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>MSC indices are due for rebalancing in the closing auction on Friday the 30th of August. Constituent changes will be announced after the close next week Monday.</li>
<li>In this note we flag <a href="https://www.smartkarma.com/entities/mr-price-group-ltd" target="_blank" data-smartkarma-citation="entities:27680:1" rel="noopener">Mr Price Group Ltd (MRP SJ)</a> &amp; <a href="https://www.smartkarma.com/entities/african-rainbow-minerals-ltd" target="_blank" data-smartkarma-citation="entities:25078:1" rel="noopener">African Rainbow Minerals (ARI SJ)</a> as possible additions to the MSC SA index.</li>
<li>Since our last discount update on the 22nd of July, Prosus has underperformed Naspers. The discount has widened by 1.7 percentage points to 39.6%.</li>
</ul>


MSC indices are due for rebalancing in the closing auction on Friday the 30th of August. Constituent changes will be announced after the close next week Monday.
In this note we flag Mr Price Group Ltd (MRP SJ) &amp; African Rainbow Minerals (ARI SJ) as possible additions to the MSC SA index.
Since our last discount update on the 22nd of July, Prosus has underperformed Naspers. The discount has widened by 1.7 percentage points to 39.6%.


MSC Aug 24 Rebalance: South Africa Post-Election Tailwind? MRP, ARI Potential Adds

Northam Platinum Holdings  / Event-Driven

<ul>
<li>The annual WisdomTree rebalance takes place next week Wednesday in the closing auction. Turnover on the JSE at the rebalance last year (20 Oct) was R30.6bn, 1.5 times the 5-day average.</li>
<li>
<p>There are several SA stocks being added to and deleted from the range of WisdomTree EM funds.</p>
</li>
<li>
<p>Our buy flow estimate for SA additions is R1.3bn, our sell flow estimate for SA deletions is R1.8bn. This excludes up and down weightings.</p>
</li>
</ul>


The annual WisdomTree rebalance takes place next week Wednesday in the closing auction. Turnover on the JSE at the rebalance last year (20 Oct) was R30.6bn, 1.5 times the 5-day average.

There are several SA stocks being added to and deleted from the range of WisdomTree EM funds.


Our buy flow estimate for SA additions is R1.3bn, our sell flow estimate for SA deletions is R1.8bn. This excludes up and down weightings.



WisdomTree Oct 2023 Rebalance (Wed, 18 Oct)

<ul>
<li>In this note we assess the JSE Top 40 index effect of an Anglo American restructuring or takeover by BHP, assuming the Amplats and Kumba stakes are spun out.</li>
<li>We also explore the details of BHP's initial offer and what the market could be pricing with respect to a potential revision of BHP's stock offer (minimum).</li>
<li>If Kumba is unbundled from Anglo American, we expect the stock to enter the JSE Top 40. Potential deletes are included in the note.</li>
</ul>


In this note we assess the JSE Top 40 index effect of an Anglo American restructuring or takeover by BHP, assuming the Amplats and Kumba stakes are spun out.
We also explore the details of BHP's initial offer and what the market could be pricing with respect to a potential revision of BHP's stock offer (minimum).
If Kumba is unbundled from Anglo American, we expect the stock to enter the JSE Top 40. Potential deletes are included in the note.


Anglo American (AGL, AAL): JSE Index Effects of Potential Takeover or Restructuring

<ul><li>Last night the price snapshot was taken for the March 2024 rebalance.</li><li>We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI, FINDI or INDI.</li><li>EXX is expected to enter the RESI with NPH falling out. </li></ul>

Last night the price snapshot was taken for the March 2024 rebalance.We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI, FINDI or INDI.EXX is expected to enter the RESI with NPH falling out. 

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

<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

South Africa

Mr. Price Group Limited operates chains of retailers throughout South Africa. The Group retails clothing, accessories, homewares and jewelery.

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Mr Price Group Ltd (MRP SJ)

MSC Aug 24 Rebalance: South Africa Post-Election Tailwind? MRP, ARI Potential Adds

In this note we flag MRP & ARI as possible additions to the MSC SA index, given the relative outperformance of the local market and at an...

DMA

WisdomTree Oct 2023 Rebalance (Wed, 18 Oct)

The annual WisdomTree rebalance takes place next week Wednesday in the closing auction. Turnover on the JSE at the rebalance last year (20 Oct) was...

DMA

Anglo American (AGL, AAL): JSE Index Effects of Potential Takeover or Restructuring

We explore the recent takeover bid by BHP and potential JSE index effects of a takeover or restructuring that would see Amplats and Kumba unbundled.

DMA

JSE Mar '24 Rebalance: No T40 or T40 SWIX Changes Expected

Last night the price snapshot was taken for the March 2024 rebalance. We do not expect there to be any changes to the Top 40, Top 40 SWIX, FINI,...

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

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