Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Amman Mineral Internasional / Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index.</li>
<li>The benchmark change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 16.5% resulting in a one-way trade of US$3.15bn.</li>
<li>The flow and turnover numbers will change following constituent and capping changes for the MarketVector Global Gold Miners Index at the September rebalance.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index.
The benchmark change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 16.5% resulting in a one-way trade of US$3.15bn.
The flow and turnover numbers will change following constituent and capping changes for the MarketVector Global Gold Miners Index at the September rebalance.


Gold Miners ETF (GDX US): Impact of Benchmark Change - Update

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

Rikki Malik

Commodities

<ul>
<li>We look at certain investor positioning in the commodity sector</li>
<li>A bear market rally in the USD is the biggest risk and opportunity.</li>
<li>We add some soft commodities to the inflation beneficiaries' basket</li>
</ul>


We look at certain investor positioning in the commodity sector
A bear market rally in the USD is the biggest risk and opportunity.
We add some soft commodities to the inflation beneficiaries' basket


Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>The current market environment is characterized by high market volatility, which has manifested itself as narrative volatility. </li>
<li>We offer four ways to capitalize on the short-term volatility for traders. </li>
<li>The suggested trades are the combination of identifiable underlying trends and technical breaks as signals for short-term profit.</li>
</ul>


The current market environment is characterized by high market volatility, which has manifested itself as narrative volatility. 
We offer four ways to capitalize on the short-term volatility for traders. 
The suggested trades are the combination of identifiable underlying trends and technical breaks as signals for short-term profit.


How to Capitalize on Narrative Volatility

<ul>
<li>The Sell America investment theme is becoming as a dominant market narrative, and it’s bullish for gold.</li>
<li>It is driven by the combination of rising deficits, shaky bond markets, an increasingly hawkish Fed and policy uncertainty.</li>
<li>For a long-term perspective of the upside potential in gold, a point-and-figure chart of monthly gold prices shows a measured objective of almost $7,000.</li>
</ul>


The Sell America investment theme is becoming as a dominant market narrative, and it’s bullish for gold.
It is driven by the combination of rising deficits, shaky bond markets, an increasingly hawkish Fed and policy uncertainty.
For a long-term perspective of the upside potential in gold, a point-and-figure chart of monthly gold prices shows a measured objective of almost $7,000.


<ul>
<li>The 90-day pause in tariffs between China and the US provides “tremendous” opportunities</li>
<li>The headline volatility allows investors to scale in and out of positions</li>
<li>Where we could be wrong in assuming the bear market is still on</li>
</ul>


The 90-day pause in tariffs between China and the US provides “tremendous” opportunities
The headline volatility allows investors to scale in and out of positions
Where we could be wrong in assuming the bear market is still on


Overview #26 -Is the Bear Market Over, and Are We Back to the Races?

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)

Gold Miners ETF (GDX US): Impact of Benchmark Change - Update

Following the benchmark change, the GDX ETF could need to buy 8 stocks and sell 26 stocks. Estimated one-way turnover is 16.5% and the round-trip...

Brian Freitas

Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

A review of recent events/data impacting our investment themes and outlook. We look at the longer term commodity move in the context of the current...

Rikki Malik

How to Capitalize on Narrative Volatility

The current market environment is characterized by high market volatility, which has manifested itself as narrative volatility. We offer four ways...

Cam Hui

Sell America = Buy Gold

The Sell America investment theme is gaining traction, fueled by economic uncertainties and bullish for gold with potential for significant upside.

Cam Hui

Overview #26 -Is the Bear Market Over, and Are We Back to the Races?

A review of recent events/data impacting our investment themes and outlook. We look at whether the worst is over for markets

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Gold Miners ETF (GDX US): Impact of Benchmark Change - Update

Following the benchmark change, the GDX ETF could need to buy 8 stocks and sell 26 stocks. Estimated one-way turnover is 16.5% and the round-trip...

Brian Freitas

Overview# 29- The Hard-Asset Reset: Buying the Pullback in Commodities

A review of recent events/data impacting our investment themes and outlook. We look at the longer term commodity move in the context of the current...

Rikki Malik

How to Capitalize on Narrative Volatility

The current market environment is characterized by high market volatility, which has manifested itself as narrative volatility. We offer four ways...

Cam Hui

Sell America = Buy Gold

​The Sell America investment theme is gaining traction, fueled by economic uncertainties and bullish for gold with potential for significant upside.

Cam Hui

Overview #26 -Is the Bear Market Over, and Are We Back to the Races?

A review of recent events/data impacting our investment themes and outlook. We look at whether the worst is over for markets

Rikki Malik

The Sell America investment theme is gaining traction, fueled by economic uncertainties and bullish for gold with potential for significant upside.