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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/greatland-gold-plc" target="_blank" data-smartkarma-citation="entities:44285:1" rel="noopener">Greatland Resources (GGP AU)</a> started trading on the <a href="https://www.smartkarma.com/entities/asx-ltd" target="_blank" data-smartkarma-citation="entities:552:1" rel="noopener">ASX Ltd (ASX AU)</a> on 24 June after selling shares worth A$504m in a primary and secondary offering across Australia/UK.</li>
<li>Greatland has a full market cap of A$4.9bn and a high free float since <a href="https://www.smartkarma.com/entities/greatland-gold-plc" target="_blank" data-smartkarma-citation="entities:44285:1" rel="noopener">Greatland Gold Plc (GGP LN)</a> was listed on the AIM market of the <a href="https://www.smartkarma.com/entities/london-stock-exchange-group" target="_blank" data-smartkarma-citation="entities:22034:1" rel="noopener">London Stock Exchange</a>.</li>
<li>Given the large market cap and high float, the stock could be added to multiple indices over the next few months.</li>
</ul>



Greatland Resources (GGP AU) started trading on the ASX Ltd (ASX AU) on 24 June after selling shares worth A$504m in a primary and secondary offering across Australia/UK.
Greatland has a full market cap of A$4.9bn and a high free float since Greatland Gold Plc (GGP LN) was listed on the AIM market of the London Stock Exchange.
Given the large market cap and high float, the stock could be added to multiple indices over the next few months.


Greatland Resources (GGP AU): Big Index Inclusions for Recent IPO

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

Equity Bottom-Up

<ul><li>Greatland Gold is transitioning from a developer to a producer with the acquisition of Telfer and Haveron assets from Newmont.</li><li>In just 27 days of operation, they produced 29.9 thousand ounces of gold and 1.2 thousand tonnes of copper, exceeding expectations.</li><li>The company has a healthy balance sheet with 145 million in cash, no debt, and plans for mine life extensions at Telfer, including stage seven and eight cutbacks.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Greatland Gold is transitioning from a developer to a producer with the acquisition of Telfer and Haveron assets from Newmont.In just 27 days of operation, they produced 29.9 thousand ounces of gold and 1.2 thousand tonnes of copper, exceeding expectations.The company has a healthy balance sheet with 145 million in cash, no debt, and plans for mine life extensions at Telfer, including stage seven and eight cutbacks.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Index Rebalance

<ul>
<li>There are 13 adds, 2 deletes and 1 listing change 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. There are capping and float changes too.</li>
<li>Estimated one-way turnover is 14.5% resulting in a round-trip trade of US$2.5bn. There are 12 stocks with over 3x ADV to trade from passive trackers.</li>
<li>There are multiple stocks that will have same-way flows from other index trackers at the same time, and the impact will be amplified.</li>
</ul>


There are 13 adds, 2 deletes and 1 listing change for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in September. There are capping and float changes too.
Estimated one-way turnover is 14.5% resulting in a round-trip trade of US$2.5bn. There are 12 stocks with over 3x ADV to trade from passive trackers.
There are multiple stocks that will have same-way flows from other index trackers at the same time, and the impact will be amplified.


MV Global Junior Gold Miners Index Rebalance: 13 Adds, 2 Deletes; US$2.5bn Trade

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a> IE considers <a href="https://www.smartkarma.com/entities/gold-fields-ltd" target="_blank" data-smartkarma-citation="entities:25109:1" rel="noopener">Gold Fields Ltd (GFI SJ)</a>’s offer fair and reasonable. The offer is A$2.52 cash + value per share of GOR's NST stake.</li>
<li>The key condition is GOR shareholder approval. The scheme vote should pass partly due to the benign shareholder structure.  </li>
<li>The offer is attractive. At the last close and for a 13 October payment, the gross/annualised spread is 1.2%/8.1%. </li>
</ul>


The Gold Road Resources (GOR AU) IE considers Gold Fields Ltd (GFI SJ)’s offer fair and reasonable. The offer is A$2.52 cash + value per share of GOR's NST stake.
The key condition is GOR shareholder approval. The scheme vote should pass partly due to the benign shareholder structure.  
The offer is attractive. At the last close and for a 13 October payment, the gross/annualised spread is 1.2%/8.1%. 


Gold Road (GOR AU): Gold Fields (GFI US)’s Scheme Vote on 22 September

Thematic (Sector/Industry)

<ul><li>Shareholder activism emerging at Warriedar due to dissatisfaction with accepted deal</li><li>Significant drop in BOSS stock price following disappointing quarterly report and guidance update for FY26</li><li>Challenges in achieving nameplate capacity, specifically related to volume under leach, leading to increased costs and uncertainty for the company's future performance</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Shareholder activism emerging at Warriedar due to dissatisfaction with accepted dealSignificant drop in BOSS stock price following disappointing quarterly report and guidance update for FY26Challenges in achieving nameplate capacity, specifically related to volume under leach, leading to increased costs and uncertainty for the company's future performanceThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Horror Week for Boss, Greatland and Liontown

United Kingdom

Greatland Gold Plc is a mineral exploration company focusing on gold projects in Tasmania and Western Australia.

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Greatland Gold (GGP LN)

Greatland Resources (GGP AU): Big Index Inclusions for Recent IPO

Greatland Resources listed on the ASX after A$504m was raised via a primary+secondary issue in AU/UK. Free float market cap over A$3bn should...

Brian Freitas

Which Goldies are making real cash?

Greatland Gold transitions to producer status with acquisition of Telfer and Haveron assets, exceeding production expectations in first month and...

Money of Mine

MV Global Junior Gold Miners Index Rebalance: 13 Adds, 2 Deletes; US$2.5bn Trade

There are 13 adds, 2 deletes, float and capping changes for the GDXJ. There are multiple stocks that have passive flows from the Fglobal, ASX and...

Brian Freitas

Gold Road (GOR AU): Gold Fields (GFI US)’s Scheme Vote on 22 September

The vote is low-risk. The offer is attractive. At the last close and for a 13 October payment, the gross/annualised spread is 1.2%/8.1%.

Arun George

Horror Week for Boss, Greatland and Liontown

World Art Resources faces shareholder activism, Boss experiences share movement after disappointing outlook, lower uranium concentration affects...

Money of Mine

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