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. The annual index review takes place in September, with index weights rebalanced every quarter.</li>
<li>We expect more than US$1bn to trade at the close of 19th June due to the capping of <a href="https://www.smartkarma.com/entities/asml-holding-nv" target="_blank" data-smartkarma-citation="entities:21097:1" rel="noopener">ASML (ASML NA)</a>.</li>
<li>We see three expected ADDs each having US$1.7bn+ to trade and two German auto giants among the expected DELs.</li>
</ul>


The ES50 Index is one of the most highly-tracked European indices. The annual index review takes place in September, with index weights rebalanced every quarter.
We expect more than US$1bn to trade at the close of 19th June due to the capping of ASML (ASML NA).
We see three expected ADDs each having US$1.7bn+ to trade and two German auto giants among the expected DELs.


Quiddity Leaderboard ES50: US$1.2bn One-Way in Jun26; 3 ADDs and 3 DELs Likely in Sep26 with a Twist

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>
<a href="https://www.smartkarma.com/entities/nokia-oyj" target="_blank" data-smartkarma-citation="entities:21754:1" rel="noopener">Nokia OYJ (NOKIA FH)</a> has potential for inclusion in Eurozone Top 50 in June 2026 with its fast-entry to be determined on 29 May.</li>
<li>The security was deleted from the index in September 2025 and has since surged over 200%, reaching a rank above 25.</li>
<li>
<a href="https://www.smartkarma.com/entities/wolters-kluwer-nv" target="_blank" data-smartkarma-citation="entities:21148:1" rel="noopener">Wolters Kluwer (WKL NA)</a> is the lowest-ranked constituent by far, resulting in its expected deletion from index as it will be replaced by <a href="https://www.smartkarma.com/entities/nokia-oyj" target="_blank" data-smartkarma-citation="entities:21754:1" rel="noopener">Nokia OYJ (NOKIA FH)</a>.</li>
</ul>



Nokia OYJ (NOKIA FH) has potential for inclusion in Eurozone Top 50 in June 2026 with its fast-entry to be determined on 29 May.
The security was deleted from the index in September 2025 and has since surged over 200%, reaching a rank above 25.

Wolters Kluwer (WKL NA) is the lowest-ranked constituent by far, resulting in its expected deletion from index as it will be replaced by Nokia OYJ (NOKIA FH).


Nokia (NOKIA FH): Fast-Entry Potential into Eurozone Top 50 in Jun26

<ul>
<li>The ES50 Index is one of the most highly-tracked European indices. The annual index review takes place in September, with index weights rebalanced every quarter.</li>
<li>In this insight, we take a look at our flows for June 2026 and index change expectations for September 2026.</li>
<li>We see two ADDs and two DELs for September 2026, along with a few large names that could become expected ADDs if they clear the sector requirement threshold.</li>
</ul>


The ES50 Index is one of the most highly-tracked European indices. The annual index review takes place in September, with index weights rebalanced every quarter.
In this insight, we take a look at our flows for June 2026 and index change expectations for September 2026.
We see two ADDs and two DELs for September 2026, along with a few large names that could become expected ADDs if they clear the sector requirement threshold.


Quiddity Leaderboard ES50 Sep26: US$900mn One-Way in Jun26; Nokia + Engie ADD in Sep26

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>Nokia Oyj has quietly made one of its more revealing strategic moves of 2026 by agreeing to exit its fixed wireless access business through a sale to Inseego.</li><li>On the surface, the transaction looks small: Nokia will receive roughly $20 million in stock and warrants, then make an additional $10 million investment, leaving it with about an 11% stake in Inseego.</li><li>But the structure matters more than the size.</li></ul>

Nokia Oyj has quietly made one of its more revealing strategic moves of 2026 by agreeing to exit its fixed wireless access business through a sale to Inseego.On the surface, the transaction looks small: Nokia will receive roughly $20 million in stock and warrants, then make an additional $10 million investment, leaving it with about an 11% stake in Inseego.But the structure matters more than the size.

Why Nokia FWA Exit Matters More Than The $20 Million Price Tag!

<ul><li>Nokia’s first quarter of 2026 exhibited modest overall revenue growth of 4% to EUR 4.5 billion, driven principally by strength in Network Infrastructure, which grew 6%, supported by Optical Networks achieving 20% net sales growth.</li><li>The gross margin expanded by 320 basis points to 45.5%, influenced partly by the absence of prior-year one-time charges and operational synergies realized through the Infinera acquisition.</li><li>Operating profit rose to EUR 281 million, reflecting a 200 basis point margin expansion to 6.2%.</li></ul>

Nokia’s first quarter of 2026 exhibited modest overall revenue growth of 4% to EUR 4.5 billion, driven principally by strength in Network Infrastructure, which grew 6%, supported by Optical Networks achieving 20% net sales growth.The gross margin expanded by 320 basis points to 45.5%, influenced partly by the absence of prior-year one-time charges and operational synergies realized through the Infinera acquisition.Operating profit rose to EUR 281 million, reflecting a 200 basis point margin expansion to 6.2%.

Nokia: The Infinera Acquisition Is Transforming Optical Networks—But How Big Is the Upside?

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: US$1.2bn One-Way in Jun26; 3 ADDs and 3 DELs Likely in Sep26 with a Twist

ASML capping drives US$1.2bn of flows this Friday. For September, we see Societe Generale narrowly sneaking into the rankings to become an expected...

Afridi Reyal

Nokia (NOKIA FH): Fast-Entry Potential into Eurozone Top 50 in Jun26

NOKIA is estimated to have missed fast-entry into Eurozone Top 50 at the last minute for the June 2026 quarterly review, following a 6.3% price...

Dimitris Ioannidis

Quiddity Leaderboard ES50 Sep26: US$900mn One-Way in Jun26; Nokia + Engie ADD in Sep26

We roughly see US$900mn one way flows based on the capping of ASML June 2026. Nokia and Engie lead the rankings to become ADDs in September 2026.

Afridi Reyal

Why Nokia FWA Exit Matters More Than The $20 Million Price Tag!

Nokia Oyj has quietly made one of its more revealing strategic moves of 2026 by agreeing to exit its fixed wireless access business through a sale...

Baptista Research

Nokia: The Infinera Acquisition Is Transforming Optical Networks—But How Big Is the Upside?

Nokia’s first quarter of 2026 exhibited modest overall revenue growth of 4% to EUR 4.5 billion, driven principally by strength in Network...

Baptista Research

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