Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in June but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 3.9% resulting in a round-trip trade of US$418m. There are 17 stocks with over 1x ADV to trade from passive trackers.</li>
<li>The largest inflows are expected in <a href="https://www.smartkarma.com/entities/cia-de-minas-buenaventura-saa" target="_blank" data-smartkarma-citation="entities:27674:1" rel="noopener">Cia de Minas Buenaventura SAA (BVN US)</a>, <a href="https://www.smartkarma.com/entities/equinox-gold-corp" target="_blank" data-smartkarma-citation="entities:38705:1" rel="noopener">Equinox Gold (EQX US)</a> and <a href="https://www.smartkarma.com/entities/red-5-ltd" target="_blank" data-smartkarma-citation="entities:7940:1" rel="noopener">Red 5 Ltd (RED AU)</a>. </li>
</ul>


There are no constituent changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in June but there are a lot of float and capping changes.
Estimated one-way turnover is 3.9% resulting in a round-trip trade of US$418m. There are 17 stocks with over 1x ADV to trade from passive trackers.
The largest inflows are expected in Cia de Minas Buenaventura SAA (BVN US), Equinox Gold (EQX US) and Red 5 Ltd (RED AU). 


MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$400m

<ul>
<li>The changes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a>, <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ150 Index</a>, <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI300 Index</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 INDEX</a> and a bunch of other onshore China indices were implemented last week.</li>
<li>The coming week has a lot of rebalance implementations on Friday with the S&amp;P/ASX family and the MVIS family, among others.</li>
<li>AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.</li>
</ul>


The changes for the KOSPI2 INDEX, KOSDAQ150 Index, CSI300 Index, STAR50 INDEX and a bunch of other onshore China indices were implemented last week.
The coming week has a lot of rebalance implementations on Friday with the S&amp;P/ASX family and the MVIS family, among others.
AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.


Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

<ul>
<li>The changes to the MVIS Global Junior Gold Miners Index (MVGDXJ) were announced on 9 June and will be implemented at the close on 16 June.</li>
<li>Though there are no constituent changes, changes to free floats and capping factors will result in an estimated one-way turnover of 6.26% and in a one-way trade of US$251m.</li>
<li>The largest passive inflows will be in <a href="https://www.smartkarma.com/entities/alamos-gold-inc-75888dd6-1d65-427e-950c-393b5d90ab2e" target="_blank" data-smartkarma-citation="entities:38624:1" rel="noopener">Alamos Gold (AGI US)</a>, <a href="https://www.smartkarma.com/entities/kinross-gold-corp-4566bc5d-6053-4c59-9b54-891e37079607" target="_blank" data-smartkarma-citation="entities:33288:1" rel="noopener">Kinross Gold Corp (KGC US)</a>, <a href="https://www.smartkarma.com/entities/endeavour-mining-corp" target="_blank" data-smartkarma-citation="entities:25621:1" rel="noopener">Endeavour Mining (EDV CN)</a>, <a href="https://www.smartkarma.com/entities/b2gold-corp-fee72de9-9219-4f08-9e4a-eff9db71e070" target="_blank" data-smartkarma-citation="entities:33420:1" rel="noopener">B2Gold Corp (BTG US)</a> and <a href="https://www.smartkarma.com/entities/centerra-gold-inc" target="_blank" data-smartkarma-citation="entities:25634:1" rel="noopener">Centerra Gold (CG CN)</a>. </li>
</ul>


The changes to the MVIS Global Junior Gold Miners Index (MVGDXJ) were announced on 9 June and will be implemented at the close on 16 June.
Though there are no constituent changes, changes to free floats and capping factors will result in an estimated one-way turnover of 6.26% and in a one-way trade of US$251m.
The largest passive inflows will be in Alamos Gold (AGI US), Kinross Gold Corp (KGC US), Endeavour Mining (EDV CN), B2Gold Corp (BTG US) and Centerra Gold (CG CN). 


MVIS Global Junior Gold Miners Index Rebalance: Big Float & Capping Changes

Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Thematic (Sector/Industry)

<ul><li>The precious metals and mining market significantly outperformed broader indices in the month of March with the GDX rising 15% versus the TSX being down slightly </li><li>Gold rallied heavily following the collapse of several major banks and the U.S. Fed guiding for a pause on rates in the near term</li><li>This month only strengthens our confidence that 2023 will be a standout year for both precious metals and base metals and encourage investors to position themselves accordingly Gold rose 7.2% in the month to $1,969.7/oz, silver rose 14.5% to $24.0/oz, and copper sat flat, down just 1.8% to $4.10/lb.</li></ul>

The precious metals and mining market significantly outperformed broader indices in the month of March with the GDX rising 15% versus the TSX being down slightly Gold rallied heavily following the collapse of several major banks and the U.S. Fed guiding for a pause on rates in the near termThis month only strengthens our confidence that 2023 will be a standout year for both precious metals and base metals and encourage investors to position themselves accordingly Gold rose 7.2% in the month to $1,969.7/oz, silver rose 14.5% to $24.0/oz, and copper sat flat, down just 1.8% to $4.10/lb.

<ul>
<li>Filo Mining (FIL CN) and <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals (TIE AU)</a> are adds while <a href="https://www.smartkarma.com/entities/fresnillo-plc" target="_blank" data-smartkarma-citation="entities:21939:1" rel="noopener">Fresnillo (FRES LN)</a>, <a href="https://www.smartkarma.com/entities/galiano-gold-inc" target="_blank" data-smartkarma-citation="entities:32201:1" rel="noopener">Galiano Gold (GAU US)</a>, <a href="https://www.smartkarma.com/entities/jaguar-mining-inc" target="_blank" data-smartkarma-citation="entities:25393:1" rel="noopener">Jaguar Mining (JAG CN)</a> and <a href="https://www.smartkarma.com/entities/novo-resources-corp" target="_blank" data-smartkarma-citation="entities:25859:1" rel="noopener">Novo Resources (NVO CN)</a> are deletes.</li>
<li>One way turnover is estimated at 4.3% resulting in a one-way trade of US$163m. There is over 1 day of ADV to trade on 24 stocks.</li>
<li>Largest inflows are on Filo Mining (FIL CN) and <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a> while largest outflows are on <a href="https://www.smartkarma.com/entities/fresnillo-plc" target="_blank" data-smartkarma-citation="entities:21939:1" rel="noopener">Fresnillo PLC (FRES LN)</a> and <a href="https://www.smartkarma.com/entities/centerra-gold-inc" target="_blank" data-smartkarma-citation="entities:25634:1" rel="noopener">Centerra Gold (CG CN)</a>. </li>
</ul>


Filo Mining (FIL CN) and Tietto Minerals (TIE AU) are adds while Fresnillo (FRES LN), Galiano Gold (GAU US), Jaguar Mining (JAG CN) and Novo Resources (NVO CN) are deletes.
One way turnover is estimated at 4.3% resulting in a one-way trade of US$163m. There is over 1 day of ADV to trade on 24 stocks.
Largest inflows are on Filo Mining (FIL CN) and Tietto Minerals Ltd (TIE AU) while largest outflows are on Fresnillo PLC (FRES LN) and Centerra Gold (CG CN). 


MVIS Global Junior Gold Miners Index Rebalance: Two Adds, Four Deletes, Float Changes

Canada

Centerra Gold Inc, acquires, explores, develops, and operates gold properties primarily in Central Asia, the former Soviet Union, and other emerging markets. The Company currently operates the Kumtor mine in the Kyrgyz Republic and the Boroo mine in Mongolia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Centerra Gold (CG CN)

MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$400m

Float and capping changes result in an estimated one-way turnover is 3.9% and that leads to a round-trip trade of US$418m. There are 17 stocks with...

Brian Freitas

Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

MVIS Global Junior Gold Miners Index Rebalance: Big Float & Capping Changes

Though there are no constituent changes for the GDXJ, changes to free floats and capping factors will result in an estimated one-way turnover of...

Brian Freitas

Mining Monthly: March Edition

he precious metals and mining market significantly outperformed broader indices in the month of March with the GDX rising 15% versus the TSX being...

Atrium Research

MVIS Global Junior Gold Miners Index Rebalance: Two Adds, Four Deletes, Float Changes

There are 2 adds & 4 deletes resulting in one way turnover of 4.3% & a one-way trade of US$163m. There is over 1 day of ADV to trade on 24 stocks....

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)