MSCI Emerging Markets Small Cap Index

MSCI EMERGING MARKETS SMALL CAP INDEX
(USD)
The MSCI Emerging Markets Small Cap Index includes small cap representation across 23 Emerging Markets
countries*. With 1,831 constituents, the index covers approximately 14% of the free ﬂoat-adjusted market capitalization in each
country. The small cap segment tends to capture more local economic and sector characteristics relative to larger Emerging Markets
capitalization segments.
CUMULATIVE INDEX PERFORMANCE - NET RETURNS
ANNUAL PERFORMANCE (%)
(USD) (MAR 2002 – MAR 2017)
MSCI Emerging Markets Small Cap
MSCI ACWI Small Cap
MSCI ACWI IMI
466.20
401.63
400
269.15
200
50
Mar 02
Jun 03
Sep 04
Dec 05
Mar 07
Jun 08
Sep 09
INDEX PERFORMANCE — NET RETURNS
Dec 10
Mar 12
Jun 13
Sep 14
Dec 15
Mar 17
Year
MSCI
Emerging
Markets
Small Cap
MSCI ACWI
Small Cap
MSCI ACWI IMI
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2.28
-6.85
1.01
1.04
22.22
-27.18
27.17
113.79
-58.23
42.26
32.35
29.17
24.74
60.41
11.59
-1.04
1.78
28.66
18.06
-11.30
26.28
50.67
-43.69
6.83
20.98
15.50
23.78
50.67
8.36
-2.19
3.84
23.55
16.38
-7.89
14.35
36.41
-42.34
11.16
20.95
11.54
16.42
35.54
FUNDAMENTALS
(%) ( MAR 31, 2017 )
( MAR 31, 2017 )
ANNUALIZED
1 Mo
3 Mo
1 Yr
YTD
3 Yr
5 Yr
10 Yr
Since
May 31, 1994
Div Yld (%)
P/E
P/E Fwd
P/BV
MSCI Emerging Markets Small
Cap
2.63
13.02
14.49
13.02
1.66
2.87
3.92
4.83
2.08
22.54
13.31
1.41
MSCI ACWI Small Cap
0.94
6.03
17.50
6.03
5.02
9.72
5.68
7.74
1.88
30.00
18.94
1.88
MSCI ACWI IMI
1.18
6.79
15.37
6.79
5.07
8.55
4.23
6.69
2.35
21.88
16.30
2.16
INDEX RISK AND RETURN CHARACTERISTICS
( MAR 31, 2017 )
ANNUALIZED STD DEV (%) 2
MSCI Emerging Markets Small
Cap
MSCI ACWI Small Cap
MSCI ACWI IMI
SHARPE RATIO 2 , 3
MAXIMUM DRAWDOWN
Turnover
(%) 1
3 Yr
5 Yr
10 Yr
3 Yr
5 Yr
10 Yr
Since
May 31, 1994
(%)
Period YYYY-MM-DD
15.31
14.83
14.19
25.22
0.16
0.25
0.25
0.20
68.49
2007-10-31—2008-11-20
9.37
2.62
11.81
10.81
11.81
11.07
19.17
17.21
0.45
0.48
0.82
0.77
0.34
0.27
0.36
0.32
60.78
58.59
2007-07-13—2009-03-09
2007-10-31—2009-03-09
1
Last 12 months
2
Based on monthly net returns data
3
Based on ICE LIBOR 1M
* EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand,
Turkey and United Arab Emirates.
The MSCI Emerging Markets Small Cap Index was launched on Jun 01, 2007. 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 EMERGING MARKETS SMALL CAP INDEX
MAR 31, 2017
INDEX CHARACTERISTICS
TOP 10 CONSTITUENTS
MSCI Emerging Markets Small Cap
Number of
Constituents
1,831
Mkt Cap ( USD Millions)
Index
Largest
Smallest
Average
Median
678,516.50
2,730.98
0.00
370.57
270.06
Country
MINTH GROUP (CN)
KINGBOARD CHEM HLDG (CN)
AVI
CLICKS GROUP
INTIME RETAIL GROUP CO
CREDIT CHINA HOLDINGS
BARLOWORLD
ALSEA
MEDY-TOX
FEDERAL BANK
Total
SECTOR WEIGHTS
Float Adj Mkt Cap
( USD Billions)
Index
Wt. (%)
Sector
2.73
2.49
2.46
2.35
2.05
2.02
1.89
1.80
1.76
1.74
21.29
0.40
0.37
0.36
0.35
0.30
0.30
0.28
0.26
0.26
0.26
3.14
Cons Discr
Info Tech
Cons Staples
Cons Staples
Cons Discr
Financials
Industrials
Cons Discr
Health Care
Financials
CN
CN
ZA
ZA
CN
CN
ZA
MX
KR
IN
COUNTRY WEIGHTS
8.65%
8.36%
9.03%
5.42%
13.09%
24.54%
6.71%
11.17%
3.69%
1.63%
16.61%
0.97%
14.99%
17.79%
17.01%
Consumer Discretionary 17.79%
Materials 11.17%
22.32%
18.02%
Information Technology 17.01%
Real Estate 9.03%
Consumer Staples 6.71%
Utilities 3.69%
Financials 8.65%
Industrials 14.99%
Health Care 8.36%
China 22.32%
South Africa 5.42%
Taiwan 18.02%
South Korea 16.61%
India 13.09%
Other 24.54%
Energy 1.63%
Telecommunication Services 0.97%
INDEX METHODOLOGY
The index is based on the MSCI Global Investable Market Indexes (GIMI) Methodology —a comprehensive and consistent approach to index
construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style
segments and combinations. This methodology aims to provide exhaustive coverage of the relevant investment opportunity set with a strong
emphasis on index liquidity, investability and replicability. The index is reviewed quarterly—in February, May, August and November—with
the objective of reﬂecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May
and November semi-annual index reviews, the index is rebalanced and the small capitalization cutoﬀ points are recalculated.
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MSCI EMERGING MARKETS SMALL CAP INDEX

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