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 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>Two active M&amp;A deals could trigger intra-review ADDs. Shareholders have already approved one deal while the other goes to a shareholder vote on 4th May 2026.</li>
<li>
<a href="https://www.smartkarma.com/entities/titan-international-inc" target="_blank" data-smartkarma-citation="entities:2416:1" rel="noopener">Titan International (TWI US)</a>, our previous top SP 600 deletion candidate, was dropped from the SP 600. <a href="https://www.smartkarma.com/entities/insteel-industries-inc" target="_blank" data-smartkarma-citation="entities:4069:1" rel="noopener">Insteel Industries (IIIN US)</a> is now our top DELETION candidate.</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.
Two active M&amp;A deals could trigger intra-review ADDs. Shareholders have already approved one deal while the other goes to a shareholder vote on 4th May 2026.

Titan International (TWI US), our previous top SP 600 deletion candidate, was dropped from the SP 600. Insteel Industries (IIIN US) is now our top DELETION candidate.


Quiddity Leaderboard SP500/600 Jun26 Rebal: Two M&A Deals in Play; May Close Before June Review

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>
Regular-Way trading commenced April 1: Aptiv +3.21%, Versigent -1.49%; Aptiv pivots to high-margin intelligent systems, Versigent to electrical architectures</li>
<li>
Strong consolidated performance: APTV up 13.78% since Jan 22, 2025 spin announcement, outperforming S&amp;P 500 (+8.03%); WI period saw VGNT outperform (+6.17%) vs APTV (+0.86%)</li>
<li>
Index positioning: VGNT added to S&amp;P SmallCap 600 (Apr 2), classified Consumer Discretionary; APTV retains S&amp;P 500 membership, supporting visibility and institutional ownership continuity.</li>
</ul>



Regular-Way trading commenced April 1: Aptiv +3.21%, Versigent -1.49%; Aptiv pivots to high-margin intelligent systems, Versigent to electrical architectures

Strong consolidated performance: APTV up 13.78% since Jan 22, 2025 spin announcement, outperforming S&amp;P 500 (+8.03%); WI period saw VGNT outperform (+6.17%) vs APTV (+0.86%)

Index positioning: VGNT added to S&amp;P SmallCap 600 (Apr 2), classified Consumer Discretionary; APTV retains S&amp;P 500 membership, supporting visibility and institutional ownership continuity.


Aptiv (NYSE: APTV) And Its Spin-Off Versigent (VGNT) Begin Regular Way Trading

<ul>
<li>Aptiv and Versigent commenced when-issued trading on March 27, 2026, ahead of the April 1 distribution, enabling early price discovery for both entities.</li>
<li>We update fair values for APTV and VGNT to reflect current prices and compressed peer multiples amid escalating Middle East tensions and broader risk-off sentiment.</li>
<li>APTV likely remains in the S&amp;P 500 despite size pressure, while VGNT is a candidate for S&amp;P 600 inclusion, subject to meeting GAAP profitability requirements.</li>
</ul>


Aptiv and Versigent commenced when-issued trading on March 27, 2026, ahead of the April 1 distribution, enabling early price discovery for both entities.
We update fair values for APTV and VGNT to reflect current prices and compressed peer multiples amid escalating Middle East tensions and broader risk-off sentiment.
APTV likely remains in the S&amp;P 500 despite size pressure, while VGNT is a candidate for S&amp;P 600 inclusion, subject to meeting GAAP profitability requirements.


Aptiv Plc. (NYSE: APTV) Spin – When-Issued Trading Commences; Fair Value Revised

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>An M&amp;A deal and a spinoff are both closing soon.  The M&amp;A will trigger an intra-review SP 500 ADD. The spinoff will trigger a SP 600 DEL.</li>
<li>We expect two changes during the regular June 2026 rebalance and two more intra-review index changes after the regular rebalance is announced.</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.
An M&amp;A deal and a spinoff are both closing soon.  The M&amp;A will trigger an intra-review SP 500 ADD. The spinoff will trigger a SP 600 DEL.
We expect two changes during the regular June 2026 rebalance and two more intra-review index changes after the regular rebalance is announced.


Quiddity Leaderboard SP500/600 Jun26 Rebal: One Intra-Review ADD Imminent as M&A Deal Nears Close

United States

Versigent Limited operates as an automotive technology company. The Company offers electrical wiring, signal, power, and data distribution systems for automotive and commercial vehicles. Versigent serves customers worldwide.

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Versigent (VGNT US)

Quiddity Leaderboard SP500/600 Jun26 Rebal: Two M&A Deals in Play; May Close Before June Review

Bloom Energy (BE US) cleared the SP 500 financial viability requirement with $70.7m of net income in its Q1 2026 earnings release on 28 April 2026,...

Anjana Amarasuriya

Aptiv (NYSE: APTV) And Its Spin-Off Versigent (VGNT) Begin Regular Way Trading

APTV up 13.78% since spin announcement, VGNT outperforms during WI period; VGNT added to S&P SmallCap 600, APTV retains S&P 500 membership.

GSBR Research

Aptiv Plc. (NYSE: APTV) Spin – When-Issued Trading Commences; Fair Value Revised

Aptiv and Versigent begin trading ahead of distribution, fair values updated amid market tensions. APTV likely to stay in S&P 500, VGNT a...

GSBR Research

Quiddity Leaderboard SP500/600 Jun26 Rebal: One Intra-Review ADD Imminent as M&A Deal Nears Close

We expect 1 spinoff change to SP500/600 imminently, one M&A change to SP500, then two changes in the June 2026 rebalance. There could be two other...

Anjana Amarasuriya

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard SP500/600 Jun26 Rebal: Two M&A Deals in Play; May Close Before June Review

Bloom Energy (BE US) cleared the SP 500 financial viability requirement with $70.7m of net income in its Q1 2026 earnings release on 28 April 2026,...

Anjana Amarasuriya

Aptiv (NYSE: APTV) And Its Spin-Off Versigent (VGNT) Begin Regular Way Trading

​APTV up 13.78% since spin announcement, VGNT outperforms during WI period; VGNT added to S&P SmallCap 600, APTV retains S&P 500 membership.

GSBR Research

Aptiv Plc. (NYSE: APTV) Spin – When-Issued Trading Commences; Fair Value Revised

​Aptiv and Versigent begin trading ahead of distribution, fair values updated amid market tensions. APTV likely to stay in S&P 500, VGNT a...

GSBR Research

Quiddity Leaderboard SP500/600 Jun26 Rebal: One Intra-Review ADD Imminent as M&A Deal Nears Close

We expect 1 spinoff change to SP500/600 imminently, one M&A change to SP500, then two changes in the June 2026 rebalance. There could be two other...

Anjana Amarasuriya

APTV up 13.78% since spin announcement, VGNT outperforms during WI period; VGNT added to S&P SmallCap 600, APTV retains S&P 500 membership.

Aptiv and Versigent begin trading ahead of distribution, fair values updated amid market tensions. APTV likely to stay in S&P 500, VGNT a...