Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.</li>
<li>We expect two regular changes in September 2024. There are also several live M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.
We expect two regular changes in September 2024. There are also several live M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.


Quiddity Leaderboard S&P500 Sep 24 Rebal: Palantir, Apollo, Workday Racing for Mega$ Flows

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.</li>
<li>We expect two regular changes during September. More interestingly, a couple of SP500 members are working on spin-offs which could trigger some high-impact deletions over the next few months.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.
We expect two regular changes during September. More interestingly, a couple of SP500 members are working on spin-offs which could trigger some high-impact deletions over the next few months.


Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>BorgWarner delivered an all-around beat in the most recent quarter, with double digits organic revenue growth, driven by stronger industry output and expansion in China and Europe.</li><li>By 2027, their team anticipates purchasing over 200 million semiconductor dyes annually, based on the expansion of their power electronics goods.</li><li>BorgWarner's inverter industry is anticipated to be 70% silicon carbide based by the same year, with nearly 50% of its inverters being 800 volts.</li></ul>

BorgWarner delivered an all-around beat in the most recent quarter, with double digits organic revenue growth, driven by stronger industry output and expansion in China and Europe.By 2027, their team anticipates purchasing over 200 million semiconductor dyes annually, based on the expansion of their power electronics goods.BorgWarner's inverter industry is anticipated to be 70% silicon carbide based by the same year, with nearly 50% of its inverters being 800 volts.

BorgWarner Inc.: Can The Acquisition of Eldor's Electric Hybrid Systems Be A Game Changer? - Major Drivers

Equity Capital Markets

<ul><li>It was a mixed first quarter for BorgWarner as the company reported double-digit organic growth and surpassed the revenue expectations of Wall Street but missed out meeting earnings expectations.</li><li>The company's free cash flow was impacted by planned capital spending to support the growth of its eProducts division, as well as working capital usage and annual incentive compensation payout.</li><li>However, BorgWarner made significant progress during the quarter, securing multiple new eProducts awards and announcing capacity investments in this segment.</li></ul>

It was a mixed first quarter for BorgWarner as the company reported double-digit organic growth and surpassed the revenue expectations of Wall Street but missed out meeting earnings expectations.The company's free cash flow was impacted by planned capital spending to support the growth of its eProducts division, as well as working capital usage and annual incentive compensation payout.However, BorgWarner made significant progress during the quarter, securing multiple new eProducts awards and announcing capacity investments in this segment.

BorgWarner Inc.: Partnerships In The EV Sector Giving It An Edge? – Key Drivers

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/raytheon-technologies-corp" target="_blank" data-smartkarma-citation="entities:6453:1" rel="noopener">Raytheon Technologies (RTX US)</a><a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> 
</li>
<li>For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms</li>
<li>Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . </li>
</ul>


The three companies we write about this week are Raytheon Technologies (RTX US)Beiersdorf AG (BEI GR) and King Slide Works (2059 TT) 

For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms
Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . 


The Innovations Portfolios - Week Twenty Six

United States

BorgWarner, Inc. supplies engineered systems and components, primarily for automotive powertrain applications. The Company's products are manufactured and sold worldwide, primarily to original equipment manufacturers of passenger cars, sport utility vehicles, and light trucks. BorgWarner operates manufacturing facilities in North America, Europe, and Asia.

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Borgwarner Inc (BWA US)

Quiddity Leaderboard S&P500 Sep 24 Rebal: Palantir, Apollo, Workday Racing for Mega$ Flows

S&P500 rebals are notoriously difficult to predict because of significant index committee discretion. Sep24 could see two adds, two deletes. Q4...

Travis Lundy

Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

The S&P500 index rebal is coming in about 7 weeks. There are about 5 weeks of data left to tally. We expect there are two changes, but there are...

Travis Lundy

BorgWarner Inc.: Can The Acquisition of Eldor's Electric Hybrid Systems Be A Game Changer? - Major Drivers

BorgWarner delivered an all-around beat in the most recent quarter, with double digits organic revenue growth, driven by stronger industry output...

Baptista Research

BorgWarner Inc.: Partnerships In The EV Sector Giving It An Edge? – Key Drivers

It was a mixed first quarter for BorgWarner as the company reported double-digit organic growth and surpassed the revenue expectations of Wall...

Baptista Research

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

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