Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>DAX is a German blue-chip index that currently tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. </li>
<li>The DAX Index is reviewed on a quarterly basis in March, June, September, and December. </li>
<li>In this insight, we take a look at the potential constituency changes that can happen in the March 2022 review.</li>
</ul>


DAX is a German blue-chip index that currently tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. 
The DAX Index is reviewed on a quarterly basis in March, June, September, and December. 
In this insight, we take a look at the potential constituency changes that can happen in the March 2022 review.


DAX Index: Quiddity Leaderboard for March 2022 (2.0)

<ul>
<li>DAX is a blue-chip index that now tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. </li>
<li>The DAX Index is reviewed on a quarterly basis in March, June, September, and December. </li>
<li>In this insight, we take a look at the potential constituency changes that can happen in the March 2022 review.</li>
</ul>


DAX is a blue-chip index that now tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. 
The DAX Index is reviewed on a quarterly basis in March, June, September, and December. 
In this insight, we take a look at the potential constituency changes that can happen in the March 2022 review.


DAX Index: Quiddity Leaderboard for March 2022

<div><p>DAX is a blue-chip index that now tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. Historically DAX has consisted of 30 companies but following the <a href="https://www.smartkarma.com/entities/wirecard-ag" target="_blank" data-smartkarma-citation="entities:21743:1" rel="noopener">Wirecard AG (WDI GR)</a> scandal, the index was reconstituted and the number of constituents was increased from 30 to 40 to reduce concentration issues and more stringent eligibility requirements were introduced to protect the overall quality of index constituents in future. This reconstitution was completed on 20th September 2021. </p></div><div>
<p>The DAX Index is reviewed four times a year. In our previous insight, <a href="https://www.smartkarma.com/insights/dax-index-quiddity-leaderboard-for-december-2021" target="_blank" data-smartkarma-citation="insights:58053" rel="noopener">DAX Index: Quiddity Leaderboard for December 2021</a> we had a look at the potential adds and deletes for the next review which will take place in December 2021.</p>
<p>Below is a follow-up insight discussing the latest changes to Quiddity's DAX Leaderboard. </p>
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</div>

DAX is a blue-chip index that now tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. Historically DAX has consisted of 30 companies but following the Wirecard AG (WDI GR) scandal, the index was reconstituted and the number of constituents was increased from 30 to 40 to reduce concentration issues and more stringent eligibility requirements were introduced to protect the overall quality of index constituents in future. This reconstitution was completed on 20th September 2021. 
The DAX Index is reviewed four times a year. In our previous insight, DAX Index: Quiddity Leaderboard for December 2021 we had a look at the potential adds and deletes for the next review which will take place in December 2021.
Below is a follow-up insight discussing the latest changes to Quiddity's DAX Leaderboard. 



DAX Index: Quiddity Dec21 Leaderboard Update (2.0)

<p>DAX is a blue-chip index that <em>now</em> tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. </p><p>Historically DAX has consisted of 30 companies but following the <a href="https://www.smartkarma.com/entities/wirecard-ag" target="_blank" data-smartkarma-citation="entities:21743:1" rel="noopener">Wirecard AG (WDI GR)</a> scandal, the index was reconstituted and the number of constituents was increased from 30 to 40 to reduce concentration issues and more stringent eligibility requirements were introduced to protect the overall quality of index constituents in future. This reconstitution was completed on 20th September 2021. </p><p>The DAX Index is reviewed four times a year. In this insight, we take a look at the potential adds and deletes for the next review which will take place in December 2021. </p><p><em>More below the fold.</em></p>

DAX is a blue-chip index that now tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. Historically DAX has consisted of 30 companies but following the Wirecard AG (WDI GR) scandal, the index was reconstituted and the number of constituents was increased from 30 to 40 to reduce concentration issues and more stringent eligibility requirements were introduced to protect the overall quality of index constituents in future. This reconstitution was completed on 20th September 2021. The DAX Index is reviewed four times a year. In this insight, we take a look at the potential adds and deletes for the next review which will take place in December 2021. More below the fold.

DAX Index: Quiddity Leaderboard for December 2021

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<p>Allocations in Consumer Staples stocks are at decade-long lows.  Average fund weights among active Global managers stand at 7.65% following an aggressive slump after the onset of COVID-19 in early 2020.</p><p>The spread between Consumer Discretionary weights and Consumer Staples weights in active Global portfolios is close to it's all-time wides, but is turning lower after peaking in April this this year.</p><p>What stands out in our data is the cutting back of Consumer Staples allocations by Growth investors, with a number of high profile stocks cut from Aggressive Growth portfolios since last 2019 (<a href="https://www.smartkarma.com/entities/reckitt-benckiser-group-plc" target="_blank" data-smartkarma-citation="entities:22105:1" rel="noopener">Reckitt Benckiser (RB/ LN)</a>, <a href="https://www.smartkarma.com/entities/colgate-palmolive-co" target="_blank" data-smartkarma-citation="entities:15093:1" rel="noopener">Colgate Palmolive Co (CL US),</a><a href="https://www.smartkarma.com/entities/anheuser-busch-inbev-sa-nv" target="_blank" data-smartkarma-citation="entities:865:1" rel="noopener">Anheuser Busch Inbev Sa/Nv (ABI BB)</a> )</p><p>For the Consumer Staples sector to see a turnaround, perhaps growth, or at least the perception of growth needs to return for these investors.</p>

Allocations in Consumer Staples stocks are at decade-long lows.  Average fund weights among active Global managers stand at 7.65% following an aggressive slump after the onset of COVID-19 in early 2020.The spread between Consumer Discretionary weights and Consumer Staples weights in active Global portfolios is close to it's all-time wides, but is turning lower after peaking in April this this year.What stands out in our data is the cutting back of Consumer Staples allocations by Growth investors, with a number of high profile stocks cut from Aggressive Growth portfolios since last 2019 (Reckitt Benckiser (RB/ LN), Colgate Palmolive Co (CL US),Anheuser Busch Inbev Sa/Nv (ABI BB) )For the Consumer Staples sector to see a turnaround, perhaps growth, or at least the perception of growth needs to return for these investors.

Global Consumer Staples: Allocations at Rock Bottom as Growth Investors Flee

Germany

Beiersdorf AG develops, manufactures, and markets personal care, disposable medical, and adhesive products. The Company produces skin and hair care products, bandages, surgical gloves, compression stockings, sun block lotion, fastening systems, masking products, and packaging systems.

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Beiersdorf (BEI GR)

DAX Index: Quiddity Leaderboard for March 2022 (2.0)

A look at the potential adds and potential deletes for the DAX index in the March 2022 review. Our estimates show there could be one or two changes.

Janaghan Jeyakumar, CFA

DAX Index: Quiddity Leaderboard for March 2022

A look at potential constituency changes for the DAX Index in March 2022. Hannover is close to triggering a Fast Entry change and Heidelberg Cement...

Janaghan Jeyakumar, CFA

DAX Index: Quiddity Dec21 Leaderboard Update (2.0)

The DAX Index is reviewed four times a year. In this insight, we take a look at the Potential Deletes and Potential Adds for the upcoming review in...

Janaghan Jeyakumar, CFA

DAX Index: Quiddity Leaderboard for December 2021

DAX completed its post-Wirecard reconstitution on 20th September 2021. Here is a look at the potential adds and deletes for the next index review...

Janaghan Jeyakumar, CFA

Global Consumer Staples: Allocations at Rock Bottom as Growth Investors Flee

Allocations in Consumer Staples stocks are at decade-long lows. Average fund weights among active Global managers stand at 7.65% following an...

Steven Holden

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