PCTEL, Inc. (NASDAQ: PCTI), a leader in antenna and scanning receiver solutions, today announced it had been added to the broad-market Russell 3000® Index. The Company's addition to the Russell 3000 Index was made effective following the market close on Friday, June 22 nd.
Annual reconstitution of Russell’s U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. 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. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.
“We were pleased that PCTEL’s market capitalization qualified for inclusion on the Russell 3000 Index,” said Marty Singer, PCTEL's Chairman and CEO. “We are confident in the growth and profitability prospects for the company and our inclusion on the index permits a larger cross-section of institutional investors to add PCTI to its micro and small cap portfolios,” added Singer.
The Russell 3000 also serves as the U.S. component to the Russell Global Index, which Russell launched in 2007.Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. In the institutional marketplace, an industry-leading $3.9 trillion in assets currently are benchmarked to them. Russell calculates more than 80,000 benchmarks daily covering approximately 98 percent of the investable market globally, 83 countries and more than 10,000 securities. These investment tools originated from Russell’s multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers. Total returns data for the Russell 3000 and other Russell Indexes is available at http://www.russell.com/indexes/data/US_Equity/Russell_US_Index_returns.asp. About Russell: Russell Investments (Russell) is a global asset manager and one of only a few firms that offers actively managed, multi-asset portfolios and services that include advice, investments and implementation. Working with institutional investors, financial advisors and individuals, Russell’s core capabilities extend across capital markets insights, manager research, Indexes, portfolio implementation and portfolio construction.