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

Index Rebalance

<ul>
<li>There are no constituent 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 (SPX INDEX)</a> in June but there are capping changes for the Select Sector indices and the Equal Weight Index.</li>
<li>The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, <a href="https://www.smartkarma.com/entities/communication-services-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27534:1" rel="noopener">Communication Services Select Sector SPDR Fund (XLC US)</a> and <a href="https://www.smartkarma.com/entities/energy-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27537:1" rel="noopener">Energy Select Sector SPDR Fund (XLE US)</a>. </li>
<li>The largest flows are expected in <a href="https://www.smartkarma.com/entities/exxon-mobil-corp" target="_blank" data-smartkarma-citation="entities:811:1" rel="noopener">Exxon Mobil</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet</a>, <a href="https://www.smartkarma.com/entities/chevron-corp" target="_blank" data-smartkarma-citation="entities:11091:1" rel="noopener">Chevron Corp</a>, <a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa</a>, <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone</a>, <a href="https://www.smartkarma.com/entities/live-nation-entertainment-inc" target="_blank" data-smartkarma-citation="entities:6893:1" rel="noopener">Live Nation Entertainment</a>, <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta</a>, <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a>, <a href="https://www.smartkarma.com/entities/tko-group-holdings-inc" target="_blank" data-smartkarma-citation="entities:40463:1" rel="noopener">TKO Group Holdings</a>, <a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies</a> and <a href="https://www.smartkarma.com/entities/omnicom-group" target="_blank" data-smartkarma-citation="entities:15775:1" rel="noopener">Omnicom Group</a>.</li>
</ul>


There are no constituent changes for the S&amp;P 500 INDEX (SPX INDEX) in June but there are capping changes for the Select Sector indices and the Equal Weight Index.
The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, Communication Services Select Sector SPDR Fund (XLC US) and Energy Select Sector SPDR Fund (XLE US). 
The largest flows are expected in Exxon Mobil, Alphabet, Chevron Corp, Visa, Blackstone, Live Nation Entertainment, Meta, Broadcom, TKO Group Holdings, Dell Technologies and Omnicom Group.


Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Equity Bottom-Up

<ul><li>Warburg Pincus partners with Eastgate to acquire Tokyo office as part of Life Sciences joint venture, expanding their investment portfolio.</li><li>Greystar purchases GIC-Wee Hur Aussie student housing for $1B, solidifying their presence in the Australian real estate market.</li><li>Iron Mountain makes strategic move by acquiring Web Werks, an Indian data center group, enhancing their capabilities in the data management sector.</li></ul>

Warburg Pincus partners with Eastgate to acquire Tokyo office as part of Life Sciences joint venture, expanding their investment portfolio.Greystar purchases GIC-Wee Hur Aussie student housing for $1B, solidifying their presence in the Australian real estate market.Iron Mountain makes strategic move by acquiring Web Werks, an Indian data center group, enhancing their capabilities in the data management sector.

Asia Real Estate Tracker (03-Apr-2025): Warburg Pincus buys Tokyo office in life sciences JV.

<ul><li>Rava has enlisted Blackstone MDs to spearhead growth in Japan, highlighting their intent to expand operations in the region.</li><li>GreenFort and Gaw have partnered to explore land lease opportunities in Australia, with a focus on showcasing their collaboration on MTD TV.</li><li>SC Capital, based in Singapore, has successfully closed their sixth APAC fund at $900M, demonstrating their commitment to making opportunistic investments in the region.</li></ul>

Rava has enlisted Blackstone MDs to spearhead growth in Japan, highlighting their intent to expand operations in the region.GreenFort and Gaw have partnered to explore land lease opportunities in Australia, with a focus on showcasing their collaboration on MTD TV.SC Capital, based in Singapore, has successfully closed their sixth APAC fund at $900M, demonstrating their commitment to making opportunistic investments in the region.

Asia Real Estate Tracker (27-Mar-2025): Rava hires Blackstone MDs to lead Japan.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The US market is weakening again as an interday reversal after Nvidia results foreshadows continued selling in the AI theme.  Market breadth is weakening and stocks at 52-week lows surging.</li>
<li>Volatility has reached levels last seen during the tariff tantrum in April. Insider sales of Nvidia have surged since June. Private credit and private equity markets are showing stress.</li>
<li>US consumption has narrowed and is highly dependent on stock market gains. Household debt levels are at new highs, and consumer sentiment is lower than during the GFC in 2008/09.</li>
</ul>


The US market is weakening again as an interday reversal after Nvidia results foreshadows continued selling in the AI theme.  Market breadth is weakening and stocks at 52-week lows surging.
Volatility has reached levels last seen during the tariff tantrum in April. Insider sales of Nvidia have surged since June. Private credit and private equity markets are showing stress.
US consumption has narrowed and is highly dependent on stock market gains. Household debt levels are at new highs, and consumer sentiment is lower than during the GFC in 2008/09.


US Market: WALK TO THE EXIT NOW BEFORE EVERYONE STARTS RUNNING!

<ul><li>Bain Capital acquires worker housing in Singapore for $555M from Blackstone, expanding their real estate portfolio in the region.</li><li>Standard Chartered Marketing Shanghai Office Blocks due to BlackRock default, highlighting the impact of financial decisions on commercial real estate.</li><li>PAG successfully raises $4B for APAC real estate fund, demonstrating investor confidence in the region's property market despite economic uncertainties.</li></ul>

Bain Capital acquires worker housing in Singapore for $555M from Blackstone, expanding their real estate portfolio in the region.Standard Chartered Marketing Shanghai Office Blocks due to BlackRock default, highlighting the impact of financial decisions on commercial real estate.PAG successfully raises $4B for APAC real estate fund, demonstrating investor confidence in the region's property market despite economic uncertainties.

Asia Real Estate Tracker (14-Feb-2025): Bain Capital buys worker housing from Blackstone for $555M.

United States

Blackstone Inc. operates as an investment company. The Company focuses on real estate, hedge funds, private equity, leveraged lending, senior debts, and rescue financing. Blackstone serves customers worldwide.

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Blackstone (BX US)

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

Capping changes for the Select Sector indices and Equal Weight Index will result in a round-trip trade of US$17.4bn. There are some stocks with...

Brian Freitas

Asia Real Estate Tracker (03-Apr-2025): Warburg Pincus buys Tokyo office in life sciences JV.

Warburg Pincus makes multiple acquisitions in Japan and India, while Greystar acquires Australian student housing in billion-dollar deals.

Asia Real Estate Tracker

Asia Real Estate Tracker (27-Mar-2025): Rava hires Blackstone MDs to lead Japan.

Rava enlists Blackstone MDs for Japan growth, GreenFort and Gaw team up for Australia land leases on MTD TV, while SC Capital closes $900M APAC fund.

Asia Real Estate Tracker

US Market: WALK TO THE EXIT NOW BEFORE EVERYONE STARTS RUNNING!

The US market is weakening again as an interday reversal after Nvidia results foreshadows continued selling in the AI theme. Market breadth is...

David Mudd

Asia Real Estate Tracker (14-Feb-2025): Bain Capital buys worker housing from Blackstone for $555M.

Bain Capital acquires worker housing in Singapore, Standard Chartered faces marketing office blocks default, PAG raises $4B for APAC fund, and PGIM...

Asia Real Estate Tracker

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