Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Index Rebalance

<ul><li>Last night, the price snapshot was taken for the JSE September 2025 rebalance.</li><li>GLN is expected to enter the Top 40 index, with APN falling out.</li><li>No changes are expected for the FINDI, FINI, INDI or RESI indices.</li></ul>

Last night, the price snapshot was taken for the JSE September 2025 rebalance.GLN is expected to enter the Top 40 index, with APN falling out.No changes are expected for the FINDI, FINI, INDI or RESI indices.

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As discussed in <a href="https://skr.ma/CRvUL" target="_blank" rel="noopener">Cromwell Prop (CMW AU): ESR Exit Post-Privatization?</a>,  after <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR (1821 HK)</a> acquired ARA Asset Management in 2021, it said <a href="https://www.smartkarma.com/entities/cromwell-property-group" target="_blank" data-smartkarma-citation="entities:2780:1" rel="noopener">Cromwell Property (CMW AU)</a> was a non-core holding.</li>
<li>After ESR announced a privatisation by Warburg/Starwood on the 4th December 2024, I mused whether this would accelerate the sale as part of a wider strategic review. </li>
<li>Two months ago, ESR initiated a block trade for part of its 31% stake in Cromwell. Now Brookfield is seeking ESR's remaining 19.9% stake @A$0.38/share. Subject to FIRB approval.
</li>
</ul>


As discussed in Cromwell Prop (CMW AU): ESR Exit Post-Privatization?,  after ESR (1821 HK) acquired ARA Asset Management in 2021, it said Cromwell Property (CMW AU) was a non-core holding.
After ESR announced a privatisation by Warburg/Starwood on the 4th December 2024, I mused whether this would accelerate the sale as part of a wider strategic review. 
Two months ago, ESR initiated a block trade for part of its 31% stake in Cromwell. Now Brookfield is seeking ESR's remaining 19.9% stake @A$0.38/share. Subject to FIRB approval.



Cromwell Prop (CMW AU): Brookfield's Stake Foreshadows A Full Takeover

<ul><li>Indices will be rebalanced at the end of the month on Thursday the 29th of February.</li><li>The three largest additions to the World Index measured by full company market capitalization will be Samsara A (USA), Corebridge Financial (USA) and Applovin Corp A (USA)</li><li>The three largest additions to the Emerging Markets Index measured by full company market capitalization will be Midea Group Co A (HK-C) (China), Punjab National Bank (India) and Union Bank Of India (India)</li></ul>

Indices will be rebalanced at the end of the month on Thursday the 29th of February.The three largest additions to the World Index measured by full company market capitalization will be Samsara A (USA), Corebridge Financial (USA) and Applovin Corp A (USA)The three largest additions to the Emerging Markets Index measured by full company market capitalization will be Midea Group Co A (HK-C) (China), Punjab National Bank (India) and Union Bank Of India (India)

FEB 2024 REBALANCE Index Changes Announced, SA Constituents to Remain the Same

<ul><li>We do not expect any constituent changes for the following indices: Top 40, Top 40 SWIX, FINI, FINDI or INDI.</li><li>HAR is expected to enter the RESI and AMS is expected to fall out.</li><li>After much anticipation, ANG’s indicative free float came in at 75%, 21.9 percentage points lower than the current SWIX float of 96.8%.</li></ul>

We do not expect any constituent changes for the following indices: Top 40, Top 40 SWIX, FINI, FINDI or INDI.HAR is expected to enter the RESI and AMS is expected to fall out.After much anticipation, ANG’s indicative free float came in at 75%, 21.9 percentage points lower than the current SWIX float of 96.8%.

DMA ONE: JSE December ‘23 Rebalance Rankings

South Africa

Redefine Properties Limited invests in property related investments through a property portfolio and an equity portfolio. The property portfolio is comprised of commercial properties located throughout South Africa. The equity portfolio is made of investments in property unit trusts and property loan stock companies listed on the JSE. 1370323D SJ Equity has pre-2012 FA historical data

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Redefine Properties Ltd (RDF SJ)

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

M. Aug ‘25 Rebalance: SSW to enter SA, ACWI / APN, KIO & WHL exiting. Last night, the price snapshot was taken for the JSE September 2025 rebalance.

DMA

Cromwell Prop (CMW AU): Brookfield's Stake Foreshadows A Full Takeover

Brookfield won't stop at 19.9%. Precedent transactions for A-REITs that focus on office properties were ~NTA.CMW's recent NTA was A$0.57/share....

David Blennerhassett

FEB 2024 REBALANCE Index Changes Announced, SA Constituents to Remain the Same

Indices will be rebalanced at the end of the month on Thursday the 29th of February. The three largest additions to the World Index measured by...

DMA

DMA ONE: JSE December ‘23 Rebalance Rankings

The Week Ahead, NPN x PRX discount update post Tencent results, trading statements released after close yesterday. We do not expect any constituent...

DMA

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