Observatory · observe first

Watch the market rotate through history

Follow the changes in industry market weight. Every column is an observation—not a research thesis.

Historical time machine

Historical observation

20182026

Capital rotation timeline

Showing Jan 2018 – Jan 2018 · 122 industries

3M 6M 1Y 3Y 5Y MAX

12M weight change · pp · fixed colour scale across dates

Industry	18 Q1	At selected month
Life Sciences Tools & Services		Little change
Technology Hardware, Storage & Peripherals		Little change
Biotechnology		Little change
Health Care Equipment		Little change
IT Consulting & Other Services		Little change
Application Software		Little change
Semiconductors		Little change
Agricultural Products & Services		Little change
Human Resource & Employment Services		Little change
Multi-Utilities		Little change
Electric Utilities		Little change
Independent Power Producers & Energy Traders		Little change
Life & Health Insurance		Little change
Multi-line Insurance		Little change
Insurance Brokers		Little change
Internet Services & Infrastructure		Little change
Specialty Chemicals		Little change
Health Care Supplies		Little change
Property & Casualty Insurance		Little change
Building Products		Little change
Semiconductor Materials & Equipment		Little change
Electrical Components & Equipment		Little change
Asset Management & Custody Banks		Little change
Telecom Tower REITs		Little change
Broadline Retail		Little change
Oil & Gas Exploration & Production		Little change
Industrial Gases		Little change
Electronic Components		Little change
Automotive Parts & Equipment		Little change
Office REITs		Little change
Paper & Plastic Packaging Products & Materials		Little change
Water Utilities		Little change
Consumer Finance		Little change
Automotive Retail		Little change
Aerospace & Defense		Little change
Diversified Banks		Little change
Metal, Glass & Plastic Containers		Little change
Computer & Electronics Retail		Little change
Hotels, Resorts & Cruise Lines		Little change
Oil & Gas Equipment & Services		Little change
Pharmaceuticals		Little change
Multi-Sector Holdings		Little change
Health Care Distributors		Little change
Construction Machinery & Heavy Transportation Equipment		Little change
Financial Exchanges & Data		Little change
Real Estate Services		Little change
Fertilizers & Agricultural Chemicals		Little change
Regional Banks		Little change
Household Products		Little change
Air Freight & Logistics		Little change
Cable & Satellite		Little change
Health Care Services		Little change
Restaurants		Little change
Managed Health Care		Little change
Consumer Staples Merchandise Retail		Little change
Transaction & Payment Processing Services		Little change
Communications Equipment		Little change
Rail Transportation		Little change
Diversified Support Services		Little change
Integrated Oil & Gas		Little change
Passenger Airlines		Little change
Agricultural & Farm Machinery		Little change
Homebuilding		Little change
Movies & Entertainment		Little change
Data Center REITs		Little change
Health Care REITs		Little change
Industrial Machinery & Supplies & Components		Little change
Research & Consulting Services		Little change
Reinsurance		Little change
Multi-Family Residential REITs		Little change
Self-Storage REITs		Little change
Automobile Manufacturers		Little change
Trading Companies & Distributors		Little change
Copper		Little change
Broadcasting		Little change
Retail REITs		Little change
Systems Software		Little change
Packaged Foods & Meats		Little change
Distributors		Little change
Consumer Electronics		Little change
Investment Banking & Brokerage		Little change
Leisure Products		Little change
Health Care Facilities		Little change
Home Improvement Retail		Little change
Industrial Conglomerates		Little change
Hotel & Resort REITs		Little change
Other Specialized REITs		Little change
Construction & Engineering		Little change
Cargo Ground Transportation		Little change
Oil & Gas Storage & Transportation		Little change
Soft Drinks & Non-alcoholic Beverages		Little change
Food Retail		Little change
Casinos & Gaming		Little change
Construction Materials		Little change
Tobacco		Little change
Oil & Gas Refining & Marketing		Little change
Gold		Little change
Apparel, Accessories & Luxury Goods		Little change
Steel		Little change
Advertising		Little change
Personal Care Products		Little change
Industrial REITs		Little change
Electronic Equipment & Instruments		Little change
Apparel Retail		Little change
Environmental & Facilities Services		Little change
Food Distributors		Little change
Integrated Telecommunication Services		Little change
Electronic Manufacturing Services		Little change
Other Specialty Retail		Little change
Timber REITs		Little change
Interactive Home Entertainment		Little change
Data Processing & Outsourced Services		Little change
Gas Utilities		Little change
Commodity Chemicals		Little change
Wireless Telecommunication Services		Little change
Technology Distributors		Little change
Heavy Electrical Equipment		Little change
Single-Family Residential REITs		Little change
Passenger Ground Transportation		Little change
Footwear		Little change
Health Care Technology		Little change
Homefurnishing Retail		Little change

NegativePositive · saturates at 0.6pp

Hover for values · click any cell for monthly detail

Quarterly and yearly columns show the last available monthly observation in each period, not an average or sum. The final period may be partial. Change metrics retain their stated lookback regardless of frequency. The time machine moves the whole window month by month; no future observations enter the displayed history.

How are these descriptive states defined?

Gaining / losing: 12-month weight change above +0.005pp / below −0.005pp. Direction and speed are separate dimensions, not mutually exclusive recommendations.

Accelerating / slowing: compare the most recent 3M change with the preceding 3M change. Accelerating means a positive change speeds up by >0.02pp. Slowing means the magnitude of movement declines by >0.02pp. A falling industry can also slow.

Reversing: the last two 3M changes have opposite signs, outside a ±0.005pp tolerance. Persistence counts consecutive same-direction monthly changes.

Broad / concentrated: company attribution, not a market-cap concentration shortcut. Concentrated means the three largest same-direction contributors account for ≥70% of gross same-direction changes; otherwise broad requires ≥60% of constituents moving with the industry. Other cases are mixed.