MSCI World Enhanced Value Index

MSCI WORLD ENHANCED VALUE INDEX (USD)
The MSCI World Enhanced Value Index captures large and mid-cap representation across 23 Developed Markets (DM) countries*
exhibiting overall value style characteristics. The index is designed to represent the performance of securities that exhibit higher
value characteristics relative to their peers within the corresponding GICS® sector. The value investment style characteristics for index
construction are deﬁned using three variables: Price-to-Book Value, Price-to-Forward Earnings and Enterprise Value-to-Cash ﬂow from
Operations.
CUMULATIVE INDEX PERFORMANCE - NET RETURNS
400
ANNUAL PERFORMANCE (%)
(USD) (JAN 2002 – JAN 2017)
368.15
300
247.26
200
100
50
Jan 02
May 03
Jul 04
Oct 05
MSCI World
Enhanced Value
Year
MSCI World Enhanced Value
MSCI World
Jan 07
Apr 08
Jul 09
INDEX PERFORMANCE — NET RETURNS
Oct 10
Jan 12
Apr 13
Jul 14
Oct 15
Jan 17
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
8.13
-3.28
3.98
31.92
14.28
-11.57
8.59
41.09
-43.04
9.76
30.39
16.76
28.07
56.06
FUNDAMENTALS
(%) ( JAN 31, 2017 )
MSCI World
7.51
-0.87
4.94
26.68
15.83
-5.54
11.76
29.99
-40.71
9.04
20.07
9.49
14.72
33.11
( JAN 31, 2017 )
ANNUALIZED
1 Mo
3 Mo
1 Yr
YTD
3 Yr
5 Yr
10 Yr
Since
Nov 28, 1997
Div Yld (%)
P/E
P/E Fwd
P/BV
MSCI World Enhanced Value
2.31
7.36
20.84
2.31
4.64
9.50
3.44
9.05
2.91
16.09
11.34
1.19
MSCI World
2.41
6.37
17.11
2.41
5.95
9.86
3.95
5.36
2.46
22.09
16.27
2.26
INDEX RISK AND RETURN CHARACTERISTICS
( NOV 28, 1997 – JAN 31, 2017 )
ANNUALIZED STD DEV (%) 2
Beta
MSCI World Enhanced Value
1.10
6.63
MSCI World
1.00
0.00
SHARPE RATIO 2 , 3
MAXIMUM DRAWDOWN
3 Yr
5 Yr
10 Yr
3 Yr
5 Yr
10 Yr
Since
Nov 28,
1997
19.95
12.50
13.24
19.77
0.40
0.73
0.22
0.44
62.01
2007-10-31—2009-03-09
2.45
10.87
11.07
16.52
0.56
0.88
0.26
0.26
57.82
2007-10-31—2009-03-09
Tracking Turnover
Error (%)
(%) 1
1
Last 12 months
2
Based on monthly net returns data
3
(%)
Period YYYY-MM-DD
Based on ICE LIBOR 1M
* DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,
Switzerland, the UK and the US.
The MSCI World Enhanced Value Index was launched on Aug 11, 2014. Data prior to the launch date is back-tested data (i.e. calculations of how the index might have performed over that time period had the index
existed). There are frequently material diﬀerences between back-tested performance and actual results. Past performance -- whether actual or back-tested -- is no indication or guarantee of future performance.
MSCI WORLD ENHANCED VALUE INDEX
JAN 31, 2017
INDEX CHARACTERISTICS
MSCI World
Enhanced Value
Number of
Constituents
399
Largest
Smallest
Average
Median
2.48
0.01
0.25
0.12
TOP 10 CONSTITUENTS
MSCI World
1,652
Weight
(%)
1.90
0.00
0.06
0.03
INTEL CORP
CISCO SYSTEMS
PFIZER
TOYOTA MOTOR CORP
WAL-MART STORES
GILEAD SCIENCES
BANK OF AMERICA CORP
IBM CORP
ARCHER-DANIELS-MIDLAND
AT&T
Total
SECTOR WEIGHTS
Country
Index
Wt. (%)
Parent Index
Wt. (%)
Sector
US
US
US
JP
US
US
US
US
US
US
2.48
2.42
2.32
2.20
1.94
1.90
1.80
1.71
1.46
1.42
19.66
0.50
0.45
0.56
0.45
0.30
0.28
0.67
0.46
0.07
0.75
4.50
Info Tech
Info Tech
Health Care
Cons Discr
Cons Staples
Health Care
Financials
Info Tech
Cons Staples
Telecom Srvcs
COUNTRY WEIGHTS
9.32%
7.23%
11.26%
4.52%
3.36%
15.09%
3.16%
11.7%
7.15%
8.14%
5.38%
27.04%
3.13%
18.09%
12.47%
38.06%
14.9%
Financials 18.09%
Information Technology 14.9%
Health Care 11.7%
Industrials 11.26%
Materials 5.38%
Consumer Discretionary 12.47%
Consumer Staples 9.32%
Telecommunication Services 3.36%
Energy 7.23%
United States 38.06%
Germany 4.52%
Japan 27.04%
United Kingdom 8.14%
France 7.15%
Other 15.09%
Utilities 3.16%
Real Estate 3.13%
INDEX METHODOLOGY
The MSCI Enhanced Value Indexes are designed to represent the performance of securities that exhibit relatively higher value characteristics
within the parent universe of securities. The value z-score for each security is calculated by combining the z-scores of three valuation
descriptors, namely Price-to-Book Value, Price-to-Forward Earnings and Enterprise Value-to-Cash ﬂow from Operations. The indexes are
constructed with a ﬁxed number of securities approach choosing constituents from their Parent index based on their Final Value Scores.
Coinciding with the semi-annual index reviews of the Parent Index, the MSCI Enhanced Value Indexes are rebalanced on the last business
day of May and November.
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MSCI WORLD ENHANCED VALUE INDEX

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