As Nasdaq and FTSE Russell employees celebrated the close of another annual Russell Reconstitution on Friday, June 28 with another all-time record Nasdaq Closing Cross, Microsoft (MSFT) officially took the #1 spot as the largest company by market capitalization in the US large-cap Russell 1000® Index. Apple (AAPL), which had been in the top position since 2012, lost 2.1% of its value in the last year through May 10 Russell Reconstitution rank day to become the third largest US company in terms of market capitalization.
In addition to changes at the top, Russell US Indexes is welcoming a high-profile list of new entrants at this year’s rebalance. In addition, the 27 recent IPOs entering the US small-cap Russell 2000 Index, Uber (UBER), Lyft (LYFT), Beyond Meat (BYND) and PagerDuty (PD) will directly enter the Russell 1000 Index. Spotify (SPOT), a 2018 direct listing, is now eligible for inclusion in the Russell US Indexes as it meets the free float requirement.
Catherine Yoshimoto, director, product management, FTSE Russell:
“Entering the Russell US Indexes means that a company is recognized by leading US equity benchmarks followed by approximately $9 trillion in passive and actively managed investment assets. Congratulations to Microsoft on assuming the top spot in the Russell US Indexes and to all the new companies, both large and small, that entered the Russell US Indexes at this year’s rebalance upon meeting the requirements for inclusion.”
FTSE Russell’s annual Russell US Index Reconstitution concluded at the close of the US equity markets on Friday, June 28 and final lists of the newly reconstituted Russell US indexes were posted earlier today to the FTSE Russell website. For more information on the Russell Reconstitution, go to the FTSE Russell website.
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