New York State Teachers’ Retirement System has changed its total market index benchmark to the S&P SuperComposite 1500, Standard & Poor’s says.
More than $1trn (E1,014trn) in assets is currently linked to the index components of the SuperComposite – S&P’s broad US equity market index.
The S&P SuperComposite 1500 is comprised of the 1500 companies included in the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices. Each component index of the S&P SuperComposite 1500 also offers breakdowns into GICS economic sector indices and S&P/BARRA style indices, says S&P.
Robert Shakotko, managing director of S&P Index Services says the SuperComposite 1500 exemplified the provider’s building block approach to indexing. “Pension funds that benchmark to and build portfolios based on the S&P SuperComposite 1500 benefit from broad US stock market coverage, exceptional liquidity and low replication costs,” he says.