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>There are 2 adds/deletes each for the MarketVector Global Uranium and Nuclear Energy Infrastructure Index and for the MVIS Global Uranium &amp; Nuclear Energy Index in June.</li>
<li>
<a href="https://www.smartkarma.com/entities/x-energy-inc" target="_blank" data-smartkarma-citation="entities:47990:1" rel="noopener">X-Energy (XE US)</a> will be added to both indices while the other adds and deletes differ across the indices.</li>
<li>The round-trip trade across both indices is US$1.65bn with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.</li>
</ul>


There are 2 adds/deletes each for the MarketVector Global Uranium and Nuclear Energy Infrastructure Index and for the MVIS Global Uranium &amp; Nuclear Energy Index in June.

X-Energy (XE US) will be added to both indices while the other adds and deletes differ across the indices.
The round-trip trade across both indices is US$1.65bn with capping changes resulting in much bigger flow for the MVIS Global Uranium &amp; Nuclear Energy Index.


MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Changes Lead to US$1.65bn Trade

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>GA-Courtenay Special Situations Fund declined 13.8% in July, taking its year-to-date return to -10.0%, as an unusual liquidity-driven dislocation hit higher-growth equities.</li><li>Ex-Odey star and fund manager Adrian Courtenay said the sell-off showed no corresponding deterioration in the fundamentals of the hedge fund’s holdings, while the merger arbitrage book contributed positively during the month.</li><li>The fund responded cautiously by reducing equity gross exposure while increasing its merger arbitrage allocation and adding selectively to SpaceX and Tesla.</li></ul>

GA-Courtenay Special Situations Fund declined 13.8% in July, taking its year-to-date return to -10.0%, as an unusual liquidity-driven dislocation hit higher-growth equities.Ex-Odey star and fund manager Adrian Courtenay said the sell-off showed no corresponding deterioration in the fundamentals of the hedge fund’s holdings, while the merger arbitrage book contributed positively during the month.The fund responded cautiously by reducing equity gross exposure while increasing its merger arbitrage allocation and adding selectively to SpaceX and Tesla.

Courtenay Special Situations Fund Falls 14% in July, Adds to Elon Musk-Linked Stakes

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>My updated NAV analysis of Samsung C&amp;T (028260 KS) suggests implied NAV of 482,364 won per share, representing 83% upside from current levels.</li>
<li>The biggest change in the company's NAV is the increase in value of Samsung Electronics (005930 KS) whose share price increased by 223% in the past one year. </li>
<li>I reduced the holdco discount from 40% previously to 30%, mainly due to the the company's improved corporate governance (including cancellation of 4.6% of common treasury shares in 1Q 2026).</li>
</ul>


My updated NAV analysis of Samsung C&amp;T (028260 KS) suggests implied NAV of 482,364 won per share, representing 83% upside from current levels.
The biggest change in the company's NAV is the increase in value of Samsung Electronics (005930 KS) whose share price increased by 223% in the past one year. 
I reduced the holdco discount from 40% previously to 30%, mainly due to the the company's improved corporate governance (including cancellation of 4.6% of common treasury shares in 1Q 2026).


Samsung C&T: Updated NAV Analysis and Excessive Price Gap Vs Samsung Electronics

<ul>
<li>In this insight, I highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2026.</li>
<li>I provide five holdco/opco pairs that have experienced noticeable divergence in the past three months and we expect closing of their gaps could occur in the next several weeks.</li>
<li>Of the 38 pairs, five of them are near or more than 2 standard deviations (in terms of their changing share price movements in the past three months).</li>
</ul>


In this insight, I highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2026.
I provide five holdco/opco pairs that have experienced noticeable divergence in the past three months and we expect closing of their gaps could occur in the next several weeks.
Of the 38 pairs, five of them are near or more than 2 standard deviations (in terms of their changing share price movements in the past three months).


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2026

Event-Driven

<ul>
<li>This insight provides an update on the inheritance tax payment requirement by the Samsung Electronics Chairman Lee Jae-Yong and his family members. </li>
<li>Lee Jae-Yong has a final installment of 480 billion won in inheritance taxes to be paid in April 2026.</li>
<li>Once Lee makes the final inheritance tax payment next year, he can start to  reinvest his dividend income in various Samsung Group affiliates including Samsung C&amp;T.</li>
</ul>


This insight provides an update on the inheritance tax payment requirement by the Samsung Electronics Chairman Lee Jae-Yong and his family members. 
Lee Jae-Yong has a final installment of 480 billion won in inheritance taxes to be paid in April 2026.
Once Lee makes the final inheritance tax payment next year, he can start to  reinvest his dividend income in various Samsung Group affiliates including Samsung C&amp;T.


An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members' Inheritance Taxes

South Korea

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

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Samsung C&T (028260 KS)

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Changes Lead to US$1.65bn Trade

There are 2 constituent changes each for the NLR and NUCL ETFs. Along with float and capping changes, the gross round-trip trade across both...

Brian Freitas

Courtenay Special Situations Fund Falls 14% in July, Adds to Elon Musk-Linked Stakes

GA-Courtenay Special Situations Fund declined 13.8% in July, taking its year-to-date return to -10.0%, as an unusual liquidity-driven dislocation...

Hedge Fund Alpha

Samsung C&T: Updated NAV Analysis and Excessive Price Gap Vs Samsung Electronics

My updated NAV analysis of Samsung C&T (028260 KS) suggests implied NAV of 482,364 won per share, representing 83% upside from current levels.

Douglas Kim

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2026

In this insight, I highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members' Inheritance Taxes

It was reported on 19 January that Hong Ra-Hee (mother of Samsung Chairman Lee Jae-Yong) plans to sell 15 million shares of Samsung Electronics...

Douglas Kim

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