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Updated May 17, 2012
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New High dividend strategies: Reviving an old concept relevant for modern times (PDF)
May 2012
Xin Yan, Ph.D., Senior Research Analyst
Mark L. Paris, CFA, Senior Research Analyst
Russell launched the Russell High Dividend Yield Index series in March 2012. These indexes are based on an innovative methodology designed to provide exposure to high-dividend-paying stocks that not only generate high yields, but also exhibit financial strength. The Russell methodology employs specialty quality screens combined with modified market-cap weighting to limit company-specific and financial sector risks. In this paper we examine the Russell U.S. Large Cap High Dividend Yield Index (RHDY) to highlight how Russell’s focus on maximizing yield, selecting high-quality companies and controlling risk provides better index construction and decreases susceptibility to common dividend-investing traps.
New The Russell Fundamental Index® Series: Innovative rebalancing provides better representation without impacting turnover (PDF)
May 2012
Pradeep Velvadapu, Senior Research Analyst
One of the hallmarks of a cap-weighted index is its "automatic rebalancing" characteristic, whereby the need for rebalancing does not arise from constituent price changes. Price changes do affect the structures of non-cap weighted indexes, however; thus, such indexes need more frequent reweighting to ensure their continuing representativeness. In this paper, we discuss rebalancing in the Russell Fundamental Index series, whose constituents are selected and weighted by fundamental measures of company size, not by market capitalization.
Market review: An analysis of the Russell Stability Indexes™ in European markets (PDF)
April 2012
Mark Paris, Senior Research Analyst
Pradeep Velvadapu, Senior Research Analyst
Noriyuki Oharazawa, Index Strategy Director
Russell Stability Indexes incorporate quality metrics that measure stock-specific risks in addition to risks associated with price volatility. In this paper, we briefly discuss the methodology behind the Russell Stability Indexes. We follow with a comparison of the Russell Europe Defensive (EURDEF) and the Russell Europe Dynamic (EURDYN) indexes in terms of their regional breakdowns, country distributions and sector profiles. Finally, we examine the EURDEF's and the EURDYN's performances over time.
Introducing a new standard in LDI benchmarking: The Barclays-Russell LDI Index Series (PDF)
April 2012
Martin Jaugietis, CFA, Director - Head of LDI Solutions
Jeff Hussey, CFA, Global Chief Investment Officer - Fixed Income
Justin Harvey, Asset Allocation Strategist
The Barclays-Russell LDI Index Series seeks to address the potential shortfalls of the indexes available today and to provide a natural next step for plans seeking to improve the hedging precision of their liability-driven investment (LDI) portfolios. This index series also seeks to meet the needs of LDI fixed income portolio managers looking for a group of transparent indexes that have been designed specifically for hedging U.S. pension liabilities that are investable and priced by a third party.
Global small cap: Defining a promising asset class (PDF)
March 2012
Mat Lystra, Senior Research Analyst
Where will investors turn next in their search for diversification and returns enhancement? Russell Indexes believes that the global small cap asset class will feature prominently as investors seek a broader equity opportunity set.
This paper defines and profiles the global small cap asset class; reviews the performance and traits of global small cap managers against those of the Russell Global Small Cap Index; and contrasts the construction of various global small cap indexes and the resulting implications for a global equity portfolio.
An introduction to the Russell Europe SMID 300 Index (PDF)
March 2012
Gareth Parker, Senior Director, Index Research, Design & Development, EMEA
The Russell Europe SMID 300 Index is a highly tradable representation of the small- and mid-cap (SMID-cap) opportunity set in developed European markets. To enable easy market access, the new index, constructed via Russell’s traditional rules-based, transparent methodology, comprises a limited number of highly liquid constituents. It is designed to be a low implementation cost alternative to the existing indexes used as proxies for small- and mid-cap developed European markets, which Russell believes lack sufficient liquidity to be an ideal basis for investment vehicles.
The making of a better benchmark (PDF)
March 2012
Jon Christopherson, Ph.D., Research Fellow Emeritus
Our objective is to shed some light on what makes a good benchmark and to help investors assess arguments for change. We focus on the important role an index plays in the investment process as a benchmark, and identify the most important characteristics an index must have in order to play this role effectively. We explain some of the important trade-offs providers must address in the construction of better benchmarks and conclude with a brief discussion of the expansion of the definition of “index,” given that indexes are moving beyond being market benchmarks and into the next generation of methodologies.
Lending certainty to volatility: Russell's new Volatility Control Indexes (PDF)
February 2012
Xin Yan, Ph.D., Senior Research Analyst
Russell's new Volatility Control Index series has been designed as an overlay methodology for any of Russell’s other indexes. The indexes give the clients of structured-products providers the means to control the volatility of their market exposures in a highly customizable fashion. Investors can select a variety of volatilities, leverage amounts and rebalancing frequencies, all based on Russell Indexes research.
Russell Index Country Guidebook (PDF)
March 2012
The Guidebook seeks to provide insights into the many factors considered when determining a country classification at the developed, emerging or frontier market level. It also provides a selection of data points that can be used to assess the general directional health of a market or an economy, and evaluate performance relative to other countries and regions.
Recessions and the U.S. equity market: Update 2012 (PDF)
February 2012
Mary Fjelstad, Sr. Research Analyst
When we compare the performance of the U.S. equity market during the Great Recession to the average outcomes from the prior four recessionary periods, we see consistency in some outcomes but not in all. Our study demonstrates that each recession is unique; investors must bear that in mind when positioning portfolios around recessionary troughs.
The frontier markets of Africa (PDF)
February 2012
Kyla Roberts, Associate Research Analyst
Known for its history of political instability and violent struggle, Africa is often characterized by a reputation for uneven levels of development, poor infrastructure and a dearth of technical skills. Yet successful initiatives to stabilize and strengthen African economies have helped make African equity markets not only viable investment opportunities but also a noteworthy segment of global frontier markets. In this paper we update our analysis of the frontier Africa region.
The frontier markets of the Americas (PDF)
February 2012
Kyla Roberts, Associate Research Analyst
Latin America has been known for abundant natural resources, commodities-driven economic growth and poor infrastructure. Several decades of relative political calm in many countries, however, and strong recent commodity prices have begun to present new opportunities for international investors. In this analysis, we introduce the Russell Frontier Americas Index and examine its characteristics.
The frontier markets of Asia-Pacific (PDF)
February 2012
Kyla Roberts, Associate Research Analyst
Stretching from Europe to the Pacific, the geographically, socially and economically diverse Asia-Pacific region comprises a dynamic blend of developed, emerging and frontier markets. The Russell Frontier™ Index captures the frontier Asia-Pacific investable opportunity set with coverage across seven countries: Bangladesh, Kyrgyzstan, Kazakhstan, Sri Lanka, Papua New Guinea, Pakistan and Vietnam. This paper revisits frontier Asia-Pacific markets and reports on their recent performance.
The frontier markets of Europe (PDF)
February 2012
Kyla Roberts, Associate Research Analyst
Ranging from the Baltic to the Mediterranean, from the Atlantic to the Urals, Europe comprises a diverse mix of markets at varying stages of economic development. The Russell Frontier™ Index captures Europe’s inherent geographic and economic diversity. In this paper we revisit the Russell Frontier Europe Index as constituted at December 31, 2011, and examine the index’s performance, constituent, size and sector characteristics relative to developed, emerging and aggregate frontier markets.
The frontier markets of the Middle East (PDF)
February 2012
Kyla Roberts, Associate Research Analyst
The Middle East region is noted for the abundant oil reserves and petroleum production that have historically driven its economies. Despite ongoing political storms, new opportunities may arise for international investors as countries in the region undertake actions to open their markets and diversify their economies. In this analysis we revisit the index and report on its performance, constituent, size and sector characteristics.
2011 Market Review – The year in review (PDF)
January 2012
Layla Hirschfelt, Product Manager
The year 2011 presented investors with a host of challenges — including natural disasters in Asia, political upheaval in the Middle East and the carryover from 2010 of the euro zone debt crisis. This report provides an analysis of 2011 performance of global equity markets, covering major world regions, all three style components — size, valuation and stability — and comparisons to historical results.
International small cap: Defining a promising asset class
December 2011
Mat Lystra, Senior Research Analyst
Where will investors turn next in their search for diversification and returns enhancement? Russell Indexes believes that the global small cap asset class — specifically, the global ex-U.S. small cap universe — will feature prominently as investors seek a broader international equity opportunity set.
This paper defines and profiles the international small cap asset class; reviews the performance and traits of international small cap managers against that of the Russell Global ex-U.S. Small Cap Index; and contrasts the construction of various global small cap indexes and the resulting implications for a global equity portfolio.
The Russell-Axioma Developed ex-U.S. Factor Indexes (Long-only) (PDF)
January 2012
Barry Feldman, Ph.D., CFA, Senior Research Analyst
The Russell-Axioma Developed ex-U.S. Large Cap Factor Indexes (Long-only) comprise a powerful set of tools for investors seeking to access and manage factor exposures in developed equity markets outside the United States. These indexes are based on the same design principles and construction methodology that underpin the Russell-Axioma U.S. Factor Indexes. This paper provides an overview of the Russell-Axioma Factor Indexes and includes an introduction to equity factor indexes; a discussion of the Russell-Axioma Factor Index construction methodology and its benefits; and a description of the factors currently implemented in the series.
Global Markets Exploration: An analysis of the Russell Stability Indexes™ in Asia Pacific markets (PDF)
December 2011
Noriyuki Oharazawa, Index Strategy Director
In this Global Markets Exploration report we present an overview of the Russell Stability Indexes. We compare the Russell Asia Pacific Defensive (RAPDEF) and Russell Asia Pacific Dynamic (RAPDYN) indexes in terms of their regional breakdowns, country distributions and sector profiles. Finally, we contrast RAPDEF and RAPDYN performance over time.
Russell U.S. Small Cap Investment Discipline Indexes: Performance and portfolio characteristics (PDF)
November 2011
Kyla Roberts, Research Analyst
In September 2011, Russell launched the Russell U.S. Small Cap Investment Discipline Indexes (SC IDIs), extending the depth and variety of its investment discipline offerings. Like the innovative and transparent Russell U.S. Large Cap Investment Discipline Indexes, the SC IDIs are designed to use rules-based security selection to produce performance similar to the average small or small-mid cap investment manager following a particular investment discipline. They are intended as tools to gain focused exposures to particular investment disciplines through index-linked products — such as ETFs — or to help define a given manager’s investment approach. In this analysis, we examine the Small Cap Investment Discipline Indexes’ simulated historical performance and equity characteristics.
The Russell World Cap Index: The benchmark for the institutional investor (PDF)
October 2011
Tom Goodwin, Principal, Wealth Econometrics LLC
We believe there will be a sea change in U.S. investors' use of benchmark indexes to measure their equity exposures. The popular practice of “mix-’n’-match” — using one index provider’s benchmark for domestic equity, and another’s for international equity — is based on a traditional strategic asset allocation split, between domestic and international equity exposure, which is out of date. This paper makes the case for using the Russell World Cap Index as an equity benchmark. It has the virtue of closely matching the segments in which many U.S. institutional investors are already invested. At the same time, it facilitates travel further down the road to a fully global perspective.
The Russell-Axioma U.S. Long-only Factor Indexes (PDF)
October 2011
Barry Feldman Ph.D., CFA, Senior Research Analyst
The Russell-Axioma U.S. Long-only Factor Indexes are a powerful set of new tools designed to serve as blueprints for investment products that can be used by institutional asset managers, other informed investors and their advisors to analyze factor exposures in portfolios. Products based on these indexes could make it possible for more investors to trim or add factor exposures with an ease that until now has been enjoyed only by the largest and most sophisticated asset managers. This paper summarizes the design principles of the Russell-Axioma U.S. Factor Indexes and reports key aspects of their historical performance.
Market Review: Eurozone equity markets – Portugal, Ireland, Italy, Greece and Spain (PDF)
October 2011
Kyla Roberts, Research Analyst
In this analysis, we examine the PIIGS equity markets and we compare them to the Russell Global and Russell Developed Eurozone Indexes. We find that although the PIIGS have generally experienced elevated risk and reduced return, they vary widely in terms of characteristics such as size, style and sector weights. In addition, individual PIIGS' equity markets have varied in both their riskiness and their performance.
Russell U.S. Large Cap Investment Discipline Indexes (PDF)
October 2011
Mark Paris, Senior Research Analyst
In 2011, Russell Indexes launched the Russell U.S. Large Cap Investment Discipline Indexes (LC IDIs), innovative new tools for investors. While not meant to be substitutes for actively managed portfolios, the LC IDIs provide focused exposures to characteristics typical of several common approaches to equity investing. Key questions users might have are: How have these investment strategies performed? And, importantly, what portfolio exposures have these LC IDIs contained? In answering these questions, this paper explores these issues from a historical perspective.
Expansion of the Russell Stability Indexes: the global series (PDF)
October 2011
Mark Thurston, Head of Global Equity Research, Investment Division
The global series of the Russell Stability Indexes™ , like its U.S. counterpart, divides equity markets into defensive and dynamic components, which measure an important third dimension of style™ – stability. Stability indexes lend flexibility to benchmarking managers and help increase investors' understanding of what has driven results. These indexes can be effective tools for gaining direct passive exposure to potentially compelling risk and return characteristics, tactically or strategically.
Origins of the Russell Investment Discipline Indexes (PDF)
October 2011
Jon A. Christopherson, Ph.D., Research Fellow Emeritus
The new Russell Investment Discipline Indexes (IDIs) are an innovation for Russell in at least two ways: they track the performance of more specialized investment habitats than a broad market, and they are not strictly capitalization-weighted (float-adjusted). Each IDI is designed to reflect the average performance of a group of managers who share a similar investment philosophy. To help you understand how and why the IDIs differ from Russell's benchmark indexes, this paper offers a historical perspective on the overall evolution of Russell Indexes.
Global Markets Exploration: A tailored view of Asian markets through Russell Custom Indexes (PDF)
October 2011
Noriyuki Oharazawa, Index Strategy Director
Custom indexes represent an opportunity for investors to achieve individualized exposures corresponding to their investment objectives; the accuracy and flexibility of such indexes enable their adaptation to investors' distinct strategies. This report showcases examples of Russell Custom Indexes in Asia ex-Japan markets to demonstrate the targeted exposures that custom indexes can provide. In particular, we consider custom indexes constructed by custom sector, custom region and alternative weighting methods.
Global Markets Exploration: Russell Global Sectors in the Russell Asia ex-Japan Index (PDF)
September 2011
Noriyuki Oharazawa, Index Strategy Director
With the increasing use of sector indexes as portfolio management tools for risk analysis and as a basis for direct investment via ETFs, sector classification has come to the forefront in global investing. The effective use of sector data in investment and portfolio management can illuminate opportunities for sector-exposure strategies in global investing. This report focuses on the Russell Asia ex-Japan Index to introduce Russell Global Sectors (RGS) and demonstrate its practical applications.
Market review: The structure of global equity markets at Russell Index Reconstitution June 2011 (PDF)
July 2011
Mary Fjelstad, Senior Research Analyst
In this snapshot of global equity markets at Russell Index Reconstitution, we observe a world that in many respects looks like it's in a solid economic recovery. Europe’s position in global equity markets has improved, global equity market levels are up, and cyclical sectors generally have done well. The signals are mixed, however. The emerging market growth machine may be slowing: India and China, and to a lesser extent Brazil, underperformed the Global Index during Recon Year 2011. The global financial services sector continues to struggle.
Global Markets Exploration: Fundamental Indexes – An alternative view of the Asia Pacific Region (PDF)
July 2011
Noriyuki Oharazawa, Index Strategy Director
While fundamental indexes tend to be studied in the context of the U.S. equity market, this paper focuses on the Asia Pacific region as a case study, outlining the characteristics and performance of the Russell Fundamental Asia Pacific Index.
The United Arab Emirates and Colombia: Why they belong in emerging markets indexes (PDF)
June 2011
Mat Lystra, Senior Research Analyst
We examine the UAE and Colombia relative to the rest of the countries represented in the Russell Emerging Markets Index and median indicators from the Russell Frontier Index. Using elements of Russell's country classification rules, along with some common measures of market size, we find evidence that these two countries are more appropriately classified as Emerging rather than Frontier.
Defensive equity: Is the market mispricing risk? (PDF)
June 2011
Bob Collie, FIA, Chief Research Strategist, Americas Institutional
John Osborn, CFA, Director, Consulting, Americas Institutional
Intuitively, you might expect stocks that are less risky than other stocks — stocks we refer to as defensive stocks — to deliver lower returns than the broad market over the long term. That does not seem to have been the case, however. Download this research to learn how a defensive equity strategy could offer the possibility of a reduction in portfolio risk and a more attractive trade-off between risk and reward.
Russell style index methodology update (PDF)
April 2011
David Cariño, Ph.D., Research Fellow
In 2010, Russell reviewed its methodology for constructing growth and value style indexes and found opportunities for improvement in two areas: selection of growth input variables to the style algorithm, and development of a method for reducing turnover at reconstitution. Changes to the methodology will be implemented at the June 2011 reconstitution; this report provides details of Russell's research into growth and value style methodology, which led to those changes.
Market Review: Diversification benefits, risk, and alpha potential of global equity markets (PDF)
April 2011
Sarah Orzell, Associate Research Analyst
Mary Fjelstad, Senior Research Analyst
When constructing investment portfolios, investors may benefit from information about which markets have offered greater opportunities for skilled active managers as well as which markets provided attractive diversification potential at reasonable levels of risk. In this paper we look at the correlation, volatility and CrossVol™ of global equity markets.
Assessing Country Risk in Africa and the Middle East (PDF)
April 2011
Mat Lystra, Senior Research Analyst
The recent regional upheavals in the African and Middle East regions have led Russell Indexes, as a global index provider, to conduct a review of some widely used economic and stability indicators — specifically, their ability to predict country risk.
Correlations have fat tails, too (PDF)
April 2011
Bob Collie, FIA, Chief Research Strategist, Americas Institutional
You are probably familiar with the idea of fat tails — extreme outcomes can occur more frequently (i.e., tails are fatter) in practice than implied by a normal distribution. However, many investors haven't realized that volatility does not fully illustrate the uncertainty associated with asset returns — correlations have fat tails, too. This paper outlines why traditional modeling falls short and how investors may be relying too heavily on correlation statistics when making decisions about liability hedging and diversification.
It's the Market: Russell Indexes capture the active opportunity set
Spotlight on the Russell 1000® Index (PDF)
March 2011
Mary Fjelstad, Senior Research Analyst
Sarah Orzell, Associate Research Analyst
Marcie Seely, Russell Indexes
In 2009 Russell published research demonstrating that the Russell 1000 Index was superior to the S&P 500 Index in representing the opportunity set for active managers. In this paper we update that analysis with findings that the Russell 1000 Index continues to be a better proxy for the performance of active U.S. large cap equity managers than the S&P 500 Index.
Global Markets Exploration: Emerging Asia has arrived (PDF)
March 2011
Noriyuki Oharazawa, Index Strategy Director
Against the backdrop of high economic growth, developing equity markets and a spate of new listings, emerging Asia is becoming a market that attracts investors from around the world. Using data from the Russell Global Index, this issue of Global Markets Exploration studies emerging Asian markets and their development over the past 10 years.
U.S. Equity Annual Active Management Performance Review 2010 (PDF)
March 2011
Curtis Yasutake, Research Analyst
Active management results were mixed during 2010. In large cap and mid cap, only growth managers, as measured by Russell's Large Cap and Mid Cap Growth Equity Universe means, were able to surpass their style benchmarks. The average large cap and mid cap value and market-oriented managers lagged their respective indexes. In small cap, this trend was reversed, as the average market oriented and value managers were able to beat both the Russell 2000® and Russell 2500™ Indexes, while the average growth managers generated benchmark-like returns.
Global equity series part 3: Finding the fertile hunting ground: What type of global equity managers succeed, and why multi-manager makes sense in global equities (PDF)
February 2011
Rob Balkema, Global Equities Portfolio Analyst
In the third part of the four-part series, the author argues strongly in favor of combining boutique, style-diversified, high-alpha managers within a multi-manager structure, to best realize the potential from active management of global equities. As his research shows, the combination of global products and regional products, which emphasize local-market strengths, offers clients a higher probability of achieving excess returns.
2010 Market Review (PDF)
January 2011
Sarah Orzell, Associate Research Analyst
The year 2010 was characterized by mixed economic signals and global concerns over
sovereign debt in Europe, rising deficits in the U.S. and adverse market reactions to political crises, as seen in Asia following North Korea's military posturing.
The Third Dimension of Style™ : Introducing the Russell Stability Indexes (PDF)
December 2010
Dave Hintz, CFA, Head U.S. Equity Research, Investment Division
In addition to market capitalization and (growth/value) style, Russell is now including a third dimension, called "stability," in its benchmarks. Stability is based on a powerful set of descriptive variables that, in certain market environments, do more to explain money manager performance than traditional style measures do. One end of the stability dimension is labeled "defensive" and the other is labeled "dynamic."
Emerging markets are in style (PDF)
Decemer 2010
Pradeep Velvadapu, Senior Research Analyst
Mary Fjelstad, Senior Research Analyst
For over 20 years, Russell has shown that style is an important dimension to distinguish distinct characteristics of individual stocks and markets. Using the Russell Emerging Markets Mega Cap Indexes, we demonstrate that style matters in emerging markets: growth and value performance is divergent; there has been a cyclical pattern to style returns; and emerging market style indexes have displayed attractive performance characteristics.
Global Markets Exploration: Exploring small cap markets in the Asia-Pacific region (PDF)
November 2010
Noriyuki Oharazawa, Index Strategy Director
In this issue, we examine the Asia-Pacific region. Markets in China and other Asia-Pacific countries – especially large cap markets – have seen remarkable growth in the past decade.
The Russell Equal Weight Indexes: An enhancement to equal weight methodology (PDF)
October 2010
Pradeep Velvadapu, Senior Research Analyst
While traditional market capitalization weighting is an excellent choice as benchmarks for active management and as the basis of investable products, investor interest in "alternative" index weighting methodologies, such as equal weighting and fundamental weighting, is growing. In this paper we provide an overview of some of these alternatives and a broader analysis of equal weighted indexes.
Market Review: Frontier markets join the allocation conversation (PDF)
October 2010
Sarah Orzell, Associate Research Analyst
Investors continually search for opportunities to manage risk in their portfolios via diversification. Recently, investors have turned their attention to frontier markets and are exploring the potential diversification benefits such markets may offer.
Good intentions, flawed implementation (PDF)
October 2010
Kyla Roberts, Russell Indexes
This paper argues that even after the float adjustment process has ended, many of the benefits of float adjustment have not materialized, due to lack of transparency and a float-adjustment practice known as "float banding." The method results in nearly all securities in the index being overweighted relative to Russell's assessments of their true float-adjusted market caps, causing visible differences between the performance of the IPC and Russell Mexico Large Cap indexes.
Global equity series part 1: Globalization, equity markets evolution and the perils of home-country bias (PDF)
September 2010
Rob Balkema, Global Equities Portfolio Analyst
In this note, we explore the evolution of markets and economies over the past 25 years, cite the forces that set globalization in motion and, more importantly, look closely at what this has meant for investors in equity markets.
Global equity series part 2: The new face of global equity asset management (PDF)
September 2010
Rob Balkema, Global Equities Portfolio Analyst
In part one of this series, we considered the impact of globalization on country economies and equity markets and flagged the detrimental effects of home-country bias (i.e., lower return with greater risk).
Measuring alpha potential in the market (PDF)
September 2010
Paul Bouchey, CFA, Director of Research, Parametric
Mary Fjelstad, Senior Research Analyst, Russell Indexes
Hemambara Vadlamudi, Senior Research Manager, Parametric
In this paper, we introduce the Russell-Parametric Cross-Sectional Volatility Indexes and explore potential uses for those indexes. We establish a strong positive relationship between cross-sectional volatility and active manager dispersion and anticipate that CrossVol will be informative in all stages of the investment management process.
Compelling and diverse return opportunities (PDF)
September 2010
James Pexton, Manager, Investment Reporting
Frontier market development offers exciting opportunities reminiscent of those offered by emerging markets. The growing strength in frontier markets has increased the depth in stock markets, market liquidity, and the opportunity set for active stock selection processes. The development of these economies continues to provide not only richer universe representation, but also offers skilled managers significant alpha potential.
Nothing contained in this material is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.
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