The S&P Africa 40 index provides exposure to 40 of the largest, most liquid companies that operate purely in Africa. To provide broad exposure across several African countries, the index limits the number of companies from any single country to eight and includes developed market listings of companies domiciled in Africa or that have the majority of their assets and operations in Africa. Index constituents must meet minimum size and liquidity requirements to ensure investability and tradability.
Index constituents exhibit the following characteristics:
Weighting - Modified capitalization weighting
Domicile - Companies must be domiciled in Africa or have the majority of their assets and operations in Africa
Exchange Listing - Companies listed in the following local markets are eligible for inclusion: Egypt, Ghana, Kenya, Morocco, Nigeria, South Africa, and Tunisia. Other African companies are also eligible if they are listed on a developed market exchange, such as through an ADR or GDR.
Reconstitution - As needed basis
Index Governance and Policy This index is maintained by the S&P Index Committee, whose members include Standard & Poor's economists and index analysts. It follows a set of published guidelines and policies that provide the transparent methodologies used to maintain the index.
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