Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we present our expectations for ASX 200, 100, 50, and 20 for the December 2026 index rebal event.</li>
<li>We expect one change for ASX 100 and six changes for ASX 200. We do not see any changes for ASX 20 and ASX 50.</li>
<li>There could also be intra-review index changes over the next few months. By our current measure, those will be quite big in dollar terms and ADV impact.</li>
</ul>


In this insight, we present our expectations for ASX 200, 100, 50, and 20 for the December 2026 index rebal event.
We expect one change for ASX 100 and six changes for ASX 200. We do not see any changes for ASX 20 and ASX 50.
There could also be intra-review index changes over the next few months. By our current measure, those will be quite big in dollar terms and ADV impact.


Quiddity Leaderboard ASX Dec26: Multiple Changes During the Rebal + Some Intra-Review Changes

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.

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

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/eq-resources-limited" target="_blank" data-smartkarma-citation="entities:14984:1" rel="noopener">EQ Resources (EQR AU)</a> and <a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium Ltd (CXO AU)</a> will be added to the <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> at the close on 18 September.</li>
<li>The constituent changes, float changes and capping changes result in an estimated one-way turnover of 7.7% and in a round-trip trade of US$514m.</li>
<li>Other passive index trackers will be buying significant size in <a href="https://www.smartkarma.com/entities/eq-resources-limited" target="_blank" data-smartkarma-citation="entities:14984:1" rel="noopener">EQ Resources (EQR AU)</a> and smaller size in <a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium Ltd (CXO AU)</a> at the same time.</li>
</ul>



EQ Resources (EQR AU) and Core Lithium Ltd (CXO AU) will be added to the VanEck Rare Earth/Strategic Me (REMX US) at the close on 18 September.
The constituent changes, float changes and capping changes result in an estimated one-way turnover of 7.7% and in a round-trip trade of US$514m.
Other passive index trackers will be buying significant size in EQ Resources (EQR AU) and smaller size in Core Lithium Ltd (CXO AU) at the same time.


MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: Multiple Flows for the Adds

<ul><li>Mr. Kerr's focus on resources in Australia and surprises in the industry, including BHP Anglo's moves and Liontown's share value drop</li><li>Corporate governance issues with Andrew Forrest and Fortescue, including concessions on hydrogen targets</li><li>Challenges in the hydrogen and lithium sectors, such as BP's Australian renewable energy hub proposal and Rio Tinto's large investment</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Mr. Kerr's focus on resources in Australia and surprises in the industry, including BHP Anglo's moves and Liontown's share value dropCorporate governance issues with Andrew Forrest and Fortescue, including concessions on hydrogen targetsChallenges in the hydrogen and lithium sectors, such as BP's Australian renewable energy hub proposal and Rio Tinto's large investmentThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Biggest Mining stories of 2024 – AFR’s Peter Ker

<ul><li>Announcement of a free resource for money miners in the lithium space</li><li>Discussion about upcoming quarterly season and potential moves by Gina in Lion Town</li><li>Consideration of cash burns, balance sheet pressure, and potential takeover scenarios in the mining industry</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Announcement of a free resource for money miners in the lithium spaceDiscussion about upcoming quarterly season and potential moves by Gina in Lion TownConsideration of cash burns, balance sheet pressure, and potential takeover scenarios in the mining industryThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Miners on our Radar this Quarterly Season

Australia

Liontown Resources Ltd. explores for and mines base metals.

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Liontown Resources (LTR AU)

Quiddity Leaderboard ASX Dec26: Multiple Changes During the Rebal + Some Intra-Review Changes

Although we currently see zero changes for ASX 50, there are multiple potential DELs close to the deletion border. If they underperform other...

Janaghan Jeyakumar, CFA

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

MV Global Rare Earth/Strategic Metals Index Rebalance: Multiple Flows for the Adds

There are 2 adds in Sep. The constituent, float, capping changes result in an estimated one-way turnover of 7.7% and in a round-trip trade of...

Brian Freitas

Biggest Mining stories of 2024 – AFR’s Peter Ker

Mr. Kerr focuses on resources, BHP Anglo makes surprising move in 2024, battery metal slump impacts Lion Town and Nickel West, Minray and Andrew...

Money of Mine

The Miners on our Radar this Quarterly Season

Excitement for the upcoming quarterly season in the mining sector, announcement of a free lithium comps workbook for subscribers, speculation on...

Money of Mine

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard ASX Dec26: Multiple Changes During the Rebal + Some Intra-Review Changes

Although we currently see zero changes for ASX 50, there are multiple potential DELs close to the deletion border. If they underperform other...

Janaghan Jeyakumar, CFA

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

MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: Multiple Flows for the Adds

There are 2 adds in Sep. The constituent, float, capping changes result in an estimated one-way turnover of 7.7% and in a round-trip trade of...

Brian Freitas

Biggest Mining stories of 2024 – AFR’s Peter Ker

Mr. Kerr focuses on resources, BHP Anglo makes surprising move in 2024, battery metal slump impacts Lion Town and Nickel West, Minray and Andrew...

Money of Mine

The Miners on our Radar this Quarterly Season

Excitement for the upcoming quarterly season in the mining sector, announcement of a free lithium comps workbook for subscribers, speculation on...

Money of Mine

MV Global Rare Earth/Strategic Metals Index Rebalance: Multiple Flows for the Adds