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

-3.00 pp-150%-1.50 pp-75%+0.00 pp+0%+1.50 pp+75%+3.00 pp+150%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.03 pp weight change; -4.8% relative return; weight 0.90%Technology Hardware, Storage & Peripherals: +2.20 pp weight change; +32.6% relative return; weight 9.09%Technology Hardware, Storage & PeripheralsBiotechnology: +0.10 pp weight change; +7.0% relative return; weight 1.89%BiotechnologyHealth Care Equipment: -0.77 pp weight change; -31.8% relative return; weight 1.61%IT Consulting & Other Services: -0.37 pp weight change; -36.8% relative return; weight 0.62%Application Software: -1.89 pp weight change; -51.0% relative return; weight 1.80%Semiconductors: +2.80 pp weight change; +15.5% relative return; weight 17.20%SemiconductorsAgricultural Products & Services: +0.03 pp weight change; +20.2% relative return; weight 0.10%Human Resource & Employment Services: -0.12 pp weight change; -28.6% relative return; weight 0.26%Multi-Utilities: -0.05 pp weight change; -4.5% relative return; weight 1.01%Electric Utilities: -0.26 pp weight change; -18.0% relative return; weight 1.28%Independent Power Producers & Energy Traders: -0.02 pp weight change; -26.9% relative return; weight 0.07%Life & Health Insurance: +0.00 pp weight change; +7.6% relative return; weight 0.36%Multi-line Insurance: -0.02 pp weight change; -4.6% relative return; weight 0.14%Insurance Brokers: -0.15 pp weight change; -22.1% relative return; weight 0.50%Internet Services & Infrastructure: -0.03 pp weight change; -22.3% relative return; weight 0.09%Specialty Chemicals: -0.06 pp weight change; -10.3% relative return; weight 0.42%Health Care Supplies: +0.00 pp weight change; +3.3% relative return; weight 0.09%Property & Casualty Insurance: -0.07 pp weight change; -3.1% relative return; weight 0.93%Building Products: -0.09 pp weight change; -12.4% relative return; weight 0.50%Semiconductor Materials & Equipment: +0.91 pp weight change; +140.4% relative return; weight 1.53%Electrical Components & Equipment: +0.12 pp weight change; -10.3% relative return; weight 0.78%Asset Management & Custody Banks: -0.27 pp weight change; -17.4% relative return; weight 1.28%Telecom Tower REITs: -0.12 pp weight change; -32.1% relative return; weight 0.23%Broadline Retail: -0.13 pp weight change; -5.0% relative return; weight 5.20%Broadline RetailOil & Gas Exploration & Production: +0.04 pp weight change; +2.8% relative return; weight 0.81%Industrial Gases: -0.09 pp weight change; -13.8% relative return; weight 0.50%Electronic Components: +0.22 pp weight change; +49.3% relative return; weight 0.47%Automotive Parts & Equipment: -0.01 pp weight change; -32.7% relative return; weight 0.02%Office REITs: -0.01 pp weight change; -26.9% relative return; weight 0.04%Paper & Plastic Packaging Products & Materials: -0.13 pp weight change; -2.1% relative return; weight 0.18%Water Utilities: -0.01 pp weight change; -19.7% relative return; weight 0.05%Consumer Finance: -0.12 pp weight change; -11.8% relative return; weight 0.66%Automotive Retail: +0.07 pp weight change; -27.6% relative return; weight 0.22%Aerospace & Defense: -0.05 pp weight change; -1.8% relative return; weight 2.54%Aerospace & DefenseDiversified Banks: -0.10 pp weight change; +2.9% relative return; weight 3.72%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; -5.9% relative return; weight 0.03%Computer & Electronics Retail: +0.00 pp weight change; +14.5% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: +0.21 pp weight change; -4.8% relative return; weight 0.79%Oil & Gas Equipment & Services: +0.05 pp weight change; +18.5% relative return; weight 0.28%Pharmaceuticals: +0.75 pp weight change; +24.3% relative return; weight 4.10%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -11.3% relative return; weight 0.00%Health Care Distributors: +0.00 pp weight change; +2.2% relative return; weight 0.40%Construction Machinery & Heavy Transportation Equipment: +0.30 pp weight change; +43.1% relative return; weight 1.02%Financial Exchanges & Data: -0.31 pp weight change; -26.5% relative return; weight 0.78%Real Estate Services: -0.09 pp weight change; -47.2% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: -0.02 pp weight change; -11.4% relative return; weight 0.14%Regional Banks: +0.05 pp weight change; +8.0% relative return; weight 0.35%Household Products: -0.06 pp weight change; -16.5% relative return; weight 0.25%Air Freight & Logistics: +0.04 pp weight change; +19.2% relative return; weight 0.33%Cable & Satellite: -0.13 pp weight change; -45.8% relative return; weight 0.15%Health Care Services: +0.05 pp weight change; +15.2% relative return; weight 0.48%Restaurants: -0.19 pp weight change; -18.5% relative return; weight 0.76%Managed Health Care: +0.23 pp weight change; +34.6% relative return; weight 0.93%Consumer Staples Merchandise Retail: -0.23 pp weight change; -8.6% relative return; weight 2.49%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.29 pp weight change; -28.2% relative return; weight 0.70%Communications Equipment: +0.46 pp weight change; +20.9% relative return; weight 1.55%Rail Transportation: +0.05 pp weight change; +9.8% relative return; weight 0.60%Diversified Support Services: -0.11 pp weight change; -32.8% relative return; weight 0.22%Integrated Oil & Gas: +0.13 pp weight change; +10.7% relative return; weight 0.68%Passenger Airlines: +0.04 pp weight change; +24.8% relative return; weight 0.21%Agricultural & Farm Machinery: -0.02 pp weight change; -6.4% relative return; weight 0.28%Homebuilding: -0.04 pp weight change; -18.8% relative return; weight 0.14%Movies & Entertainment: +0.27 pp weight change; -35.6% relative return; weight 0.90%Data Center REITs: +0.00 pp weight change; +0.5% relative return; weight 0.29%Health Care REITs: +0.08 pp weight change; +17.3% relative return; weight 0.40%Industrial Machinery & Supplies & Components: -0.07 pp weight change; -5.0% relative return; weight 0.89%Research & Consulting Services: -0.06 pp weight change; -41.6% relative return; weight 0.08%Reinsurance: -0.00 pp weight change; -7.7% relative return; weight 0.03%Multi-Family Residential REITs: -0.03 pp weight change; -13.2% relative return; weight 0.14%Self-Storage REITs: -0.01 pp weight change; -1.1% relative return; weight 0.15%Automobile Manufacturers: +0.09 pp weight change; -14.3% relative return; weight 2.38%Automobile ManufacturersTrading Companies & Distributors: -0.02 pp weight change; -6.1% relative return; weight 0.21%Copper: +0.04 pp weight change; +28.7% relative return; weight 0.16%Broadcasting: +0.05 pp weight change; +63.4% relative return; weight 0.12%Retail REITs: +0.01 pp weight change; +7.2% relative return; weight 0.29%Systems Software: -1.93 pp weight change; -24.5% relative return; weight 7.02%Systems SoftwarePackaged Foods & Meats: -0.10 pp weight change; -20.5% relative return; weight 0.32%Distributors: -0.01 pp weight change; -18.2% relative return; weight 0.03%Consumer Electronics: +0.01 pp weight change; +11.7% relative return; weight 0.10%Investment Banking & Brokerage: +0.09 pp weight change; +10.5% relative return; weight 1.49%Leisure Products: +0.00 pp weight change; +5.7% relative return; weight 0.02%Health Care Facilities: -0.02 pp weight change; -6.3% relative return; weight 0.16%Home Improvement Retail: -0.25 pp weight change; -23.7% relative return; weight 0.78%Industrial Conglomerates: -0.15 pp weight change; -0.7% relative return; weight 0.39%Hotel & Resort REITs: -0.02 pp weight change; -12.7% relative return; weight 0.08%Other Specialized REITs: +0.00 pp weight change; +6.3% relative return; weight 0.06%Construction & Engineering: +0.21 pp weight change; +25.7% relative return; weight 0.37%Cargo Ground Transportation: +0.03 pp weight change; +28.9% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.01 pp weight change; +4.0% relative return; weight 0.48%Soft Drinks & Non-alcoholic Beverages: -0.02 pp weight change; +0.1% relative return; weight 1.15%Food Retail: +0.02 pp weight change; -24.1% relative return; weight 0.12%Casinos & Gaming: -0.03 pp weight change; -18.8% relative return; weight 0.09%Construction Materials: +0.08 pp weight change; -28.0% relative return; weight 0.23%Tobacco: -0.04 pp weight change; -2.0% relative return; weight 0.72%Oil & Gas Refining & Marketing: +0.16 pp weight change; +62.0% relative return; weight 0.47%Gold: +0.03 pp weight change; +24.8% relative return; weight 0.17%Apparel, Accessories & Luxury Goods: -0.09 pp weight change; -38.5% relative return; weight 0.14%Steel: +0.06 pp weight change; +54.2% relative return; weight 0.17%Advertising: +0.01 pp weight change; -7.0% relative return; weight 0.04%Personal Care Products: -0.18 pp weight change; -19.5% relative return; weight 0.65%Industrial REITs: +0.03 pp weight change; +14.4% relative return; weight 0.24%Electronic Equipment & Instruments: -0.03 pp weight change; -10.4% relative return; weight 0.24%Apparel Retail: +0.06 pp weight change; +16.1% relative return; weight 0.44%Environmental & Facilities Services: -0.12 pp weight change; -24.5% relative return; weight 0.34%Food Distributors: -0.01 pp weight change; -9.9% relative return; weight 0.07%Integrated Telecommunication Services: -0.18 pp weight change; -16.3% relative return; weight 0.62%Electronic Manufacturing Services: +0.06 pp weight change; -16.7% relative return; weight 0.23%Other Specialty Retail: -0.05 pp weight change; -39.2% relative return; weight 0.07%Timber REITs: -0.01 pp weight change; -15.3% relative return; weight 0.03%Interactive Home Entertainment: -0.00 pp weight change; -10.8% relative return; weight 0.08%Data Processing & Outsourced Services: -0.03 pp weight change; -48.1% relative return; weight 0.03%Gas Utilities: -0.00 pp weight change; -7.3% relative return; weight 0.05%Commodity Chemicals: +0.00 pp weight change; +12.0% relative return; weight 0.04%Wireless Telecommunication Services: -0.24 pp weight change; -39.6% relative return; weight 0.32%Technology Distributors: -0.02 pp weight change; -29.3% relative return; weight 0.03%Heavy Electrical Equipment: +0.08 pp weight change; +20.6% relative return; weight 0.48%Single-Family Residential REITs: -0.01 pp weight change; -17.1% relative return; weight 0.03%Passenger Ground Transportation: -0.14 pp weight change; -34.4% relative return; weight 0.25%Footwear: -0.01 pp weight change; -25.3% relative return; weight 0.02%Health Care Technology: +0.06 pp weight change; -0.3% relative return; weight 0.08%Homefurnishing Retail: -0.00 pp weight change; +1.4% 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.