Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.</li>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the March 2026 index rebal event.</li>
<li>We expect two DELs for the TDIV index for March 2026 rebal and we estimate the one-way capping flow to be US$355mn.</li>
</ul>


The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the March 2026 index rebal event.
We expect two DELs for the TDIV index for March 2026 rebal and we estimate the one-way capping flow to be US$355mn.


Quiddity Leaderboard TDIV Mar26: US$355mn One-Way Flows; High-Impact for Two Names

Evergreen Aviation Technologies / Index Rebalance

Evergreen Aviation Technologies (2645 TT)

<ul>
<li>The T50 index represents the top 50 stocks by market capitalization in the Taiwan Stock Exchange. The T100 index represents the next 100 names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the December 2026 index rebal event. Currently, we see no changes for T50 and one ADD/DEL for T100.</li>
<li>We also see one TDIV member moderately close to becoming a T100 DEL. If deleted, it could also become a TDIV DEL which would trigger a significant index outflow event.</li>
</ul>


The T50 index represents the top 50 stocks by market capitalization in the Taiwan Stock Exchange. The T100 index represents the next 100 names (51-150 ranks).
In this insight, we take a look at the potential ADDs/DELs for the December 2026 index rebal event. Currently, we see no changes for T50 and one ADD/DEL for T100.
We also see one TDIV member moderately close to becoming a T100 DEL. If deleted, it could also become a TDIV DEL which would trigger a significant index outflow event.


Quiddity Leaderboard T50/​​​100 Dec26: Evergreen Aviation Close to TDIV Deletion

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>We screen for companies that are at record positioning among active Asia Ex-Japan managers, whilst capturing strong investment growth over the last 6-months.</li>
<li>9 companies stand out, led by <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc" target="_blank" data-smartkarma-citation="entities:23677:1" rel="noopener">Yum China Holdings, Inc (YUMC US)</a>  and <a href="https://www.smartkarma.com/entities/glodon-company-limited-a" target="_blank" data-smartkarma-citation="entities:10536:1" rel="noopener">Glodon Company Limited A (002410 CH)</a> </li>
<li>These 9 stocks have accelerated to a record combined weight of 3.04%.  The rate of increase has been remarkable, with average weights doubling since the end of March 2022.  </li>
</ul>


We screen for companies that are at record positioning among active Asia Ex-Japan managers, whilst capturing strong investment growth over the last 6-months.
9 companies stand out, led by Yum China Holdings, Inc (YUMC US)  and Glodon Company Limited A (002410 CH) 
These 9 stocks have accelerated to a record combined weight of 3.04%.  The rate of increase has been remarkable, with average weights doubling since the end of March 2022.  


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>China (MSCI China, Shanghai Comp., Shenzhen A Share) continues to offer many attractive setups and is a major focus in today’s EM Strategy report. Additionally, Taiwan (TAIEX) continues to be worthy of an overweight within the EM universe with the RS uptrend intact. We highlight several attractive set ups.</p>

China (MSCI China, Shanghai Comp., Shenzhen A Share) continues to offer many attractive setups and is a major focus in today’s EM Strategy report. Additionally, Taiwan (TAIEX) continues to be worthy of an overweight within the EM universe with the RS uptrend intact. We highlight several attractive set ups.

EM Strategy and Chartbook: Remain Overweight EM Vs. EAFE

<p>The risk of a pullback remains very real, however at this point the weight of the evidence suggests a meaningful pullback is not imminent. We recap important technical levels across market as well as Actionable Themes within the Consumer Staples, Health Care, and Technology sectors.</p>

The risk of a pullback remains very real, however at this point the weight of the evidence suggests a meaningful pullback is not imminent. We recap important technical levels across market as well as Actionable Themes within the Consumer Staples, Health Care, and Technology sectors.

Taiwan

Sinbon Electronics Co., Ltd. markets cable, connectors, and modems.  The Company exports its products mainly to other Asian countries, America, and Europe.

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Sinbon Electronincs (3023 TT)

Quiddity Leaderboard TDIV Mar26: US$355mn One-Way Flows; High-Impact for Two Names

Two names have around 10x ADV or more to trade. The other names have comparatively lower impacts expected. As prices fluctuate, the flow...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Dec26: Evergreen Aviation Close to TDIV Deletion

We see around five TDIV members in the top 15 potential DELs for T100. Evergreen Aviation is one of them and is the closest to the deletion border....

Janaghan Jeyakumar, CFA

Asia Ex-Japan's Rising Stars

We screen for companies in the Asia Ex-Japan region that are not widely held but are at record levels of ownership among actively managed funds.

Steven Holden

EM Strategy and Chartbook: Remain Overweight EM Vs. EAFE

China (MSCI China, Shanghai Comp., Shenzhen A Share) continues to offer many attractive setups and is a major focus in today’s EM Strategy report....

Vermilion Research

Battleground Spot For Global Equities

The risk of a pullback remains very real, however at this point the weight of the evidence suggests a meaningful pullback is not imminent. We recap...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard TDIV Mar26: US$355mn One-Way Flows; High-Impact for Two Names

Two names have around 10x ADV or more to trade. The other names have comparatively lower impacts expected. As prices fluctuate, the flow...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/​​​100 Dec26: Evergreen Aviation Close to TDIV Deletion

We see around five TDIV members in the top 15 potential DELs for T100. Evergreen Aviation is one of them and is the closest to the deletion border....

Janaghan Jeyakumar, CFA

Asia Ex-Japan's Rising Stars

We screen for companies in the Asia Ex-Japan region that are not widely held but are at record levels of ownership among actively managed funds.

Steven Holden

EM Strategy and Chartbook: Remain Overweight EM Vs. EAFE

China (MSCI China, Shanghai Comp., Shenzhen A Share) continues to offer many attractive setups and is a major focus in today’s EM Strategy report....

Vermilion Research

Battleground Spot For Global Equities

The risk of a pullback remains very real, however at this point the weight of the evidence suggests a meaningful pullback is not imminent. We recap...

Vermilion Research

Quiddity Leaderboard T50/100 Dec26: Evergreen Aviation Close to TDIV Deletion