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
Latest available · not live
20182026

Market allocation quadrant

Horizontal: 12M weight change (pp) · vertical: 12M relative return (%) · bubble size: current loaded-universe weight

-4.00 pp-120%-2.00 pp-60%+0.00 pp+0%+2.00 pp+60%+4.00 pp+120%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.17 pp weight change; +12.6% relative return; weight 1.07%Technology Hardware, Storage & Peripherals: +1.63 pp weight change; +23.1% relative return; weight 9.60%Technology Hardware, Storage & PeripheralsBiotechnology: +0.24 pp weight change; +18.2% relative return; weight 2.04%BiotechnologyHealth Care Equipment: -0.74 pp weight change; -29.7% relative return; weight 1.52%IT Consulting & Other Services: -0.34 pp weight change; -32.5% relative return; weight 0.61%Application Software: -1.73 pp weight change; -46.7% relative return; weight 1.82%Semiconductors: +3.92 pp weight change; +26.6% relative return; weight 18.63%SemiconductorsAgricultural Products & Services: +0.01 pp weight change; +16.9% relative return; weight 0.10%Human Resource & Employment Services: -0.10 pp weight change; -24.6% relative return; weight 0.23%Multi-Utilities: -0.21 pp weight change; -17.0% relative return; weight 0.85%Electric Utilities: -0.35 pp weight change; -21.9% relative return; weight 1.12%Independent Power Producers & Energy Traders: -0.03 pp weight change; -37.9% relative return; weight 0.05%Life & Health Insurance: -0.04 pp weight change; -2.0% relative return; weight 0.32%Multi-line Insurance: -0.03 pp weight change; -11.8% relative return; weight 0.12%Insurance Brokers: -0.23 pp weight change; -32.1% relative return; weight 0.41%Internet Services & Infrastructure: -0.02 pp weight change; -15.4% relative return; weight 0.09%Specialty Chemicals: -0.07 pp weight change; -10.7% relative return; weight 0.39%Health Care Supplies: -0.00 pp weight change; +0.1% relative return; weight 0.08%Property & Casualty Insurance: -0.18 pp weight change; -10.7% relative return; weight 0.83%Building Products: -0.07 pp weight change; -7.9% relative return; weight 0.47%Semiconductor Materials & Equipment: +1.21 pp weight change; +111.6% relative return; weight 1.95%Electrical Components & Equipment: +0.29 pp weight change; -1.4% relative return; weight 0.89%Asset Management & Custody Banks: -0.30 pp weight change; -18.7% relative return; weight 1.15%Telecom Tower REITs: -0.10 pp weight change; -28.2% relative return; weight 0.20%Broadline Retail: -0.18 pp weight change; -2.6% relative return; weight 4.59%Broadline RetailOil & Gas Exploration & Production: +0.05 pp weight change; +4.1% relative return; weight 0.78%Industrial Gases: -0.10 pp weight change; -12.5% relative return; weight 0.47%Electronic Components: +0.20 pp weight change; +38.7% relative return; weight 0.49%Automotive Parts & Equipment: -0.02 pp weight change; -57.2% relative return; weight 0.02%Office REITs: -0.02 pp weight change; -38.3% relative return; weight 0.03%Paper & Plastic Packaging Products & Materials: -0.19 pp weight change; -0.3% relative return; weight 0.16%Water Utilities: -0.01 pp weight change; -18.1% relative return; weight 0.04%Consumer Finance: -0.21 pp weight change; -20.2% relative return; weight 0.58%Automotive Retail: -0.13 pp weight change; -37.1% relative return; weight 0.19%Aerospace & Defense: -0.41 pp weight change; -16.2% relative return; weight 2.18%Aerospace & DefenseDiversified Banks: -0.54 pp weight change; -6.5% relative return; weight 3.30%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; -3.4% relative return; weight 0.02%Computer & Electronics Retail: -0.00 pp weight change; +5.4% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: +0.12 pp weight change; -9.8% relative return; weight 0.67%Oil & Gas Equipment & Services: +0.03 pp weight change; +11.9% relative return; weight 0.26%Pharmaceuticals: +0.69 pp weight change; +26.1% relative return; weight 4.07%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -15.1% relative return; weight 0.00%Health Care Distributors: -0.04 pp weight change; -2.9% relative return; weight 0.37%Construction Machinery & Heavy Transportation Equipment: +0.19 pp weight change; +31.5% relative return; weight 0.92%Financial Exchanges & Data: -0.23 pp weight change; -19.1% relative return; weight 0.72%Real Estate Services: -0.08 pp weight change; -48.2% relative return; weight 0.08%Fertilizers & Agricultural Chemicals: -0.02 pp weight change; -4.9% relative return; weight 0.13%Regional Banks: -0.00 pp weight change; -5.2% relative return; weight 0.30%Household Products: -0.06 pp weight change; -16.6% relative return; weight 0.22%Air Freight & Logistics: +0.02 pp weight change; +14.5% relative return; weight 0.29%Cable & Satellite: -0.14 pp weight change; -51.3% relative return; weight 0.13%Health Care Services: -0.05 pp weight change; -5.2% relative return; weight 0.41%Restaurants: -0.25 pp weight change; -24.1% relative return; weight 0.64%Managed Health Care: -0.05 pp weight change; +0.2% relative return; weight 0.82%Consumer Staples Merchandise Retail: -0.37 pp weight change; -11.0% relative return; weight 2.26%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.26 pp weight change; -25.7% relative return; weight 0.64%Communications Equipment: +0.44 pp weight change; +21.4% relative return; weight 1.54%Rail Transportation: -0.02 pp weight change; +1.2% relative return; weight 0.53%Diversified Support Services: -0.10 pp weight change; -30.6% relative return; weight 0.20%Integrated Oil & Gas: +1.26 pp weight change; +18.7% relative return; weight 1.80%Passenger Airlines: +0.02 pp weight change; +14.5% relative return; weight 0.19%Agricultural & Farm Machinery: +0.06 pp weight change; +27.4% relative return; weight 0.30%Homebuilding: -0.07 pp weight change; -29.4% relative return; weight 0.13%Movies & Entertainment: +0.29 pp weight change; -30.8% relative return; weight 0.88%Data Center REITs: -0.00 pp weight change; +2.9% relative return; weight 0.27%Health Care REITs: +0.04 pp weight change; +9.9% relative return; weight 0.37%Industrial Machinery & Supplies & Components: -0.12 pp weight change; -8.6% relative return; weight 0.79%Research & Consulting Services: -0.07 pp weight change; -47.6% relative return; weight 0.06%Reinsurance: -0.01 pp weight change; -9.0% relative return; weight 0.02%Multi-Family Residential REITs: -0.04 pp weight change; -17.5% relative return; weight 0.13%Self-Storage REITs: -0.03 pp weight change; -13.9% relative return; weight 0.13%Automobile Manufacturers: -0.53 pp weight change; -29.4% relative return; weight 2.54%Automobile ManufacturersTrading Companies & Distributors: +0.04 pp weight change; -10.2% relative return; weight 0.27%Copper: +0.06 pp weight change; +54.7% relative return; weight 0.17%Broadcasting: +0.03 pp weight change; +35.9% relative return; weight 0.13%Retail REITs: -0.05 pp weight change; -10.9% relative return; weight 0.24%Systems Software: -0.41 pp weight change; -9.0% relative return; weight 7.87%Systems SoftwarePackaged Foods & Meats: -0.10 pp weight change; -22.3% relative return; weight 0.28%Distributors: -0.01 pp weight change; -19.4% relative return; weight 0.03%Consumer Electronics: -0.00 pp weight change; +1.6% relative return; weight 0.09%Investment Banking & Brokerage: -0.13 pp weight change; -2.7% relative return; weight 1.28%Leisure Products: -0.00 pp weight change; +2.3% relative return; weight 0.02%Health Care Facilities: -0.04 pp weight change; -13.6% relative return; weight 0.16%Home Improvement Retail: -0.44 pp weight change; -37.5% relative return; weight 0.65%Industrial Conglomerates: -0.23 pp weight change; -4.5% relative return; weight 0.28%Hotel & Resort REITs: -0.02 pp weight change; -21.0% relative return; weight 0.07%Other Specialized REITs: -0.00 pp weight change; -3.5% relative return; weight 0.06%Construction & Engineering: +0.12 pp weight change; +23.1% relative return; weight 0.34%Cargo Ground Transportation: +0.04 pp weight change; +16.7% relative return; weight 0.12%Oil & Gas Storage & Transportation: -0.00 pp weight change; +4.6% relative return; weight 0.44%Soft Drinks & Non-alcoholic Beverages: -0.04 pp weight change; +1.3% relative return; weight 1.05%Food Retail: +0.01 pp weight change; -28.6% relative return; weight 0.10%Casinos & Gaming: -0.05 pp weight change; -37.8% relative return; weight 0.07%Construction Materials: +0.04 pp weight change; -39.2% relative return; weight 0.19%Tobacco: -0.04 pp weight change; +1.1% relative return; weight 0.69%Oil & Gas Refining & Marketing: +0.21 pp weight change; +80.9% relative return; weight 0.55%Gold: +0.02 pp weight change; +18.4% relative return; weight 0.20%Apparel, Accessories & Luxury Goods: -0.10 pp weight change; -45.0% relative return; weight 0.11%Steel: +0.04 pp weight change; +45.0% relative return; weight 0.14%Advertising: +0.00 pp weight change; -19.3% relative return; weight 0.04%Personal Care Products: -0.16 pp weight change; -15.3% relative return; weight 0.62%Industrial REITs: -0.01 pp weight change; +0.3% relative return; weight 0.20%Electronic Equipment & Instruments: -0.01 pp weight change; +0.5% relative return; weight 0.24%Apparel Retail: -0.05 pp weight change; -8.1% relative return; weight 0.37%Environmental & Facilities Services: -0.12 pp weight change; -25.1% relative return; weight 0.31%Food Distributors: -0.02 pp weight change; -16.5% relative return; weight 0.06%Integrated Telecommunication Services: -0.17 pp weight change; -13.8% relative return; weight 0.60%Electronic Manufacturing Services: +0.04 pp weight change; -17.9% relative return; weight 0.22%Other Specialty Retail: -0.04 pp weight change; -35.0% relative return; weight 0.07%Timber REITs: -0.01 pp weight change; -31.7% relative return; weight 0.02%Interactive Home Entertainment: -0.03 pp weight change; -31.1% relative return; weight 0.07%Data Processing & Outsourced Services: -0.02 pp weight change; -40.7% relative return; weight 0.03%Gas Utilities: -0.01 pp weight change; -19.6% relative return; weight 0.04%Commodity Chemicals: +0.00 pp weight change; +8.1% relative return; weight 0.03%Wireless Telecommunication Services: -0.25 pp weight change; -40.3% relative return; weight 0.29%Technology Distributors: -0.01 pp weight change; -29.6% relative return; weight 0.03%Heavy Electrical Equipment: +0.09 pp weight change; +31.4% relative return; weight 0.45%Single-Family Residential REITs: -0.01 pp weight change; -19.5% relative return; weight 0.03%Passenger Ground Transportation: -0.17 pp weight change; -40.0% relative return; weight 0.24%Footwear: -0.01 pp weight change; -33.9% relative return; weight 0.02%Health Care Technology: +0.08 pp weight change; +31.4% relative return; weight 0.10%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.