Michael Orzano

Head of Equity Indices
S&P Dow Jones Indices
Biography

Michael Orzano is Head of Equity Indices at S&P Dow Jones Indices (S&P DJI). He is responsible for the product management of S&P DJI’s global equity, REIT, and Islamic indices and leads S&P DJI’s efforts developing new benchmarks for international equity markets and promotes their use among global clients. He also regularly publishes research, analytical reports, and market commentary on a variety of international investment topics including emerging markets, global REITs and Islamic Finance.

Prior to joining S&P DJI, Mike was a research analyst at Endurance Capital, a New York-based private equity firm, where he was responsible for evaluating investments in banks and other financial institutions. He has also worked as an investment performance analyst at Cambridge Associates.

Mike holds a bachelor’s degree in Economics from Georgetown University. He is also a CFA charterholder and a member of the New York Society of Security Analysts.

Author Archives: Michael Orzano

Real Estate and Financials Sectors Strike Divergent Paths Following GICS® Restructure

The past few months have served as a timely example of why it is beneficial for real estate to stand alone as its own equity sector. Between Sept. 16, 2016, when real estate was carved out of financials as its own GICS sector, and the end of January 2017, the S&P 500® Financials gained 22%, Read more […]

Most Major Islamic Indices Lag Conventional Benchmarks in 2016 as Strong Q4 Financials Sector Gains Detract From Performance

Most of S&P Dow Jones Indices’ Shariah-compliant benchmarks lagged their conventional counterparts for the year, as the financials sector—which is largely absent from Islamic indices—outperformed, and health care—which tends to be overweight in Islamic Indices—was the worst-performing sector globally. The S&P Global BMI Shariah and Dow Jones Islamic Market World finished the year up 4.2% Read more […]

Most Major Islamic Indices Have Outperformed Conventional Benchmarks in 2016

Most S&P Dow Jones Indices Shariah-compliant benchmarks outperformed their conventional counterparts through the end of September 2016, with financials—which is largely absent from Islamic indices—significantly underperforming and information technology—which tends to be overweight in Islamic indices—performing well (see Exhibit 1). The S&P Global BMI Shariah and Dow Jones Islamic Market World Index each gained 6.4% Read more […]

Indexing Listed Property Stocks in New Zealand

Publicly traded property stocks provide exposure to real estate, an illiquid asset class, without sacrificing the liquidity benefits of listed equities. Also, property stocks typically offer higher yields than the broad equity market, they may serve as an effective inflation hedging tool, and they may help diversify a portfolio due to their generally low correlations Read more […]

Islamic Index Market Update: November 2015

Most Major Islamic Indices Outperformed Conventional Benchmarks in 2015 Most S&P Dow Jones Shariah-compliant benchmarks outperformed their conventional counterparts through November 2015, as the financial sector—which is underrepresented in Islamic indices—has underperformed, and information technology and health care—which tend to be overweight in Islamic Indices—have been top performers. The S&P Global BMI Shariah and Dow Read more […]

Islamic Index Market Update: August 2015

August Highlights:  Most Major Islamic Indices Closely Track Conventional Benchmarks in 2015 Emerging Markets Plunge Over China Growth Concerns, Weak Commodity Prices and Prospects for Fed Tightening MENA Equities Drop Sharply as Oil Falls Most Shariah-compliant benchmark have performed similarly to their conventional counterparts in 2015 as Financials have generated returns roughly in-line with the Read more […]

China A-Share Accessibility and Its Impact on Indexing

In recent years, Chinese authorities have rapidly accelerated the pace of reforms aimed at making mainland-listed A-shares accessible to foreign investors.  Among other developments, the expansion of the Qualified Foreign Institutional Investor (QFII) quota, the introduction and subsequent expansion of the Renminbi Qualified Foreign Institutional Investor (RQFII) quota, and the launch of the Shanghai-Hong Kong Read more […]

A Big Step Forward for Saudi Arabia’s Equity Market

On May 4, 2015, the Saudi Arabian Capital Market Authority (CMA) released the “Rules for Qualified Foreign Institutions Investment in Listed Shares,” or the QFI program, setting the stage for institutional investors based outside of the Gulf Cooperation Council (GCC) to make direct investments in Saudi Arabian equities for the first time.  Although additional steps Read more […]

Considerations for a Global Approach to Property Investing

While U.S. REITs have garnered a lot of attention in recent years and become quite a popular investment category, comparatively little attention has been paid to real estate securities based outside of the U.S., despite significant development in international markets.  In February 1995, just three markets—Australia, the Netherlands, and the U.S.—were represented in the S&P Read more […]

Islamic Index Market Update: November 2014

November Highlights: Islamic Indices Continue to Outperform Conventional Benchmarks Globally U.S. Markets Power Higher While Europe, Asia-Pacific and Emerging Markets Weaken MENA Equity Markets Sell off Sharply in October & November, Trimming 2014 Gains Most major Shariah-compliant benchmarks continue to outperform their conventional counterparts in 2014 as Information Technology and Health Care – which tend Read more […]