US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/koninklijke-vopak-nv" target="_blank" data-smartkarma-citation="entities:21144:1" rel="noopener">Koninklijke Vopak Nv (VPK NA)</a> &amp; <a href="https://www.smartkarma.com/entities/shaftesbury-plc" target="_blank" data-smartkarma-citation="entities:22140:1" rel="noopener">Shaftesbury PLC (SHB LN)</a> are currently passing the entry rank of SXXP. Forecasted passive fund demands are $22m-$34m and 3-5 ADV. </li>
<li>
<a href="https://www.smartkarma.com/entities/indivior-plc" target="_blank" data-smartkarma-citation="entities:21996:1" rel="noopener">Indivior PLC (INDV LN)</a> is currently the only one below the exit rank of SXXP. Forecasted passive fund supply is $11.5m and 1.4 ADV.</li>
<li>'Most liquid stock' criterion can cause a 'switch' of share lines in the index as it happened with <a href="https://www.smartkarma.com/entities/chocoladefabriken-lindt-spru-d0c11ab4-21ec-491e-9b8f-44b06e078529" target="_blank" data-smartkarma-citation="entities:24963:1" rel="noopener">Lindt (LISP SW)</a> and <a href="https://www.smartkarma.com/entities/chocoladefabriken-lindt-sprungli" target="_blank" data-smartkarma-citation="entities:22420:1" rel="noopener">Lindt (LISN SW)</a> in September 2022. </li>
</ul>



Koninklijke Vopak Nv (VPK NA) &amp; Shaftesbury PLC (SHB LN) are currently passing the entry rank of SXXP. Forecasted passive fund demands are $22m-$34m and 3-5 ADV. 

Indivior PLC (INDV LN) is currently the only one below the exit rank of SXXP. Forecasted passive fund supply is $11.5m and 1.4 ADV.
'Most liquid stock' criterion can cause a 'switch' of share lines in the index as it happened with Lindt (LISP SW) and Lindt (LISN SW) in September 2022. 


STOXX 600: First September Forecasts for Europe and Eurozone

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>The SA All Property Index experienced a sharp initial decline precipitated by the US tariff announcements, but staged a strong recovery following a partial pause in tariff implementation. </li>
<li>Global REITs were up +1.25% for the month, but US REITs ended the month down -2.23%.</li>
<li>Despite global turbulence South African property companies demonstrated resilience. Ultimately ending the month firmly in positive territory up +6.54%, pulling the Index back into positivity for the year (YTD +2.15%). </li>
</ul>


The SA All Property Index experienced a sharp initial decline precipitated by the US tariff announcements, but staged a strong recovery following a partial pause in tariff implementation. 
Global REITs were up +1.25% for the month, but US REITs ended the month down -2.23%.
Despite global turbulence South African property companies demonstrated resilience. Ultimately ending the month firmly in positive territory up +6.54%, pulling the Index back into positivity for the year (YTD +2.15%). 


<ul>
<li>February proved to be largely directionless for SA listed property, with the J803 All Property Index up a paltry 0.27%.</li>
<li>Macro instability has certainly not aided, and the Government of National Unity not being able to deliver a budget on schedule certainly was not a plus.</li>
<li>Latest Rode research continues to point to the Office sector as having bottomed, and Industrial continues to perform well. While the Clur Index shows that Retail continues to perform soundly.</li>
</ul>


February proved to be largely directionless for SA listed property, with the J803 All Property Index up a paltry 0.27%.
Macro instability has certainly not aided, and the Government of National Unity not being able to deliver a budget on schedule certainly was not a plus.
Latest Rode research continues to point to the Office sector as having bottomed, and Industrial continues to perform well. While the Clur Index shows that Retail continues to perform soundly.


South African Listed Property Review February 2025

<ul>
<li>The SA listed property index fell -2.89% in January, reversing December’s gain.  </li>
<li>There were only eleven listed property companies up out of forty-five.  The majority of large SA REITs disappointed.</li>
<li>Despite being thousands of miles from the world’s touchpoints South Africa’s markets cannot escape global uncertainty and its negative impact.</li>
</ul>


The SA listed property index fell -2.89% in January, reversing December’s gain.  
There were only eleven listed property companies up out of forty-five.  The majority of large SA REITs disappointed.
Despite being thousands of miles from the world’s touchpoints South Africa’s markets cannot escape global uncertainty and its negative impact.


SA Listed Property Review – January 2025

<ul>
<li>The South African listed property sector had a positive month in December, capping a robust year of excellent returns.</li>
<li>For 2024 the SA All Property Index rose 28.85%, outperforming the JSE’s all-share index’s +9.37% and the top 40 +6.93%.</li>
<li>South African listed property thoroughly outperformed global listed property, with the EPRA Nareit Global Index’s TR lagging the J803 TR Index by 22.41% in ZAR terms for the year.</li>
</ul>


The South African listed property sector had a positive month in December, capping a robust year of excellent returns.
For 2024 the SA All Property Index rose 28.85%, outperforming the JSE’s all-share index’s +9.37% and the top 40 +6.93%.
South African listed property thoroughly outperformed global listed property, with the EPRA Nareit Global Index’s TR lagging the J803 TR Index by 22.41% in ZAR terms for the year.


SA Listed Property Review – December 2024

United Kingdom

Shaftesbury plc is a real estate company. The Company invests in commercial properties and improves them through refurbishment and active management, holding them for rental income and capital appreciation.  Shaftesbury operates in the United Kingdom.

Price Gauge
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Shaftesbury PLC (SHB LN)

STOXX 600: First September Forecasts for Europe and Eurozone

Koninklijke Vopak & Shaftesbury PLC are currently the top 2 candidates for addition in SXXP while Indivior PLC is the main candidate for deletion.

Dimitris Ioannidis

SA Listed Property Review April 2025

SA property index initially dropped due to US tariffs, but rebounded after paused. Global REITs up for the month, US REITs were down. SA property...

Golden Section Capital

South African Listed Property Review February 2025

SA listed property had a lacklustre February, despite early sector results being strong. Office is steadily improving, while Industrial and Retail...

Golden Section Capital

SA Listed Property Review – January 2025

South African listed property index dropped by -2.89% in January, with majority of large SA REITs disappointing, reflecting global uncertainty and...

Golden Section Capital

SA Listed Property Review – December 2024

The South African listed property sector completed a robust year of excellent returns. For 2024 the SA All Property Index rose +28.85%,...

Golden Section Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

STOXX 600: First September Forecasts for Europe and Eurozone

​Koninklijke Vopak & Shaftesbury PLC are currently the top 2 candidates for addition in SXXP while Indivior PLC is the main candidate for deletion.

Dimitris Ioannidis

SA Listed Property Review April 2025

​SA property index initially dropped due to US tariffs, but rebounded after paused. Global REITs up for the month, US REITs were down. SA property...

Golden Section Capital

South African Listed Property Review February 2025

​SA listed property had a lacklustre February, despite early sector results being strong. Office is steadily improving, while Industrial and Retail...

Golden Section Capital

SA Listed Property Review – January 2025

​South African listed property index dropped by -2.89% in January, with majority of large SA REITs disappointing, reflecting global uncertainty and...

Golden Section Capital

SA Listed Property Review – December 2024

The South African listed property sector completed a robust year of excellent returns. For 2024 the SA All Property Index rose +28.85%,...

Golden Section Capital

Koninklijke Vopak & Shaftesbury PLC are currently the top 2 candidates for addition in SXXP while Indivior PLC is the main candidate for deletion.

SA property index initially dropped due to US tariffs, but rebounded after paused. Global REITs up for the month, US REITs were down. SA property...

SA listed property had a lacklustre February, despite early sector results being strong. Office is steadily improving, while Industrial and Retail...

South African listed property index dropped by -2.89% in January, with majority of large SA REITs disappointing, reflecting global uncertainty and...