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

-3.50 pp-140%-1.75 pp-70%+0.00 pp+0%+1.75 pp+70%+3.50 pp+140%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.03 pp weight change; -1.6% relative return; weight 0.93%Technology Hardware, Storage & Peripherals: +1.44 pp weight change; +22.4% relative return; weight 8.93%Technology Hardware, Storage & PeripheralsBiotechnology: +0.19 pp weight change; +15.0% relative return; weight 1.99%Health Care Equipment: -0.81 pp weight change; -30.8% relative return; weight 1.61%IT Consulting & Other Services: -0.29 pp weight change; -27.9% relative return; weight 0.64%Application Software: -1.38 pp weight change; -38.6% relative return; weight 2.00%Application SoftwareSemiconductors: +3.19 pp weight change; +22.0% relative return; weight 17.29%SemiconductorsAgricultural Products & Services: +0.01 pp weight change; +11.7% relative return; weight 0.10%Human Resource & Employment Services: -0.09 pp weight change; -21.2% relative return; weight 0.26%Multi-Utilities: -0.14 pp weight change; -11.1% relative return; weight 0.90%Electric Utilities: -0.29 pp weight change; -18.5% relative return; weight 1.17%Independent Power Producers & Energy Traders: -0.02 pp weight change; -30.1% relative return; weight 0.06%Life & Health Insurance: -0.04 pp weight change; -3.4% relative return; weight 0.33%Multi-line Insurance: -0.03 pp weight change; -13.5% relative return; weight 0.13%Insurance Brokers: -0.20 pp weight change; -26.2% relative return; weight 0.47%Internet Services & Infrastructure: -0.03 pp weight change; -19.7% relative return; weight 0.09%Specialty Chemicals: -0.09 pp weight change; -13.8% relative return; weight 0.41%Health Care Supplies: -0.00 pp weight change; -1.0% relative return; weight 0.08%Property & Casualty Insurance: -0.15 pp weight change; -7.8% relative return; weight 0.87%Building Products: -0.11 pp weight change; -13.9% relative return; weight 0.46%Semiconductor Materials & Equipment: +1.16 pp weight change; +136.2% relative return; weight 1.75%Electrical Components & Equipment: +0.13 pp weight change; -4.5% relative return; weight 0.74%Asset Management & Custody Banks: -0.21 pp weight change; -12.0% relative return; weight 1.30%Telecom Tower REITs: -0.11 pp weight change; -28.2% relative return; weight 0.22%Broadline Retail: -0.41 pp weight change; -7.2% relative return; weight 4.74%Broadline RetailOil & Gas Exploration & Production: +0.06 pp weight change; +3.8% relative return; weight 0.84%Industrial Gases: -0.11 pp weight change; -14.3% relative return; weight 0.49%Electronic Components: +0.21 pp weight change; +49.1% relative return; weight 0.47%Automotive Parts & Equipment: -0.02 pp weight change; -54.0% relative return; weight 0.02%Office REITs: -0.02 pp weight change; -34.3% relative return; weight 0.03%Paper & Plastic Packaging Products & Materials: -0.21 pp weight change; -3.5% relative return; weight 0.17%Water Utilities: -0.01 pp weight change; -19.1% relative return; weight 0.05%Consumer Finance: -0.21 pp weight change; -18.9% relative return; weight 0.63%Automotive Retail: -0.13 pp weight change; -35.2% relative return; weight 0.20%Aerospace & Defense: -0.19 pp weight change; -7.8% relative return; weight 2.39%Aerospace & DefenseDiversified Banks: -0.33 pp weight change; -0.8% relative return; weight 3.54%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; -0.7% relative return; weight 0.03%Computer & Electronics Retail: -0.00 pp weight change; -6.0% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: +0.10 pp weight change; -15.3% relative return; weight 0.70%Oil & Gas Equipment & Services: +0.07 pp weight change; +29.3% relative return; weight 0.30%Pharmaceuticals: +0.65 pp weight change; +24.4% relative return; weight 4.07%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -18.0% relative return; weight 0.00%Health Care Distributors: -0.00 pp weight change; +6.1% relative return; weight 0.38%Construction Machinery & Heavy Transportation Equipment: +0.23 pp weight change; +38.9% relative return; weight 0.93%Financial Exchanges & Data: -0.27 pp weight change; -21.7% relative return; weight 0.77%Real Estate Services: -0.09 pp weight change; -45.9% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: -0.02 pp weight change; -4.8% relative return; weight 0.14%Regional Banks: -0.00 pp weight change; -4.5% relative return; weight 0.32%Household Products: -0.07 pp weight change; -17.5% relative return; weight 0.24%Air Freight & Logistics: +0.04 pp weight change; +19.8% relative return; weight 0.32%Cable & Satellite: -0.13 pp weight change; -41.4% relative return; weight 0.16%Health Care Services: -0.04 pp weight change; -3.8% relative return; weight 0.43%Restaurants: -0.23 pp weight change; -20.4% relative return; weight 0.72%Managed Health Care: +0.02 pp weight change; +7.7% relative return; weight 0.85%Consumer Staples Merchandise Retail: -0.37 pp weight change; -11.0% relative return; weight 2.29%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.30 pp weight change; -27.8% relative return; weight 0.68%Communications Equipment: +0.41 pp weight change; +17.9% relative return; weight 1.54%Rail Transportation: +0.05 pp weight change; +13.6% relative return; weight 0.58%Diversified Support Services: -0.11 pp weight change; -30.2% relative return; weight 0.21%Integrated Oil & Gas: +1.21 pp weight change; +9.1% relative return; weight 1.78%Passenger Airlines: -0.01 pp weight change; -4.1% relative return; weight 0.18%Agricultural & Farm Machinery: +0.03 pp weight change; +13.3% relative return; weight 0.29%Homebuilding: -0.07 pp weight change; -28.9% relative return; weight 0.13%Movies & Entertainment: +0.33 pp weight change; -28.9% relative return; weight 0.96%Data Center REITs: +0.00 pp weight change; +3.6% relative return; weight 0.28%Health Care REITs: +0.06 pp weight change; +14.4% relative return; weight 0.38%Industrial Machinery & Supplies & Components: -0.12 pp weight change; -8.5% relative return; weight 0.82%Research & Consulting Services: -0.06 pp weight change; -38.5% relative return; weight 0.08%Reinsurance: -0.01 pp weight change; -9.3% relative return; weight 0.02%Multi-Family Residential REITs: -0.04 pp weight change; -17.7% relative return; weight 0.13%Self-Storage REITs: -0.03 pp weight change; -12.9% relative return; weight 0.14%Automobile Manufacturers: +0.19 pp weight change; -8.2% relative return; weight 2.63%Automobile ManufacturersTrading Companies & Distributors: +0.03 pp weight change; -13.7% relative return; weight 0.27%Copper: +0.05 pp weight change; +41.0% relative return; weight 0.18%Broadcasting: +0.06 pp weight change; +100.5% relative return; weight 0.12%Retail REITs: -0.03 pp weight change; -5.7% relative return; weight 0.26%Systems Software: -0.69 pp weight change; -12.4% relative return; weight 7.68%Systems SoftwarePackaged Foods & Meats: -0.09 pp weight change; -17.5% relative return; weight 0.31%Distributors: -0.01 pp weight change; -17.5% relative return; weight 0.03%Consumer Electronics: -0.01 pp weight change; -2.3% relative return; weight 0.09%Investment Banking & Brokerage: +0.03 pp weight change; +9.5% relative return; weight 1.44%Leisure Products: -0.00 pp weight change; -2.1% relative return; weight 0.02%Health Care Facilities: -0.04 pp weight change; -15.5% relative return; weight 0.15%Home Improvement Retail: -0.40 pp weight change; -32.7% relative return; weight 0.74%Industrial Conglomerates: -0.25 pp weight change; -7.9% relative return; weight 0.29%Hotel & Resort REITs: -0.03 pp weight change; -22.3% relative return; weight 0.07%Other Specialized REITs: +0.00 pp weight change; +5.7% relative return; weight 0.06%Construction & Engineering: +0.17 pp weight change; +21.6% relative return; weight 0.33%Cargo Ground Transportation: +0.05 pp weight change; +21.9% relative return; weight 0.14%Oil & Gas Storage & Transportation: +0.03 pp weight change; +13.2% relative return; weight 0.48%Soft Drinks & Non-alcoholic Beverages: -0.08 pp weight change; -2.2% relative return; weight 1.10%Food Retail: +0.01 pp weight change; -26.9% relative return; weight 0.11%Casinos & Gaming: -0.05 pp weight change; -33.7% relative return; weight 0.08%Construction Materials: +0.06 pp weight change; -32.8% relative return; weight 0.21%Tobacco: -0.10 pp weight change; -6.8% relative return; weight 0.68%Oil & Gas Refining & Marketing: +0.19 pp weight change; +74.1% relative return; weight 0.51%Gold: +0.05 pp weight change; +40.1% relative return; weight 0.22%Apparel, Accessories & Luxury Goods: -0.11 pp weight change; -45.3% relative return; weight 0.12%Steel: +0.04 pp weight change; +42.0% relative return; weight 0.15%Advertising: +0.01 pp weight change; -4.9% relative return; weight 0.04%Personal Care Products: -0.22 pp weight change; -22.2% relative return; weight 0.62%Industrial REITs: -0.00 pp weight change; +3.8% relative return; weight 0.22%Electronic Equipment & Instruments: -0.02 pp weight change; -4.2% relative return; weight 0.24%Apparel Retail: -0.05 pp weight change; -7.6% relative return; weight 0.37%Environmental & Facilities Services: -0.12 pp weight change; -24.3% relative return; weight 0.33%Food Distributors: -0.02 pp weight change; -15.2% relative return; weight 0.06%Integrated Telecommunication Services: -0.18 pp weight change; -13.4% relative return; weight 0.64%Electronic Manufacturing Services: +0.05 pp weight change; -16.8% relative return; weight 0.22%Other Specialty Retail: -0.05 pp weight change; -35.9% relative return; weight 0.07%Timber REITs: -0.01 pp weight change; -24.1% relative return; weight 0.03%Interactive Home Entertainment: -0.02 pp weight change; -23.0% relative return; weight 0.07%Data Processing & Outsourced Services: -0.03 pp weight change; -40.4% relative return; weight 0.03%Gas Utilities: -0.01 pp weight change; -16.3% relative return; weight 0.05%Commodity Chemicals: +0.00 pp weight change; +6.4% relative return; weight 0.04%Wireless Telecommunication Services: -0.27 pp weight change; -40.2% relative return; weight 0.32%Technology Distributors: -0.01 pp weight change; -23.2% relative return; weight 0.03%Heavy Electrical Equipment: +0.05 pp weight change; +17.8% relative return; weight 0.42%Single-Family Residential REITs: -0.01 pp weight change; -20.5% relative return; weight 0.03%Passenger Ground Transportation: -0.15 pp weight change; -34.0% relative return; weight 0.26%Footwear: -0.02 pp weight change; -40.5% relative return; weight 0.02%Health Care Technology: +0.08 pp weight change; +26.3% relative return; weight 0.10%Homefurnishing Retail: -0.00 pp weight change; +0.6% 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.