Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.</li>
<li>In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.
In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.


[Quiddity Index Feb25] S&P500/600 Mar25 Rebal: Still the Same Characters

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.</li>
<li>We expect two regular changes in March 2025. There are also several live spin-off and M&amp;A events which are likely to trigger intra-review index changes before then.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the March 2025 index rebal event.
We expect two regular changes in March 2025. There are also several live spin-off and M&amp;A events which are likely to trigger intra-review index changes before then.


[Quiddity Index Jan25] S&P500/600 Mar25 Rebal: Multiple Intra-Review Changes Possible

US-EU Index & Corporate Actions Analyst, ORTEX

Harry Kalfas

US-EU Index & Corporate Actions Analyst

Event-Driven

<ul>
<li>The merger between <a href="https://www.smartkarma.com/entities/omnicom-group" target="_blank" data-smartkarma-citation="entities:15775:1" rel="noopener">Omnicom Group (OMC US)</a> and <a href="https://www.smartkarma.com/entities/interpublic-group-of-companies-inc" target="_blank" data-smartkarma-citation="entities:8544:1" rel="noopener">Interpublic Group Of Companies (IPG US)</a> aims to create a marketing powerhouse with $25.6 billion in revenue and $750 million in annual synergies.</li>
<li>Deal spread narrowed due to Omnicom's price drop, signalling market caution over post-merger performance.</li>
<li>The merger’s close, expected in 2025, will impact major US indices on an intra-quarter basis.</li>
</ul>


The merger between Omnicom Group (OMC US) and Interpublic Group Of Companies (IPG US) aims to create a marketing powerhouse with $25.6 billion in revenue and $750 million in annual synergies.
Deal spread narrowed due to Omnicom's price drop, signalling market caution over post-merger performance.
The merger’s close, expected in 2025, will impact major US indices on an intra-quarter basis.


Omnicom and IPG Merger of $25.6B Combined Revenue: Market Reaction and Major US Index Implications

Apollo Global Management  / Index Rebalance

<ul>
<li>On Friday post-close, S&amp;PDJI announced the changes to the S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600 Indices. The S&amp;P500 names will get added to/deleted from the S&amp;P500 Equal-Weight Index too.</li>
<li>
<a href="https://www.smartkarma.com/entities/apollo-global-management-inc" target="_blank" data-smartkarma-citation="entities:28770:1" rel="noopener">Apollo Global Management (APO US)</a> and <a href="https://www.smartkarma.com/entities/workday-inc-class-a" target="_blank" data-smartkarma-citation="entities:5660:1" rel="noopener">Workday Inc Class A (WDAY US)</a> are IN to the S&amp;P500. <a href="https://www.smartkarma.com/entities/qorvo-inc" target="_blank" data-smartkarma-citation="entities:11965:1" rel="noopener">Qorvo Inc (QRVO US)</a> and <a href="https://www.smartkarma.com/entities/amentum-holdings-inc" target="_blank" data-smartkarma-citation="entities:44105:1" rel="noopener">Amentum Holdings (AMTM US)</a> are demoted to SmallCap600.</li>
<li>There is a <em>theoretical</em> quantity to trade, and an <em>expected</em> quantity to trade</li>
</ul>


On Friday post-close, S&amp;PDJI announced the changes to the S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600 Indices. The S&amp;P500 names will get added to/deleted from the S&amp;P500 Equal-Weight Index too.

Apollo Global Management (APO US) and Workday Inc Class A (WDAY US) are IN to the S&amp;P500. Qorvo Inc (QRVO US) and Amentum Holdings (AMTM US) are demoted to SmallCap600.
There is a theoretical quantity to trade, and an expected quantity to trade


S&P500 Dec24 Rebalance: APO and WDAY IN; QRVO and AMTM Demoted

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

<ul>
<li>There are 2 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 2 changes for the S&amp;P Midcap400 Index and 6 changes for the S&amp;P SmallCap600 Index at the December rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/apollo-global-management-inc" target="_blank" data-smartkarma-citation="entities:28770:1" rel="noopener">Apollo Global</a> and <a href="https://www.smartkarma.com/entities/workday-inc-class-a" target="_blank" data-smartkarma-citation="entities:5660:1" rel="noopener">Workday</a> will have large flows from <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> trackers while<a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener"> AppLovin</a> misses out. The SPX adds will have large inflows from the Select Sector index trackers too.</li>
<li>The outright adds are up a lot in the after-hours and there could be further upside over the next couple of weeks as positioning ramps up.</li>
</ul>


There are 2 changes for the S&amp;P 500 INDEX, 2 changes for the S&amp;P Midcap400 Index and 6 changes for the S&amp;P SmallCap600 Index at the December rebalance.

Apollo Global and Workday will have large flows from S&amp;P 500 INDEX trackers while AppLovin misses out. The SPX adds will have large inflows from the Select Sector index trackers too.
The outright adds are up a lot in the after-hours and there could be further upside over the next couple of weeks as positioning ramps up.


S&P500/400/600 Index Rebalance: Apollo Global, Workday Added to SPX; AppLovin Misses Out

United States

AppLovin Corporation provides software solutions. The Company offers an end-to-end software that optimizes monetization, and uses machine learning to make data-driven marketing decisions for profitable growth. AppLovin serves clients worldwide.

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AppLovin (APP US)

[Quiddity Index Feb25] S&P500/600 Mar25 Rebal: Still the Same Characters

The S&P500 is tough to predict (more often than not) because they pick from two pools, and use discretion. The "usual suspects" from last month are...

Travis Lundy

[Quiddity Index Jan25] S&P500/600 Mar25 Rebal: Multiple Intra-Review Changes Possible

Q1 has a bunch of deals nearing completion. We could see a couple of intra-review changes before the announcement of the March rebal. I expect we...

Travis Lundy

Omnicom and IPG Merger of $25.6B Combined Revenue: Market Reaction and Major US Index Implications

Omnicom Group Inc. (NYSE: OMC) and The Interpublic Group of Companies, Inc. (NYSE: IPG) to merge in H2 2025 for a $25.6B Combined Revenue - intra...

Harry Kalfas

S&P500 Dec24 Rebalance: APO and WDAY IN; QRVO and AMTM Demoted

S&P500/400/600 Index rebal names were announced Friday. APO + WDAY are the big S&P500 adds. QRVO and AMTM get demoted to 600. 17x/13x ADV for the...

Travis Lundy

S&P500/400/600 Index Rebalance: Apollo Global, Workday Added to SPX; AppLovin Misses Out

There are 2 changes for SnP500, 2 for SnP400 and 6 for SnP600. The outright adds are up big in the after-hours market. There will be more flows for...

Brian Freitas

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