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

<ul>
<li>There are 4 additions for 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> in March. Plus a whole bunch of float and capping changes.</li>
<li>Estimated one-way turnover is 7.5% and that leads to a round-trip trade of US$5.1bn. There are many stocks with multiple days of ADV to trade from passive trackers.</li>
<li>
<a href="https://www.smartkarma.com/entities/pan-american-silver-corp-ce7d7ca6-59e0-44f1-958f-e5b679750b06" target="_blank" data-smartkarma-citation="entities:25937:1" rel="noopener">Pan American Silver</a> and <a href="https://www.smartkarma.com/entities/royal-gold-inc" target="_blank" data-smartkarma-citation="entities:11226:1" rel="noopener">Royal Gold</a> are deletions from the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF</a> while <a href="https://www.smartkarma.com/entities/greatland-resources-ltd" target="_blank" data-smartkarma-citation="entities:47602:1" rel="noopener">Greatland Resources (GGP AU)</a> is an inclusion to the ASX100 Index.</li>
</ul>


There are 4 additions for the VanEck Gold Miners ETF/USA (GDX US) in March. Plus a whole bunch of float and capping changes.
Estimated one-way turnover is 7.5% and that leads to a round-trip trade of US$5.1bn. There are many stocks with multiple days of ADV to trade from passive trackers.

Pan American Silver and Royal Gold are deletions from the VanEck Vectors Junior Gold Miners ETF while Greatland Resources (GGP AU) is an inclusion to the ASX100 Index.


Gold Miners ETF (GDX US) March Rebalance: 4 Adds and US$5.1bn Trade

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

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.</li>
<li>In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,300+ insights published on Smartkarma.
In this cut, we review the outlook for energy markets amid the Persian Gulf conflict, highlight coverage of gold miners large and small, and identify opportunities in Japanese financials.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/capricorn-metals-ltd" target="_blank" data-smartkarma-citation="entities:10775:1" rel="noopener">Capricorn Metals (CMM AU)</a> vs. <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining (PRU AU)</a> price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long <a href="https://www.smartkarma.com/entities/capricorn-metals-ltd" target="_blank" data-smartkarma-citation="entities:10775:1" rel="noopener">Capricorn Metals (CMM AU)</a> and short <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining (PRU AU)</a> targets a 5% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Capricorn Metals (CMM AU) vs. Perseus Mining (PRU AU) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Capricorn Metals (CMM AU) and short Perseus Mining (PRU AU) targets a 5% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Capricorn Metals (CMM AU) Vs. Perseus Mining (PRU AU): Gold Miners Stat Arb Opportunity Returns

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a> vs. <a href="https://www.smartkarma.com/entities/regis-resources-ltd" target="_blank" data-smartkarma-citation="entities:20106:1" rel="noopener">Regis Resources (RRL AU)</a> price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long Genesis Minerals (GMD AU) and short Regis Resources (RRL AU) targets a 9% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Genesis Minerals (GMD AU) vs. Regis Resources (RRL AU) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Genesis Minerals (GMD AU) and short Regis Resources (RRL AU) targets a 9% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Genesis Minerals (GMD AU) Vs. Regis Resources (RRL AU): Gold Miners Pair Trade Targets 9%.

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Summary earnings estimate for <a href="https://www.smartkarma.com/entities/barrick-gold-corp-d9063e6c-833b-4429-a123-2deceb2fe823" target="_blank" data-smartkarma-citation="entities:25341:1" rel="noopener">Barrick Gold (ABX CN)</a> as per Zacks: (a) EPS: $0.87 (+78.1% YoY), and (b) Revenue: $5.1B (+41.6% YoY).</li>
<li>For the quarter ending Sep 25, the firm registered free cash flow growth of 246% QoQ, with EPS jumping 61% QoQ, and Cash Flow from Operations at 80% QoQ.</li>
<li>All Eyes on Blockbuster results, Cost Discipline, Leadership Change, Strategy of Value-over-Volumes, Copper Pivot, Share Buyback &amp; Dividends.</li>
</ul>


Summary earnings estimate for Barrick Gold (ABX CN) as per Zacks: (a) EPS: $0.87 (+78.1% YoY), and (b) Revenue: $5.1B (+41.6% YoY).
For the quarter ending Sep 25, the firm registered free cash flow growth of 246% QoQ, with EPS jumping 61% QoQ, and Cash Flow from Operations at 80% QoQ.
All Eyes on Blockbuster results, Cost Discipline, Leadership Change, Strategy of Value-over-Volumes, Copper Pivot, Share Buyback &amp; Dividends.


Can Barrick Deliver Blockbuster Earnings To Offload Jurisdictional Baggage Discount?

United States

VanEck Vectors Junior Gold Miners ETF is an exchange traded fund incorporated in the USA. The Fund's objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS Junior Gold Miners Index. The Fund will normally invest at least 80% of its total assets in securities that comprise the Fund's benchmark index.

VanEck Vectors Junior Gold Miners ETF (GDXJ US)

Price Gauge
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VanEck Vectors Junior Gold Miners ETF (GDXJ US)

Gold Miners ETF (GDX US) March Rebalance: 4 Adds and US$5.1bn Trade

The index rebalances at the close today. With gold trading lower since rebalance announcement and another big down move overnight (though off the...

Brian Freitas

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

Capricorn Metals (CMM AU) Vs. Perseus Mining (PRU AU): Gold Miners Stat Arb Opportunity Returns

A fresh entry opportunity has emerged as the price ratio crosses the two-standard-deviation threshold again, after fluctuating between the one- and...

Gaudenz Schneider

Genesis Minerals (GMD AU) Vs. Regis Resources (RRL AU): Gold Miners Pair Trade Targets 9%.

Genesis (GMD AU) vs. Regis (RRL AU) price ratio signals a 9% relative value trade to the one-standard-deviation line, ideal for quant traders...

Gaudenz Schneider

Can Barrick Deliver Blockbuster Earnings To Offload Jurisdictional Baggage Discount?

Blockbuster results vs. jurisdictional baggage: can record cash flow & a new leadership team finally erase Barrick’s "risk discount" as gold hits...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Gold Miners ETF (GDX US) March Rebalance: 4 Adds and US$5.1bn Trade

The index rebalances at the close today. With gold trading lower since rebalance announcement and another big down move overnight (though off the...

Brian Freitas

Curator's Cut: Crude Reality, Reshuffling Gold Miners & Banking on Japanese Fintech

​This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Pranav Rao

Capricorn Metals (CMM AU) Vs. Perseus Mining (PRU AU): Gold Miners Stat Arb Opportunity Returns

A fresh entry opportunity has emerged as the price ratio crosses the two-standard-deviation threshold again, after fluctuating between the one- and...

Gaudenz Schneider

Genesis Minerals (GMD AU) Vs. Regis Resources (RRL AU): Gold Miners Pair Trade Targets 9%.

​Genesis (GMD AU) vs. Regis (RRL AU) price ratio signals a 9% relative value trade to the one-standard-deviation line, ideal for quant traders...

Gaudenz Schneider

Can Barrick Deliver Blockbuster Earnings To Offload Jurisdictional Baggage Discount?

Blockbuster results vs. jurisdictional baggage: can record cash flow & a new leadership team finally erase Barrick’s "risk discount" as gold hits...

Mint Finance

This Curator's Cut highlights energy market outlook, gold miners coverage, and opportunities in Japanese financials from Smartkarma insights....

Genesis (GMD AU) vs. Regis (RRL AU) price ratio signals a 9% relative value trade to the one-standard-deviation line, ideal for quant traders...