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 – Feb 2018 · 122 industries

3M6M1Y3Y5YMAX

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

IndustryJan '18Feb '18At selected month
Life Sciences Tools & ServicesLosing steadily
Technology Hardware, Storage & PeripheralsAccelerating
BiotechnologyAccelerating
Health Care EquipmentAccelerating
IT Consulting & Other ServicesAccelerating
Application SoftwareAccelerating
SemiconductorsAccelerating
Agricultural Products & ServicesLittle change
Human Resource & Employment ServicesLosing steadily
Multi-UtilitiesGaining steadily
Electric UtilitiesLittle change
Independent Power Producers & Energy TradersLittle change
Life & Health InsuranceLosing steadily
Multi-line InsuranceDeclining faster
Insurance BrokersGaining steadily
Internet Services & InfrastructureGaining steadily
Specialty ChemicalsDeclining faster
Health Care SuppliesGaining steadily
Property & Casualty InsuranceLosing steadily
Building ProductsLittle change
Semiconductor Materials & EquipmentAccelerating
Electrical Components & EquipmentGaining steadily
Asset Management & Custody BanksGaining steadily
Telecom Tower REITsGaining steadily
Broadline RetailAccelerating
Oil & Gas Exploration & ProductionDeclining faster
Industrial GasesLittle change
Electronic ComponentsLittle change
Automotive Parts & EquipmentLittle change
Office REITsLittle change
Paper & Plastic Packaging Products & MaterialsLittle change
Water UtilitiesLittle change
Consumer FinanceLittle change
Automotive RetailLosing steadily
Aerospace & DefenseDeclining faster
Diversified BanksAccelerating
Metal, Glass & Plastic ContainersGaining steadily
Computer & Electronics RetailGaining steadily
Hotels, Resorts & Cruise LinesLosing steadily
Oil & Gas Equipment & ServicesDeclining faster
PharmaceuticalsAccelerating
Multi-Sector HoldingsLittle change
Health Care DistributorsDeclining faster
Construction Machinery & Heavy Transportation EquipmentLosing steadily
Financial Exchanges & DataAccelerating
Real Estate ServicesGaining steadily
Fertilizers & Agricultural ChemicalsGaining steadily
Regional BanksGaining steadily
Household ProductsLosing steadily
Air Freight & LogisticsDeclining faster
Cable & SatelliteDeclining faster
Health Care ServicesDeclining faster
RestaurantsLittle change
Managed Health CareLittle change
Consumer Staples Merchandise RetailDeclining faster
Transaction & Payment Processing ServicesGaining steadily
Communications EquipmentAccelerating
Rail TransportationLittle change
Diversified Support ServicesLittle change
Integrated Oil & GasDeclining faster
Passenger AirlinesLittle change
Agricultural & Farm MachineryLittle change
HomebuildingLosing steadily
Movies & EntertainmentGaining steadily
Data Center REITsDeclining faster
Health Care REITsDeclining faster
Industrial Machinery & Supplies & ComponentsLosing steadily
Research & Consulting ServicesLittle change
ReinsuranceGaining steadily
Multi-Family Residential REITsLosing steadily
Self-Storage REITsGaining steadily
Automobile ManufacturersLosing steadily
Trading Companies & DistributorsLittle change
CopperLittle change
BroadcastingLittle change
Retail REITsLosing steadily
Systems SoftwareAccelerating
Packaged Foods & MeatsDeclining faster
DistributorsLosing steadily
Consumer ElectronicsLittle change
Investment Banking & BrokerageAccelerating
Leisure ProductsLittle change
Health Care FacilitiesLittle change
Home Improvement RetailDeclining faster
Industrial ConglomeratesDeclining faster
Hotel & Resort REITsLosing steadily
Other Specialized REITsLittle change
Construction & EngineeringLittle change
Cargo Ground TransportationLittle change
Oil & Gas Storage & TransportationLosing steadily
Soft Drinks & Non-alcoholic BeveragesDeclining faster
Food RetailLosing steadily
Casinos & GamingLittle change
Construction MaterialsLosing steadily
TobaccoDeclining faster
Oil & Gas Refining & MarketingDeclining faster
GoldLittle change
Apparel, Accessories & Luxury GoodsAccelerating
SteelLittle change
AdvertisingLittle change
Personal Care ProductsDeclining faster
Industrial REITsLittle change
Electronic Equipment & InstrumentsGaining steadily
Apparel RetailGaining steadily
Environmental & Facilities ServicesGaining steadily
Food DistributorsLittle change
Integrated Telecommunication ServicesDeclining faster
Electronic Manufacturing ServicesGaining steadily
Other Specialty RetailLittle change
Timber REITsLittle change
Interactive Home EntertainmentLittle change
Data Processing & Outsourced ServicesLittle change
Gas UtilitiesLittle change
Commodity ChemicalsLittle change
Wireless Telecommunication ServicesLittle change
Technology DistributorsLittle change
Heavy Electrical EquipmentLittle change
Single-Family Residential REITsLittle change
Passenger Ground TransportationLittle change
FootwearLittle change
Health Care TechnologyLittle change
Homefurnishing RetailLittle 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.