MSCI USA IMI Extended Real Estate Index

MSCI USA IMI Extended Real Estate Index
(USD)
The MSCI USA IMI Extended Real Estate Index* is a free float-adjusted market capitalization index based
on the MSCI USA IMI (Investable Market Index), that consists of large, mid and small cap segment of the US
equity market. All securities are classified in the Real Estate (Industry Group) and selected Sub-Industries**
according to the Global Industry Classification Standard (GICS®).
Cumulative Index Performance — Gross Returns (Dec 2010 – Dec 2014) — USD
Annual Performance (%)
Year
MSCI USA IMI Extended Real Estate
MSCI USA REIT
2014
200
2013
178.32
2012
2011
MSCI USA
IMI Extended
Real Estate
MSCI
USA REIT
19.00
18.44
28.30
-1.39
28.74
-0.70
17.86
11.95
168.69
150
100
50
Dec 10
May 11
Aug 11
Dec 11
Apr 12
Aug 12
Dec 12
Apr 13
Aug 13
Dec 13
Apr 14
Aug 14
Dec 14
Index Performance — Gross Returns (%) (December 31, 2014)
Annualized
MSCI USA IMI Extended Real Estate
MSCI USA REIT
1 Mo
3 Mo
1 Yr
YTD
3 Yr
5 Yr
10 Yr
1.26
0.70
10.43
12.42
19.00
28.74
19.00
28.74
21.83
14.64
na
na
na
na
Since
Dec 31, 2010
15.55
13.96
Index Risk and Return Characteristics (December 31, 2014)
Annualized Std Dev (%)2
Turnover
(%)1
MSCI USA IMI Extended Real Estate
MSCI USA REIT
1
3.93
6.81
Sharpe Ratio2,3
Maximum Drawdown
Since
3 Yr
5 Yr
10 Yr
3 Yr
5 Yr
10 Yr
Dec 31,
2010
(%)
Period YYYY-MM-DD
10.95
12.59
na
na
na
na
1.85
1.14
na
na
na
na
1.09
0.93
25.51
18.74
2011-05-10—2011-10-03
2013-05-21—2013-08-19
Last 12 months
2
Based on monthly gross returns data
3
Based on BBA LIBOR 1M
(* a custom index on the MSCI USA IMI including Real Estate and Real Estate Related GICS Classifications.)
** Sub-Industries include: Construction Materials, Forest Products, Building Products, Construction & Engineering, Homebuilding, Casinos & Gaming, Hotel Resorts & Cruise Lines, Home Improvement
Retail, Health Care Facilities, Wireless Telecom Services, House Appliances, Home Furnishings, Leisure Facilities, Office Service & Supplies and Security & Alarm Services.
The MSCI USA IMI Extended Real Estate Index was launched on Dec 23, 2010. 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 USA IMI Extended Real Estate Index
December 31, 2014
Index Characteristics
Top 10 Constituents
MSCI USA IMI
Extended Real Estate
Number of
Constituents
Mkt Cap
(USD Billions)
351
Mkt Cap
(USD Millions)
Index
Largest
Smallest
Average
Median
141.28
67.91
56.59
39.16
27.13
26.27
24.69
24.50
23.42
22.21
453.17
HOME DEPOT
LOWE'S COS
SIMON PROPERTY GROUP
AMERICAN TOWER CORP
PUBLIC STORAGE
CROWN CASTLE INT'L CORP
EQUITY RESIDENTIAL
HEALTH CARE REIT
LAS VEGAS SANDS CORP
HCA HOLDINGS
Total
1,612,876.26
141,281.39
128.96
4,595.09
1,801.79
Index
Sector
Sector
8.76
4.21
3.51
2.43
1.68
1.63
1.53
1.52
1.45
1.38
28.10
Cons Discr
Cons Discr
Financials
Financials
Financials
Financials
Financials
Financials
Cons Discr
Health Care
30.5
14.6
6.4
4.4
3.1
3.0
2.8
2.8
5.0
30.7
Wt. (%)
Wt. (%)
Sub-Industry Weights
3.85%
29.15%
4.14%
4.48%
5.61%
5.88%
6.2%
13.11%
6.87%
10.79%
9.92%
Home Improvement Retail 13.11%
Residential REIT's 6.87%
Health Care REITs 5.88%
Diversified REIT's 4.14%
Retail REIT's 10.79%
Specialized REIT's 9.92%
Hotels, Resorts & Cruise Lines 6.2%
Office REIT's 5.61%
Mortgage REIT's 3.85%
Health Care Facilities 4.48%
Other 29.15%
Index Methodology
The index is based on the MSCI Global Investable 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 large and mid capitalization cutoff points are recalculated.
www.msci.com | [email protected]
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 indexes, portfolio risk and performance analytics,
and ESG data and research.
1
The company's flagship product offerings are: the MSCI indexes with approximately USD 9 trillion estimated to be benchmarked to them on a worldwide basis ; Barra multi-asset class factor models, portfolio risk and performance analytics;
RiskMetrics multi-asset class market and credit risk analytics; IPD real estate information, indexes and analytics; MSCI ESG (environmental, social and governance) Research screening, analysis and ratings; 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.
1
As of March 31, 2014, as reported on June 25, 2014 by eVestment, Lipper and Bloomberg.
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