Navitas added to Russell 3000 Index
Membership shows the growing importance of next-gen GaN and SiC power semiconductors
Navitas Semiconductor will be added as a member of the broad-market Russell 3000 Index, effective after the US market opens on Monday 26th June, as part of the 2023 Russell indexes reconstitution.
Annual reconstitution of the Russell indexes captures the largest US stocks as of April 28th, ranking them by total market capitalisation. Membership in the 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.
“Inclusion in the Russell 3000 Index is an internationally-recognised growth milestone, highlighting Navitas’ leadership in next-generation power semiconductors and our mission to ‘Electrify Our World’™,” said Gene Sheridan, CEO and co-founder.
“New GaN and SiC power technologies are rapidly replacing legacy silicon power chips, to bring more efficient, faster-charging, smaller, lighter, and lower CO2-footprint electronics to market, from EVs and data centers to solar, wind and industrial applications.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a global index provider.
