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MSCI Index and What It Measures

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How They Work

What they measure, msci emerging market index, msci frontier markets index, msci eafe index.

  • MSCI World Index

MSCI History

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The MSCI Indexes are a measurement of stock market performance in a particular area. Like other indexes , such as the Dow Jones Averages or the S&P 500, it tracks the performance of the stocks included in the index. 

MSCI Indexes are used as the base for exchange-traded funds . The ETF duplicates the Index's stock holdings. That allows investors to profit from gains in the Index.

Similarly, Indexes are also the benchmarks that actively managed mutual funds use as bases. The exchange-traded funds follow the MSCI Indexes. Managed mutual funds try to outperform them by picking better stocks.

MSCI selects stocks for its equity indexes that are easily traded and have high liquidity. The stocks must have active investor participation and be without owner restrictions. MSCI must balance accuracy and efficiency. It must include enough stocks to represent the underlying equity market. At the same time, it can't have so many stocks that ETFs and mutual funds can't mimic the index.

Each Index sums up the total value of all stocks' market capitalization. That's the stock price multiplied by the number of outstanding shares.   The S&P 500, but not the Dow, uses the same methodology. Market caps are calculated in both U.S. dollars and in local currency. That gives you an idea of how the index is doing without the impact of exchange rates.  

Each index is updated daily, Monday through Friday. Additionally, each index is reviewed quarterly and rebalanced twice a year.   That's when its manager adds or subtracts stocks to make sure the index still accurately reflects the composition of the underlying equity market it measures.

For that reason, MSCI Indexes have the power to change the market. When an index is rebalanced, all the ETFs and mutual funds that track it must buy and sell the same stocks. Stocks that are added to the index usually find their share prices rising. The opposite happens to stocks that are dropped from an index.

MSCI has indexes for a variety of geographic sub-areas, as well as global indexes for stock categories such as small-cap, large-cap, and mid-cap. The four most popular track emerging markets, frontier markets, developed markets excluding the United States and Canada, and the world market.  

The Emerging Markets Index tracks the performance of stock markets in the following 26 developing countries: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.   The MSCI Kuwait Index will be included in the MSCI Emerging Markets Index beginning November 2020.  

In June 2017, MSCI Inc. announced it was adding over 200 China A-shares. Those shares are listed in Shanghai and Shenzhen and denominated in yuan.   As a result, all exchange-traded funds that track the MSCI index were forced to add those shares.

Saudi Arabia is also included in the Gulf Cooperation Council Country Index.  

The index compiles the market capitalization of all companies that are listed in these countries' stock markets.   The index is considered a good measurement of the stock performance of emerging markets.

The Frontier Markets Index tracks the stock markets of countries which are even more volatile than emerging markets. It was created in 2007. The countries in the Index are Bahrain, Bangladesh, Croatia, Estonia, Jordan, Kazakhstan, Kenya, Kuwait, Lebanon, Lithuania, Mauritius, Morocco, Nigeria, Oman, Romania, Serbia, Slovenia, Sri Lanka, Tunisia, and Vietnam. That also includes the West African Economic and Monetary Union. It consists of the following countries: Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, and Togo. Currently, the MSCI WAEMU Indexes include securities classified in Senegal, Ivory Coast, and Burkina Faso.

The following frontier countries are in their own standalone country indexes. They aren't included in the Frontier Market Index: Bosnia and Herzegovina, Botswana, Bulgaria, Iceland, Jamaica, Malta, Palestine, Panama, Trinidad & Tobago, Ukraine, and Zimbabwe.   

Frontier markets can also very profitable since they have lots of room for growth. The main risk is that they are very thinly traded. This makes them difficult to sell if the economy deteriorates. It also means they can more easily be manipulated by hedge funds. You need to understand the countries, their political systems, and their economic challenges. These countries are vulnerable to global shifts in trade, currency, and central bank policy changes.

The EAFE Index measures developed markets excluding the United States and Canada. EAFE stands for Europe, Australasia, and the Far East. It covers 85% of the market capitalization in each of the countries.

The MSCI EAFE Index consists of the following developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.  

MSCI World Index 

The World Index measures the market performance of large and mid-cap companies that have a global presence. It is often quoted by financial media to describe how the world's stock market is doing. It excludes stocks from emerging market countries, so it should be considered a developed world index.

It includes the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom, and the United States.

The MSCI AC World Index includes all the countries in the World and Emerging Markets Indexes. "AC" stands for "All Country."

In 1968, Morgan Stanley published the Capital International Indexes. These were the first indexes for markets outside of the United States. The MSCI Developed Market Indexes were published the following year.

It took almost 20 years, until 1987, for the Emerging Markets Index to be published. In 1996, MSCI published the All Country Indexes for developing markets and emerging markets.

On July 2, 1998, MSCI Inc. was incorporated.   In addition to the indexes, it provides services that analyze risk and return for various markets. Its competitors are Axioma Inc., BlackRock Solutions, Bloomberg Finance L.P., CME Group Inc., CME Group Services LLC, FactSet Research Systems Inc., London Stock Exchange Group PLC, S&P Global Inc., and WisdomTree and Goldman Sachs Asset Management.

In 2007, MSCI launched the Global Islamic Index and the Factor Indexes. Since 2010, it has launched several new indexes each year.  

MSCI Inc. " Exchange Traded Products Based on MSCI Indexes ," Page 3.

Fidelity. " Actively Managed Funds ."

U.S. Securities and Exchange Commission. " Market Capitalization ."

U.S. Securities and Exchange Commission. " Market Indices ."

MSCI Inc. " MSCI Announces the Next Eight Index Review Dates ."

MSCI Inc. " Index Solutions ."

MSCI Inc. " MSCI Emerging Markets Index ."

MSCI Inc. " MSCI Announces the Results of the 2020 Annual Market Classification Review ."

MSCI Inc. " Results of MSCI 2017 Market Classification Review ."

MSCI Inc. " The MSCI Saudi Arabia & Gulf Countries Indexes ."

MSCI Inc. " MSCI EAFE Index (USD) ."

MSCI Inc. " MSCI ACWI Index ."

MSCI Inc. " MSCI World Index (USD) ."

U.S. Securities and Exchange Commission. " MSCI Inc, Form 10-K ."

MSCI Inc. " Global Indexes ," Page 13.

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MSCI Equity Indexes May 2024 Index Review

MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, announced the results of the May 2024 Index Review for the MSCI Equity Indexes. All changes will be implemented as of the close of May 31, 2024.

Highlights include:

MSCI Global Standard Indexes: Forty-two securities will be added to and 121 securities will be deleted from the MSCI ACWI Index. The three largest additions to the MSCI World Index measured by full company market capitalization will be Microstrategy (USA), Pure Storage (USA) and Emcor Group (USA). The three largest additions to the MSCI Emerging Markets Index measured by full company market capitalization will be Chandra Asri Pacific (Indonesia), JSW Energy (India) and Canara Bank (India).

MSCI Global Small Cap Indexes: There will be 233 additions to and 293 deletions from the MSCI ACWI Small Cap Index.

MSCI Global Investable Market Indexes: There will be 187 additions to and 326 deletions from the MSCI ACWI Investable Market Index (IMI).

MSCI Global All Cap Indexes: There will be 113 additions to and 83 deletions from the MSCI World All Cap Index.

MSCI Frontier Markets Indexes: There will be nine additions to and five deletions from the MSCI Frontier Markets Index. The three largest additions to the MSCI Frontier Markets Index measured by full company market capitalization will be Digi Communications (Romania), Koncar Distributivni I (Croatia) and Air Astana GDR (Kazakhstan). There will be 27 additions to and six deletions from the MSCI Frontier Markets Small Cap Index.

Based on the feedback from market participants, liquidity in the Egyptian and Kenyan foreign exchange markets and the ability of foreign investors to repatriate capital from the Egyptian and Kenyan equity markets have improved. MSCI will resume the implementation of index review changes for Kenyan and Egyptian securities in the MSCI Equity Indexes starting this index review.

In light of currently observed market accessibility issues, MSCI will continue to not implement changes as part of this Index Review for any securities classified in Bangladesh for the MSCI Bangladesh Indexes or impacted composite indexes.

These changes, along with other changes across MSCI Equity Indexes including the MSCI Global Islamic Indexes, MSCI US equity Indexes, MSCI US REIT Index, MSCI China A Onshore Indexes and China All Shares Indexes are available on MSCI’s “Index Review” web page: msci.com/index-review .

MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. For more information, please visit at www.msci.com .

The process for submitting a formal index complaint can be found on the index regulation page of MSCI’s website at: https://www.msci.com/index-regulation .

This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the “Information”) is the property of MSCI Inc. or its subsidiaries (collectively, “MSCI”), or MSCI’s licensors, direct or indirect suppliers or any third party involved in making or compiling any Information (collectively, with MSCI, the “Information Providers”) and is provided for informational purposes only. The Information may not be modified, reverse-engineered, reproduced or redisseminated in whole or in part without prior written permission from MSCI. All rights in the Information are reserved by MSCI and/or its Information Providers. The Information may not be used to create derivative works or to verify or correct other data or information. For example (but without limitation), the Information may not be used to create indexes, databases, risk models, analytics, software, or in connection with the issuing, offering, sponsoring, managing or marketing of any securities, portfolios, financial products or other investment vehicles utilizing or based on, linked to, tracking or otherwise derived from the Information or any other MSCI data, information, products or services. The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF THE INFORMATION PROVIDERS MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION. Without limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall any Information Provider have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited, including without limitation (as applicable), any liability for death or personal injury to the extent that such injury results from the negligence or willful default of itself, its servants, agents or sub-contractors. Information containing any historical information, data or analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Past performance does not guarantee future results. The Information may include “Signals,” defined as quantitative attributes or the product of methods or formulas that describe or are derived from calculations using historical data. Neither these Signals nor any description of historical data are intended to provide investment advice or a recommendation to make (or refrain from making) any investment decision or asset allocation and should not be relied upon as such. Signals are inherently backward-looking because of their use of historical data, and they are not intended to predict the future. The relevance, correlations and accuracy of Signals frequently will change materially. The Information should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. All Information is impersonal and not tailored to the needs of any person, entity or group of persons. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), any security, financial product or other investment vehicle or any trading strategy. It is not possible to invest directly in an index. Exposure to an asset class or trading strategy or other category represented by an index is only available through third party investable instruments (if any) based on that index. MSCI does not issue, sponsor, endorse, market, offer, review or otherwise express any opinion regarding any fund, ETF, derivative or other security, investment, financial product or trading strategy that is based on, linked to or seeks to provide an investment return related to the performance of any MSCI index (collectively, “Index Linked Investments”). MSCI makes no assurance that any Index Linked Investments will accurately track index performance or provide positive investment returns. MSCI Inc. is not an investment adviser or fiduciary and MSCI makes no representation regarding the advisability of investing in any Index Linked Investments. Index returns do not represent the results of actual trading of investible assets/securities. MSCI maintains and calculates indexes, but does not manage actual assets. The calculation of indexes and index returns may deviate from the stated methodology. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the securities underlying the index or Index Linked Investments. The imposition of these fees and charges would cause the performance of an Index Linked Investment to be different than the MSCI index performance. The Information may contain back tested data. Back-tested performance is not actual performance, but is hypothetical. There are frequently material differences between back tested performance results and actual results subsequently achieved by any investment strategy. Constituents of MSCI equity indexes are listed companies, which are included in or excluded from the indexes according to the application of the relevant index methodologies. Accordingly, constituents in MSCI equity indexes may include MSCI Inc., clients of MSCI or suppliers to MSCI. Inclusion of a security within an MSCI index is not a recommendation by MSCI to buy, sell, or hold such security, nor is it considered to be investment advice. Data and information produced by various affiliates of MSCI Inc., including MSCI ESG Research LLC and Barra LLC, may be used in calculating certain MSCI indexes. More information can be found in the relevant index methodologies on www.msci.com . MSCI receives compensation in connection with licensing its indexes to third parties. MSCI Inc.’s revenue includes fees based on assets in Index Linked Investments. Information can be found in MSCI Inc.’s company filings on the Investor Relations section of msci.com. MSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc. Neither MSCI nor any of its products or services recommends, endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or instruments or trading strategies and MSCI’s products or services are not a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such, provided that applicable products or services from MSCI ESG Research may constitute investment advice. MSCI ESG Research materials, including materials utilized in any MSCI ESG Indexes or other products, have not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. MSCI ESG and climate ratings, research and data are produced by MSCI ESG Research LLC, a subsidiary of MSCI Inc. MSCI ESG Indexes, Analytics and Real Estate are products of MSCI Inc. that utilize information from MSCI ESG Research LLC. MSCI Indexes are administered by MSCI Limited (UK) and MSCI Deutschland GmbH. Please note that the issuers mentioned in MSCI ESG Research materials sometimes have commercial relationships with MSCI ESG Research and/or MSCI Inc. (collectively, “MSCI”) and that these relationships create potential conflicts of interest. In some cases, the issuers or their affiliates purchase research or other products or services from one or more MSCI affiliates. In other cases, MSCI ESG Research rates financial products such as mutual funds or ETFs that are managed by MSCI’s clients or their affiliates, or are based on MSCI Inc. Indexes. In addition, constituents in MSCI Inc. equity indexes include companies that subscribe to MSCI products or services. In some cases, MSCI clients pay fees based in whole or part on the assets they manage. MSCI ESG Research has taken a number of steps to mitigate potential conflicts of interest and safeguard the integrity and independence of its research and ratings. More information about these conflict mitigation measures is available in our Form ADV, available at https://adviserinfo.sec.gov/firm/summary/169222 . Any use of or access to products, services or information of MSCI requires a license from MSCI. MSCI, Barra, RiskMetrics, IPD and other MSCI brands and product names are the trademarks, service marks, or registered trademarks of MSCI or its subsidiaries in the United States and other jurisdictions. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P Global Market Intelligence. “Global Industry Classification Standard (GICS)” is a service mark of MSCI and S&P Global Market Intelligence. MIFID2/MIFIR notice: MSCI ESG Research LLC does not distribute or act as an intermediary for financial instruments or structured deposits, nor does it deal on its own account, provide execution services for others or manage client accounts. No MSCI ESG Research product or service supports, promotes or is intended to support or promote any such activity. MSCI ESG Research is an independent provider of ESG data. Privacy notice: For information about how MSCI collects and uses personal data, please refer to our Privacy Notice at https://www.msci.com/privacy-pledge .

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MSCI All Country World Index (ACWI): Definition and Countries

msci index methodology

What Is the MSCI All Country World Index (ACWI)?

The MSCI All Country World Index (ACWI) is a stock index designed to track broad global equity-market performance. Maintained by Morgan Stanley Capital International (MSCI), the index comprises the stocks of nearly 3,000 companies from 23 developed countries and 24 emerging markets as of Dec. 29, 2023.

Fund managers use the MSCI ACWI as a guide for asset allocation and a benchmark for the performance of global equity funds. The index is also used as the basis for creating investment products such as exchange-traded funds (ETFs).

Key Takeaways

  • The MSCI ACWI is a stock index that tracks nearly 3,000 stocks in 47 developed and emerging market countries.
  • Approximately $4.3 trillion in assets are benchmarked to the index as of June 30, 2023.
  • The MSCI ACWI index is used as a benchmark for global equity funds and as a guide to asset allocation.
  • Individual investors can gain access to the index through ETFs that replicate its performance.

Understanding the MSCI All Country World Index (ACWI)

Investors can diversify their portfolio holdings in many ways. A portfolio manager or investor can purchase a range of individual stocks that have a low or negative correlation with each other.

On the other hand, a less costly and more efficient way to invest might be to own ETFs replicating the performance of an index such as the Dow Jones Industrial Average (DJIA) or the S&P 500 index . For investors who also want to have exposure to global stocks, the MSCI ACWI index can be a good option.

Institutional investors, including those who manage mutual funds and pension funds, can use the MSCI ACWI as a benchmark to measure the performance of their portfolios and a guide to geographical diversification. Individual investors can also use the ACWI as a benchmark to compare which funds have the best risk-adjusted returns .

Country and Sector Weightings

As of Dec. 29, 2023, the countries representing the highest allocation for the MSCI ACWI index are the U.S. (62.57%), Japan (5.4%), China (3.62%), the United Kingdom (3.55%), and France (2.9%). Below are the weightings for each sector.

  • Information Technology: 22.93%
  • Financials: 15.92%
  • Healthcare: 11.24%
  • Consumer Discretionary: 11.08%
  • Industrials: 10.65%
  • Communication Services: 7.34%
  • Consumer Staples: 6.76%
  • Energy: 4.54%
  • Materials: 4.53%
  • Utilities: 2.62%
  • Real Estate: 2.38%

Top 10 Holdings

Below are the top 10 holdings by their portfolio weighting within the index as of Dec. 29, 2023:

  • Apple Inc: 4.47%
  • Microsoft Corp: 3.95%
  • Amazon.com: 2.10%
  • Nvidia: 1.82%
  • Alphabet A: 1.23%
  • Meta Platforms A: 1.17%
  • Alphabet C: 1.09%
  • Tesla: 1.06%
  • Broadcom: 0.74%
  • JPMorgan Chase: 0.73%

The top 10 holdings represent 18.36% of the weighting for the index.

How to Invest in the MSCI ACWI Index: iShares MSCI ACWI ETF

Investors can't buy an index directly, such as the MSCI ACWI, since it's designed to represent a measurement of performance and characteristics of various sectors, countries, and equity holdings.

Instead, investors can buy an ETF that tracks or mirrors the composition and performance of the index. One of the ETFs that track and invest in the MSCI ACWI index is BlackRock's iShares MSCI ACWI ETF, which has nearly $18.3 billion in assets under management (AUM) as of Jan. 18, 2024.

The ETF owns the stocks of 2,340 holdings from the index and has an expense ratio of 0.32% as of Jan. 18, 2024. The expense ratio represents the cost to investors for BlackRock to manage the fund.

The iShares ETF has the same sectors and all but one of the top 10 holdings (Eli Lilly instead of JPMorgan) with nearly the same portfolio weightings as the MSCI ACWI index as of Jan. 18, 2024. Below is the fund's performance versus the MSCI ACWI index as of Dec. 31, 2023.

Alternatives to the MSCI ACWI for Global Equities

An investor seeking to diversify their portfolio geographically could invest a portion of their funds in an ETF that tracks the MSCI ACWI All Cap Index, which has more than 15,000 equity holdings from 23 developed markets and 24 emerging markets. This would provide exposure to a wide range of global stocks but include many more small and mid-cap stocks.

It's important to note that investors should be aware that an index containing foreign equities might also contain U.S. stocks. As a result, investors should monitor whether they'd be overexposed to U.S. equities if they have already allocated a significant portion of their portfolio to U.S. stocks. Please consult a qualified financial advisor to determine the best asset allocation strategy for your investment needs and long-term financial goals.

How Do You Invest in the MSCI ACWI Index?

You cannot directly invest in the MSCI ACWI index because it is only an index, not a fund. You can, however, invest in funds that track the index, such as the iShares MSCI ACWI ETF. You can purchase this ETF as you would any other stock or ETF through your brokerage account.

What Is the Difference Between the MSCI ACWI Index and the MSCI World Index?

While both the MSCI ACWI and the MSCI World indexes provide investors with exposure to multiple countries and over 1,000 equity holdings, the key difference is that the world index focuses only on developed markets while the ACWI index focuses on both developed and emerging markets.

Does the MSCI ACWI Include China?

Yes, the MSCI ACWI index does include shares from China. In 2019, MSCI decided to increase its index weights in China.

For investors looking to gain exposure to both domestic and international markets and a large number of companies, funds that track the MSCI All Country World Index will provide that access. The index covers developed and emerging countries, for a total of almost 50 nations, allowing for extreme diversification.

MSCI. " MSCI ACWI Index (USD), Fact Sheet ," Page 1.

MSCI. " MSCI ACWI Index ."

MSCI. " MSCI ACWI Index (USD), Fact Sheet ," Page 2.

iShares. " iShares MSCI ACWI ETF ."

MSCI. " MSCI ACWI All Cap Index, Fact Sheet ," Page 1.

MSCI. " MSCI World Index, Fact Sheet ," Page 1.

MSCI. " Investing in China ."

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Msci equity indexes may 2024 index review.

LONDON, May 14, 2024 --( BUSINESS WIRE )--MSCI Inc. (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, announced the results of the May 2024 Index Review for the MSCI Equity Indexes. All changes will be implemented as of the close of May 31, 2024.

Highlights include:

MSCI Global Standard Indexes: Forty-two securities will be added to and 121 securities will be deleted from the MSCI ACWI Index. The three largest additions to the MSCI World Index measured by full company market capitalization will be Microstrategy (USA), Pure Storage (USA) and Emcor Group (USA). The three largest additions to the MSCI Emerging Markets Index measured by full company market capitalization will be Chandra Asri Pacific (Indonesia), JSW Energy (India) and Canara Bank (India).

MSCI Global Small Cap Indexes: There will be 233 additions to and 293 deletions from the MSCI ACWI Small Cap Index.

MSCI Global Investable Market Indexes: There will be 187 additions to and 326 deletions from the MSCI ACWI Investable Market Index (IMI).

MSCI Global All Cap Indexes: There will be 113 additions to and 83 deletions from the MSCI World All Cap Index.

MSCI Frontier Markets Indexes: There will be nine additions to and five deletions from the MSCI Frontier Markets Index. The three largest additions to the MSCI Frontier Markets Index measured by full company market capitalization will be Digi Communications (Romania), Koncar Distributivni I (Croatia) and Air Astana GDR (Kazakhstan). There will be 27 additions to and six deletions from the MSCI Frontier Markets Small Cap Index.

Based on the feedback from market participants, liquidity in the Egyptian and Kenyan foreign exchange markets and the ability of foreign investors to repatriate capital from the Egyptian and Kenyan equity markets have improved. MSCI will resume the implementation of index review changes for Kenyan and Egyptian securities in the MSCI Equity Indexes starting this index review.

In light of currently observed market accessibility issues, MSCI will continue to not implement changes as part of this Index Review for any securities classified in Bangladesh for the MSCI Bangladesh Indexes or impacted composite indexes.

These changes, along with other changes across MSCI Equity Indexes including the MSCI Global Islamic Indexes, MSCI US equity Indexes, MSCI US REIT Index, MSCI China A Onshore Indexes and China All Shares Indexes are available on MSCI’s "Index Review" web page: msci.com/index-review .

MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. For more information, please visit at www.msci.com .

The process for submitting a formal index complaint can be found on the index regulation page of MSCI’s website at: https://www.msci.com/index-regulation .

This document and all of the information contained in it, including without limitation all text, data, graphs, charts (collectively, the "Information") is the property of MSCI Inc. or its subsidiaries (collectively, "MSCI"), or MSCI’s licensors, direct or indirect suppliers or any third party involved in making or compiling any Information (collectively, with MSCI, the "Information Providers") and is provided for informational purposes only. The Information may not be modified, reverse-engineered, reproduced or redisseminated in whole or in part without prior written permission from MSCI. All rights in the Information are reserved by MSCI and/or its Information Providers. The Information may not be used to create derivative works or to verify or correct other data or information. For example (but without limitation), the Information may not be used to create indexes, databases, risk models, analytics, software, or in connection with the issuing, offering, sponsoring, managing or marketing of any securities, portfolios, financial products or other investment vehicles utilizing or based on, linked to, tracking or otherwise derived from the Information or any other MSCI data, information, products or services. The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF THE INFORMATION PROVIDERS MAKES ANY EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH INFORMATION PROVIDER EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION. Without limiting any of the foregoing and to the maximum extent permitted by applicable law, in no event shall any Information Provider have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits) or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited, including without limitation (as applicable), any liability for death or personal injury to the extent that such injury results from the negligence or willful default of itself, its servants, agents or sub-contractors. Information containing any historical information, data or analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Past performance does not guarantee future results. The Information may include "Signals," defined as quantitative attributes or the product of methods or formulas that describe or are derived from calculations using historical data. Neither these Signals nor any description of historical data are intended to provide investment advice or a recommendation to make (or refrain from making) any investment decision or asset allocation and should not be relied upon as such. Signals are inherently backward-looking because of their use of historical data, and they are not intended to predict the future. The relevance, correlations and accuracy of Signals frequently will change materially. The Information should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. All Information is impersonal and not tailored to the needs of any person, entity or group of persons. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), any security, financial product or other investment vehicle or any trading strategy. It is not possible to invest directly in an index. Exposure to an asset class or trading strategy or other category represented by an index is only available through third party investable instruments (if any) based on that index. MSCI does not issue, sponsor, endorse, market, offer, review or otherwise express any opinion regarding any fund, ETF, derivative or other security, investment, financial product or trading strategy that is based on, linked to or seeks to provide an investment return related to the performance of any MSCI index (collectively, "Index Linked Investments"). MSCI makes no assurance that any Index Linked Investments will accurately track index performance or provide positive investment returns. MSCI Inc. is not an investment adviser or fiduciary and MSCI makes no representation regarding the advisability of investing in any Index Linked Investments. Index returns do not represent the results of actual trading of investible assets/securities. MSCI maintains and calculates indexes, but does not manage actual assets. The calculation of indexes and index returns may deviate from the stated methodology. Index returns do not reflect payment of any sales charges or fees an investor may pay to purchase the securities underlying the index or Index Linked Investments. The imposition of these fees and charges would cause the performance of an Index Linked Investment to be different than the MSCI index performance. The Information may contain back tested data. Back-tested performance is not actual performance, but is hypothetical. There are frequently material differences between back tested performance results and actual results subsequently achieved by any investment strategy. Constituents of MSCI equity indexes are listed companies, which are included in or excluded from the indexes according to the application of the relevant index methodologies. Accordingly, constituents in MSCI equity indexes may include MSCI Inc., clients of MSCI or suppliers to MSCI. Inclusion of a security within an MSCI index is not a recommendation by MSCI to buy, sell, or hold such security, nor is it considered to be investment advice. Data and information produced by various affiliates of MSCI Inc., including MSCI ESG Research LLC and Barra LLC, may be used in calculating certain MSCI indexes. More information can be found in the relevant index methodologies on www.msci.com . MSCI receives compensation in connection with licensing its indexes to third parties. MSCI Inc.’s revenue includes fees based on assets in Index Linked Investments. Information can be found in MSCI Inc.’s company filings on the Investor Relations section of msci.com. MSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiary of MSCI Inc. Neither MSCI nor any of its products or services recommends, endorses, approves or otherwise expresses any opinion regarding any issuer, securities, financial products or instruments or trading strategies and MSCI’s products or services are not a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such, provided that applicable products or services from MSCI ESG Research may constitute investment advice. MSCI ESG Research materials, including materials utilized in any MSCI ESG Indexes or other products, have not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. MSCI ESG and climate ratings, research and data are produced by MSCI ESG Research LLC, a subsidiary of MSCI Inc. MSCI ESG Indexes, Analytics and Real Estate are products of MSCI Inc. that utilize information from MSCI ESG Research LLC. MSCI Indexes are administered by MSCI Limited (UK) and MSCI Deutschland GmbH. Please note that the issuers mentioned in MSCI ESG Research materials sometimes have commercial relationships with MSCI ESG Research and/or MSCI Inc. (collectively, "MSCI") and that these relationships create potential conflicts of interest. In some cases, the issuers or their affiliates purchase research or other products or services from one or more MSCI affiliates. In other cases, MSCI ESG Research rates financial products such as mutual funds or ETFs that are managed by MSCI’s clients or their affiliates, or are based on MSCI Inc. Indexes. In addition, constituents in MSCI Inc. equity indexes include companies that subscribe to MSCI products or services. In some cases, MSCI clients pay fees based in whole or part on the assets they manage. MSCI ESG Research has taken a number of steps to mitigate potential conflicts of interest and safeguard the integrity and independence of its research and ratings. More information about these conflict mitigation measures is available in our Form ADV, available at https://adviserinfo.sec.gov/firm/summary/169222 . Any use of or access to products, services or information of MSCI requires a license from MSCI. MSCI, Barra, RiskMetrics, IPD and other MSCI brands and product names are the trademarks, service marks, or registered trademarks of MSCI or its subsidiaries in the United States and other jurisdictions. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and S&P Global Market Intelligence. "Global Industry Classification Standard (GICS)" is a service mark of MSCI and S&P Global Market Intelligence. MIFID2/MIFIR notice: MSCI ESG Research LLC does not distribute or act as an intermediary for financial instruments or structured deposits, nor does it deal on its own account, provide execution services for others or manage client accounts. No MSCI ESG Research product or service supports, promotes or is intended to support or promote any such activity. MSCI ESG Research is an independent provider of ESG data. Privacy notice: For information about how MSCI collects and uses personal data, please refer to our Privacy Notice at https://www.msci.com/privacy-pledge .

View source version on businesswire.com: https://www.businesswire.com/news/home/20240514948791/en/

Media Inquiries [email protected] Melanie Blanco +1 212 981 1049 Konstantinos Makrygiannis +44 (0) 7768 930056 Tina Tan +852 2844 9320 MSCI Global Client Service EMEA Client Service +44 20 7618 2222 Americas Client Service +1 888 588 4567 Asia Pacific Client Service +852 2844 9333

MicroStrategy, Indian Companies Among Additions to MSCI Indexes

Reuters

FILE PHOTO: The MSCI logo is seen in this June 20, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo

(Reuters) -Index provider MSCI will count U.S. bitcoin investor MicroStrategy among 42 additions to its widely tracked world index while more firms from India join its emerging markets index, following a quarterly review.

They are closely watched as billions of dollars invested in exchange-traded funds track MSCI indexes and they are used as a performance benchmark for fund managers.

In total, there are 42 securities to be added and 121 cut from the all-country world index.

The three largest additions will be U.S. companies: software firm and bitcoin investor MicroStrategy, data storage company Pure Storage and mechanical and electrical construction firm Emcor.

"All represent the direction of new economy development," said Kenny Ng, a strategist at China Everbright Securities International in Hong Kong.

MSCI reviews its indexes to reflect moves in market value of constituents, among other factors. The changes, which will take effect at market close on May 31, usually drive a spike in turnover.

Traders are alert this time for possible disruption as the rebalance falls only a few days after the U.S. shortens its stock-trading settlement cycle from two days to one on May 28.

Elsewhere, India's Canara Bank, Indonesian chemical firm Chandra Asri Pacific and Indian power generator JSW Energy will be the three largest additions to the MSCI emerging markets index.

The three largest additions to the frontier markets index will be Kazakhstan carrier Air Astana, Croatia's electrical-equipment maker Koncar Distributivni I and Romanian telco Digi Communications.

New York-based MSCI said it will add six and delete 70 securities from the China A Onshore Index. The three largest additions will be steel manufacturer CITIC Pacific Special Steel, energy firm CNOOC and forklift manufacturer Hangcha Group.

The company said foreign listings will become eligible for the MSCI Sweden Indexes starting from the November quarterly index review as the market has met the foreign listing materiality requirements.

MSCI will also resume review of Egyptian and Kenyan securities after hearing from market participants that liquidity and foreign exchange access had improved there.

Special treatment for equities listed in Bangladesh in the MSCI indexes will remain due to accessibility issues, MSCI said.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shounak Dasgupta, Shailesh Kuber and Subhranshu Sahu)

Copyright 2024 Thomson Reuters .

Tags: United States , India , Indonesia

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Company Data Associate

Your team responsibilities

MSCI Company Financial Data (CFD) team provides high quality and differentiated data across multi asset class for construction of MSCI’s products such as Equity Indexes, Risk Models and ESG Ratings.

The Associate will be responsible for 1) managing the content and data sets related to companies within the domains of Mining industry that are mainly used by MSCI’s ESG business, 2) leading the data methodology enhancements and discussions with Internal committees as well as with external clients.

The candidate is expected to be familiar with facets of the Mining industry and has a general knowledge about emerging Sustainability data trends and new accounting regulations and governing standards.

What we offer you

· At MSCI we are passionate about what we do, and we are inspired by our purpose – to power better investment decisions. You’ll be part of an industry-leading network of creative, curious, and entrepreneurial pioneers. This is a space where you can challenge yourself, set new standards and perform beyond expectations for yourself, our clients, and our industry.

· Wherever you are located you will find transparent compensation schemes and employee benefits that can help ensure your financial security and health. While they vary by different locations, we offer a broad range of benefits that are part of the value you receive as an MSCI employee.

· Our flexible ways of working will allow you to maximize your potential, and we will empower you with the trust, accountability, and advanced technology to perform at your very best.

· You’ll find a purposeful approach to wellbeing to provide you with all the resources you need to be your best at work and in your personal life. Our ‘Here For You’ Employee Assistance Program is available for our employees globally, providing confidential emotional support, financial and legal advice free of charge.

Your key responsibilities

· Deliver fact-based and data supported decision making for appropriate implementation and recommendation to Key stakeholders

· Analysis of the company level data points and metrics from consolidated financial statements of companies, Annual reports, CSR reports, etc.

· Procuring, and processing information about globally listed companies such as:

· Using multiple sources: lengthy annual reports, CSR reports, websites, quantitative data feeds, web crawlers

· Types of information: quantitative data, key performance indicators

· Topics or subject matters: traditional financial risk, corporate governance and sustainability

· Types of analysis: rules-based, subjective analysis, written summaries

· Interpret data methodologies and ensure data is delivered as per standard guidelines

· Capturing and transforming raw data into meaningful information on company’s exposures

· Work closely with Internal committees as well as MSCI ESG Researchers to propose changes to the data methodologies to align it as per industry trends

· Lead the discussions with external clients.

· Establish, review, and monitor production processes, including the management of 3rd-party providers & vendor escalations

· Develop KPIs to measure platform usage and quality standards and to identify areas to target for improvement

Your skills and experience that will help you excel

· Minimum 3 - 5 years of relevant working experience (Industry type: Mining, specially exposed to coal mining processes and technology)

· Degree in Mining e.g. B.E., B.Tech, M.Tech

· Knowledge on equities, fixed income or financial markets in general will be an added advantage

· Strong analytical skills, ability to quickly process large amounts of data and information

· Ability to motivate, mentor, and develop team members.

· Strong and effective communication and presentation skills.

· Good working knowledge of Microsoft Office applications (Excel, Word, Power Point, etc.)

· Basic knowledge of data visualization applications such as Power BI/Tableau and Python/SQL

How we’ll support you

· Our culture of high performance and innovation relies on our people sharing their knowledge and lifting each other up. You’ll be surrounded by a collaborative, global network of talented colleagues who will support and inspire you to do the best work of your career.

· We believe new and challenging experiences drive personal growth and innovation. With the right challenges, encouragement, and development support you can shape your own career experience. Career paths are multi-directional, and we encourage and support internal mobility to help you identify new opportunities to progress and take control of your future.

· As a new joiner you’ll be enrolled on our Global Orientation interactive learning experience to set you up for success.

· Our tailored learning opportunities will enable you to acquire the skills you need at your own pace, choosing between the courses and certifications best suited to you. Our Learning@MSCI platform coupled with access to LinkedIn Learning Pro will provide you with all the resources you need for to accelerate your professional growth.

· At MSCI we act in ways that encourage respect for all voices, ensuring that everyone can be themselves and feel like they are a part of the company. We are intentional about ensuring that everyone is treated fairly and supported with equal opportunities to succeed.

· We have eight MSCI Employee Resource Groups: All Abilities, Asian Support Network, Black Leadership Network, Climate Action Network, Hola! MSCI, Pride & Allies, Women in Tech, and Women’s Leadership Forum.

MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data, and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process.

To all recruitment agencies

MSCI does not accept unsolicited CVs/Resumes. Please do not forward CVs/Resumes to any MSCI employee, location, or website. MSCI is not responsible for any fees related to unsolicited CVs/Resumes.

MSCI Inc. is an equal opportunity employer committed to diversifying its workforce. It is the policy of the firm to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, religion, creed, age, sex, gender, gender identity, sexual orientation, national origin, citizenship, disability, marital and civil partnership/union status, pregnancy (including unlawful discrimination on the basis of a legally protected parental leave), veteran status, or any other characteristic protected by law. MSCI is also committed to working with and providing reasonable accommodations to individuals with disabilities. If you are an individual with a disability and would like to request a reasonable accommodation for any part of the application process, please email [email protected] and indicate the specifics of the assistance needed. Please note, this e-mail is intended only for individuals who are requesting a reasonable workplace accommodation; it is not intended for other inquiries.

Note on recruitment scams

We are aware of recruitment scams where fraudsters impersonating MSCI personnel may try and elicit personal information from job seekers. Read our full note on careers.msci.com

Quotes from Shelah Marie Recide, Joe Yamut, Chiho Masuda

Shelah Marie Recide – Data Operations

I’m thrilled to be a part of a company that genuinely cares.

Joe Yamut – Data Operations

Being a team leader at a time when there is an increased focus on ESG is incredibly rewarding.

Chiho Masuda – Data Operations

As a market expert, I get to see many sustainability reports by companies in Japan. It is the role of my team to turn this data into insights for MSCI’s clients.

MSCI is committed to providing a competitive benefit package to you and, where applicable, your family. 

National Pension System (NPS)  Voluntary Provident Fund (VPF)  Healthcare benefits, including:

  • Health, accident and life insurance 
  • Emergency Ambulance service 
  • Health checkup 
  • Tele-Medicine 

Daycare benefit (creche)  Pregnancy care program  Maternity kit 

Development opportunities

Guided by your manager, our learning and development opportunities empower you to perform at your best, make and impact and shape your career. 

Career paths are multidirectional and we believe new and challenging experiences drive personal growth and innovation. With access to LinkedIn Learning Pro and our bespoke Learning@MSCI platform, you can easily customize and tailor your learning journey to accelerate your career.

12th Floor Nesco IT Building No. 3, Nesco IT Park Nesco Complex Goregaon (East) Mumbai 400063 India

msci index methodology

Our LEED-certified Mumbai office is in the Nesco IT park, with amazing views of the Aarey forest and good connections to both public transport and the highway. As the largest MSCI office, a wide variety of teams are represented here, from Technology and Data Operations to Research, Finance, and Sales and Relationship Management. You’ll also find that we’re well-equipped with collaboration spaces, breakout zones, a cafeteria and relax rooms, as well as a gym for those looking to exercise before work. 

msci index methodology

Recruitment Processs

Apply online.

First, click Apply and upload a CV that shows us the skills and passion you could bring to this role, as well as your contact details so we can reach out to you. 

Talk to our recruiter

If you look like a good match, our recruiters will arrange a chat where we’ll ask about your motivations, experience, and background, and where you can ask us anything you want to know about working at MSCI.

Interview with our team

If you like what you hear, and we think you have what we need, then it’s time to interview with your future team, either virtually or in the office. These interviews will give you a clear insight into the team and the day-to-day responsibilities of the role. 

Make your decision

If you’re successful, we’ll make you an offer and give you any further information you need to help you make your decision. If the answer is yes, it’s time for some background checks, and then we’ll welcome you on board!

Data Operations

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MSCI launches MSCI ONE in Partnership with Microsoft

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In wake of MSCI's strategic alliance with Google Cloud, we are providing our engineers with Google Cloud learning resources and sponsorship for the Google Cloud Associate Engineer and professional level examinations. 

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    MSCI GLOBAL INVESTABLE MARKET INDEXES METHODOLOGY | MAY 2021 Appendix X: Updating the Global Minimum Size References and Ranges 140 General Principles for Updating the Global Minimum Size References and Ranges 140 Appendix XI: Frontier Markets Country Classification 142 Appendix XII: MSCI DR Indexes 143 Constructing the MSCI DR Indexes 143

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  19. Company Data Associate » Mumbai

    Your team responsibilities MSCI Company Financial Data (CFD) team provides high quality and differentiated data across multi asset class for construction of MSCI's products such as Equity Indexes, Risk Models and ESG Ratings. The Associate will be responsible for 1) managing the content and data sets related to companies within the domains of Mining industry that are mainly used by MSCI's ...

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