Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.</li>
<li>This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the upcoming index review in September 2026.</li>
</ul>


The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.
This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.
In this insight, we take a look at the names leading the race to become ADDs/DELs for the upcoming index review in September 2026.


Quiddity Leaderboard ES50 Sep26: 2 Changes Likely; 6 Months to the Base Date; US$1bn+ Flow Events

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>The latest quarter for Nokia indicates a mixed performance with both enhancing opportunities and emerging challenges.</li><li>Starting with positives, the company reported good growth in the Network Infrastructure and Cloud and Network Services segments.</li><li>Nokia's acquisition of Infinera seems to have bolstered their Optical Networks business, shown by a robust book-to-bill ratio that exceeded 1, highlighting solid commercial momentum.</li></ul>

The latest quarter for Nokia indicates a mixed performance with both enhancing opportunities and emerging challenges.Starting with positives, the company reported good growth in the Network Infrastructure and Cloud and Network Services segments.Nokia's acquisition of Infinera seems to have bolstered their Optical Networks business, shown by a robust book-to-bill ratio that exceeded 1, highlighting solid commercial momentum.

Nokia Oyj: Can It Capitalize On The Network Infrastructure Growth & Favorable Mobile Networks Dynamics?

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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>The main forecasted additions are <a href="https://www.smartkarma.com/entities/siemens-energy-ag" target="_blank" data-smartkarma-citation="entities:35843:1" rel="noopener">Siemens Energy AG (ENR GR)</a> and <a href="https://www.smartkarma.com/entities/deutsche-bank-ag-40d2d02f-a52f-4d36-a86f-79c59c4f0f17" target="_blank" data-smartkarma-citation="entities:526:1" rel="noopener">Deutsche Bank (DBK GR)</a> as they are both surpassing the entry rank.</li>
<li>The main forecasted deletions are <a href="https://www.smartkarma.com/entities/stellantis-nv-847415d2-edbe-4b97-b9c9-bece87ed6f72" target="_blank" data-smartkarma-citation="entities:27920:1" rel="noopener">Stellantis NV (STLAM IM)</a> and <a href="https://www.smartkarma.com/entities/nokia-oyj" target="_blank" data-smartkarma-citation="entities:21754:1" rel="noopener">Nokia OYJ (NOKIA FH)</a> as they are both below the exit rank.</li>
<li>
<a href="https://www.smartkarma.com/entities/pernod-ricard-sa" target="_blank" data-smartkarma-citation="entities:21533:1" rel="noopener">Pernod Ricard Sa (RI FP)</a> and <a href="https://www.smartkarma.com/entities/volkswagen-ag-2754ab9c-fd60-43d7-a087-b4ce4465a0eb" target="_blank" data-smartkarma-citation="entities:734:1" rel="noopener">Volkswagen (Pref) (VOW3 GR)</a> are near the exit threshold and can potentially be replaced by <a href="https://www.smartkarma.com/entities/e-on-se" target="_blank" data-smartkarma-citation="entities:21616:1" rel="noopener">E.ON (EOAN GR)</a> and <a href="https://www.smartkarma.com/entities/engie-sa" target="_blank" data-smartkarma-citation="entities:21449:1" rel="noopener">Engie SA (ENGI FP)</a>. </li>
</ul>


The main forecasted additions are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR) as they are both surpassing the entry rank.
The main forecasted deletions are Stellantis NV (STLAM IM) and Nokia OYJ (NOKIA FH) as they are both below the exit rank.

Pernod Ricard Sa (RI FP) and Volkswagen (Pref) (VOW3 GR) are near the exit threshold and can potentially be replaced by E.ON (EOAN GR) and Engie SA (ENGI FP). 


EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

<ul><li>Nokia Corporation's Q1 2025 results reflect a mixed performance with signs of recovery and some emerging challenges.</li><li>The company's overall net sales declined by 3% year-over-year, largely due to an exceptional licensing revenue surge in Q1 2024.</li><li>Adjusting for these previous windfalls, Nokia's net sales actually grew by 7%, displaying solid growth across its various business units, particularly in Network Infrastructure and Cloud and Network Services.</li></ul>

Nokia Corporation's Q1 2025 results reflect a mixed performance with signs of recovery and some emerging challenges.The company's overall net sales declined by 3% year-over-year, largely due to an exceptional licensing revenue surge in Q1 2024.Adjusting for these previous windfalls, Nokia's net sales actually grew by 7%, displaying solid growth across its various business units, particularly in Network Infrastructure and Cloud and Network Services.

Nokia Inc.: Enterprise & Diversification Strategy Propelling Our ‘Outperform’ Rating!

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

CapitaLand India Trust / Equity Bottom-Up

<ul><li>Robert Ng, a significant figure at Sino, is implicated in Singapore's foreign political interference law due to his involvement with children.</li><li>Cuscaden Peak secures approval for the $2.1B privatization deal of Singapore's Paragon REIT, marking a significant milestone in the real estate industry.</li><li>PAG DCU appoints Sanjay Goel, formerly of American Tower, as their new CEO, signaling a strategic move in their leadership team.</li></ul>

Robert Ng, a significant figure at Sino, is implicated in Singapore's foreign political interference law due to his involvement with children.Cuscaden Peak secures approval for the $2.1B privatization deal of Singapore's Paragon REIT, marking a significant milestone in the real estate industry.PAG DCU appoints Sanjay Goel, formerly of American Tower, as their new CEO, signaling a strategic move in their leadership team.

Asia Real Estate Tracker (23-Apr-2025): Sino's Robert Ng, kids tagged under SG foreign interference law

Finland

Nokia Oyj is a global communications company. The Company produces a broad range of technological devices and software, and operates networks, sales ,and communication channels worldwide.

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Nokia Oyj (NOK US)

Quiddity Leaderboard ES50 Sep26: 2 Changes Likely; 6 Months to the Base Date; US$1bn+ Flow Events

Our ideas for ES50 have returned an average of +3.6%, measured from the close on 9th March 2026 to the close on 27th March 2026. Among these...

Afridi Reyal

Nokia Oyj: Can It Capitalize On The Network Infrastructure Growth & Favorable Mobile Networks Dynamics?

The latest quarter for Nokia indicates a mixed performance with both enhancing opportunities and emerging challenges. Starting with positives, the...

Baptista Research

EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

ENR and DBK are poised to join EURO STOXX50, while STLA and NOKIA are expected to exit. RI and VOW3 face potential removal, with EOAN and ENGI...

Dimitris Ioannidis

Nokia Inc.: Enterprise & Diversification Strategy Propelling Our ‘Outperform’ Rating!

Nokia Corporation's Q1 2025 results reflect a mixed performance with signs of recovery and some emerging challenges. The company's overall net...

Baptista Research

Asia Real Estate Tracker (23-Apr-2025): Sino's Robert Ng, kids tagged under SG foreign interference law

Robert Ng of Sino implicated in foreign political interference, Cuscaden Peak secures $2.1B for Paragon REIT privatization, PAG DCU appoints Sanjay...

Asia Real Estate Tracker

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