EME Strategy: MSCI November Semi-Annual Index Review – predictions
On Thursday (7 November), after the market closes, the MSCI is due to announce the results of its November Semi-Annual Index Review (SAIR; the changes become effective as of the 26 November close/27 November opening). The MSCI will use one of the 10 last business days of October for the price calculations. Moreover, we note that, along with the index review, the Chinese A-shares will have their inclusion factor increased by 5ppts, from 15% to 20%, which could result in passive outflows of c.USD 0.3bn from the EME region, according to our estimates. We stress that this estimate excludes possible fund flows triggered by stocks being admitted/excluded and/or changes in free floats (FF) worldwide. Once the MSCI announces the results of the November SAIR, we will update our fund flows estimates.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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