Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>Two active M&amp;A deals could trigger intra-review ADDs. Shareholders have already approved one deal while the other goes to a shareholder vote on 4th May 2026.</li>
<li>
<a href="https://www.smartkarma.com/entities/titan-international-inc" target="_blank" data-smartkarma-citation="entities:2416:1" rel="noopener">Titan International (TWI US)</a>, our previous top SP 600 deletion candidate, was dropped from the SP 600. <a href="https://www.smartkarma.com/entities/insteel-industries-inc" target="_blank" data-smartkarma-citation="entities:4069:1" rel="noopener">Insteel Industries (IIIN US)</a> is now our top DELETION candidate.</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.
Two active M&amp;A deals could trigger intra-review ADDs. Shareholders have already approved one deal while the other goes to a shareholder vote on 4th May 2026.

Titan International (TWI US), our previous top SP 600 deletion candidate, was dropped from the SP 600. Insteel Industries (IIIN US) is now our top DELETION candidate.


Quiddity Leaderboard SP500/600 Jun26 Rebal: Two M&A Deals in Play; May Close Before June Review

<ul>
<li>The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>Large flows in the Communication Services (XLC) Index are driven by a secondary re-weighting triggered after the March 2026 rebalance that we expect to be corrected in June.</li>
<li>Intra-Review changes are expected to trigger an additional US$2.8bn of one-way flows across the Select Sector indices if implemented before the June 2026 regular rebalance.</li>
</ul>


The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
Large flows in the Communication Services (XLC) Index are driven by a secondary re-weighting triggered after the March 2026 rebalance that we expect to be corrected in June.
Intra-Review changes are expected to trigger an additional US$2.8bn of one-way flows across the Select Sector indices if implemented before the June 2026 regular rebalance.


Quiddity Leaderboard SP Select Sector Jun26 Rebal: Over US$10bn One-Way Flow Expected

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vertiv-holdings-co" target="_blank" data-smartkarma-citation="entities:33140:1" rel="noopener">Vertiv Holdings Co (VRT US)</a> and <a href="https://www.smartkarma.com/entities/coherent-corp" target="_blank" data-smartkarma-citation="entities:9518:1" rel="noopener">Coherent (COHR US)</a> are the main candidates for addition, based on high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> and <a href="https://www.smartkarma.com/entities/lumentum-holdings-inc" target="_blank" data-smartkarma-citation="entities:12529:1" rel="noopener">Lumentum Holdings (LITE US)</a> face reduced conviction due to tech-sector balance.</li>
<li>
<a href="https://www.smartkarma.com/entities/echostar-corp-a" target="_blank" data-smartkarma-citation="entities:3225:1" rel="noopener">Echostar Corp A (SATS US)</a> faces reduced conviction because of earnings and float cap.</li>
</ul>



Vertiv Holdings Co (VRT US) and Coherent (COHR US) are the main candidates for addition, based on high eligibility scores.

Marvell Technology (MRVL US) and Lumentum Holdings (LITE US) face reduced conviction due to tech-sector balance.

Echostar Corp A (SATS US) faces reduced conviction because of earnings and float cap.


S&P500 March 2026 Forecast: VRT, COHR & SATS Leading the Pack

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/epam-systems-inc" target="_blank" data-smartkarma-citation="entities:18576:1" rel="noopener">Epam Systems (EPAM US)</a> stock plunged 17–21% on February 19, 2026, after issuing a conservative 2026 <strong>revenue guidance of 4.5% to 7.5%</strong>, signaling structural slowdown in high-end digital engineering demand.</li>
<li>
<a href="https://www.smartkarma.com/entities/persistent-systems-ltd" target="_blank" data-smartkarma-citation="entities:9468:1" rel="noopener">Persistent Systems (PSYS IN)</a> shares a near-identical "Product Engineering" DNA with EPAM. With PSYS trading at a 45x–50x TTM P/E versus EPAM’s 21x–25x, valuation gap has reached a historical extreme.</li>
<li>While Persistent’s Q3 FY26 execution was strong, the "EPAM spillover" suggests a significant risk of valuation compression for PSYS if discretionary digital spending continues to pivot from "innovation" to "cost-optimization."</li>
</ul>



Epam Systems (EPAM US) stock plunged 17–21% on February 19, 2026, after issuing a conservative 2026 revenue guidance of 4.5% to 7.5%, signaling structural slowdown in high-end digital engineering demand.

Persistent Systems (PSYS IN) shares a near-identical "Product Engineering" DNA with EPAM. With PSYS trading at a 45x–50x TTM P/E versus EPAM’s 21x–25x, valuation gap has reached a historical extreme.
While Persistent’s Q3 FY26 execution was strong, the "EPAM spillover" suggests a significant risk of valuation compression for PSYS if discretionary digital spending continues to pivot from "innovation" to "cost-optimization."


The EPAM Shadow: Is Persistent Systems' Premium Justifiable?

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.

<ul><li>EPAM Systems, Inc. reported robust results for the second quarter of 2025, delivering significant growth across multiple dimensions.</li><li>Key highlights of the report include a solid year-over-year revenue increase of 18% to $1.353 billion, with organic constant currency growth of 5.3%.</li><li>This marks the third consecutive quarter of positive organic growth amidst a challenging macroeconomic environment.</li></ul>

EPAM Systems, Inc. reported robust results for the second quarter of 2025, delivering significant growth across multiple dimensions.Key highlights of the report include a solid year-over-year revenue increase of 18% to $1.353 billion, with organic constant currency growth of 5.3%.This marks the third consecutive quarter of positive organic growth amidst a challenging macroeconomic environment.

EPAM Systems: Adaptation & Readiness for AI-Driven Transformation to Remain A Competitive Player In Delivering Cutting-Edge Solutions!

United States

EPAM Systems, Inc. provides software development, outsourcing services, e-business, enterprise relationship management, and content management solutions.

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Epam Systems (EPAM US)

Quiddity Leaderboard SP500/600 Jun26 Rebal: Two M&A Deals in Play; May Close Before June Review

Bloom Energy (BE US) cleared the SP 500 financial viability requirement with $70.7m of net income in its Q1 2026 earnings release on 28 April 2026,...

Anjana Amarasuriya

Quiddity Leaderboard SP Select Sector Jun26 Rebal: Over US$10bn One-Way Flow Expected

A secondary re-weighting correction is set to drive over US$3.7bn of one-way flows in Communication Services in the June 2026 SP Select Sector...

Anjana Amarasuriya

S&P500 March 2026 Forecast: VRT, COHR & SATS Leading the Pack

Announced additions: VRT, COHR, SATS and LITE. Following the announcement, all four are trading higher in after hours by 5.2%, 0.7%, 3.2%, and...

Dimitris Ioannidis

The EPAM Shadow: Is Persistent Systems' Premium Justifiable?

EPAM Systems stock drops after conservative revenue guidance, signaling slowdown in digital engineering demand. Persistent Systems faces valuation...

Nimish Maheshwari

EPAM Systems: Adaptation & Readiness for AI-Driven Transformation to Remain A Competitive Player In Delivering Cutting-Edge Solutions!

EPAM Systems, Inc. reported robust results for the second quarter of 2025, delivering significant growth across multiple dimensions. Key...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard SP500/600 Jun26 Rebal: Two M&A Deals in Play; May Close Before June Review

Bloom Energy (BE US) cleared the SP 500 financial viability requirement with $70.7m of net income in its Q1 2026 earnings release on 28 April 2026,...

Anjana Amarasuriya

Quiddity Leaderboard SP Select Sector Jun26 Rebal: Over US$10bn One-Way Flow Expected

A secondary re-weighting correction is set to drive over US$3.7bn of one-way flows in Communication Services in the June 2026 SP Select Sector...

Anjana Amarasuriya

S&P500 March 2026 Forecast: VRT, COHR & SATS Leading the Pack

Announced additions: VRT, COHR, SATS and LITE. Following the announcement, all four are trading higher in after hours by 5.2%, 0.7%, 3.2%, and...

Dimitris Ioannidis

The EPAM Shadow: Is Persistent Systems' Premium Justifiable?

​EPAM Systems stock drops after conservative revenue guidance, signaling slowdown in digital engineering demand. Persistent Systems faces valuation...

Nimish Maheshwari

EPAM Systems: Adaptation & Readiness for AI-Driven Transformation to Remain A Competitive Player In Delivering Cutting-Edge Solutions!

EPAM Systems, Inc. reported robust results for the second quarter of 2025, delivering significant growth across multiple dimensions. Key...

Baptista Research

EPAM Systems stock drops after conservative revenue guidance, signaling slowdown in digital engineering demand. Persistent Systems faces valuation...