MSCI Brazil 25/50 Index

(USD)

The MSCI Brazil 25/50 Index is designed to measure the performance of the large
and mid cap segments of the Brazilian market. It applies certain investment limits that
are imposed on regulated investment companies, or RICs, under the current US Internal
Revenue Code. With 75 constituents, the index covers approximately 85% of the free floatadjusted market capitalization in Brazil.

Indices

Cumulative Index Performance Gross Returns (Nov 1998 Nov 2013) USD

Annual Performance (%)

Year

MSCI Brazil 25/50

MSCI Emerging Markets
MSCI ACWI IMI

2012
2011
2010

800

2009
654.98

2008
2007
2006

492.87

2005
2004

400

2003
2002
238.16

2001
2000
1999

0
Nov 98

Feb 00

May 01

Aug 02

Nov 03

Feb 05

May 06

Aug 07

Nov 08

Feb 10

May 11

Aug 12

MSCI
MSCI Brazil
Emerging
25/50
Markets

MSCI
ACWI IMI

0.24
-20.42
6.89
130.91
-55.01
75.09
43.57
54.98
36.09
124.05
-30.96
-16.83
-12.48
70.21

17.04
-7.43
14.87
37.18
-42.01
11.66
21.49
12.06
16.93
36.18
-17.26
-15.39
-15.17
30.98

18.63
-18.17
19.20
79.02
-53.18
39.82
32.55
34.54
25.95
56.28
-6.00
-2.37
-30.61
66.41

Nov 13

Index Performance Gross Returns (%) (November 29, 2013)

Annualized
MSCI Brazil 25/50
MSCI Emerging Markets
MSCI ACWI IMI

1 Mo

3 Mo

-6.76
-1.45
1.46

10.97
10.10
11.17

1 Yr

YTD

3 Yr

-5.65 -12.35 -9.17

4.02
-0.84
1.03
24.96 21.97 12.44

5 Yr

10 Yr

11.86
17.24
16.72

17.08
12.47
8.56

Since

Nov 30, 1998

13.34
11.21
5.95

Index Risk and Return Characteristics (November 29, 2013)

Annualized Std Dev (%)2
Turnover
(%)1

MSCI Brazil 25/50

MSCI Emerging Markets
MSCI ACWI IMI
1

6.37
4.61
2.62

Last 12 months

3 Yr

5 Yr

10 Yr

26.24
19.71
14.82

28.48
22.73
17.85

32.29
23.92
16.85

Sharpe Ratio2,3
Since

Nov 30, 1998

Based on monthly gross return data

37.45
23.60
16.78

3 Yr

5 Yr

10 Yr

-0.25
0.14
0.85

0.52
0.80
0.94

0.60
0.54
0.46

Since

Nov 30, 1998

0.46
0.46
0.28

Based on BBA LIBOR 1M

The MSCI Brazil 25/50 Index was launched on November 21, 2012. ACWI IMI was launched on May 31, 2007. Data prior to launch dates is back-tested data (i.e. calculations of how the index might have
performed over that time period had the index existed).

MSCI Brazil 25/50 Index

November 29, 2013

Index Characteristics

Top 10 Constituents

MSCI Brazil 25/50

Number of
Constituents

Mkt Cap

75
Mkt Cap

(USD Millions)

Index
Largest
Smallest
Average
Median

427,322.38
31,640.60
692.26
5,697.63
3,110.98

(USD Billions)

ITAU UNIBANCO PN
PETROBRAS PN
AMBEV ON (NEW)
BANCO BRADESCO PN
VALE PNA
PETROBRAS ON
VALE ON
BRF ON
CIELO
BM&F BOVESPA
Total

31.64
30.96
29.28
24.07
22.83
19.87
16.16
15.53
11.54
9.87
211.75

Index

Sector

Sector

7.40
7.24
6.85
5.63
5.34
4.65
3.78
3.63
2.70
2.31
49.55

Financials
Energy
Cons Staples
Financials
Materials
Energy
Materials
Cons Staples
Info Tech
Financials

27.3
49.2
41.7
20.8
31.7
31.6
22.4
22.1
82.7
8.5

Wt. (%)

Wt. (%)

Sector Weights
6.41%

14.73%

5.75%
5.67%
3.27%

16.41%

3.16%
0.64%

27.09%

16.87%

Financials 27.09%
Utilities 6.41%

Materials 16.87%

Consumer Staples 16.41%

Consumer Discretionary 5.75%

Information Technology 3.27%

Energy 14.73%

Industrials 5.67%

Telecommunication Services 3.16%

Health Care 0.64%

Index Methodology
The MSCI 25/50 Indices take into account the investment limits required of regulated investment companies, or RICs, under the current US Internal Revenue
Code. One requirement of a RIC is that at the end of each quarter of its tax year no more than 25% of the value of the RIC's assets may be invested in a
single issuer and the sum of the weights of all issuers representing more than 5% of the fund should not exceed 50% of the funds total assets.
The MSCI 25/50 Index methodology aims to minimize index turnover, tracking error and extreme deviation from the parent index. The indices are rebalanced
quarterly. Changes resulting from each rebalancing are made as of the close of the last business day of February, May, August and November, coinciding
with the quarterly index reviews of their parent indices.

About MSCI

www.msci.com | clientservice@msci.com

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 indices, portfolio risk and performance analytics,
1

and governance tools. The company's flagship product offerings are: the MSCI indices with approximately USD 7.5 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, indices and analytics; MSCI ESG (environmental, social and governance) Research screening, analysis and ratings; ISS corporate
governance research, data and outsourced proxy voting and reporting services; 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, 2013, as reported on July 31, 2013 by eVestment, Lipper and Bloomberg.

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