Watch the market rotate through history
Follow the changes in industry market weight. Every column is an observation—not a research thesis.
Capital rotation timeline
Showing Mar 2018 – May 2020 · 122 industries
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.