Benchmarks

Russell 2000 Index

The Russell 2000 Index consists of the smallest 2,000 securities in the Russell 3000 Index representing approximately 8% of the Russell 3000 total market capitalization. The largest company in the Index has approximately $1 billion market cap. This is Frank Russell's small capitalization index that is widely regarded in the industry as the premier measure of small capitalization stocks.

Russell 2000 Growth Index

The Russell 2000 Growth is constructed to provide a comprehensive and unbiased barometer of the small-cap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate small-cap growth manager's opportunity set.

Russell Midcap Index

The Russell Midcap Index measures the performance of the smallest 800 securities in the Russell 1000 Index, as ranked by total market capitalization. This index accurately captures the medium-sized universe of securities and represents approximately 24% of the Russell 1000® total market capitalization.   The largest company in the Index has a market cap of approximately $8 billion.

Russell Midcap Growth Index

The Russell Midcap Growth Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate mid-cap growth manager's opportunity set.

S&P MidCap 400 Index

The S&P MidCap 400 Index consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is also a market-value weighted index and was the first benchmark of mid cap stock price movement.

S&P 500 Index

The S&P 500 covers 500 industrial, utility, transportation, and financial companies of the US markets (mostly NYSE issues). The index represents about 75% of NYSE market capitalization and 30% of NYSE issues. It is a capitalization-weighted index as calculated by Russell on a total return basis with dividends reinvested.

Russell 3000 Growth Index

The Russell 3000 Growth Index is constructed to provide a comprehensive and unbiased barometer of the broad growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate broad market growth manager's opportunity set.