MSCI Emerging Frontier Markets Africa ex South Africa Index

MSCI Emerging Frontier Markets Africa ex
South Africa Index
(USD)
The MSCI Emerging Frontier Markets Africa ex South Africa Index captures large and mid cap
representation across 1 Emerging Market (EM) countries and 5 Frontier Markets (FM) countries*. With 40
constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each
country.
Cumulative Index Performance — Gross Returns (May 2002 – Dec 2014) — USD
Annual Performance (%)
Year
MSCI EFM Africa ex ZA
MSCI EFM
MSCI EFM
Africa ex ZA
MSCI EFM
-5.43
18.67
41.49
-30.36
17.92
7.33
-46.67
59.15
30.58
61.97
44.64
71.84
-1.41
-1.50
18.35
-18.19
19.38
75.62
-53.14
39.35
29.40
36.68
27.27
52.39
2014
2013
2012
800
2011
2010
666.41
2009
2008
2007
2006
2005
400
376.39
2004
2003
50
May 02
Jun 03
Jul 04
Jul 05
Aug 06
Aug 07
Sep 08
Oct 09
Oct 10
Nov 11
Nov 12
Dec 13
Dec 14
Index Performance — Gross Returns (%) (December 31, 2014)
Fundamentals (December 31, 2014)
Annualized
1 Mo
MSCI EFM Africa ex ZA
MSCI EFM
3 Mo
1 Yr
-3.40 -15.11 -5.43
-4.55 -4.66 -1.41
YTD
3 Yr
5 Yr
10 Yr
-5.43
-1.41
16.67
4.75
5.45
2.34
9.65
8.58
Since
Div Yld (%)
P/E
P/E Fwd
P/BV
16.25
11.10
3.62
2.98
13.45
13.10
na
na
2.36
1.52
May 31, 2002
Index Risk and Return Characteristics (December 31, 2014)
Annualized Std Dev (%)2
Turnover
(%)1
MSCI EFM Africa ex ZA
MSCI EFM
1
4.66
5.01
Sharpe Ratio2,3
Maximum Drawdown
Since
3 Yr
5 Yr
10 Yr
3 Yr
5 Yr
10 Yr
May 31,
2002
(%)
Period YYYY-MM-DD
16.64
14.91
17.36
18.24
22.87
23.27
1.00
0.37
0.38
0.21
0.44
0.40
0.73
0.51
64.07
63.90
2008-04-21—2009-02-03
2007-10-29—2008-10-27
Last 12 months
2
Based on monthly gross returns data
3
Based on BBA LIBOR 1M
* EM countries include: Egypt. FM countries include: Kenya, Mauritius, Morocco, Nigeria and Tunisia.
The MSCI Emerging Frontier Markets Africa ex South Africa Index was launched on Feb 07, 2008. 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 Frontier Markets Africa ex South
Africa Index
Top 10 Constituents
December 31, 2014
Index Characteristics
MSCI EFM Africa ex ZA
Number of
Constituents
40
Mkt Cap
(USD Millions)
Index
Largest
Smallest
Average
Median
39,237.41
5,935.54
118.00
980.94
663.06
Country
COMMERCIAL INT'L BANK
NIGERIAN BREWERIES
MAROC TELECOM
GUARANTY TRUST BANK
NESTLE FOODS NIGERIA
ZENITH BANK
SAFARICOM
GLOBAL TELECOM HOLDING
TMG HOLDING
KENYA COMMERCIAL BANK
Total
Sector Weights
(USD Billions)
Mkt Cap
Wt. (%)
Index
Sector
Sector
5.94
3.42
2.21
2.02
1.75
1.58
1.55
1.49
1.42
1.41
22.79
15.13
8.70
5.63
5.16
4.47
4.02
3.96
3.81
3.63
3.59
58.09
Financials
Cons Staples
Telecom Srvcs
Financials
Cons Staples
Financials
Telecom Srvcs
Telecom Srvcs
Financials
Financials
26.8
42.6
37.9
9.1
21.8
7.1
26.7
25.6
6.4
6.4
EG
NG
MA
NG
NG
NG
KE
EG
EG
KE
Wt. (%)
Country Weights
16.3%
20.45%
14.84%
14.81%
5.58%
2.71%
3.2%
24.01%
1.62%
40.07%
56.42%
Financials 56.42%
Materials 5.58%
Consumer Staples 20.45%
Telecommunication Services 14.84%
Energy 2.71%
Nigeria 40.07%
Egypt 24.01%
Morocco 16.3%
Kenya 14.81%
Mauritius 3.2%
Other 1.62%
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 large and mid capitalization cutoff points are recalculated.
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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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