Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.</li>
<li>We see three M&amp;A-related intra-review changes for the F250 index prior to the September 2025 review <strong><em>(one announced later today)</em></strong> and then two more shortly after the rebal event. </li>
<li>Our latest estimates suggest there could be one regular change for the F250 index during the September 2025 rebalance. We do not currently see any changes for the F100.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.
We see three M&amp;A-related intra-review changes for the F250 index prior to the September 2025 review (one announced later today) and then two more shortly after the rebal event. 
Our latest estimates suggest there could be one regular change for the F250 index during the September 2025 rebalance. We do not currently see any changes for the F100.


Quiddity Leaderboard F100/F250 Sep25 Results: Methodology Change Could Result in a Surprise Addition

Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

<ul><li>Chesnara announced its 2024 results, which showed positive progress compared with 2023.</li><li>The main features were positive market returns, offset by some mixed operational experience.</li><li>Economic Value profit of £69.1m represented a 17% increase on the £59.1m in 2023.</li></ul>

Chesnara announced its 2024 results, which showed positive progress compared with 2023.The main features were positive market returns, offset by some mixed operational experience.Economic Value profit of £69.1m represented a 17% increase on the £59.1m in 2023.

Chesnara plc (CSN): Showing good operational progress

Oxford Nanopore Technologies / Equity Bottom-Up

<ul><li>Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.</li><li>Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.</li><li>Despite this, some companies can still make extremely attractive returns for investors.</li></ul>

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.Despite this, some companies can still make extremely attractive returns for investors.

<ul><li>After an interval of 18 months, Chesnara announced a new acquisition just before Christmas.</li><li>Although relatively small, it is another positive step for the company.</li><li>The deal is a further acquisition from Canada Life UK, this time a portfolio of unit-linked bonds and legacy pension business, consisting of ca.17,000 policies and £1.5bn of AUM.</li></ul>

After an interval of 18 months, Chesnara announced a new acquisition just before Christmas.Although relatively small, it is another positive step for the company.The deal is a further acquisition from Canada Life UK, this time a portfolio of unit-linked bonds and legacy pension business, consisting of ca.17,000 policies and £1.5bn of AUM.

<ul><li>Chesnara has announced its 1H’24 results.</li><li>The main features were positive equity market returns, offset to some extent by further adverse lapse experience.</li><li>Economic Value profit of £20.2m was behind the 1H’23 result of £32.6m (excl. acquisitions).</li></ul>

Chesnara has announced its 1H’24 results.The main features were positive equity market returns, offset to some extent by further adverse lapse experience.Economic Value profit of £20.2m was behind the 1H’23 result of £32.6m (excl. acquisitions).

United Kingdom

Chesnara Plc is a life assurance and pensions business that focuses on the acquisition, restructuring, and management of financial services companies in Western Europe. The company provides financial protection, pensions, savings, life cover, and critical illness benefits, distributing products primarily through independent financial advisors. Chesnara is headquartered in Preston, England, UK, and was founded in 2004.

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Chesnara (CSN LN)

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Chesnara announced its 2024 results, which showed positive progress compared with 2023. The main features were positive market returns, offset by...

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Hardman & Co

Chesnara Plc (CSN): Steady as she goes!

Chesnara has announced its 1H’24 results. The main features were positive equity market returns, offset to some extent by further adverse lapse...

Hardman & Co

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