Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Index Rebalance

<ul><li>JSE indices are due for rebalancing in the closing auction on Friday.</li><li>There will be no changes to the Top 40 index. GLN will be added to the RESI 10 and BHG will be deleted.</li><li>ISO will be added to ALSI (+Small Cap index), the exposure is estimated to be c 3bps of the Capped ALSI.</li></ul>

JSE indices are due for rebalancing in the closing auction on Friday.There will be no changes to the Top 40 index. GLN will be added to the RESI 10 and BHG will be deleted.ISO will be added to ALSI (+Small Cap index), the exposure is estimated to be c 3bps of the Capped ALSI.

JSE December 2025 Rebalance: No Top 40 Changes

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

Dundee Precious Metals  / Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> transitioned from the tracking the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/dundee-precious-metals-inc" target="_blank" data-smartkarma-citation="entities:42245:1" rel="noopener">Dundee Precious Metals (DPM CN)</a>'s stock price has continued to move higher and is likely to be added to the index in December.</li>
<li>Stock moves over the last month have shrunk the capping trade massively. Estimated one-way turnover is 1.8% and the round trip trade is US$1.75bn.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) transitioned from the tracking the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index in September.

Dundee Precious Metals (DPM CN)'s stock price has continued to move higher and is likely to be added to the index in December.
Stock moves over the last month have shrunk the capping trade massively. Estimated one-way turnover is 1.8% and the round trip trade is US$1.75bn.


Gold Miners ETF (GDX US) Dec Rebalance Preview: Stock Price Moves Shrink Capping Trade

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.</li>
<li>The index changes for the December 2025 review will be based on the data on the close of 28th November 2025 and announced after the close of 12th December 2025.</li>
<li>We expect 2 ADDs for December 2025 review, with one-way flow of US$1.9bn.</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.
The index changes for the December 2025 review will be based on the data on the close of 28th November 2025 and announced after the close of 12th December 2025.
We expect 2 ADDs for December 2025 review, with one-way flow of US$1.9bn.


[Quiddity Index] MV Global Gold Miners Dec25: Still 2 ADDs Expected; Closing in on Base Date

David Blennerhassett

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> is up 101% on its 29th September listing. By my estimate, <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining (601899 CH)</a>'s average premium to NAV since Zijin Gold's listing has been ~21%. </li>
<li>Preceding further commentary on Zijin Mining/Gold are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Zijin Gold (2259 HK) is up 101% on its 29th September listing. By my estimate, Zijin Mining (601899 CH)'s average premium to NAV since Zijin Gold's listing has been ~21%. 
Preceding further commentary on Zijin Mining/Gold are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed globally. Last month the index inorganically gained significant tracking AUM.</li>
<li>This index is reviewed and rebalanced quarterly during which names can be added or deleted from the index. Our expectations for the December 2025 index rebal event are presented here.</li>
<li>We expect 2 high-conviction ADDs for December 2025, with one-way flow of US$1.85bn. Healthy start for this new-ish index.</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed globally. Last month the index inorganically gained significant tracking AUM.
This index is reviewed and rebalanced quarterly during which names can be added or deleted from the index. Our expectations for the December 2025 index rebal event are presented here.
We expect 2 high-conviction ADDs for December 2025, with one-way flow of US$1.85bn. Healthy start for this new-ish index.


[Quiddity Index] MV Global Gold Miners Dec25: 2 ADDs Expected; US$1.8bn One-Way Flows

South Africa

AngloGold Ashanti Limited is a holding company for a group of companies which explore for and mine gold internationally. The Group has operations in the Vaal River and West Witwatersrand areas of South Africa as well as Namibia, Mali, Brazil, Argentina, Australia, Tanzania and the United States.

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AngloGold Ashanti Spon Adr (AU US)

JSE December 2025 Rebalance: No Top 40 Changes

The end of an era: SWIX indices to be terminated 31 Dec 2025, methodology adopted throughout index series since the harmonisation in March 2024

DMA

Gold Miners ETF (GDX US) Dec Rebalance Preview: Stock Price Moves Shrink Capping Trade

DPM Metals could be added in Dec, while Zijin Gold should miss inclusion. Recent stock moves over have shrunk the capping trade. Estimated 1-way...

Brian Freitas

[Quiddity Index] MV Global Gold Miners Dec25: Still 2 ADDs Expected; Closing in on Base Date

We see US$3.8bn of flows for the December rebalance with two ADDs. The impact will be somewhat limited across the ADDs but a couple of names will...

Travis Lundy

StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

Zijin Mining is trading rich. As is Zijin Gold. I'd be taking down borrow in Zijin Mining and look to short when this turns. Oddly - Zijin Gold is...

David Blennerhassett

[Quiddity Index] MV Global Gold Miners Dec25: 2 ADDs Expected; US$1.8bn One-Way Flows

The MV GDX Index is the new benchmark for the GDX ETF. Big flows last month on the benchmark change, and now two potential ADDs for December. One...

Travis Lundy

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