News Headlines
MSCI: US Equity Indices, Standard Index Series Changes
17 Nov 04 04:07
Edited Press Release
LONDON -(Dow Jones)- MSCI announced Wednesday changes to the MSCI U.S. EquityIndices effective from Nov. 30, 2004 following the the Semi-Annual Index Review.
In addition, MSCI announce the availability of the MSCI U.S. Broad Market andthe MSCI U.S. Micro Cap Indices.
Six securities will be added to the MSCI U.S. Large Cap 300 Index: GoogleClass A, Apple Computer, TXU Corp, Xerox Corp, Paccar, and Estee Lauder Co A.
Four securities will be deleted from the MSCI U.S. Large Cap 300 Index and 17securities will be added to the MSCI U.S. Mid Cap 450 Index.
The five largest additions to the MSCI U.S. Mid Cap 450 Index are PepsiBottling Group Common, Avery Dennison Corp, New York Times Co A, Bunge, and WynnResorts.
Seventeen securities will be deleted from the MSCI U.S. Mid Cap 450 Index. 108securities will be added to the MSCI U.S. Small Cap 1750 Index. The five largestadditions to the MSCI U.S. Small Cap 1750 Index are Tech Data Corp, CheesecakeFactory, Del Monte Foods Co, UTI Worldwide, and CB Richard Ellis Group.
Fifty-seven securities will be deleted from the MSCI U.S. Small Cap 1750Index. 123 securities will be added to the MSCI U.S. Micro Cap Index. The fivelargest additions to the MSCI U.S. Micro Cap Index are Renovis, Gander Mountain,Animas Corp, Airgate PCS, and Cytokinetics.
Thirty-four securities will be deleted from the MSCI U.S. Micro Cap Index. Forthe MSCI U.S. Investable Market Value Index, there will be 223 additions orupward changes in Value Inclusion Factors (VIFs), and 206 deletions or downwardchanges in VIFs. For the MSCI U.S. Investable Market Growth Index, there will be261 additions or upward changes in Growth Inclusion Factors (GIFs), and 224deletions or downward changes in GIFs.
The VIFs and the GIFs represent the proportion of a security's free float-adjusted market capitalization that is allocated to the value and/or growthindices.
The largest style changes from growth to value are Microsoft Corp (Large Cap),Flextronics Int'l (Mid Cap), and Navistar International (Small Cap). The largeststyle changes from value to growth are Tyco International (Large Cap),GlobalSantaFe Corp (Mid Cap), and Ryder System (Small Cap).
In addition, there will be changes for certain constituents resulting from thequarterly review of the free float estimates and quarterly updates in the numberof shares of the MSCI U.S. Equity Indices.
MSCI also announced changes to the MSCI Standard Index Series effective fromNov. 30, 2004.
Effective Nov. 30, 2004, nine securities will be added to the MSCI StandardIndex Series and one security will be deleted.
The additions bring the representation of their respective industry groups intheir respective countries closer to MSCI's target of 85% of free float-adjustedmarket capitalization.
The additions are Anglo American (United Kingdom), Google Class A (USA),Fisher Scientific International (USA), Qantas Airways (Australia), CintraConcesiones de Infraestructuras de Transporte (Spain), Tata Consultancy Services(India), Yuanta Core Pacific Securities (Taiwan), Hutchison TelecommunicationsInternational (Hong Kong) and KLCC Property Holdings Berhad (Malaysia).
The deletion is Anglo American (South Africa).
As previously announced, Anglo American will be included in the MSCI UnitedKingdom Index and simultaneously deleted from the MSCI South Africa Index as ofthe close of Nov. 30, 2004, following its change in country classification fromSouth Africa to the United Kingdom.
MSCI's quarterly review of free float estimates results in changes in ForeignInclusion Factors (FIFs) for 129 securities in 16 countries. 101 FIF changesresult from the first phase of the increase of the Limited Investability Factor(LIF) for the MSCI Taiwan Index.
FIFs adjust the market capitalization of securities for free float availableto foreign investors. As previously announced, MSCI will increase the LimitedInvestability Factor (LIF) currently applied to the MSCI Taiwan Index from 0.55to 0.75 as of the close of Nov. 30, 2004.
In the second phase, MSCI will increase the LIF from 0.75 to 1 as of the closeof May 31, 2005.
(END) Dow Jones Newswires
11-17-04 0407ET
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