Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>In this insight, we have presented our expectations for ADDs/DELs for the upcoming quarterly rebalance in June 2026 and for the annual reconstitution in December 2026.</li>
<li>There is one imminent intra-review change before the upcoming June rebal event.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
In this insight, we have presented our expectations for ADDs/DELs for the upcoming quarterly rebalance in June 2026 and for the annual reconstitution in December 2026.
There is one imminent intra-review change before the upcoming June rebal event.


Quiddity Leaderboard NASDAQ 100 Jun26 Rebal: TWO Regular ADDs/DELs + ONE Intra-Review Change Coming

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed in the Nasdaq Stock Exchange.</li>
<li>In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026 and flow expectations for the quarterly weight rebalance in March 2026.</li>
<li>We also discuss the pending Nasdaq methodology consultation/review which, if adopted, could result in multiple Fast Entry ADDs in the next year.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed in the Nasdaq Stock Exchange.
In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026 and flow expectations for the quarterly weight rebalance in March 2026.
We also discuss the pending Nasdaq methodology consultation/review which, if adopted, could result in multiple Fast Entry ADDs in the next year.


[Quiddity Index] NASDAQ 100 Dec26 Rebal: Early Predictions & Potential Methodology Change

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>GitLab Inc. is a complete DevSecOps platform delivered as a single application that empowers organizations to maximize the overall return on software development.</li>
<li>In October 2021, one the largest all-remote companies in the world completed an initial public offering at $77/share, raising $801M at ~$11B valuation.</li>
<li>The stock peaked at $137 in 2021 and fell ~71% over the next 4 years. The underperformance was driven by investor concerns around slowing revenue growth, competition and AI monetization.</li>
</ul>


GitLab Inc. is a complete DevSecOps platform delivered as a single application that empowers organizations to maximize the overall return on software development.
In October 2021, one the largest all-remote companies in the world completed an initial public offering at $77/share, raising $801M at ~$11B valuation.
The stock peaked at $137 in 2021 and fell ~71% over the next 4 years. The underperformance was driven by investor concerns around slowing revenue growth, competition and AI monetization.


2026 High Conviction: GitLab Inc., Undervalued With Duo Agent Platform Growth Upside/M&A Optionality

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>In a striking move that could redefine its trajectory in the AI era, Atlassian has announced its intent to acquire artificial intelligence startup DX for $1 billion in a cash-and-stock transaction.</li>
<li>This development follows a strong fiscal year 2025 for the collaboration software giant, which closed out the year with over $5.2 billion in revenue and $1.4 billion in free cash flow.</li>
<li>The deal is expected to close in Q2 of fiscal 2026 and, notably, will not impact Atlassian's previously issued fiscal 2027 adjusted operating margin target.</li>
</ul>


In a striking move that could redefine its trajectory in the AI era, Atlassian has announced its intent to acquire artificial intelligence startup DX for $1 billion in a cash-and-stock transaction.
This development follows a strong fiscal year 2025 for the collaboration software giant, which closed out the year with over $5.2 billion in revenue and $1.4 billion in free cash flow.
The deal is expected to close in Q2 of fiscal 2026 and, notably, will not impact Atlassian's previously issued fiscal 2027 adjusted operating margin target.


Atlassian Just Dropped $1 Billion On AI Startup DX—Here's Why That Could Be A Game Changer (Or Not)

<ul>
<li>Atlassian reported strong financial results for the fourth quarter of fiscal year 2025.</li>
<li>The company achieved over $5.2 billion in revenue and generated more than $1.4 billion in free cash flow, maintaining a balanced Rule of 40+ performance.</li>
<li>The company's customer base grew to over 300,000, with a significant increase in deals over $1 million in annual contract value, indicating a robust enterprise sales performance.</li>
</ul>


Atlassian reported strong financial results for the fourth quarter of fiscal year 2025.
The company achieved over $5.2 billion in revenue and generated more than $1.4 billion in free cash flow, maintaining a balanced Rule of 40+ performance.
The company's customer base grew to over 300,000, with a significant increase in deals over $1 million in annual contract value, indicating a robust enterprise sales performance.


Atlassian Corporation: Their Enterprise Go-To-Market Strategy Is Driving Our Optimism!

United States

Atlassian Corporation provides technology solutions. The Company designs and develops enterprise software platform for project management, collaboration, issue tracking, integration, deployment, and support services. Atlassian serves customers worldwide.

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Atlassian (TEAM US)

Quiddity Leaderboard NASDAQ 100 Jun26 Rebal: TWO Regular ADDs/DELs + ONE Intra-Review Change Coming

New methodology introduces quarterly constituent reviews alongside weight adjustments, but even before it takes effect, we expect one intra-review...

Anjana Amarasuriya

[Quiddity Index] NASDAQ 100 Dec26 Rebal: Early Predictions & Potential Methodology Change

SpaceX is on the verge of filing its IPO paperwork, while Nasdaq has yet to announce the outcome of its February 2026 consultation on proposed...

Anjana Amarasuriya

2026 High Conviction: GitLab Inc., Undervalued With Duo Agent Platform Growth Upside/M&A Optionality

GitLab Inc., the leading DevSecOps platform provider that delivers software faster and efficiently, is my 2026 high conviction idea in the U.S....

Andrei Zakharov

Atlassian Just Dropped $1 Billion On AI Startup DX—Here's Why That Could Be A Game Changer (Or Not)

In a striking move that could redefine its trajectory in the AI era, Atlassian has announced its intent to acquire artificial intelligence startup...

Baptista Research

Atlassian Corporation: Their Enterprise Go-To-Market Strategy Is Driving Our Optimism!

The company achieved over $5.2 billion in revenue and generated more than $1.4 billion in free cash flow, maintaining a balanced Rule of 40+...

Baptista Research

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