Each year in May, the Russell Investment Group updates and reconstitutes its famous indices, which are benchmarks widely used by most investors for passive and active investment strategies. An estimated $4.4 trillion in assets are benchmarked to these indices.

The best-known and broadest index, the Russell 3000, captures the largest 3,000 public stocks tradeable in the U.S., ranked by market capitalization as of May 31.

Other indices include the Russell 2000, the Russell Midcap Index and the Russell MicroCap Index.

More than 20 energy equities were added to the Russell 3000 as of the close of business on June 27. They include Abraxas Petroleum Corp. (Amex: ABP), Cano Petroleum Inc. (Amex: CFW) and Energy XXI (Bermuda) Ltd. (Nasdaq: EXXI).

“We welcome the increased awareness of Energy XXI’s accomplishments among money managers, analysts and other investment community professionals,” said chairman and chief executive John Schiller.          

Joining the Russell Microcap Index are Lucas Energy Inc. (Amex: LEI) and Teton Energy Corp. (TEC), among others.

Being added to this actively traded index increases institutional investors’ awareness of the company, and thus increases shareholder liquidity, said Lucas Energy president and chief executive James Cerna.

Founded in 1936, Russell is based in Tacoma, Washington, and is a unit of The Northwestern Mutual Life Insurance Co.

--SPJ