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

-26.00 pp-140%-13.00 pp-70%+0.00 pp+0%+13.00 pp+70%+26.00 pp+140%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.41 pp weight change; -21.3% relative return; weight 0.59%Technology Hardware, Storage & Peripherals: -1.79 pp weight change; +6.1% relative return; weight 6.16%Technology Hardware, Storage & PeripheralsBiotechnology: -0.76 pp weight change; -13.2% relative return; weight 1.31%Health Care Equipment: -1.46 pp weight change; -37.3% relative return; weight 1.24%IT Consulting & Other Services: -0.67 pp weight change; -41.4% relative return; weight 0.50%Application Software: -1.68 pp weight change; -35.0% relative return; weight 1.58%Semiconductors: +2.06 pp weight change; +60.7% relative return; weight 12.72%SemiconductorsAgricultural Products & Services: +0.00 pp weight change; +26.4% relative return; weight 0.08%Human Resource & Employment Services: -0.26 pp weight change; -46.7% relative return; weight 0.16%Multi-Utilities: -0.35 pp weight change; -4.3% relative return; weight 0.83%Electric Utilities: -0.51 pp weight change; -9.7% relative return; weight 1.05%Independent Power Producers & Energy Traders: -0.01 pp weight change; +10.9% relative return; weight 0.06%Life & Health Insurance: -0.18 pp weight change; -15.9% relative return; weight 0.24%Multi-line Insurance: -0.08 pp weight change; -18.8% relative return; weight 0.10%Insurance Brokers: -0.46 pp weight change; -43.4% relative return; weight 0.33%Internet Services & Infrastructure: -0.09 pp weight change; -38.0% relative return; weight 0.07%Specialty Chemicals: -0.22 pp weight change; -17.8% relative return; weight 0.33%Health Care Supplies: -0.04 pp weight change; -19.2% relative return; weight 0.06%Property & Casualty Insurance: -0.56 pp weight change; -23.5% relative return; weight 0.66%Building Products: -0.18 pp weight change; -1.2% relative return; weight 0.41%Semiconductor Materials & Equipment: +0.44 pp weight change; +137.8% relative return; weight 1.01%Electrical Components & Equipment: +0.06 pp weight change; +15.0% relative return; weight 0.64%Asset Management & Custody Banks: -0.50 pp weight change; -11.3% relative return; weight 0.94%Telecom Tower REITs: -0.23 pp weight change; -34.4% relative return; weight 0.20%Broadline Retail: -0.84 pp weight change; +9.3% relative return; weight 3.93%Broadline RetailOil & Gas Exploration & Production: -0.16 pp weight change; +7.3% relative return; weight 0.66%Industrial Gases: -0.25 pp weight change; -14.6% relative return; weight 0.41%Electronic Components: +0.19 pp weight change; +113.1% relative return; weight 0.40%Automotive Parts & Equipment: -0.01 pp weight change; -19.8% relative return; weight 0.02%Office REITs: -0.03 pp weight change; -42.3% relative return; weight 0.02%Paper & Plastic Packaging Products & Materials: +25.58 pp weight change; -19.7% relative return; weight 25.93%Paper & Plastic Packaging Products & MaterialsWater Utilities: -0.03 pp weight change; -32.0% relative return; weight 0.03%Consumer Finance: -0.17 pp weight change; -10.2% relative return; weight 0.50%Automotive Retail: +0.03 pp weight change; -21.7% relative return; weight 0.20%Aerospace & Defense: -0.69 pp weight change; -2.1% relative return; weight 1.77%Aerospace & DefenseDiversified Banks: -1.01 pp weight change; +3.7% relative return; weight 2.64%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -9.4% relative return; weight 0.02%Computer & Electronics Retail: -0.02 pp weight change; -27.2% relative return; weight 0.02%Hotels, Resorts & Cruise Lines: +0.05 pp weight change; +5.0% relative return; weight 0.56%Oil & Gas Equipment & Services: +0.02 pp weight change; +46.5% relative return; weight 0.26%Pharmaceuticals: -1.46 pp weight change; -9.3% relative return; weight 2.77%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -32.6% relative return; weight 0.00%Health Care Distributors: -0.16 pp weight change; -11.7% relative return; weight 0.29%Construction Machinery & Heavy Transportation Equipment: +0.19 pp weight change; +80.0% relative return; weight 0.83%Financial Exchanges & Data: -0.52 pp weight change; -24.9% relative return; weight 0.60%Real Estate Services: -0.08 pp weight change; -36.0% relative return; weight 0.08%Fertilizers & Agricultural Chemicals: -0.05 pp weight change; -1.5% relative return; weight 0.11%Regional Banks: -0.04 pp weight change; +9.6% relative return; weight 0.26%Household Products: -0.20 pp weight change; -32.9% relative return; weight 0.18%Air Freight & Logistics: -0.06 pp weight change; +16.2% relative return; weight 0.27%Cable & Satellite: -0.28 pp weight change; -54.7% relative return; weight 0.14%Health Care Services: -0.23 pp weight change; -18.0% relative return; weight 0.32%Restaurants: -0.52 pp weight change; -24.9% relative return; weight 0.61%Managed Health Care: -0.64 pp weight change; -30.1% relative return; weight 0.64%Consumer Staples Merchandise Retail: -0.95 pp weight change; -5.1% relative return; weight 2.18%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.68 pp weight change; -41.5% relative return; weight 0.50%Communications Equipment: +0.08 pp weight change; +26.1% relative return; weight 1.10%Rail Transportation: -0.13 pp weight change; +6.1% relative return; weight 0.43%Diversified Support Services: -0.23 pp weight change; -43.1% relative return; weight 0.16%Integrated Oil & Gas: -0.05 pp weight change; +12.8% relative return; weight 0.52%Passenger Airlines: -0.03 pp weight change; +11.6% relative return; weight 0.13%Agricultural & Farm Machinery: -0.09 pp weight change; -2.1% relative return; weight 0.22%Homebuilding: -0.08 pp weight change; -13.9% relative return; weight 0.11%Movies & Entertainment: +0.26 pp weight change; -11.8% relative return; weight 0.85%Data Center REITs: -0.09 pp weight change; -2.2% relative return; weight 0.24%Health Care REITs: -0.06 pp weight change; +4.4% relative return; weight 0.28%Industrial Machinery & Supplies & Components: -0.35 pp weight change; -9.0% relative return; weight 0.66%Research & Consulting Services: -0.12 pp weight change; -50.8% relative return; weight 0.06%Reinsurance: -0.02 pp weight change; -23.6% relative return; weight 0.02%Multi-Family Residential REITs: -0.11 pp weight change; -28.9% relative return; weight 0.11%Self-Storage REITs: -0.09 pp weight change; -21.0% relative return; weight 0.11%Automobile Manufacturers: -0.28 pp weight change; +3.6% relative return; weight 2.10%Automobile ManufacturersTrading Companies & Distributors: -0.00 pp weight change; +3.7% relative return; weight 0.15%Copper: -0.01 pp weight change; +23.2% relative return; weight 0.11%Broadcasting: +0.04 pp weight change; +136.9% relative return; weight 0.09%Retail REITs: -0.10 pp weight change; -5.5% relative return; weight 0.21%Systems Software: -3.11 pp weight change; -22.7% relative return; weight 4.57%Systems SoftwarePackaged Foods & Meats: -0.25 pp weight change; -30.9% relative return; weight 0.24%Distributors: -0.02 pp weight change; -28.4% relative return; weight 0.02%Consumer Electronics: -0.02 pp weight change; +3.7% relative return; weight 0.07%Investment Banking & Brokerage: -0.23 pp weight change; +15.4% relative return; weight 1.05%Leisure Products: -0.00 pp weight change; +21.8% relative return; weight 0.02%Health Care Facilities: -0.08 pp weight change; -3.7% relative return; weight 0.13%Home Improvement Retail: -0.54 pp weight change; -25.9% relative return; weight 0.63%Industrial Conglomerates: -0.21 pp weight change; -10.5% relative return; weight 0.37%Hotel & Resort REITs: -0.04 pp weight change; -16.2% relative return; weight 0.06%Other Specialized REITs: -0.01 pp weight change; +10.4% relative return; weight 0.05%Construction & Engineering: +0.17 pp weight change; +67.1% relative return; weight 0.31%Cargo Ground Transportation: -0.02 pp weight change; +17.8% relative return; weight 0.09%Oil & Gas Storage & Transportation: -0.14 pp weight change; +0.9% relative return; weight 0.38%Soft Drinks & Non-alcoholic Beverages: -0.52 pp weight change; -13.6% relative return; weight 0.86%Food Retail: -0.02 pp weight change; -26.9% relative return; weight 0.10%Casinos & Gaming: -0.03 pp weight change; +8.6% relative return; weight 0.08%Construction Materials: +0.05 pp weight change; -14.4% relative return; weight 0.21%Tobacco: -0.37 pp weight change; -17.8% relative return; weight 0.51%Oil & Gas Refining & Marketing: +0.01 pp weight change; +47.5% relative return; weight 0.30%Gold: +0.02 pp weight change; +62.2% relative return; weight 0.16%Apparel, Accessories & Luxury Goods: -0.11 pp weight change; -31.3% relative return; weight 0.11%Steel: +0.00 pp weight change; +41.5% relative return; weight 0.11%Advertising: -0.01 pp weight change; -20.5% relative return; weight 0.03%Personal Care Products: -0.51 pp weight change; -30.6% relative return; weight 0.51%Industrial REITs: -0.05 pp weight change; +9.2% relative return; weight 0.18%Electronic Equipment & Instruments: -0.10 pp weight change; -10.9% relative return; weight 0.19%Apparel Retail: -0.12 pp weight change; +1.3% relative return; weight 0.34%Environmental & Facilities Services: -0.26 pp weight change; -28.6% relative return; weight 0.28%Food Distributors: -0.03 pp weight change; -18.3% relative return; weight 0.05%Integrated Telecommunication Services: -0.40 pp weight change; -18.7% relative return; weight 0.52%Electronic Manufacturing Services: -0.01 pp weight change; +28.1% relative return; weight 0.13%Other Specialty Retail: -0.05 pp weight change; -26.6% relative return; weight 0.06%Timber REITs: -0.02 pp weight change; -25.6% relative return; weight 0.02%Interactive Home Entertainment: -0.05 pp weight change; -30.4% relative return; weight 0.05%Data Processing & Outsourced Services: -0.04 pp weight change; -50.9% relative return; weight 0.02%Gas Utilities: -0.02 pp weight change; -8.2% relative return; weight 0.04%Commodity Chemicals: -0.01 pp weight change; +7.3% relative return; weight 0.04%Wireless Telecommunication Services: -0.39 pp weight change; -38.9% relative return; weight 0.29%Technology Distributors: -0.03 pp weight change; -34.2% relative return; weight 0.02%Heavy Electrical Equipment: +0.16 pp weight change; +119.2% relative return; weight 0.42%Single-Family Residential REITs: -0.03 pp weight change; -33.4% relative return; weight 0.02%Passenger Ground Transportation: -0.20 pp weight change; -30.1% relative return; weight 0.21%Footwear: -0.02 pp weight change; -30.0% relative return; weight 0.02%Health Care Technology: -0.01 pp weight change; -22.6% relative return; weight 0.02%Homefurnishing Retail: -0.02 pp weight change; -9.6% 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.