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 Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026.</li>
<li>We expect threes changes at the December index rebal event and no intra-review changes before then.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026.
We expect threes changes at the December index rebal event and no intra-review changes before then.


Quiddity Leaderboard Nasdaq100 Dec26 Rebal: 3 ADDs/DELs; US$42bn One-Way Flow

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>We expect no changes for the September 2026 index rebal event, though SpaceX's free-float increase should still drive roughly US$13bn of one-way flow.</li>
<li>We expect three ADDs and four DELs at the December 2026 annual reconstitution, with DELs necessarily exceeding ADDs by one to bring member count back to 100.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
We expect no changes for the September 2026 index rebal event, though SpaceX's free-float increase should still drive roughly US$13bn of one-way flow.
We expect three ADDs and four DELs at the December 2026 annual reconstitution, with DELs necessarily exceeding ADDs by one to bring member count back to 100.


Quiddity Leaderboard Nasdaq100 Sep26 Rebal: Still No Changes in September

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.

Equity Bottom-Up

<ul><li>Moderna has moved into a very different phase of its post-pandemic story.</li><li>Its shares surged after the Phase 3 INTerpath-001 melanoma study delivered a positive result for intismeran autogene, the individualized mRNA cancer therapy being developed with Merck and used alongside Keytruda.</li><li>The study met its primary recurrence-free-survival endpoint and also succeeded on distant-metastasis-free survival in 1,137 patients with resected high-risk melanoma.</li></ul>

Moderna has moved into a very different phase of its post-pandemic story.Its shares surged after the Phase 3 INTerpath-001 melanoma study delivered a positive result for intismeran autogene, the individualized mRNA cancer therapy being developed with Merck and used alongside Keytruda.The study met its primary recurrence-free-survival endpoint and also succeeded on distant-metastasis-free survival in 1,137 patients with resected high-risk melanoma.

Moderna’s Cancer Vaccine Breakthrough Has A Bigger Test Ahead!

<ul><li>Moderna, Inc. reported its second quarter 2026 financial results along with progress updates on its commercial profile and development pipeline.</li><li>The company generated $145 million in revenue for the quarter, slightly exceeding guidance and marking a 2% increase year-over-year.</li><li>The geographic revenue mix shifted towards 60% U.S. and 40% international in the quarter, with international revenues supported by strategic partnerships.</li></ul>

Moderna, Inc. reported its second quarter 2026 financial results along with progress updates on its commercial profile and development pipeline.The company generated $145 million in revenue for the quarter, slightly exceeding guidance and marking a 2% increase year-over-year.The geographic revenue mix shifted towards 60% U.S. and 40% international in the quarter, with international revenues supported by strategic partnerships.

Moderna’s Flu Vaccine Milestone Adds Another Catalyst Beyond COVID!

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul>
<li>The strategy seeks to invest in companies that provide life’s essential goods and services.</li>
<li>These companies support our societal well-being and are less likely to be subject to hype.</li>
<li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li>
</ul>


The strategy seeks to invest in companies that provide life’s essential goods and services.
These companies support our societal well-being and are less likely to be subject to hype.
By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.


Global Life Essential Portfolio (14-Sep-2026)

United States

Moderna, Inc. operates as a biotechnology company. The Company focuses on the discovery and development of messenger RNA therapeutics and vaccines. Moderna develops mRNA medicines for infectious, immuno-oncology, and cardiovascular diseases.

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Moderna (MRNA US)

Quiddity Leaderboard Nasdaq100 Dec26 Rebal: 3 ADDs/DELs; US$42bn One-Way Flow

Moderna replacing WBD is the last expected intra-review change before December. The annual reconstitution should bring three more Nasdaq-100...

Anjana Amarasuriya

Quiddity Leaderboard Nasdaq100 Sep26 Rebal: Still No Changes in September

Paramount Skydance (PSKY US) will move its listing to the NYSE on 6 October 2026, and following its 21 September settlement, its acquisition of WBD...

Anjana Amarasuriya

Moderna’s Cancer Vaccine Breakthrough Has A Bigger Test Ahead!

Moderna has moved into a very different phase of its post-pandemic story. Its shares surged after the Phase 3 INTerpath-001 melanoma study...

Baptista Research

Moderna’s Flu Vaccine Milestone Adds Another Catalyst Beyond COVID!

Moderna, Inc. reported its second quarter 2026 financial results along with progress updates on its commercial profile and development...

Baptista Research

Global Life Essential Portfolio (14-Sep-2026)

The strategy seeks to invest in companies that provide life’s essential goods and services. These companies support our societal well-being and...

Crea8

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