Two Long Island companies - a real estate investment trust and a kitchen accessories marketer - have been added to the Russell 3000 Index.
The index measures the performance of the largest 3,000 companies in the United States and says it represents "approximately 98 percent of the investable U.S. equity market."
One of the companies added, Liberty Properties of Great Neck, has been placed in the index's financial services and real estate sectors. And Lifetime Brands Inc., of Garden City, has been placed in the index's consumer discretionary and consumer products divisions. (Shown above left is Lifetime Brands' EcoLife collection, which is made of plastic and renewable plant starches.)
Both companies are classified as micro-caps - meaning their market capitalization is below $300 million. Lifetime's market capitalization is about $188 million; One Liberty's is about $191 million.
The index's web site says it "is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected."
The Russell Index says it provides a framework for worldwide financial markets by ensuring that stocks are "moved into the right 'buckets' on a global scale, ensuring a true reflection of the small-cap, mid-cap, large-cap, value, growth, etc. segments of every market internationally."
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