Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Late Friday, S&amp;PDJI announced <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> and <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> would replace <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> and <a href="https://www.smartkarma.com/entities/dow-inc" target="_blank" data-smartkarma-citation="entities:19107:1" rel="noopener">Dow (DOW US)</a> in the Dow Jones Industrial Avg.</li>
<li>This was done to "ensure a more representative exposure to the semiconductors industry and materials sector, respectively." This will be effective of 7 November close; only four days to trade. </li>
<li>The details merit a closer look. Calculating how much tracks the DJIA should be "easy" but I have questions. That said, <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> could get exciting.</li>
</ul>


Late Friday, S&amp;PDJI announced NVIDIA Corp (NVDA US) and Sherwin Williams Co (SHW US) would replace Intel Corp (INTC US) and Dow (DOW US) in the Dow Jones Industrial Avg.
This was done to "ensure a more representative exposure to the semiconductors industry and materials sector, respectively." This will be effective of 7 November close; only four days to trade. 
The details merit a closer look. Calculating how much tracks the DJIA should be "easy" but I have questions. That said, Sherwin Williams Co (SHW US) could get exciting.


Dow Jones Industrial Avg Nov24 Rebalance - Sherwin Williams (SHW) Could Get Jiggy

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Equity Bottom-Up

<ul><li>Covering dominated the week ending June 27.</li><li>Several names saw short interest fall 50-70%, while a handful of fresh short positions emerged in energy, metals, and financials.</li><li>Borrow costs told a split story - tightening hard in some names, collapsing in others.</li></ul>

Covering dominated the week ending June 27.Several names saw short interest fall 50-70%, while a handful of fresh short positions emerged in energy, metals, and financials.Borrow costs told a split story - tightening hard in some names, collapsing in others.

Bears Cover, Bulls Borrow: Short Interest Week of June 22

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>The AES Corporation reported financial and operational results for the third quarter of 2025, affirming its full-year guidance and long-term growth targets.</li><li>The company highlighted strong execution across its renewables and utility segments, with adjusted EBITDA rising to $830 million from $698 million year-over-year, and adjusted earnings per share increasing to $0.75 from $0.71 in the same period.</li><li>This growth was primarily driven by the completion of new renewable projects, acceleration in U.S. utility rate base investments, and realization of cost savings initiatives, partially offset by divestitures such as the sale of AES Brazil and a stake reduction in AES Ohio.</li></ul>

The AES Corporation reported financial and operational results for the third quarter of 2025, affirming its full-year guidance and long-term growth targets.The company highlighted strong execution across its renewables and utility segments, with adjusted EBITDA rising to $830 million from $698 million year-over-year, and adjusted earnings per share increasing to $0.75 from $0.71 in the same period.This growth was primarily driven by the completion of new renewable projects, acceleration in U.S. utility rate base investments, and realization of cost savings initiatives, partially offset by divestitures such as the sale of AES Brazil and a stake reduction in AES Ohio.

AES’s 60% U.S. Renewables Expansion Signals A Pivotal Capacity Cycle!

<ul><li>AES Corporation saw its shares rise 1.3% recently following market speculation of revived takeover interest.</li><li>Traders cited a fresh “uncooked” alert from Betaville—a platform known for leaking early M&A discussions—as the spark for the buzz, suggesting that talks may have progressed with one or more potential suitors.</li><li>While no official confirmation or announcement has been made, the speculation has refocused attention on two infrastructure behemoths: Brookfield Asset Management and BlackRock’s Global Infrastructure Partners (GIP).</li></ul>

AES Corporation saw its shares rise 1.3% recently following market speculation of revived takeover interest.Traders cited a fresh “uncooked” alert from Betaville—a platform known for leaking early M&A discussions—as the spark for the buzz, suggesting that talks may have progressed with one or more potential suitors.While no official confirmation or announcement has been made, the speculation has refocused attention on two infrastructure behemoths: Brookfield Asset Management and BlackRock’s Global Infrastructure Partners (GIP).

AES Corp Surges as Takeover Buzz Heats Up: Is a Mega-Deal Brewing Behind the Scenes?

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Macroeconomics

<div><p></p><ul style="list-style-type: disc;"><li><p>Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry performance.</p></li><li><p>Interesting trends in the gold market: We examine gold prices and propose a shift from wealth-driven to fear-driven consumption patterns. We also identify several events that could reduce fear and slow gold price momentum.</p></li><li><p>The evolving situation at OCI: The fund holds a 6% position in OCI, a global fertilizer business that announced two significant asset sales in December 2023, from which we expect to receive a substantial capital return in 2024.</p></li></ul></div>

Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry performance.Interesting trends in the gold market: We examine gold prices and propose a shift from wealth-driven to fear-driven consumption patterns. We also identify several events that could reduce fear and slow gold price momentum.The evolving situation at OCI: The fund holds a 6% position in OCI, a global fertilizer business that announced two significant asset sales in December 2023, from which we expect to receive a substantial capital return in 2024.

United States

The AES Corporation acquires, develops, owns, and operates generation plants and distribution businesses in several countries. The Company sells electricity under long term contracts and serves customers under its regulated utility businesses. AES also mines coal, turns seawater into drinking water, and develops alternative sources of energy.

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Aes Corp (AES US)

Dow Jones Industrial Avg Nov24 Rebalance - Sherwin Williams (SHW) Could Get Jiggy

The DJIA (Dow30) is an odd anachronism. Price-weighted. Rebalances when it wants. No ranking system. Just a committee and some vague inputs. This...

Travis Lundy

Bears Cover, Bulls Borrow: Short Interest Week of June 22

Covering dominated the week ending June 27. Several names saw short interest fall 50-70%, while a handful of fresh short positions emerged in...

ORTEX Market Intel

AES’s 60% U.S. Renewables Expansion Signals A Pivotal Capacity Cycle!

The AES Corporation reported financial and operational results for the third quarter of 2025, affirming its full-year guidance and long-term...

Baptista Research

AES Corp Surges as Takeover Buzz Heats Up: Is a Mega-Deal Brewing Behind the Scenes?

AES Corporation saw its shares rise 1.3% recently following market speculation of revived takeover interest. Traders cited a fresh “uncooked”...

Baptista Research

1st Quarter 2024 Letter to Investors

Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry...

Massif Capital Research

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