Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 2 adds and 3 deletes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in September. Plus there are capping and float changes.</li>
<li>Estimated one-way turnover is 11.4% resulting in a round-trip trade of US$1.14bn. There are 16 stocks with over 1x ADV to trade from passive trackers.</li>
<li>The largest inflows are expected in <a href="https://www.smartkarma.com/entities/b2gold-corp-fee72de9-9219-4f08-9e4a-eff9db71e070" target="_blank" data-smartkarma-citation="entities:33420:1" rel="noopener">B2Gold Corp</a>, <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining</a> and <a href="https://www.smartkarma.com/entities/pan-american-silver-corp" target="_blank" data-smartkarma-citation="entities:25399:1" rel="noopener">Pan American Silver</a> while the largest outflows are from <a href="https://www.smartkarma.com/entities/kinross-gold-corp-4566bc5d-6053-4c59-9b54-891e37079607" target="_blank" data-smartkarma-citation="entities:33288:1" rel="noopener">Kinross Gold</a> and <a href="https://www.smartkarma.com/entities/cia-de-minas-buenaventura-saa" target="_blank" data-smartkarma-citation="entities:27674:1" rel="noopener">Cia de Minas Buenaventura SAA</a>.</li>
</ul>


There are 2 adds and 3 deletes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in September. Plus there are capping and float changes.
Estimated one-way turnover is 11.4% resulting in a round-trip trade of US$1.14bn. There are 16 stocks with over 1x ADV to trade from passive trackers.
The largest inflows are expected in B2Gold Corp, Evolution Mining and Pan American Silver while the largest outflows are from Kinross Gold and Cia de Minas Buenaventura SAA.


MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$1bn

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<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 2024 index rebal event.</li>
<li>There could be up to three M&amp;A-related intra-review changes in the next few weeks.</li>
<li>Apart from that, there could be two changes for the F100 index and two other changes for the F250 index during the September 2024 review.</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 2024 index rebal event.
There could be up to three M&amp;A-related intra-review changes in the next few weeks.
Apart from that, there could be two changes for the F100 index and two other changes for the F250 index during the September 2024 review.


Quiddity Leaderboard F100/​​​250 Sep 24: High-Impact F250 Potential ADDs Could Outperform the Index

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in June but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 3.9% resulting in a round-trip trade of US$418m. There are 17 stocks with over 1x ADV to trade from passive trackers.</li>
<li>The largest inflows are expected in <a href="https://www.smartkarma.com/entities/cia-de-minas-buenaventura-saa" target="_blank" data-smartkarma-citation="entities:27674:1" rel="noopener">Cia de Minas Buenaventura SAA (BVN US)</a>, <a href="https://www.smartkarma.com/entities/equinox-gold-corp" target="_blank" data-smartkarma-citation="entities:38705:1" rel="noopener">Equinox Gold (EQX US)</a> and <a href="https://www.smartkarma.com/entities/red-5-ltd" target="_blank" data-smartkarma-citation="entities:7940:1" rel="noopener">Red 5 Ltd (RED AU)</a>. </li>
</ul>


There are no constituent changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in June but there are a lot of float and capping changes.
Estimated one-way turnover is 3.9% resulting in a round-trip trade of US$418m. There are 17 stocks with over 1x ADV to trade from passive trackers.
The largest inflows are expected in Cia de Minas Buenaventura SAA (BVN US), Equinox Gold (EQX US) and Red 5 Ltd (RED AU). 


MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$400m

Alpha Group International / Index Rebalance

<ul>
<li>The rankings for the F100/250 June 2024 index rebalance event will be decided based on the full market cap rankings at the close of trading today (4th June 2024).</li>
<li>Since there have been a couple of intra-review index changes and some ranking changes due to price movements, we have decided to update our expectations for the June 2024 review.</li>
<li>We currently see 2 changes for the F100 index and 3 separate changes for the F250 index. However, the rankings can still change if prices move sharply today.</li>
</ul>


The rankings for the F100/250 June 2024 index rebalance event will be decided based on the full market cap rankings at the close of trading today (4th June 2024).
Since there have been a couple of intra-review index changes and some ranking changes due to price movements, we have decided to update our expectations for the June 2024 review.
We currently see 2 changes for the F100 index and 3 separate changes for the F250 index. However, the rankings can still change if prices move sharply today.


Quiddity Leaderboard F100/​​​250 Jun 24: Last Day of Trading Before Rankings; Many Possibilities

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2024 index rebal event.</li>
<li>Based on the current numbers, we see two F100 expected ADDs/DELs and three other F250 expected ADDs/DELs. The final changes will be decided based 4th June 2024 closing prices.</li>
<li>There are several names just outside the border requiring small price changes to trigger more index changes. An intra-review change is also possible.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2024 index rebal event.
Based on the current numbers, we see two F100 expected ADDs/DELs and three other F250 expected ADDs/DELs. The final changes will be decided based 4th June 2024 closing prices.
There are several names just outside the border requiring small price changes to trigger more index changes. An intra-review change is also possible.


Quiddity Leaderboard F100/​​​250 Jun 24: Names Lurking Close to The Border Should Be Monitored

United Kingdom

Endeavour Mining is a multinational gold mining company primarily focused on exploration, extraction, and processing of gold from its various mining assets in West Africa. The company operates mines across Côte d'Ivoire, Burkina Faso, and Senegal, producing gold for various industries, including jewelry, electronics, and financial markets. Endeavour Mining is headquartered in London, England, and was founded in 1988.

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Endeavour Mining (EDV LN)

MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$1bn

2 adds and 3 deletes result in a 1-way turnover of 11.4% and a round-trip trade of US$1.14bn for the GDXJ. Kinross Gold is the big sell while...

Brian Freitas

Quiddity Leaderboard F100/250 Sep 24: High-Impact F250 Potential ADDs Could Outperform the Index

The top-ranked F250 potential ADDs would have a large number of days to buy if they got added to F250. There are multiple opportunities for both...

Janaghan Jeyakumar, CFA

MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$400m

Float and capping changes result in an estimated one-way turnover is 3.9% and that leads to a round-trip trade of US$418m. There are 17 stocks with...

Brian Freitas

Quiddity Leaderboard F100/250 Jun 24: Last Day of Trading Before Rankings; Many Possibilities

Only one of the three F250 expected ADDs and two of the three F250 expected DELs are high-conviction names. The others are close to the border and...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/250 Jun 24: Names Lurking Close to The Border Should Be Monitored

The highest-ranked F250 potential ADDs and potential DELs could have multiple number of days to trade if they get involved in index changes.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$1bn

2 adds and 3 deletes result in a 1-way turnover of 11.4% and a round-trip trade of US$1.14bn for the GDXJ. Kinross Gold is the big sell while...

Brian Freitas

Quiddity Leaderboard F100/​​​250 Sep 24: High-Impact F250 Potential ADDs Could Outperform the Index

The top-ranked F250 potential ADDs would have a large number of days to buy if they got added to F250. There are multiple opportunities for both...

Janaghan Jeyakumar, CFA

MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$400m

Float and capping changes result in an estimated one-way turnover is 3.9% and that leads to a round-trip trade of US$418m. There are 17 stocks with...

Brian Freitas

Quiddity Leaderboard F100/​​​250 Jun 24: Last Day of Trading Before Rankings; Many Possibilities

Only one of the three F250 expected ADDs and two of the three F250 expected DELs are high-conviction names. The others are close to the border and...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/​​​250 Jun 24: Names Lurking Close to The Border Should Be Monitored

The highest-ranked F250 potential ADDs and potential DELs could have multiple number of days to trade if they get involved in index changes.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/250 Sep 24: High-Impact F250 Potential ADDs Could Outperform the Index

Quiddity Leaderboard F100/250 Jun 24: Last Day of Trading Before Rankings; Many Possibilities

Quiddity Leaderboard F100/250 Jun 24: Names Lurking Close to The Border Should Be Monitored