John Prestbo - Quaffers.org

advertisement
The Quantitative Side of
Sustainable Investing
Dow Jones Sustainability Indexes
John A. Prestbo
Editor & Executive Director, Dow Jones Indexes
August 23, 2011
© CME Group Index Services LLC 2010. All rights reserved.
Sustainability – Our Definition
• A company’s capacity to prosper in a competitive and
changing global business environment anticipating and
managing current and future economic, environmental
and social opportunities and risks.
• Our approach focuses on companies who create longterm shareholder value.
• From our perspective, sustainability investments are
distinct from ethical investments by using a best-inclass approach and integrating economic,
environmental, and social criteria.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 2
Sustainability Investing – Market Developments
Sustainability Investing Market Growth Expectations
Responsible Investing Market Growth
AUM as % of total AUM
Source: Robeco/Booz: Responsible Investing: A Paradigm Shift. From Niche to Mainstream.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 3
Dow Jones Sustainability Indexes (DJSI)
• Cooperation between Dow Jones and SAM for the
publication and licensing of the Dow Jones
Sustainability Indexes (DJSI). Launched in 1999.
• The indexes are maintained based on a consistent
rules-based methodology.
• A yearly review process and continuous monitoring
of companies ensures that the focus remains on
best-in-class companies.
• By design, the indexes include high scoring
companies in each sector. Benchmark indexes are
market-cap weighted, while blue-chip indexes are
weighted by sustainability score.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 4
DJSI – Index Range
The DJSI family is currently comprised of Global, European, Eurozone, North American, US, Asia Pacific and Korean
benchmarks.
DJSI
Europ
e
DJSI
World
•DJSI World 80
•DJSI World Alcohol
•DJSI World Ex Tobacco
•DJSI World Ex Gambling
•DJSI World Ex Armaments &
Firearms
•DJSI World Ex Alcohol, Tobacco,
Gambling, Armaments & Firearms
•DJSI World Ex Alcohol, Tobacco,
Gambling, Armaments & Firearms,
Adult Entertainment
•DJSI World Ex US
•DJSI World Ex US 80
•DJSI World Ex US Ex Alcohol
•DJSI World Ex US Ex Tobacco
•DJSI World Ex US Ex Gambling
•DJSI World Ex US Ex Armaments &
Firearms
•DJSI World Ex US Ex Alcohol,
Tobacco, Gambling, Armaments &
Firearms
•DJSI World Ex US Ex Alcohol,
Tobacco, Gambling, Armaments &
Firearms, Adult Entertainment
DJSI
Asia
Pacifi
c
•DJSI Asia Pacific 40
•DJSI Japan 40
•DJSI Asia Pacific Ex Alcohol,
Tobacco, Gambling, Armaments &
Firearms
© CME Group Index Services LLC 2010. All rights reserved.
•DJSI Europe 40
•DJSI Europe Ex Alcohol, Tobacco,
Gambling, Armaments & Firearms
•DJSI Europe Ex Alcohol, Tobacco,
Gambling, Armaments & Firearms,
Adult Entertainment
DJSI
North
Americ
a
DJSI
Korea
•DJSI Korea 20
•DJSI Eurozone
•DJSI Eurozone 40
•DJSI Eurozone Ex Alcohol,
Tobacco, Gambling, Armaments &
Firearms
•DJSI Eurozone Ex Alcohol,
Tobacco, Gambling, Armaments &
Firearms, Adult Entertainment
•DJSI North America 40
•DJSI North America Ex Alcohol,
Tobacco, Gambling, Armaments &
Firearms
•DJSI United States
•DJSI United States 40
•DJSI United States Ex Alcohol,
Tobacco, Gambling, Armaments &
Firearms
Proprietary and Confidential | 5
Sustainability Assessment Features
• Corporate sustainability assessment is designed to identify
companies who actively embrace opportunities and manage risks
deriving from economic, environmental, and social
developments.
• SAM has over 10 years of in-house experience in assessing
companies through qualitative and quantitative measures.
• Comprehensive research on sustainability practices involves detailed
industry-specific questionnaires, direct company contact, and
publically disclosed company documents.
• Companies are monitored daily for newly arising critical issues, but
are formally assessed annually. Annual updates to the
questionnaires are made to reflect the shifting priorities of the global
business environment.
• Company scores are generated based on a defined set of criteria,
and quality assurance measures exist internally and externally
(Deloitte) to ensure integrity of the assessment.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 6
SAM Research
Assessment Criteria
%
100%
33%
57%
33%
43%
33%
20%
Economic
Dimension
Environmental
Dimension
Social
Dimension
Total
Industry Criteria
General
Criteria
Actual weightings for the economic, environmental and social dimension may differ between industry groups to reflect the sector’s specific
exposure to certain sustainability trends. The graph above is illustrative of the approximate weightings.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 7
SAM Research
Criteria & Weightings
Economic
Corporate Governance
Risk & Crisis Management
Codes of Conduct/Compliance/Anti-Corruption & Bribery
Industry Specific Criteria
Environmental
Environmental Reporting*
Industry Specific Criteria
Social
Human Capital Development
Talent Attraction & Retention
Labor Practice Indicators
Corporate Citizenship / Philanthropy
Social Reporting*
Industry Specific Criteria
Weighting (in%)
6.0
6.0
6.0
Depends on Industry
3.0
Depends on Industry
5.5
5.5
5.0
3.0
3.0
Depends on Industry
*Criteria assessed based on publicly available information only
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 8
DJSI World – Total Return Performance
Comparison Period: August 1999 to June 2011
DJSI World vs. Global Indexes
DJSI World [133.70]
DJ Global LRG [152.04]
MSCI ACWI LRG [137.47]
200
180
160
140
120
100
80
60
40
20
0
8/99
8/00
8/01
8/02
8/03
8/04
8/05
8/06
8/07
8/08
8/09
8/10
The Dow Jones Sustainability World Index was first published in August 1999. To the extent this document includes information for the index for the period prior to its initial publication
date, such information is back-tested (i.e., calculations of how the index might have performed during that time period if the index had existed). And the comparisons, assertions and
conclusions regarding the performance of the index during such time period are based on back-testing. Back-tested information is purely hypothetical and is provided in this document
solely for informational purposes. Back-tested performance does not represent actual performance, and should not be interpreted as an indication of actual performance. Past
performance is not indicative of future results. All data was obtained from publicly available information, internally developed data and other third party sources believed to be reliable.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 9
DJSI World – Total Return Performance
Comparison Period: August 1999 to June 2011
DJSI World vs. Global ex-U.S. Indexes
DJSI World [133.70]
DJSI World exUS [168.25]
DJ Global xUS LRG [177.47]
250
200
150
100
50
0
8/99
8/00
8/01
8/02
8/03
8/04
8/05
8/06
8/07
8/08
8/09
8/10
The Dow Jones Sustainability World Index was first published in August 1999. To the extent this document includes information for the index for the period prior to its initial publication
date, such information is back-tested (i.e., calculations of how the index might have performed during that time period if the index had existed). And the comparisons, assertions and
conclusions regarding the performance of the index during such time period are based on back-testing. Back-tested information is purely hypothetical and is provided in this document
solely for informational purposes. Back-tested performance does not represent actual performance, and should not be interpreted as an indication of actual performance. Past
performance is not indicative of future results. All data was obtained from publicly available information, internally developed data and other third party sources believed to be reliable.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 10
DJSI World – Total Return Performance
Comparison Period: August 1999 to June 2011
DJSI World vs. North America and U.S. Indexes
DJSI World [133.70]
DJSI US [113.90]
DJSI North America [124.27]
DJ US LRG [130.27]
200
180
160
140
120
100
80
60
40
20
0
8/99
8/00
8/01
8/02
8/03
8/04
8/05
8/06
8/07
8/08
8/09
8/10
The Dow Jones Sustainability World Index was first published in August 1999. To the extent this document includes information for the index for the period prior to its initial publication
date, such information is back-tested (i.e., calculations of how the index might have performed during that time period if the index had existed). And the comparisons, assertions and
conclusions regarding the performance of the index during such time period are based on back-testing. Back-tested information is purely hypothetical and is provided in this document
solely for informational purposes. Back-tested performance does not represent actual performance, and should not be interpreted as an indication of actual performance. Past
performance is not indicative of future results. All data was obtained from publicly available information, internally developed data and other third party sources believed to be reliable.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 11
DJSI World – Total Return Performance
Total Return Performance
Comparison Period: August 1999 to June 2011
Annualized Total Return
1-Year
3-Year
5-Year
10-Year
Avail. Hist. (08/31/99)
30.27%
-0.17%
2.46%
4.49%
2.48%
Dow Jones Global Large-Cap Total Stock Market Index
30.55%
1.58%
3.75%
5.36%
3.60%
MSCI All Country World Index Large Cap- Gross Dividends
29.84%
0.98%
3.52%
4.61%
2.73%
32.14%
-1.08%
2.86%
6.07%
4.50%
29.84%
0.27%
4.06%
7.59%
4.97%
Dow Jones Sustainability North America Index
28.25%
3.10%
3.09%
2.62%
1.85%
Dow Jones Sustainability United States Index
27.77%
3.10%
2.55%
1.84%
1.11%
Dow Jones U.S. Large-Cap Total Stock Market Index
31.52%
3.46%
3.37%
3.25%
2.26%
Composite
Dow Jones Sustainability World Index
Global Indexes
Global ex-U.S. Indexes
Dow Jones Sustainability World ex US Index
Dow Jones Global ex-U.S. Large-Cap Total Stock Market Index
North America and U.S. Indexes
The Dow Jones Sustainability World Index was first published in August 1999. To the extent this document includes information for the index for the period prior to its initial publication
date, such information is back-tested (i.e., calculations of how the index might have performed during that time period if the index had existed). And the comparisons, assertions and
conclusions regarding the performance of the index during such time period are based on back-testing. Back-tested information is purely hypothetical and is provided in this document
solely for informational purposes. Back-tested performance does not represent actual performance, and should not be interpreted as an indication of actual performance. Past
performance is not indicative of future results. All data was obtained from publicly available information, internally developed data and other third party sources believed to be reliable.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 12
Performance Takeaway
Annualized Percentage Total Return
Underperformance improves over time
*8/31/1999
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 13
DJSI World – Risk
Risk
Comparison Period: August 1999 to June 2011
Annualized Standard Deviation
1-Year
3-Year
5-Year
10-Year
Avail. Hist. (08/31/99)
17.22%
25.18%
20.90%
17.94%
18.14%
Dow Jones Global Large-Cap Total Stock Market Index
14.97%
23.75%
19.90%
16.96%
17.10%
MSCI All Country World Index Large Cap- Gross Dividends
15.17%
23.46%
19.66%
16.81%
17.01%
Dow Jones Sustainability World ex US Index
19.00%
26.70%
22.19%
19.06%
19.16%
Dow Jones Global ex-U.S. Large-Cap Total Stock Market
Index
16.31%
26.41%
22.18%
18.76%
18.67%
Dow Jones Sustainability North America Index
13.38%
21.70%
18.15%
16.17%
17.07%
Dow Jones Sustainability United States Index
13.52%
20.85%
17.54%
15.90%
16.73%
Dow Jones U.S. Large-Cap Total Stock Market Index
13.68%
21.16%
17.82%
15.70%
16.24%
Composite
Dow Jones Sustainability World Index
Global Indexes
Global ex-U.S. Indexes
North America and U.S. Indexes
The Dow Jones Sustainability World Index was first published in August 1999. To the extent this document includes information for the index for the period prior to its initial publication
date, such information is back-tested (i.e., calculations of how the index might have performed during that time period if the index had existed). And the comparisons, assertions and
conclusions regarding the performance of the index during such time period are based on back-testing. Back-tested information is purely hypothetical and is provided in this document
solely for informational purposes. Back-tested performance does not represent actual performance, and should not be interpreted as an indication of actual performance. Past
performance is not indicative of future results. All data was obtained from publicly available information, internally developed data and other third party sources believed to be reliable.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 14
Volatility Takeaway
Annualized Standard Deviation, in %
Standard deviation differential improves over time, but will never catch up
*8/31/1999
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 15
DJSI World – Sharpe Ratio
Sharpe Ratio
Comparison Period: August 1999 to June 2011
Annualized Sharpe Ratio
1-Year
3-Year
5-Year
10-Year
Avail. Hist. (08/31/99)
1.62
0.10
0.13
0.22
0.08
Dow Jones Global Large-Cap Total Stock Market Index
1.86
0.17
0.19
0.27
0.14
MSCI All Country World Index Large Cap- Gross Dividends
1.80
0.14
0.17
0.23
0.09
Dow Jones Sustainability World ex US Index
1.56
0.08
0.15
0.30
0.19
Dow Jones Global ex-U.S. Large-Cap Total Stock Market Index
1.68
0.13
0.20
0.37
0.21
Dow Jones Sustainability North America Index
1.93
0.23
0.15
0.11
0.04
Dow Jones Sustainability United States Index
1.88
0.23
0.12
0.06
-0.01
Dow Jones U.S. Large-Cap Total Stock Market Index
2.08
0.25
0.16
0.15
0.06
Composite
Dow Jones Sustainability World Index
Global Indexes
Global ex-U.S. Indexes
North America and U.S. Indexes
The Dow Jones Sustainability World Index was first published in August 1999. To the extent this document includes information for the index for the period prior to its initial publication
date, such information is back-tested (i.e., calculations of how the index might have performed during that time period if the index had existed). And the comparisons, assertions and
conclusions regarding the performance of the index during such time period are based on back-testing. Back-tested information is purely hypothetical and is provided in this document
solely for informational purposes. Back-tested performance does not represent actual performance, and should not be interpreted as an indication of actual performance. Past
performance is not indicative of future results. All data was obtained from publicly available information, internally developed data and other third party sources believed to be reliable.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 16
Sharpe Ratio Takeaway
Annualized Sharpe Ratio
Lower returns and higher volatility take their toll
*8/31/1999
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential |
DJSI World 80 & DJSI World ex US 80
Total Return Performance
Annualized Total Return
Comparison Period: September 2002 to June 2011
1-Year
3-Year
5-Year
Avail. Hist. (09/30/02)
Dow Jones Sustainability World Index
30.27%
-0.17%
2.46%
9.59%
Dow Jones Sustainability World 80 Index
31.67%
-0.83%
3.19%
10.78%
Dow Jones Sustainability World ex US Index
32.14%
-1.08%
2.86%
11.55%
Dow Jones Sustainability World ex US 80 Index
32.86%
-2.37%
3.74%
12.25%
Risk
Annualized Standard Deviation
Comparison Period: September 2002 to June 2011
1-Year
3-Year
5-Year
Avail. Hist. (09/30/02)
Dow Jones Sustainability World Index
17.22%
25.18%
20.90%
17.60%
Dow Jones Sustainability World 80 Index
17.91%
25.52%
21.05%
18.48%
Dow Jones Sustainability World ex US Index
19.00%
26.70%
22.19%
18.82%
Dow Jones Sustainability World ex US 80 Index
18.80%
27.24%
22.54%
19.57%
Sharpe Ratio
Comparison Period: September 2002 to June 2011
Annualized Sharpe Ratio
1-Year
3-Year
5-Year
Avail. Hist. (09/30/02)
Dow Jones Sustainability World Index
1.62
0.10
0.13
0.49
Dow Jones Sustainability World 80 Index
1.63
0.08
0.16
0.54
Dow Jones Sustainability World ex US Index
1.56
0.08
0.15
0.57
Dow Jones Sustainability World ex US 80 Index
1.61
0.03
0.19
0.59
The Dow Jones Sustainability World Index was first published in August 1999. To the extent this document includes information for the index for the period prior to its initial publication
date, such information is back-tested (i.e., calculations of how the index might have performed during that time period if the index had existed). And the comparisons, assertions and
conclusions regarding the performance of the index during such time period are based on back-testing. Back-tested information is purely hypothetical and is provided in this document
solely for informational purposes. Back-tested performance does not represent actual performance, and should not be interpreted as an indication of actual performance. Past
performance is not indicative of future results. All data was obtained from publicly available information, internally developed data and other third party sources believed to be reliable.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 18
Blue Chip Performance Takeaway
Annualized Total Return, in %
Better than their benchmarks
*9/30/2002
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 19
DJSI World – Maximum Drawdown
Maximum Drawdown
Comparison Period: September 2002 to June 2011
Cumulative Total Return
Peak Date
Trough
Date
Drawdown
Duration
(months)
1 Year
After
Peak
Since
Peak
1 Year
After
Trough
Since
Trough
Required
Back to
Peak
-56.18%
Oct 2007
Feb 2009
16
-43.43%
-16.57%
59.27%
90.40%
19.86%
Dow Jones Sustainability World 80 Index
-54.54%
Oct 2007
Feb 2009
16
-39.62%
-15.15%
55.71%
86.63%
17.85%
Dow Jones Global Large-Cap Total Stock Market Index
-54.55%
Oct 2007
Feb 2009
16
-43.33%
-11.26%
58.90%
95.24%
12.69%
MSCI All Country World Index Large Cap- Gross
Dividends
-53.96%
Oct 2007
Feb 2009
16
-42.13%
-12.38%
57.14%
90.29%
14.13%
Dow Jones Sustainability World ex US Index
-57.04%
Oct 2007
Feb 2009
16
-45.64%
-17.58%
59.59%
91.84%
21.34%
Dow Jones Sustainability World ex US 80 Index
-56.99%
Oct 2007
Feb 2009
16
-45.14%
-18.44%
56.65%
89.61%
22.61%
Dow Jones Global ex-U.S. Large-Cap Total Stock Market
Index
-57.34%
Oct 2007
Feb 2009
16
-48.34%
-14.79%
63.32%
99.75%
17.36%
Dow Jones Sustainability North America Index
-51.78%
Oct 2007
Feb 2009
16
-36.44%
-8.83%
56.78%
89.08%
9.69%
Dow Jones Sustainability United States Index
-50.88%
Oct 2007
Feb 2009
16
-35.21%
-9.70%
54.03%
83.84%
10.74%
Oct 2007
Feb 2009
16
Maximum
Drawdown
Composite
Dow Jones Sustainability World Index
Global Indexes
Global ex-U.S. Indexes
North America and U.S. Indexes
Dow Jones U.S. Large-Cap Total Stock Market Index
-50.47%
-36.00%
-6.07%
53.36%
89.63%
6.46%
The Dow Jones Sustainability World Index was first published in August 1999. To the extent this document includes information for the index for the period prior to its initial publication
date, such information is back-tested (i.e., calculations of how the index might have performed during that time period if the index had existed). And the comparisons, assertions and
conclusions regarding the performance of the index during such time period are based on back-testing. Back-tested information is purely hypothetical and is provided in this document
solely for informational purposes. Back-tested performance does not represent actual performance, and should not be interpreted as an indication of actual performance. Past
performance is not indicative of future results. All data was obtained from publicly available information, internally developed data and other third party sources believed to be reliable.
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 20
Drawdown Takeaway
Cumulative Total Returns, in %
Initial bear market recovery is in line, then starts to lag
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 21
DJSI World – Sector Allocation
Weight by Industry (as of June 30, 2011)
Dow Jones Global Total Stock Market Index
Dow Jones Sustainability World Index
20.77%
20.13%
Financials
Consumer Goods
11.71%
13.43%
Industrials
13.56%
12.24%
7.91%
Health Care
8.94%
Basic Materials
Oil & Gas
Telecommunications
Utilities
0.00%
© CME Group Index Services LLC 2010. All rights reserved.
11.22%
9.29%
9.82%
Technology
Consumer Services
11.62%
7.81%
5.43%
10.75%
9.22%
4.01%
4.68%
3.82%
3.63%
5.00%
10.00%
15.00%
20.00%
25.00%
Proprietary and Confidential | 22
DJSI World – Regional Allocation
Weight by Region (as of June 30, 2011)
Dow Jones Global Total Stock Market Index
Dow Jones Sustainability World Index
26.19%
Europe
52.30%
49.67%
Americas
33.29%
22.59%
Asia-Pacific
Africa
Middle East
14.07%
0.94%
0.35%
0.61%
0.00%
0.00%
10.00%
© CME Group Index Services LLC 2010. All rights reserved.
20.00%
30.00%
40.00%
50.00%
60.00%
Proprietary and Confidential | 23
DJSI World – Size Allocation
Weight by Size Segment (as of June 30, 2011)
Dow Jones Global Total Stock Market Index
Dow Jones Sustainability World Index
80.96%
LRG
98.02%
11.21%
MID
1.83%
7.49%
SML
0.15%
0.33%
MCR
0.00%
0.00%
10.00%
20.00%
© CME Group Index Services LLC 2010. All rights reserved.
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
90.00%
100.00%
Proprietary and Confidential | 24
DJSI World – Component Level Statistics
Dow Jones Global
Total Stock Market
Index
Index Composition
Number of Holdings
Total Float Market Cap
Weighted Average Market Cap
Coverage within TSM (%)
Size of Companies
[Count / % Float > $10B
Market Cap] $5B - $10B
$1B - $5B
$200M - $1B
< $200M
Stock Concentration
[Count / Weight] % Weight in Top 10 Holdings
% Weight in Top 25 Holdings
% Weight in Top 50 Holdings
1st Quintile
2nd Quintile
3rd Quintile
4th Quintile
5th Quintile
Industry Concentration
[Count / Weight] Basic Materials
Consumer Goods
Consumer Services
Financials
Health Care
Industrials
Oil & Gas
Technology
Telecommunications
Utilities
12,192
$35.60 Trillion
$48.93 Billion
100.0%
Dow Jones
Sustainability
World Index
324
$9.02 Trillion
$77.14 Billion
25.3%
700
592
2,670
4,334
3,896
64.1%
11.8%
17.2%
5.9%
1.0%
182 92.1%
64 5.0%
78 2.8%
0 0.0%
0 0.0%
10
25
50
6.4%
12.5%
19.7%
10 19.1%
25 36.3%
50 55.2%
2,439
2,439
2,438
2,438
2,438
86.7%
8.6%
3.1%
1.3%
0.4%
65 63.5%
65 20.7%
65 9.3%
65 4.4%
64 2.1%
1,154
1,454
1,381
2,528
868
2,500
632
1,114
186
375
8.9%
11.7%
9.2%
20.8%
7.9%
13.6%
10.8%
9.3%
4.0%
3.8%
31
35
37
69
18
56
20
26
11
21
11.2%
13.4%
5.4%
20.1%
11.6%
12.2%
7.8%
9.8%
4.7%
3.6%
Dow Jones Global
Total Stock
Market Index
Market Concentration
[Count / Weight] Developed Markets
Emerging Markets
Frontier Markets
Regional Concentration
[Count / Weight] Americas
Asia-Pacific
Europe
Middle East
Africa
Country Concentration
[Count / Weight] U.S.
Japan
U.K.
Canada
Australia
Germany
Brazil
China
India
South Korea
Other
Liquidity Characteristics
[Count / Percent] Avg Daily Traded Volume ($M)
< $2.5M
$2.5M - $5M
$5M - $10M
$10M+
N/A
Ann Volume (% Shares Out)
< 25%
25% - 50%
50% - 100%
100%+
N/A
Dow Jones
Sustainability
World Index
8,526
3,126
540
85.7%
13.7%
0.6%
290
34
0
93.8%
6.2%
0.0%
4,538
5,077
1,997
387
193
49.7%
22.6%
26.2%
0.6%
0.9%
73
73
175
0
3
33.3%
14.1%
52.3%
0.0%
0.3%
3,819
1,394
356
457
332
154
109
185
481
717
4,188
41.9%
8.5%
7.8%
4.6%
3.3%
3.2%
2.0%
1.9%
1.6%
1.9%
23.3%
57
30
51
8
19
21
8
1
3
14
112
28.4%
4.6%
16.9%
2.8%
5.8%
8.2%
2.1%
0.5%
0.3%
2.0%
28.5%
6,735
1,350
1,148
2,959
0
55.2%
11.1%
9.4%
24.3%
0.0%
2
3
12
307
0
0.6%
0.9%
3.7%
94.8%
0.0%
3,170
2,002
2,346
4,561
113
26.0%
16.4%
19.2%
37.4%
0.9%
9
44
109
162
0
2.8%
13.6%
33.6%
50.0%
0.0%
Source: Dow Jones Indexes, data as of 6/30/11
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential | 25
Thank you for your attention.
Questions?
© CME Group Index Services LLC 2010. All rights reserved.
Proprietary and Confidential |
Download
Related flashcards

Credit

13 cards

Banking

30 cards

Banks of Russia

30 cards

Finance ministries

62 cards

Create Flashcards