Global Equity Investing Through the Decades

Research Paper
Stuart Doole, Naoya Nishimura, Abhishek Gupta
April 24, 2025
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Since we launched the MSCI World Index 55 years ago, investors have witnessed many profound transformations that have shaped the global markets we know today. In this research report, we highlight the most notable developments in the global-equity investment opportunity set across regions, size segments and sector exposures. And because investors' needs are constantly changing, we explore where continued innovation in equity indexing may lead.
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Since 1975, small caps and EM stocks have expanded the global equity opportunity set
The chart on the left plots the number of large- and mid-cap stocks in the MSCI World and MSCI ACWI Indexes since 1975 by region. Emerging market stocks were added to the universe in 1987 and by 2024 represented the largest regional segment by count. The chart on the right plots all size segments since 2003, and by 2024, emerging market stocks were, again, the largest segment by count.
Data from Dec. 31, 1974, to Dec. 31, 2024. The chart on the left shows the number of constituents of the MSCI World Index through Dec. 31, 1987, and of the MSCI ACWI Index thereafter. The chart on the right shows the number of constituents of the MSCI ACWI IMI since May 31, 2002.
Abhishek Gupta
Abhishek Gupta
​​Executive Director, MSCI Research
Naoya Nishimura
Naoya Nishimura
Executive Director, Equity Solutions Research
Stuart Doole
Stuart Doole
Managing Director, MSCI Research

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