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

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

Coca-Cola Europacific Partners / Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.</li>
<li>We see up to four M&amp;A-related intra-review changes in the run up to the March 2025 review.</li>
<li>Our latest estimates suggest there could be one regular change for the F100 index and one change for the F250 index during the March 2025 rebalance. </li>
</ul>


In this insight, we take a look at the potential index changes for the F100 and F250 indices in the run-up to the March 2025 index rebal event.
We see up to four M&amp;A-related intra-review changes in the run up to the March 2025 review.
Our latest estimates suggest there could be one regular change for the F100 index and one change for the F250 index during the March 2025 rebalance. 


Quiddity Leaderboard F100/F250 Mar 25: Mega Addition for Coke & Multiple Intra-Review Changes Likely

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>Reportedly, Ito Junro's MBO for <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I (3382 JP)</a> includes a US assets IPO to help pay down MBO debt to Japanese banks.  Possible strategic mistake by Ito-san here.</li>
<li>Starwood/Warburg Pincus' firm Offer for <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a> secures support from 30.79% of the register.</li>
<li>We may be wrong on <a href="https://www.smartkarma.com/entities/sanrio-co-ltd" target="_blank" data-smartkarma-citation="entities:16476:1" rel="noopener">Sanrio (8136 JP)</a> by a big factor but the multiple and the concentration risk of momentum factor means you are in an illiquid stock.</li>
</ul>


Reportedly, Ito Junro's MBO for Seven &amp; I (3382 JP) includes a US assets IPO to help pay down MBO debt to Japanese banks.  Possible strategic mistake by Ito-san here.
Starwood/Warburg Pincus' firm Offer for ESR Group (1821 HK) secures support from 30.79% of the register.
We may be wrong on Sanrio (8136 JP) by a big factor but the multiple and the concentration risk of momentum factor means you are in an illiquid stock.


Last Week in Event SPACE: Seven & I Holdings, ESR Group, Sanrio, HKBN

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a> had predicted a series of changes in UK100 (a.k.a. F100) and UK250 (aka F250) and all predicted changes came to pass. F250 saw one extra change.</li>
<li>There will be one more ad hoc announcement today. We think the replacement for <a href="https://www.smartkarma.com/entities/tritax-eurobox-plc-3e9443bd-b52d-4565-9083-99325aa64446" target="_blank" data-smartkarma-citation="entities:44137:1" rel="noopener">Tritax Eurobox (EBOX LN)</a> will be <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>. </li>
<li>There were two ADDs in F250 which are VERY much worth looking at. Janaghan had addressed these in prior weeks as well. Those two names really stand out.</li>
</ul>



Janaghan Jeyakumar, CFA had predicted a series of changes in UK100 (a.k.a. F100) and UK250 (aka F250) and all predicted changes came to pass. F250 saw one extra change.
There will be one more ad hoc announcement today. We think the replacement for Tritax Eurobox (EBOX LN) will be Mobico Group (MCG LN). 
There were two ADDs in F250 which are VERY much worth looking at. Janaghan had addressed these in prior weeks as well. Those two names really stand out.


UK100 and UK250 Index Rebals: Some Interesting Trades

United Kingdom

Mobico Group PLC operates as a passenger transportation company. The Company offers shared mobility solutions to cities, businesses, education, healthcare, and customers. Mobico Group conducts its business worldwide.

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Mobico Group (MCG 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 Mar 25: Mega Addition for Coke & Multiple Intra-Review Changes Likely

There are multiple possibilities of intra-review index changes for the F100/250 family in 1Q CY2025. It might be a good idea to revisit this insight.

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: Seven & I Holdings, ESR Group, Sanrio, HKBN

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

UK100 and UK250 Index Rebals: Some Interesting Trades

The Footsie 100/250 rebalance was announced yesterday. Excellent hit rate by the team. As expected, two names are kind of special and they deserve...

Travis Lundy

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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

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

Quiddity Leaderboard F100/F250 Mar 25: Mega Addition for Coke & Multiple Intra-Review Changes Likely

There are multiple possibilities of intra-review index changes for the F100/250 family in 1Q CY2025. It might be a good idea to revisit this insight.

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: Seven & I Holdings, ESR Group, Sanrio, HKBN

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

UK100 and UK250 Index Rebals: Some Interesting Trades

The Footsie 100/250 rebalance was announced yesterday. Excellent hit rate by the team. As expected, two names are kind of special and they deserve...

Travis Lundy