Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Event-Driven

<ul>
<li>A once-again 'Young Stock' with massive liquidity is set to challenge traditional entry rules, leveraging a recent precedent to secure a spot in the benchmark index.</li>
<li>The committee's focus remains on raising the index's liquidity floor, resulting in a systemic removal of legacy constituents from various industrial sectors.</li>
<li>Sector balance is another priority, driving the modernization of segments and correcting lopsided underrepresentation of Japanese sectors on the index.</li>
</ul>


A once-again 'Young Stock' with massive liquidity is set to challenge traditional entry rules, leveraging a recent precedent to secure a spot in the benchmark index.
The committee's focus remains on raising the index's liquidity floor, resulting in a systemic removal of legacy constituents from various industrial sectors.
Sector balance is another priority, driving the modernization of segments and correcting lopsided underrepresentation of Japanese sectors on the index.


2026 NK 225 Reconstitution Forecast: Kioxia’s "Young Stock" Ascendance & The Legacy Materials Purge

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The Nikkei 225 data observation period is coming to a close. There aren't many trading days left. Recent moves have meant some changes in rankings. </li>
<li>However, I still see TWO ADDs and TWO DELs. There is one cap as of now and another is but 5% away from seeing a $3.2bn sell. </li>
<li>I see nearly $5.2bn of value to trade as of now. A 5% relative move by one stock in the next 18 days would make that $11.4bn.</li>
</ul>


The Nikkei 225 data observation period is coming to a close. There aren't many trading days left. Recent moves have meant some changes in rankings. 
However, I still see TWO ADDs and TWO DELs. There is one cap as of now and another is but 5% away from seeing a $3.2bn sell. 
I see nearly $5.2bn of value to trade as of now. A 5% relative move by one stock in the next 18 days would make that $11.4bn.


[Quiddity Index] Nikkei 225 Mar26 Rebal - 2 ADDs (3rd Poss?), 2 DELs (One New), 1 CAP, Another Close

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Chugoku Electric Power Co / Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-December 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-December 2025.


Quiddity JPX-Nikkei 400 Rebal 2026: End-Dec 2025 Ranks

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Earnings re-based higher: FY2025–27 EPS upgraded ~20%, driven by copper and gold prices; resource earnings dominate while smelting volatility remains largely accounting-driven.</li>
<li>Valuation near fair value: At ~¥6,000, SMM trades around mid-cycle value; upside depends on sustained copper/gold strength rather than multiple expansion.</li>
<li>Downside cushioned: Strong balance sheet and ~2× FCF dividend cover limit downside, with pullbacks offering better entry than chasing spot-driven rallies.</li>
</ul>


Earnings re-based higher: FY2025–27 EPS upgraded ~20%, driven by copper and gold prices; resource earnings dominate while smelting volatility remains largely accounting-driven.
Valuation near fair value: At ~¥6,000, SMM trades around mid-cycle value; upside depends on sustained copper/gold strength rather than multiple expansion.
Downside cushioned: Strong balance sheet and ~2× FCF dividend cover limit downside, with pullbacks offering better entry than chasing spot-driven rallies.


Sumitomo Metal Mining (5713.T): Resources Anchor Earnings; Upside Linked to Copper & Gold

Pan Pacific International Holdings / Index Rebalance

Pan Pacific International Holdings (7532 JP)

<ul>
<li>The March 2026 review for the Nikkei 225 is turning out to be a little more interesting than one might have expected a few months ago. </li>
<li>As of the end of August, the 3mo ADTV for Kioxia (285A) was ¥18bn despite expectations it would go into M _ _ _. The 1mo average today? ¥383bn.</li>
<li>That means it has rapidly climbed into the top echelons of 5yr trading history. Importantly, <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> and <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> are not far behind.</li>
</ul>


The March 2026 review for the Nikkei 225 is turning out to be a little more interesting than one might have expected a few months ago. 
As of the end of August, the 3mo ADTV for Kioxia (285A) was ¥18bn despite expectations it would go into M _ _ _. The 1mo average today? ¥383bn.
That means it has rapidly climbed into the top echelons of 5yr trading history. Importantly, JX Advanced Metals (5016 JP) and Kokusai Electric (6525 JP) are not far behind.


[Quiddity Index] Nikkei 225 Mar26 - Kioxia (285A) On the Menu, Others Not Far Behind

Japan

DOWA HOLDINGS, CO., LTD. mines, refines, smelts, and produces various metalrelated products.  The Company's main products include minerals, precious metals, battery materials, semiconductor and superconductivity materials, magnetic materials, and optical devices.

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Dowa Holdings (5714 JP)

2026 NK 225 Reconstitution Forecast: Kioxia’s "Young Stock" Ascendance & The Legacy Materials Purge

A new 'Young Stock' with high liquidity challenges entry rules, as index committee focuses on raising liquidity floor and balancing sectors.

Jay Cameron

[Quiddity Index] Nikkei 225 Mar26 Rebal - 2 ADDs (3rd Poss?), 2 DELs (One New), 1 CAP, Another Close

The recent interest and move higher in metals means a change in expected Nikkei 225 DELETE. And the recent move higher in USDJPY and earnings means...

Travis Lundy

Quiddity JPX-Nikkei 400 Rebal 2026: End-Dec 2025 Ranks

In total, there are 47 Potential ADDs and 46 Potential DELs (unique names) presented in the current Quiddity Leaderboard.

Janaghan Jeyakumar, CFA

Sumitomo Metal Mining (5713.T): Resources Anchor Earnings; Upside Linked to Copper & Gold

Earnings upgraded due to copper and gold prices, SMM trades near fair value at ¥6,000 with limited downside and potential for sustained strength in...

Rahul Jain

[Quiddity Index] Nikkei 225 Mar26 - Kioxia (285A) On the Menu, Others Not Far Behind

The Nikkei 225 Mar-26 rebalance is shaping up to be something different than one might have predicted just a month ago. High volume has trumped the...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2026 NK 225 Reconstitution Forecast: Kioxia’s "Young Stock" Ascendance & The Legacy Materials Purge

​A new 'Young Stock' with high liquidity challenges entry rules, as index committee focuses on raising liquidity floor and balancing sectors.

Jay Cameron

[Quiddity Index] Nikkei 225 Mar26 Rebal - 2 ADDs (3rd Poss?), 2 DELs (One New), 1 CAP, Another Close

The recent interest and move higher in metals means a change in expected Nikkei 225 DELETE. And the recent move higher in USDJPY and earnings means...

Travis Lundy

Quiddity JPX-Nikkei 400 Rebal 2026: End-Dec 2025 Ranks

In total, there are 47 Potential ADDs and 46 Potential DELs (unique names) presented in the current Quiddity Leaderboard.

Janaghan Jeyakumar, CFA

Sumitomo Metal Mining (5713.T): Resources Anchor Earnings; Upside Linked to Copper & Gold

Earnings upgraded due to copper and gold prices, SMM trades near fair value at ¥6,000 with limited downside and potential for sustained strength in...

Rahul Jain

[Quiddity Index] Nikkei 225 Mar26 - Kioxia (285A) On the Menu, Others Not Far Behind

The Nikkei 225 Mar-26 rebalance is shaping up to be something different than one might have predicted just a month ago. High volume has trumped the...

Travis Lundy

A new 'Young Stock' with high liquidity challenges entry rules, as index committee focuses on raising liquidity floor and balancing sectors.