Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul><li>Since the introduction of the Shareholder Weighted indices (SWIX) in July 2003, fund managers with South African equity mandates have had an array of benchmarks to choose from.</li><li>The SWIX was introduced at a time when resources made up more than 50% of the Top 40.</li><li>The SWIX methodology addressed this concentration by adjusting the float of dual-listed entities to reflect shares held by South African residents (eg. AGL, BHP).</li></ul>

Since the introduction of the Shareholder Weighted indices (SWIX) in July 2003, fund managers with South African equity mandates have had an array of benchmarks to choose from.The SWIX was introduced at a time when resources made up more than 50% of the Top 40.The SWIX methodology addressed this concentration by adjusting the float of dual-listed entities to reflect shares held by South African residents (eg. AGL, BHP).

JSE Mar 24 Harmonisation - Is Your Benchmark Changing?

Index Rebalance

<ul>
<li>JSE indexes will be rebalanced in the closing auction tomorrow. </li>
<li>MCG will fall out of the TOPI and DTOP and HAR will enter. The ALSI gets reviewed semi-annually in March and September.</li>
<li>ACL and LBR will fall out of the ALSI, ALSI SWIX and the capped variants.</li>
</ul>


JSE indexes will be rebalanced in the closing auction tomorrow. 
MCG will fall out of the TOPI and DTOP and HAR will enter. The ALSI gets reviewed semi-annually in March and September.
ACL and LBR will fall out of the ALSI, ALSI SWIX and the capped variants.


Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/los-andes-copper-ltd" target="_blank" data-smartkarma-citation="entities:35434:1" rel="noopener">Los Andes Copper Ltd (LA CN)</a> published its long-awaited PFS in late February. The PFS shows an NPV of 2.77 billion USD vs a 240 million USD market cap.</li>
<li>In our opinion, LA is one of the largest, Chile-based copper miners without a strategic investment partner. </li>
<li>
<a href="https://www.smartkarma.com/entities/lundin-mining-corp-92352503-3781-4fcb-a4db-62e6f6343783" target="_blank" data-smartkarma-citation="entities:25356:1" rel="noopener">Lundin Mining (LUN CN)</a><a href="https://www.smartkarma.com/entities/hudbay-minerals-inc-79e1a8a8-5377-44fa-b0d2-453fa494a1fa" target="_blank" data-smartkarma-citation="entities:33286:1" rel="noopener">,  Hudbay Minerals Inc (HBM US) and </a><a href="https://www.smartkarma.com/entities/glencore-plc" target="_blank" data-smartkarma-citation="entities:764:1" rel="noopener">Glencore Plc (GLEN LN)</a><a href="https://www.smartkarma.com/entities/hudbay-minerals-inc-79e1a8a8-5377-44fa-b0d2-453fa494a1fa" target="_blank" data-smartkarma-citation="entities:33286:1" rel="noopener"> have announced offers for copper producers recently. Last year Rio and BHP also made copper acquisitions.</a>
</li>
</ul>



Los Andes Copper Ltd (LA CN) published its long-awaited PFS in late February. The PFS shows an NPV of 2.77 billion USD vs a 240 million USD market cap.
In our opinion, LA is one of the largest, Chile-based copper miners without a strategic investment partner. 

Lundin Mining (LUN CN),  Hudbay Minerals Inc (HBM US) and Glencore Plc (GLEN LN) have announced offers for copper producers recently. Last year Rio and BHP also made copper acquisitions.



Los Andes Copper: PFS Published and M&A Scene Heating Up

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Palliser Capital, which reportedly holds ~$300mn in <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU/LN)</a> shares across its dual-head structure, has campaigned for near-on a year to unify the primary listing in Australia.</li>
<li>Palliser's reasonings (and others) to unify make sense, such as access to stock-based mergers and eliminating franking wastage. A recent independent assessment from Grant Thornton is also supportive of unification.</li>
<li>Shareholders will vote on the resolution on 3rd April  for UK-listed shares and 1st May for Australian-listed shares. The UK line holds the key to the vote outcome.</li>
</ul>


Palliser Capital, which reportedly holds ~$300mn in Rio Tinto Ltd (RIO AU/LN) shares across its dual-head structure, has campaigned for near-on a year to unify the primary listing in Australia.
Palliser's reasonings (and others) to unify make sense, such as access to stock-based mergers and eliminating franking wastage. A recent independent assessment from Grant Thornton is also supportive of unification.
Shareholders will vote on the resolution on 3rd April  for UK-listed shares and 1st May for Australian-listed shares. The UK line holds the key to the vote outcome.


Rio Tinto (RIO AU/LN): Shareholders To Vote On Merits Of Unification

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul><li>This week the only thing that mattered was tariffs.</li><li>In my recommendation update section, I will provide some commentary on which recommendations are most impacted by tariffs.</li><li>On April 9, 2025, President Donald Trump announced a 90-day suspension of increased tariffs on most imported goods, maintaining a base tariff of 10% during this period.</li></ul>

This week the only thing that mattered was tariffs.In my recommendation update section, I will provide some commentary on which recommendations are most impacted by tariffs.On April 9, 2025, President Donald Trump announced a 90-day suspension of increased tariffs on most imported goods, maintaining a base tariff of 10% during this period.

South Africa

Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese, and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds. Anglo American has mining operations in Africa, Europe, North and South America, Asia, and Australia.

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Anglo American (AGL SJ)

JSE Mar 24 Harmonisation - Is Your Benchmark Changing?

Since the introduction of the Shareholder Weighted indices (SWIX) in July 2003, fund managers with South African equity mandates have had an array...

DMA

JSE September 2023 Index Rebalance

Top 40 & Top 40 SWIX: HAR to enter, MCG to fall out. NPN/PRX Cross-holding unwind: yesterday's trading session. JSE indexes will be rebalanced...

DMA

Los Andes Copper: PFS Published and M&A Scene Heating Up

Los Andes Copper is a sitting duck in the current copper M&A frenzy. Lundin, Hudbay and Glencore have all recently announced copper acquisitions....

Nicolas Van Broekhoven

Rio Tinto (RIO AU/LN): Shareholders To Vote On Merits Of Unification

Rio Tinto Ltd (RIO AU) shareholders voted down (80.65% against, spread across two meetings in London and Perth) Palliser's proposal to review its...

David Blennerhassett

Weekly Update (AMS, LION, Tariffs)

This week the only thing that mattered was tariffs. In my recommendation update section, I will provide some commentary on which recommendations...

Richard Howe

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