School’s Florida 50 Stock Index Outpaces Broader Market by Nearly Double in First Quarter of 2017
March 31, 2017
The University of Miami’s Florida 50 Index, a bellwether on the state’s economy established by the School of Business, was up more than 10 percent in the first quarter of 2017, outperforming both the S&P 500 and S&P 1500 by nearly double. The Florida index, which tracks all Florida firms in the S&P Composite 1500® Index, ended the quarter up by 10.39 percent, while the S&P 500 saw a gain of 5.53 percent and the S&P 1500 rose 5.22 percent.
The top-10 Florida performers included TopBuild Corp., up 32.02 percent, The GEO Group Inc., up 31.0 percent, CSX Corp., up 30.06 percent, Jabil Circuit Inc., up 22.52 percent, Tupperware Brands Corp., up 20.49 percent, Royal Caribbean Cruises Ltd., up 20.17 percent, Lennar Corp., up 19.33 percent, Marriott Vacations Worldwide Corp., up 18.19 percent, ACI Worldwide Inc., up 17.85 percent, and HCI Group Inc., up 16.34 percent.
“One of the biggest winners in UM’s Florida 50 Index is CSX Corp., which yielded a first-quarter return of more than 30 percent, and because its capitalization is nearly 11 percent of the index, it positively influenced the performance of the index overall,” said Tie Su, an associate professor at the University of Miami School of Business Administration. “The Index is also heavily weighted by the financial, energy and consumer discretionary sectors, which have all significantly beat the broader market indices.”
The Florida 50 Index, which was established by the School of Business in 2016, is based on the capitalizations of all Florida-based large-, mid- and small-cap companies included in the S&P 1500 index having common stock listed on the NYSE or NASDAQ. It is the first custom S&P Dow Jones index to be owned by a university and the only index that focuses solely on public companies headquartered in an individual U.S. state.
The index is available under the ticker symbol UMIAMIFL through the S&P website at: www.umiamifl.com. The performance can be monitored in real time on Yahoo Finance. The full list of index components can be found here.