MSCI Equity Indices November 2013 Index Review
GENEVA -- November 7, 2013
MSCI Inc. (NYSE: MSCI), a leading provider of investment decision support
tools worldwide, including indices, portfolio risk and performance analytics
and corporate governance services, announced today the results of the November
2013 Semi‐Annual Index Review for the MSCI Equity Indices – including the MSCI
Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indices, as well as
the MSCI Global Value and Growth Indices, the MSCI Frontier Markets and MSCI
Frontier Markets Small Cap Indices, the MSCI Global Islamic and MSCI Global
Islamic Small Cap Indices, the MSCI Pan‐Euro and MSCI Euro Indices, the MSCI
Frontier Emerging Markets Indices, the MSCI US Equity Indices, the MSCI US
REIT Index, as well as the MSCI China A Indices. All changes will be
implemented as of the close of November 26, 2013. These changes have been
posted on MSCI’s web site at
MSCI Global Standard Indices: Fifty-four securities will be added to and 39
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 RTL Group (Germany), Workday A (US), and Pharmacyclics
(US). The three largest additions to the MSCI Emerging Markets Index measured
by full company market capitalization will be National Bank of Greece
(Greece), Bank of Piraeus (Greece) and Alpha Bank (Greece).
As a reminder, MSCI will reclassify the MSCI Greece Index from Developed
Markets to Emerging Markets and the MSCI Morocco Index from Emerging Markets
to Frontier Markets at the November 2013 Semi-Annual Index Review. Also, the
MSCI Qatar and MSCI UAE Indices will be reclassified from Frontier Markets to
Emerging Markets at the May 2014 Semi-Annual Index Review.
MSCI Global Small Cap Indices: There will be 379 additions to and 240
deletions from the MSCI ACWI Small Cap Index.
MSCI Global Investable Market Indices: There will be 380 additions to and 226
deletions from the MSCI ACWI IMI.
MSCI Global All Cap Indices: There will be 441 additions to and 262 deletions
from the MSCI World All Cap Index.
MSCI Global Value and Growth Indices: For the MSCI ACWI Value Index, the
largest additions or style changes from growth to value will be
Glaxosmithkline (UK), Oracle Corporation (US) and IBM Corporation (US). For
the MSCI ACWI Growth Index, the largest additions or style changes from value
to growth will be AbbVie (US), Telefonica (Spain) and Lloyds Banking Group
MSCI Frontier Markets Indices: There will be eleven additions to and eleven
deletions from the MSCI Frontier Markets Index. The three largest additions to
the MSCI Frontier Markets Index will be Maroc Telecom (Morocco), Attijariwafa
Bank (Morocco) and BMCE (Morocco).
There will be 26 additions to and 23 deletions from the MSCI Frontier Markets
Small Cap Index.
Following a deterioration of liquidity in the Tunisian and Mauritian equity
markets, the MSCI Tunisia and MSCI Mauritius Indices will be reclassified from
the “Low Liquidity” to the “Very Low Liquidity” category. The MSCI Morocco
Index will be classified in the “Smaller Frontier Market” and “Very Low
Liquidity” categories following its reclassification from Emerging Markets to
MSCI Global Islamic Indices: Twenty-nine securities will be added to and 34
will be deleted from the MSCI ACWI Islamic Index. The three largest additions
to the MSCI ACWI Islamic Index will be ASML Holding (Netherlands), Naver
(Korea) and Avago Techonologies (US). There will be two additions to and five
deletions from the MSCI Gulf Cooperation Council (GCC) Countries ex Saudi
Arabia IMI Islamic Index.
MSCI US Equity Indices: There will be nine securities added to and 10
securities deleted from the MSCI US Large Cap 300 Index. The three largest
additions to the MSCI US Large Cap 300 Index measured by full company market
capitalization will be Actavis, Tesla Motors and Delta Airlines.
Thirty-two securities will be added to and 28 securities will be deleted from
the MSCI US Mid Cap 450 Index. The three largest additions to the MSCI US Mid
Cap 450 Index measured by full company market capitalization will be Xerox
Corporation, Weatherford International and Republic Services.
One hundred sixteen securities will be added to and 78 securities will be
deleted from the MSCI US Small Cap 1750 Index. The three largest additions to
the MSCI US Small Cap 1750 Index measured by full company market
capitalization will be URS Corporation, Kosmos Energy and Sonoco Products
There will be 67 additions to and 33 deletions from the MSCI US Micro Cap
For the MSCI US Investable Market Value Index, there will be 254 additions or
upward changes in Value Inclusion Factor (VIFs), and 176 deletions or downward
changes in VIFs. For the MSCI US Investable Market Growth Index, there will be
207 additions or upward changes in Growth Inclusion Factors (GIFs), and 256
deletions or downward changes in GIFs.
MSCI US REIT Index: There will be five additions to and no deletions from the
MSCI US REIT Index.
As a reminder, MSCI will transition the parent index used to derive the MSCI
US REIT Index from the MSCI US Investable Market 2500 Index to the MSCI USA
IMI as part of the November 2013 Semi-Annual Index Review.
MSCI China A Indices: There will be 17 additions to and 19 deletions from the
MSCI China A Index. The three largest additions to the MSCI China A Index will
be Xizang Haisco Pharmaceutical A, CPT Technology Group A and Jointown Pharma
A. There will be 60 additions to and nine deletions from the MSCI China A
Small Cap Index.
The results of the November 2013 Semi‐Annual Index Review of the MSCI Pan‐Euro
and MSCI Euro Indices and the MSCI Global Islamic Small Cap Indices have also
been posted on MSCI’s web site at www.msci.com.
MSCI Inc. is a leading provider of investment decision support tools to
investors globally, including asset managers, banks, hedge funds and pension
funds. MSCI products and services include indices, portfolio risk and
performance analytics, and governance tools.
The company’s flagship product offerings are: the MSCI indices with close to
USD 7 trillion estimated to be benchmarked to them on a worldwide basis^1;
Barra multi-asset class factor models, portfolio risk and performance
analytics; RiskMetrics multi-asset class market and credit risk analytics; IPD
real estate information, indices and analytics; MSCI ESG (environmental,
social and governance) Research screening, analysis and ratings; ISS
governance research and outsourced proxy voting and reporting services; and
FEA valuation models and risk management software for the energy and
commodities markets. MSCI is headquartered in New York, with research and
commercial offices around the world.
^1As of September 30, 2012, as published by eVestment, Lipper and Bloomberg on
January 31, 2013
For further information on MSCI, please visit our web site at www.msci.com
Kristin Meza, MSCI, New York + 1.212.804.5330
Jo Morgan, MSCI, London + 44.20.7618.2224
Sally Todd | Christian Pickel, MHP + 44.20.3128.8515
MSCI Global Client Service:
EMEA Client Service + 44.20.7618.2222
Americas Client Service 1.888.588.4567 (toll
Asia Pacific Client Service + 852.2844.9333
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Kristin Meza, MSCI, New York, + 1.212.804.5330
Jo Morgan, MSCI, London, + 44.20.7618.2224
Sally Todd | Christian Pickel, MHP Communications, London, + 44.20.3128.8515
MSCI Global Client Service:
EMEA Client Service, + 44.20.7618.2222
Americas Client Service, 1.888.588.4567 (toll free)/+ 1.212.804.3901
Asia Pacific Client Service, + 852.2844.9333
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