Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-February 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-February 2025.


Quiddity JPX-Nikkei 400 Rebal 2025: End-Feb 2025 Ranks

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.</li>
<li>We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.</li>
<li>With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.
We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.
With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.


Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Japan defence may be buoyed by comments from Frances Macron that spending needs to rise.</li>
<li>Wild ride for Kokusai Electric continues as outstanding short interest jumps 46% over the last week.</li>
<li>Kura Sushi bringing back free meals - limit up yesterday, but with a big SI will there be more today?</li>
</ul>


Japan defence may be buoyed by comments from Frances Macron that spending needs to rise.
Wild ride for Kokusai Electric continues as outstanding short interest jumps 46% over the last week.
Kura Sushi bringing back free meals - limit up yesterday, but with a big SI will there be more today?


Japan Morning Connection: Walmart Results Raising Questions over the Overall Economy

<ul>
<li>Good numbers from Analog Devices pointing to a bottom should help likes of Rohm and Fuji Electric.</li>
<li>SMCI tear continues, will Nidec keep moving up after yesterdays gains?</li>
<li>Sanken Electric +10.45% yesterday finally starting to catch a bid on ALGM gains.</li>
</ul>


Good numbers from Analog Devices pointing to a bottom should help likes of Rohm and Fuji Electric.
SMCI tear continues, will Nidec keep moving up after yesterdays gains?
Sanken Electric +10.45% yesterday finally starting to catch a bid on ALGM gains.


Japan Morning Connection: Power/Analog Names Drive SOX Higher, Defence Down

<ul>
<li>Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. </li>
<li>$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.</li>
<li>DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials</li>
</ul>


Our outlook remains bullish on MSCI ACWI. Discussed in Jan9,2025 report how we viewed the pullback as a buying opportunity and were watching for $116-$117 support to hold on ACWI-US. 
$116 support held perfectly, and now both ACWI-US and the S&amp;P 500 are coiling just below all-time highs, likely setting up for major breakouts. ACWI is now breaking out.
DXY and 10-Year Treasury yield are both topping, a crucial risk-on signal for global equities. More and more countries breaking out. Actionable Themes: Technology, Services, Communications, Industrials, Gold Miners, Financials


More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

Japan

Kawasaki Heavy Industries, Ltd. designs, develops, and manufactures transport equipment and industrial heavy machinery for military and commercial use.  The Company produces ships, railroad cars, aircraft engines and parts, hydraulic and gas turbines, submarine engines, boilers, and industrial robots.  Kawasaki Heavy Industries offers engineering and construction services to industrial plants.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kawasaki Heavy Industries (7012 JP)

Quiddity JPX-Nikkei 400 Rebal 2025: End-Feb 2025 Ranks

There are 45 Potential ADDs and 44 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The High and Medium conviction ADDs...

Janaghan Jeyakumar, CFA

Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Major Top for the U.S. Dollar $DXY = Risk-On; Bullish Outlook Intact on $ACWI despite near-term downside risk. We remain bullish if $ACWI > $116,...

Vermilion Research

Japan Morning Connection: Walmart Results Raising Questions over the Overall Economy

Japan's defense may see a boost with Macron's call for increased spending. Kokusai Electric's short interest surges. Kura Sushi limit up yesterday...

Andrew Jackson

Japan Morning Connection: Power/Analog Names Drive SOX Higher, Defence Down

Analog Devices' positive numbers should help the likes of Rohm and Fuji Electric. SMCI continues to move up. Sanken Electric sees gains following...

Andrew Jackson

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity JPX-Nikkei 400 Rebal 2025: End-Feb 2025 Ranks

There are 45 Potential ADDs and 44 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The High and Medium conviction ADDs...

Janaghan Jeyakumar, CFA

Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Major Top for the U.S. Dollar $DXY = Risk-On; Bullish Outlook Intact on $ACWI despite near-term downside risk. We remain bullish if $ACWI > $116,...

Vermilion Research

Japan Morning Connection: Walmart Results Raising Questions over the Overall Economy

​Japan's defense may see a boost with Macron's call for increased spending. Kokusai Electric's short interest surges. Kura Sushi limit up yesterday...

Andrew Jackson

Japan Morning Connection: Power/Analog Names Drive SOX Higher, Defence Down

​Analog Devices' positive numbers should help the likes of Rohm and Fuji Electric. SMCI continues to move up. Sanken Electric sees gains following...

Andrew Jackson

More Countries Breaking Out; Bullish Outlook Intact; Buys in China, Europe, More; DXY & Yields Top

More Countries Breaking Out; Bullish Outlook Intact $ACWI $EAFE $EEM. More buys in China; Germany continues to lead Europe higher. Will...

Vermilion Research

Japan's defense may see a boost with Macron's call for increased spending. Kokusai Electric's short interest surges. Kura Sushi limit up yesterday...

Analog Devices' positive numbers should help the likes of Rohm and Fuji Electric. SMCI continues to move up. Sanken Electric sees gains following...