Interesting.. my guess is that you will get a higher value if you do the calculations with current Index constituents only. When you sick with historical constituents, you are bound to get worse results as the non-performers move out of the index. When you keep changing the constituents, this would reflect the correct historical values. If you ignore the historical changes and only consider current constituents, checking their historical performance, it will be higher. It is for this better performance that they replace the laggards in the index. Also the better performers will have higher current weights in the index, further boosting the earnings figures. My guess is that the institutes might be doing these simple calculations rather than going to check the historical changes that happen in an index.
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