Avid joins Russell index
Avid joined the broad-market Russell 3000 Index at the conclusion of the Russell indexes annual reconstitution on June 26 2015. Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of the end of May, ranking them by total market capitalisation.
Membership in the Russell 3000, 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.
“We are pleased to join the Russell 3000 Index,” said John Frederick, Executive Vice President, Chief Financial and Administrative Officer of Avid. “We continue to make great progress in the transformation of the company and are focused on addressing some of the most critical issues the media industry faces today all while working on creating value for our shareholders.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $5.7 trillion in assets are benchmarked to the Russell’s US indexes.