Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & 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 ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.</li>
<li>We expect one change for ASX 20, one change for ASX 50, two changes for ASX 100, and one change for ASX 200. One month left in the reference period.</li>
<li>Our long basket is up 14% vs shorts in a month. Index Rebal is coming back. ASX Index final index changes will be announced publicly on 6th June 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.
We expect one change for ASX 20, one change for ASX 50, two changes for ASX 100, and one change for ASX 200. One month left in the reference period.
Our long basket is up 14% vs shorts in a month. Index Rebal is coming back. ASX Index final index changes will be announced publicly on 6th June 2025.


Quiddity Leaderboard ASX Jun25: LONGs up +14% Vs SHORTs in a Month; Some Changes to Expectations

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining</a>'s stock price has moved higher over the last year as <a href="https://www.smartkarma.com/entities/gold" target="_blank" data-smartkarma-citation="entities:22870:1" rel="noopener">Gold</a> has gone on a big run. The increased market cap should result in a global index inclusion.</li>
<li>
<a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a> has performed in line with its peers over the last year and trades in line with the group on most valuation parameters.</li>
<li>Positioning has jumped in <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a> and its peers over the last couple of months. The index inclusion could result in outperformance over the next few weeks.</li>
</ul>



Evolution Mining's stock price has moved higher over the last year as Gold has gone on a big run. The increased market cap should result in a global index inclusion.

Evolution Mining (EVN AU) has performed in line with its peers over the last year and trades in line with the group on most valuation parameters.
Positioning has jumped in Evolution Mining (EVN AU) and its peers over the last couple of months. The index inclusion could result in outperformance over the next few weeks.


Evolution Mining (EVN AU): Global Index Inclusion in May as Gold Rallies

<ul>
<li>The ADDs/DELs for the ASX index family for the June 2025 index rebal event were announced after market close on Friday 6th June 2025.</li>
<li>There are 12 index changes collectively for ASX 20, ASX 50, ASX 100, and ASX 200.</li>
<li>In this insight, we take a look at our final flow expectations for each of these confirmed index changes.</li>
</ul>


The ADDs/DELs for the ASX index family for the June 2025 index rebal event were announced after market close on Friday 6th June 2025.
There are 12 index changes collectively for ASX 20, ASX 50, ASX 100, and ASX 200.
In this insight, we take a look at our final flow expectations for each of these confirmed index changes.


Quiddity ASX Jun25 Results: All Expected ADDs/DELs Correct, One Extra ADD/DEL, LONGs up 5% Vs SHORTs

<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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of May 30th (reported today). The aggregated short interest was USD27.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman, Wisetech Global, Rio Tinto, Treasury Wine Estates, Gpt, National Australia Bank.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 30th (reported today). The aggregated short interest was USD27.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman, Wisetech Global, Rio Tinto, Treasury Wine Estates, Gpt, National Australia Bank.


ASX Short Interest Weekly (May 30th): Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman

Australia

Evolution Mining Ltd is a gold exploration company with operations in Western Australia. The Company owns the gold mines -Cracow, Edna May, Mt Rawdon, and Pajingo - and the Mt Carlton development project.

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Evolution Mining (EVN AU)

Quiddity Leaderboard ASX Jun25: LONGs up +14% Vs SHORTs in a Month; Some Changes to Expectations

Collectively, there could be US$416mn one-way flow for the ASX index family in June 2025. Most of the expected index changes could have multiple...

Janaghan Jeyakumar, CFA