Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Index Rebalance

<ul>
<li>FnGuide cited an exception clause after the June FICS reclassification, but the move triggered major passive distortion, with Jusung and Isu seeing ~500bn won inflows and extreme price spikes.</li>
<li>FnGuide confirmed the October rebalance remains on track and separate from the recent adjustment, so we should start preparing for potential pre positioning despite methodology concerns.</li>
<li>Based on today’s close, PSK replaces EO Technics, but the gap remains narrow. Given concentrated passive impact in lower ranked names, we should build PSK positioning once the spread widens.</li>
</ul>


FnGuide cited an exception clause after the June FICS reclassification, but the move triggered major passive distortion, with Jusung and Isu seeing ~500bn won inflows and extreme price spikes.
FnGuide confirmed the October rebalance remains on track and separate from the recent adjustment, so we should start preparing for potential pre positioning despite methodology concerns.
Based on today’s close, PSK replaces EO Technics, but the gap remains narrow. Given concentrated passive impact in lower ranked names, we should build PSK positioning once the spread widens.


FnGuide Index PM's Response on the July 1 Special Rebal of TIGER Semis Top 10, and October Rebal