RUSSELL RECON 2026

ICB Benchmark Cockpit

R2000 Growth · R2500 Growth · Microcap Growth · ICB · effective close 6/26/26
ICB weights live (RUO) · grid1 6moAs of 6/16/26
☰Contents
Snapshot Takes (TL;DR) Index sector weights Index cap range ICB industry dynamics What the recon does Broker update Active tilt (OW/UW) Where it hits the book Book recon flow Source audit FTSE methodology

Benchmark snapshot · R2000 Growth (ICB)

grid1 (Bloomberg) + RUO BQL 6/16
Benchmark
R2000 Growth
RUO · ICB classified 1,091 names
ICB shape
rank day
Ind 26.0%
HC 22.1% · Tech 20.4%
Recon list
+41%
204 / 237
local adds / LSEG adds · 43 promotes
Relative YTD
−16.1 pt
+3.98%
RUO +20.10% · quality gap
Cap reset
$79.9B → ~$8.4B
BE exits; PMI floor lifts from $15.3M

Cap reset · largest / smallest names

current names from Bloomberg · post names only where sourceable
Pre/current vs post-recon cap rails
IndexCurrent largestCurrent smallestPost largest*Post smallest*Source / read
RUO · R2000 GrowthBE · Bloom Energy
$79.9B		PMI · Picard Medical
$15.3M		~$8.4B style estimate
broad R2 anchor: UMBF $9.6B		~$131M style estimate
broad R2 anchor: FRD $146M		BE/PMI from live Bloomberg RUO constituents. Jefferies style table gives cap rails only; LSEG names UMB Financial / Friedman Industries for broad R2000, not Growth-specific.
R2500G · R2500 GrowthBE · Bloom Energy
$79.9B		PMI · Picard Medical
$15.3M		~$21.5B
name not sourceable pre-effective		~$0.1B
name not sourceable pre-effective		Current names from Bloomberg R2500G constituents. Jefferies April style table has R2500G cap-only post rails; no supplied file identifies the post style-index largest/smallest names.
RMICROG · Microcap GrowthWULF · TeraWulf
$13.9B		FCUV · Focus Universal
$1.5M		Growth-specific pending
broad Microcap high: ~$1.1B		Growth-specific pending
broad Microcap low: ~$30.1M		Current names from Bloomberg RMICROG constituents. Supplied pre-effective files do not provide exact post-recon Microcap Growth max/min names; broad Microcap rails are shown only as context.
What changed?
The old cap info was still in the page, but it had been pushed below the sector section and only showed cap levels. This restores it above the fold with names where sourceable.
Why it matters
The small/smid benchmarks are losing mega-drift winners. That compresses the top end and lifts the floor, changing the benchmark before we trade.
Caveat
Current names are Bloomberg live constituents. Post-recon style-index names remain source gaps until effective data/list files identify them.

Takes · TL;DR by index

what a PM needs in 20 seconds · our 3 benchmarks
RUO · R2000 Growth  Small / 800
  • Composition now: Industrials 26%, Health Care 22%, Tech 20%.
  • Recon shift: Industrials −6.2pts, Tech −3.2; Health Care +3.9. Winners graduate + Growth→Value shifts gut Industrials; the refill is more biopharma.
  • Cap reset: top from a $79.9B drift giant → ~$9.6B promote band; floor $15.3M → $146M.
  • Book: SPXC graduates out (held, G→V, −$882M); DGII/BLFS gain Growth weight; ODD/NCNO/ULS flows.
  • PM: tighter, more biopharma, loses mega-drift industrial winners. We're −16pts vs RUO YTD — explain the junk-led gap; do not quality-drift.
R2500G · R2500 Growth  SMid / 993
  • Composition now: Industrials 26.5%, Technology 21.3%, Health Care 19.6%, Consumer Discretionary 11.6% — most midcap-balanced of the three.
  • Recon: same $79.9B drift giant graduates to R1 Top-200; midcaps retained, the smallcap tail churns with R2000. Full Growth/Value reweight (June-only) is the driver.
  • Cap: $15.3M–$79.9B today; floor resets to $146M, top compresses as giants graduate.
  • PM: SMid book is −24pts vs R2500G YTD (widest gap of the three). The trade that paid was style migration (V→G basket +22%), not the adds.
RMICROG · Microcap Growth  Discovery / 1178
  • Composition now: Health Care 34%, Technology 20%, Industrials 15% — by far the most biopharma-heavy benchmark.
  • Most drift-prone: a $13.9B name sits in "microcap" today; recon resets the top → ~$3B and the floor $1.5M → ~$30M. Highest turnover and illiquidity of the three.
  • PM: best place for recon-dislocation alpha but the most binary/contaminated (biopharma + junk adds + forced flow); price discovery most suspended on 6/26. Micro book +5.5% YTD, −12pts vs RMICROG.

Sector weights · recon shift

R2000 Growth Curr→PF, sorted by change · green gains / red loses
R2000 Growth · benchmark sector change (pts)
R2500 Growth · current ICB PF pends 6/26
Microcap Growth · current ICB PF pends 6/26
R2000 Growth = Jefferies GVShifts by ICB Industry, 6/12 (bar = size of move). R2500 Growth & Microcap Growth = current ICB weight only (Bloomberg 6/16); their pro-forma is not in the provided GVShifts file and publishes after 6/26.

ICB industry dynamics

R2000 Growth ICB industry weight · 6-month trend
Jan → Jun 2026, monthly (grid1 / Bloomberg)
Current ICB industry weights · 6/16
bar = weight; green/red = drift since rank day

What the recon does to the benchmark

▲ Rising into / through recon
  • Technology +2.1 pt since rank day (20.4%). AI-infra/optics momentum, but the biggest winners (CRDO, FN, SITM) graduate to R1 on 6/26.
  • Pharma & Biotech 14.7% stays the single largest ICB sector; ~73 of 204 adds are clinical biotech, keeping Health Care heavy.
  • Financials / Banks gain on the value side; R2 adds skew to banks and specialty insurance.
▼ Falling into / through recon
  • Industrials −0.8 pt since rank day and set to fall further: BE, STRL, MOD, POWL, IESC, DY all graduate out. Still #1 at 26.0%, but the quality leaves.
  • Basic Materials −0.4 pt and Energy −0.3 pt as commodity names migrate / drop.
  • Construction & Materials (8.1%) and Industrial Engineering (5.5%) are the ICB sectors most exposed to the graduating-winner drain.

Broker update · final list 6/12 + performance to 6/13

Jefferies Index Strategy · Piper Sandler
Recon trade (JEF final)
$306B
$153B/side · 6/26 close
R2 changes (final 6/12)
205 / 119
adds / deletes · 42 promotes, 39 demotes
R2 add basket since announce
mkt-neut
−4.7%
−2.4% abs · the "buy the adds" trade isn't working
V→G style migrants
since announce
+22.2%
the real recon winner · SPCX fast-entry +22.5%
Recon-trade performance since announcement
Basket (notional-weighted)AbsMkt-neutralNet notional
R1 Add / Deletes+5.1%+5.3%$11.9B
R2 Reweights+3.3%+0.6%$44.1B
R1 Reweights+2.6%+2.5%−$34.8B
R1 ↔ R2 Migrations+0.7%+0.1%−$35.1B
R2 Add / Deletes−2.4%−4.7%$13.9B
Top Notional Buys+6.0%+6.0%$62.2B
PIPR Performance Tracker, notional-weighted, as of 6/13. R3000 +2.15% abs since announce. The R2 add/delete basket is the only negative trade — the pre-positioned junk adds are fading even as squeeze names rip.
R2 adds — winners vs losers since announce
TickerAbs
ALOY+55.5%
UMAC+45.6%
HNGE+18.3%
KEEL+16.2%
STUB+14.8%
ESTA+13.8%
TTAN+5.7%
FROG+5.1%
AXTI−31.0%
WOLF−38.3%
Read-through
  • Style migration is the trade that paid: V→G migrants +22.2% since announce; the full Growth/Value reweight (June-only) is where the benchmark alpha sits — consistent with our R2000 Growth focus.
  • The R2 add basket is net negative market-neutral (−4.7%). Squeeze/quality names (ALOY, UMAC, HNGE, ESTA, TTAN, FROG) ripped, but AXTI (−31%) and WOLF (−38%) gutted the basket. Confirms: own quality-with-flow, fade the parabolic junk.
  • Flows (JEF final 6/12): Telecommunications +$14.0bn and Health Care +$4.9bn in; Industrials −$14.3bn and Technology −$6.2bn out. SPCX confirmed fast-entry to R1 (+22.5% since announce).

Active tilt · how the recon moves our over/underweights

ICB Industry · benchmark Δ drives it · no trading required
R2000 Growth · benchmark ICB-industry move → implication for our active weight
ICB IndustryCurrPFΔWhat it does to our active tilt
Industrials25.5819.42−6.16Bogey sheds its best industrials (BE, STRL, MOD, POWL, IESC, DY graduate to R1). Hold quality industrials and our overweight widens ~6.16pts — the single biggest relative shift.
Health Care22.0925.99+3.90Refill is ~73 clinical-biotech adds. We are structurally light non-earning biotech → underweight widens ~3.90pts. The tilt to watch if biotech squeezes post-6/26.
Technology20.5417.29−3.24Winners graduate (CRDO, FN, SITM). Our technology overweight widens ~3.24pts.
Consumer Discretionary8.5911.12+2.54Value-side adds rotate in → underweight widens ~2.54pts.
Energy3.866.03+2.17Commodity / alt-energy rotate in on the value side; quality-growth avoids → underweight widens.
Basic Materials3.504.85+1.35Commodity names in → underweight widening.
Telecommunications3.001.71−1.29Bogey trims telecommunications; small for us unless we hold telecom-equipment names.
Financials8.489.15+0.67Banks / specialty insurance on the value side; mild underweight widening.
Real Estate1.982.28+0.30Small benchmark lift; low active-weight impact.
Consumer Staples1.541.32−0.22Small benchmark trim; low active-weight impact.
Utilities0.860.85−0.02Effectively flat.
Source: Jefferies GVShifts by ICB Industry (6/12) — the Δ is exact; the active-weight read assumes our quality-growth posture (light clinical biotech / commodity, heavy quality industrials & niche tech). Plug in the portfolio sector file for exact active bps. Punchline: without trading a share, on 6/26 our two biggest active tilts both widen — more OW Industrials/Technology as the bogey's winners graduate out, more UW Health Care / Consumer Discretionary / Energy as biotech and value-side names rotate in. Tracking error rises; the Health Care underweight is the one to watch.

Where it hits the book

verified vs 5/14 holdings · live px on refresh
Held names in recon events
HeldSleeve wtEventYTDFlow
ODDMicro 2.3%R2 Add−72.7%sm buy
SPXCSm 2.6/SMid 3.2%Promote out+11.8%−$1.19B
NCNOall 3 sleevesDemote in−39.9%+$246M
ULSSm 2.1/SMid 1.7%R1 Add+23.5%+$291M
DGIISm 5.2/Mic 4.8%Style shiftn/a+1d
ESESm 4.3%R2 top-25n/arwt buy
CXT & PL are NOT in the 5/14 holdings — stale prompt-list entries, not book events.
Recon flow & ideas
  • Tier 1 new ideas: PAY, TTAN, ESTA, FROG — quality + forced passive buy.
  • Forced buys: RJET 5,873% ADV, DMRA 2,757%, PAY 1,607%, TTAN 995%.
  • Ignore: SHAZ +3,210% YTD, PURR (crypto), GDC ($6M cap) — rebalance-day prints are noise.
  • Graduating winners to watch on dislocation: ENSG, SITM, FN, GH.

Book recon flow · per-name (Piper 6/12)

Conestoga book/coverage · notional, days-to-trade, G/V action
Biggest held sell
9.5 days
SPXC −$882M
R2→R1 promote · G→V (drops out of Growth)
Biggest held buys
ULS +$355M
NCNO +$145M · ESE +$121M · ODD +$67M
Held gaining Growth wt
DGII · BLFS
V→G/V & G→G/V style migration
Book names losing Growth
9
SPXC, SSD, RGEN, BFAM, SITE, POOL, TYL, JBTM, CYRX
Conestoga book × Russell reconsorted by |notional| · HELD rows highlighted
⌕
TickerActionG/V action$ NotionalDaysSector
Style migration is the book signal (Growth shop)
  • Losing Growth-index weight (→V / G/V→V): SPXC (held, G→V), SSD, RGEN, BFAM, SITE, POOL, TYL, JBTM, CYRX — sold by Growth-index trackers, lose weight in our R2000G / R2500G benchmark.
  • Gaining Growth-index weight (→G / →G/V): DGII (held, V→G/V), BLFS (held, G→G/V), MRCY, HLIO, BCPC, MIR, LGN, AORT, MGY, PRM, NPKI — get a Growth-tracker bid.
  • Not in rebal (no change): STVN, FSV, DSGX, ELVA, TCYSF.

Source audit & open items

Russell / ICB / ICB19 only · reconcile before trading
Counts: official vs worklist
  • LSEG official (Jun 12): 237 R2 additions / 163 departures.
  • Local JEF/Excel worklist: 204 adds, 119 deletes, 43 promotes, 39 demotes. Treat the final official list as an open item before trading.
Held-name verification
  • Confirmed in current files (5/14): ODD, SPXC, NCNO, ULS, DGII, ESE, EVI, BLFS, TCYSF.
  • CXT and PL are prior-list only until exposure is re-verified.
Guardrail / source gaps
  • Displays only RUO / R2500G / RMICROG. R2500G & Microcap pro-forma ICB19 detail and exact post-recon Microcap Growth cap rails remain explicit source gaps until 6/26.

FTSE Russell methodology & calendar

LSEG official · ICB review is part of recon
June 2026 reconstitution calendar
MilestoneDate
Rank day (mkt-cap / ICB cut-off)30 Apr 2026
Query period22 May – 5 Jun
Lock-down (open of)8 Jun
Style-cap pricingafter 17 Jun close
Effective (close)Fri 26 Jun
First trade (open of)29 Jun
Semi-annual from Dec 2026 — what it means for a Growth book
  • 2nd reconstitution = 2nd Friday of December (rank day = last business day of October); June stays the 4th Friday. First December recon effective 14 Dec 2026.
  • Style (Growth/Value) indexes are still fully rebalanced ONCE a year, in June. December only processes new additions and size migrations (R1↔R2). For R2000 Growth, June remains the event that reshapes our bogey; December is a size-only checkpoint.
  • December also folds in the quarterly IPO inclusion and float/share changes. ICB classification is reviewed at each recon (Oct / Apr cut-offs).
  • ~$11.8T benchmarked to Russell US (~$2.7T passive); the June close traded ~$217B in 2025. New FTSE data products: Russell Monitor List (RML) & Enhanced Indicative Review (REIR).
Why it matters for positioning
  • Recon-day liquidity (~$300B trade this June, JEF) is the cheapest institutional liquidity of the year — execute planned book changes (SPXC, NCNO, ODD, ULS) into it.
  • From 2026 the June trade shrinks modestly as a second date absorbs flow, but because the Growth/Value reweight stays annual in June, the alpha from anticipating our benchmark's style/sector shift does not halve — June stays the key date for us specifically.
Russell Recon 2026 · ICB Benchmark Cockpit. Classification: Russell / ICB only. Sources: Bloomberg RUO ICB Industry→Sector weights (BQL, 6/16); grid1.pdf R2G ICB industry monthly history (Bloomberg); Russell Recon Confirmed Changes 5/27; verified current holdings 5/14 (800/993/1178); JEF/Stephens/Furey recon notes; FTSE Russell methodology (semi-annual move, construction, capping, 2026 FAQ); LSEG reconstitution page. R2000 Growth sector shift = Jefferies GVShifts by ICB Industry (6/12); R2500 Growth and Microcap Growth show current ICB industry weights (Bloomberg 6/16) with pro-forma pending the 6/26 effective date (those two are not in the provided GVShifts file). Live refresh updates held-name prices via Bloomberg in the Cowork view. Confidential — internal use.