Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul><li>Indices were rebalanced in the closing auction last week Thursday.</li><li>Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing auction (50%).</li><li>Turnover at the November rebalance was R40.6bn. </li></ul>

Indices were rebalanced in the closing auction last week Thursday.Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing auction (50%).Turnover at the November rebalance was R40.6bn. 

Feb Rebalance - JSE Auction Analytics (SA Upweighted in ACWI and EM)

<ul><li>Indices will be rebalanced at the end of the month on Thursday the 29th of February.</li><li>The three largest additions to the World Index measured by full company market capitalization will be Samsara A (USA), Corebridge Financial (USA) and Applovin Corp A (USA)</li><li>The three largest additions to the Emerging Markets Index measured by full company market capitalization will be Midea Group Co A (HK-C) (China), Punjab National Bank (India) and Union Bank Of India (India)</li></ul>

Indices will be rebalanced at the end of the month on Thursday the 29th of February.The three largest additions to the World Index measured by full company market capitalization will be Samsara A (USA), Corebridge Financial (USA) and Applovin Corp A (USA)The three largest additions to the Emerging Markets Index measured by full company market capitalization will be Midea Group Co A (HK-C) (China), Punjab National Bank (India) and Union Bank Of India (India)

FEB 2024 REBALANCE Index Changes Announced, SA Constituents to Remain the Same

<ul><li>JSE indices get rebalanced in the closing auction on Thursday.</li><li>No constituent changes will be made to the ALSI, Top 40, Top 40 SWIX, FINI, FINDI or INDI. HAR will enter the RESI and AMS will fall out.</li><li>Largest buys: BTI, MNP, BHG, APN.</li></ul>

JSE indices get rebalanced in the closing auction on Thursday.No constituent changes will be made to the ALSI, Top 40, Top 40 SWIX, FINI, FINDI or INDI. HAR will enter the RESI and AMS will fall out.Largest buys: BTI, MNP, BHG, APN.

The Week Ahead: US Inflation, Fed, Quarterly Rebalancing

<ul><li>Naspers and Prosus reported H1 FY24 results last week Wednesday before the open.</li><li>No major surprises, all three discounts closed slightly lower. We see room for further narrowing as the consolidated ecommerce businesses approach profitability ahead of the initial target.</li><li>Prosus is still trading below the value of its Tencent stake.</li></ul>

Naspers and Prosus reported H1 FY24 results last week Wednesday before the open.No major surprises, all three discounts closed slightly lower. We see room for further narrowing as the consolidated ecommerce businesses approach profitability ahead of the initial target.Prosus is still trading below the value of its Tencent stake.

NPN X PRX Discount Update + Key Takeaways H1 FY24 Results

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI Brazil Capped ETF / Technical Analysis

<ul>
<li>In our October 26, 2023 Int'l Compass we discussed our expectations for a bounce in global equities (MSCI ACWI). So far, that has been the low.</li>
<li>Then, in our November 2, 2023 report, we discussed the bullish implications of the false breakdown in MSCI ACWI (local currency), before discussing expectations for a year-end rally on Nov.16</li>
<li>We see a massive opportunity in global gold/silver miners with gold nearing multi-year breakout. Also buy opportunities: Utilities in Europe, UK, and India; Materials, Industrials, Transportation, Real Estate, and Technology</li>
</ul>


In our October 26, 2023 Int'l Compass we discussed our expectations for a bounce in global equities (MSCI ACWI). So far, that has been the low.
Then, in our November 2, 2023 report, we discussed the bullish implications of the false breakdown in MSCI ACWI (local currency), before discussing expectations for a year-end rally on Nov.16
We see a massive opportunity in global gold/silver miners with gold nearing multi-year breakout. Also buy opportunities: Utilities in Europe, UK, and India; Materials, Industrials, Transportation, Real Estate, and Technology


Bullish Outlook Intact; Upgrading Brazil to Overweight; Buying Global Gold/Silver Miners + More Buys

South Africa

Harmony Gold Mining Company Limited is a gold-mining and exploration company which produces gold from its operations in South Africa and Papua New Guinea.

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Harmony Gold Mining (HAR SJ)

Feb Rebalance - JSE Auction Analytics (SA Upweighted in ACWI and EM)

Indices were rebalanced in the closing auction last week Thursday. Turnover on the JSE for the day was R25.6bn, R12.9bn traded in the closing...

DMA

FEB 2024 REBALANCE Index Changes Announced, SA Constituents to Remain the Same

Indices will be rebalanced at the end of the month on Thursday the 29th of February. The three largest additions to the World Index measured by...

DMA

The Week Ahead: US Inflation, Fed, Quarterly Rebalancing

JSE Dec rebalance - passive buys and sells in Thursday’s closing auction. JSE indices get rebalanced in the closing auction on Thursday.

DMA

NPN X PRX Discount Update + Key Takeaways H1 FY24 Results

Naspers and Prosus reported H1 FY24 results last week Wednesday before the open. No major surprises, all three discounts closed slightly lower.

DMA

Bullish Outlook Intact; Upgrading Brazil to Overweight; Buying Global Gold/Silver Miners + More Buys

Our bullish outlook on global equities $ACWI remains intact. We are also upgrading Brazil $EWZ to overweight. We continue to expect a rally into...

Vermilion Research

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