Revenue Breakdown - For the year ended December 31, 2025, 57.0% of the company's revenues were attributable to the Index segment, with asset-based fees accounting for 43.1% of total revenues in this segment[32]. - The Analytics segment contributed 22.8% to the company's total revenues for the year ended December 31, 2025[37]. - The Sustainability and Climate segment accounted for 11.3% of total revenues for the year ended December 31, 2025[43]. - Revenues from private assets offerings represented 8.9% of the company's total revenues for the year ended December 31, 2025[49]. - Revenues from asset-based fees represented 25% and 23% of operating revenues for the years ended December 31, 2025 and 2024, respectively[375]. Technology and Innovation - The company is applying AI to enhance product innovation and accelerate content creation, data processing, and analytics[28]. - The company is developing advanced technology to enhance distribution and client experience, prioritizing open and scalable distribution[28]. - AI Portfolio Insights and GeoSpatial Asset Intelligence are AI-enabled solutions developed to deliver risk and portfolio insights, improving data processing and content quality[53]. - MSCI operates on cloud-native platforms to reduce data center risks and improve client access to content in investment workflows[53]. - The company has developed an AI Upskilling Framework to provide targeted learning opportunities for employees, with participants averaging nine hours of learning in 2025[72]. Strategic Initiatives - The company is expanding solutions for client customization to meet diverse investment strategies and sustainability goals[28]. - The company is actively pursuing strategic partnerships and acquisitions to enhance its offerings and capabilities[28]. - The Sustainability and Climate research team analyzes over 9,000 entities worldwide, with plans to expand coverage to address emerging risks and opportunities[39]. - The company utilizes its sustainability and climate data across various segments, including index products designed for sustainability and climate investment performance[42]. - The Total Plan Manager provides integrated portfolio management and analytics for oversight of investment portfolios across public and private assets[52]. - Private Capital Transparency offers detailed information on underlying fund holdings and exposures of private capital funds, enhancing investment team capabilities[52]. Human Resources - The company employed 6,268 people as of December 31, 2025, with a voluntary turnover rate of 7% and involuntary turnover rate of 5%[65]. Regulatory and Compliance - The company is subject to new EU regulations on ESG rating activities, requiring authorization by ESMA starting July 2, 2026[80]. - MSCI's corporate responsibility practices align with business goals and are overseen by the Governance and Corporate Responsibility Committee[75]. Foreign Currency Exposure - For the years ended December 31, 2025 and 2024, 16% and 17% of the company's revenues were subject to foreign currency exchange rate risk, primarily from clients billed in foreign currencies[374]. - Approximately 42% and 41% of the company's operating expenses for the years ended December 31, 2025 and 2024, respectively, were denominated in foreign currencies[376]. - The company recognized total foreign currency exchange losses of $9.1 million and $4.8 million for the years ended December 31, 2025 and 2024, respectively[377]. - Of the 16% of non-U.S. dollar exposure for the year ended December 31, 2025, 43% was in Euros, 32% in British pounds sterling, and 18% in Japanese yen[374]. - Approximately three-fifths of the assets in investment products are invested in securities denominated in currencies other than the U.S. dollar, impacting asset-based fees[375]. - The company manages foreign currency exchange rate risk through derivative financial instruments, primarily forward contracts on foreign currency[377]. - The significant majority of operating expenses denominated in foreign currencies were in British pounds sterling, Indian rupees, Euros, Hungarian forints, and Mexican pesos[376]. - The company invoices a portion of clients in Euros, British pounds sterling, Japanese yen, and other non-U.S. dollar currencies[374]. - Declines in foreign currencies against the U.S. dollar could lead to net fund outflows, further reducing fees payable under licenses[375].

Core Viewpoint - The analyst has downgraded MSCI to a hold rating due to anticipated growth slowdown and lack of strong catalysts for future performance [1] Group 1: Investment Philosophy - The analyst employs a fundamentals-based approach to value investing, focusing on companies with long-term durability at affordable prices [1] - There is a common misconception that low multiple stocks are inherently cheap; the analyst disagrees and emphasizes the importance of valuation [1] - Preference is given to companies with steady long-term growth, no cyclicality, and a strong balance sheet [1] Group 2: Investment Risks - Investing in successful companies carries risks, particularly the potential of overpaying for stocks, highlighting the significance of valuation [1] - Despite the risks, there are scenarios where the potential for growth is so significant that immediate price considerations become less critical [1]

Core Viewpoint - MSCI Inc. will announce the results of the February 2026 Index Review for various MSCI Equity Indexes on February 10, 2026, with changes effective from February 27, 2026 [1] Group 1: Index Review Announcement - The February 2026 Index Review will include updates for MSCI Global Standard, MSCI Global Small Cap, MSCI Micro Cap, MSCI Global Value and Growth, MSCI Frontier Markets, MSCI US Equity Indexes, MSCI US REIT Index, MSCI China A Onshore indexes, and MSCI China All Shares Indexes [1] - The list of additions and deletions from the indexes will be posted on MSCI's website shortly after 11:00 PM CET on February 10, 2026 [1] - Detailed rebalancing information will be available to clients immediately after the summary announcement appears on Bloomberg and/or Reuters [1] Group 2: Client Access and Information - Clients can access the subscriber section of each index for detailed rebalancing information [1] - A summary of the announcement for MSCI US Equity Indexes and MSCI US REIT Index will also be available on MSCI's website [1] Group 3: Company Overview - MSCI Inc. is a leading provider of decision support tools and services for the global investment community, helping clients understand risks and opportunities [1] - The company serves a diverse range of clients including asset managers, private-market sponsors, hedge funds, wealth managers, banks, insurers, and corporates [1]

Core Insights - MSCI's valuation has become excessive, leading to a dilution of its competitive advantage by diversifying into new business lines [1] Group 1: Investment Strategy - The focus is on investing in companies with strong qualitative attributes, purchasing them at attractive prices based on fundamentals, and holding them indefinitely [1] - The investment approach involves managing a concentrated portfolio aimed at minimizing losses while maximizing exposure to high-potential winners [1] - Companies may receive a 'Hold' rating if their growth opportunities do not meet the required threshold or if the downside risk is deemed too high [1]

格隆汇2月3日｜指数提供商MSCI就印尼问题发表声明：作为标准指数治理的一部分，MSCI会定期与市 场参与者和利益相关方进行沟通。我们不对个别讨论发表评论。 ...

Core Viewpoint - Indonesia's stock market is experiencing a significant downturn, with the Jakarta Composite Index dropping nearly 5% as of February 2, following a dramatic decline of almost 16% over two days from January 28 to 29, resulting in a market value loss exceeding $80 billion [1][2]. Group 1: Market Performance - The Jakarta Composite Index faced its worst two-day drop since the 1998 Asian financial crisis, with a cumulative decline of nearly 16% [1]. - Over 200 stocks in the Jakarta Composite Index have a free float ratio of less than 15%, indicating a severe lack of liquidity for international investors [1]. Group 2: Regulatory Response - Indonesia's financial regulatory authority announced key reforms on January 29, doubling the minimum free float requirement for listed companies to 15% [3]. - The sovereign wealth fund Danantara was instructed to guide its asset management companies to buy stocks in an attempt to stabilize market sentiment [3]. Group 3: External Influences - The stock market's decline is exacerbated by falling commodity prices, with Indonesia's economy being highly sensitive to these fluctuations [2]. - MSCI issued a downgrade warning on January 27, citing fundamental investability issues in the Indonesian stock market, which triggered panic selling among international investors [1].

Market Performance - The broad U.S. market started the year positively, with the SPDR® S&P 500® ETF (SPY) posting a gain despite some elevated volatility in the final week of January [1]

MSCI可能采取的行动包括：1)下调印度尼西亚于新兴市场指数中的权重；2)将印度尼西亚由新兴市场 降级至前沿市场。在最坏情境下，如相关措施落实，MSCI印度尼西亚指数的模拟自由流通市值于标准 指数中将预计减少约320亿美元，小型股指数将预计减少约100亿美元，合共降幅约27%。若上述调整最 终实施，或会引发显著的被动资金流出。 景顺亚太区环球市场策略师赵耀庭指，由于MSCI考虑将印度尼西亚市场由"新兴市场"降级至"前沿市 场"，印度尼西亚股市近期出现明显回落。在印度尼西亚监管机构作出回应，以及MSCI于今年5月作出 最终决定之前，印度尼西亚市场波动预料仍将持续。他表示，即使在股价回落后，印度尼西亚股市估值 相对仍称不上便宜。相关指数的预期市盈率接近11倍，而今年每股盈利(EPS)同比增长仅预期为8%至 10%。展望未来一年，更偏好北亚股市，因其受惠于更稳健的宏观环境、人工智能相关投资持续扩张， 以及推动再通胀的财政政策措施。 MSCI近日完成对印度尼西亚股票市场的审视，并对交易所的披露规则提出关注，认为现行规定可能容 许不透明的股权结构及高度集中的持股情况。这代表MSCI担心在不少股票交投流通性有限的情况下， ...

本周，印尼股市大幅下挫，并连续触发交易所临时停牌机制。周三盘中，印尼雅加达综合指数一度暴跌近 9%，最终收跌7.35%；周四，该指数又一度暴跌近10%，最终收跌1.06%；周五，印尼雅加达综合指数上涨 1.18%。 此前，国际知名指数编制公司明晟（MSCI）对印尼股市的可投资性表示担忧，加剧外资对印尼股市投资环境 的担忧，从而引发市场集中抛售。 在股市蒸发800多亿美元后，印尼监管当局紧急出手稳市，推出了多项改革措施。据悉，拟议的改进措施包括 将股票自由流通股比例提高一倍至15%，允许养老基金和保险基金将其资本市场投资比例从8%提高至20%等。 印尼证券交易所总裁辞职 当地时间周五，印度尼西亚证券交易所总裁拉赫曼宣布辞职。此前，由于市场担忧MSCI可能调降该国市场评 级，导致印尼股市两天内市值损失达840亿美元。 印尼证券交易所在声明中表示，拉赫曼已辞去总裁职务，为"近期市场状况"承担责任。拉赫曼在新闻发布会上 表示："希望这是对资本市场最有利的决定。愿我的辞职能推动资本市场改善。"他还补充道："希望今早（1月 30日早间）开盘走高的指数能在未来几天持续回升。"拉赫曼表示，辞职是维护投资者信心和印尼资本市场稳 ...

格隆汇1月30日｜本周当MSCI明晟公司在1月28日警告称可能将印尼从"新兴市场"降级为"前沿市 场"时，引发了该国股市数十年来最严重的暴跌之一。这一警告使外界对印尼在执行良好公司治理、金 融市场公平交易以及资产所有权透明度方面长期存在的担忧具体化。雅加达政府随后采取了一些措施来 回应指数提供商的关切，但目前尚不清楚这些措施是否足以阻止今年晚些时候可能发生的降级。印尼监 管机构表示，将从2月起将最低公众持股比例翻倍至15%，并暗示新成立的主权财富基金Danantara可能 会介入支持市场。政府还计划通过提高保险公司和养老基金的投资配额，引导更多机构资金进入股市。 ...