This article explains what makes the S&P 500 Index stand out among other indices. Before we elaborate on the S&P 500, however, a short definition of an index is in order.
Un indice est une méthode d'évaluation de la performance d'un groupe d'actifs. En règle générale, les indices mesurent la performance d'un groupe de titres afin de reproduire un segment spécifique du marché. Il peut s'agir d'indices dits « généraux » qui suivent l'ensemble du marché. Ils peuvent également être plus spécialisés, évaluant un secteur ou un segment spécifique.
What Is the S&P 500 Index?
The index under discussion is called the Standard & Poor’s 500 Index, or the S&P 500 for short. It is an index of the 500 largest US companies which are traded publicly. The index is market-capitalization weighted; that is, it is a type of index where its individual components are included in amounts corresponding to their totalcapitalisation boursière, abrégé en « capitalisation boursière ».
What Companies Are Eligible for S&P 500 Inclusion?
Note that the S&P 500 is not a list of exactly 500 US companies by market capitalization, since there are other criteria by which companies get included in the index. To be eligible for S&P 500 index inclusion, a company should satisfy the following criteria:
- Être une entreprise américaine ;
- Avoir une capitalisation boursière d’au moins 11,8 milliards USD ;
- Être très liquide ;
- Avoir un flottant public d’au moins 10 % de ses actions en circulation ;
- Ses bénéfices du dernier trimestre 2019 et la somme de ses bénéfices des quatre derniers trimestres consécutifs 2019 doivent être positifs.
What Companies Are Listed on the S&P 500?
The S&P 500 Index is viewed as the best gauge of large-cap US equities. The Index does not provide the full list of 500 companies, many of which include technology companies and financial businesses. The top ten S&P 500 companies by Index weighting are the following:
- Pomme (AAPL), la pondération de l'indice est de 5,9 %.
- Microsoft(MSFT), la pondération de l'indice est de 5,4 %.
- Amazon.com, la pondération de l'indice est de 4,2 %.
- Facebook, (aliasMéta-plateformes) (FB), la pondération de l'indice est de 2,2 %.
- Alphabet (GOOGL), la pondération de l'indice est de 2,0 %.
- Alphabet(GOOG), la pondération de l'indice est de 2,0 %.
- Tesla (TSLA), la pondération de l'indice est de 1,5 %.
- Berkshire Hathaway (BRK.B), la pondération de l'indice est de 1,5 %.
- JPMorgan (JPM0, la pondération de l'indice est de 1,3 %.
- Johnson & Johnson (JNJ),index weighting is 1.2%.
Bien que bon nombre des entreprises mentionnées ci-dessus soient connues du grand public, une notoriété publique n'est pas requise. Cela signifie que l'indice inclut également des entreprises moins connues, pour autant qu'elles remplissent les critères d'inclusion.
What Is Inside the S&P 500 Index?
There are eleven sectors included in the S&P 500 Index, according to the Global Industry Classification Standard:
- Énergie
- Matériels
- Industriels
- Consommation discrétionnaire
- biens de consommation de base
- Soins de santé
- Finances
- Informatique
- Services de communication
- Immobilier
- Utilitaires
These sectors are further divided into 24 industry groups, 69 industries, and 158 sub-industries. The S&P 500 represents more than 83% of the total domestic U.S. equity market capitalization. The S&P Composite 1500, which comprises the S&P 500, S&P MidCap 400, and S&P SmallCap 600, represents over 90% of the S&P TMI (Total Market Index).
History of the S&P 500
The origin of the S&P 500 goes back to 1923 when Standard & Poor’s introduced indices that included 233 companies spread over 26 industries. The S&P 500, as it is now known, was introduced in 1957. The S&P 500 is regarded as a proxy for the U.S. equity market. It is the only stock market benchmark serving as an economic indicator in The Conference Board Leading Economic Index. It has stood for U.S. stock market performance in that context since 1968.
S&P 500 Index Construction
Pour calculer la capitalisation boursière d'une entreprise, il faut multiplier le cours actuel de l'action par le nombre d'actions en circulation, c'est-à-dire les actions qui figurent au bilan d'une entreprise sous la rubriqueCapital social.Note that the S&P only uses free-floating shares or the shares that are traded by the public. The S&P 500 adjusts each company’s cap to compensate for the issues of new shares or companies’ mergers. The value of the index is calculated by totaling the adjusted market caps of each company and dividing the result by a divisor.
Investors can calculate how much a particular company weighs in the index. This information is important: if a stock jumps or sinks, investors, by calculating its weight, can understand whether it might have an impact on the S&P 500 as a whole. A company with a 15% weighting will affect the value of the S&P 500 more than a company with a 1% weighting.
S&P 500 Most Recent Rebalancing
The S&P 500 was rebalanced last time on March 12, 2021. The rebalancing was brought into effect on March 22, 2021, before markets opened. NXP Semiconductors (NXPI),Penn National Gaming (PENN),Generac Holdings (GNRC),Caesars Entertainment (CZR) were included on the list of S&P 500 companies. Xerox Holdings (XRX),Flowserve (FLS),SL Green Realty (SLG),and Voter (VNT) were crossed out of the list.
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