On the last trading day of May (tomorrow), Russell ranks the 4000 largest US stocks by market capitalization. After the initial list of 4000 eligible participants is determined, the shares outstanding for each company are adjusted for corporate cross ownership and large private holdings. Therefore, the Russell Indexes include only the Investable portion of the universe - that segment that can freely transact shares.
June 14 - Preliminary additions and deletions to the Russell Global, Russell 3000, and Russell Microcaps
June 21 - Updates to the list of Additions and Deletions
June 28 - Updates to the List of Additions and Deletions. Reconstitution Final after close of US markets.
July 1 - Final Membership posted for Russell Global, Russell 3000, Russell 2000, Russell 1000, and Russell Microcap.
Can someone explain what the "Investable Portion of the universe...." means to a stock or to Insmed in this case in the above paragraph?