Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Global Gold Miners index represents the performance of high and mid-cap gold and silver mining companies listed around the world.</li>
<li>There will be five ADDs for the December 2025 rebal event. We predicted two and the other three are surprises.</li>
<li>We expect one-way flow of US$4.1bn and turnover of ~15% for December 2025. Most of this is re-capping flows of the megacaps.</li>
</ul>


The MV Global Gold Miners index represents the performance of high and mid-cap gold and silver mining companies listed around the world.
There will be five ADDs for the December 2025 rebal event. We predicted two and the other three are surprises.
We expect one-way flow of US$4.1bn and turnover of ~15% for December 2025. Most of this is re-capping flows of the megacaps.


[Quiddity Index] MV Global Gold Miners Dec25 Rebalance Results: Five ADDs; US$4bn One-Way Flow

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

VanEck Gold Miners ETF/USA / Index Rebalance

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we spotlight building materials corporate actions, gold miners’ benchmark shifts, and semaglutide’s prospects in India and Japan</li>
<li>Want to dig deeper? Comment or message on the themes you think should be highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published over the past two weeks on Smartkarma
In this cut, we spotlight building materials corporate actions, gold miners’ benchmark shifts, and semaglutide’s prospects in India and Japan
Want to dig deeper? Comment or message on the themes you think should be highlighted next


Curator's Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>What are major global bond markets telling us about the world?</li>
<li>We look at potential beneficiaries  of the next wave of inflation </li>
</ul>


A review of recent events/data impacting our investment themes and outlook
What are major global bond markets telling us about the world?
We look at potential beneficiaries  of the next wave of inflation 


Overview #27 – The Big Beautiful Tragi-Comedy Continues

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>We remain BULLISH on gold for the long term; however, price corrections will depend on shorter-term trends in geopolitical factors, central bank buying, and buyer exhaustion. </li>
<li>The strong support for the price of gold comes from rapidly declining real rates and global currency debasement.  These underlying trends coupled with safe haven demand drive the recent surge.</li>
<li>ETFs have become the largest source of demand for gold in 2025 at over 50%.  Gold held by central banks is increasing as dollar FX reserves have declined since 2020.</li>
</ul>


We remain BULLISH on gold for the long term; however, price corrections will depend on shorter-term trends in geopolitical factors, central bank buying, and buyer exhaustion. 
The strong support for the price of gold comes from rapidly declining real rates and global currency debasement.  These underlying trends coupled with safe haven demand drive the recent surge.
ETFs have become the largest source of demand for gold in 2025 at over 50%.  Gold held by central banks is increasing as dollar FX reserves have declined since 2020.


Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

VanEck Gold Miners ETF/USA / Equity Derivatives

<ul>
<li>February typically has higher than normal absolute median price change of 8.67% vs 1M straddle cost of ~7.59%</li>
<li>February median historic vol is 34.44 which compares favorably to current implied vol of 31.</li>
<li>Distribution of returns when GDX has rallied this much against GLD indicative of 8.60% absolute median return.</li>
</ul>


February typically has higher than normal absolute median price change of 8.67% vs 1M straddle cost of ~7.59%
February median historic vol is 34.44 which compares favorably to current implied vol of 31.
Distribution of returns when GDX has rallied this much against GLD indicative of 8.60% absolute median return.


United States

VanEck Gold Miners ETF is an exchange-traded fund incorporated in the USA. The ETF tracks the performance of the NYSE Arca Gold Miners Index. The ETF invests in materials stocks of all cap sizes across the globe. Its largest allocation is in North American companies, principally those domiciled in Canada. The ETF weights the holdings using a market capitalization methodology.

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VanEck Gold Miners ETF/USA (GDX US)

[Quiddity Index] MV Global Gold Miners Dec25 Rebalance Results: Five ADDs; US$4bn One-Way Flow

There are 5 ADDs and zero DELETES for the MV Global Gold Miners Index rebal scheduled for 19 Dec 2025. 2 were predicted, 2 had higher float than...

Travis Lundy

Curator's Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

This Curator's Cut profiles moves in building materials companies, gold miners' changing benchmark and semaglutide's prospects in India and Japan...

Pranav Rao

Overview #27 – The Big Beautiful Tragi-Comedy Continues

More positive news for the Uranium Sector. Jefferies upgraded the Australian uranium miners yesterday with $PDN, $BOE and $DLY rallying 15-20% & up...

Rikki Malik

Gold: DON'T MELT YOUR JEWELRY YET!

Gold is reacting to the Fed's decision to ease monetary policy substantially with a renewed QE program. The sizeable $40B monthly purchases...

David Mudd

EQD | GDX – Buy 1Month Straddle

We provide rationale why we expect a > 7.59% move for GDX and higher volatility over the coming month and recommend purchase of a long straddle...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Quiddity Index] MV Global Gold Miners Dec25 Rebalance Results: Five ADDs; US$4bn One-Way Flow

There are 5 ADDs and zero DELETES for the MV Global Gold Miners Index rebal scheduled for 19 Dec 2025. 2 were predicted, 2 had higher float than...

Travis Lundy

Curator's Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

​This Curator's Cut profiles moves in building materials companies, gold miners' changing benchmark and semaglutide's prospects in India and Japan...

Pranav Rao

Overview #27 – The Big Beautiful Tragi-Comedy Continues

More positive news for the Uranium Sector. Jefferies upgraded the Australian uranium miners yesterday with $PDN, $BOE and $DLY rallying 15-20% & up...

Rikki Malik

Gold: DON'T MELT YOUR JEWELRY YET!

Gold is reacting to the Fed's decision to ease monetary policy substantially with a renewed QE program. The sizeable $40B monthly purchases...

David Mudd

EQD | GDX – Buy 1Month Straddle

We provide rationale why we expect a > 7.59% move for GDX and higher volatility over the coming month and recommend purchase of a long straddle...

John Ley

This Curator's Cut profiles moves in building materials companies, gold miners' changing benchmark and semaglutide's prospects in India and Japan...