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

Index Rebalance

<ul>
<li>With the review period nearly complete, there could be one change for the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> at the June rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> drops into deletion zone, while <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a> and <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> are the highest ranked non-constituents outside direct inclusion zone.</li>
<li>Despite having a lower average free float market cap, <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> could be added to the index ahead of <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a> to maintain sector balance.</li>
</ul>


With the review period nearly complete, there could be one change for the S&amp;P BSE SENSEX Index (SENSEX INDEX) at the June rebalance.

Trent Ltd (TRENT IN) drops into deletion zone, while Shriram Finance (SHFL IN) and Hindalco Industries (HNDL IN) are the highest ranked non-constituents outside direct inclusion zone.
Despite having a lower average free float market cap, Hindalco Industries (HNDL IN) could be added to the index ahead of Shriram Finance (SHFL IN) to maintain sector balance.


SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the June 2026 index rebal event.</li>
<li>Roughly a month ago, it <em>looked like</em> there could be more than one index change in the next review. However, this is no longer the case.</li>
<li>We now see <em>only one</em> ADD/DEL for June 2026 and both names have decent index flow impacts. However, our expectations are not final yet.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the June 2026 index rebal event.
Roughly a month ago, it looked like there could be more than one index change in the next review. However, this is no longer the case.
We now see only one ADD/DEL for June 2026 and both names have decent index flow impacts. However, our expectations are not final yet.


Quiddity Leaderboard BSE ​​​​SENSEX Jun26: Next-In-Line Names Now Out of the Race; One Change Likely

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.</li>
<li>Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.</li>
<li>Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.</li>
</ul>


The Materials sector stands out as a key recovery candidate: low positioning but strong positive rotation across the GEM active universe.
Early inflows are being driven by China &amp; HK and South Africa, with rising fund participation and narrowing underweights.
Stock-Level rotation is visible in Gold Fields, Zijin Mining, and Anglo American, alongside a growing set of lightly held rising stars.


<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India. The next rebalance for this index will take place in June 2026.</li>
<li>We previously expected only one index change. However, there is one more name getting close to the border and our expectations for ADDs/DELs can still change.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs and we explain how sector considerations can play a role in the selection of replacement ADDs.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) in India. The next rebalance for this index will take place in June 2026.
We previously expected only one index change. However, there is one more name getting close to the border and our expectations for ADDs/DELs can still change.
In this insight, we take a look at the Potential ADDs/DELs and we explain how sector considerations can play a role in the selection of replacement ADDs.


Quiddity Leaderboard BSE ​​​​SENSEX Jun26: Sector Consideration Continues to Influence ADDs Choices

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-limited" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (MEESHO IN)</a> raised about US$600m in its Dec 2025 India IPO. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire soon.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Meesho (MEESHO IN) raised about US$600m in its Dec 2025 India IPO. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire soon.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Meesho Ltd IPO Lockup Expiry - US$5.7bn Lockup Release with PE Investors Well in The Money

India

Hindalco Industries Limited is an integrated aluminum producer and copper manufacturer. The Company engages in bauxite mining, alumina refining, coal mining, captive power plants and alumnium smelting to downstream rolling, extrusions, and foils. Hindalco Industries is based in India and operates internationally.

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Hindalco Industries (HNDL IN)

SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

Sector balance could result in Hindalco being added to the index and replacing Trent. Passives need to trade over 5x ADV/11x delivery volume in the...

Brian Freitas

Quiddity Leaderboard BSE SENSEX Jun26: Next-In-Line Names Now Out of the Race; One Change Likely

We currently estimate one-way flow triggered by the single expected change to be around US$315mn. Both the expected ADD and DEL could each have...

Janaghan Jeyakumar, CFA

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Quiddity Leaderboard BSE SENSEX Jun26: Sector Consideration Continues to Influence ADDs Choices

We see Hindalco Industries (HNDL IN) as an expected ADD and Trent Ltd (TRENT IN) as an expected DEL. Separately, Tech Mahindra (TECHM IN) is also...

Janaghan Jeyakumar, CFA

Aequitas: Meesho Ltd IPO Lockup Expiry - US$5.7bn Lockup Release with PE Investors Well in The Money

Meesho Ltd raised about US$600m in its India IPO in Dec 2025. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

Sector balance could result in Hindalco being added to the index and replacing Trent. Passives need to trade over 5x ADV/11x delivery volume in the...

Brian Freitas

Quiddity Leaderboard BSE ​​​​SENSEX Jun26: Next-In-Line Names Now Out of the Race; One Change Likely

We currently estimate one-way flow triggered by the single expected change to be around US$315mn. Both the expected ADD and DEL could each have...

Janaghan Jeyakumar, CFA

EM Materials: The Recovery Trade

Materials is emerging from deep under-ownership, combining low positioning with the strongest positive rotation in GEM. Inflows into China and S....

Steven Holden

Quiddity Leaderboard BSE ​​​​SENSEX Jun26: Sector Consideration Continues to Influence ADDs Choices

We see Hindalco Industries (HNDL IN) as an expected ADD and Trent Ltd (TRENT IN) as an expected DEL. Separately, Tech Mahindra (TECHM IN) is also...

Janaghan Jeyakumar, CFA

Aequitas: Meesho Ltd IPO Lockup Expiry - US$5.7bn Lockup Release with PE Investors Well in The Money

Meesho Ltd raised about US$600m in its India IPO in Dec 2025. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire...

Akshat Shah

Quiddity Leaderboard BSE SENSEX Jun26: Next-In-Line Names Now Out of the Race; One Change Likely

Quiddity Leaderboard BSE SENSEX Jun26: Sector Consideration Continues to Influence ADDs Choices