.9% relative return; weight 0.03%Passenger Ground Transportation: +0.01 pp weight change; -1.9% relative return; weight 0.32%Footwear: -0.03 pp weight change; -44.9% relative return; weight 0.03%Health Care Technology: -0.00 pp weight change; -14.8% relative return; weight 0.03%Homefurnishing Retail: +0.05 pp weight change; +7.7% 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.