ASSET CLASS INSIGHTS

The Russell Reconstitution Is Back

With this year’s annual Russell equity index reconstitution, significant shifts are expected in both growth and value, as well as at the sector level.

Author

Jonathan Hubbard, CFA
Strategy and Insights Group

FTSE Russell Equity Index Reconstitution 

Russell makes annual changes to its equity style indices to reflect their style ranking methodology. Although Russell has moved to semi-annual reconstitutions for its broad market indices, the full style index reconstitution will continue to occur annually each June.

What to Expect in June 20261 

Based on preliminary securities lists published by FTSE Russell, the Russell 1000® Value and Russell 1000® Growth indices are expected to shift significantly at both the sector and security levels. Notable projected changes as of June 5th 2026 include:

Russell 1000® Value

Largest Increases by Name (%)

Company Before After Change

Apple

0.0%

5.7%

+5.7%

Microsoft

0.0%

4.4%

+4.4%

Amazon

1.9%

6.1%

+4.2%

Largest Decreases by Name (%)

Company Before After Change

Alphabet

4.1%

0.0%

-4.1%

Micron

2.9%

0.0%

-2.9%

Caterpillar

1.1%

0.0%

-1.1%

 

Change in Sector Weight (%)

Sector Change

Consumer Discretionary

+4.1%

Information Technology

+2.2%

Industrials

-2.0%

Communication Services

-4.5%

 

Key Takeaways

  • The combined weight of Apple, Microsoft, and Amazon is expected to rise from 1.9% to 16.2%.
  • Alphabet is expected to drop out of the index entirely.

 

Russell 1000® Growth

Largest Increases by Name (%)

Company Current Projected Change

Alphabet

7.1%

12.0%

+4.9%

Micron

0.0%

3.0%

+3.0%

Nvidia

13.2%

14.8%

+1.5%

Largest Decreases by Name (%)

Company Current Projected Change

Apple

12.3%

7.4%

-4.8%

Amazon

4.8%

0.6%

-4.2%

Microsoft

8.7%

8.7%

-3.9%

 

Change in Sector Weight (%)

Sector Change

Communication Services

+5.2%

Information Technology

+2.0%

Industrials

-2.0%

Communication Services

-4.3%

 

Key Takeaways

  • The combined weight of Apple, Amazon and Microsoft is expected to decrease from 25.7% to 12.9%. 
  • Alphabet is expected to hold a 12% weight in the index, while newcomer Micron Technology is expected to carry a 3% weight, increasing semiconductors to 31.6%.

 

The Russell reconstitution is an important event for investors to monitor. As we have seen historically, large changes in index composition can materially affect benchmark performance, particularly during periods of heightened market volatility. For additional information on benchmarks, please see our recent paper Decoding Equity Benchmarks: A Closer Look at Index Construction

 

 

 

 

1 FTSE Russell reconstitution date. Preliminary index changes were provided by FTSE Russell as of 5 June 2026. All numbers are estimates. Please see the FTSE Russell website for complete details. 

Frank Russell Company (“Russell”) is the source and owner of the Russell Index data contained or refl ected in this material and all trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.

The views expressed herein are those of the MFS Strategy and Insights Group within the MFS distribution unit and may differ from those of MFS portfolio managers and research analysts. These views arDiversifi cation does not guarantee a profi t or pre subject to change at any time and should not be construed as the Advisorotect against a loss. Past performance is no guar’s investment advice, as securities rantee of future results.ecommendations, or as an indication of trading intent on behalf of MFS. 

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