摩根士丹利-2026 年罗素指数调整：全新视角审视成长、价值与主动管理 2026 Russell Reconstitution A New Lens on Growth,Value and Active Management

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INSIGHTS

TheAuthors

BradleyGalko,CFA

ManagingDirector

DouglasR.Rogers,CFA,CMT

ManagingDirector

2026Russell

Reconstitution:ANewLensonGrowth,ValueandActiveManagement

JasonKritzer,CFA

ManagingDirector

03AUGUST2026

TheannualRussellReconstitutionoftenpromptsinvestorstorevisitportfolioallocations,butthisyear'srebalancesparkedanespeciallyinterestingconversationaboutstyleinvesting.Withseveralmega-

captechnologycompaniesnowappearinginboththeRussell1000®GrowthandRussell1000®Valueindexes,traditionaldistinctions

between"growth"and"value"appearlessclearthanever.

ForourLarge-CapGrowthandLarge-CapValueteams,however,thereconstitutiondidn'tchangehowtheyinvest.Instead,itreinforcedaphilosophylongsharedbybothteams:indexesclassifycompanies,butfundamentalsdriveinvestmentopportunitiesanddecisions.

WesatdownwithBradGalkoandJasonKritzer,Co-HeadsoftheValueEquityteamandDougRogers,Co-HeadoftheCore/GrowthEquityteamtodiscusswhatthisyear'srebalancemeansfor

investors.

Hasthisyear’sreconstitutionchangedwhatitmeanstobea"growth"or"value"stock?

Brad:Notinourview.Acompany'sinclusioninagrowthorvalueindexdoesnotchangeitsunderlyingbusinessorintrinsicvalue.Styleclassificationsevolveovertime,buttheyarenotpermanentlabels.

OurOpportunisticValuephilosophyhasalwaysbeendrivenby

fundamentalsratherthanindexlabels.Weseekhigh-quality

companiestradingbelowourestimateofintrinsicvalue.Weevaluatecompaniesonbalance-sheetstrength,returnsoninvestedcapital,

freecashflow,leverage–andwhetherthemarketisappropriatelyvaluingthecompany'slong-termprospects.

Doug:Weviewitsimilarly.Ourobjectiveisnottoown"growth

stocks"simplybecausetheyappearinthegrowthindex.Itisto

identifybusinessescapableofdeliveringdurable,differentiated

growthoverlongperiods.Welookforgrowthoutliers—companiesthatcontinuetoinnovate,expandtheiraddressablemarketsandcompoundearningsovertime–regardlessofhowtheyare

classified.

TheRussellReconstitutionmayshiftstylelabels,butitdoesnotchangewhatmakesagreatbusiness.

EatonVanceEquityTeam

EatonVanceEquityiscomprisedofsixdistinctinvestmentteamsof

experienced,long-tenuredinvestors.Weemploybottom-up,research

driveninvestmentapproaches

designedtodeliverattractiverisk-

adjustedlong-termperformanceforclients.Weutilizeastructural

approachtomitigatebehavioral

biasesininvestmentdecision-

making.EatonVanceEquity

investmentteamsmanagediverse

strategiesacrossU.S.,internationalandglobalequitycoveringvariousmarketcapitalizationandinvestmentstyles.

RelatedInsights

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Co-HeadofCore/Growth

Equity,MorganStanley

InvestmentManagement:…

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Oil,IranandGlobalSupply

Chains:WhyDuration

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GLP-1Medicationsand

ShiftingConsumerBehavior

Source:Russell,FactSet,asof6/30/2026.Forillustrativepurposesonly.Itisnot

possibletoinvestdirectlyinanindex.Indexesareunmanagedanddonotreflectthedeductionoffeesorexpenses.

Iftraditionalstyleboxesarebecominglessdistinct,howshouldinvestorsthinkaboutdiversification?

Doug:Diversificationtodayrequireslookingbeyondsectors.Increasingly,itmeansunderstandingtheendmarketscompaniesserveandtheunderlyingdriversoftheirbusinesses.

Artificialintelligence(AI)isagoodexample.Whileoftenviewedasa

technologytheme,itsapplicationsextendwellbeyondthetechsector.

Industrialcompaniesbuildingelectricalinfrastructure,utilitiesmeetingrisingpowerdemandandsoftwarecompaniesembeddingAIintotheirproductsareallparticipatinginthesamelong-term,seculargrowththeme.

Simplyowningcompaniesacrossmultiplesectorsdoesnotnecessarilyprovidemeaningfuldiversificationiftheyareallexposedtothesameeconomicdriver.

Brad:Thesameprincipleappliesfromavalueperspective.Webelieve

investorsshouldbeintentionalabouttheriskstheytake.It’spossibletogaindiversifiedexposuretoalong-terminvestmentthemewhilemanaging

concentrationriskbyinvestinginbusinesseswithdifferentcustomers,competitivedynamicsandsourcesofcashflow.

Howhastherebalancechangedtheopportunitysetforactivemanagers?

Doug:Oneofthebiggestimplicationsisabroaderopportunitysetforactivemanagers.Ratherthanconcentratingexposureinahandfulofmega-cap

techstocks,wecanexpressourhighestconvictionsacrossawiderrangeofbusinessesbenefitingfromsimilarseculartrends–forcompaniesoutside

theAIthemethatfitourgrowth-outlierphilosophy.

Forexample,semiconductorsremaincentraltotheAIstory,buttheyarenottheonlywaytoinvestinit.Memorymanufacturers,semiconductor

equipmentproviders,foundriesandinfrastructurecompaniesareall

benefitingfrommanyofthesamelong-termdemanddriverswhileofferingdifferentrisk-returncharacteristics.

Morebroadly,AIisbecomingaproductivitytoolacrossindustries.Consumercompaniesareusingittoimprovemarketing,enhanceoperationsand

increaseefficiency.Overtime,thosegainscanbecomemeaningfuldriversoffutureearningsgrowth,evenforbusinessesnottraditionallyviewedasAIcompanies.

Jason:Thatlastpointiskey.Healthcarecompanies,forexample,areusingAItomaketheirsalesorganizationsmoreefficient.WithsomuchattentiononhyperscalersandthecompaniesmostdirectlytiedtoAI,investorscanoverlookbusinesseswhereAIisquietlyimprovingoperationsandlong-termearningspower.Weseethepotentialformanyofthesecompaniestoclosethegapbetweenmarketpriceandtheirtrueintrinsicvalue.

Manyoftoday'slargesttechnologycompaniesnowexhibitcharacteristicstraditionallyassociatedwithvalueinvesting.Howdoyouthinkaboutthat?

Brad:Thecharacteristicswehavealwaysvalued–strongfreecashflow,highreturnsoninvestedcapitalanddisciplinedbalancesheets–are

increasinglyfoundinmanyoftoday’slargesttechcompanies.Atthesametime,thesebusinessesarecontinuingtoinvestaggressivelyforfuture

growth.

FeaturedInsights

Thatdoesnotautomaticallymakethemvaluestocks,nordoesitexcludethemfromconsideration.

Weapplythesameinvestmentframeworktoeverycompany,regardlessofstylelabel:Canitcontinuecompoundingintrinsicvalue?Arecurrent

expectationsappropriatelyreflectedinthestockprice?Doesthepotentialrewardjustifytherisk?Thosequestionsmatterfarmorethanwhichindexacompanyhappenstositin.

Beyondtechnology,whereareyoufindingcompellingopportunities?

Jason:Healthcarecontinuestostandout.Thesector’sweightinginthe

Russell1000ValueIndexisnearmultidecadelowsdespiteattractive

valuations,improvingpipelinesandstrongbalancesheetsacrossmany

pharmaceuticalcompanies.Asinanysector,selectivityremainscritical.Weseeadisconnectbetweencurrentmarketsentimentandlong-term

fundamentals.

Wearealsofindingopportunitiesinindustrialsandmaterials,ascompaniescontinueinvestinginreshoring,infrastructureandsupply-chainresilience.Giventheshiftinggeopoliticallandscape,webelievethosetrendsarelikelytooutlastshort-termmarketrotations.

Hasthisyear'sreconstitutionchangedhowyouthinkaboutportfoliorisk?

Doug:Therebalancehasreinforcedtheimportanceofunderstandingwhereportfoliorisktrulyresides.Wedonotsimplylookatsectors;welookathowindividualpositionscontributetooverallportfolioriskandwhethermultipleholdingsareexposedtothesameendmarkets.

Takesemiconductors,forexample.Ratherthanconcentratingriskinasinglecompanyorsub-industry,wecangainexposuretomanyofthesame

seculargrowthdriversthroughadjacentbusinessessuchasmemory,

storage,semiconductorequipmentandinfrastructureproviders.WhilethesecompaniesmayservesimilarcustomersorbenefitfromthesameAI

investmentcycle,theyoftenhavedistinctbusinessmodelsandriskprofiles.

Ultimately,wewantouractiverisktocomefromourhighest-convictioninvestmentideas—notfromunintendedportfolioconcentrations.

Brad:Wethinkaboutriskinmuchthesameway.Everyinvestmentbeginswithweighingthepotentialrewardagainsttherisk.Whetherweare

overweightorunderweightacompanyrelativetothebenchmark,thoseareactivedecisionsthatshouldreflectourfundamentalconviction.

TheRussellReconstitutionhasnotchangedthatframework.Ithasreinforcedtheimportanceoflookingbeyondtraditionalclassifications.Companiesmaysitindifferentsectorsorindustriesyetstillbedrivenbythesameunderlyingeconomicforces.Understandingthoserelationshipshelpsensuretherisks

wetakeareintentionalandconsistentwithourinvestmentthesis.

TheAuthors

BradleyGalko,

CFA

ManagingDirector

JasonKritzer,

CFA

ManagingDirector

DouglasR.

Rogers,CFA,

CMT

ManagingDirector

ARTICLE

2026RussellReconstitution:ANewLensonGrowth,Valueand

ActiveManagement

The2026RussellReconstitutionhighlightsabroadershiftintoday’smarket:the

traditionallinesbetweenGrowthandValuearebecominglessdistinct.Learnwhat

EatonVanceinvestmentteamsthinkthatmeansforportfolioconstruction,

diversificationandwheretheyseeopportunitiesforactiveinvestors.

03AUGUST2026

ARTICLE

BroadMarketsFixedIncomeMulti-SectorPlay

IncreasingDispersion

Whatshouldfixedincomeinvestorsbewatchingforthe

MarketsFixedIncometeamexploresthekeyissues.

30JULY2026

Indexdefinitions:

Russell1000®ValueIndex:AnunmanagedindexofU.S.large-capvaluestocks.

Russell1000®GrowthIndex:AnunmanagedindexofU.S.large-capgrowthstocks.

RiskConsiderations:

ThevalueofinvestmentsheldbytheStrategymayincreaseordecreaseinresponsetoeconomicandfinancialevents(whetherreal,expectedorperceived)intheU.S.andglobalmarkets.Thevalueofequitysecuritiesissensitivetostockmarketvolatility.

Theviewsandopinionsand/oranalysisexpressedarethoseoftheauthorortheinvestmentteamasofthedateofpreparationofthismaterialandaresubjecttochangeatanytimewithoutnoticeduetomarketoreconomicconditionsandmaynotnecessarilycometopass.Furthermore,the

viewswillnotbeupdatedorotherwiserevisedtoreflectinformationthatsubsequentlybecomesavailableorcircumstancesexisting,orchangesoccurring,afterthedateofpublication.TheviewsexpresseddonotreflecttheopinionsofallinvestmentpersonnelatMorganStanleyInvestmentManagement(MSIM)anditssubsidiariesandaffiliates(collectively“theFirm”)andmaynotbereflectedinallthestrategiesandproductsthattheFirmoffers.

Forecastsand/orestimatesprovidedhereinaresubjecttochangeandmaynotactuallycometopass.Informationregardingexpectedmarketreturnsandmarketoutlooksisbasedontheresearch,analysisandopinionsoftheauthorsortheinvestmentteam.Theseconclusionsare

speculativeinnature,maynotcometopassandarenotintendedtopredictthefutureperformanceofanyspecificstrategyorproducttheFirmoffers.Futureresultsmaydiffersignificantlydependingonfactorssuchaschangesinsecuritiesorfinancialmarketsorgeneraleconomic

conditions.

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