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 SP 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 December 2025 index rebal event.</li><li>The index changes for the December 2025 rebal will be based on the open of 3rd December 2025 and announced after the close of 5th December 2025.</li></ul>

The SP 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 December 2025 index rebal event.The index changes for the December 2025 rebal will be based on the open of 3rd December 2025 and announced after the close of 5th December 2025.

Quiddity Leaderboard SP500/600 Dec25 Rebal: Last Minute Surprise in The Leading Names

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

<ul><li>In the third quarter of 2025, CRH, a leading infrastructure company, delivered strong financial results, reporting record revenues and earnings growth.</li><li>The company experienced a 5% increase in total revenues to $11.1 billion, primarily driven by robust underlying demand, continued pricing momentum, and strategic acquisitions.</li><li>This allowed CRH to achieve an adjusted EBITDA of $2.7 billion, marking a 10% increase compared to the previous year.</li></ul>

In the third quarter of 2025, CRH, a leading infrastructure company, delivered strong financial results, reporting record revenues and earnings growth.The company experienced a 5% increase in total revenues to $11.1 billion, primarily driven by robust underlying demand, continued pricing momentum, and strategic acquisitions.This allowed CRH to achieve an adjusted EBITDA of $2.7 billion, marking a 10% increase compared to the previous year.

CRH's Hidden Upside: The $1.85 Billion Transportation Wave You Didn’t See Coming!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>The SP 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 December 2025 index rebal event.</li>
<li>We expect two regular changes in December 2025. There are also multiple live M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The SP 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 December 2025 index rebal event.
We expect two regular changes in December 2025. There are also multiple live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] SP500/600 Dec25 Rebal: Two ADDs Two DELs and 3 Intra-Review Changes Likely Soon

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>The $25.6bn acquisition of <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> by <a href="https://www.smartkarma.com/entities/omnicom-group" target="_blank" data-smartkarma-citation="entities:15775:1" rel="noopener">Omnicom Group (OMC US)</a> may close by 11 September, with a possible extension if the merger is delayed.</li>
<li>
<a href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" target="_blank" data-smartkarma-citation="entities:28655:1" rel="noopener">CRH plc (CRH US)</a> is forecasted to be the primary replacement candidate of IPG in S&amp;P500, followed by <a href="https://www.smartkarma.com/entities/cheniere-energy-inc" target="_blank" data-smartkarma-citation="entities:16683:1" rel="noopener">Cheniere Energy (LNG US)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" target="_blank" data-smartkarma-citation="entities:28655:1" rel="noopener">CRH plc (CRH US)</a> regained eligibility after reporting positive quarterly earnings in August.</li>
</ul>


The $25.6bn acquisition of Interpublic Group Of Companies (IPG US) by Omnicom Group (OMC US) may close by 11 September, with a possible extension if the merger is delayed.

CRH plc (CRH US) is forecasted to be the primary replacement candidate of IPG in S&amp;P500, followed by Cheniere Energy (LNG US).

CRH plc (CRH US) regained eligibility after reporting positive quarterly earnings in August.


CRH (CRH US): Poised for S&P500 Inclusion Amid Positive Earnings and Omnicom–Interpublic Merger

<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 December 2025 index rebal event.</li>
<li>We now expect two regular changes in December 2025. There are also multiple live M&amp;A and special situation events likely to trigger intra-review index changes.</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 December 2025 index rebal event.
We now expect two regular changes in December 2025. There are also multiple live M&amp;A and special situation events likely to trigger intra-review index changes.


[Quiddity Index] S&P500/600 Dec25 Rebal: 2 Regular ADDs/DELs + Multiple Intra-Review Changes Coming

Ireland

CRH Public Limited Company provides building materials. The Company manufactures and distributes a wide range of architectural, infrastructure, and construction products for infrastructure, housing, and commercial projects. CRH serves customers Worldwide.

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CRH (CRH US)

Quiddity Leaderboard SP500/600 Dec25 Rebal: Last Minute Surprise in The Leading Names

SP500 rankings will be decided at today's open and announced on 5 December after the close. We see $100bn to trade across the SP500 complex. Kalshi...

Anjana Amarasuriya

CRH's Hidden Upside: The $1.85 Billion Transportation Wave You Didn’t See Coming!

In the third quarter of 2025, CRH, a leading infrastructure company, delivered strong financial results, reporting record revenues and earnings...

Baptista Research

[Quiddity Index] SP500/600 Dec25 Rebal: Two ADDs Two DELs and 3 Intra-Review Changes Likely Soon

SP500 could see two changes in Dec25. One has a lot to buy if chosen. There are also a few intra-review actions/changes scheduled for the near...

Travis Lundy

CRH (CRH US): Poised for S&P500 Inclusion Amid Positive Earnings and Omnicom–Interpublic Merger

After multiple extensions since September, Omnicom now confidently expects to complete its acquisition of Interpublic by the end of November, as...

Dimitris Ioannidis

[Quiddity Index] S&P500/600 Dec25 Rebal: 2 Regular ADDs/DELs + Multiple Intra-Review Changes Coming

The Dec25 SP500 rebal season threatens to be quite active. We now see two normal changes and a few intra-review changes are possible, which means...

Travis Lundy

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