MSCI Indices 2013 Performance Results1 Global Markets Advance—Led by Returns in Developed and Frontier Markets and Small Caps *Global markets posted significant positive returns, primarily in Developed and Frontier Markets *Global small caps outpaced large and mid caps, extending the trend seen in 2012 *Most Emerging Markets regions and countries displayed negative results—many in the double digits Business Wire LONDON -- December 27, 2013 MSCI Inc. (NYSE:MSCI), a leading provider of investment decision support tools worldwide, today published the year-to-date (YTD) 2013 performance of its MSCI Indices, displaying substantial advances in global equity markets, with the exception of Emerging Markets. The flagship MSCI global index, MSCI ACWI IMI—comprised of over 8,500 large, mid and small cap securities across 23 Developed and 21 Emerging Markets countries—showed healthy double digit returns, delivering a 2013 YTD return of 19.58%, following its 2012 gain of 13.70%. As in 2012, the MSCI ACWI Small Cap Index bested all other MSCI ACWI index capitalization segments for 2013 YTD, with a return of 25.09% versus returns of 20.76% and 18.37% over the period for the MSCI ACWI Mid Cap and Large Cap Indices, respectively. Among global sectors, the top performers for 2013 YTD were the MSCI ACWI IMI/Healthcare and the MSCI ACWI IMI/Consumer Discretionary Indices, which returned 32.83% and 32.74%, respectively. The single sector index with negative performance was the MSCI ACWI IMI/Materials Index, which returned -3.36% for the period. Developed Markets A wide range of regional and country MSCI Developed Markets (DM) Indices delivered strong positive returns in the double digits for 2013 YTD. The MSCI World Index, for example, posted a return of 22.50%, while the top performing regional index, the MSCI North America Index, returned 26.56%. The highest DM country performers included the MSCI Finland, Ireland and USA Indices, with returns of 38.99%, 36.73% and 28.79%, respectively. The MSCI DM Small Cap Indices handily outperformed their mid and large cap counterparts across the majority of countries and regions for 2013 YTD. The MSCI USA Small Cap Index was the top performer, for example, with a 2013 YTD return of 35.74%, while the MSCI World Small Cap Index produced a return of 28.80% over the period, which was 28% higher than that of the MSCI World Index. Frontier Markets The MSCI Frontier Markets (FM) Indices produced widely dispersed 2013 YTD results, with the majority of regions and countries in positive territory. The MSCI Frontier Markets Index returned 20.53% over the period, closely followed by the MSCI Frontier Markets 100 Index, which returned 20.37%. The MSCI Frontier Markets Africa Index was the top-performing regional FM index, delivering a return of 23.49% for the period. The top three single country FM index performers for 2013 YTD included the MSCI Bulgaria, UAE and Argentina Indices, which returned 91.55%, 79.02%, and 68.97%, respectively. The lowest performing FM countries were the MSCI Tunisia and Ukraine Indices with 2013 YTD returns of -12.44%, and -18.52%, respectively. Emerging Markets A majority of the regional and country MSCI Emerging Markets (EM) Indices posted negative 2013 YTD returns. The MSCI Emerging Markets Index lost -5.67% over the period—and this figure was slightly higher than the average return across the EM constituent regions and countries. Four EM countries did show positive returns in the low single digits, including the MSCI Egypt Index, which posted a 7.17% return for the period, and the MSCI Taiwan, Korea, and Malaysia Indices, which returned 3.78%, 2.51%, and 2.09%, respectively. One EM outlier was the MSCI Greece Index, which migrated from the developed markets to the emerging markets in November 2013 and posted a return of 37.88%. The MSCI China Index^2, which comprises approximately 20% of the MSCI Emerging Markets Index, delivered a slightly negative return of -0,20%; the domestic MSCI China A Index^3 delivered a slightly lower return of -2.53%. The top performing EM region was the MSCI Emerging Markets Far East Index, which returned 0.57% over the period. Reinforcing the global trend of small cap dominance, the MSCI EM Small Cap Index outperformed its large- and mid-cap sibling (the MSCI EM Index), returning -2.07% for 2013 YTD. Factor Indices Relative to their market cap weighted parent indices, the suite of MSCI Factor Indices performed variously in different markets. For example, against the backdrop of significant upward trends in the regions and countries of the developed markets, the MSCI Momentum Indices handily outperformed their parent indices over the YTD 2013 period in these DM markets. Similarly, MSCI Value Weighted and Quality Indices generally showed modest outperformance relative to their parents in the developed markets. The MSCI Minimum Volatility Indices, on the other hand, generally underperformed their parents in developed markets and outperformed their parents in emerging markets, which showed substantially negative 2013 YTD performance. Historical index levels for the full range of MSCI Indices are available at www.msci.com. ^1 All year-to-date (YTD) 2013 index performance data is based on price index levels in USD for the periods 1 January 2013 – 24December 2013. ^2 The MSCI China Index is composed of H shares, B shares, Red chips and P chips. ^3 The MSCI China A Index is composed of securities incorporated in mainland China that are listed on the Shanghai or the Shenzhen exchange and are traded in Renminbi (RMB). MSCI Market Cap Indices Performance Table—YTD 2013 (1 Jan 2013 – 24 Dec 2013) Index YTD 2013 2012 1 Jan 2013 – 24 Dec 2013 MSCI All Country (AC) Indices Global MSCI ACWI Small Cap Index 25.09% 15.94% MSCI ACWI Mid Cap Index 20.76% 14.51% MSCI ACWI IMI (Large+ Mid + Small Cap) 19.58% 13.70% MSCI ACWI 18.77% 13.37% MSCI ACWI Large Cap Index 18.37% 13.14% Regional MSCI AC Americas Index 24.24% 12.44% MSCI ACWI ex USA Index 10.45% 13.28% MSCI AC Asia ex Japan Index -0.30% 19.32% MSCI AC Asia Pacific ex Japan Index -0.44% 18.55% Top 3 Global Sectors MSCI ACWI IMI/Healthcare Index 32.83% 16.28% MSCI ACWI IMI/Consumer Discretionary 32.74% 21.63% Index MSCI ACWI IMI/Industrials Index 26.17% 14.19% MSCI Developed Markets (DM) Indices Global MSCI World Small Cap Index 28.80% 15.51% MSCI World IMI (Large + Mid + Small Cap) 23.31% 13.44% MSCI World Index 22.50% 13.12% Regional MSCI Europe Small Cap Index 33.34% 25.56% MSCI North America Index 26.56% 12.84% MSCI World ex Europe 23.76% 12.38% MSCI EMU Index 23.27% 17.10% MSCI Europe ex UK Index 21.98% 17.51% MSCI Europe Index 19.21% 15.07% MSCI World ex USA Index 15.60% 10.74% Top 5 Performing DM Countries MSCI Finland Index 38.99% 9.91% MSCI Ireland Index 36.73% 3.82% MSCI USA Small Cap Index 35.74% 16.23% MSCI USA Index 28.79% 13.46% MSCI Germany Index 26.32% 27.05% MSCI Netherlands Index 26.07% 17.07% MSCI Emerging Markets (EM) Indices Global MSCI Emerging Markets Small Cap Index -2.41% 19.39% MSCI Emerging Markets (EM) Index -5.67% 15.07% Regional MSCI EM Far East Index -0.57% 17.38% MSCI BRIC Index -6.80% 10.94% MSCI EM Europe Index -6.90% 19.65% MSCI EM Beyond BRIC Index -7.35% 19.19% MSCI EM Latin America -16.09% 5.40% Top 6 Performing EM Countries MSCI Egypt Index 7.17% 44.23% MSCI Taiwan Index 3.78% 13.38% MSCI Korea Index 2.51% 20.05% MSCI Malaysia Index 2.09% 10.70% MSCI China Index -0.20% 18.87% MSCI Frontier Markets (FM) Indices Global MSCI Frontier Markets (FM) Index 20.53% 4.86% MSCI Frontier Markets 100 Index 20.37% 4.14% Regional MSCI FM Africa Index 23.49% 47.11% MSCI FM ex GCC Countries Index 17.88% 12.07% Top 5 Performing Countries MSCI Bulgaria Index 91.55% -33.64% MSCI UAE Index 79.02% 22.63% MSCI Argentina Index 68.97% -38.71% MSCI Kenya Index 43.58% 54.00% MSCI Pakistan Index 27.76% 23.34% YTD 2013 Performance Index 1 Jan 2013 – 13 Dec vs. Parent 2012 2013 Factor MSCI Indices—Value Weighted (VW) MSCI USA Value Weighted Index 30.98% 2.20% 14.58% MSCI World Value Weighted Index 23.29% 0.79% 13.27% MSCI Europe Value Weighted Index 20.41% 1.19% 14.67% MSCI ACWI Value Weighted Index 19.20% 0.13% 13.53% MSCI EAFE Value Weighted Index 18.70% 1.62% 12.59% MSCI Factor Indices—Quality MSCI USA Quality Index 29.80% 1.01% 9.27% MSCI UK Quality Index 24.11% 10.15 14.50% MSCI World Quality Index 23.33% 0.83% 10.75% MSCI Japan Quality Index 12.23% -9.63% 1.76% MSCI Canada Quality Index 5.91% 3.35% 9.74% MSCI Factor Indices—Minimum Volatility (MV) MSCI World MV Index 14.75% -7.75% 5.26% MSCI ACWI MV Index 13.07% -5.70% 7.23% MSCI EAFE Minimum Volatility 11.37% -5.71% 7.77% Index MSCI EM Asia MV Index 7.18% 8.38% 20.40% MSCI EM Far East MV Index 7.06% 7.64% 20.61% MSCI EM Minimum Volatility Index -3.75% 1.92% 18.28% MSCI BRIC Minimum Volatility -4.06% 2.74% 13.35% Index MSCI Factor Indices —Momentum (Mom) MSCI Europe Momentum Index 23.99% 4.78% 17.51% MSCI ACWI Momentum Index 23.14% 4.01% 15.53% MSCI World Momentum Index 26.20% 3.70% 12.07% MSCI USA Momentum Index 31.93% 5.37% 12.91% MSCI EM Momentum Index 0.02% 5.69% 17.26% About MSCI 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 approximately USD 7.5 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 corporate governance research, data 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 March 31, 2013, as reported on July 31, 2013 by eVestment, Lipper and Bloomberg^1 For further information on MSCI, please visit our web site at www.msci.com. 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MSCI Indices 2013 Performance Results1
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