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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a> and <a href="https://www.smartkarma.com/entities/technology-one-ltd" target="_blank" data-smartkarma-citation="entities:1070:1" rel="noopener">Technology One (TNE AU)</a> will be added to the <a href="https://www.smartkarma.com/entities/vaneck-vectors-australian-equal-weight-etf" target="_blank" data-smartkarma-citation="entities:24297:1" rel="noopener">VanEck Vectors Australian Equal Weight ETF (MVW AU)</a> at the close on 21 March.</li>
<li>Surprisingly, there are no deletions from the index. The two inclusions, float changes and capping changes result in a one-way turnover of 5.6% leading to a round-trip trade of A$288m.</li>
<li>There will be huge buying of A$1.2bn in <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a> at the same time from <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> and related index trackers.</li>
</ul>



Sigma Healthcare (SIG AU) and Technology One (TNE AU) will be added to the VanEck Vectors Australian Equal Weight ETF (MVW AU) at the close on 21 March.
Surprisingly, there are no deletions from the index. The two inclusions, float changes and capping changes result in a one-way turnover of 5.6% leading to a round-trip trade of A$288m.
There will be huge buying of A$1.2bn in Sigma Healthcare (SIG AU) at the same time from S&amp;P/ASX 200 (AS51 INDEX) and related index trackers.


MV Australia Equal Weight Index Rebalance: SIG, TNE Added; US$288m Trade

<ul>
<li>There are 2 changes for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index, 7 changes for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX200 Index</a> and 11 adds/ 7 deletes for the S&amp;P/ASX300 Index.</li>
<li>There is a huge increase in the number of index shares for <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, triggering passive buying of nearly A$1.4bn at the close on 21 March.</li>
<li>The adds have outperformed the deletes across all indices. Positioning varies across stocks and there could be some big movers over the next few days.</li>
</ul>


There are 2 changes for the S&amp;P/ASX50 Index, 2 changes for the S&amp;P/ASX100 Index, 7 changes for the S&amp;P/ASX200 Index and 11 adds/ 7 deletes for the S&amp;P/ASX300 Index.
There is a huge increase in the number of index shares for Sigma Healthcare (SIG AU), triggering passive buying of nearly A$1.4bn at the close on 21 March.
The adds have outperformed the deletes across all indices. Positioning varies across stocks and there could be some big movers over the next few days.


S&P/​​​​ASX Index Rebalance (Mar 2025): SIG Is the BIG One; Changes Galore Across Indices

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2025 index rebal event.</li>
<li>We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see eight ADDs and six DELs for ASX 300.</li>
<li>The official index changes will be announced after the close on Friday 7th March 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2025 index rebal event.
We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see eight ADDs and six DELs for ASX 300.
The official index changes will be announced after the close on Friday 7th March 2025.


Quiddity Leaderboard ASX Mar 25: Final Expectations; Momentum Still Intact

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 14th (reported today) which has an aggregated short interest worth USD24.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Aristocrat Leisure, Treasury Wine Estates, Sigma Pharmaceuticals, Santos, A2 Milk Company, Nextdc.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 14th (reported today) which has an aggregated short interest worth USD24.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Aristocrat Leisure, Treasury Wine Estates, Sigma Pharmaceuticals, Santos, A2 Milk Company, Nextdc.


ASX Short Interest Weekly (Feb 14th): Aristocrat Leisure, Treasury Wine Estates

Event-Driven

<ul>
<li>With 6 days left to review cutoff, there are 2 potential adds and 3 potential deletions for the MV Australia Equal Weight Index at the March rebalance.</li>
<li>Even if there are no constituent changes, capping changes will lead to one-way turnover of 3% and a round-trip trade of A$159m.</li>
<li>The final list of inclusions/exclusions will depend on price movements till next Friday and whether the provider makes any significant changes to the free float of stocks in the universe.</li>
</ul>


With 6 days left to review cutoff, there are 2 potential adds and 3 potential deletions for the MV Australia Equal Weight Index at the March rebalance.
Even if there are no constituent changes, capping changes will lead to one-way turnover of 3% and a round-trip trade of A$159m.
The final list of inclusions/exclusions will depend on price movements till next Friday and whether the provider makes any significant changes to the free float of stocks in the universe.


MV Australia Equal Weight Index Rebalance Preview: Potential Changes in March; Multiple Overlaps

Australia

Mineral Resources Ltd. offers contract crushing services to the mining industry in Australia.  The Company serves gold, iron ore, tantalum, and coal companies.

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Mineral Resources (MIN AU)

MV Australia Equal Weight Index Rebalance: SIG, TNE Added; US$288m Trade

Sigma Healthcare and TechnologyOne have been added to the MVMVW index. Surprisingly, no deletions. Round-trip trade is US$288m. There are big...

Brian Freitas

S&P/ASX Index Rebalance (Mar 2025): SIG Is the BIG One; Changes Galore Across Indices

There are 40 constituent changes across the indices. SIG is an add to 2 indices and also an upweight in 2 others - so big buying. The adds have...

Brian Freitas

Quiddity Leaderboard ASX Mar 25: Final Expectations; Momentum Still Intact

The reference period for ASX Mar25 review rankings ended last week. All expected ADDs and DELs mentioned in this insight are our final...

Janaghan Jeyakumar, CFA

ASX Short Interest Weekly (Feb 14th): Aristocrat Leisure, Treasury Wine Estates

We analyzed ASX short interest report for the past week and highlight short interest changes in Aristocrat Leisure, Treasury Wine Estates, Sigma...

Ke Yan, CFA, FRM

MV Australia Equal Weight Index Rebalance Preview: Potential Changes in March; Multiple Overlaps

There could be 5 changes for the index in March. A few more names are close deletes. SIG's inclusion will add to passive inflows while MIN's...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MV Australia Equal Weight Index Rebalance: SIG, TNE Added; US$288m Trade

Sigma Healthcare and TechnologyOne have been added to the MVMVW index. Surprisingly, no deletions. Round-trip trade is US$288m. There are big...

Brian Freitas

S&P/​​​​ASX Index Rebalance (Mar 2025): SIG Is the BIG One; Changes Galore Across Indices

There are 40 constituent changes across the indices. SIG is an add to 2 indices and also an upweight in 2 others - so big buying. The adds have...

Brian Freitas

Quiddity Leaderboard ASX Mar 25: Final Expectations; Momentum Still Intact

The reference period for ASX Mar25 review rankings ended last week. All expected ADDs and DELs mentioned in this insight are our final...

Janaghan Jeyakumar, CFA

ASX Short Interest Weekly (Feb 14th): Aristocrat Leisure, Treasury Wine Estates

We analyzed ASX short interest report for the past week and highlight short interest changes in Aristocrat Leisure, Treasury Wine Estates, Sigma...

Ke Yan, CFA, FRM

MV Australia Equal Weight Index Rebalance Preview: Potential Changes in March; Multiple Overlaps

There could be 5 changes for the index in March. A few more names are close deletes. SIG's inclusion will add to passive inflows while MIN's...

Brian Freitas

S&P/ASX Index Rebalance (Mar 2025): SIG Is the BIG One; Changes Galore Across Indices