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

-5.50 pp-240%-2.75 pp-120%+0.00 pp+0%+2.75 pp+120%+5.50 pp+240%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.07 pp weight change; -8.4% relative return; weight 0.83%Technology Hardware, Storage & Peripherals: +2.01 pp weight change; +30.6% relative return; weight 8.95%Technology Hardware, Storage & PeripheralsBiotechnology: +0.08 pp weight change; +6.8% relative return; weight 1.85%Health Care Equipment: -1.02 pp weight change; -39.1% relative return; weight 1.52%IT Consulting & Other Services: -0.51 pp weight change; -42.8% relative return; weight 0.64%Application Software: -1.78 pp weight change; -49.1% relative return; weight 1.78%Semiconductors: +5.18 pp weight change; +35.5% relative return; weight 18.72%SemiconductorsAgricultural Products & Services: +0.02 pp weight change; +17.9% relative return; weight 0.10%Human Resource & Employment Services: -0.17 pp weight change; -40.8% relative return; weight 0.22%Multi-Utilities: -0.01 pp weight change; +0.1% relative return; weight 1.03%Electric Utilities: -0.18 pp weight change; -12.7% relative return; weight 1.31%Independent Power Producers & Energy Traders: -0.01 pp weight change; -17.4% relative return; weight 0.07%Life & Health Insurance: -0.05 pp weight change; -7.3% relative return; weight 0.33%Multi-line Insurance: -0.04 pp weight change; -15.9% relative return; weight 0.13%Insurance Brokers: -0.26 pp weight change; -36.4% relative return; weight 0.45%Internet Services & Infrastructure: -0.05 pp weight change; -32.9% relative return; weight 0.09%Specialty Chemicals: -0.08 pp weight change; -13.4% relative return; weight 0.42%Health Care Supplies: -0.00 pp weight change; -3.0% relative return; weight 0.09%Property & Casualty Insurance: -0.20 pp weight change; -13.3% relative return; weight 0.90%Building Products: -0.06 pp weight change; -6.6% relative return; weight 0.54%Semiconductor Materials & Equipment: +1.56 pp weight change; +238.0% relative return; weight 2.20%Semiconductor Materials & EquipmentElectrical Components & Equipment: +0.21 pp weight change; +2.8% relative return; weight 0.84%Asset Management & Custody Banks: -0.31 pp weight change; -20.1% relative return; weight 1.17%Telecom Tower REITs: -0.15 pp weight change; -37.9% relative return; weight 0.22%Broadline Retail: -0.55 pp weight change; -11.9% relative return; weight 4.54%Broadline RetailOil & Gas Exploration & Production: -0.05 pp weight change; -7.3% relative return; weight 0.72%Industrial Gases: -0.08 pp weight change; -10.5% relative return; weight 0.53%Electronic Components: +0.48 pp weight change; +150.9% relative return; weight 0.70%Automotive Parts & Equipment: -0.01 pp weight change; -27.4% relative return; weight 0.02%Office REITs: -0.02 pp weight change; -28.2% relative return; weight 0.03%Paper & Plastic Packaging Products & Materials: -0.14 pp weight change; -5.5% relative return; weight 0.17%Water Utilities: -0.01 pp weight change; -21.7% relative return; weight 0.04%Consumer Finance: -0.05 pp weight change; -16.9% relative return; weight 0.66%Automotive Retail: +0.08 pp weight change; -24.0% relative return; weight 0.22%Aerospace & Defense: -0.10 pp weight change; -2.4% relative return; weight 2.45%Aerospace & DefenseDiversified Banks: -0.31 pp weight change; -1.6% relative return; weight 3.53%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; -8.9% relative return; weight 0.03%Computer & Electronics Retail: -0.00 pp weight change; -3.7% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: +0.19 pp weight change; -6.7% relative return; weight 0.77%Oil & Gas Equipment & Services: +0.05 pp weight change; +20.1% relative return; weight 0.27%Pharmaceuticals: +0.62 pp weight change; +21.2% relative return; weight 4.10%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -16.9% relative return; weight 0.00%Health Care Distributors: -0.06 pp weight change; -11.7% relative return; weight 0.37%Construction Machinery & Heavy Transportation Equipment: +0.54 pp weight change; +84.5% relative return; weight 1.21%Financial Exchanges & Data: -0.40 pp weight change; -34.1% relative return; weight 0.69%Real Estate Services: -0.07 pp weight change; -44.5% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; -13.3% relative return; weight 0.14%Regional Banks: +0.04 pp weight change; +7.9% relative return; weight 0.35%Household Products: -0.08 pp weight change; -21.4% relative return; weight 0.25%Air Freight & Logistics: +0.03 pp weight change; +15.0% relative return; weight 0.34%Cable & Satellite: -0.23 pp weight change; -59.1% relative return; weight 0.15%Health Care Services: -0.03 pp weight change; -2.8% relative return; weight 0.46%Restaurants: -0.27 pp weight change; -24.0% relative return; weight 0.75%Managed Health Care: +0.02 pp weight change; +5.2% relative return; weight 0.94%Consumer Staples Merchandise Retail: -0.35 pp weight change; -11.2% relative return; weight 2.47%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.46 pp weight change; -40.7% relative return; weight 0.63%Communications Equipment: +0.52 pp weight change; +28.0% relative return; weight 1.57%Rail Transportation: +0.00 pp weight change; +3.5% relative return; weight 0.56%Diversified Support Services: -0.15 pp weight change; -43.7% relative return; weight 0.19%Integrated Oil & Gas: +0.03 pp weight change; -2.7% relative return; weight 0.57%Passenger Airlines: +0.06 pp weight change; +43.7% relative return; weight 0.23%Agricultural & Farm Machinery: +0.00 pp weight change; +1.9% relative return; weight 0.30%Homebuilding: -0.02 pp weight change; -3.8% relative return; weight 0.16%Movies & Entertainment: +0.23 pp weight change; -39.6% relative return; weight 0.91%Data Center REITs: -0.01 pp weight change; -1.7% relative return; weight 0.29%Health Care REITs: +0.07 pp weight change; +18.7% relative return; weight 0.38%Industrial Machinery & Supplies & Components: -0.08 pp weight change; -5.1% relative return; weight 0.89%Research & Consulting Services: -0.09 pp weight change; -51.8% relative return; weight 0.07%Reinsurance: -0.01 pp weight change; -14.1% relative return; weight 0.02%Multi-Family Residential REITs: -0.04 pp weight change; -16.2% relative return; weight 0.15%Self-Storage REITs: -0.03 pp weight change; -11.8% relative return; weight 0.15%Automobile Manufacturers: +0.56 pp weight change; +7.7% relative return; weight 2.95%Automobile ManufacturersTrading Companies & Distributors: +0.06 pp weight change; +9.4% relative return; weight 0.22%Copper: +0.02 pp weight change; +18.4% relative return; weight 0.16%Broadcasting: +0.06 pp weight change; +87.7% relative return; weight 0.12%Retail REITs: -0.00 pp weight change; +3.1% relative return; weight 0.28%Systems Software: -2.86 pp weight change; -34.7% relative return; weight 5.78%Systems SoftwarePackaged Foods & Meats: -0.12 pp weight change; -24.8% relative return; weight 0.30%Distributors: -0.01 pp weight change; -18.7% relative return; weight 0.03%Consumer Electronics: -0.01 pp weight change; -6.7% relative return; weight 0.08%Investment Banking & Brokerage: +0.05 pp weight change; +8.6% relative return; weight 1.43%Leisure Products: -0.00 pp weight change; -6.7% relative return; weight 0.02%Health Care Facilities: -0.05 pp weight change; -17.3% relative return; weight 0.15%Home Improvement Retail: -0.23 pp weight change; -19.8% relative return; weight 0.83%Industrial Conglomerates: -0.08 pp weight change; -10.9% relative return; weight 0.49%Hotel & Resort REITs: -0.02 pp weight change; -14.9% relative return; weight 0.08%Other Specialized REITs: +0.00 pp weight change; +2.7% relative return; weight 0.07%Construction & Engineering: +0.24 pp weight change; +44.1% relative return; weight 0.40%Cargo Ground Transportation: +0.02 pp weight change; +24.5% relative return; weight 0.13%Oil & Gas Storage & Transportation: -0.02 pp weight change; -0.6% relative return; weight 0.48%Soft Drinks & Non-alcoholic Beverages: -0.12 pp weight change; -7.1% relative return; weight 1.09%Food Retail: +0.01 pp weight change; -31.4% relative return; weight 0.11%Casinos & Gaming: -0.02 pp weight change; -8.5% relative return; weight 0.09%Construction Materials: +0.11 pp weight change; -17.1% relative return; weight 0.25%Tobacco: -0.13 pp weight change; -11.1% relative return; weight 0.70%Oil & Gas Refining & Marketing: +0.08 pp weight change; +33.6% relative return; weight 0.38%Gold: +0.03 pp weight change; +30.7% relative return; weight 0.17%Apparel, Accessories & Luxury Goods: -0.10 pp weight change; -39.4% relative return; weight 0.13%Steel: +0.04 pp weight change; +42.8% relative return; weight 0.15%Advertising: +0.01 pp weight change; -15.0% relative return; weight 0.04%Personal Care Products: -0.23 pp weight change; -23.5% relative return; weight 0.66%Industrial REITs: +0.01 pp weight change; +7.4% relative return; weight 0.22%Electronic Equipment & Instruments: -0.04 pp weight change; -11.2% relative return; weight 0.24%Apparel Retail: +0.02 pp weight change; +8.5% relative return; weight 0.41%Environmental & Facilities Services: -0.14 pp weight change; -26.8% relative return; weight 0.34%Food Distributors: -0.01 pp weight change; -8.4% relative return; weight 0.07%Integrated Telecommunication Services: -0.29 pp weight change; -28.5% relative return; weight 0.56%Electronic Manufacturing Services: +0.12 pp weight change; +11.9% relative return; weight 0.28%Other Specialty Retail: -0.04 pp weight change; -38.5% relative return; weight 0.06%Timber REITs: -0.01 pp weight change; -22.1% relative return; weight 0.03%Interactive Home Entertainment: -0.01 pp weight change; -16.9% relative return; weight 0.08%Data Processing & Outsourced Services: -0.03 pp weight change; -53.6% relative return; weight 0.03%Gas Utilities: -0.00 pp weight change; -7.8% relative return; weight 0.05%Commodity Chemicals: -0.01 pp weight change; -12.3% relative return; weight 0.03%Wireless Telecommunication Services: -0.27 pp weight change; -42.1% relative return; weight 0.32%Technology Distributors: -0.02 pp weight change; -35.2% relative return; weight 0.03%Heavy Electrical Equipment: +0.25 pp weight change; +78.8% relative return; weight 0.58%Single-Family Residential REITs: -0.01 pp weight change; -22.4% relative return; weight 0.03%Passenger Ground Transportation: -0.17 pp weight change; -37.6% relative return; weight 0.26%Footwear: -0.01 pp weight change; -22.3% relative return; weight 0.02%Health Care Technology: +0.05 pp weight change; -18.5% relative return; weight 0.07%Homefurnishing Retail: +0.00 pp weight change; +16.8% 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.