Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

The Shanghai Commerical & Sa / Index Rebalance

<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 our expectations for index changes and capping flows for the TDIV Index for the September 2026 index rebal event.</li>
<li>Today is the base date for the September 2026 index review. These are our final expectations.</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 our expectations for index changes and capping flows for the TDIV Index for the September 2026 index rebal event.
Today is the base date for the September 2026 index review. These are our final expectations.


Quiddity Leaderboard TDIV Sep26: Final Expectations

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). 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 and DELs for the December 2025 index rebal event.</li>
<li>We currently see three changes for T50 and three other changes for T100 in December 2025.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the December 2025 index rebal event.
We currently see three changes for T50 and three other changes for T100 in December 2025.


Quiddity Leaderboard T50/​​​100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

<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 December 2026 index rebal event.</li>
<li>As of the latest data, we expect 4 ADDs and 4 DELs and one-way flows of ~US$3.4bn including capping effects.</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 December 2026 index rebal event.
As of the latest data, we expect 4 ADDs and 4 DELs and one-way flows of ~US$3.4bn including capping effects.


Quiddity Leaderboard TDIV Dec26: 4 ADDs/DELs Likely; More Changes Possible; US$3.4bn One-Way

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton 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 Sep 11th. The aggregated short interest was USD39.6bn.</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 Shin Kong Financial, Alchip Technologies, Winbond Electronics, Asia Vital Components, Nanya Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 11th. The aggregated short interest was USD39.6bn.
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 Shin Kong Financial, Alchip Technologies, Winbond Electronics, Asia Vital Components, Nanya Technology.


TWSE Short Interest Weekly (Sep 11th): Shin Kong Financial, Alchip Technologies, Winbond Electronics

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

Thematic (Sector/Industry)

<ul>
<li>Exposure to the Taiwanese Banks sector has been in near constant decline for the best part of the last decade.</li>
<li>Just 4.5% of Asia Ex-Japan funds hold a position, with active managers running near record underweights of -1.06%, on average.</li>
<li>Investors should consider potential catalysts that could improve the investment outlook for banks in Taiwan, given the broad consensus on positioning.</li>
</ul>


Exposure to the Taiwanese Banks sector has been in near constant decline for the best part of the last decade.
Just 4.5% of Asia Ex-Japan funds hold a position, with active managers running near record underweights of -1.06%, on average.
Investors should consider potential catalysts that could improve the investment outlook for banks in Taiwan, given the broad consensus on positioning.


Taiwan

The Shanghai Commercial & Savings Bank, Ltd. provides commercial banking services with a global presence. The Bank attracts deposits from the general public and uses those funds to originate a variety of loans. SCSB supports businesses by providing trade financing and foreign exchange services.

Price Gauge
52-week Range	0.00 - 0.00
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The Shanghai Commerical & Sa (5876 TT)

Quiddity Leaderboard TDIV Sep26: Final Expectations

Currently, we expect no changes for the TDIV index for the September 2026 review and we estimate the one-way capping flow to be US$54mn.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

There could be ~19x ADV of net passive selling for Shanghai Commerical (5876 TT). Separately, Tung Ho Steel (2006 TT) could get deleted from T100...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Dec26: 4 ADDs/DELs Likely; More Changes Possible; US$3.4bn One-Way

There a couple of months left to the base date and there are multiple names close to the selection borders. Relative price swings can change our...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Sep 11th): Shin Kong Financial, Alchip Technologies, Winbond Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), Alchip...

Ke Yan, CFA, FRM

Taiwan Banks: Uninvestible?

Exposure to the Taiwanese Banking sector has been in near constant decline for the last decade. Just 4.5% of Asia Ex-Japan investors have...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard TDIV Sep26: Final Expectations

Currently, we expect no changes for the TDIV index for the September 2026 review and we estimate the one-way capping flow to be US$54mn.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/​​​100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

There could be ~19x ADV of net passive selling for Shanghai Commerical (5876 TT). Separately, Tung Ho Steel (2006 TT) could get deleted from T100...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard TDIV Dec26: 4 ADDs/DELs Likely; More Changes Possible; US$3.4bn One-Way

There a couple of months left to the base date and there are multiple names close to the selection borders. Relative price swings can change our...

Janaghan Jeyakumar, CFA

TWSE Short Interest Weekly (Sep 11th): Shin Kong Financial, Alchip Technologies, Winbond Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), Alchip...

Ke Yan, CFA, FRM

Taiwan Banks: Uninvestible?

Exposure to the Taiwanese Banking sector has been in near constant decline for the last decade. Just 4.5% of Asia Ex-Japan investors have...

Steven Holden

Quiddity Leaderboard T50/100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)