Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The September 2023 index changes for the ES50 index was confirmed after the close on Friday 1st September 2023.</li>
<li>There will be two ADDs and two DELETEs. One set of changes was well anticipated by us. The other set comes as a major surprise to us.</li>
<li>Collectively, the two ADDs could see ~US$2.4bn index flows and the two DELs could see ~US$2.9bn index flows, with US$500mm of reverse funding flows.</li>
</ul>


The September 2023 index changes for the ES50 index was confirmed after the close on Friday 1st September 2023.
There will be two ADDs and two DELETEs. One set of changes was well anticipated by us. The other set comes as a major surprise to us.
Collectively, the two ADDs could see ~US$2.4bn index flows and the two DELs could see ~US$2.9bn index flows, with US$500mm of reverse funding flows.


Quiddity ES50 Sep 23 Rebal: Ferrari/Vonovia Change Confirmed + Another US$2bn+ Flow Surprise!

<ul>
<li>The ES50 Index is one of the most highly-tracked indices in mainland Europe and the annual index review takes place in September.</li>
<li>Historically, these Rebalance events have had significant volume and ADV impact and they generally involve large cap names. </li>
<li>In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2023.</li>
</ul>


The ES50 Index is one of the most highly-tracked indices in mainland Europe and the annual index review takes place in September.
Historically, these Rebalance events have had significant volume and ADV impact and they generally involve large cap names. 
In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2023.


Quiddity Leaderboard ES50 Sep 23: Ferrari Retains the Lead; US$1.26bn Potential Inflow

<ul>
<li>The EURO STX 50 Index is one of the most highly-tracked indices in mainland Europe and the annual index review takes place in September.</li>
<li>Historically, these Rebalance events have had significant volume impact and they generally involve large cap names. </li>
<li>In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2023.</li>
</ul>


The EURO STX 50 Index is one of the most highly-tracked indices in mainland Europe and the annual index review takes place in September.
Historically, these Rebalance events have had significant volume impact and they generally involve large cap names. 
In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2023.


Quiddity Leaderboard ES50 Sep 23:  Eurozone’s Annual Big Impact Rebal Trades; US$1.1bn+ for ADDs

France

Compagnie de Saint-Gobain manufactures glass products, high-performance materials, and construction materials.  The Company produces flat glass, insulation, and glass containers, high-performance ceramics, plastics, and abrasives, and building materials such as roofing, wall facings, mortars, and ductile cast iron pipe.  Saint-Gobain also retails building materials.

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Cie De Saint-Gobain (SGO FP)

Quiddity ES50 Sep 23 Rebal: Ferrari/Vonovia Change Confirmed + Another US$2bn+ Flow Surprise!

I would look to go SHORT Saint-Gobain vs peers during the Inclusion event especially if Saint-Gobain sharply outperforms peers between now and the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ES50 Sep 23: Ferrari Retains the Lead; US$1.26bn Potential Inflow

If Ferrari's share price does not fall by more than 10% vs other potential ADDs, Ferrari could become an ADD and experience an index inflow of...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ES50 Sep 23: Eurozone’s Annual Big Impact Rebal Trades; US$1.1bn+ for ADDs

Vonovia SE (VNA GR) is a high-conviction DEL and Wolters Kluwer Nv (WKL NA) but Ferrari NV (RACE IM) are leading the race to take Vonovia's slot in...

Janaghan Jeyakumar, CFA

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