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>The changes to a global index in August will be announced pre-market open Thursday and will be implemented at the close of trading on 31 August.</li>
<li>The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 1, 2 and 3 months but near-term performance has been far from awesome due to the momentum unwind.</li>
</ul>


The changes to a global index in August will be announced pre-market open Thursday and will be implemented at the close of trading on 31 August.
The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.
The forecast adds have outperformed the forecast deletes over the last 1, 2 and 3 months but near-term performance has been far from awesome due to the momentum unwind.


Global Index: Potential Changes in August for Asia Pac

<ul>
<li>The recent rally has taken <a href="https://www.smartkarma.com/entities/seibu-holdings-inc" target="_blank" data-smartkarma-citation="entities:458:1" rel="noopener">Seibu Holdings (9024 JP)</a>' stock price to a new high. The increased market cap should result in global index inclusion in November.</li>
<li>
<a href="https://www.smartkarma.com/entities/seibu-holdings-inc" target="_blank" data-smartkarma-citation="entities:458:1" rel="noopener">Seibu Holdings (9024 JP)</a> has outperformed its peers by a wide margin, over the last couple of years and in the short-term.</li>
<li>While there has been an increase in positioning in the stock over the last few weeks, it does not different materially from what we see in its peers.</li>
</ul>


The recent rally has taken Seibu Holdings (9024 JP)' stock price to a new high. The increased market cap should result in global index inclusion in November.

Seibu Holdings (9024 JP) has outperformed its peers by a wide margin, over the last couple of years and in the short-term.
While there has been an increase in positioning in the stock over the last few weeks, it does not different materially from what we see in its peers.


Seibu Holdings (9024 JP): Big Outperformance and Global Index Inclusion

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
 3D Investment Partners expanded its Seibu stake, seeking to unlock value through real estate optimisation, capital recycling, and improved returns.</li>
<li>
 Effissimo Capital Management increased its Konica Minolta holding, backing a long-term restructuring story with significant upside if profitability and returns improve.</li>
<li>
 Nippon Active Value Fund increased its stake in Meisei above 15%, pushing for improved capital allocation, higher returns, and better utilisation of excess cash.</li>
</ul>



 3D Investment Partners expanded its Seibu stake, seeking to unlock value through real estate optimisation, capital recycling, and improved returns.

 Effissimo Capital Management increased its Konica Minolta holding, backing a long-term restructuring story with significant upside if profitability and returns improve.

 Nippon Active Value Fund increased its stake in Meisei above 15%, pushing for improved capital allocation, higher returns, and better utilisation of excess cash.


Japan Activism Briefs | Seibu, Konica, Meisei Industrial

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Tension between China and Japan look set to rise further with talks failing to ease frictions.</li>
<li>Travel names remain vulnerable despite Govt. run tour groups having less clout than they used to.</li>
<li>Medtech may do better on defensive bid and Medtronic, but Sysmex continues to slide.</li>
</ul>


Tension between China and Japan look set to rise further with talks failing to ease frictions.
Travel names remain vulnerable despite Govt. run tour groups having less clout than they used to.
Medtech may do better on defensive bid and Medtronic, but Sysmex continues to slide.


Japan Morning Connection: More AI and Tech Pain Ahead of NVDA Tomorrow

<ul>
<li>MS downgrades PC makers on risk high memory prices eat into margins.</li>
<li>China angst against Takaichi TW comments will cause JP rails, hotels etc. to fall further.</li>
<li>Advantest CEO meeting yesterday unlikely enough to appease investor demands after huge run.</li>
</ul>


MS downgrades PC makers on risk high memory prices eat into margins.
China angst against Takaichi TW comments will cause JP rails, hotels etc. to fall further.
Advantest CEO meeting yesterday unlikely enough to appease investor demands after huge run.


Japan Morning Connection: Tech Skittish Ahead of NVDA but Memory Continues to Run

Japan

Seibu Holdings Inc. offers diversified operation. The Company through its subsidiary companies operates transportation, construction, hotel, leisure facilities, and real estate business. Seibu Holdings provides group enterprises strategy planning, operation management, asset management and supply, and business promotions.

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Seibu Holdings (9024 JP)

Global Index: Potential Changes in August for Asia Pac

The global index changes were announced using D1 as the cutoff. 99% hit rate across Asia Pacific, so no surprises. Big price changes in the stocks...

Brian Freitas