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

-6.50 pp-170%-3.25 pp-85%+0.00 pp+0%+3.25 pp+85%+6.50 pp+170%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.12 pp weight change; -13.2% relative return; weight 0.80%Technology Hardware, Storage & Peripherals: +2.19 pp weight change; +32.7% relative return; weight 9.29%Technology Hardware, Storage & PeripheralsBiotechnology: -0.18 pp weight change; -7.2% relative return; weight 1.68%Health Care Equipment: -1.12 pp weight change; -41.4% relative return; weight 1.51%IT Consulting & Other Services: -0.41 pp weight change; -33.7% relative return; weight 0.76%Application Software: -1.01 pp weight change; -29.0% relative return; weight 2.34%Application SoftwareSemiconductors: +6.47 pp weight change; +53.9% relative return; weight 18.69%SemiconductorsAgricultural Products & Services: +0.03 pp weight change; +30.4% relative return; weight 0.11%Human Resource & Employment Services: -0.21 pp weight change; -47.8% relative return; weight 0.21%Multi-Utilities: -0.13 pp weight change; -10.5% relative return; weight 1.00%Electric Utilities: -0.25 pp weight change; -16.4% relative return; weight 1.29%Independent Power Producers & Energy Traders: -0.02 pp weight change; -23.9% relative return; weight 0.07%Life & Health Insurance: -0.08 pp weight change; -14.1% relative return; weight 0.31%Multi-line Insurance: -0.05 pp weight change; -22.6% relative return; weight 0.13%Insurance Brokers: -0.37 pp weight change; -46.8% relative return; weight 0.41%Internet Services & Infrastructure: -0.04 pp weight change; -24.5% relative return; weight 0.10%Specialty Chemicals: -0.13 pp weight change; -21.3% relative return; weight 0.41%Health Care Supplies: -0.01 pp weight change; -11.7% relative return; weight 0.08%Property & Casualty Insurance: -0.40 pp weight change; -29.2% relative return; weight 0.80%Building Products: -0.13 pp weight change; -17.7% relative return; weight 0.49%Semiconductor Materials & Equipment: +0.94 pp weight change; +162.0% relative return; weight 1.51%Electrical Components & Equipment: +0.19 pp weight change; +1.1% relative return; weight 0.80%Asset Management & Custody Banks: -0.25 pp weight change; -16.8% relative return; weight 1.18%Telecom Tower REITs: -0.13 pp weight change; -29.8% relative return; weight 0.26%Broadline Retail: +0.12 pp weight change; +1.5% relative return; weight 5.13%Broadline RetailOil & Gas Exploration & Production: -0.00 pp weight change; -1.2% relative return; weight 0.77%Industrial Gases: -0.13 pp weight change; -18.1% relative return; weight 0.51%Electronic Components: +0.33 pp weight change; +102.6% relative return; weight 0.55%Automotive Parts & Equipment: -0.01 pp weight change; -22.0% relative return; weight 0.02%Office REITs: -0.02 pp weight change; -35.6% relative return; weight 0.03%Paper & Plastic Packaging Products & Materials: -0.17 pp weight change; -19.0% relative return; weight 0.15%Water Utilities: -0.02 pp weight change; -32.1% relative return; weight 0.04%Consumer Finance: -0.06 pp weight change; -18.7% relative return; weight 0.62%Automotive Retail: +0.06 pp weight change; -33.0% relative return; weight 0.21%Aerospace & Defense: -0.23 pp weight change; -7.2% relative return; weight 2.35%Aerospace & DefenseDiversified Banks: -0.49 pp weight change; -6.9% relative return; weight 3.22%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -20.6% relative return; weight 0.03%Computer & Electronics Retail: -0.00 pp weight change; -4.7% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: +0.18 pp weight change; -4.8% relative return; weight 0.73%Oil & Gas Equipment & Services: +0.08 pp weight change; +36.8% relative return; weight 0.31%Pharmaceuticals: +0.22 pp weight change; +9.4% relative return; weight 3.80%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -27.8% relative return; weight 0.00%Health Care Distributors: -0.09 pp weight change; -19.0% relative return; weight 0.34%Construction Machinery & Heavy Transportation Equipment: +0.37 pp weight change; +60.6% relative return; weight 1.03%Financial Exchanges & Data: -0.35 pp weight change; -28.2% relative return; weight 0.77%Real Estate Services: -0.07 pp weight change; -43.0% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; -17.3% relative return; weight 0.13%Regional Banks: +0.02 pp weight change; +0.8% relative return; weight 0.32%Household Products: -0.13 pp weight change; -32.3% relative return; weight 0.24%Air Freight & Logistics: +0.03 pp weight change; +14.1% relative return; weight 0.34%Cable & Satellite: -0.24 pp weight change; -59.3% relative return; weight 0.16%Health Care Services: -0.07 pp weight change; -9.9% relative return; weight 0.42%Restaurants: -0.32 pp weight change; -27.9% relative return; weight 0.74%Managed Health Care: -0.08 pp weight change; -5.7% relative return; weight 0.86%Consumer Staples Merchandise Retail: -0.52 pp weight change; -15.5% relative return; weight 2.51%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.51 pp weight change; -43.2% relative return; weight 0.62%Communications Equipment: +0.57 pp weight change; +35.4% relative return; weight 1.58%Rail Transportation: -0.03 pp weight change; -1.8% relative return; weight 0.53%Diversified Support Services: -0.16 pp weight change; -43.5% relative return; weight 0.20%Integrated Oil & Gas: +0.09 pp weight change; +6.7% relative return; weight 0.63%Passenger Airlines: +0.02 pp weight change; +17.6% relative return; weight 0.19%Agricultural & Farm Machinery: -0.06 pp weight change; -16.8% relative return; weight 0.25%Homebuilding: -0.03 pp weight change; -12.6% relative return; weight 0.14%Movies & Entertainment: +0.37 pp weight change; -28.5% relative return; weight 1.02%Data Center REITs: -0.03 pp weight change; -8.4% relative return; weight 0.30%Health Care REITs: +0.02 pp weight change; +2.5% relative return; weight 0.35%Industrial Machinery & Supplies & Components: -0.20 pp weight change; -16.9% relative return; weight 0.80%Research & Consulting Services: -0.10 pp weight change; -54.5% relative return; weight 0.07%Reinsurance: -0.01 pp weight change; -27.9% relative return; weight 0.02%Multi-Family Residential REITs: -0.06 pp weight change; -27.4% relative return; weight 0.14%Self-Storage REITs: -0.05 pp weight change; -22.0% relative return; weight 0.15%Automobile Manufacturers: +0.36 pp weight change; -1.1% relative return; weight 3.08%Automobile ManufacturersTrading Companies & Distributors: +0.04 pp weight change; -2.3% relative return; weight 0.20%Copper: +0.04 pp weight change; +32.5% relative return; weight 0.16%Broadcasting: +0.06 pp weight change; +107.8% relative return; weight 0.12%Retail REITs: -0.03 pp weight change; -6.6% relative return; weight 0.27%Systems Software: -1.66 pp weight change; -22.3% relative return; weight 6.70%Systems SoftwarePackaged Foods & Meats: -0.13 pp weight change; -26.8% relative return; weight 0.31%Distributors: -0.02 pp weight change; -38.2% relative return; weight 0.02%Consumer Electronics: -0.01 pp weight change; -10.1% relative return; weight 0.08%Investment Banking & Brokerage: +0.10 pp weight change; +12.7% relative return; weight 1.41%Leisure Products: -0.00 pp weight change; +1.6% relative return; weight 0.02%Health Care Facilities: -0.06 pp weight change; -23.3% relative return; weight 0.15%Home Improvement Retail: -0.36 pp weight change; -30.6% relative return; weight 0.76%Industrial Conglomerates: -0.07 pp weight change; -8.2% relative return; weight 0.52%Hotel & Resort REITs: -0.02 pp weight change; -16.1% relative return; weight 0.08%Other Specialized REITs: +0.00 pp weight change; +3.2% relative return; weight 0.07%Construction & Engineering: +0.24 pp weight change; +44.4% relative return; weight 0.38%Cargo Ground Transportation: +0.02 pp weight change; +21.7% relative return; weight 0.13%Oil & Gas Storage & Transportation: -0.04 pp weight change; -4.9% relative return; weight 0.46%Soft Drinks & Non-alcoholic Beverages: -0.21 pp weight change; -13.3% relative return; weight 1.08%Food Retail: +0.01 pp weight change; -28.1% relative return; weight 0.12%Casinos & Gaming: -0.01 pp weight change; -4.0% relative return; weight 0.10%Construction Materials: +0.10 pp weight change; -21.7% relative return; weight 0.25%Tobacco: -0.19 pp weight change; -17.7% relative return; weight 0.68%Oil & Gas Refining & Marketing: +0.07 pp weight change; +30.1% relative return; weight 0.37%Gold: +0.07 pp weight change; +61.5% relative return; weight 0.20%Apparel, Accessories & Luxury Goods: -0.09 pp weight change; -36.8% relative return; weight 0.14%Steel: +0.07 pp weight change; +72.3% relative return; weight 0.16%Advertising: +0.00 pp weight change; -21.1% relative return; weight 0.04%Personal Care Products: -0.37 pp weight change; -34.2% relative return; weight 0.64%Industrial REITs: +0.00 pp weight change; +4.9% relative return; weight 0.23%Electronic Equipment & Instruments: -0.06 pp weight change; -18.0% relative return; weight 0.23%Apparel Retail: +0.00 pp weight change; +2.8% relative return; weight 0.43%Environmental & Facilities Services: -0.19 pp weight change; -35.5% relative return; weight 0.33%Food Distributors: -0.02 pp weight change; -18.0% relative return; weight 0.06%Integrated Telecommunication Services: -0.23 pp weight change; -20.1% relative return; weight 0.64%Electronic Manufacturing Services: +0.03 pp weight change; +20.8% relative return; weight 0.17%Other Specialty Retail: -0.04 pp weight change; -34.6% relative return; weight 0.07%Timber REITs: -0.01 pp weight change; -25.5% relative return; weight 0.03%Interactive Home Entertainment: -0.02 pp weight change; -24.0% relative return; weight 0.07%Data Processing & Outsourced Services: -0.03 pp weight change; -50.6% relative return; weight 0.03%Gas Utilities: -0.01 pp weight change; -14.2% relative return; weight 0.05%Commodity Chemicals: -0.00 pp weight change; -1.8% relative return; weight 0.04%Wireless Telecommunication Services: -0.27 pp weight change; -39.5% relative return; weight 0.35%Technology Distributors: -0.03 pp weight change; -45.6% relative return; weight 0.03%Heavy Electrical Equipment: +0.17 pp weight change; +58.3% relative return; weight 0.48%Single-Family Residential REITs: -0.02 pp weight change; -30.6% relative return; weight 0.03%Passenger Ground Transportation: -0.15 pp weight change; -35.8% relative return; weight 0.25%Footwear: -0.01 pp weight change; -17.2% relative return; weight 0.03%Health Care Technology: +0.04 pp weight change; -21.3% relative return; weight 0.07%Homefurnishing Retail: -0.00 pp weight change; -2.0% 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.