Low free float has already become a flash point in Indonesia, where many of the benchmark Jakarta Composite Index’s biggest members are thinly traded stocks controlled by a handful of wealthy individuals. Investors argue these volatile stocks distort the index, which masks true market performance and heightens the risk of manipulation.In the big business of index compilations, free float is a relatively obscure but crucial metric. Benchmark providers like MSCI and FTSE Russell rely on it to measure how easi ...

MSCI正考虑收紧流通股定义，这一指数编制方法的调整可能引发超过20亿美元资金从印尼股市撤出。 这家指数编制商将在1月底前决定是否实施新规，任何获批的变更将在5月审核中生效，对这个市值9710 亿美元的东南亚最大股市产生深远影响。 据彭博社20日报道，印尼股市已面临亚太地区最低的平均流通股比例问题。如果MSCI发现印尼公司实 际可交易股票数量低于报告数据，被动投资者将被迫抛售现有持仓。这一决定将成为印尼股市多年来最 重大的事件之一，直接影响资金流向和投资者信心。 受冲击最大的将是该国及地区的龙头企业，包括亿万富翁Prajogo Pangestu持股84%的PT Petrindo Jaya Kreasi，以及其持股71%的PT Barito Pacific等公司。Allspring Global Investments投资组合经理Gary Tan表 示，这项审核是对印尼资本市场改革议程的关键考验，凸显了吸引更多国际资金所需的公司治理改进。 尽管面临流出压力，部分投资者认为印尼市场的长期增长潜力仍具吸引力。PT Sucorinvest Asset Management首席投资官Dimas Yusuf表示："考虑到 ...

Fidelity MSCI Real Estate Index ETF (FREL US) – Portfolio Construction MethodologyThe underlying MSCI USA IMI Real Estate 25/25 Index offers full-market-cap coverage of US real estate equities by selecting all GICS Real Estate constituents across large, mid, and small caps from the MSCI USA IMI. Eligibility follows MSCI Global Investable Market Indexes rules, including free-float adjustment, foreign ownership limits, and liquidity/investability thresholds; size segmentation targets ~99% of US free-float mar ...

Core Thesis - MSCI Inc. is viewed positively due to its strong fundamentals and consistent revenue growth, despite recent stock underperformance [1][3]. Company Overview - MSCI Inc. provides essential decision support tools and solutions for the investment community, including indexes for various financial products like ETFs and mutual funds [2]. Recent Performance - MSCI shares have decreased approximately 14.5% over the past year and only increased about 8% over the last three years, underperforming the S&P 500 [3]. - The company's revenue growth has outpaced share price performance, indicating improved valuation despite limited stock appreciation [3]. Financial Growth - Revenue grew from approximately $1.7 billion in 2020 to an estimated $2.86 billion by the end of 2024, reflecting nearly two decades of steady expansion [4]. - Annual revenue growth has typically ranged between 8% and 12% since around 2015, supported by a diversified platform and high client retention rates near 95% [4]. Market Dynamics - Recent stock weakness is attributed to a slowdown in growth rather than business deterioration, with revenue growth slowing to about 7% over the trailing twelve months [5]. - MSCI's trailing P/E is around 34, which is below historical levels that often reached the 40s or higher [5]. Future Outlook - Analysts project approximately 12% annual earnings growth through 2029, indicating attractive long-term return potential [5]. - Recent positive developments include a modest increase in 2025 free cash flow guidance and several product launches across various sectors [5].

Core Insights - JPMorgan analysts observed a stabilizing flow pressure in spot crypto ETFs in early January, following a period of de-risking in late 2025 that was characterized by ETF redemptions rather than a liquidity freeze [1][2] - Bitcoin is currently trading at $90,428, down 2.50%, while Ethereum is at $3,100, down 4.54% [1] Group 1: ETF Flow Dynamics - U.S. spot Bitcoin ETFs experienced $697.25 million in net inflows on January 5, which shifted to $243 million in net outflows by January 7, indicating a transition from "forced reduction" to "tactical rotation" [2] - This change in flow dynamics is expected to tighten intraday ranges and enhance bid support in Bitcoin perpetual funding regimes [2] Group 2: Market Positioning and Sentiment - JPMorgan's analysis aligns with previous insights from Nikolaos Panigirtzoglou's team, which differentiated between October's perpetual deleveraging and November's ETF-led selling by non-crypto investors, primarily retail ETF users [3] - This distinction helps maintain the correction narrative focused on positioning rather than systemic market issues [3] Group 3: Traditional Allocators and Risk Sentiment - Traditional allocators received a positive signal when MSCI announced it would not remove digital-asset treasury companies (DATCO) from indexes, which alleviated near-term forced-selling risks for passive index products holding crypto-related equities [4] - The shares of Strategy's (MSTR) increased following this update, indicating a reduction in selling pressure [4] Group 4: Trade Setup Changes - The current trading environment is characterized by alternating creation and redemption days, allowing desks to hedge more effectively through basis and options [5] - If MSCI retains the "DATCO" category in benchmarks during the February review, it could prevent systematic equity reallocations from acting as a hidden sell program for crypto beta, thereby supporting tighter correlations among Bitcoin spot, CME basis, and ETF flow momentum [6]

Company Overview - MSCI Inc. has a market capitalization of $42.5 billion and provides decision-support tools and solutions for the investment community, aiding in managing and optimizing investment processes across public and private markets [1] Financial Performance - Analysts expect MSCI to report an adjusted EPS of $4.59 for fiscal Q4 2025, reflecting a 9.8% increase from $4.18 in the same quarter last year [2] - For fiscal 2025, the anticipated adjusted EPS is $17.22, which represents a 13.3% rise from $15.20 in fiscal 2024 [3] - MSCI's Q3 2025 results showed a 9.5% increase in operating revenues to $793.4 million and a 15.8% rise in net income to $325.4 million, driven by record recurring sales and a 17% growth in asset-based fees [5] Stock Performance - Over the past 52 weeks, MSCI's shares have declined by 1.6%, underperforming the S&P 500 Index's gain of 16.2% and the State Street Financial Select Sector SPDR ETF's increase of 16.4% [4] - Following the strong Q3 2025 results, MSCI's shares climbed 8.6% on October 28 [5] Analyst Ratings - The consensus rating for MSCI stock is "Moderate Buy," with 19 analysts providing coverage, including 11 "Strong Buys," three "Moderate Buys," four "Holds," and one "Strong Sell" [6] - The average analyst price target for MSCI is $649.47, indicating a potential upside of 10.6% from current levels [7]

Core Viewpoint - Shares of Strategy, led by billionaire Michael Saylor, rose in premarket trading after MSCI decided not to exclude crypto treasury firms from its indexes, alleviating some near-term technical risks for public equities that serve as proxies for bitcoin and crypto exposure [1][3]. Group 1: Market Reaction - The decision by MSCI led to a surge in shares of Strategy, which was previously known as MicroStrategy, as it was the first among digital asset treasury companies (DATCOs) to buy bitcoin in 2020, initiating a trend in the market [4]. - Shares of Strategy increased by 4.3% before the market opened, although gains were later trimmed due to a decline in bitcoin prices affecting crypto-related stocks [5]. Group 2: Industry Context - DATCOs gained popularity in 2025 as many firms began holding cryptocurrencies like bitcoin and ether as their main treasury assets, providing investors with indirect exposure to these digital assets [1]. - Despite their popularity, the tokens are subject to significant price volatility, and there is ongoing debate among analysts regarding the appropriate accounting treatment for these companies, whether as holding vehicles or based on their underlying business operations [2]. Group 3: MSCI's Position - MSCI had previously proposed removing DATCOs from its global benchmarks, arguing that they resemble investment funds, which are excluded from its indexes, raising concerns that other index providers might follow suit [3]. - Many firms argue that they are operating companies developing new products and that MSCI's proposals unfairly target the crypto sector. MSCI plans to conduct a broader consultation on the treatment of non-operating companies, suggesting that exclusion may be postponed until later in the year [4].

Core Viewpoint - MSCI has decided not to exclude Digital Asset Treasury Companies (DATCOs) from its Global Investable Market Indexes, easing the risk for crypto-linked public companies [2][10]. Group 1: Decision and Implications - MSCI formally reversed its proposal to exclude DATCOs after industry consultation revealed unresolved classification issues regarding crypto-heavy firms within traditional equity frameworks [2][4]. - Companies like Strategy (MSTR) and Metaplanet (MTPLF) will remain eligible for index inclusion as long as they meet existing requirements [3]. Group 2: Reason for Change - The reversal marks a significant shift from MSCI's initial position in October, which proposed exclusion based on the view that DATCOs function more like investment vehicles than operating businesses [4][10]. - Feedback from asset managers and market participants highlighted the complexity of distinguishing between investment companies and those holding non-operating assets like cryptocurrencies [5][6]. Group 3: Future Considerations - MSCI indicated a shift towards a broader review of the treatment of non-operating companies, which may lead to updated eligibility criteria based on financial-statement indicators [7]. - While this decision provides temporary relief for DATCOs, it leaves the door open for potential future changes depending on the outcome of the wider consultation [8].

Core Viewpoint - MSCI has decided to maintain its current index treatment for "crypto treasury companies," allowing firms like MicroStrategy, which holds Bitcoin as a core asset, to remain included in the index [1][3] Group 1: MSCI's Decision - MSCI will not remove companies with over 50% of their total assets in cryptocurrency from its indices, indicating a temporary reprieve for crypto treasury companies [1] - The decision reflects MSCI's view that crypto treasury companies possess characteristics of investment funds rather than operational companies [1][4] - MSCI plans to initiate broader consultations to explore how to treat non-operational companies in the future [1][4] Group 2: Market Reactions - Following the announcement, MicroStrategy's stock price rose over 6% in after-hours trading, recovering from a nearly 60% decline over the past year [1] - Analysts had previously warned that if MSCI proceeded with a removal plan, it could lead to up to $2.8 billion in outflows from MicroStrategy, with potential further impacts if other index providers followed suit [3] Group 3: Industry Context - MicroStrategy, initially a software company, transitioned to a Bitcoin treasury strategy in 2020, which was initially viewed skeptically but later gained popularity among investors seeking Bitcoin exposure [6] - The stock price of MicroStrategy surged over 3500% at its peak post-transition, outperforming major stock indices [6] - Despite the recent reprieve from MSCI, the debate regarding the positioning of crypto treasury companies within traditional financial indices continues [7]

Core Viewpoint - MSCI has decided to maintain the current classification of companies with significant digital asset exposure, specifically digital asset treasury companies (DATCOs), after a consultation that raised concerns about their classification and index eligibility [1][2][3] Group 1: MSCI's Decision and Its Implications - MSCI's review confirmed that some DATCOs exhibit characteristics similar to investment funds, which are not eligible for inclusion in its indices [2] - The decision allows DATCOs currently included in MSCI's global indexes to remain eligible, provided they meet all other inclusion requirements [4] - The results of the consultation will apply to MSCI's February 2026 Index Review, confirming no changes to the index treatment of DATCOs in that cycle [3] Group 2: Market Trends and Investor Sentiment - In the previous year, public companies adopted crypto treasury strategies, raising $2.6 billion to accumulate digital assets as balance-sheet reserves amid market uncertainty [5] - The trend of digital asset treasury companies attracted strong investor interest, with some trading at premiums based on token holdings rather than operational performance [6] - The market has shifted from rapid adoption to reassessment, leading to debates among regulators, index providers, and investors about the sustainability of crypto treasury firms as a corporate model [6]