As of June 30, 2009, TIAA-CREF no longer owned shares in Africa-Israel Investments Ltd. While a small number of shares of the company were previously held in the CREF Stock Account, they were sold after they fell out of the MSCI Emerging Markets Index.
Some news reports have failed to note that the sale occurred in June, as a routine part of the indexing investing process, in which the Account manager's holdings track the index. The CREF Stock Account invests in a broadly diversified portfolio of domestic and foreign equity securities by using a combination of three strategies: active management, enhanced indexing and pure indexing.
The MSCI Emerging Markets Index, which the CREF Stock Account tracks in part, is a free float-adjusted market capitalization index that is designed to measure equity market performance of 22 emerging markets countries (as of June 2009).
As of June 30, 2009, TIAA-CREF funds and accounts had investments in companies in Israel and around the world. For information about specific holdings, please see the semi-annual CREF Schedule of Investments, available here.
For more information on the CREF stock account, click here.
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