Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>The Technology Select Sector Index is the top sector with US$6.1 bn one-way flow. We expect one-way flow of ~US$14bn in September 2026 for the Select Sector indices in total.</li>
<li>There is, of course, an additional US$5bn for the SP500, $6bn for Equal Weight, and a large expected funding flow across TMI.</li>
</ul>


The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
The Technology Select Sector Index is the top sector with US$6.1 bn one-way flow. We expect one-way flow of ~US$14bn in September 2026 for the Select Sector indices in total.
There is, of course, an additional US$5bn for the SP500, $6bn for Equal Weight, and a large expected funding flow across TMI.


Quiddity Leaderboard SP Select Sector Sep26 Rebal: Over US$14bn One-Way Flow Expected

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

And just like that, the S&amp;P 500, Nasdaq, and the Dow have reclaimed new highs despite ongoing coronavirus concerns, as a buy the dip strategy has paid off. Primarily responsible for new highs in these indexes is Technology (esp. software and semis/semi suppliers) and FAANG stocks. While these areas all remain bullish, we still have some reservations due to the massive disparity in performance between them and the Materials (XLB, XME) and Energy (RYE) Sectors, and also small-caps (IWM) which continue to hit new RS lows. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary and Financials: Homebuilding, Large-Cap, Casinos &amp; Gaming, Small-Cap, Asset Management &amp; Custody Banks, Large-Cap, and Investment Banking &amp; Brokerage, Small-Cap.

And just like that, the S&amp;P 500, Nasdaq, and the Dow have reclaimed new highs despite ongoing coronavirus concerns, as a buy the dip strategy has paid off. Primarily responsible for new highs in these indexes is Technology (esp. software and semis/semi suppliers) and FAANG stocks. While these areas all remain bullish, we still have some reservations due to the massive disparity in performance between them and the Materials (XLB, XME) and Energy (RYE) Sectors, and also small-caps (IWM) which continue to hit new RS lows. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary and Financials: Homebuilding, Large-Cap, Casinos &amp; Gaming, Small-Cap, Asset Management &amp; Custody Banks, Large-Cap, and Investment Banking &amp; Brokerage, Small-Cap.

U.S. Equities: Still Bullish, With Reservations

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Twilio reported a robust second quarter for 2025, achieving significant milestones in both revenue and operational efficiency.</li><li>The company generated $1.228 billion in revenue, marking a 13% year-over-year increase on both reported and organic bases.</li><li>This performance underscores Twilio's capacity for double-digit growth and signals a continued upward trajectory following several quarters of acceleration.</li></ul>

Twilio reported a robust second quarter for 2025, achieving significant milestones in both revenue and operational efficiency.The company generated $1.228 billion in revenue, marking a 13% year-over-year increase on both reported and organic bases.This performance underscores Twilio's capacity for double-digit growth and signals a continued upward trajectory following several quarters of acceleration.

Twilio’s Voice AI Revolution: Could This Be the Secret to Dominating Enterprise Communications?

<ul><li>Twilio Incorporated reported a strong start to fiscal year 2025, achieving a significant 12% year-over-year revenue increase to $1.172 billion in Q1.</li><li>This growth in revenue was complemented by an impressive non-GAAP operating income of $213 million and robust free cash flow generation of $178 million.</li><li>These results underscore Twilio's capacity to leverage its comprehensive communications platform, integrating AI and advanced features, to expand its market presence both domestically and internationally.</li></ul>

Twilio Incorporated reported a strong start to fiscal year 2025, achieving a significant 12% year-over-year revenue increase to $1.172 billion in Q1.This growth in revenue was complemented by an impressive non-GAAP operating income of $213 million and robust free cash flow generation of $178 million.These results underscore Twilio's capacity to leverage its comprehensive communications platform, integrating AI and advanced features, to expand its market presence both domestically and internationally.

Twilio Ignites Global Messaging Boom & Pushes Hard For International Expansion; Here’s Why Its Multi-product Adoption Is Worth Keeping An Eye!

<ul><li>Twilio Inc. presented a compelling performance in the fourth quarter of 2024, showcasing its evolution and strategic progress.</li><li>The company reported $1.195 billion in revenue, marking an 11% increase year-over-year, achieving consecutive quarters of double-digit growth.</li><li>This quarter was particularly notable as it was Twilio’s first to achieve GAAP operating profitability, ahead of its initial target, underscoring the firm's focus on balanced growth and profitability.</li></ul>

Twilio Inc. presented a compelling performance in the fourth quarter of 2024, showcasing its evolution and strategic progress.The company reported $1.195 billion in revenue, marking an 11% increase year-over-year, achieving consecutive quarters of double-digit growth.This quarter was particularly notable as it was Twilio’s first to achieve GAAP operating profitability, ahead of its initial target, underscoring the firm's focus on balanced growth and profitability.

Twilio Inc.: How Is The Management Capitalizing On AI Integration & Product Cross-Selling Opportunities?

United States

Twilio Inc. develops and publishes Internet infrastructure solutions. The Company offers cloud computing platform that allow web developers to integrate phone calls, Internet protocol voice communications, and text messages into web, mobile, and phone applications. Twilio serves customers worldwide.

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Twilio (TWLO US)

Quiddity Leaderboard SP Select Sector Sep26 Rebal: Over US$14bn One-Way Flow Expected

Select Sector flows for the September 2026 SP 500 rebalance are ~US$14bn across 11 sectors, versus ~US$5bn in the SP 500 and ~US$6bn in SP 500...

Anjana Amarasuriya

U.S. Equities: Still Bullish, With Reservations

And just like that, the S&P 500, Nasdaq, and the Dow have reclaimed new highs despite ongoing coronavirus concerns, as a buy the dip strategy...

Vermilion Research

Twilio’s Voice AI Revolution: Could This Be the Secret to Dominating Enterprise Communications?

Twilio reported a robust second quarter for 2025, achieving significant milestones in both revenue and operational efficiency. The company...

Baptista Research

Twilio Ignites Global Messaging Boom & Pushes Hard For International Expansion; Here’s Why Its Multi-product Adoption Is Worth Keeping An Eye!

Twilio Incorporated reported a strong start to fiscal year 2025, achieving a significant 12% year-over-year revenue increase to $1.172 billion in...

Baptista Research

Twilio Inc.: How Is The Management Capitalizing On AI Integration & Product Cross-Selling Opportunities?

Twilio Inc. presented a compelling performance in the fourth quarter of 2024, showcasing its evolution and strategic progress. The company...

Baptista Research

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