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

Index Rebalance

<ul>
<li>There are 27 adds, 3 deletes and 3 listing changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in March. There are capping and float changes too.</li>
<li>Estimated one-way turnover is 17.4% resulting in a round-trip trade of US$3.8bn. There is a lot of stock to buy in the inclusions.</li>
<li>Capping results in some big flows for the other stocks in the index, mainly <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining (EVN AU)</a>, <a href="https://www.smartkarma.com/entities/endeavour-mining-plc" target="_blank" data-smartkarma-citation="entities:40926:1" rel="noopener">Endeavour Mining (EDV LN)</a>, <a href="https://www.smartkarma.com/entities/coeur-mining-inc" target="_blank" data-smartkarma-citation="entities:2622:1" rel="noopener">Coeur Mining (CDE US)</a> and <a href="https://www.smartkarma.com/entities/equinox-gold-corp" target="_blank" data-smartkarma-citation="entities:38705:1" rel="noopener">Equinox Gold (EQX US)</a>. </li>
</ul>


There are 27 adds, 3 deletes and 3 listing changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in March. There are capping and float changes too.
Estimated one-way turnover is 17.4% resulting in a round-trip trade of US$3.8bn. There is a lot of stock to buy in the inclusions.
Capping results in some big flows for the other stocks in the index, mainly Evolution Mining (EVN AU), Endeavour Mining (EDV LN), Coeur Mining (CDE US) and Equinox Gold (EQX US). 


MV Global Junior Gold Miners Index Rebalance: 27 Adds; 3 Deletes; US$3.8bn Trade

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul>
<li><strong>SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.</strong></li>
<li>
<strong>Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks</strong>…</li>
</ul>


SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.

Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…


Average 19% YTD Gain in Key Mining Stocks

Dian Swastatika Sentosa / Index Rebalance

<ul>
<li>The review period for the LQ45 Index April rebalance ended 31 March. The changes should be announced later this week, becoming effective after the close on 30 April.</li>
<li>We highlight 4 potential inclusions and 3 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>All the potential changes have over 1x ADV to trade from passive trackers and some stocks will be impacted more than others.</li>
</ul>


The review period for the LQ45 Index April rebalance ended 31 March. The changes should be announced later this week, becoming effective after the close on 30 April.
We highlight 4 potential inclusions and 3 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
All the potential changes have over 1x ADV to trade from passive trackers and some stocks will be impacted more than others.


LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

<ul>
<li>There are 7 adds for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in March. There are plenty of float and capping changes too.</li>
<li>Estimated one-way turnover is 5.3% resulting in a round-trip trade of US$610m. There are 11 stocks with over 1x ADV to trade from passive trackers.</li>
<li>
<a href="https://www.smartkarma.com/entities/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan Resources /Australi (SPR AU)</a> and <a href="https://www.smartkarma.com/entities/ora-banda-mining-ltd" target="_blank" data-smartkarma-citation="entities:2970:1" rel="noopener">Ora Banda Mining (OBM AU)</a> will be added to some of the S&amp;P/ASX indices at the same time, increasing flow and impact.</li>
</ul>


There are 7 adds for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in March. There are plenty of float and capping changes too.
Estimated one-way turnover is 5.3% resulting in a round-trip trade of US$610m. There are 11 stocks with over 1x ADV to trade from passive trackers.

Spartan Resources /Australi (SPR AU) and Ora Banda Mining (OBM AU) will be added to some of the S&amp;P/ASX indices at the same time, increasing flow and impact.


MV Global Junior Gold Miners Index Rebalance: 7 Adds & Other Changes Lead to US$610m Trade

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.</li>
<li>There will be seven ADDs and no DELs for the March 2025 rebal event.</li>
<li>We expect a one-way flow of US$320mn for March 2025, which translates to a turnover of 5.2%.</li>
</ul>


The MV J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.
There will be seven ADDs and no DELs for the March 2025 rebal event.
We expect a one-way flow of US$320mn for March 2025, which translates to a turnover of 5.2%.


Quiddity MV Jr Gold Miners Mar25 Rebalance Flows: 7 ADDs No DELETEs And $640mm Round Trip Flows

Indonesia

J Resources Asia Pasifik Tbk is an Indonesia-based public company primarily engaged in gold mining and general trading and mining services. Through its subsidiaries, it operates and explores gold mines in Indonesia and Malaysia, with key projects including Bakan Mine, North Lanut Mine, Seruyung Mine, and the Doup Project. The company was founded in 2002 and is headquartered in Jakarta Selatan, Indonesia.

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J Resources Asia Pasifik (PSAB IJ)

MV Global Junior Gold Miners Index Rebalance: 27 Adds; 3 Deletes; US$3.8bn Trade

There are 27 adds, 3 deletes and 3 listing changes for the GDXJ. Estimated one-way turnover is 17.4% and round-trip trade is US$3.8bn. Capping...

Brian Freitas

Average 19% YTD Gain in Key Mining Stocks

SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold...

Singapore Exchange Ltd (SGX)

LQ45 Index Rebalance Preview (Apr 2025): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in April. The potential adds have traded in line with the deletes. Historically, adds and...

Brian Freitas

MV Global Junior Gold Miners Index Rebalance: 7 Adds & Other Changes Lead to US$610m Trade

7 adds, float and capping changes lead to one-way turnover of 5.3% and a round-trip trade of US$610m. Spartan is also and ASX200 add while OBM is...

Brian Freitas

Quiddity MV Jr Gold Miners Mar25 Rebalance Flows: 7 ADDs No DELETEs And $640mm Round Trip Flows

The MVIS Junior Gold Miner Index rebal was announced Friday. A couple of surprises and the DELETE missed because a drop in float. $320mm a side and...

Travis Lundy

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