Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The SP 500 Index (you can guess) 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 <em>regular</em> changes in December 2025. There are also <em>multiple live M&amp;A events which are likely to trigger intra-review index changes</em>.</li>
</ul>


The SP 500 Index (you can guess) 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: One Name (Always Bridesmaid Never the Bride) Stands Out

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>CRH plc recently reported its financial results for the second quarter of 2025, demonstrating robust performance across various metrics.</li><li>The company delivered a record second quarter with a 6% year-on-year increase in total revenue, amounting to $10.2 billion.</li><li>This growth was driven by strong underlying demand, positive pricing momentum, and contributions from acquisitions.</li></ul>

CRH plc recently reported its financial results for the second quarter of 2025, demonstrating robust performance across various metrics.The company delivered a record second quarter with a 6% year-on-year increase in total revenue, amounting to $10.2 billion.This growth was driven by strong underlying demand, positive pricing momentum, and contributions from acquisitions.

CRH Emerges as a Powerhouse Leveraging Federal Bills & Pricing Strategy; What’s Next?

<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>The rankings used for the September 2025 index rebal event will be based on yesterday's (3rd September 2025) opening prices. The announcement will be made after the close on Friday.</li>
<li>In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next two quarters).</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.
The rankings used for the September 2025 index rebal event will be based on yesterday's (3rd September 2025) opening prices. The announcement will be made after the close on Friday.
In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next two quarters).


[Quiddity Index] S&P500/600 Sep25 Rebal: Final Predictions

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>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> became eligible at the last minute for S&amp;P500 inclusion in the December 2025 review, following positive Q3 earnings.</li>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.</li>
<li>The company's market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.</li>
</ul>



Marvell Technology (MRVL US) became eligible at the last minute for S&amp;P500 inclusion in the December 2025 review, following positive Q3 earnings.

Marvell Technology (MRVL US) experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.
The company's market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.


Marvell Technology (MRVL US): Heroic Earnings Unlock S&P500 Eligibility

<ul>
<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 (CRH US)</a> and <a href="https://www.smartkarma.com/entities/comfort-systems-usa-inc" target="_blank" data-smartkarma-citation="entities:6730:1" rel="noopener">Comfort Systems USA (FIX US)</a> are the main candidates for addition due to consistently high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/pure-storage-inc" target="_blank" data-smartkarma-citation="entities:27421:1" rel="noopener">Pure Storage Inc (PSTG US)</a> and <a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> face reduced conviction due to sector balance and turnover.</li>
<li>
<a href="https://www.smartkarma.com/entities/vertiv-holdings-co" target="_blank" data-smartkarma-citation="entities:33140:1" rel="noopener">Vertiv Holdings Co (VRT US)</a> has a higher probability of inclusion following the acquisition of <a href="https://www.smartkarma.com/entities/kellogg-co" target="_blank" data-smartkarma-citation="entities:16090:1" rel="noopener">Kellogg Co (K US)</a> which is still pending.</li>
</ul>



CRH (CRH US) and Comfort Systems USA (FIX US) are the main candidates for addition due to consistently high eligibility scores.

Pure Storage Inc (PSTG US) and Solstice Advanced Materials (SOLS US) face reduced conviction due to sector balance and turnover.

Vertiv Holdings Co (VRT US) has a higher probability of inclusion following the acquisition of Kellogg Co (K US) which is still pending.


S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

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 Index] SP500/600 Dec25 Rebal: One Name (Always Bridesmaid Never the Bride) Stands Out

The S&P500 should have 2 ADDs + 2 DELs in Dec25 at this point. There are multiple possible intra-review M&A changes as well, which could reduce...

Travis Lundy

CRH Emerges as a Powerhouse Leveraging Federal Bills & Pricing Strategy; What’s Next?

CRH plc recently reported its financial results for the second quarter of 2025, demonstrating robust performance across various metrics. The...

Baptista Research

[Quiddity Index] S&P500/600 Sep25 Rebal: Final Predictions

The S&P500/400/600 Sep Rebal cutoff was decided at y/day's open. S&P500 predictions are like tilting at windmills, but we like windmills. We...

Travis Lundy

Marvell Technology (MRVL US): Heroic Earnings Unlock S&P500 Eligibility

MRVL is labelled bullish for index rebalance but bearish in fundamentals following the fourth consecutive positive earnings and high price-to...

Dimitris Ioannidis

S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...

Dimitris Ioannidis

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[Quiddity Index] SP500/600 Dec25 Rebal: One Name (Always Bridesmaid Never the Bride) Stands Out

The S&P500 should have 2 ADDs + 2 DELs in Dec25 at this point. There are multiple possible intra-review M&A changes as well, which could reduce...

Travis Lundy

CRH Emerges as a Powerhouse Leveraging Federal Bills & Pricing Strategy; What’s Next?

CRH plc recently reported its financial results for the second quarter of 2025, demonstrating robust performance across various metrics. The...

Baptista Research

[Quiddity Index] S&P500/600 Sep25 Rebal: Final Predictions

The S&P500/400/600 Sep Rebal cutoff was decided at y/day's open. S&P500 predictions are like tilting at windmills, but we like windmills. We...

Travis Lundy

Marvell Technology (MRVL US): Heroic Earnings Unlock S&P500 Eligibility

MRVL is labelled bullish for index rebalance but bearish in fundamentals following the fourth consecutive positive earnings and high price-to...

Dimitris Ioannidis

S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

​CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...

Dimitris Ioannidis

CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...