Islamic Index Adds Subindexes

The Dow Jones Islamic Market Index was joined by two new sub-indexes on May 14. The Dow Jones Islamic U.S. Index consists of roughly 230 U.S.-based companies that are included in the DJIMI. The Dow Jones Islamic Global Technology Index includes about 70 technology-oriented companies from the larger index.


STOXX Offers Nordic Indexes

Stoxx Ltd. launched two new tickers to cover the Scandinavian and Nordic markets on July 1 in an exclusive pact with Helsinki's stock exchange.

The Dow Jones Stoxx Nordic covers 118 companies in Finland, Sweden, Norway and Denmark. All stocks in the broad index are taken directly from those currently in the Dow Jones Stoxx index of 620 companies.


If Indexes Are Proliferating, Can Index Funds Be Far Behind?

Recent months have seen the launches of a plethora of new funds, as well as the announcements of an equally large number of impending launches.


The Case for Currency Overlay

The author argues that the need for increased foreign investment exposure means increased exposure to potential currency losses, but also potential increases in total return of up to 190 basis points per year from more sophisticated management of currency risk. To Lindahl, that means pension funds and other large investment managers can no longer afford to leave their currency exposure unmanaged or passively hedged.


Don’t Look Back, Magellan, Somebody’s Gaining On You

In mid-July Fidelity Investments' Magellan Fund sailed serenely past the $100 billion mark in assets.

As the largest existing mutual fund, Magellan is bigger than all stock mutual funds combined were in 1984 and bigger than the entire fund industry in 1979. Its assets are larger than the gross domestic product of Ireland and every state budget in the U.S.


Hong Kong Launches Property Options

The Hong Kong Futures Exchange introduced options on the Hang Seng Properties Sub-index (PSI) on June 9. On the same day, it also reintroduced futures on the PSI. Both the futures and options are traded on the Hong Kong Automated Trading System.

The PSI tracks the performance of the 12 property-related stocks in the 33-stock Hang Seng Index.


1999 World Index Returns

1999 World Index Returns In US$
FT/S&P World Actuaries
Salomon SSBGEI


Active Countries, Passive Stocks

Can a series of indexed country portfolios be actively managed at the allocation level and outperform the sum of the indexes?