Caribou Coffee Company, Inc. (Nasdaq: CBOU), the second largest company-owned gourmet coffeehouse operator in terms of coffeehouses, today announced that its stock has been added to the Russell 2000(R) Index.
Annual reconstitution of Russell's U.S. indexes captures the largest U.S. stocks as of the end of May, ranking them by total market capitalization. Membership in the Russell 2000, which remains in place for one year, is based on inclusion in the broad-market Russell 3000(R) Index.
Tim Hennessy, the Company's Chief Financial Officer commented, "We are very pleased to become a member of the Russell Indexes. Being added to these Indexes should also increase our visibility in the investment community and expand our investor base."
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $4 trillion in assets currently are benchmarked to them. These investment tools originated from Russell's multi-manager investment business in the early 1980s when the company saw the need for a more objective, market-driven set of benchmarks in order to evaluate outside investment managers.
The reconstitution for the Russell 3000(R) Index took effect on June 26 after the close of the U.S. markets.
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