Ares Management Set to Join S&P 500; Sezzle and Vital Farms to Join S&P SmallCap 600

Rhea-AI Summary

S&P Dow Jones Indices announced index rebalances effective prior to the open on Dec 11 and Dec 15, 2025. Ares Management (ARES) will join the S&P 500 replacing Kellanova (K) on Dec 11. Vital Farms (VITL) and Sezzle (SEZL) will join the S&P SmallCap 600 on Dec 11 and Dec 15, replacing Heidrick & Struggles (HSII) and Vital Energy (VTLE) respectively. Several deletions follow announced acquisition transactions that are expected to close pending final conditions.

Positive

• Ares Management (ARES) added to S&P 500 on Dec 11, 2025
• Vital Farms (VITL) added to S&P SmallCap 600 on Dec 11, 2025
• Sezzle (SEZL) added to S&P SmallCap 600 on Dec 15, 2025

Negative

• Kellanova (K) removed from S&P 500 on Dec 11, 2025
• Heidrick & Struggles (HSII) removed from S&P SmallCap 600 on Dec 11, 2025
• Vital Energy (VTLE) removed from S&P SmallCap 600 on Dec 15, 2025

News Market Reaction – HSII

+0.07%

+0.07% Session close to close

In the Dec 9 session, HSII gained 0.07%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details HSII’s removal from the S&P SmallCap 600 due to its pending acquisition by...

Analysis

This announcement details HSII’s removal from the S&P SmallCap 600 due to its pending acquisition by an Advent- and Corvex-led consortium at $59.00 per share. The stock already trades near both this deal price and its 52-week high, and prior filings describe required shareholder and regulatory approvals. Investors following this situation may focus on remaining closing conditions, any updated merger timelines, and whether subsequent SEC filings or company communications indicate progress or changes to the transaction terms.

Historical Context

1 past event · Latest: Nov 03 (Positive)

Pattern 1 events

Date	Event	Sentiment	24h Move	Catalyst
Nov 03	Earnings and merger	Positive	+0.7%	Q3 2025 revenue up 15.9% and go-private deal at $59.00 per share.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent positive fundamental and merger news was followed by a modestly positive price reaction.

Recent Company History

Over recent months, Heidrick & Struggles has combined solid operating results with a strategic sale process. Q3 2025 net revenue reached $322.8M, up 15.9% year over year, with adjusted EBITDA of $34.2M and diluted EPS of $0.83. On Oct 6, 2025, the company entered a definitive agreement to be taken private at $59.00 per share, and subsequent proxy filings detailed the merger terms and required approvals. The current index deletion reflects ongoing steps toward this acquisition and eventual delisting.

Key Terms

s&p 500, s&p smallcap 600, gics sector

3 terms

s&p 500 financial

"Ares Management (NYSE: ARES) will replace Kellanova (NYSE: K) in the S&P 500 effective"

The S&P 500 is a broad stock market index that tracks the performance of 500 large U.S. companies, weighted so bigger firms have a larger impact. Investors use it like a thermometer or benchmark to judge how the overall U.S. stock market or a portfolio is doing; movements in the index influence investor sentiment, fund performance, and many passive investment products that aim to match its returns.

View in glossary

s&p smallcap 600 financial

"Vital Farms Inc. (NASD: VITL) will replace Heidrick & Struggles Intl Inc. (NASD: HSII) in the S&P SmallCap 600"

A stock market index made up of 600 small-cap U.S. companies chosen to represent the performance of smaller publicly traded firms. It matters to investors because it acts like a temperature gauge for the small-company segment of the market, serving as a benchmark for fund managers, a basis for index funds and ETFs, and a way to compare returns and risk when building a diversified portfolio.

gics sector financial

"Effective Date | Index Name | Action | Company Name | Ticker | GICS Sector"

GICS sector is one of the major industry groupings from the Global Industry Classification Standard, a system that sorts companies into consistent categories (like Technology or Health Care) based on the primary business they do. Investors use these sectors like folders in a filing cabinet to compare companies, build diversified portfolios, and track how whole parts of the market are performing rather than focusing on single stocks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Dec. 8, 2025 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500 and S&P SmallCap 600: 

• Ares Management (NYSE: ARES) will replace Kellanova (NYSE: K) in the S&P 500 effective prior to the open of trading on Thursday, December 11. Mars Inc. is acquiring Kellanova in a deal expected to close soon, pending final closing conditions.
• Vital Farms Inc. (NASD: VITL) will replace Heidrick & Struggles Intl Inc. (NASD: HSII) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, December 11. Advent International and Corvex Private Equity are acquiring Heidrick & Struggles Intl in a deal expected to be completed soon, pending final closing conditions.
• Sezzle Inc. (NASD: SEZL) will replace Vital Energy Inc. (NYSE: VTLE) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, December 15. S&P SmallCap 600 constituent Crescent Energy Co. (NYSE: CRGY) is acquiring Vital Energy in a deal expected to close soon, pending final closing conditions.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date	Index Name		Action	Company Name	Ticker	GICS Sector
Dec 11, 2025	S&P 500	Addition		Ares Management	ARES	Financials
Dec 11, 2025	S&P 500	Deletion		Kellanova	K	Consumer Staples
Dec 11, 2025	S&P SmallCap 600	Addition		Vital Farms	VITL	Consumer Staples
Dec 11, 2025	S&P SmallCap 600	Deletion		Heidrick & Struggles Intl	HSII	Industrials
Dec 15, 2025	S&P SmallCap 600	Addition		Sezzle	SEZL	Financials
Dec 15, 2025	S&P SmallCap 600	Deletion		Vital Energy	VTLE	Energy

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/. 

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com

Media Inquiries
spdji.comms@spglobal.com

View original content:https://www.prnewswire.com/news-releases/ares-management-set-to-join-sp-500-sezzle-and-vital-farms-to-join-sp-smallcap-600-302635867.html

SOURCE S&P Dow Jones Indices

FAQ

When does Ares Management (ARES) join the S&P 500 and which company does it replace?

Ares Management (ARES) joins the S&P 500 prior to the open on Dec 11, 2025, replacing Kellanova (K). According to S&P Dow Jones Indices, the change is effective before trading opens on Dec 11, 2025, tied to a corporate acquisition of Kellanova.

Why is Kellanova (K) being removed from the S&P 500 on Dec 11, 2025?

Kellanova (K) is removed because it is being acquired, prompting the index deletion on Dec 11, 2025. According to S&P Dow Jones Indices, the removal follows the announced Mars Inc. acquisition, which is expected to close pending final conditions.

Which companies join the S&P SmallCap 600 on Dec 11 and Dec 15, 2025?

Vital Farms (VITL) joins on Dec 11, 2025 and Sezzle (SEZL) joins on Dec 15, 2025. According to S&P Dow Jones Indices, those additions replace Heidrick & Struggles (HSII) and Vital Energy (VTLE), respectively.

Will the index changes affect trading dates for ARES, VITL, SEZL in December 2025?

The changes take effect prior to the open on Dec 11 and Dec 15, 2025, impacting index inclusion from those trading days. According to S&P Dow Jones Indices, additions and deletions are effective before market open on the stated dates.

Are the deletions of HSII and VTLE from the S&P SmallCap 600 related to acquisitions?

Yes; Heidrick & Struggles (HSII) and Vital Energy (VTLE) are deleted amid announced acquisition transactions expected to close soon. According to S&P Dow Jones Indices, both deletions are tied to pending deals subject to final closing conditions.