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XL Fleet Corp., a provider of hybrid electrification solutions for Classes 2-6 commercial and municipal vehicles, announced it has been added to the Russell 3000 Index and the U.S. Small Cap Russell 2000 Index effective June 28.
“This exciting milestone exemplifies the success we have achieved to date and highlights the significant ongoing growth opportunities ahead of us in helping to electrify the commercial fleet industry,” XL Fleet CEO Dimitri Kazarinoff said. “I am proud of our entire team whose collective efforts have positioned us to become part of this community, and look forward to the enhanced investor visibility that we expect from our inclusion in Russell’s world-class market index.”
Boston-based XL Fleet, originally XL Hybrids, was founded in 2009.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
Annual reconstitution of the Russell indexes captures the 4,000 largest U.S. stocks as of May 7, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the 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-capitalization rankings and style attributes.
FTSE Russell is a wholly owned subsidiary of London Stock Exchange Group, and is a unit of the information services division. — Transport Topics
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