Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The June 2025 index review results for F100 and F250 indices were announced yesterday after LSE market close.</li>
<li>There will be no changes for F100. There will be 4 ADDs and 4 DELs for F250.</li>
<li>Separately, <a href="https://www.smartkarma.com/entities/urban-logistics-reit-plc" target="_blank" data-smartkarma-citation="entities:35663:1" rel="noopener">Urban Logistics REIT (SHED LN)</a> is set to be deleted from the F250 index in June 2025 due to the completion of an M&amp;A event.</li>
</ul>


The June 2025 index review results for F100 and F250 indices were announced yesterday after LSE market close.
There will be no changes for F100. There will be 4 ADDs and 4 DELs for F250.
Separately, Urban Logistics REIT (SHED LN) is set to be deleted from the F250 index in June 2025 due to the completion of an M&amp;A event.


Quiddity Leaderboard F100/F250 Jun25 Results: All 6 Expected ADDs/DELs Correct + Couple of Surprises

<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 2025 index rebal event.</li>
<li>We see one M&amp;A-related intra-review change for the F250 index prior to the June 2025 review and then one more shortly after the rebal event.</li>
<li>Our latest estimates suggest there could be four regular changes for the F250 index during the June 2025 rebalance. We do not currently see any changes for the F100.</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 2025 index rebal event.
We see one M&amp;A-related intra-review change for the F250 index prior to the June 2025 review and then one more shortly after the rebal event.
Our latest estimates suggest there could be four regular changes for the F250 index during the June 2025 rebalance. We do not currently see any changes for the F100.


Quiddity Leaderboard F100/F250 Jun25: LONGs up +6% Vs Index; Multiple Intra-Review Changes Soon

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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/gamma-communications-plc" target="_blank" data-smartkarma-citation="entities:21942:1" rel="noopener">Gamma Communications (GAMA LN)</a> is the flagship addition forecast at the review at a market cap of ~$1.7bn following its listing transfer from AIM to Main Market on 2 May.</li>
<li>The ~$1.5bn tender offer of BBGI is expected to close prior to the review. Current F250 replacement candidates are <a href="https://www.smartkarma.com/entities/wickes-group-plc" target="_blank" data-smartkarma-citation="entities:41349:1" rel="noopener">Wickes Group (WIX LN)</a> and <a href="https://www.smartkarma.com/entities/pantheon-infrastructure-plc" target="_blank" data-smartkarma-citation="entities:35077:1" rel="noopener">Pantheon Infrastructure (PINT LN)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/mobico-group-plc" target="_blank" data-smartkarma-citation="entities:22059:1" rel="noopener">Mobico Group (MCG LN)</a> and <a href="https://www.smartkarma.com/entities/bellevue-healthcare-trust-plc" target="_blank" data-smartkarma-citation="entities:44348:1" rel="noopener">Bellevue Healthcare Trust (BBH LN)</a> are the main deletion candidates set to migrate from F250 to SmallCap.</li>
</ul>



Gamma Communications (GAMA LN) is the flagship addition forecast at the review at a market cap of ~$1.7bn following its listing transfer from AIM to Main Market on 2 May.
The ~$1.5bn tender offer of BBGI is expected to close prior to the review. Current F250 replacement candidates are Wickes Group (WIX LN) and Pantheon Infrastructure (PINT LN).

Mobico Group (MCG LN) and Bellevue Healthcare Trust (BBH LN) are the main deletion candidates set to migrate from F250 to SmallCap.


UK Index June 2025 Annual Review: GAMA Headlines F250, F100 Stays Quiet, All-Share Reshuffles

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>We see Gamma Communications as being at an inflection point as it moves from AIM to the London Main Market on 2 May. While its UK SME and enterprise customers continue to provide a solid recurring revenue base, recent bolt-on acquisitions (from organic cash flow) have given the group critical mass in the larger (and more attractive) German market. The fundamentals are thus in place for the group to repeat the 18% CAGR in adjusted EBITDA and 19% CAGR in fully diluted EPS that it has delivered over the last decade.</p>

We see Gamma Communications as being at an inflection point as it moves from AIM to the London Main Market on 2 May. While its UK SME and enterprise customers continue to provide a solid recurring revenue base, recent bolt-on acquisitions (from organic cash flow) have given the group critical mass in the larger (and more attractive) German market. The fundamentals are thus in place for the group to repeat the 18% CAGR in adjusted EBITDA and 19% CAGR in fully diluted EPS that it has delivered over the last decade.

Gamma Communications — FY24 results herald next phase of growth

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

<p style="text-align: left;">Corrections across global ex-US markets continue to limit attractive investment opportunities from both a price and relative strength perspective.  We provide a recap and outlook for global equity markets and highlight individual opportunities across various markets within the Health Care, Communications and Transportation sectors.</p>

Corrections across global ex-US markets continue to limit attractive investment opportunities from both a price and relative strength perspective.  We provide a recap and outlook for global equity markets and highlight individual opportunities across various markets within the Health Care, Communications and Transportation sectors.

Global Strategy: Carnage Continuation Amid Turkey Turmoil and US Dollar Breakout

United Kingdom

Gamma Communications PLC supplies voice, data and mobile products and services in the United Kingdom. The Company provides fixed telephony, IP telephony, hosted phone systems, broadband and data connections, mobile services, security and unified communications solutions.

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Gamma Communications (GAMA LN)

Quiddity Leaderboard F100/F250 Jun25 Results: All 6 Expected ADDs/DELs Correct + Couple of Surprises

All eight confirmed index changes have decent index flow impacts expected. Urban Logistics deletion could trigger one more addition to the F250...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Jun25: LONGs up +6% Vs Index; Multiple Intra-Review Changes Soon

Our final expectations for the F100/250 Jun25 review have been added in a discussion point below. The changes will be confirmed after LSE market...

Janaghan Jeyakumar, CFA

Gamma Communications — FY24 results herald next phase of growth

We see Gamma Communications as being at an inflection point as it moves from AIM to the London Main Market on 2 May. While its UK SME and...

Edison Investment Research

Global Strategy: Carnage Continuation Amid Turkey Turmoil and US Dollar Breakout

Corrections across global ex-US markets continue to limit attractive investment opportunities from both a price and relative strength perspective. ...

Vermilion Research

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Quiddity Leaderboard F100/F250 Jun25 Results: All 6 Expected ADDs/DELs Correct + Couple of Surprises

All eight confirmed index changes have decent index flow impacts expected. Urban Logistics deletion could trigger one more addition to the F250...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Jun25: LONGs up +6% Vs Index; Multiple Intra-Review Changes Soon

Our final expectations for the F100/250 Jun25 review have been added in a discussion point below. The changes will be confirmed after LSE market...

Janaghan Jeyakumar, CFA

UK Index June 2025 Annual Review: GAMA Headlines F250, F100 Stays Quiet, All-Share Reshuffles

GAMA to join F250 at the review following its listing transfer. WIX to join F250 before the review as a replacement to the BBGI tender offer. AEP...

Dimitris Ioannidis

Gamma Communications — FY24 results herald next phase of growth

We see Gamma Communications as being at an inflection point as it moves from AIM to the London Main Market on 2 May. While its UK SME and...

Edison Investment Research

Global Strategy: Carnage Continuation Amid Turkey Turmoil and US Dollar Breakout

Corrections across global ex-US markets continue to limit attractive investment opportunities from both a price and relative strength perspective. ...

Vermilion Research