Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ES50 Index is one of the most highly tracked European indices. The annual index review takes place in September, with index weights rebalanced every quarter.</li>
<li>The final rankings for the September 2026 review will be decided based on data as of the close of 31st August 2026.</li>
<li>We currently see two ADDs and two DELs for the September 2026 review, with the possibility of one more ADD/DEL pair.</li>
</ul>


The ES50 Index is one of the most highly tracked European indices. The annual index review takes place in September, with index weights rebalanced every quarter.
The final rankings for the September 2026 review will be decided based on data as of the close of 31st August 2026.
We currently see two ADDs and two DELs for the September 2026 review, with the possibility of one more ADD/DEL pair.


Quiddity Leaderboard ES50 Sep26: Annual Review Incoming; Two Changes So Far; US$3.8bn+ One-Way

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<ul>
<li>The ES50 Index is one of the most highly-tracked and followed indices in Europe and the annual index review takes place in September every year.</li>
<li>This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.</li>
<li>In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2024.</li>
</ul>


The ES50 Index is one of the most highly-tracked and followed indices in Europe and the annual index review takes place in September every year.
This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.
In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2024.


Quiddity Leaderboard ES50 Sep 24: Engie Gets Closer to a US$1.1bn Index Inflow

<ul>
<li>The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.</li>
<li>We still expect two index changes for September, as we did in our last insight.</li>
<li>Few large names could still pass the Supersector threshold requirement and appear in the Leaderboard to shake up the rankings.</li>
</ul>


The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.
We still expect two index changes for September, as we did in our last insight.
Few large names could still pass the Supersector threshold requirement and appear in the Leaderboard to shake up the rankings.


Quiddity Leaderboard ES50 Sep26: 2 ADDs/DELs Likely. 5 Months Left for the Base Date

<ul>
<li>The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.</li>
<li>This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the upcoming index review in September 2026.</li>
</ul>


The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.
This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.
In this insight, we take a look at the names leading the race to become ADDs/DELs for the upcoming index review in September 2026.


Quiddity Leaderboard ES50 Sep26: 2 Changes Likely; 6 Months to the Base Date; US$1bn+ Flow Events

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We are not fighting the trend with all the MSCI global indexes (MSCI ACWI, EAFE, ACWI ex-US, and EM) hitting multi-year highs, but we are monitoring a few potential concerns</li>
<li>Concerns: notably global Consumer Staples (KXI-US) near 5.5-month RS highs, crude oil prices bottoming, and gasoline prices (UGA) breaking out from a 3.5+ year downtrend</li>
<li>Actionable Themes: Energy, Materials, Transports, Real Estate, Telecom, and Utilities. Remain Overweight Emerging Markets, Taiwan, Korea, Spain, Japan, and Canada</li>
</ul>


We are not fighting the trend with all the MSCI global indexes (MSCI ACWI, EAFE, ACWI ex-US, and EM) hitting multi-year highs, but we are monitoring a few potential concerns
Concerns: notably global Consumer Staples (KXI-US) near 5.5-month RS highs, crude oil prices bottoming, and gasoline prices (UGA) breaking out from a 3.5+ year downtrend
Actionable Themes: Energy, Materials, Transports, Real Estate, Telecom, and Utilities. Remain Overweight Emerging Markets, Taiwan, Korea, Spain, Japan, and Canada


Opportunity in Global Cyclical Value and Defensives: Energy, Materials, Real Estate, Telecom, Utes

France

Engie offers a full range of electricity, gas and associated energy and environment services throughout the world. The Company produces, trades, transports, stores and distributes natural gas, and offers energy management and climatic and thermal engineering services.

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Engie SA (ENGI FP)

Quiddity Leaderboard ES50 Sep26: Annual Review Incoming; Two Changes So Far; US$3.8bn+ One-Way

The two ADDs and two DELs are well-flagged — the real question is whether Societe Generale can squeeze past the sector threshold test, which would...

Afridi Reyal

Quiddity Leaderboard ES50 Sep 24: Engie Gets Closer to a US$1.1bn Index Inflow

If French energy company Engie gains 20% vs the other names in the next 4 months, it could become an ES50 add in September 2024 and that could...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ES50 Sep26: 2 ADDs/DELs Likely. 5 Months Left for the Base Date

Based on the latest estimates, Nokia and Société Générale lead the rankings to become expected ES50 ADDs in September 2026. Nokia has had a...

Afridi Reyal

Quiddity Leaderboard ES50 Sep26: 2 Changes Likely; 6 Months to the Base Date; US$1bn+ Flow Events

Our ideas for ES50 have returned an average of +3.6%, measured from the close on 9th March 2026 to the close on 27th March 2026. Among these...

Afridi Reyal

Opportunity in Global Cyclical Value and Defensives: Energy, Materials, Real Estate, Telecom, Utes

Opportunity in Global Cyclical Value and Defensives; Actionable Themes: Energy, Materials, Transports, Real Estate, Telecom, and Utilities....

Vermilion Research

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