Stats › Cotations, IPO et opérations sur titres › Index upgrades
The one measured index upgrade produced two billion dollars of outflows and 160 million of inflows
| Fund type | Sensitivity to benchmark weight | Interpretation |
|---|---|---|
| Explicit index trackers | 0.92 to 0.97 | Portfolio weight moves one for one with the benchmark |
| All funds in the sample | 0.77 | Most of a weight change is transmitted |
| Funds described as truly active | 0.50 | Half of a benchmark change still passes through |
Coefficients linking a fund's portfolio weight in a country to that country's benchmark weight. The sample covers international mutual funds and exchange traded funds. The striking figure is the last row: funds that select stocks actively still move half way with the index when a country's benchmark weight changes.
When Israel was moved from the emerging to the developed market index, funds tracking the emerging index sold about two billion dollars of its shares while developed market funds bought about 160 million. Being promoted cost the market money.
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