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 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

Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

Thematic (Sector/Industry)

<ul><li>The S&amp;P500 moved sharply lower overnight, shedding 3% apparently on continued concerns about China's future growth prospects.&nbsp; Despite the correction in recent months, the stock market still doesn't look particularly cheap, with the prospective PE on the S&amp;P500 still higher than historical norms. &nbsp;The headwinds facing US stock investors stem from the stagnation in expected profitability over the past 12 months.&nbsp;</li><li>For Australia, the market&rsquo;s prospective PE of 14.5x suggests that the market is neither cheap or expensive at current levels.&nbsp; Like the US, the key headwind facing corporate Australia is the stagnation of future growth prospects, which has now dragged on for five years now due to the terms of trade shock.&nbsp;</li><li>As far as reporting season goes, the market continues to punish even small misses from high growth stocks.&nbsp; I discuss the market pricing for Seek.com and other market darlings that have confronted growth stalls in the past year.</li></ul>

The S&amp;P500 moved sharply lower overnight, shedding 3% apparently on continued concerns about China's future growth prospects.&nbsp; Despite the correction in recent months, the stock market still doesn't look particularly cheap, with the prospective PE on the S&amp;P500 still higher than historical norms. &nbsp;The headwinds facing US stock investors stem from the stagnation in expected profitability over the past 12 months.&nbsp;For Australia, the market&rsquo;s prospective PE of 14.5x suggests that the market is neither cheap or expensive at current levels.&nbsp; Like the US, the key headwind facing corporate Australia is the stagnation of future growth prospects, which has now dragged on for five years now due to the terms of trade shock.&nbsp;As far as reporting season goes, the market continues to punish even small misses from high growth stocks.&nbsp; I discuss the market pricing for Seek.com and other market darlings that have confronted growth stalls in the past year.

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.

Equity Bottom-Up

Charter Communications  / Equity Bottom-Up

<ul><li>Charter Communications' Q2 2025 results reflect a nuanced performance across various segments of its operations.</li><li>The company reported mixed results in customer additions, revenue, and service enhancements amid a competitive landscape.</li><li>Positive aspects include Charter Communications' continued growth in its mobile segment, with 500,000 Spectrum Mobile lines added during the quarter.</li></ul>

Charter Communications' Q2 2025 results reflect a nuanced performance across various segments of its operations.The company reported mixed results in customer additions, revenue, and service enhancements amid a competitive landscape.Positive aspects include Charter Communications' continued growth in its mobile segment, with 500,000 Spectrum Mobile lines added during the quarter.

Charter Communications: An Insight into its Video Product & Bundling Strategy & Key Growth Levers!

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

Event-Driven

<ul><li>In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).</li><li>Liberty shareholders received 0.20 shares of GCI Liberty common stock per Liberty Broadband common share. Regular way trading starting on July 15, 2025.</li><li>GCI Liberty is the leading telecom provider in Alaska. The remoteness and harshness of the Alaskan landscape provides a moat around its business.</li></ul>

In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).Liberty shareholders received 0.20 shares of GCI Liberty common stock per Liberty Broadband common share. Regular way trading starting on July 15, 2025.GCI Liberty is the leading telecom provider in Alaska. The remoteness and harshness of the Alaskan landscape provides a moat around its business.

<ul><li>In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal.</li><li>Under the merger agreement, each Liberty Broadband common share will convert into 0.236 share of Charter common stock (plus cash for fractional shares), and each Liberty preferred share will convert to a new Charter preferred share.</li><li>As part of the deal, Liberty Broadband will spin off its fully owned Alaska telecom business (GCI, LLC) to Liberty shareholders before the Charter merger closes.</li></ul>

In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal.Under the merger agreement, each Liberty Broadband common share will convert into 0.236 share of Charter common stock (plus cash for fractional shares), and each Liberty preferred share will convert to a new Charter preferred share.As part of the deal, Liberty Broadband will spin off its fully owned Alaska telecom business (GCI, LLC) to Liberty shareholders before the Charter merger closes.

Weekly Update (GCI, IGT/BRSL, Greenblatt)

United States

Charter Communications, Inc. operates as a cable telecommunications company. The Company offers cable broadcasting, internet, voice, and mass media services. Charter Communications serves customers in the United States.

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Charter Communications (CHTR US)

[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

Weekly Impressions

The S&P500 moved sharply lower overnight, shedding 3% apparently on continued concerns about China's future growth prospects. Despite the...

Sam Ferraro

Charter Communications: An Insight into its Video Product & Bundling Strategy & Key Growth Levers!

Charter Communications' Q2 2025 results reflect a nuanced performance across various segments of its operations. The company reported mixed...

Baptista Research

GCI Liberty Spin-off Deep Dive

In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).

Richard Howe

Weekly Update (GCI, IGT/BRSL, Greenblatt)

In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal. Under the...

Richard Howe

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