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

Banca Popolare Di Sondrio Scar / Event-Driven

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.</li>
<li>Based on the latest available data, I expect up to 12 index changes over the next few days <em>including an intra-review change!</em>
</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.
Based on the latest available data, I expect up to 12 index changes over the next few days including an intra-review change!



Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.</li>
<li>Based on the latest available data, I expect there to be up to seven index changes in the first quarter of 2024.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.
Based on the latest available data, I expect there to be up to seven index changes in the first quarter of 2024.


Quiddity Leaderboard SE600 Mar 24: Two Intra-Review and 5 Regular Changes Likely

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the December 2023 rebalance.</li>
<li>This includes a couple of intra-review index changes that could be triggered by the <a href="https://www.smartkarma.com/entities/dechra-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21908:1" rel="noopener">Dechra Pharmaceuticals (DPH LN)</a> and <a href="https://www.smartkarma.com/entities/chr-hansen-holding-a-s" target="_blank" data-smartkarma-citation="entities:22322:1" rel="noopener">Chr Hansen Holding A/S (CHR DC)</a> takeover situations.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the December 2023 rebalance.
This includes a couple of intra-review index changes that could be triggered by the Dechra Pharmaceuticals (DPH LN) and Chr Hansen Holding A/S (CHR DC) takeover situations.


Quiddity Leaderboard SE600 Dec 23: Novartis-Sandoz, Dechra, CHR, and Others

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the SE600 and EURSTX Indices for the December 2023 Rebalance.</li>
<li>There could be up to seven index changes in the run up to the December 2023 rebalance.</li>
<li>This includes a couple of intra-review index changes that could be triggered by the <a href="https://www.smartkarma.com/entities/dechra-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21908:1" rel="noopener">Dechra Pharmaceuticals (DPH LN)</a> and <a href="https://www.smartkarma.com/entities/chr-hansen-holding-a-s" target="_blank" data-smartkarma-citation="entities:22322:1" rel="noopener">Chr Hansen Holding A/S (CHR DC)</a> takeover situations.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the SE600 and EURSTX Indices for the December 2023 Rebalance.
There could be up to seven index changes in the run up to the December 2023 rebalance.
This includes a couple of intra-review index changes that could be triggered by the Dechra Pharmaceuticals (DPH LN) and Chr Hansen Holding A/S (CHR DC) takeover situations.


Quiddity Leaderboard SE600 Dec 23: 7 Changes Possible Including Two Intra-Review Changes

<ul>
<li>The September 2022 index changes for the STOXX Benchmark Indices were announced yesterday. </li>
<li>There will be 16 ADDs/DELs for the STOXX Europe 600 Index and there will be 5 ADDs and 6 DELs for the EURO STOXX Index.</li>
<li>In this insight, we take a closer look at the index flow expectations and the historical performance of Rebal events.</li>
</ul>


The September 2022 index changes for the STOXX Benchmark Indices were announced yesterday. 
There will be 16 ADDs/DELs for the STOXX Europe 600 Index and there will be 5 ADDs and 6 DELs for the EURO STOXX Index.
In this insight, we take a closer look at the index flow expectations and the historical performance of Rebal events.


STOXX Europe 600 Sep 2022 Rebal: ADDs Could Outperform DELs for the Next Few Weeks

Germany

Lechwerke AG generates, procures and distributes electric power, natural gas, district heating and water to commercial and residential customers in Southeastern Germany.  The Company divides its activities in such sectors as: energy production, network management and network services, energy and others.

Mainova AG provides natural gas to households, industrial companies and municipalities in the Frankfurt am Main area. The Company distributes electricity, heat and steam and supplies heating equipment to its customers. Mainova constructs power generating facilities and gas pipelines. The Company also provides services in western Thuringia.

MVV Energie AG generates and distributes electric power and district heating, purchases electricity from a cogeneration plant and operates its own waste-to-energy plant.  MVV Energie also distributes natural gas and water and offers a range of related services including energy trading, energy services, contracting, consulting, and facilities management.

Gelsenwasser AG provides water, natural gas, electricity and local co-generation services to households, municipal distributors and industries primarily located in Ruhr, Muensterland, lower Rhein and Eastern Westphalia.  The Company also offers services in other regions and operates sewage treatment plants.

RWE Aktiengesellschaft is a globally active energy company. The Company generates and trades electricity. RWE has a capacity of about 10 gigawatts based on renewable sources, as well as gas fleet and an internationally active energy trading business. RWE serves clients in Europe, Asia-Pacific, and the United States.

Uniper SE operates as an international energy company. The Company owns and manages a portfolio of power plants located across Europe and Russia, as well as focuses on commodity trading business, such as power, emission certificates, natural gas, liquefied natural gas, coal, and freight. Uniper also operates power and gas storage facilities.

EnBW Energie Baden-Wuerttemberg AG is a full service energy company that provides electricity, , gas as well as energy and environmental services. The Company's environmental services include waste disposal and recycling.

E.ON is one of Europe's largest operators of energy networks and energy infrastructure and a provider of innovative customer solutions for some 51 million customers. The company's operations are energy networks and customer solutions.

Electric Power Development Co.,Ltd. generates, transmits, distributes, and sells electric power using hydroelectric, wind-power, nuclear, coal-fired and other thermal power stations throughout Japan.

Clearway Energy, Inc. owns, operates, and acquires renewable and conventional generation and thermal infrastructure projects. The Company offers natural gas and dual fired, solar and wind generation and distribution services. Clearway Energy serves commercial businesses, universities, hospitals, and government companies in the United States.

Guangzhou Development Group Inc operates an electric power generation plant in Guangzhou, China.  The Company also sells coal, invests in the fiber-optic cable network installation business, and constructs roads and bridges.

An Hui Wenergy Co., Ltd. generates electric power.  Through its subsidiaries, the company also manufactures networking terminal products.

Beijing Jingneng Power Co., Ltd. generates electrical and thermal power.  The Company also maintains and repairs electricity generation equipment.

Drax Group PLC generates and supplies electricity.  The Company owns a coal and biomass-fired power plant in the United Kingdom.

The Renewables Infrastructure Group Limited is an investment company. The Company invests in a range of assets that generate electricity from renewable sources, with a particular focus on onshore wind farms and solar PV parks.

Global Power Synergy Company Ltd. (GPSC) provides utilities services. The Company generates and distributes electricity, steam, and processed water. GPSC serves customers in Thailand.

Global Power Synergy Company Ltd (GPSC TB)

Enel Generacion Chile SA operates as an electricity generation company. The Company generates and distributes electric energy.

Encavis AG provides electricity generation from power plants. The Company produces power from renewable energy sources which includes solar energy plants and wind farms, as well as specializes in the technical operation of solar parks, routine maintenance, monitoring, incident management, and performance analysis. Encavis serves renewable energy sector in Europe.

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Encavis AG (ECV GR)

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Mar 24: Two Intra-Review and 5 Regular Changes Likely

SE600 members CHR Hansen and LXI REIT could get deleted in the first quarter of 2024. Apart from that, I see five more possible index changes...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Dec 23: Novartis-Sandoz, Dechra, CHR, and Others

I currently see six regular ADDs/DELs for the SE600 index in December 2023. Apart from that the Dechra and CHR deals could trigger two more intra...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Dec 23: 7 Changes Possible Including Two Intra-Review Changes

If the Dechra Pharma and Chr Hansen deals close prior to the Dec 23 review, there will be intra-review replacements. Synthomer and Adevinta are...

Janaghan Jeyakumar, CFA

STOXX Europe 600 Sep 2022 Rebal: ADDs Could Outperform DELs for the Next Few Weeks

The impacts and flow sizes are not very significant but the conventional LONG ADDs-SHORT DELs trade has historically delivered positive returns in...

Janaghan Jeyakumar, CFA

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