PHINIA added to membership of US small-cap Russell 2000® Index

Rhea-AI Summary

PHINIA (NYSE: PHIN), a leader in premium fuel systems, electrical systems, and aftermarket parts, has been added to the US small-cap Russell 2000 Index. This inclusion comes as part of the annual reconstitution of the Russell Indexes, which aims to reflect the current state of the US equity market and its segments. The addition will take effect from the market open on July 1. The Russell 2000 Index, managed by FTSE Russell, is a key benchmark used by investment managers and institutional investors, with approximately $10.5 trillion in assets benchmarked against Russell US indexes as of December 2023. The reconstitution process ensures that these benchmarks accurately represent market segments and remain unbiased in size and style.

Positive

• PHINIA's inclusion in the Russell 2000 Index can enhance its visibility among investors and potentially increase its stock demand.
• Approximately $10.5 trillion in assets are benchmarked against Russell US indexes, indicating a substantial exposure for PHINIA.

Negative

• None.

• PHINIA will be joining Russell 2000® Index in the wake of its annual reconstitution
• The Russell 2000® Index reconstitution reflects the current state of the US equity market and its market segments

AUBURN HILLS, Mich.--(BUSINESS WIRE)-- PHINIA Inc. (NYSE:PHIN), a leader in premium fuel systems, electrical systems, and aftermarket parts, today announced that the Company was added as a member of the US small-cap Russell 2000 Index, effective as of US market open on July 1, as part of the 2024 Russell Index’s reconstitution.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to data as of the end of December 2023, about $10.5 trillion in assets are benchmarked against the Russell US indexes, which belong to FTSE Russell, a prominent global index provider.

“Russell indexes–now in their 40th year–continue to evolve to reflect the dynamic US economy. Annual rebalancing plays a vital role in establishing accurate benchmarks, ensuring they correctly mirror their designated market segments and remain unbiased in terms of size and style,” said Fiona Bassett, CEO of FTSE Russell, An LSEG Business.

For more information on the Russell 2000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About PHINIA

PHINIA is an independent, market-leading, premium solutions and components provider, with over 100 years of manufacturing expertise and industry relationships and a strong brand portfolio that includes DELPHI®, DELCO REMY® and HARTRIDGE®. With over 13,000 employees across 44 locations in 20 countries, PHINIA is headquartered in Auburn Hills, Michigan, USA.

Across commercial vehicles and industrial applications (heavy-duty and medium-duty trucks, off-highway construction, marine, aviation, and agricultural), and light vehicles (passenger cars, trucks, vans and sport-utility), we develop fuel systems, electrical systems, and aftermarket solutions designed to keep combustion engines operating at peak performance, while at the same time investing in advanced technologies to unlock the potential of alternative fuels.

By providing what the market needs today to become more efficient and sustainable, while also developing innovative products and solutions to contribute to lower carbon mobility, we are the partner of choice for a diverse array of customers – powering our shared journey toward a cleaner tomorrow.

(DELCO REMY is a registered trademark of General Motors LLC, licensed to PHINIA Technologies Inc.)

About FTSE Russell

FTSE Russell is a leading global provider of benchmarking, analytics, and data solutions for investors, giving them a precise view of the market relevant to their investment process. A comprehensive range of reliable and accurate indexes provides investors worldwide with the tools they require to measure and benchmark markets across asset classes, styles, or strategies.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. For over 40 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives. ​​​​​​​

FTSE Russell is focused on applying the highest industry standards in index design and governance, employing transparent rules-based methodology informed by independent committees of leading market participants. FTSE Russell fully embraces the IOSCO Principles, and its Statement of Compliance has received independent assurance. Index innovation is driven by client needs and customer partnerships, allowing FTSE Russell to continually enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit https://www.lseg.com/en/ftse-russell.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240702044651/en/

IR contact:

Kellen Ferris

Vice President, Investor Relations

investors@phinia.com

+947-262-5256

Media contact:

Kevin Price

Global Brand & Communications Director

media@phinia.com

+44 (0) 7795 463871

Source: PHINIA INC

FAQ

When will PHINIA be added to the Russell 2000 Index?

PHINIA will be added to the Russell 2000 Index effective from the market open on July 1.

What is the significance of PHINIA's inclusion in the Russell 2000 Index?

PHINIA's inclusion in the Russell 2000 Index can increase its visibility among investors and potentially boost its stock demand due to the index's wide usage by investment managers and institutional investors.

How does the Russell 2000 Index reconstitution impact PHINIA?

The reconstitution of the Russell 2000 Index ensures that PHINIA is included based on the current state of the US equity market, which can lead to greater investor exposure and benchmarking against a widely recognized index.

How much in assets are benchmarked against the Russell US indexes?

Approximately $10.5 trillion in assets are benchmarked against the Russell US indexes as of December 2023.

Why is the annual reconstitution of the Russell indexes important?

The annual reconstitution ensures that the Russell indexes accurately reflect the designated market segments and remain unbiased in terms of size and style, providing reliable benchmarks for investors.