IWV - 2024 Russell Reconstitution Commentary

2024-07-04 07:30:00 ET

Summary

• Investable US equity market increased in size, with the total market cap of the Russell 3000® Index up 20% from $44.2 trillion as of last year’s rebalance to $53.0 trillion based on this year’s rank day.
• The total market cap of the ten largest companies increased since last year’s reconstitution, from a combined $10.9 trillion to $15.4 trillion.
• As of 2024 recon, there are six companies above $1 trillion in size, with four of the companies above $2 trillion in size, compared to four companies above $1 trillion in total company market cap in 2023.

The Russell US Indexes are designed to reflect the ever-changing US equity market, and the annual reconstitution process is critical to maintaining accurate representation.

During this highly anticipated market event, the breakpoints between large, mid, and small cap are redefined to ensure market changes that have occurred in the preceding year are captured. Companies are also re-evaluated to determine where they rank along the investment styles spectrum....

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