Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Bank Millennium S.A. attracts deposits and offers commercial and consumer banking services.  The Bank offers credit, lease financing, securities brokerage, pension plans, factoring, and investment banking services.  The Bank also sponsors credit and debit cards.

<ul>
<li>The June 2026 index review results for the SE600 index were announced yesterday after market close.</li>
<li>There will be 12 ADD and 12 DELs for the benchmark index in June 2026.</li>
<li>The Inclusion/Exclusion events will take place at the close of trading on 19th June 2026.</li>
</ul>


The June 2026 index review results for the SE600 index were announced yesterday after market close.
There will be 12 ADD and 12 DELs for the benchmark index in June 2026.
The Inclusion/Exclusion events will take place at the close of trading on 19th June 2026.


Quiddity SE600 Jun26 Results: 91% Correctly Predicted; Few Surprises

Research from Redeye, Redeye AB

Redeye

Research from Redeye

Redeye AB

Specialists in innovative and fast-growing Nordic companies within Life Science and Technology.

Redeye is the next generation equity research and investment banking company, specialized in Life Science and Technology. We are the leading provider of Corporate Broking and Corporate Finance in these sectors.

Our clients are innovative growth companies in the Nordics and we use a unique Rating model based on a value based investment philosophy. Redeye was founded 1999 in Stockholm and is regulated by the Swedish Financial Authority (Finansinspektionen).

Equity Bottom-Up

CI Games SE is a Poland-based company engaged in the computer games industry. The Company specializes in the production and distribution of various computer and console games. The Company is a publisher and representative of foreign producers as well. The Company’s product portfolio includes a range of games genres, such as shooters, simulators and Role Playing Games (RPG) with titles such as Sniper Ghost Warrior, Dogfight 1942 or The Lords of the Fallen among others. The company operates a number of subsidiaries, including United Label SA, CI Games USA Inc, Business Area Sp z o o, Business Area Sp z o o Sp j, CI Games SA Sp j, CI Games UK Ltd, CI Games Mediterranean Projects SL, and CI Games Bucharest Studio SRL.

<ul><li>Redeye provides an update following CI Games’ Q1 report, where both topline and EBIT came in above our estimates.</li><li>Since our last update, the company has also announced the separation with Epic, meaning that PC distribution rights for LOTF II have reverted back to CI Games.</li><li>Following the report and announcement, we have revised our assumptions for the upcoming LOTF II release and updated our fair value range.</li></ul>

Redeye provides an update following CI Games’ Q1 report, where both topline and EBIT came in above our estimates.Since our last update, the company has also announced the separation with Epic, meaning that PC distribution rights for LOTF II have reverted back to CI Games.Following the report and announcement, we have revised our assumptions for the upcoming LOTF II release and updated our fair value range.

CI Games (Q1 Review): Continues to impress

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Eastern Europe has quietly become a consensus overweight among active EM managers, with 60.6% of funds positioned above the iShares MSCI EM ETF benchmark, the third most overweighted sub-region globally.</li>
<li>Eastern Europe's reliance on Financials is the highest of any sub-region, concentrated in just a handful of stocks.</li>
<li>Breadth of the investable universe remains a structural constraint, with Eastern Europe invested across only 149 companies, comparable to non-benchmark Developed Europe and far behind the EM Big Four's 2,336.</li>
</ul>


Eastern Europe has quietly become a consensus overweight among active EM managers, with 60.6% of funds positioned above the iShares MSCI EM ETF benchmark, the third most overweighted sub-region globally.
Eastern Europe's reliance on Financials is the highest of any sub-region, concentrated in just a handful of stocks.
Breadth of the investable universe remains a structural constraint, with Eastern Europe invested across only 149 companies, comparable to non-benchmark Developed Europe and far behind the EM Big Four's 2,336.


Global Mobility/Transport, Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>SOH transits collapsed 46% WoW in Week 21 to just 34 vessels; over half now routed via Iran’s dictated corridor, with dark traffic masking the true severity of the disruption.</li>
<li>Iran’s Persian Gulf Strait Authority (PGSA) has been OFAC-designated, escalating legal and sanctions risk for owners, operators, and banks coordinating with Tehran on safe passage.</li>
<li>India’s $1.5bn Bharat Maritime Insurance Pool goes live, filling the war-risk cover gap left by IG P&amp;I clubs — a model other Gulf-exposed nations may urgently replicate.</li>
</ul>


SOH transits collapsed 46% WoW in Week 21 to just 34 vessels; over half now routed via Iran’s dictated corridor, with dark traffic masking the true severity of the disruption.
Iran’s Persian Gulf Strait Authority (PGSA) has been OFAC-designated, escalating legal and sanctions risk for owners, operators, and banks coordinating with Tehran on safe passage.
India’s $1.5bn Bharat Maritime Insurance Pool goes live, filling the war-risk cover gap left by IG P&amp;I clubs — a model other Gulf-exposed nations may urgently replicate.


Strait of Hormuz: Traffic Collapse Deepens, PGSA Sanctioned, India Fills the Insurance Void

Equity & Credit Research

Duncan Chan

Macroeconomics

<ul>
<li>Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.</li>
<li>Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.</li>
<li>Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.</li>
</ul>


Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.
Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.
Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.


US-Iran De-Escalation: Looking Beyond Risk Premiums

Poland
Insights on Poland

Quiddity SE600 Jun26 Results: 91% Correctly Predicted; Few Surprises

We correctly predicted 22/24 SE600 changes and 8/9 EURO STX changes for June 2026, plus the no fast-entry for Nokia for the EURO STOXX 50 index.

Afridi Reyal

CI Games (Q1 Review): Continues to impress

Redeye provides an update following CI Games’ Q1 report, where both topline and EBIT came in above our estimates. Since our last update, the...

Redeye

Eastern Europe: The Quiet Overweight

Active EM managers have built a consensus overweight in Eastern Europe, but beneath the headline numbers lies a concentrated Financials trade...

Steven Holden

Strait of Hormuz: Traffic Collapse Deepens, PGSA Sanctioned, India Fills the Insurance Void

SOH transits decline sharply, majority now through Iran's corridor; PGSA OFAC-designated, increasing legal risk; India's new insurance pool fills...

Mo Aziz

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

Quiddity SE600 Jun26 Results: 91% Correctly Predicted; Few Surprises

We correctly predicted 22/24 SE600 changes and 8/9 EURO STX changes for June 2026, plus the no fast-entry for Nokia for the EURO STOXX 50 index.

Afridi Reyal

CI Games (Q1 Review): Continues to impress

Redeye provides an update following CI Games’ Q1 report, where both topline and EBIT came in above our estimates. Since our last update, the...

Redeye

Eastern Europe: The Quiet Overweight

Active EM managers have built a consensus overweight in Eastern Europe, but beneath the headline numbers lies a concentrated Financials trade...

Steven Holden

Strait of Hormuz: Traffic Collapse Deepens, PGSA Sanctioned, India Fills the Insurance Void

​SOH transits decline sharply, majority now through Iran's corridor; PGSA OFAC-designated, increasing legal risk; India's new insurance pool fills...

Mo Aziz

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

SOH transits decline sharply, majority now through Iran's corridor; PGSA OFAC-designated, increasing legal risk; India's new insurance pool fills...