Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>There are 6 inclusions and 6 exclusions for the <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 Stock Index (NDX INDEX)</a> at the annual December reconstitution. The estimated one-way trade is US$11.05bn.</li>
<li>Impact on the inclusions ranges from 0.25-2.22 days of ADV to buy, while the impact on the deletions varies from 1.4-3.38 days of ADV to sell.</li>
<li>There will be large inflows on <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta Platforms (FB US)</a> and large outflows on Tesla, Apple, NVidia, Amazon and Google.</li>
</ul>


There are 6 inclusions and 6 exclusions for the Nasdaq-100 Stock Index (NDX INDEX) at the annual December reconstitution. The estimated one-way trade is US$11.05bn.
Impact on the inclusions ranges from 0.25-2.22 days of ADV to buy, while the impact on the deletions varies from 1.4-3.38 days of ADV to sell.
There will be large inflows on Meta Platforms (FB US) and large outflows on Tesla, Apple, NVidia, Amazon and Google.


NASDAQ 100 Index Rebalance: Six Changes at the Annual Reconstitution

Alpha-Centric ESG Research

Kyle Rudden

<p>The first U.S. Presidential debate that took place on 29 September between Donald Trump and Joe Biden. It covered six topics officially, seven with the unplanned addition of Climate Change. That was covered in <a href="https://www.smartkarma.com/insights/u-s-presidential-debates-biden-and-trump-butt-heads-over-the-environment" target="_blank" data-smartkarma-citation="insights:43756" rel="noopener">U.S. Presidential Debates: Biden and Trump Butt Heads Over the Environment</a>. In a different debate segment (about 15 minutes each), the topic was the U.S. Supreme Court.</p><p>The recent passing of Supreme Court Justice Ruth Bader Ginsburg and Trump's rush to nominate a replacement during a Presidential Election Cycle gave this debate topic a new level of urgency. It is about timing, not the nominee <em>per se</em>. Judges are appointed by the President and confirmed by the Senate. The argument is that the next President, and the next Senate, should appoint and confirm.</p><p>The Supreme Court segment wasn't as heated as others, but broached a time-sensitive topic. There are two more Presidential debates and one Vice Presidential debate. Different topics. I will watch with an eye and ear out for ESG angles, and write about anything material. One more month. </p>

The first U.S. Presidential debate that took place on 29 September between Donald Trump and Joe Biden. It covered six topics officially, seven with the unplanned addition of Climate Change. That was covered in U.S. Presidential Debates: Biden and Trump Butt Heads Over the Environment. In a different debate segment (about 15 minutes each), the topic was the U.S. Supreme Court.The recent passing of Supreme Court Justice Ruth Bader Ginsburg and Trump's rush to nominate a replacement during a Presidential Election Cycle gave this debate topic a new level of urgency. It is about timing, not the nominee per se. Judges are appointed by the President and confirmed by the Senate. The argument is that the next President, and the next Senate, should appoint and confirm.The Supreme Court segment wasn't as heated as others, but broached a time-sensitive topic. There are two more Presidential debates and one Vice Presidential debate. Different topics. I will watch with an eye and ear out for ESG angles, and write about anything material. One more month. 

U.S. Presidential Debates: Biden and Trump Argue Governance During Supreme Court Segment

<p>It sounded like adolescent trash-talk in the run-up to schoolyard fist fight. Not very presidential, as a Presidential debate shoud be. I am referring, of course, the first U.S. Presidential debate that too place on 29 September between Donald Trump and Joe Biden.</p><p>The debate went off the rails early. It often sounded like Trump was yelling Tweets at Joe Biden. In a number of instanes the moderator struggled to regain control. The debate was, for all intents and purposes, a waste. Until, ten minutes before the end, the moderator brought up climate change.</p><p>Aside from being mildly entertaining (Trump rambling on about trees, and cows, and immaculate water), there was some real <em>debating</em> – versus just yelling – and one absolutely historic admission by Trump, coaxed out of him by a master moderator who knew all the buttons to push.</p><p>This is my quick take on the debate, through the ESG lens of course, and about the Environmental moments of thee debate. I will be writing about the 2020 U.S. Presidential Elections, from an ESG perspective. Some data-heavy analyses, some lighter and more timely pieces, like this.</p>

It sounded like adolescent trash-talk in the run-up to schoolyard fist fight. Not very presidential, as a Presidential debate shoud be. I am referring, of course, the first U.S. Presidential debate that too place on 29 September between Donald Trump and Joe Biden.The debate went off the rails early. It often sounded like Trump was yelling Tweets at Joe Biden. In a number of instanes the moderator struggled to regain control. The debate was, for all intents and purposes, a waste. Until, ten minutes before the end, the moderator brought up climate change.Aside from being mildly entertaining (Trump rambling on about trees, and cows, and immaculate water), there was some real debating – versus just yelling – and one absolutely historic admission by Trump, coaxed out of him by a master moderator who knew all the buttons to push.This is my quick take on the debate, through the ESG lens of course, and about the Environmental moments of thee debate. I will be writing about the 2020 U.S. Presidential Elections, from an ESG perspective. Some data-heavy analyses, some lighter and more timely pieces, like this.

U.S. Presidential Debates: Biden and Trump Butt Heads Over the Environment

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<p>We wrote about Disney at the outset of COVID-19, thinking that its dramatic drawdown was overdone – essentially arguing that consumer behavior ultimately won’t be impacted.</p><p>We admittedly have some egg on our face. Clearly this time is different. We think we are at maximum Disney bearishness - multiple sellside downgrades, consensus hedge fund short? Seems like a good entry point for what will become a crowded long again once some visibility emerges.</p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

We wrote about Disney at the outset of COVID-19, thinking that its dramatic drawdown was overdone – essentially arguing that consumer behavior ultimately won’t be impacted.We admittedly have some egg on our face. Clearly this time is different. We think we are at maximum Disney bearishness - multiple sellside downgrades, consensus hedge fund short? Seems like a good entry point for what will become a crowded long again once some visibility emerges.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Disney Revisited: Still a Long (Time From Now), When People Are (No Longer) Far Far Away.

Thematic (Sector/Industry)

<div><p>In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in consumer preferences that is magnifying (or will magnify) those business models most equipped to benefit from them.</p></div><div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in consumer preferences that is magnifying (or will magnify) those business models most equipped to benefit from them.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Coronavirus as Secular Accelerator II: US Media/Telco Edition

United States

Fox Corporation operates as an entertainment company. The Company produces and licenses news, sports, and entertainment content for distribution through cable television systems, direct broadcast satellite operators, telecommunications companies, and online video distributors. Fox also manages broadcast studios, theaters, editing bays, sound stages, and other production facilities.

Fox (FOX US)

NASDAQ 100 Index Rebalance: Six Changes at the Annual Reconstitution

There are 6 changes for the NASDAQ-100 index at the annual December reconstitution. Apart from the flows on the adds and deletes, there will be...

Brian Freitas

U.S. Presidential Debates: Biden and Trump Argue Governance During Supreme Court Segment

It sounded like adolescent trash-talk in the run-up to schoolyard fist fight. Not very presidential, as a Presidential debate shoud be. I am...

Kyle Rudden

U.S. Presidential Debates: Biden and Trump Butt Heads Over the Environment

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Kyle Rudden

Disney Revisited: Still a Long (Time From Now), When People Are (No Longer) Far Far Away.

We wrote about Disney at the outset of COVID-19, thinking that its dramatic drawdown was overdone – essentially arguing that consumer behavior...

Aaron Gabin

Coronavirus as Secular Accelerator II: US Media/Telco Edition

In our weekly notes, we’ve been circling around an insight that is beginning to crystallize. Covid 19 is an accelerator of secular shifts in...

Aaron Gabin