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>Shareholders have approved <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>'s acquisition by CC Capital Partners and IFL will stop trading after the close on 17 April. </li>
<li>
<a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> will be replaced by <a href="https://www.smartkarma.com/entities/4dmedical-ltd" target="_blank" data-smartkarma-citation="entities:30789:1" rel="noopener">4DMedical (4DX AU)</a> in 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/ASX 200 (AS51 INDEX)</a>. The index inclusion was largely expected. </li>
<li>There is big positioning in <a href="https://www.smartkarma.com/entities/4dmedical-ltd" target="_blank" data-smartkarma-citation="entities:30789:1" rel="noopener">4DMedical (4DX AU)</a> and a run up from here could result in long unwinding. The passive buying provides an opportunity to go short.</li>
</ul>


Shareholders have approved Insignia Financial (IFL AU)'s acquisition by CC Capital Partners and IFL will stop trading after the close on 17 April. 

Insignia Financial (IFL AU) will be replaced by 4DMedical (4DX AU) in the S&amp;P/ASX 200 (AS51 INDEX). The index inclusion was largely expected. 
There is big positioning in 4DMedical (4DX AU) and a run up from here could result in long unwinding. The passive buying provides an opportunity to go short.


ASX200 Index Adhoc Rebalance: 4DMedical (4DX) Replaces Insignia Financial (IFL)

<ul>
<li>There could be 2 adhoc inclusions 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/ASX 200 (AS51 INDEX)</a> in April following the privatisations of <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> and <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>. </li>
<li>While one inclusion is high probability, there are 3 other stocks that are looking to take the second spot. The ones that miss will likely be added in June.</li>
<li>There has been a jump in cumulative excess volume for the potential inclusions driven by investor interest and recent index inclusions. Positioning could be lower for the next index inclusion.</li>
</ul>


There could be 2 adhoc inclusions for the S&amp;P/ASX 200 (AS51 INDEX) in April following the privatisations of Insignia Financial (IFL AU) and National Storage REIT (NSR AU). 
While one inclusion is high probability, there are 3 other stocks that are looking to take the second spot. The ones that miss will likely be added in June.
There has been a jump in cumulative excess volume for the potential inclusions driven by investor interest and recent index inclusions. Positioning could be lower for the next index inclusion.


ASX200 Index AdHoc Rebalance Preview: Two Quickfire April Changes

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/4dmedical-ltd">4DMedical </a>is a medical technology company with a proprietary, FDA-cleared four-dimensional lung imaging platform, XV Technology®, that provides detailed lung function data non-invasively.</li>
  <li>The company operates on a high-margin Software-as-a-Service (SaaS) model, integrating its software with existing hospital imaging equipment, which lowers adoption barriers and avoids capital expenditure for clients.</li>
  <li>While demonstrating rapid revenue growth from a low base, the company remains unprofitable with significant cash burn, reflecting its early stage of commercialization and heavy investment in R&amp;D and market expansion.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
4DMedical is a medical technology company with a proprietary, FDA-cleared four-dimensional lung imaging platform, XV Technology®, that provides detailed lung function data non-invasively.
  The company operates on a high-margin Software-as-a-Service (SaaS) model, integrating its software with existing hospital imaging equipment, which lowers adoption barriers and avoids capital expenditure for clients.
  While demonstrating rapid revenue growth from a low base, the company remains unprofitable with significant cash burn, reflecting its early stage of commercialization and heavy investment in R&amp;D and market expansion.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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

Shenton Research

Shenton 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 Oct 2nd (reported today). The aggregated short interest was USD50.5bn.</li>
<li>We tabulate league tables 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 Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 2nd (reported today). The aggregated short interest was USD50.5bn.
We tabulate league tables 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 Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp.


ASX Short Interest Weekly (Oct 2nd): Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 25th (reported today). The aggregated short interest was USD49.0bn.</li>
<li>We tabulate league tables 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 Steadfast, Wesfarmers, Macquarie, Ampol, BHP.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 25th (reported today). The aggregated short interest was USD49.0bn.
We tabulate league tables 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 Steadfast, Wesfarmers, Macquarie, Ampol, BHP.


ASX Short Interest Weekly (Sep 25th): Steadfast, Wesfarmers, Macquarie, Ampol, BHP

Australia

4DMedical Ltd develops software. The Company designs application for medical field. 4DMedical serves customers in the United States and Australia.

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4DMedical (4DX AU)

ASX200 Index Adhoc Rebalance: 4DMedical (4DX) Replaces Insignia Financial (IFL)

4DMedical replaces IFL in the ASX200 at the close on 17 April. There is big positioning in 4DX and longs will be looking for an exit in the next...

Brian Freitas

ASX200 Index AdHoc Rebalance Preview: Two Quickfire April Changes

The Insignia Financial and National Storage REIT privatisations will lead to 2 ad hoc ASX200 inclusions in April. One inclusion is high probability...

Brian Freitas

Primer: 4DMedical (4DX AU) - Jan 2026

4DMedical is a medical technology company with a proprietary, FDA-cleared four-dimensional lung imaging platform, XV Technology®, that provides...

αSK Primers

ASX Short Interest Weekly (Oct 2nd): Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources, Alcoa, Wesfarmers,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Sep 25th): Steadfast, Wesfarmers, Macquarie, Ampol, BHP

We analyzed ASX short interest report for the past week and highlight short interest changes in Steadfast, Wesfarmers, Macquarie, Ampol, BHP.

Ke Yan, CFA, FRM

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52-week Range

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