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

-27.50 pp-130%-13.75 pp-65%+0.00 pp+0%+13.75 pp+65%+27.50 pp+130%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.44 pp weight change; -20.1% relative return; weight 0.65%Technology Hardware, Storage & Peripherals: -2.26 pp weight change; -0.4% relative return; weight 5.94%Technology Hardware, Storage & PeripheralsBiotechnology: -0.69 pp weight change; -6.4% relative return; weight 1.45%Health Care Equipment: -1.27 pp weight change; -28.2% relative return; weight 1.41%IT Consulting & Other Services: -0.61 pp weight change; -33.6% relative return; weight 0.57%Application Software: -1.54 pp weight change; -30.8% relative return; weight 1.63%Semiconductors: +0.25 pp weight change; +38.5% relative return; weight 10.63%SemiconductorsAgricultural Products & Services: +0.01 pp weight change; +36.5% relative return; weight 0.09%Human Resource & Employment Services: -0.26 pp weight change; -45.2% relative return; weight 0.17%Multi-Utilities: -0.31 pp weight change; +0.1% relative return; weight 0.87%Electric Utilities: -0.42 pp weight change; -2.4% relative return; weight 1.11%Independent Power Producers & Energy Traders: -0.01 pp weight change; +19.0% relative return; weight 0.06%Life & Health Insurance: -0.20 pp weight change; -19.4% relative return; weight 0.24%Multi-line Insurance: -0.09 pp weight change; -19.2% relative return; weight 0.11%Insurance Brokers: -0.49 pp weight change; -40.8% relative return; weight 0.38%Internet Services & Infrastructure: -0.07 pp weight change; -29.2% relative return; weight 0.07%Specialty Chemicals: -0.20 pp weight change; -11.9% relative return; weight 0.36%Health Care Supplies: -0.04 pp weight change; -16.6% relative return; weight 0.06%Property & Casualty Insurance: -0.54 pp weight change; -20.2% relative return; weight 0.70%Building Products: -0.17 pp weight change; -1.9% relative return; weight 0.39%Semiconductor Materials & Equipment: +0.36 pp weight change; +121.5% relative return; weight 0.91%Electrical Components & Equipment: +0.02 pp weight change; +7.4% relative return; weight 0.58%Asset Management & Custody Banks: -0.57 pp weight change; -16.7% relative return; weight 0.90%Telecom Tower REITs: -0.21 pp weight change; -32.4% relative return; weight 0.20%Broadline Retail: -1.55 pp weight change; -9.1% relative return; weight 3.32%Broadline RetailOil & Gas Exploration & Production: -0.21 pp weight change; +3.5% relative return; weight 0.73%Industrial Gases: -0.25 pp weight change; -12.0% relative return; weight 0.43%Electronic Components: +0.16 pp weight change; +104.1% relative return; weight 0.35%Automotive Parts & Equipment: -0.01 pp weight change; -3.4% relative return; weight 0.02%Office REITs: -0.04 pp weight change; -46.6% relative return; weight 0.02%Paper & Plastic Packaging Products & Materials: +27.31 pp weight change; -19.2% relative return; weight 27.67%Paper & Plastic Packaging Products & MaterialsWater Utilities: -0.03 pp weight change; -21.7% relative return; weight 0.04%Consumer Finance: -0.16 pp weight change; -8.8% relative return; weight 0.50%Automotive Retail: +0.03 pp weight change; -22.4% relative return; weight 0.19%Aerospace & Defense: -0.45 pp weight change; +11.2% relative return; weight 1.93%Aerospace & DefenseDiversified Banks: -1.07 pp weight change; +2.6% relative return; weight 2.63%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -4.7% relative return; weight 0.02%Computer & Electronics Retail: -0.02 pp weight change; -23.8% relative return; weight 0.02%Hotels, Resorts & Cruise Lines: -0.10 pp weight change; +10.0% relative return; weight 0.40%Oil & Gas Equipment & Services: -0.05 pp weight change; +14.0% relative return; weight 0.25%Pharmaceuticals: -1.12 pp weight change; +1.8% relative return; weight 3.06%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -25.5% relative return; weight 0.00%Health Care Distributors: -0.10 pp weight change; +6.1% relative return; weight 0.33%Construction Machinery & Heavy Transportation Equipment: +0.07 pp weight change; +52.9% relative return; weight 0.74%Financial Exchanges & Data: -0.51 pp weight change; -22.7% relative return; weight 0.63%Real Estate Services: -0.09 pp weight change; -34.5% relative return; weight 0.08%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; +12.6% relative return; weight 0.12%Regional Banks: -0.06 pp weight change; +3.2% relative return; weight 0.25%Household Products: -0.20 pp weight change; -30.8% relative return; weight 0.20%Air Freight & Logistics: -0.11 pp weight change; -0.4% relative return; weight 0.26%Cable & Satellite: -0.24 pp weight change; -42.0% relative return; weight 0.17%Health Care Services: -0.22 pp weight change; -17.3% relative return; weight 0.31%Restaurants: -0.51 pp weight change; -22.6% relative return; weight 0.64%Managed Health Care: -1.01 pp weight change; -53.5% relative return; weight 0.51%Consumer Staples Merchandise Retail: -0.63 pp weight change; +6.8% relative return; weight 2.24%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.73 pp weight change; -43.5% relative return; weight 0.51%Communications Equipment: -0.07 pp weight change; +8.8% relative return; weight 0.95%Rail Transportation: -0.18 pp weight change; -3.1% relative return; weight 0.41%Diversified Support Services: -0.20 pp weight change; -35.4% relative return; weight 0.17%Integrated Oil & Gas: -0.10 pp weight change; +6.9% relative return; weight 0.60%Passenger Airlines: -0.03 pp weight change; +13.0% relative return; weight 0.13%Agricultural & Farm Machinery: -0.08 pp weight change; +0.6% relative return; weight 0.22%Homebuilding: -0.08 pp weight change; -12.3% relative return; weight 0.12%Movies & Entertainment: +0.32 pp weight change; -6.6% relative return; weight 0.91%Data Center REITs: -0.07 pp weight change; +3.8% relative return; weight 0.23%Health Care REITs: -0.06 pp weight change; +3.6% relative return; weight 0.27%Industrial Machinery & Supplies & Components: -0.33 pp weight change; -5.8% relative return; weight 0.69%Research & Consulting Services: -0.10 pp weight change; -43.2% relative return; weight 0.07%Reinsurance: -0.02 pp weight change; -24.7% relative return; weight 0.02%Multi-Family Residential REITs: -0.12 pp weight change; -32.5% relative return; weight 0.11%Self-Storage REITs: -0.09 pp weight change; -22.5% relative return; weight 0.11%Automobile Manufacturers: +0.01 pp weight change; +18.5% relative return; weight 2.19%Automobile ManufacturersTrading Companies & Distributors: -0.01 pp weight change; +2.0% relative return; weight 0.14%Copper: -0.01 pp weight change; +30.3% relative return; weight 0.12%Broadcasting: +0.04 pp weight change; +111.8% relative return; weight 0.10%Retail REITs: -0.10 pp weight change; -6.1% relative return; weight 0.22%Systems Software: -2.69 pp weight change; -18.5% relative return; weight 4.49%Systems SoftwarePackaged Foods & Meats: -0.24 pp weight change; -25.9% relative return; weight 0.26%Distributors: -0.02 pp weight change; -24.1% relative return; weight 0.02%Consumer Electronics: -0.03 pp weight change; -10.1% relative return; weight 0.07%Investment Banking & Brokerage: -0.22 pp weight change; +16.3% relative return; weight 1.03%Leisure Products: -0.00 pp weight change; +30.5% relative return; weight 0.02%Health Care Facilities: -0.05 pp weight change; +14.1% relative return; weight 0.15%Home Improvement Retail: -0.51 pp weight change; -21.4% relative return; weight 0.67%Industrial Conglomerates: -0.19 pp weight change; -3.7% relative return; weight 0.41%Hotel & Resort REITs: -0.04 pp weight change; -16.7% relative return; weight 0.06%Other Specialized REITs: -0.02 pp weight change; +1.7% relative return; weight 0.04%Construction & Engineering: +0.14 pp weight change; +58.7% relative return; weight 0.26%Cargo Ground Transportation: -0.03 pp weight change; +4.7% relative return; weight 0.09%Oil & Gas Storage & Transportation: -0.17 pp weight change; -2.6% relative return; weight 0.40%Soft Drinks & Non-alcoholic Beverages: -0.51 pp weight change; -11.4% relative return; weight 0.89%Food Retail: -0.05 pp weight change; -9.7% relative return; weight 0.06%Casinos & Gaming: -0.02 pp weight change; +12.0% relative return; weight 0.08%Construction Materials: +0.06 pp weight change; -6.1% relative return; weight 0.21%Tobacco: -0.29 pp weight change; -8.5% relative return; weight 0.54%Oil & Gas Refining & Marketing: -0.01 pp weight change; +41.5% relative return; weight 0.32%Gold: +0.04 pp weight change; +87.9% relative return; weight 0.17%Apparel, Accessories & Luxury Goods: -0.11 pp weight change; -23.7% relative return; weight 0.13%Steel: -0.02 pp weight change; +19.1% relative return; weight 0.09%Advertising: -0.00 pp weight change; -21.9% relative return; weight 0.03%Personal Care Products: -0.52 pp weight change; -29.0% relative return; weight 0.54%Industrial REITs: -0.07 pp weight change; +1.2% relative return; weight 0.18%Electronic Equipment & Instruments: -0.12 pp weight change; -17.9% relative return; weight 0.18%Apparel Retail: -0.07 pp weight change; +17.3% relative return; weight 0.36%Environmental & Facilities Services: -0.22 pp weight change; -20.3% relative return; weight 0.30%Food Distributors: -0.04 pp weight change; -19.1% relative return; weight 0.05%Integrated Telecommunication Services: -0.33 pp weight change; -7.0% relative return; weight 0.60%Electronic Manufacturing Services: -0.01 pp weight change; +33.6% relative return; weight 0.13%Other Specialty Retail: -0.04 pp weight change; -13.1% relative return; weight 0.07%Timber REITs: -0.02 pp weight change; -28.6% relative return; weight 0.03%Interactive Home Entertainment: -0.03 pp weight change; -21.1% relative return; weight 0.05%Data Processing & Outsourced Services: -0.04 pp weight change; -43.6% relative return; weight 0.03%Gas Utilities: -0.01 pp weight change; +1.1% relative return; weight 0.04%Commodity Chemicals: -0.01 pp weight change; +5.4% relative return; weight 0.04%Wireless Telecommunication Services: -0.39 pp weight change; -33.7% relative return; weight 0.34%Technology Distributors: -0.03 pp weight change; -36.5% relative return; weight 0.02%Heavy Electrical Equipment: +0.14 pp weight change; +128.2% relative return; weight 0.36%Single-Family Residential REITs: -0.03 pp weight change; -38.5% relative return; weight 0.02%Passenger Ground Transportation: -0.15 pp weight change; -18.3% relative return; weight 0.22%Footwear: -0.02 pp weight change; -25.9% relative return; weight 0.02%Health Care Technology: -0.01 pp weight change; -28.9% relative return; weight 0.02%Homefurnishing Retail: -0.01 pp weight change; -3.1% 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.