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On Sept. 1, after the markets closed, S&P Dow Jones Indices announced many changes to its various broad-market indices. One of these changes saw Hannon Armstrong Sustainable Infrastructure Capital (HASI) added to the S&P SmallCap 600.
Whenever stocks are added to broad-market indices, they usually rise in value in anticipation of index-based portfolio managers having to add the stocks to their holdings. In this instance, the real estate investment trust will be added to the small-cap index before the markets open on Sept. 18.