Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Zijin Gold is a leading gold mining company formed by combining all the gold mines of Zijin Mining (ZM), located outside of China. Leveraging ZM’s competitive advantage in management of exploration, development and operation of low-grade and refractory resources, ZG has emerged as a global leading and market-oriented gold mining company, vertically integrated through the value chain.

<ul>
<li>There are 5 additions for the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> in December. <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> is a surprise add (as are some of the others).</li>
<li>Estimated one-way turnover is 15.2% and that leads to a round-trip trade of US$8.8bn. There are many stocks with multiple days of ADV to trade from passive trackers.</li>
<li>The MarketVector Global Gold Miners Index has just passed its earlier highs, but a lot of the adds have broken out and are trading much higher than their prior highs.</li>
</ul>


There are 5 additions for the VanEck Gold Miners ETF/USA (GDX US) in December. Zijin Gold (2259 HK) is a surprise add (as are some of the others).
Estimated one-way turnover is 15.2% and that leads to a round-trip trade of US$8.8bn. There are many stocks with multiple days of ADV to trade from passive trackers.
The MarketVector Global Gold Miners Index has just passed its earlier highs, but a lot of the adds have broken out and are trading much higher than their prior highs.


Gold Miners ETF (GDX US) Dec Rebalance: 5 Adds and US$8.8bn Trade; Zijin Gold Added

Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

Lion One Metals Ltd.acquires and explores mineral properties.  The Company has an option to acquire certain mineral claims located on the Fijian Islands, including the assets collectively known as the Tuvatu Gold project.

<ul><li>What you need to know: • Lion One announced drill results from 4,040m of underground infill and grade control drilling at its Tuvatu Gold Project in Fiji.</li><li> • Drilling intercepted several high-grade results, including 99.1 g/t Au over 3.3m, 218.3 g/t over 1.2m and 24.9 g/t over 4.6m; many of which were proximal to existing mine workings and could be integrated into the mine plan within the next 12 months.</li><li> • LIO trades at 0.2x NAV compared to its peers at 0.5x NAV.</li></ul>

What you need to know: • Lion One announced drill results from 4,040m of underground infill and grade control drilling at its Tuvatu Gold Project in Fiji. • Drilling intercepted several high-grade results, including 99.1 g/t Au over 3.3m, 218.3 g/t over 1.2m and 24.9 g/t over 4.6m; many of which were proximal to existing mine workings and could be integrated into the mine plan within the next 12 months. • LIO trades at 0.2x NAV compared to its peers at 0.5x NAV.

LIO: Drills 218 g/t over 1.2m at its Tuvatu Gold Mine

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Whatever economic scenario unfolds in 2026, a long Gold/short Bitcoin investment should outperform. The position is up more than 50% since October.</li>
<li>As one of the most leveraged and speculative parts of global asset markets, Bitcoin will struggle as the Fed ends its interest rate cuts by the end of 2026.</li>
<li>Gold continues to benefit from the Fed's pro-inflation policies, particularly with the restart of its $40 billion monthly QE program. Continued currency debasement also supports a contnuation of gold's rise.</li>
</ul>


Whatever economic scenario unfolds in 2026, a long Gold/short Bitcoin investment should outperform. The position is up more than 50% since October.
As one of the most leveraged and speculative parts of global asset markets, Bitcoin will struggle as the Fed ends its interest rate cuts by the end of 2026.
Gold continues to benefit from the Fed's pro-inflation policies, particularly with the restart of its $40 billion monthly QE program. Continued currency debasement also supports a contnuation of gold's rise.


2026 HIGH CONVICTION IDEA: Long Gold / Short Bitcoin (UPDATE)

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

The MSCI World Index is a free-float weighted equity index. It was developed with a base value of 100 as of December 31, 1969. MXWO includes developed world markets, and does not include emerging markets. MXWD includes both emerging and developed markets.

<ul>
<li>The bullish outlook for global equities is driven by the macro strength of Developed Markets, including US upside and Eurozone resilience, plus corporate governance reforms.</li>
<li>Central bank divergence, FX risks 2026+ may warrant a look at VIX and gold portfolio hedges.</li>
<li>KOSPI 200 led 2025 gains among our selection of indices, highlighting AI alpha from memory chips as another dimension to the global GPU rally.</li>
</ul>


The bullish outlook for global equities is driven by the macro strength of Developed Markets, including US upside and Eurozone resilience, plus corporate governance reforms.
Central bank divergence, FX risks 2026+ may warrant a look at VIX and gold portfolio hedges.
KOSPI 200 led 2025 gains among our selection of indices, highlighting AI alpha from memory chips as another dimension to the global GPU rally.


Global Markets: US Rates, Korean Alpha, and the AI Diversification Thesis

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>The US 10Y bond yield edged down slightly from 4.19% to 4.18% after the New York Fed President commented that the US economy is likely to continue expanding in 2026, while inflation is expected to slow from 3% this year to 2.5% and 2.0% in 2026–27, respectively, though he remained cautious ahead of the FOMC meeting on January 2026.</li><li>The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold traders, which could increase baht volatility.</li><li>The PTT group confirmed that it has not exported oil to Cambodia, in line with its policy to suspend exports since June 2025, which has been strictly adhered to throughout the ongoing situation.</li></ul>

The US 10Y bond yield edged down slightly from 4.19% to 4.18% after the New York Fed President commented that the US economy is likely to continue expanding in 2026, while inflation is expected to slow from 3% this year to 2.5% and 2.0% in 2026–27, respectively, though he remained cautious ahead of the FOMC meeting on January 2026.The Bank of Thailand (BoT) has instructed financial institutions to tighten scrutiny over forward foreign-exchange selling transactions by gold traders, which could increase baht volatility.The PTT group confirmed that it has not exported oil to Cambodia, in line with its policy to suspend exports since June 2025, which has been strictly adhered to throughout the ongoing situation.

Krungthai XSpring Zoom Eng. December 16, 2025