US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/williams-sonoma-inc" target="_blank" data-smartkarma-citation="entities:11383:1" rel="noopener">Williams Sonoma (WSM US)</a> is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/american-airlines-group-inc" target="_blank" data-smartkarma-citation="entities:3663:1" rel="noopener">American Airlines Group (AAL US)</a> is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.</li>
</ul>



Dell Technologies (DELL US) is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.

Williams Sonoma (WSM US) is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.

American Airlines Group (AAL US) is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.


S&P 500 September Forecasts: Saved by the Dell?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On Friday, the S&amp;P index committee announced the June 2024 changes to the three major indices in the S&amp;P1500 universe. </li>
<li>KKR, Crowdstrike (CRWD), and GoDaddy (GDDY) replace Robert Half (RHI), Comerica (CMA), and Illumina (ILMN) in the S&amp;P500. There are 6 ADDs to S&amp;PMidCap400, 13 DELETEs from Sm600. </li>
<li>There are some BIG and impactful flows here. Some are very big. Netted 2-way flow on 21 June is ~US$66-80bn. But as always, details matter. </li>
</ul>


On Friday, the S&amp;P index committee announced the June 2024 changes to the three major indices in the S&amp;P1500 universe. 
KKR, Crowdstrike (CRWD), and GoDaddy (GDDY) replace Robert Half (RHI), Comerica (CMA), and Illumina (ILMN) in the S&amp;P500. There are 6 ADDs to S&amp;PMidCap400, 13 DELETEs from Sm600. 
There are some BIG and impactful flows here. Some are very big. Netted 2-way flow on 21 June is ~US$66-80bn. But as always, details matter. 


Jun24 S&P 500/400/600 Index Rebal - Both More and Less Interesting Than You Think, But 3 Big Buys

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>Asia's cybersecurity companies will benefit from escalating AI fear-mongering and actual security breaches that are increasing in number and sophistication.  US cybersecurity firms have rallied since the Mythos breach.</li>
<li>
<a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a> and <a href="https://www.smartkarma.com/entities/digital-arts-inc" target="_blank" data-smartkarma-citation="entities:2846:1" rel="noopener">Digital Arts (2326 JP)</a> have returns above WACC, while <a href="https://www.smartkarma.com/entities/ahnlab-inc" target="_blank" data-smartkarma-citation="entities:19824:1" rel="noopener">Ahnlab Inc (053800 KS)</a> and <a href="https://www.smartkarma.com/entities/systex-corp" target="_blank" data-smartkarma-citation="entities:19814:1" rel="noopener">Systex Corp (6214 TT) shares have recently advanced.</a>
</li>
<li>Since 2023, China has implemented AI safety measures, progressively shifting from controlling content and labor market impacts to ensuring reliability, preventing loss of model control, and ensuring human autonomy.  </li>
</ul>


Asia's cybersecurity companies will benefit from escalating AI fear-mongering and actual security breaches that are increasing in number and sophistication.  US cybersecurity firms have rallied since the Mythos breach.

Trend Micro Inc (4704 JP) and Digital Arts (2326 JP) have returns above WACC, while Ahnlab Inc (053800 KS) and Systex Corp (6214 TT) shares have recently advanced.

Since 2023, China has implemented AI safety measures, progressively shifting from controlling content and labor market impacts to ensuring reliability, preventing loss of model control, and ensuring human autonomy.  


ASIA CYBERSECURITY PLAYS: How to Make Money Before the Apocalypse !!

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>CrowdStrike Holdings, Inc. reported strong financial and operational results for the first quarter of fiscal year 2027, reflecting continued growth fueled by increasing demand for cybersecurity amid rising AI adoption.</li><li>The company delivered record quarterly net new annual recurring revenue (ARR) of $256 million, marking a 32% year-over-year increase and surpassing the high end of guidance.</li><li>Ending ARR reached $5.51 billion, accelerating to more than 24% growth, while total revenue was $1.39 billion, up 26% year-over-year.</li></ul>

CrowdStrike Holdings, Inc. reported strong financial and operational results for the first quarter of fiscal year 2027, reflecting continued growth fueled by increasing demand for cybersecurity amid rising AI adoption.The company delivered record quarterly net new annual recurring revenue (ARR) of $256 million, marking a 32% year-over-year increase and surpassing the high end of guidance.Ending ARR reached $5.51 billion, accelerating to more than 24% growth, while total revenue was $1.39 billion, up 26% year-over-year.

CrowdStrike’s OpenAI & Anthropic Wins: Is This The Next Big AI Security Story?

<ul><li>CrowdStrike has continued its aggressive push to expand its AI and identity protection capabilities with the announcement of its acquisition of privately held startup SGNL, in a deal reportedly valued at $740 million.</li><li>The transaction, expected to close in Q1 of CrowdStrike’s fiscal 2027, will be paid predominantly in cash with a smaller stock component subject to vesting conditions.</li><li>SGNL, an AI-native identity security company, had raised $30 million in a Series A funding round as recently as February 2025.</li></ul>

CrowdStrike has continued its aggressive push to expand its AI and identity protection capabilities with the announcement of its acquisition of privately held startup SGNL, in a deal reportedly valued at $740 million.The transaction, expected to close in Q1 of CrowdStrike’s fiscal 2027, will be paid predominantly in cash with a smaller stock component subject to vesting conditions.SGNL, an AI-native identity security company, had raised $30 million in a Series A funding round as recently as February 2025.

CrowdStrike Acquires SGNL: Is This the AI Era’s Defining Cybersecurity Deal?

United States

CrowdStrike Holdings, Inc. provides cybersecurity products and services to stop breaches. The Company offers cloud-delivered protection across endpoints, cloud workloads, identity and data, and leading threat intelligence, managed security services, IT operations management, threat hunting, Zero Trust identity protection, and log management. CrowdStrike serves customers worldwide.

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Crowdstrike Holdings (CRWD US)

S&P 500 September Forecasts: Saved by the Dell?

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

Jun24 S&P 500/400/600 Index Rebal - Both More and Less Interesting Than You Think, But 3 Big Buys

The S&P500/400/600 rebalance is interesting. As usual, some names will get overbought early, and others will not get bought enough. For a bunch of...

Travis Lundy

ASIA CYBERSECURITY PLAYS: How to Make Money Before the Apocalypse !!

Asia's cybersecurity companies will benefit from escalating AI fear-mongering and actual security breaches. US cybersecurity firms have rallied...

David Mudd

CrowdStrike’s OpenAI & Anthropic Wins: Is This The Next Big AI Security Story?

CrowdStrike Holdings, Inc. reported strong financial and operational results for the first quarter of fiscal year 2027, reflecting continued...

Baptista Research

CrowdStrike Acquires SGNL: Is This the AI Era’s Defining Cybersecurity Deal?

CrowdStrike has continued its aggressive push to expand its AI and identity protection capabilities with the announcement of its acquisition of...

Baptista Research

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52-week Range

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S&P 500 September Forecasts: Saved by the Dell?

​Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

Jun24 S&P 500/400/600 Index Rebal - Both More and Less Interesting Than You Think, But 3 Big Buys

The S&P500/400/600 rebalance is interesting. As usual, some names will get overbought early, and others will not get bought enough. For a bunch of...

Travis Lundy

ASIA CYBERSECURITY PLAYS: How to Make Money Before the Apocalypse !!

Asia's cybersecurity companies will benefit from escalating AI fear-mongering and actual security breaches. US cybersecurity firms have rallied...

David Mudd

CrowdStrike’s OpenAI & Anthropic Wins: Is This The Next Big AI Security Story?

CrowdStrike Holdings, Inc. reported strong financial and operational results for the first quarter of fiscal year 2027, reflecting continued...

Baptista Research

CrowdStrike Acquires SGNL: Is This the AI Era’s Defining Cybersecurity Deal?

CrowdStrike has continued its aggressive push to expand its AI and identity protection capabilities with the announcement of its acquisition of...

Baptista Research

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...