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

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Apr 10th. The aggregated short interest was USD35.6bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in MediaTek, Nanya Technology, CTBC Financial, Winbond Electronics, Elite Material.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Apr 10th. The aggregated short interest was USD35.6bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in MediaTek, Nanya Technology, CTBC Financial, Winbond Electronics, Elite Material.


TWSE Short Interest Weekly (Apr 10th): MediaTek, Nanya Technology, CTBC Financial

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.  


Tung Ho Steel Enterprise / Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange. The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs/DELs for the June 2026 index rebal event. Currently, we see two changes for T50 and four changes for T100.</li>
<li>The rankings of the T100 potential DELs presented in this insight is very interesting as multiple TDIV members are close to the border. This has important index flow implications.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange. The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs/DELs for the June 2026 index rebal event. Currently, we see two changes for T50 and four changes for T100.
The rankings of the T100 potential DELs presented in this insight is very interesting as multiple TDIV members are close to the border. This has important index flow implications.


Quiddity Leaderboard T50/​​​100 Jun26: One TDIV DEL In the Money; Two More Close to the Border!

<ul>
<li>The TDIV index tracks the top 50 names on 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 a 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 one delete for the TDIV index for the March 2026 index rebal event. We estimate the one-way capping flow to be US$101mn.</li>
</ul>


The TDIV index tracks the top 50 names on the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
In this insight, we take a look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the March 2026 index rebal event.
We expect one delete for the TDIV index for the March 2026 index rebal event. We estimate the one-way capping flow to be US$101mn.


Quiddity Leaderboard TDIV Mar26: One Delete; ~10x ADV to Sell

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

TWSE Short Interest Weekly (Apr 10th): MediaTek, Nanya Technology, CTBC Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in MediaTek, Nanya Technology, CTBC Financial,...

Ke Yan, CFA, FRM

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

Quiddity Leaderboard T50/100 Jun26: One TDIV DEL In the Money; Two More Close to the Border!

One of the T100 expected DELs is also a TDIV member and that means it will get deleted from TDIV too as things stands. Separately, there are two...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Mar26: One Delete; ~10x ADV to Sell

Yulon Finance (9941 TT) is expected to have around 10x ADV to sell. However, the stock has significantly underperformed peers in recent weeks...

Janaghan Jeyakumar, CFA

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

TWSE Short Interest Weekly (Apr 10th): MediaTek, Nanya Technology, CTBC Financial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in MediaTek, Nanya Technology, CTBC Financial,...

Ke Yan, CFA, FRM

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

Quiddity Leaderboard T50/​​​100 Jun26: One TDIV DEL In the Money; Two More Close to the Border!

One of the T100 expected DELs is also a TDIV member and that means it will get deleted from TDIV too as things stands. Separately, there are two...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Mar26: One Delete; ~10x ADV to Sell

Yulon Finance (9941 TT) is expected to have around 10x ADV to sell. However, the stock has significantly underperformed peers in recent weeks...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Jun26: One TDIV DEL In the Money; Two More Close to the Border!