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 2 adds and 3 deletes 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 September. Plus there are capping and float changes.</li>
<li>Estimated one-way turnover is 11.4% resulting in a round-trip trade of US$1.14bn. There are 16 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/b2gold-corp-fee72de9-9219-4f08-9e4a-eff9db71e070" target="_blank" data-smartkarma-citation="entities:33420:1" rel="noopener">B2Gold Corp</a>, <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining</a> and <a href="https://www.smartkarma.com/entities/pan-american-silver-corp" target="_blank" data-smartkarma-citation="entities:25399:1" rel="noopener">Pan American Silver</a> while the largest outflows are from <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</a> and <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</a>.</li>
</ul>


There are 2 adds and 3 deletes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in September. Plus there are capping and float changes.
Estimated one-way turnover is 11.4% resulting in a round-trip trade of US$1.14bn. There are 16 stocks with over 1x ADV to trade from passive trackers.
The largest inflows are expected in B2Gold Corp, Evolution Mining and Pan American Silver while the largest outflows are from Kinross Gold and Cia de Minas Buenaventura SAA.


MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$1bn

<ul>
<li>
<a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> is the sole (and somewhat surprising) inclusion for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-australian-equal-weight-etf" target="_blank" data-smartkarma-citation="entities:24297:1" rel="noopener">VanEck Vectors Australian Equal Weight ETF (MVW AU)</a> in December.</li>
<li>The one inclusion, float changes and capping changes result in a one-way turnover of 5.5% leading to a round-trip trade of A$290m.</li>
<li>Shorts have increased in <a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> this year but there has been some covering in the stock recently.</li>
</ul>



Telix Pharmaceuticals (TLX AU) is the sole (and somewhat surprising) inclusion for the VanEck Vectors Australian Equal Weight ETF (MVW AU) in December.
The one inclusion, float changes and capping changes result in a one-way turnover of 5.5% leading to a round-trip trade of A$290m.
Shorts have increased in Telix Pharmaceuticals (TLX AU) this year but there has been some covering in the stock recently.


MV Australia Equal Weight Index Rebalance: One Add & Capping Leads to A$290m Trade

<ul>
<li>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 December. But there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 2.6% resulting in a round-trip trade of US$269m. There are 8 stocks with over 1x ADV to trade from passive trackers.</li>
<li>Stocks with the largest flows are <a href="https://www.smartkarma.com/entities/evolution-mining-ltd" target="_blank" data-smartkarma-citation="entities:18363:1" rel="noopener">Evolution Mining</a>, <a href="https://www.smartkarma.com/entities/pan-american-silver-corp-ce7d7ca6-59e0-44f1-958f-e5b679750b06" target="_blank" data-smartkarma-citation="entities:25937:1" rel="noopener">Pan American Silver</a>, <a href="https://www.smartkarma.com/entities/westgold-resources-ltd" target="_blank" data-smartkarma-citation="entities:24269:1" rel="noopener">Westgold Resources</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</a>, <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</a>, <a href="https://www.smartkarma.com/entities/harmony-gold-mining-co-ltd-d293fe94-bbca-4158-9fbf-32bc457dfbcd" target="_blank" data-smartkarma-citation="entities:28569:1" rel="noopener">Harmony Gold Mining</a>, <a href="https://www.smartkarma.com/entities/eldorado-gold-corp-e1b47e21-d9a5-4258-bd94-49cbea7538ec" target="_blank" data-smartkarma-citation="entities:38673:1" rel="noopener">Eldorado Gold</a>, <a href="https://www.smartkarma.com/entities/k92-mining-inc" target="_blank" data-smartkarma-citation="entities:43238:1" rel="noopener">K92 Mining</a>, <a href="https://www.smartkarma.com/entities/iamgold-corp-5935fec7-fa4d-4edb-bfdb-971f391ebb16" target="_blank" data-smartkarma-citation="entities:38714:1" rel="noopener">IAMGOLD</a>, <a href="https://www.smartkarma.com/entities/endeavour-silver-corp" target="_blank" data-smartkarma-citation="entities:38789:1" rel="noopener">Endeavour Silver</a> and <a href="https://www.smartkarma.com/entities/emerald-resources-nl" target="_blank" data-smartkarma-citation="entities:17495:1" rel="noopener">Emerald Resources</a>.</li>
</ul>


No constituent changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in December. But there are a lot of float and capping changes.
Estimated one-way turnover is 2.6% resulting in a round-trip trade of US$269m. There are 8 stocks with over 1x ADV to trade from passive trackers.
Stocks with the largest flows are Evolution Mining, Pan American Silver, Westgold Resources, B2Gold, Alamos Gold, Harmony Gold Mining, Eldorado Gold, K92 Mining, IAMGOLD, Endeavour Silver and Emerald Resources.


MV Global Junior Gold Miners Index Rebalance: Big Flow in Some Stocks

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV J-Gold Miners index represents the performance of small-cap and mid-cap gold and silver mining companies listed around the world.</li>
<li>There will be no index changes for the December 2024 rebal event.</li>
<li>We expect a one-way flow of US$168mm for December 2024, which translates to a turnover of 3.4%.</li>
</ul>


The MV J-Gold Miners index represents the performance of small-cap and mid-cap gold and silver mining companies listed around the world.
There will be no index changes for the December 2024 rebal event.
We expect a one-way flow of US$168mm for December 2024, which translates to a turnover of 3.4%.


[Quiddity Index] MVIS Junior Gold Miners Index Dec24 Rebalance Results: Flow Expectations

<ul>
<li>The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be no index changes for the December 2024 rebal event.</li>
<li>We expect a one-way flow of US$1.3bn for December 2024, which translates to a turnover of 5.4%.</li>
</ul>


The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the December 2024 rebal event.
We expect a one-way flow of US$1.3bn for December 2024, which translates to a turnover of 5.4%.


[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

Australia

Evolution Mining Ltd is a gold exploration company with operations in Western Australia. The Company owns the gold mines -Cracow, Edna May, Mt Rawdon, and Pajingo - and the Mt Carlton development project.

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Evolution Mining (EVN AU)

MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$1bn

2 adds and 3 deletes result in a 1-way turnover of 11.4% and a round-trip trade of US$1.14bn for the GDXJ. Kinross Gold is the big sell while...

Brian Freitas

MV Australia Equal Weight Index Rebalance: One Add & Capping Leads to A$290m Trade

Telix Pharma is a surprise inclusion in December. The add, float and capping changes lead to an estimated one-way turnover of 5.5% and to a round...

Brian Freitas

MV Global Junior Gold Miners Index Rebalance: Big Flow in Some Stocks

No constituent changes but float and capping changes result in an estimated one-way turnover of 2.6% and in a round-trip trade of US$269m. There...

Brian Freitas

[Quiddity Index] MVIS Junior Gold Miners Index Dec24 Rebalance Results: Flow Expectations

The MVIS Junior Gold Miners Index rebalance was announced. The index rebal itself is on 20 Dec. There are no index changes but there are capping/re...

Travis Lundy

[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

The MarketVectors US Semiconductor Index rebal was announced last Friday. There are no changes but capping leads to US$1.3bn of one-way flow on 20...

Travis Lundy

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