Their April 21 press release states that all of the preliminary adjustments will be posted on their website after the close of the market today.
Russell's 21 U.S. Equity Indexes due for Annual Adjustment
Reconstitution Process Keeps Stock Benchmarks Tuned to Market Realities
TACOMA, Wash. — April 21, 2003 — Frank Russell Company will post lists of probable additions and deletions for its family of 21 unmanaged U.S. equity indexes Friday, June 13 on www.russell.com. Final index membership will take effect July 1 and remain in place for the ensuing 12-month period.
Membership in Russell's indexes is determined by objective rules, such as market capitalization rankings, rather than proprietary decisions. Russell posts preliminary lists of companies moving in or out of the indexes to offer investors and money managers an estimation of which companies will be included in its newly reconstituted indexes.
"Reconstitution completely recalibrates Russell's U.S. indexes to today's market realities and is a key feature of truly representative benchmarks," said Lori Richards, product manager Russell indexes. "It also serves as a clear, unbiased measure of the shifts in relative valuations of value and growth stocks over the past 12 months."
Accurate benchmarks are an integral part of Russell's extensive analysis of more than 3,500 investment managers worldwide and for use in the company's multi-manager funds complex.
The annual reconstitution of Russell's 21 U.S. equity indexes captures the 3,000 largest U.S. stocks as of May 31, ranking them by market capitalization to create the broad market Russell 3000® Index. The largest 1,000 companies in the ranking will comprise the large cap Russell 1000® Index while the remaining 2,000 companies will comprise the small cap Russell 2000® Index.
After the preliminary list of additions and deletions for the broad market Russell 3000 are posted, the reconstitution process continues through the month of June with any updates set for June 20 and 27. During this time capitalization rankings are adjusted for mergers and other corporate changes. The final, official membership lists for the Russell 3000, Russell 1000 and Russell 2000 will be posted by July 9 on www.russell.com.
While the unmanaged indexes cannot be invested in directly, about $220 billion is invested in passive funds that use Russell's U.S. indexes as a model, according to an annual client survey. The Russell 3000 (including the Russell 3000® Growth Index and Russell 3000® Value Index) accounts for about $92 billion of the total, while the large cap Russell 1000 (including the Russell 1000® Value Index and Russell 1000® Growth Index) accounts for about $96 billion and the small cap Russell 2000 (including the Russell 2000® Growth Index and Russell 2000® Value Index) accounts for about $26 billion.
About Russell
Frank Russell Company, a global leader in multi-manager investment services, provides investment products and services in more than 35 countries. Russell manages more than $67 billion in assets and advises clients worldwide representing more than $1.6 trillion. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Wash., with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland and Tokyo.
Contact: Steve Claiborne 253.594.1858
Frank Russell Company, a Washington, USA corporation, operates through subsidiaries worldwide.
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