Chile's IPSA Index will switch to the MSCI methodology and expand to 31 companies
Starting September 1, 2026, Chile’s main stock index, the IPSA, will be administered by MSCI instead of S&P Dow Jones Indices. The index will be renamed the MSCI IPSA, and the number of its constituents will increase from 30 to 31 with the return of Pampa Investments, according to The Rio Times.
Under the new methodology, the index will no longer have a fixed number of companies. The composition of the MSCI IPSA will be determined based on criteria such as issuer size and liquidity, so the number of constituents may vary. Since 2018, the IPSA has included 30 companies and has been reviewed twice a year using the methodology of S&P Dow Jones Indices.
The selection of companies and their weighting in the index will be based on market capitalization adjusted for free float—the portion of shares available for trading. This approach takes into account that significant stakes in Chilean companies may be owned by controlling families or pension funds and may not be available on the market. The index composition will be reviewed four times a year.
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Pampa Investments was previously known as Oro Blanco and was part of the IPSA until about two years ago. Through this company, the Ponce Leroux family holds a 25 percent stake in SQM, a producer of lithium and specialty chemicals. Francisca Ponce, vice president of Grupo Pampa, estimated Pampa Investments’ market value at approximately $3.8 billion, with 29% of its shares in free float.
The adoption of the IPSA methodology is part of the merger of the Chilean, Colombian, and Peruvian stock exchanges under the nuam framework. At the same time, the broader Chilean IGPA index will expand to include 50 companies.
