Richardson Electronics set to join Russell 3000 Index
Richardson Electronics is set to join the broad-market Russell 3000 Index at the conclusion of the 2023 Russell indexes 35th annual reconstitution, effective after the US market opens on Monday, June 26th, 2023, according to a preliminary list of additions posted May 19th.
Ed Richardson, Chairman and Chief Executive Officer states: “Richardson Electronics’ inclusion in the 2023 Russell 3000index reflects the success of our strategic plan and the commitment of our employees throughout the world. Over the past 12 months, we have produced significant revenue and earnings growth as we capitalise on new market opportunities and execute against our key growth initiatives. An important driver of our accomplishments is the progress we are making growing our Green Energy Solutions (“GES”) business to support an expanding list of alternative energy, electric vehicles, and green manufacturing customers. The addition of Richardson Electronics into the Russell 3000® Index marks a significant milestone in our journey, and we remain committed to creating long-term value for our shareholders.”
Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of April 28th, ranking them by total market capitalisation. Membership in the US all-cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalisation rankings and style attributes.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.1 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.