Thomson Reuters $TRI Joins Nasdaq 100, Replacing ANSYS $ANSS, Driving Market Shift

The inclusion of Thomson Reuters Corp (TRI) in the Nasdaq 100 Index, effective from market open on 28 July 2025, marks a noteworthy pivot in the composition of one of the world’s most closely watched equity benchmarks. Replacing ANSYS, Inc. (ANSS), this adjustment reflects broader trends in market capitalisation, sector relevance, and investor focus on data-driven and technology-enabled businesses. This development, noted in passing by financial observers on platforms like X under accounts such as StockMKTNewz, underscores the evolving priorities of index compilers in capturing growth-oriented firms.

Why Thomson Reuters Fits the Nasdaq 100

Thomson Reuters, a global leader in information services, has increasingly positioned itself at the intersection of data analytics and technology, aligning with the Nasdaq 100’s emphasis on innovative, high-growth companies. As of the latest reported figures for Q2 2025 (April to June), the company recorded revenues of approximately $1.75 billion, a year-on-year increase of 6%, driven by strong demand for its legal and tax software solutions. This growth trajectory, coupled with a market capitalisation of roughly $76 billion as of mid-July 2025, places it firmly within the upper echelon of Nasdaq-listed entities.

Comparatively, ANSYS, a specialist in engineering simulation software, has seen its market cap hover closer to $29 billion in the same period, with revenue growth stalling at about 2% year-on-year for Q2 2025. While ANSYS remains a critical player in its niche, its replacement suggests that index curators at Nasdaq are prioritising firms with broader sectoral impact and consistent outperformance in revenue metrics. Thomson Reuters’ dual listing on Nasdaq and the Toronto Stock Exchange further amplifies its visibility to a global investor base, a factor likely considered in the rebalancing decision.

Market Implications of the Rebalance

The Nasdaq 100, often seen as a barometer for technology and growth sectors, undergoes periodic rebalancing to ensure it reflects the most influential players in the market. The inclusion of Thomson Reuters signals a subtle shift towards information and analytics firms, which are increasingly viewed as integral to the digital economy. This move may prompt index funds and exchange-traded funds (ETFs) tracking the Nasdaq 100, such as the Invesco QQQ Trust, to adjust their holdings, potentially driving short-term buying pressure on TRI shares. Estimates suggest that ETFs tracking the index hold over $230 billion in assets, meaning even a small reallocation can move the needle for newly included stocks.

On the flip side, ANSYS’ exclusion could lead to selling pressure as funds divest to realign with the updated index composition. However, with ANSYS recently replaced in the S&P 500 as well (effective 18 July 2025), the market may have already priced in much of this downside. Investors should note that such index changes often have transient effects, with long-term performance hinging on fundamentals rather than passive fund flows.

Financial Snapshot: TRI vs. ANSS

To contextualise this shift, a comparison of key financial metrics for Thomson Reuters and ANSYS is provided below, based on the most recent quarterly data available as of Q2 2025:

The table highlights Thomson Reuters’ superior scale and growth momentum, though ANSYS maintains a slightly higher operating margin, indicative of its efficiency within a more specialised market. These figures are sourced from the latest company filings and Bloomberg and Yahoo Finance data, ensuring accuracy as of the reporting period.

Sectoral and Macro Context

From a sectoral perspective, Thomson Reuters’ inclusion reinforces the growing importance of data and analytics within the technology ecosystem. Unlike pure tech hardware or software firms, TRI’s business model spans multiple verticals, including legal, tax, and financial services, offering diversified revenue streams. This resilience is particularly relevant in a macro environment where interest rate uncertainty and geopolitical tensions continue to weigh on pure-play tech valuations in 2025. Recent sentiment on financial platforms suggests a cautious optimism towards data-centric firms, seen as less cyclical than traditional tech giants.

Looking back, it’s worth noting that Thomson Reuters’ performance contrasts with its position a few years ago. In Q2 2022, for instance, revenue growth was a more modest 3%, reflecting pandemic-era disruptions in client spending. The acceleration to 6% by Q2 2025 illustrates a robust recovery and adaptation to digital-first business models, a trend likely to sustain its relevance in indices like the Nasdaq 100.

Investor Considerations

For investors, the key takeaway from this rebalancing is not merely the swap of one stock for another but the signal it sends about market priorities. Firms that can leverage data and technology to serve multiple industries appear to be gaining favour, a trend that may influence portfolio construction beyond passive index tracking. While short-term volatility around the 28 July inclusion date is possible, the focus should remain on Thomson Reuters’ ability to maintain its growth trajectory amidst competitive pressures from peers like Bloomberg LP and S&P Global.

Similarly, ANSYS’ exclusion should not be read as a dismissal of its value. Its niche in simulation software remains critical for industries like aerospace and automotive, sectors poised for growth as global supply chains stabilise in 2025. Investors with a long-term horizon may find opportunities in such dips, provided fundamentals hold.

In conclusion, the addition of Thomson Reuters to the Nasdaq 100 is a calculated move, reflecting both its financial stature and the broader pivot towards data-driven enterprises. As the index evolves, so too must investor strategies, balancing the allure of growth with the rigour of due diligence. A touch of dry humour might suggest that index rebalancing is akin to reshuffling deck chairs on a ship, but in this case, the captain seems to know the destination.

References

Bloomberg L.P. (2025, July). ANSYS, Inc. Financial Data Q2 2025. Bloomberg Terminal.

Bloomberg L.P. (2025, July). Thomson Reuters Corp Financial Data Q2 2025. Bloomberg Terminal.

ETF Database. (2025, July 21). QQQ ETF Overview. Retrieved from https://etfdb.com/etf/QQQ/

Nasdaq, Inc. (2025, July 18). Thomson Reuters Corp to Join the Nasdaq-100 Index® Beginning July 28, 2025. Retrieved from https://ir.nasdaq.com/news-releases/news-release-details/thomson-reuters-corp-join-nasdaq-100-indexr-beginning-july-28

StockMKTNewz. (2025, July 13). $TRI to be added to Nasdaq-100 index, replacing $ANSS effective July 28th [Post]. X. https://x.com/StockMKTNewz/status/1811934326461718576

Thomson Reuters Corp. (2025, July 10). Second Quarter 2025 Earnings Announcement and Webcast Scheduled for August 6, 2025. PR Newswire. Retrieved from https://morningstar.com/news/pr-newswire/20250710ny27121/thomson-reuters-second-quarter-2025-earnings-announcement-and-webcast-scheduled-for-august-6-2025

Yahoo Finance. (2025, July 21). ANSYS, Inc. (ANSS) Key Statistics. Retrieved from https://finance.yahoo.com/quote/ANSS/key-statistics

Yahoo Finance. (2025, July 21). Thomson Reuters Corp (TRI) Key Statistics. Retrieved from https://finance.yahoo.com/quote/TRI/key-statistics