Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we present our expectations for ASX 200, 100, 50, and 20 for the December 2026 index rebal event.</li>
<li>We expect one change for ASX 100 and six changes for ASX 200. We do not see any changes for ASX 20 and ASX 50.</li>
<li>There could also be intra-review index changes over the next few months. By our current measure, those will be quite big in dollar terms and ADV impact.</li>
</ul>


In this insight, we present our expectations for ASX 200, 100, 50, and 20 for the December 2026 index rebal event.
We expect one change for ASX 100 and six changes for ASX 200. We do not see any changes for ASX 20 and ASX 50.
There could also be intra-review index changes over the next few months. By our current measure, those will be quite big in dollar terms and ADV impact.


Quiddity Leaderboard ASX Dec26: Multiple Changes During the Rebal + Some Intra-Review Changes

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 18th (reported today). The aggregated short interest was USD49.8bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Codan, Sunrise Energy Metals, TPG Telecom, Qbe Insurance, EQ Resources.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 18th (reported today). The aggregated short interest was USD49.8bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Codan, Sunrise Energy Metals, TPG Telecom, Qbe Insurance, EQ Resources.


ASX Short Interest Weekly (Sep 18th): Codan, Sunrise Energy Metals, TPG Telecom, Qbe Insurance

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

<ul>
<li>Multiple index families rebalance at the close today, driving huge flows across Australian stocks. Estimates indicate over A$5bn to trade from passive trackers.</li>
<li>Among index adds, we see large flows in <a href="https://www.smartkarma.com/entities/eq-resources-limited" target="_blank" data-smartkarma-citation="entities:14984:1" rel="noopener">EQ Resources (EQR AU)</a>, <a href="https://www.smartkarma.com/entities/codan-ltd-australia" target="_blank" data-smartkarma-citation="entities:6189:1" rel="noopener">Codan (CDA AU)</a>, <a href="https://www.smartkarma.com/entities/sunrise-energy-metals-ltd" target="_blank" data-smartkarma-citation="entities:11810:1" rel="noopener">Sunrise Energy Metals (SRL AU)</a> and <a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium Ltd (CXO AU)</a>. </li>
<li>Among index deletes, the largest flows are in <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/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/cochlear-ltd" target="_blank" data-smartkarma-citation="entities:918:1" rel="noopener">Cochlear (COH AU)</a>, <a href="https://www.smartkarma.com/entities/graincorp-ltd" target="_blank" data-smartkarma-citation="entities:18531:1" rel="noopener">Graincorp (GNC AU)</a> and <a href="https://www.smartkarma.com/entities/amalgamated-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20978:1" rel="noopener">Event Hospitality and Entertainment (EVT AU)</a>. </li>
</ul>


Multiple index families rebalance at the close today, driving huge flows across Australian stocks. Estimates indicate over A$5bn to trade from passive trackers.
Among index adds, we see large flows in EQ Resources (EQR AU), Codan (CDA AU), Sunrise Energy Metals (SRL AU) and Core Lithium Ltd (CXO AU). 
Among index deletes, the largest flows are in Evolution Mining (EVN AU), Atlas Arteria (ALX AU), Cochlear (COH AU), Graincorp (GNC AU) and Event Hospitality and Entertainment (EVT AU). 


Australia: A$5bn+ to Trade at the Close Today Across Local & Global Indices

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>In last month’s monetary policy decision, the Reserve Bank of Australia (RBA) kept interest rate unchanged at 4.35%.</li>
<li>According to a Reuters poll, a majority of the economists predicted interest rates to remain unchanged in the current quarter, followed by a 25bps cut to 4.10% in 4Q24.</li>
<li>Amid possible rate cut talks both in the domestic as well as the U.S. market, we want to take a look at Australian biotech companies.</li>
</ul>


In last month’s monetary policy decision, the Reserve Bank of Australia (RBA) kept interest rate unchanged at 4.35%.
According to a Reuters poll, a majority of the economists predicted interest rates to remain unchanged in the current quarter, followed by a 25bps cut to 4.10% in 4Q24.
Amid possible rate cut talks both in the domestic as well as the U.S. market, we want to take a look at Australian biotech companies.


Australian Biotech Companies Amid Talk of Likely Interest Rate Cut

<ul>
<li>There could be 2 changes for the ASX50, 1 for the ASX100, 6 for the S&amp;P/ASX 200 and 16 adds/11 deletes for the ASX300 in September.</li>
<li>Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the ASX200 and ASX300 indices.</li>
<li>The forecast adds have outperformed the forecast deletes over the last few months, but outperformance has reduced for the ASX50/ASX200 indices and has increased for the ASX100/ASX300 indices.</li>
</ul>


There could be 2 changes for the ASX50, 1 for the ASX100, 6 for the S&amp;P/ASX 200 and 16 adds/11 deletes for the ASX300 in September.
Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the ASX200 and ASX300 indices.
The forecast adds have outperformed the forecast deletes over the last few months, but outperformance has reduced for the ASX50/ASX200 indices and has increased for the ASX100/ASX300 indices.


S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 26): Plenty of Change with Big Flow & Impact

Australia

Pyc Therapeutics Limited operates as a pharmaceutical company. The Company develops drugs and medicine for various types of diseases. Pyc Therapeutics serves customers in Australia.

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PYC Therapeutics (PYC AU)

Quiddity Leaderboard ASX Dec26: Multiple Changes During the Rebal + Some Intra-Review Changes

Although we currently see zero changes for ASX 50, there are multiple potential DELs close to the deletion border. If they underperform other...

Janaghan Jeyakumar, CFA

ASX Short Interest Weekly (Sep 18th): Codan, Sunrise Energy Metals, TPG Telecom, Qbe Insurance

We analyzed ASX short interest report for the past week and highlight short interest changes in Codan, Sunrise Energy Metals, TPG Telecom, Qbe...

Ke Yan, CFA, FRM

Australia: A$5bn+ to Trade at the Close Today Across Local & Global Indices

Multiple index families rebalance in Oz at the close today. Estimated passive trading is A$5bn+. Shorts have built up in a lot of stocks and there...

Brian Freitas

Australian Biotech Companies Amid Talk of Likely Interest Rate Cut

RBA keeps interest rates steady at 4.35%, while economists predict possible cut to 4.10% in 4Q24. Australian biotech companies should be in focus...

Tina Banerjee

S&P/ASX Index Rebalance Preview (Sep 26): Plenty of Change with Big Flow & Impact

There could be 45 changes across the ASX family of indices in Sept. Passive trackers need to trade a lot of stock in many names. Short interest is...

Brian Freitas

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Quiddity Leaderboard ASX Dec26: Multiple Changes During the Rebal + Some Intra-Review Changes

Although we currently see zero changes for ASX 50, there are multiple potential DELs close to the deletion border. If they underperform other...

Janaghan Jeyakumar, CFA

ASX Short Interest Weekly (Sep 18th): Codan, Sunrise Energy Metals, TPG Telecom, Qbe Insurance

We analyzed ASX short interest report for the past week and highlight short interest changes in Codan, Sunrise Energy Metals, TPG Telecom, Qbe...

Ke Yan, CFA, FRM

Australia: A$5bn+ to Trade at the Close Today Across Local & Global Indices

Multiple index families rebalance in Oz at the close today. Estimated passive trading is A$5bn+. Shorts have built up in a lot of stocks and there...

Brian Freitas

Australian Biotech Companies Amid Talk of Likely Interest Rate Cut

​RBA keeps interest rates steady at 4.35%, while economists predict possible cut to 4.10% in 4Q24. Australian biotech companies should be in focus...

Tina Banerjee

S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 26): Plenty of Change with Big Flow & Impact

There could be 45 changes across the ASX family of indices in Sept. Passive trackers need to trade a lot of stock in many names. Short interest is...

Brian Freitas

RBA keeps interest rates steady at 4.35%, while economists predict possible cut to 4.10% in 4Q24. Australian biotech companies should be in focus...

S&P/ASX Index Rebalance Preview (Sep 26): Plenty of Change with Big Flow & Impact