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(CNN Business) —  

Apple has been the most valuable stock in the world since 2012. But when FTSE Russell officially rebalanced its key market indexes on Friday, there was a new leader: Microsoft (MSFT).

Apple (AAPL) fell to the third spot in the Russell 1000 index of large and mid-sized companies. Amazon (AMZN) was in second place, while two other tech companies, Google owner Alphabet (GOOGL) and Facebook (FB), rounded out the top five.

Still, Apple’s demotion isn’t necessarily a bad sign for the iPhone maker. It reflects the broader rally in Big Tech.

The landscape now is also markedly different from what it was in 2012, when Apple replaced Exxon Mobi (XOM)l, the former number one.

“It’s just a reshuffling of the leadership,” Rolf Agather, managing director of North America research for FTSE Russell, told CNN Business.

The top five stocks in the index are now worth nearly $4.2 trillion collectively. To put that into context, FTSE Russell said that the market value of all publicly traded US companies is about $31.7 trillion. So just five stocks account for more than 13% of that total.

This is important since many mutual funds use the Russell 1000 (RUI) and the Russell 2000 (RUT), which looks at smaller US companies, as benchmarks for their own performance.

So some managers will likely modify their portfolios based on the new weightings.

Companies are added and removed from the indexes every year based on their market value. Some firms are also taken out because they have been acquired. And there are always new entries as a result of companies going public.

The Russell 1000 added some high profile initial public offerings of the past year, according to Catherine Yoshimoto, FTSE Russell’s director of product management.

Uber (UBER) and Lyft (LYFT) joined the Russell 1000, Yoshimoto said. So did Spotify (SPOT), which debuted on the New York Stock Exchange in 2018 through a direct listing of shares. Also making its debut? Wall Street’s current red-hot “it” stock Beyond Meat