Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>Ramelius is a well-established Western Australian gold producer with a strong track record of production growth and shareholder returns, positioning it as a leading mid-tier producer in a Tier-1 jurisdiction.</li>
  <li>The company is pursuing a clear growth strategy to increase production to over 500,000 ounces per annum by FY30, driven by a combination of organic growth from its key production hubs and strategic acquisitions like the recent combination with Spartan Resources.</li>
  <li>While exposed to inherent gold price volatility and operational cost pressures, Ramelius maintains a robust balance sheet with significant cash and gold reserves and no debt, providing financial flexibility to fund its growth ambitions and continue delivering shareholder returns through dividends and share buybacks.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Ramelius is a well-established Western Australian gold producer with a strong track record of production growth and shareholder returns, positioning it as a leading mid-tier producer in a Tier-1 jurisdiction.
  The company is pursuing a clear growth strategy to increase production to over 500,000 ounces per annum by FY30, driven by a combination of organic growth from its key production hubs and strategic acquisitions like the recent combination with Spartan Resources.
  While exposed to inherent gold price volatility and operational cost pressures, Ramelius maintains a robust balance sheet with significant cash and gold reserves and no debt, providing financial flexibility to fund its growth ambitions and continue delivering shareholder returns through dividends and share buybacks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Ramelius Resources (RMS AU) - Aug 2026

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 is 1 add for the MarketVector Global Gold Miners Index but the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF</a> will buy 8 stocks and sell 24 stocks due to a benchmark change.</li>
<li>Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.</li>
<li>The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.</li>
</ul>


There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.


Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

<ul>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.</li>
<li>The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 22.9% resulting in a round-trip trade of US$10.2bn.</li>
<li>The forecast adds have underperformed the forecast deletes since the last Insight that highlighted the big valuation gap that had opened up since the announcement of the benchmark switch.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 22.9% resulting in a round-trip trade of US$10.2bn.
The forecast adds have underperformed the forecast deletes since the last Insight that highlighted the big valuation gap that had opened up since the announcement of the benchmark switch.


Gold Miners ETF (GDX US): Capping Pushes Trade to Over US$10bn

<ul>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index.</li>
<li>That change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 15.8% resulting in a one-way trade of US$3.1bn.</li>
<li>The flow and turnover numbers will change following the June rebalance of the NYSE Arca Gold Miners Index and the September rebalance of the MarketVector Global Gold Miners Index.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index.
That change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 15.8% resulting in a one-way trade of US$3.1bn.
The flow and turnover numbers will change following the June rebalance of the NYSE Arca Gold Miners Index and the September rebalance of the MarketVector Global Gold Miners Index.


Gold Miners ETF (GDX US): BIG Impact of Benchmark Change

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a> will be added to the <a href="https://www.smartkarma.com/entities/vaneck-vectors-australian-equal-weight-etf" target="_blank" data-smartkarma-citation="entities:24297:1" rel="noopener">VanEck Vectors Australian Equal Weight (MVW AU)</a> while <a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> and <a href="https://www.smartkarma.com/entities/treasury-wine-estates-ltd" target="_blank" data-smartkarma-citation="entities:710:1" rel="noopener">Treasury Wine Estates (TWE AU)</a> will be deleted.</li>
<li>The one inclusion, two deletions, capping and float changes result in a one-way turnover of 8% at the rebalance. That leads to a round-trip trade of A$350m.</li>
<li>There will be bigger passive flows in some stocks from the S&amp;P/ASX and global index passive trackers. <a href="https://www.smartkarma.com/entities/ramelius-resources-ltd" target="_blank" data-smartkarma-citation="entities:5968:1" rel="noopener">Ramelius Resources (RMS AU)</a> gets the biggest same-way flow.</li>
</ul>



Ramelius Resources (RMS AU) will be added to the VanEck Vectors Australian Equal Weight (MVW AU) while Telix Pharmaceuticals (TLX AU) and Treasury Wine Estates (TWE AU) will be deleted.
The one inclusion, two deletions, capping and float changes result in a one-way turnover of 8% at the rebalance. That leads to a round-trip trade of A$350m.
There will be bigger passive flows in some stocks from the S&amp;P/ASX and global index passive trackers. Ramelius Resources (RMS AU) gets the biggest same-way flow.


MV Australia Equal Weight Index Rebalance: More Inflows for RMS; TLX, TWE Deleted

Australia

Ramelius Resources Limited is a gold exploration and production company with exploration activities focused in Western Australia.  The Company also explores for base metals.

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Ramelius Resources (RMS AU)

Primer: Ramelius Resources (RMS AU) - Aug 2026

Ramelius is a well-established Western Australian gold producer with a strong track record of production growth and shareholder returns,...

αSK Primers

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

Gold Miners ETF (GDX US): Capping Pushes Trade to Over US$10bn

The change in benchmark for GDX should result in 8 adds and 25 deletes in Sep. Estimated one-way turnover is 22.9% resulting in a round-trip trade...

Brian Freitas

Gold Miners ETF (GDX US): BIG Impact of Benchmark Change

The GDX ETF has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index. Estimated turnover...

Brian Freitas

MV Australia Equal Weight Index Rebalance: More Inflows for RMS; TLX, TWE Deleted

Ramelius Resources will be added while Telix Pharma and Treasury Wine will be deleted. Many stocks have bigger flows from other index trackers at...

Brian Freitas

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