Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & 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 December 2025 index rebal event.</li>
<li>We see four M&amp;A-related intra-review changes for the F250 index prior to the December 2025 rebal and then four more after the rebal event.</li>
<li>Our latest estimates suggest there could be no regular changes for the F100 and F250 indices during the December 2025 rebalance.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.
We see four M&amp;A-related intra-review changes for the F250 index prior to the December 2025 rebal and then four more after the rebal event.
Our latest estimates suggest there could be no regular changes for the F100 and F250 indices during the December 2025 rebalance.


Quiddity Leaderboard F100/F250 Dec25: Solid Lineup of High-Impact Intra-Review Changes

Schroder Asian Total Return In / 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 December 2025 index rebal event.</li>
<li>We see five M&amp;A-related intra-review changes for the F250 index prior to the December 2025 rebal and then three more after the rebal event.</li>
<li>Our latest estimates suggest there could be no regular changes for the F100 and F250 indexes during the December 2025 rebalance.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.
We see five M&amp;A-related intra-review changes for the F250 index prior to the December 2025 rebal and then three more after the rebal event.
Our latest estimates suggest there could be no regular changes for the F100 and F250 indexes during the December 2025 rebalance.


Quiddity Leaderboard F100/F250 Dec25: Intra-Review Changes Galore; High-Impact Replacement Names

<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>Our latest estimates suggest there could be two regular changes for F100 and six regular changes for F250 during the September 2025 rebalance.</li>
<li>After that, we expect multiple M&amp;A-related intra-review changes over the next few weeks.</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.
Our latest estimates suggest there could be two regular changes for F100 and six regular changes for F250 during the September 2025 rebalance.
After that, we expect multiple M&amp;A-related intra-review changes over the next few weeks.


Quiddity Leaderboard F100/F250 Sep25: ~10 Regular & Intra-Review Changes Likely in September

BioPharma Credit PLC Fund / 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 two M&amp;A-related intra-review changes for the F250 index prior to the September 2025 review and then at least four more before the end of the year.</li>
<li>Separately, our latest estimates suggest there could be one regular change for the F100 index and one regular change for F250 during the September 2025 rebalance.</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 two M&amp;A-related intra-review changes for the F250 index prior to the September 2025 review and then at least four more before the end of the year.
Separately, our latest estimates suggest there could be one regular change for the F100 index and one regular change for F250 during the September 2025 rebalance.


Quiddity Leaderboard F100/F250 Sep25: High-Impact ADD Due to Rule Change + More Intra-Review Changes

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>Given the METI extension on FEFTA review on <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura (6957 JP)</a>, risks are slightly higher. &lt;¥5,900 was a good buy on an incremental basis. ¥5,970 is OK but not spectacular.</li>
<li>As expected (at least by me) - I Squared has withdrawn its Offer for <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>.</li>
<li>Re: <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a>, this "rescue package" announcement - ~HK$88.2bn - should come as no surprise, as the alternative situation (liquidation/bankruptcy) and the ensuing optics were not great.</li>
</ul>


Given the METI extension on FEFTA review on Shibaura (6957 JP), risks are slightly higher. &lt;¥5,900 was a good buy on an incremental basis. ¥5,970 is OK but not spectacular.
As expected (at least by me) - I Squared has withdrawn its Offer for HKBN Ltd (1310 HK).
Re: New World Development (17 HK), this "rescue package" announcement - ~HK$88.2bn - should come as no surprise, as the alternative situation (liquidation/bankruptcy) and the ensuing optics were not great.


Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC

United Kingdom

Deliveroo PLC provides software solutions. The Company offers an online food delivery platform which allows users to order meals from partner restaurants, grocery stores, and other food suppliers. Deliveroo serves customers worldwide.

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Deliveroo (ROO LN)

Quiddity Leaderboard F100/F250 Dec25: Solid Lineup of High-Impact Intra-Review Changes

The Top 10 F250 potential ADDs from our Leaderboard could outperform the F250 index over the next few weeks due to intra-review index addition...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Dec25: Intra-Review Changes Galore; High-Impact Replacement Names

We expect at least five intra-review replacements in the F20 index prior to the December 2025 index review. There are three other deals that could...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Sep25: ~10 Regular & Intra-Review Changes Likely in September

F100/250 Sep25 index changes will be confirmed after market close today. Yesterday was the base date for final ranks. Please see discussion point...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Sep25: High-Impact ADD Due to Rule Change + More Intra-Review Changes

BioPharma Credit PLC Fund (BPCR LN) has been our top F250 potential ADD after a recent rule change. This could be a high-impact index addition that...

Janaghan Jeyakumar, CFA

Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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