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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>The pullback in global equities continues with the MSCI ACWI (ACWI-US) testing 1.5-month downtrend resistance while the STOXX Europe 50 tests resistance at 3800-3840.</li>
<li>We expect a rejection at the 1.5-month downtrend and for the stair-step lower to continue, with our targets being $84 (December 2022 low) and potentially $75-77 (the 2022 lows).</li>
<li>If ACWI-US is able to reverse above the 1.5-month downtrend, we still expect $93 to cap upside in 2023. Remain overweight Europe. Also highlighting individual stock buys on pullbacks.</li>
</ul>


The pullback in global equities continues with the MSCI ACWI (ACWI-US) testing 1.5-month downtrend resistance while the STOXX Europe 50 tests resistance at 3800-3840.
We expect a rejection at the 1.5-month downtrend and for the stair-step lower to continue, with our targets being $84 (December 2022 low) and potentially $75-77 (the 2022 lows).
If ACWI-US is able to reverse above the 1.5-month downtrend, we still expect $93 to cap upside in 2023. Remain overweight Europe. Also highlighting individual stock buys on pullbacks.


MSCI ACWI and EAFE Testing 1.5-Month Downtrends; Remain OW EU; Buys in Leading Sectors on Pullbacks

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Thematic (Sector/Industry)

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund <a href="https://www.smartkarma.com/entities/22754" target="_blank" data-smartkarma-citation="entities:22754">Vietnam Enterprise Investments Limited</a>, which currently trades on the Irish Stock Exchange, may trade on the main market of the London Stock Exchange next month.  The company plans to hold an Extraordinary General Meeting on June the 21st to vote on the approval of this transfer, which is expected to potentially take place next month.  The fund currently manages over $850 million, and is most notable for…

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently trades on the Irish Stock Exchange, may trade on the main market of the London Stock Exchange next month.  The company plans to hold an Extraordinary General Meeting on June the 21st to vote on the approval of this transfer, which is expected to potentially take place next month.  The fund currently manages over $850 million, and is most notable for…

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul><li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.</li><li>The index changes for the December 2025 rebal will be based on the close of 2nd December 2025 and announced after the close of 3rd December 2025.</li><li>Based on the current numbers, we see one change for the F100 index and four changes for the F250 index in December 2025.</li></ul>

In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.The index changes for the December 2025 rebal will be based on the close of 2nd December 2025 and announced after the close of 3rd December 2025.Based on the current numbers, we see one change for the F100 index and four changes for the F250 index in December 2025.

Quiddity Leaderboard F100/F250 Dec25: One F100 ADD, Four F250 ADDs Likely; One Day to Base Date

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.</li>
<li>Our latest estimates suggest there could be one regular change for F100 and four regular changes for the F250 index during the December 2025 rebal.</li>
<li>The index changes for the December 2025 rebal will be based on the close of 2nd December 2025 and announced after the close of 3rd December 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.
Our latest estimates suggest there could be one regular change for F100 and four regular changes for the F250 index during the December 2025 rebal.
The index changes for the December 2025 rebal will be based on the close of 2nd December 2025 and announced after the close of 3rd December 2025.


Quiddity Leaderboard F100/F250 Dec25: New ADDs Identified; Several M&A-Related Changes Likely

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shawbrook-group-plc" target="_blank" data-smartkarma-citation="entities:22139:1" rel="noopener">Shawbrook (SHAW LN)</a>, the biggest UK IPO of the year, is expected to be included in UK 250 and All-Share at a market cap of ~£2bn.</li>
<li>
<a href="https://www.smartkarma.com/entities/pan-african-resources-plc" target="_blank" data-smartkarma-citation="entities:23518:1" rel="noopener">Pan African Resources (PAF LN)</a> transferred its listing to the Main Market resulting in its anticipated addition to UK 250 and All-Share at a market cap of ~£1.8bn.</li>
<li>Princes Group (PRN LN) is anticipated to be included in UK 250 and All-Share following its IPO in November at a market cap of ~£1bn.</li>
</ul>



Shawbrook (SHAW LN), the biggest UK IPO of the year, is expected to be included in UK 250 and All-Share at a market cap of ~£2bn.

Pan African Resources (PAF LN) transferred its listing to the Main Market resulting in its anticipated addition to UK 250 and All-Share at a market cap of ~£1.8bn.
Princes Group (PRN LN) is anticipated to be included in UK 250 and All-Share following its IPO in November at a market cap of ~£1bn.


UK Index Dec25 Forecast: Largest UK IPO of the Year Among Inclusions

United Kingdom

Spectris plc is a British multinational engineering company that specializes in providing advanced measurement and testing solutions. The company develops and supplies scientific instruments, high-precision sensing solutions, and software for industrial and scientific applications, serving sectors such as life sciences, pharmaceuticals, technology-led industrials, electronics, semiconductors, and automotive. Spectris is headquartered in London, United Kingdom, and was founded in 1915.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Spectris (SXS LN)

MSCI ACWI and EAFE Testing 1.5-Month Downtrends; Remain OW EU; Buys in Leading Sectors on Pullbacks

Pullback in global equities continues with MSCI $ACWI testing 1.5-month downtrend resistance as $STOXX Europe 50 tests 3800-3840 resistance....

Vermilion Research

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently...

Nomadic Equity

Quiddity Leaderboard F100/F250 Dec25: One F100 ADD, Four F250 ADDs Likely; One Day to Base Date

We achieved 100% hit rate for the F100/250 Dec25 index review. The results were confirmed publicly after market close yesterday. I have summarized...

Afridi Reyal

UK Index Dec25 Forecast: Largest UK IPO of the Year Among Inclusions

Shawbrook’s IPO and Pan African Resources’ listing transfer are expected to result in the largest UK index additions forecasted for December 2025.

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MSCI ACWI and EAFE Testing 1.5-Month Downtrends; Remain OW EU; Buys in Leading Sectors on Pullbacks

Pullback in global equities continues with MSCI $ACWI testing 1.5-month downtrend resistance as $STOXX Europe 50 tests 3800-3840 resistance....

Vermilion Research

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently...

Nomadic Equity

Quiddity Leaderboard F100/F250 Dec25: One F100 ADD, Four F250 ADDs Likely; One Day to Base Date

We achieved 100% hit rate for the F100/250 Dec25 index review. The results were confirmed publicly after market close yesterday. I have summarized...

Afridi Reyal

Quiddity Leaderboard F100/F250 Dec25: New ADDs Identified; Several M&A-Related Changes Likely

The base date for the December 2025 review is Tuesday 2nd December 2025. The index changes could be publicly confirmed after market close on...

Janaghan Jeyakumar, CFA

UK Index Dec25 Forecast: Largest UK IPO of the Year Among Inclusions

Shawbrook’s IPO and Pan African Resources’ listing transfer are expected to result in the largest UK index additions forecasted for December 2025.

Dimitris Ioannidis