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>The rankings used for the September 2026 index rebal event will be based on yesterday's (2 September 2026) opening prices. The announcement will be made after the close on Friday.</li>
<li>In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next few quarters).</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.
The rankings used for the September 2026 index rebal event will be based on yesterday's (2 September 2026) opening prices. The announcement will be made after the close on Friday.
In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next few quarters).


Quiddity Leaderboard SP500/600 Sep26 Rebal: Final Expectations

<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>The Technology Select Sector Index is the top sector with US$6.1 bn one-way flow. We expect one-way flow of ~US$14bn in September 2026 for the Select Sector indices in total.</li>
<li>There is, of course, an additional US$5bn for the SP500, $6bn for Equal Weight, and a large expected funding flow across TMI.</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.
The Technology Select Sector Index is the top sector with US$6.1 bn one-way flow. We expect one-way flow of ~US$14bn in September 2026 for the Select Sector indices in total.
There is, of course, an additional US$5bn for the SP500, $6bn for Equal Weight, and a large expected funding flow across TMI.


Quiddity Leaderboard SP Select Sector Sep26 Rebal: Over US$14bn One-Way Flow Expected

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>Heico is a high-growth, high-margin niche market leader in the aerospace and defense aftermarket, specializing in FAA-approved replacement parts and mission-critical electronic technologies.</li>
  <li>The company's disciplined acquisition strategy is a core pillar of its growth, successfully integrating dozens of companies to expand its product portfolio and market reach, consistently creating shareholder value.</li>
  <li>While fundamentals are strong, the company's valuation trades at a significant premium to the aerospace and defense sector, reflecting its superior growth and profitability but also posing a potential risk to new investors.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Heico is a high-growth, high-margin niche market leader in the aerospace and defense aftermarket, specializing in FAA-approved replacement parts and mission-critical electronic technologies.
  The company's disciplined acquisition strategy is a core pillar of its growth, successfully integrating dozens of companies to expand its product portfolio and market reach, consistently creating shareholder value.
  While fundamentals are strong, the company's valuation trades at a significant premium to the aerospace and defense sector, reflecting its superior growth and profitability but also posing a potential risk to new investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Heico Corp Class A (HEI/A US) - Sep 2025

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>HEICO Corporation delivered a robust second quarter financial performance for fiscal 2025, demonstrating strong organic growth and successful integration of acquisitions.</li><li>The company saw record increases in both consolidated operating income and net sales, which rose by 19% and 15% respectively compared to the same period in fiscal 2024.</li><li>The Flight Support Group (FSG) set all-time quarterly records with a 19% net sales increase and a 24% increase in operating income reflecting a 14% organic growth.</li></ul>

HEICO Corporation delivered a robust second quarter financial performance for fiscal 2025, demonstrating strong organic growth and successful integration of acquisitions.The company saw record increases in both consolidated operating income and net sales, which rose by 19% and 15% respectively compared to the same period in fiscal 2024.The Flight Support Group (FSG) set all-time quarterly records with a 19% net sales increase and a 24% increase in operating income reflecting a 14% organic growth.

HEICO Corporation: Robust Defense Segment Performance & Other Factors Driving our Optimism!

<ul><li>HEICO Corporation's recent financial results for the first quarter of fiscal year 2025 showcase several positive developments, with both of its primary operating segments, the Flight Support Group (FSG) and Electronic Technologies Group (ETG), achieving record results.</li><li>The company reported a 26% increase in consolidated operating income and a 15% rise in net sales compared to the same period last year.</li><li>This growth translated into a 46% increase in net income, reaching $168 million or $1.20 per diluted share, up from $114.7 million or $0.82 per diluted share in the prior year.</li></ul>

HEICO Corporation's recent financial results for the first quarter of fiscal year 2025 showcase several positive developments, with both of its primary operating segments, the Flight Support Group (FSG) and Electronic Technologies Group (ETG), achieving record results.The company reported a 26% increase in consolidated operating income and a 15% rise in net sales compared to the same period last year.This growth translated into a 46% increase in net income, reaching $168 million or $1.20 per diluted share, up from $114.7 million or $0.82 per diluted share in the prior year.

HEICO Corporation: Growth in Defense Spending As A Vital Factor Driving Growth!

United States

HEICO Corporation designs, manufactures, and sells aerospace products and services through its subsidiaries. The Company's customers include airlines and airmotive, as well as defense contractors and military agencies worldwide, including the United States Air Force, the United States Navy, and the National Aeronautics & Space Administration (NASA).

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HEICO Corp (HEI US)

Quiddity Leaderboard SP500/600 Sep26 Rebal: Final Expectations

Two ADDs, two DELs for the September 2026 S&P 500 rebalance. Bloom Energy and Twilio lead the ADDs race. But the committee may skip Non-1500 entirely.

Anjana Amarasuriya

Quiddity Leaderboard SP Select Sector Sep26 Rebal: Over US$14bn One-Way Flow Expected

Select Sector flows for the September 2026 SP 500 rebalance are ~US$14bn across 11 sectors, versus ~US$5bn in the SP 500 and ~US$6bn in SP 500...

Anjana Amarasuriya

Primer: Heico Corp Class A (HEI/A US) - Sep 2025

Heico is a high-growth, high-margin niche market leader in the aerospace and defense aftermarket, specializing in FAA-approved replacement parts...

αSK Primers

HEICO Corporation: Robust Defense Segment Performance & Other Factors Driving our Optimism!

HEICO Corporation delivered a robust second quarter financial performance for fiscal 2025, demonstrating strong organic growth and successful...

Baptista Research

HEICO Corporation: Growth in Defense Spending As A Vital Factor Driving Growth!

HEICO Corporation's recent financial results for the first quarter of fiscal year 2025 showcase several positive developments, with both of its...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)