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mike-orzano

Michael Orzano

Senior Director, Global Equity Indices, S&P Dow Jones Indices

Michael Orzano is Senior Director, Global 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, real estate, and Islamic indices including the S&P/ASX and S&P/TSX series. In this role, Mike 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.
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Nov 5, 2020

Is Canada Inadvertently Excluded from Your International Equity Allocation?

For a U.S. investor, developed market exposure outside of the U.S. is a core building block in forming a comprehensive global portfolio. In part because of its status as the world’s first international equity index, MSCI EAFE enjoys a commanding market presence for international equity benchmarks. It also serves as the underlying index for many…

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Sep 24, 2020

China A-Share Inclusion – An Update One Year Later

As we mark the one-year anniversary of the initial inclusion of China A-shares in S&P DJI’s global benchmarks, it seems an opportune time to provide an update on key developments relating to A-share inclusion and to examine the impact that A-shares have had on the composition and performance of the S&P Emerging BMI over the…

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Jun 24, 2020

S&P/ASX All Technology Index Proved Resilient through the Pandemic: An Update Following the Q2 Rebalance

The Australian technology industry roared back to life following a steep first quarter selloff. After peaking on Feb. 17, 2020, the S&P/ASX All Technology Index plunged 46.8%, bottoming on March 23 at the height of the pandemic-led market selloff. Around this time, however, investors realized that Australia’s technology-oriented companies—many of which are involved in innovative…

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Jun 18, 2020

Transformational Change in the REIT Industry

The economic and societal effects of the COVID-19 pandemic accelerated secular trends that have been reshaping the commercial real estate industry for years. Core U.S. REIT sectors such as Retail, Office, and Residential, which once dominated the REIT landscape, have ceded ground to specialized REITs—particularly those owning data centers and cell towers. Industrial REITs have…

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Apr 15, 2020

Pandemic Accelerates Long-Term Shifts in Australian Equity Market: Health Care Reigns Supreme

While the COVID-19 pandemic wreaked havoc on global financial markets, it has affected Australian equity sectors quite unevenly. Energy, Financials, and Real Estate have experienced the heaviest losses, while Health Care has outperformed by a wide margin, sustaining a 10% YTD gain through April 9, 2020. In our recent paper marking the 20th Anniversary of…

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Apr 1, 2020

Pandemic Affects Canadian Sectors Differently: Evidence from the Information Technology Sector

The S&P/TSX Capped Information Technology Index gained a whopping 62% in 2019, topping all other Canadian equity sectors and beating the broad market S&P/TSX Composite by about 40%. Given the traditionally cyclical nature of the Information Technology sector and its outsized gains during the bull market, the sector might be expected to lag during the…

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Feb 25, 2020

Capture the Growth of Australia’s Technology Industry

In partnership with the ASX, we recently introduced the S&P/ASX All Technology Index, which, for the first time, brings together ASX-listed companies across a range of industries whose businesses are primarily technology focused. In a market heavily concentrated in banks and natural resource companies, the S&P/ASX All Technology Index provides access to a unique, underrepresented…

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Dec 10, 2019

Raising the Bar in Canadian Small Caps

Prior research has demonstrated that profitability matters for small-cap companies in the U.S. and in global equity markets. For example, the S&P SmallCap 600®—which includes an earnings eligibility criteria—has outperformed the broader Russell 2000 Index (with lower volatility) over its 25-year track record. Our new S&P/TSX SmallCap Select Index extends this phenomenon to Canadian equities,…

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Jul 19, 2019

Why Taking a Local Approach to Index Construction Matters in Canada

While nearly everyone in the Canadian investment community has heard of the S&P/TSX Composite, few are aware of the key methodological intricacies that distinguish it from other broad market Canadian equity benchmarks. The most notable distinction is that the S&P/TSX Composite is designed specifically for Canadians (as are all S&P/TSX Indices), while many other Canadian…

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Mar 28, 2019

Are You Ready for China A-Share Inclusion?

In case you missed our country classification announcement on Dec. 5, 2018, we will be starting the process of adding China A-shares to S&P DJI global benchmarks (including the S&P China BMI and S&P Emerging BMI) in September 2019 at a partial inclusion factor of 25%. Given the size of China’s onshore equity market, the…

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