Unlocking a Company’s Potential
with Deeper Business Insights
As companies become more complex, investors can use MSCI’sBusiness Segment Data Product which is designed to bring transparency
and speed to their decisions.
MSCI’s Business Segment Data provides you with a granular view of the operations ofthousands of companies. This data set reports a company’s business segments using
the Global Industry Classification Standard (GICS®) sub-industry definitions across three
critical dimensions: sales, assets and operating income1.
Business Segment Data can be highly valuable for investment teams specializingin active portfolio management, as it enables them to conduct detailed analyses ofcompanies and sectors, gaining a deeper understanding of their fundamental drivers andoperations.
SalesAssets› Covers reported operating
Covers reported total assets
revenues from all onfrom all on-going lines ofgoing lines of business ofbusiness of a company
a company

1

Operating Income
Covers reported operating
income from all on-goinglines of business of acompany

GICS® (Global Industry Classification Standard) is the global industry classification standard jointly developed by MSCI Inc. and S&P Global.

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Unlocking a Company’s Potential
with Deeper Business Insights

2CHALLENGES

HOW WE CAN HELP

To gain a competitive advantage,investment managers need to beefficient in their data processing andadopt a multi-dimensional approachin their analysis to formulate a robust
investment thesis for each company.

MSCI’s Business Segment Data offers
investors a time-saving advantage by
providing access to granular businessinformation for over 9,000 companies
in a single place, along with various
dimensions for their analysis.

Additionally, they need to strike abalance between risk and potential
returns, while also avoiding
duplication of exposures whenconstructing portfolios.

This data set can uncover hidden
overlaps between companies’
activities, highlighting potential risks
that investors may want to avoid2.

As of February 29th, 2024

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1. Diving Deeper In Complex Companies
The following examples illustrate how our Business Segment Data can be leveraged to gain deeper insights at both the companyand index or portfolio levels.
Berkshire Hathaway is a well-known American conglomerate, which is currently classified in the Financials sector. A business segment
analysis shows a diversified business, with revenue streams from sectors as distinct as Utilities and Consumer Discretionary.

CompanyBerkshire Hathaway

GICS®
Sub-Industry

Multi-Sector Holdings

Business
Segment

Financials

GICS® Sector

Sales
Reinsurance

27%

Financials

Industrial Machinery & Supplies

25%

Industrials

Food Distributors

18%

Consumer Staples

Automotive Retail

13%

Consumer Discretionary

Electric Utilities

9%

Utilities

Rail Transportation

9%

Industrials

Source: MSCI, as of February 29th, 2024

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2. Diversifying Business Drivers Through TimeThe following examples illustrate how our Business Segment Data can be leveraged to gain deeper insights at both the company and index
or portfolio levels.
Over time, PepsiCo’s sales from soft drinks have decreased in relative terms, while the packaged foods division, encompassing brands asdiverse as Cheetos and Quaker Oats, grew in importance. This is also evident in the company’s asset changes through time. However, this iseven more noticeable on the operating income split, where packaged foods now drive more than 60% of the total operating income.

CompanyPepsiCoGICS®
Sub-Industry

Soft Drinks & Non-alcoholic Beverages

BusinessSegment

SalesAssets

Operating Income

2023

58%

42%

2023

77%

23%

2023

39%

61%

2021

60%

40%

2021

80%

20%

2021

39%

61%

2019

71%

2019

29%

89%

11%

2019

51%

49%

Soft Drinks & Non-alcoholic Beverages
1

Packaged Foods & Meats

Source: MSCI, as of February 29th, 2024

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3. Additional Granularity to Index Constituents’ Analysis
Using MSCI’s Business Segment Data provides a more detailed breakdown of the constituents of an index or a portfolio. For example, let’s
consider the top five constituents of the MSCI World Index and compare their GICS® classification at sub-industry level with the businesssegment classification.
While Amazon is classified in the Broadline Retail GICS® sub-industry, using the Business Segment Data for Sales reveals that 16% of its sales
originate from the Internet Services & Infrastructure segment. That share of sales has been growing consistently through time, rising from 9%in 2018.

Business Segment:
Sales

Business Segment (%)
SalesCompanyGICS® Sub-Industry

Apple

Tech Hardware, Storage & Peripherals

Tech Hardware, Storage & Peripherals

100%

Microsoft

Systems Software

Systems Software

100%

AmazonBroadline RetailBroadline Retail84%

Internet Services & Infrastructure

16%

NvidiaSemiconductors

Semiconductors

100%

Alphabet A

Interactive Media & Services

Interactive Media & Services

100%

Source: MSCI World, top 5 constituents, as of February 29th, 2024

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Why MSCI?
Whatever your investment goals—diversification, differentiation or
decarbonization—you need highly accurate data and timely insights todeliver better outcomes with conviction. MSCI continuously innovatesby harnessing the collective intelligence and experience of our global
enterprise. Through our research, partnerships, and technology, we aimto bring greater transparency and clarity to global financial markets,and to empower the investment community to make better-informeddecisions.
BUSINESS SEGMENT DATA PRODUCTFrom broad market to customized outcome-oriented indexes, our timetested, globally consistent index and decision-support solutions aredesigned to enable investors to respond to change to solve modern
investing’s most pressing challenges.

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Product Structure and Licensing
Modules

MSCI Developed Markets Business Segment Data Module
MSCI Emerging Markets Business Segment Data Module
MSCI Asia Pacific Markets Business Segment Data Module
MSCI Developed Markets Small Cap Business Segment Data Module
MSCI Emerging Markets Small Cap Business Segment Data Module
MSCI Asia Pacific Markets Small Cap Business Segment Data Module

Frequency

Monthly data

History

5 years’ rolling history

Pre-requisite

Equivalent Core Modules

VendorMSCI direct distribution *Derived Data Distribution

Not permitted, internal use only*GICS® As of February 29 2024. We will expand distribution through other avenues over time.

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Product Structure and Licensing
This data set includes:
Column Names

Description

Security Name

Self-explanatory

MSCI Issuer CodeSelf-explanatory

MSCI Security Code*Self-explanatory

Barra ID

Self-explanatory

Security Ticker

Self-explanatory

ISO Country Symbol

Two-digit alphabetic code for country classification (ISO Country Symbol)

Country Name

Self-explanatory

GICS Sub-industry

GICS Sub-industry Code, always populated.

Business Segment Code

Code of the Business Segment

Business Segment Name

Name of the Business Segment

Fiscal Period End Date

Fiscal period end date for which % of Revenue , Asset, Operating Income at segment level is presented, may be blanked.

Sales by Business Segment (pct)Percentage of sales attributed to the Business Segment; may be blanked.

Assets by Business Segment (pct)Percentage of sales attributed to the Business Segment; may be blanked.

Operation Income by Business Segment (pct)Percentage of operating income attributed to the Business Segment; may be blanked.

*Other identifiers may be included if a separate/direct license with the providers of these identifiers is in place.

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About MSCI Inc.
MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data andtechnology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective
portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process.
About MSCI ESG Research Products and Services
MSCI ESG Research products and services are provided by MSCI ESG Research LLC, and are designed to provide in-depth research, ratings and analysis ofenvironmental, social and governance-related business practices to companies worldwide. ESG ratings, data and analysis from MSCI ESG Research LLC. are also usedin the construction of the MSCI ESG Indexes. MSCI ESG Research LLC is a Registered Investment Adviser under the Investment Advisers Act of 1940 and a subsidiaryof MSCI Inc.
To learn more, please visit www.msci.com/esg-investing.
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
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