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

-28.50 pp-150%-14.25 pp-75%+0.00 pp+0%+14.25 pp+75%+28.50 pp+150%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.42 pp weight change; -20.0% relative return; weight 0.66%Technology Hardware, Storage & Peripherals: -2.61 pp weight change; -7.6% relative return; weight 5.82%Technology Hardware, Storage & PeripheralsBiotechnology: -0.57 pp weight change; -2.9% relative return; weight 1.47%Health Care Equipment: -1.15 pp weight change; -24.1% relative return; weight 1.52%IT Consulting & Other Services: -0.65 pp weight change; -38.7% relative return; weight 0.55%Application Software: -1.73 pp weight change; -37.6% relative return; weight 1.57%Semiconductors: -0.75 pp weight change; +22.8% relative return; weight 10.39%SemiconductorsAgricultural Products & Services: +0.00 pp weight change; +29.0% relative return; weight 0.08%Human Resource & Employment Services: -0.24 pp weight change; -45.3% relative return; weight 0.16%Multi-Utilities: -0.26 pp weight change; +0.9% relative return; weight 0.83%Electric Utilities: -0.36 pp weight change; -1.8% relative return; weight 1.09%Independent Power Producers & Energy Traders: +0.00 pp weight change; +35.1% relative return; weight 0.07%Life & Health Insurance: -0.19 pp weight change; -21.5% relative return; weight 0.24%Multi-line Insurance: -0.07 pp weight change; -13.1% relative return; weight 0.11%Insurance Brokers: -0.43 pp weight change; -38.1% relative return; weight 0.38%Internet Services & Infrastructure: -0.07 pp weight change; -34.3% relative return; weight 0.06%Specialty Chemicals: -0.19 pp weight change; -11.3% relative return; weight 0.36%Health Care Supplies: -0.04 pp weight change; -18.5% relative return; weight 0.07%Property & Casualty Insurance: -0.44 pp weight change; -15.3% relative return; weight 0.70%Building Products: -0.14 pp weight change; +2.7% relative return; weight 0.41%Semiconductor Materials & Equipment: +0.37 pp weight change; +116.4% relative return; weight 0.94%Electrical Components & Equipment: -0.13 pp weight change; +5.0% relative return; weight 0.45%Asset Management & Custody Banks: -0.66 pp weight change; -24.8% relative return; weight 0.87%Telecom Tower REITs: -0.15 pp weight change; -21.7% relative return; weight 0.21%Broadline Retail: -1.95 pp weight change; -19.8% relative return; weight 3.15%Broadline RetailOil & Gas Exploration & Production: -0.19 pp weight change; -7.9% relative return; weight 0.61%Industrial Gases: -0.24 pp weight change; -15.1% relative return; weight 0.41%Electronic Components: +0.11 pp weight change; +112.4% relative return; weight 0.30%Automotive Parts & Equipment: -0.01 pp weight change; -8.9% relative return; weight 0.02%Office REITs: -0.04 pp weight change; -45.6% relative return; weight 0.03%Paper & Plastic Packaging Products & Materials: +28.18 pp weight change; -19.7% relative return; weight 28.54%Paper & Plastic Packaging Products & MaterialsWater Utilities: -0.02 pp weight change; -17.3% relative return; weight 0.04%Consumer Finance: -0.21 pp weight change; -17.6% relative return; weight 0.49%Automotive Retail: +0.05 pp weight change; -13.1% relative return; weight 0.19%Aerospace & Defense: -0.20 pp weight change; +21.3% relative return; weight 2.04%Aerospace & DefenseDiversified Banks: -1.29 pp weight change; -6.8% relative return; weight 2.53%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; +4.3% relative return; weight 0.02%Computer & Electronics Retail: -0.03 pp weight change; -41.4% relative return; weight 0.02%Hotels, Resorts & Cruise Lines: -0.15 pp weight change; -1.2% relative return; weight 0.41%Oil & Gas Equipment & Services: -0.05 pp weight change; +11.1% relative return; weight 0.24%Pharmaceuticals: -1.07 pp weight change; +0.7% relative return; weight 3.09%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -20.7% relative return; weight 0.00%Health Care Distributors: -0.03 pp weight change; +25.1% relative return; weight 0.35%Construction Machinery & Heavy Transportation Equipment: +0.06 pp weight change; +47.5% relative return; weight 0.74%Financial Exchanges & Data: -0.49 pp weight change; -23.6% relative return; weight 0.62%Real Estate Services: -0.08 pp weight change; -32.1% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: -0.04 pp weight change; +2.3% relative return; weight 0.11%Regional Banks: -0.07 pp weight change; -3.3% relative return; weight 0.25%Household Products: -0.16 pp weight change; -21.4% relative return; weight 0.22%Air Freight & Logistics: -0.10 pp weight change; +2.2% relative return; weight 0.27%Cable & Satellite: -0.20 pp weight change; -37.6% relative return; weight 0.17%Health Care Services: -0.17 pp weight change; -9.3% relative return; weight 0.32%Restaurants: -0.47 pp weight change; -20.5% relative return; weight 0.67%Managed Health Care: -0.79 pp weight change; -45.7% relative return; weight 0.52%Consumer Staples Merchandise Retail: -0.84 pp weight change; -3.9% relative return; weight 2.17%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.71 pp weight change; -44.0% relative return; weight 0.51%Communications Equipment: -0.18 pp weight change; +2.6% relative return; weight 0.86%Rail Transportation: -0.17 pp weight change; -3.1% relative return; weight 0.42%Diversified Support Services: -0.15 pp weight change; -25.7% relative return; weight 0.19%Integrated Oil & Gas: -0.11 pp weight change; -0.8% relative return; weight 0.51%Passenger Airlines: -0.06 pp weight change; -1.9% relative return; weight 0.14%Agricultural & Farm Machinery: -0.06 pp weight change; +7.1% relative return; weight 0.23%Homebuilding: -0.06 pp weight change; -0.7% relative return; weight 0.13%Movies & Entertainment: +0.26 pp weight change; -16.2% relative return; weight 0.89%Data Center REITs: -0.10 pp weight change; -9.1% relative return; weight 0.21%Health Care REITs: -0.05 pp weight change; +5.6% relative return; weight 0.27%Industrial Machinery & Supplies & Components: -0.30 pp weight change; -4.3% relative return; weight 0.72%Research & Consulting Services: -0.09 pp weight change; -38.0% relative return; weight 0.07%Reinsurance: -0.02 pp weight change; -22.5% relative return; weight 0.02%Multi-Family Residential REITs: -0.11 pp weight change; -30.0% relative return; weight 0.11%Self-Storage REITs: -0.07 pp weight change; -15.6% relative return; weight 0.12%Automobile Manufacturers: -0.05 pp weight change; +12.0% relative return; weight 2.24%Automobile ManufacturersTrading Companies & Distributors: +0.00 pp weight change; +5.2% relative return; weight 0.15%Copper: +0.02 pp weight change; +50.8% relative return; weight 0.13%Broadcasting: +0.03 pp weight change; +98.2% relative return; weight 0.10%Retail REITs: -0.10 pp weight change; -5.6% relative return; weight 0.22%Systems Software: -2.74 pp weight change; -21.3% relative return; weight 4.46%Systems SoftwarePackaged Foods & Meats: -0.18 pp weight change; -17.9% relative return; weight 0.27%Distributors: -0.02 pp weight change; -20.5% relative return; weight 0.02%Consumer Electronics: -0.03 pp weight change; -9.5% relative return; weight 0.07%Investment Banking & Brokerage: -0.32 pp weight change; +4.0% relative return; weight 0.99%Leisure Products: -0.00 pp weight change; +29.2% relative return; weight 0.02%Health Care Facilities: -0.01 pp weight change; +40.5% relative return; weight 0.16%Home Improvement Retail: -0.47 pp weight change; -18.5% relative return; weight 0.72%Industrial Conglomerates: -0.16 pp weight change; -0.5% relative return; weight 0.43%Hotel & Resort REITs: -0.04 pp weight change; -14.7% relative return; weight 0.06%Other Specialized REITs: -0.02 pp weight change; -2.8% relative return; weight 0.04%Construction & Engineering: +0.13 pp weight change; +53.6% relative return; weight 0.25%Cargo Ground Transportation: -0.03 pp weight change; +0.8% relative return; weight 0.09%Oil & Gas Storage & Transportation: -0.16 pp weight change; -5.6% relative return; weight 0.37%Soft Drinks & Non-alcoholic Beverages: -0.40 pp weight change; -5.9% relative return; weight 0.91%Food Retail: -0.05 pp weight change; -13.4% relative return; weight 0.06%Casinos & Gaming: -0.03 pp weight change; -0.2% relative return; weight 0.08%Construction Materials: +0.08 pp weight change; +0.9% relative return; weight 0.22%Tobacco: -0.19 pp weight change; +2.2% relative return; weight 0.56%Oil & Gas Refining & Marketing: -0.07 pp weight change; +11.5% relative return; weight 0.25%Gold: +0.09 pp weight change; +148.9% relative return; weight 0.19%Apparel, Accessories & Luxury Goods: -0.14 pp weight change; -31.6% relative return; weight 0.14%Steel: -0.02 pp weight change; +9.9% relative return; weight 0.09%Advertising: -0.00 pp weight change; -13.8% relative return; weight 0.04%Personal Care Products: -0.43 pp weight change; -21.4% relative return; weight 0.58%Industrial REITs: -0.07 pp weight change; -3.9% relative return; weight 0.18%Electronic Equipment & Instruments: -0.11 pp weight change; -17.1% relative return; weight 0.18%Apparel Retail: -0.08 pp weight change; +9.1% relative return; weight 0.34%Environmental & Facilities Services: -0.18 pp weight change; -16.8% relative return; weight 0.30%Food Distributors: -0.02 pp weight change; +0.1% relative return; weight 0.06%Integrated Telecommunication Services: -0.29 pp weight change; -7.2% relative return; weight 0.56%Electronic Manufacturing Services: -0.01 pp weight change; +26.2% relative return; weight 0.13%Other Specialty Retail: -0.02 pp weight change; +3.5% relative return; weight 0.08%Timber REITs: -0.02 pp weight change; -32.1% relative return; weight 0.02%Interactive Home Entertainment: -0.03 pp weight change; -19.5% relative return; weight 0.05%Data Processing & Outsourced Services: -0.03 pp weight change; -36.9% relative return; weight 0.03%Gas Utilities: -0.01 pp weight change; +1.2% relative return; weight 0.04%Commodity Chemicals: -0.03 pp weight change; -30.6% relative return; weight 0.03%Wireless Telecommunication Services: -0.36 pp weight change; -34.0% relative return; weight 0.33%Technology Distributors: -0.03 pp weight change; -43.6% relative return; weight 0.02%Heavy Electrical Equipment: +0.12 pp weight change; +104.5% relative return; weight 0.34%Single-Family Residential REITs: -0.02 pp weight change; -35.1% relative return; weight 0.02%Passenger Ground Transportation: -0.14 pp weight change; -20.0% relative return; weight 0.21%Footwear: -0.02 pp weight change; -32.1% relative return; weight 0.02%Health Care Technology: -0.01 pp weight change; -25.0% relative return; weight 0.02%Homefurnishing Retail: +0.03 pp weight change; +6.5% relative return; weight 0.03%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.