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S&P DJI to review planned changes to Google weightings

04
Mar
2014

Standard Poors Dow Jones Indices on Monday said it will review whether its planned changes to Google Incs weightings in widely used market indexes could hurt investors, and took the unusual step of asking worried index fund managers to address the potential costs. Google had announced plans on February 3 to issue new Class C shares, and distribute one Class C share for each Class A or Class B share outstanding. SP DJI then planned to include A and C shares in its SP 500 and SP 100 indexes of large companies until June 20, after which it would include only C shares and increase the float. But portfolio managers who track those indexes, which is normally a tax-efficient strategy, complained to SP DJI that this would force them to replace A shares with C shares, and by selling the A shares pass on capital gains to investors.

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