MSCI Inc. (NYSE:MSCI), a leading provider of research-based
indexes and analytics, announced the results of the May 2019
Semi-Annual Index Review for the MSCI Equity Indexes - including
the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap
Indexes, the MSCI Global Value and Growth Indexes, the MSCI
Frontier Markets, and MSCI Frontier Markets Small Cap Indexes, the
MSCI Global Islamic and MSCI Global Islamic Small Cap Indexes, the
MSCI Pan-Euro and MSCI Euro Indexes, the MSCI US Equity Indexes,
the MSCI US REIT Index, the MSCI China A Indexes, MSCI China A
Onshore Indexes and the MSCI China All Shares Indexes. All changes
will be implemented as of the close of May 28, 2019. These changes
have been posted on the Index Review web page on MSCI's web site at
https://www.msci.com/index-review.
Inclusion of the MSCI Saudi Arabia Indexes in Emerging
Markets: Coinciding with this Index Review, MSCI will implement
the first step of the inclusion of the MSCI Saudi Arabia Indexes in
the MSCI Emerging Markets Indexes. Thirty Saudi Arabian securities
will be added at half of their FIF1-adjusted market capitalization,
representing an aggregate weight of 1.42% in the MSCI Emerging
Markets Index. The second and final step of the inclusion will
coincide with the August 2019 Quarterly Index Review.
Inclusion of the MSCI Argentina Indexes in Emerging
Markets: MSCI will reclassify the MSCI Argentina Indexes from
Frontier Markets to Emerging Markets in one step coinciding with
this Index Review. Eight Argentinian securities will be added at an
aggregate weight of 0.26% in the MSCI Emerging Markets Index.
Weight Increase of China A Shares in Emerging Markets:
MSCI will implement the first step of the weight increase of China
A shares in the MSCI Emerging Markets Indexes. Twenty-six China A
shares (18 of which are ChiNext stocks) will be added to the MSCI
China Index and the inclusion factor for 238 existing constituents
will be increased from 0.05 to 0.10. China A shares will have an
aggregate weight of 5.25% and 1.76% in the MSCI China and MSCI
Emerging Markets Indexes, respectively.
As a reminder, the weight increase of China A shares in the MSCI
Emerging Markets Indexes will be implemented through a three-step
process. The FIF-adjusted market capitalization of China A shares
will be further increased to 0.15 as part of the August 2019
Quarterly Index Review and then to 0.20, together with the
inclusion of Mid Cap China A shares, in the final step as part of
the November 2019 Semi-Annual Index Review.
MSCI has published the list of constituents of the MSCI Saudi
Arabia, MSCI Argentina and MSCI China A Indexes to reflect the
results of the May 2019 Semi-Annual Index Review at
https://www.msci.com/market-classification.
In addition, MSCI has updated the list of China A Mid Cap
securities that may potentially be added to the MSCI China and the
MSCI Emerging Markets Indexes as part of the third step of the
weight increase to be implemented at the November 2019 Semi-Annual
Index Review.
MSCI Global Standard Indexes: One hundred twenty-two
securities will be added to and 41 securities will be deleted from
the MSCI ACWI Index. In the MSCI World Index, the three largest
additions measured by full company market capitalization will be
Knorr-Bremse (Germany), Snap A (USA) and Twilio A (USA). The three
largest additions to the MSCI Emerging Markets Index measured by
full company market capitalization will be Saudi Basic Industries
Corporation (Saudi Arabia), Saudi Telecom Company (Saudi Arabia)
and Al Rajhi Banking and Investment Corporation (Saudi Arabia).
MSCI Global Small Cap Indexes: There will be 344
additions to and 195 deletions from the MSCI ACWI Small Cap
Index.
MSCI Global Investable Market Indexes: There will be 400
additions to and 170 deletions from the MSCI ACWI Investable Market
Index (IMI).
MSCI Global All Cap Indexes: There will be 350 additions
to and 148 deletions from the MSCI World All Cap Index.
MSCI Frontier Markets Indexes: There will be two
additions to and 23 deletions from the MSCI Frontier Markets Index.
The two additions to the MSCI Frontier Markets Index will be
Petrovietnam Power (Vietnam) and Banque De Tunisie (Tunisia). There
will be 12 additions to and 24 deletions from the MSCI Frontier
Markets Small Cap Index.
MSCI will launch the MSCI Malta Investable Market Index as a
Standalone Index as part of the May 2019 Semi-Annual Index Review.
The index will initially include one Standard Size-Segment
constituent and two Small Cap Size-Segment constituents.
MSCI Global Islamic Indexes: Seventy-one securities will
be added to and 49 securities will be deleted from the MSCI ACWI
Islamic Index. The three largest additions to the MSCI ACWI Islamic
Index measured by full company market capitalization will be Abbott
Laboratories (USA), Saudi Basic Industries Corporation (Saudi
Arabia) and Linde (New) (USA). There will be no additions to and
two deletions from the MSCI Gulf Cooperation Council (GCC)
Countries ex Saudi Arabia IMI Islamic Index.
MSCI US Equity Indexes: There will be seven securities
added to and four 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
Xilinx, Arista Networks and Transdigm Group Inc.
Thirty-one securities will be added to and 20 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 Omnicom Group, Altice USA A and
Apache Corporation.
One hundred fifty securities will be added to and 62 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 Smartsheet A, ADT and
Avnet.
There will be 49 additions to and 30 deletions from the MSCI US
Micro Cap Index.
For the MSCI US Investable Market Value Index, there will be 149
additions or upward changes in Value Inclusion Factor (VIFs), and
126 deletions or downward changes in VIFs. For the MSCI US
Investable Market Growth Index, there will be 196 additions or
upward changes in Growth Inclusion Factors (GIFs), and 128
deletions or downward changes in GIFs.
MSCI US REIT Index: There will be one addition to and two
deletions from the MSCI US REIT Index. The addition to the MSCI US
REIT Index will be Innovative Industrial Properties, Inc.
MSCI China A Indexes: There will be 26 additions to and
no deletions from the MSCI China A Large Cap Index resulting in 264
index constituents. There will be 29 additions to and five
deletions from the MSCI China A Mid Cap Index resulting in 173
index constituents.
MSCI China A Onshore Indexes: There will be 109 additions
to and three deletions from the MSCI China A Onshore Index. The
three largest additions to the MSCI China A Onshore Index will be
Wens Foodstuff Group A, Contemporary A and Shenzhen Mindray A.
There will be 503 additions to and 49 deletions from the MSCI China
A Onshore Small Cap Index. Most of the additions are newly eligible
ChiNext stocks.
MSCI China All Shares Indexes: There will be 66 additions
to and 10 deletions from the MSCI China All Shares Index. The three
largest additions to the MSCI China All Shares Index will be Wens
Foodstuff Group A, Contemporary A and Shenzhen Mindray A. There
will be 522 additions to and 46 deletions from the MSCI China All
Shares Small Cap Index. Most of the additions are newly eligible
ChiNext stocks.
-Ends-
About MSCI
MSCI is a leading provider of critical decision support tools
and services for the global investment community. With over 45
years of expertise in research, data and technology, we power
better investment decisions by enabling clients to understand and
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effective portfolios. We create industry-leading research-enhanced
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transparency across the investment process. To learn more, please
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