Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2025 index rebal event.</li>
<li>We see one M&amp;A-related intra-review change for the F250 index prior to the June 2025 review and then one more shortly after the rebal event.</li>
<li>Our latest estimates suggest there could be four regular changes for the F250 index during the June 2025 rebalance. We do not currently see any changes for the F100.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2025 index rebal event.
We see one M&amp;A-related intra-review change for the F250 index prior to the June 2025 review and then one more shortly after the rebal event.
Our latest estimates suggest there could be four regular changes for the F250 index during the June 2025 rebalance. We do not currently see any changes for the F100.


Quiddity Leaderboard F100/F250 Jun25: LONGs up +6% Vs Index; Multiple Intra-Review Changes Soon

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>Palliser Capital, which reportedly holds ~$300mn in <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU/LN)</a> shares across its dual-head structure, has campaigned for near-on a year to unify the primary listing in Australia.</li>
<li>Palliser's reasonings (and others) to unify make sense, such as access to stock-based mergers and eliminating franking wastage. A recent independent assessment from Grant Thornton is also supportive of unification.</li>
<li>Shareholders will vote on the resolution on 3rd April  for UK-listed shares and 1st May for Australian-listed shares. The UK line holds the key to the vote outcome.</li>
</ul>


Palliser Capital, which reportedly holds ~$300mn in Rio Tinto Ltd (RIO AU/LN) shares across its dual-head structure, has campaigned for near-on a year to unify the primary listing in Australia.
Palliser's reasonings (and others) to unify make sense, such as access to stock-based mergers and eliminating franking wastage. A recent independent assessment from Grant Thornton is also supportive of unification.
Shareholders will vote on the resolution on 3rd April  for UK-listed shares and 1st May for Australian-listed shares. The UK line holds the key to the vote outcome.


Rio Tinto (RIO AU/LN): Shareholders To Vote On Merits Of Unification

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul><li>This week the only thing that mattered was tariffs.</li><li>In my recommendation update section, I will provide some commentary on which recommendations are most impacted by tariffs.</li><li>On April 9, 2025, President Donald Trump announced a 90-day suspension of increased tariffs on most imported goods, maintaining a base tariff of 10% during this period.</li></ul>

This week the only thing that mattered was tariffs.In my recommendation update section, I will provide some commentary on which recommendations are most impacted by tariffs.On April 9, 2025, President Donald Trump announced a 90-day suspension of increased tariffs on most imported goods, maintaining a base tariff of 10% during this period.

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>Copper and other base metals have been rising all year</li>
<li>The Trump tariff bump is not the only reason for this</li>
<li>Much less speculative positioning in futures vs previous peak meaning real world demand is the driver</li>
</ul>


Copper and other base metals have been rising all year
The Trump tariff bump is not the only reason for this
Much less speculative positioning in futures vs previous peak meaning real world demand is the driver


Tactical Trading -Revisiting MMG as Copper and Other Base Metals Perk Up

Materials| Industrials |Commodities

Rahul Jain

<ul>
<li>Hindustan Copper (HCP IN) India’s only pure-play copper miner – could see earnings surge &gt;60% if current price buoyancy sustains.</li>
<li>Copper rally appears drive by fundamentals with several large miners such as <a href="https://www.smartkarma.com/entities/freeport-mcmoran-inc" target="_blank" data-smartkarma-citation="entities:12491:1" rel="noopener">Freeport Mcmoran (FCX US)</a><a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> and <a href="https://www.smartkarma.com/entities/anglo-american-plc" target="_blank" data-smartkarma-citation="entities:21798:1" rel="noopener">Anglo American (AAL LN)</a> guiding declines.</li>
<li>Mining costs are largely location-specific and track inflation trends, supporting significant topline buoyancy.</li>
</ul>


Hindustan Copper (HCP IN) India’s only pure-play copper miner – could see earnings surge &gt;60% if current price buoyancy sustains.
Copper rally appears drive by fundamentals with several large miners such as Freeport Mcmoran (FCX US)BHP Group Ltd (BHP AU) and Anglo American (AAL LN) guiding declines.
Mining costs are largely location-specific and track inflation trends, supporting significant topline buoyancy.


Copper Up 26% YoY, Now at All-Time Highs – Key Drivers

South Africa

Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese, and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American has mining operations in Africa, Europe, North and South America, Asia, and Australia.

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

Anglo American (AGL SJ)

Quiddity Leaderboard F100/F250 Jun25: LONGs up +6% Vs Index; Multiple Intra-Review Changes Soon

Our final expectations for the F100/250 Jun25 review have been added in a discussion point below. The changes will be confirmed after LSE market...

Janaghan Jeyakumar, CFA

Rio Tinto (RIO AU/LN): Shareholders To Vote On Merits Of Unification

Rio Tinto Ltd (RIO AU) shareholders voted down (80.65% against, spread across two meetings in London and Perth) Palliser's proposal to review its...

David Blennerhassett

Weekly Update (AMS, LION, Tariffs)

This week the only thing that mattered was tariffs. In my recommendation update section, I will provide some commentary on which recommendations...

Richard Howe

Tactical Trading -Revisiting MMG as Copper and Other Base Metals Perk Up

Base metals, including copper, have been on the rise due to factors beyond the "Trump tariff bump," driven by increased real world demand and not...

Rikki Malik

Copper Up 26% YoY, Now at All-Time Highs – Key Drivers

Hindustan Copper could see earnings surge over 60% with sustained copper price buoyancy, driven by fundamental factors and mining cost dynamics.

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard F100/F250 Jun25: LONGs up +6% Vs Index; Multiple Intra-Review Changes Soon

Our final expectations for the F100/250 Jun25 review have been added in a discussion point below. The changes will be confirmed after LSE market...

Janaghan Jeyakumar, CFA

Rio Tinto (RIO AU/LN): Shareholders To Vote On Merits Of Unification

Rio Tinto Ltd (RIO AU) shareholders voted down (80.65% against, spread across two meetings in London and Perth) Palliser's proposal to review its...

David Blennerhassett

Weekly Update (AMS, LION, Tariffs)

This week the only thing that mattered was tariffs. In my recommendation update section, I will provide some commentary on which recommendations...

Richard Howe

Tactical Trading -Revisiting MMG as Copper and Other Base Metals Perk Up

​Base metals, including copper, have been on the rise due to factors beyond the "Trump tariff bump," driven by increased real world demand and not...

Rikki Malik

Copper Up 26% YoY, Now at All-Time Highs – Key Drivers

​Hindustan Copper could see earnings surge over 60% with sustained copper price buoyancy, driven by fundamental factors and mining cost dynamics.

Rahul Jain

Base metals, including copper, have been on the rise due to factors beyond the "Trump tariff bump," driven by increased real world demand and not...

Hindustan Copper could see earnings surge over 60% with sustained copper price buoyancy, driven by fundamental factors and mining cost dynamics.