focus: volatility - msci
TRANSCRIPT
FOCUS: VOLATILITY
Factor Investing
msci.com
2 | MSCI.COM
FACTOR INVESTING
FACTOR FOCUS: VOLATILITY
Tactical investors have used MSCI Minimum Volatility Indexes to
reduce risk during market downturns, while retaining exposure
to equity. Strategic investors have recognized (1) the benefits
of minimum volatility strategies in asset allocation and (2) that
minimum volatility strategies have tended to outperform high
volatility strategies on a risk-adjusted basis in the long run.
There are several behavioral explanations for the minimum
volatility premium, which was identified in the early 1970s by
economist Fischer Black and elaborated on by others since then
(see sources below). One theory posits that investors underpay
for low volatility stocks, viewing them as less rewarding,
and overpay for high volatility stocks that are seen as long-
shot opportunities for higher returns. A secondary academic
explanation holds that investors can be overconfident in their
ability to forecast the future, and that their opinions differ more
for high volatility stocks, which have less certain outcomes,
leading to higher volatility and lower returns.
In terms of methodology, the main approaches to implementing a
minimum volatility strategy fall into two groups: (1) simple rank
and selection and (2) optimization-based solutions.
A simple approach ranks the universe of stocks by their expected
volatility, selects a subset of the constituents from the universe
and then applies a weighting method. These approaches generally
ignore the correlation between stock returns, which can have a
significant impact on the overall volatility strategy.
While a simple rank and selection method reflects the volatility
DEFINING VOLATILITY
WHY INSTITUTIONAL INVESTORS HAVE USED MINIMUM VOLATILITY STRATEGIES
A minimum volatility strategy involves buying stocks based on
the estimate of their volatility and correlations with other stocks.
Minimum volatility is categorized as a “defensive” factor, meaning
it has tended to benefit during periods of economic contraction (see
“Performance and Implementation”). This type of strategy is more
concerned with volatility management than with maximizing gains.
Paradoxically, the strategy has produced a premium over the market
for long periods, contravening the principle that investors should not
be rewarded with higher risk-adjusted returns for taking less than
market risk.
The key objective of a minimum volatility strategy is to capture
regional and global exposure to stocks with potentially less risk.
Historically, the MSCI Minimum Volatility Indexes, for example, have
realized lower volatility and lower drawdowns (peak-to-trough
declines) relative to their parent index during significant market
downturns.
IN THE REALM OF INVESTING, A FACTOR IS ANY CHARACTERISTIC THAT HELPS EXPLAIN THE LONG-TERM RISK AND RETURN PERFORMANCE OF AN ASSET. MSCI FACTOR INDEXES ARE DESIGNED TO CAPTURE THE RETURN OF FACTORS WHICH HAVE HISTORICALLY DEMONSTRATED EXCESS MARKET RETURNS OVER THE LONG RUN.
MSCI Factor Indexes are rules-based, transparent indexes targeting stocks with favorable factor
characteristics – as backed by robust academic findings and empirical results – and are designed for
simple implementation, replicability, and use for both traditional passive and active mandates.
MSCI.COM | 3
FACTOR FOCUS: MINIMUM VOLATILITY
of individual stocks, optimization-based approaches account for
both volatility and correlation effects, i.e., the magnitude and
the degree to which stocks move in tandem. However, a naive
unconstrained minimum volatility strategy has its own set of
challenges, such as biases toward certain sectors and countries,
unwanted factor exposures and potentially high turnover
at rebalancing. Well-designed optimizations with carefully
constructed constraints, however, may be able to neutralize these
shortcomings.
The MSCI Minimum Volatility Indexes are calculated by using an
optimization designed to produce an index with the least overall
volatility with a given set of sector, country, and factor constraints
in addition to ensuring index replicability and investability.
For illustration purposes, the chart below compares the sector
exposure of a constrained minimum volatility index to that of an
unconstrained index. Without these constraints, we see large
biases toward consumer staples and utilities.
THE EXPOSURES OF CONSTRAINED VS. UNCONSTRAINED
MINIMUM VOLATILITY STRATEGIES
To see how a constrained minimum volatility index performed,
we can look at the MSCI World Minimum Volatility Index (WMVI)
backtested over the 26-year period to May 2014 (chart below),
which includes four bear markets (defined here as a decline of
20% or more in the parent MSCI World Index that lasts for at least
two months).
The WMVI posted significantly lower drawdowns and lower
realized volatility than its parent index during these downturns.
This index also outperformed a negative market 88% of the time,
by an average of 8.8 percentage points based on rolling one-year
periods. In cases where the index underperformed the market, the
average shortfall was only 1.24 percentage points.
In years when market return exceeded 10%, the WMVI
underperformed, as one would expect, and the gap widened with
increasing market returns. However, for more moderate positive-
return periods (defined as 10% or less), the WMVI outperformed
the market 67% of the time.
As shown below, the WMVI returned about 80% during its first
eight years, through April 2016, while the market gained about
40%. The index’s volatility over this period (calculated using
monthly returns) was 12.5%, compared with 17.6% for the parent
index, a roughly 30% reduction.
The universe of stocks is the MSCI World Index as of Nov. 25, 2014, constrained only to prohibit short positions (bets that prices will fall) and to keep sector exposures within 5 percentage points of the parent-index weighting.
0
100
200
300
400
500
600
700
800
80
90
100
110
120
130
140
150
Bear Markets MSCI World MinVol/MSCI World (lhs) MSCI World (rhs)
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
HealthCare
Inf. Tech Industrials Materials Energy Cons.Stpls.
Cons.Disc.
Financials Utilities Telecom.
Unconstrained With Active Sector Exposure limited to 5%
0
20
40
60
80
100
120
140
160
180
Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15
World Min Vol MSCI World
80
100
120
140
160
180
200
Cum
ulat
ive
Rela
tive
Retu
rn 6M
12M
Combined
7.70%9.16%
10.14%11.62%
12.50%11.56%
14.64% 15.21%
20.72%
28.46%
2.09%3.39%
4.04%5.42%
6.17%5.38%
8.58%9.42%
15.22%
23.69%
0%
5%
10%
15%
20%
25%
30%
Decile 1 Decile 2 Decile 3 Decile 4 Decile 5 Decile 6 Decile 7 Decile 8 Decile 9 Decile 10
Annualized Return CAPM adj. Premium
5.50%
7.03%7.74%
8.37% 8.49%
7.60% 7.75%7.04%
5.60%
3.21%
0.73%
2.36%3.05%
3.67% 3.80%
2.92%3.58%
2.37%
0.86%
-1.96%
-0.04
-0.02
0
0.02
0.04
0.06
0.08
0.1
Decile 1 Decile 2 Decile 3 Decile 4 Decile 5 Decile 6 Decile 7 Decile 8 Decile 9 Decile 10
Annualized Return CAPM adj. Premium
0
100
200
300
400
500
600
700
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Cum
ulat
ive
Retu
rn
B/P Fwd E/P CFO/EV Combined
-5
0
5
10
High Exp 2 3 4 5 6 7 8 9 Low Exp
Activ
e Re
turn
vs.
MSC
I Wor
ld (%
)
B/P Fwd E/P CFO/EV Combined
0
50
100
150
200
250
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ROE Quality EV D/E
6.15%
8.54% 8.91%9.72%
8.92%9.42%
10.12% 10.44%
9.28%
8.21%
0.62%
2.62% 2.98%3.60%
2.64%3.05%
3.69% 3.84%
2.67%
0.29%0%
2%
4%
6%
8%
10%
12%
Decile 1 Decile 2 Decile 3 Decile 4 Decile 5 Decile 6 Decile 7 Decile 8 Decile 9 Decile 10
Annualized Return CAPM adj. Premium
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14HIGH SIZE LOW SIZE
THE MSCI WORLD MINIMUM VOLATILITY INDEX HAS HISTORICALLY
PROVED LESS VOLATILE THAN ITS PARENT INDEX
THE MSCI WORLD MINIMUM VOLATILITY INDEX OUTPERFORMED ITS
PARENT IN THE EIGHT YEARS AFTER ITS LAUNCH
MSCI World Minimum Volatility (USD) was launched on April 14, 2008.
0
100
200
300
400
500
600
700
800
80
90
100
110
120
130
140
150
Bear Markets MSCI World MinVol/MSCI World (lhs) MSCI World (rhs)
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
HealthCare
Inf. Tech Industrials Materials Energy Cons.Stpls.
Cons.Disc.
Financials Utilities Telecom.
Unconstrained With Active Sector Exposure limited to 5%
0
20
40
60
80
100
120
140
160
180
Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15
World Min Vol MSCI World
80
100
120
140
160
180
200
Cum
ulat
ive
Rela
tive
Retu
rn 6M
12M
Combined
7.70%9.16%
10.14%11.62%
12.50%11.56%
14.64% 15.21%
20.72%
28.46%
2.09%3.39%
4.04%5.42%
6.17%5.38%
8.58%9.42%
15.22%
23.69%
0%
5%
10%
15%
20%
25%
30%
Decile 1 Decile 2 Decile 3 Decile 4 Decile 5 Decile 6 Decile 7 Decile 8 Decile 9 Decile 10
Annualized Return CAPM adj. Premium
5.50%
7.03%7.74%
8.37% 8.49%
7.60% 7.75%7.04%
5.60%
3.21%
0.73%
2.36%3.05%
3.67% 3.80%
2.92%3.58%
2.37%
0.86%
-1.96%
-0.04
-0.02
0
0.02
0.04
0.06
0.08
0.1
Decile 1 Decile 2 Decile 3 Decile 4 Decile 5 Decile 6 Decile 7 Decile 8 Decile 9 Decile 10
Annualized Return CAPM adj. Premium
0
100
200
300
400
500
600
700
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Cum
ulat
ive
Retu
rn
B/P Fwd E/P CFO/EV Combined
-5
0
5
10
High Exp 2 3 4 5 6 7 8 9 Low Exp
Activ
e Re
turn
vs.
MSC
I Wor
ld (%
)
B/P Fwd E/P CFO/EV Combined
0
50
100
150
200
250
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ROE Quality EV D/E
6.15%
8.54% 8.91%9.72%
8.92%9.42%
10.12% 10.44%
9.28%
8.21%
0.62%
2.62% 2.98%3.60%
2.64%3.05%
3.69% 3.84%
2.67%
0.29%0%
2%
4%
6%
8%
10%
12%
Decile 1 Decile 2 Decile 3 Decile 4 Decile 5 Decile 6 Decile 7 Decile 8 Decile 9 Decile 10
Annualized Return CAPM adj. Premium
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14HIGH SIZE LOW SIZE
0
100
200
300
400
500
600
700
800
80
90
100
110
120
130
140
150
Bear Markets MSCI World MinVol/MSCI World (lhs) MSCI World (rhs)
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
HealthCare
Inf. Tech Industrials Materials Energy Cons.Stpls.
Cons.Disc.
Financials Utilities Telecom.
Unconstrained With Active Sector Exposure limited to 5%
0
20
40
60
80
100
120
140
160
180
Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15
World Min Vol MSCI World
80
100
120
140
160
180
200
Cum
ulat
ive
Rela
tive
Retu
rn 6M
12M
Combined
7.70%9.16%
10.14%11.62%
12.50%11.56%
14.64% 15.21%
20.72%
28.46%
2.09%3.39%
4.04%5.42%
6.17%5.38%
8.58%9.42%
15.22%
23.69%
0%
5%
10%
15%
20%
25%
30%
Decile 1 Decile 2 Decile 3 Decile 4 Decile 5 Decile 6 Decile 7 Decile 8 Decile 9 Decile 10
Annualized Return CAPM adj. Premium
5.50%
7.03%7.74%
8.37% 8.49%
7.60% 7.75%7.04%
5.60%
3.21%
0.73%
2.36%3.05%
3.67% 3.80%
2.92%3.58%
2.37%
0.86%
-1.96%
-0.04
-0.02
0
0.02
0.04
0.06
0.08
0.1
Decile 1 Decile 2 Decile 3 Decile 4 Decile 5 Decile 6 Decile 7 Decile 8 Decile 9 Decile 10
Annualized Return CAPM adj. Premium
0
100
200
300
400
500
600
700
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Cum
ulat
ive
Retu
rn
B/P Fwd E/P CFO/EV Combined
-5
0
5
10
High Exp 2 3 4 5 6 7 8 9 Low Exp
Activ
e Re
turn
vs.
MSC
I Wor
ld (%
)
B/P Fwd E/P CFO/EV Combined
0
50
100
150
200
250
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
ROE Quality EV D/E
6.15%
8.54% 8.91%9.72%
8.92%9.42%
10.12% 10.44%
9.28%
8.21%
0.62%
2.62% 2.98%3.60%
2.64%3.05%
3.69% 3.84%
2.67%
0.29%0%
2%
4%
6%
8%
10%
12%
Decile 1 Decile 2 Decile 3 Decile 4 Decile 5 Decile 6 Decile 7 Decile 8 Decile 9 Decile 10
Annualized Return CAPM adj. Premium
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14HIGH SIZE LOW SIZE
4 | MSCI.COM
FACTOR INVESTING0
50
100
150
200
250
300
350
400
450
WORLD
WORLD EQUAL WEIGHTED
WORLD MINIMUM VOLATILITY (USD)
WORLD RISK WEIGHTED
WORLD HIGH DIVIDEND YIELD
WORLD MOMENTUM
WORLD QUALITY
WORLD VALUE WEIGHTED
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
0
50
100
150
200
250
300
350
400
450
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Perf
orm
ance
Perf
orm
ance
Over time, individual factors have delivered outperformance relative to the market (see chart below).
From a longer-term perspective, the chart below shows that the MSCI Minimum Volatility Index (represented by the MSCI Top 300
Volatility Tilt prior to 1988 and by the MSCI Minimum Volatility Index afterwards) generated an annualized return of approximately
11% during a 40-year period. In contrast to the other key factors MSCI has identified, the MSCI Minimum Volatility Index has realized
significantly lower risk relative to the parent index.
Although factor strategies have exhibited long-term outperformance, in the short-term factor performance has been cyclical and has
generated periods of underperformance.
PERFORMANCE & IMPLEMENTATION
15%
14%
13%
12%
11%
10%
11% 12% 13% 14% 15% 16% 17%
Annualized Risk
Annu
aliz
ed R
etur
n
Volatility
Yield
Quality
Momentum
Value
Size
MSCI World
MSCI WORLD FACTOR INDEXES
LONG-TERM PERFORMANCE: JANUARY 1976 TO DECEMBER 2016
World MomentumWorld Equal Weighted (Size)
World Minimum VolatilityWorld QualityWorld High Dividend Yield
World Value WeightedWORLD
MSCI.COM | 5
FACTOR FOCUS: MINIMUM VOLATILITY
HOW THE SIX FACTORS HAVE PERFORMED RELATIVE TO EACH OTHER: VOLATILITY
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
45.6% 1.5% -4.5% -9.6% 56.7% 28.6% 28.4% 31.0% 19.9% -29.2% 42.0% 18.2% 8.0% 16.7% 32.7% 12.1% 5.8% 10.3%
40.1% 1.2% -8.0% -9.8% 50.4% 24.1% 17.2% 28.9% 16.8% -33.5% 41.9% 16.5% 4.8% 16.5% 30.3% 9.0% 4.5% 9.4%
25.3% 0.3% -10.0% -13.6% 33.8% 21.3% 15.2% 22.1% 10.3% -39.9% 33.8% 12.8% 4.8% 15.0% 27.7% 7.0% 4.2% 8.9%
20.5% -2.1% -11.5% -14.4% 30.5% 20.8% 10.0% 21.2% 9.6% -40.3% 33.5% 12.3% 4.4% 14.8% 27.4% 5.5% -0.3% 8.2%
18.4% -10.2% -12.1% -15.1% 26.0% 20.0% 8.5% 20.7% 7.3% -41.9% 30.8% 11.4% -5.0% 13.7% 26.5% 4.6% -1.0% 8.2%
8.6% -12.9% -16.5% -16.5% 25.9% 15.2% 8.3% 19.1% 6.4% -42.4% 17.2% 9.1% -9.3% 13.3% 22.9% 3.4% -2.4% 5.1%
8.4% -18.9% -20.5% -19.5% 22.0% 12.7% 6.0% 16.8% 6.1% -42.6% 14.8% 7.2% -11.0% 8.9% 19.4% 3.3% -2.7% 4.7%
ValueYield Momentum WorldSizeVolatility Quality
The analysis and observations in this report are limited solely to the period of the relevant historical data, backtest or simulation. Past performance — whether actual,
back tested or simulated — is no indication or guarantee of future performance. None of the information or analysis herein is intended to constitute investment advice or a
recommendation to make (or refrain from making) any kind of investment decision or asset allocation and should not be relied on as such.
The time periods covered in the charts in this paper were dictated by the data available when we conducted the simulations which produced them.
There are frequently material differences between backtested or simulated performance results and actual results subsequently achieved by any investment strategy
6 | MSCI.COM
FACTOR INVESTING
Data from November 28, 1975 to September 30, 2016.
Sharp decline Moderate decline Moderate uptick Sharp uptick
Volatility Yield Quality Momentum Value Size
Qua
rter
ly R
elat
ive
Ret
urn
(Ave
rage
)
2%
1%
-1%
-2%
0%
Defensive Factors Pro-cyclical FactorsPersistence
MACRO EFFECTS ON FACTOR PERFORMANCE
Sharp decline Moderate decline Moderate uptick Sharp uptick
The Composite Leading Indicator used here, designed
to provide early-warning signals on business-cycle
turning points, is an aggregate time series displaying
a reasonably consistent leading relationship with the
reference series for the macroeconomic cycle
75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15
102.5
100.00
97.5
95.0
In general, factor performance has been cyclical in nature.
Individual factors have been shown to outperform during different
macroeconomic environments. As the charts on this page illustrate,
the minimum volatility factor falls into the “defensive” category,
meaning that this type of strategy historically outperformed during
declining market conditions over the study period.
While categorized as “defensive” when looking at the cyclicality of
factor performance, minimum volatility indexes have been considered
as a core holding due to their long-term risk/return profile, as
demonstrated in Long-term Performance chart on p4.
MSCI.COM | 7
FACTOR FOCUS: MINIMUM VOLATILITY
CONCLUSION
Minimum volatility is one of the few factors that have performed well in turbulent markets,
serving as a means of capital preservation. Moreover, over long periods of time, this defensive
strategy has produced a premium over the market, contravening one of the most basic
theories in finance — that one should not be rewarded with greater returns for taking less than
market risk.
While naïve minimum volatility indexes may have unintended exposures to other factors,
optimization based minimum volatility strategies have been calibrated to achieve targeted
levels of country, sector and style exposure without significantly increasing volatility risk itself.
The MSCI USA Minimum Volatility Indexes aim to reflect the performance characteristics of a
minimum volatility strategy by optimizing towards the lowest absolute risk within a given set
of constraints to minimize unintended risks and exposures.
Alighanbari, M., R.A. Subramanian and P. Kulkarni. (2014). “Factor
Indexes in Perspective: Insights from 40 Years of Data.” MSCI
Research Insight.
Ang, A., R. Hodrick, Y. Xing and X. Zhang. (2006). “The Cross-
Section of Volatility and Expected Returns.” Journal of Finance,
Vol. 61, No. 1, pp. 259-299.
Baker, N.L. and R.A. Haugen. (2012). “Low Risk Stocks Outperform
Within All Observable Markets of the World.” Available at http://
ssrn.com/abstract=2055431.
Black, F. (1972). “Capital Market Equilibrium with Restricted
Borrowing.” Journal of Business, Vol. 45, No.3, pp. 444-455.
Blitz, D. and P. Van Vliet. (2007). “The Volatility Effect: Lower Risk
Without Lower Return.” Journal of Portfolio Management, Vol. 34,
No. 1, pp. 102-113.
Clarke, R., H. De Silva and S. Thorley. (2006). “Minimum-Variance
Portfolios in the U.S. Equity Market.” Journal of Portfolio
Management, Vol. 33, pp. 10-24.
Jagannathan, R. and T. Ma. (2003). “Risk Reduction in Large
Portfolios: Why Imposing the Wrong Constraints Helps.” Journal
of Finance, Vol. 58, No. 4, pp. 1651-1684.
Nielsen, F. and R.A. Subramanian. (2008). “Far From the Madding
Crowd – Volatility-Efficient Indexes.” MSCI Barra Research Insight.
Sefton, J., D. Jessop, G. De Rossi, C. Jones and H. Zhang. (2011).
“Low-Risk Investing.” UBS Research.
Vangelisti, M. (1992). “Minimum-Variance Strategies: Do They
Work?” Barra Newsletter.
REFERENCES
VOLATILITY
For more than 40 years, MSCI’s research-based indexes and analytics have helped the world’s leading investors build and manage better portfolios. Clients rely on our offerings for deeper insights into the drivers of performance and risk in their portfolios, broad asset-class coverage and innovative research.
Our line of products and services includes indexes, analytical models, data, real-estate benchmarks and ESG research.
MSCI serves 97 of the 100 largest money managers, according to the most recent Pensions & Investments ranking.
For more information, visit us at www.msci.com.
ABOUT MSCI
The information contained herein (the “Information”) may not be reproduced or disseminated in whole or in part without prior written permission from MSCI. The Information may not be used to verify or correct other data, to create indexes, risk models, or analytics, or in connection with issuing, offering, sponsoring, managing or marketing any securities, portfolios, financial products or other investment vehicles. Historical data and analysis should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information or MSCI index or other product or service constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy. Further, none of the Information or any MSCI index is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. NONE OF MSCI INC. OR ANY OF ITS SUBSIDIARIES OR ITS OR THEIR DIRECT OR INDIRECT SUPPLIERS OR ANY THIRD PARTY INVOLVED IN THE MAKING OR COMPILING OF THE INFORMATION (EACH, AN “MSCI PARTY”) MAKES ANY WARRANTIES OR REPRESENTATIONS AND, TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH MSCI PARTY HEREBY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. WITHOUT LIMITING ANY OF THE FOREGOING AND TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY REGARDING ANY OF THE INFORMATION FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL (INCLUDING LOST PROFITS) OR ANY OTHER DAMAGES EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.
©Copyright MSCI Inc. All rights reserved | CBR0417
msci.com