The Russell Reconstitution Is Back
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.
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