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>The changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.</li>
<li>The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.</li>
<li>Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the <a href="https://www.smartkarma.com/entities/consumer-staples-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27536:1" rel="noopener">XLP</a> and <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">XLK</a>.</li>
</ul>


The changes to the S&amp;P 500 INDEX (SPX INDEX), S&amp;P400 Index and S&amp;P600 Index will be announced after market close on Friday.
The conclusions of the market consultation to change the index weighting methodology for the Select Sector Indices to reduce concentration and avoid reverse turnover should also be announced.
Changes in the index weighting methodology will result in a round-trip trade of US$35bn across the Select Sector indices. The largest turnover is in the XLP and XLK.


Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul>
<li>Micron said we bottomed, wrung their hands a ton about gross margins and comparability, and said oh, inventory accounting has helped us out</li>
<li>Oracle had a huge announcement that majorly snubbed Intel.</li>
<li>There’s another rumored AI winner. Amkor was rumored (heavy emphasis, Digitimes can be untrustworthy) to be helping Nvidia with packaging.</li>
</ul>


Micron said we bottomed, wrung their hands a ton about gross margins and comparability, and said oh, inventory accounting has helped us out
Oracle had a huge announcement that majorly snubbed Intel.
There’s another rumored AI winner. Amkor was rumored (heavy emphasis, Digitimes can be untrustworthy) to be helping Nvidia with packaging.


Micron, Oracle Database Spending, GPU Restrictions, MLPerf, Amkor, and V Icor

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On 3 June 2022, the S&amp;P DJI Global Index team announced changes to the S&amp;P500, S&amp;P Midcap 400, and S&amp;P SmallCap 600 indices (and a number of other smaller indices).</li>
<li>
<a href="https://www.smartkarma.com/entities/vici-properties-inc" target="_blank" data-smartkarma-citation="entities:28786:1" rel="noopener"></a>VICI Properties (VICI) will replace Cerner (CERN) in S&amp;P500 at close of 7 June. Keurig DrPepper and ON Semiconductor will replace UnderArmour and IPG Photonics at close 17 June.</li>
<li>This set of rebalances is particularly interesting in terms of non-offsetting flows, unlike many rebals which are just a game of musical shares between the three top indices.</li>
</ul>


On 3 June 2022, the S&amp;P DJI Global Index team announced changes to the S&amp;P500, S&amp;P Midcap 400, and S&amp;P SmallCap 600 indices (and a number of other smaller indices).

VICI Properties (VICI) will replace Cerner (CERN) in S&amp;P500 at close of 7 June. Keurig DrPepper and ON Semiconductor will replace UnderArmour and IPG Photonics at close 17 June.
This set of rebalances is particularly interesting in terms of non-offsetting flows, unlike many rebals which are just a game of musical shares between the three top indices.


S&P500, S&PMid400, and S&PSmall600 Index Changes for June 2022 - More Interesting Than Usual

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

<ul>
<li>SailPoint, a pioneer and leader in identity industry with the best identity governance product, filed to go public in January.</li>
<li>Thoma Bravo-backed technology company has a best-in-class product within a large market opportunity. They secure large enterprises and grow at scale.  </li>
<li>SailPoint has completed its first IPO in 2017 and raised =$160M. Then, the company was reacquired by Thoma Bravo and now they reportedly plan to go public.</li>
</ul>


SailPoint, a pioneer and leader in identity industry with the best identity governance product, filed to go public in January.
Thoma Bravo-backed technology company has a best-in-class product within a large market opportunity. They secure large enterprises and grow at scale.  
SailPoint has completed its first IPO in 2017 and raised =$160M. Then, the company was reacquired by Thoma Bravo and now they reportedly plan to go public.


SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>President Donald Trump announced the Stargate Project, a new company which intends to invest $500 billion over four years building new AI infrastructure for OpenAI in the United States.</li>
<li>Elon Musk is miffed, Microsoft says they "approved" the project and have a new Right of First Refusal agreement in place with OpenAI. </li>
<li>Stargate is exclusively for OpenAI and the press release states that its mission is to provide a strategic capability to protect the national security of America and its allies.</li>
</ul>


President Donald Trump announced the Stargate Project, a new company which intends to invest $500 billion over four years building new AI infrastructure for OpenAI in the United States.
Elon Musk is miffed, Microsoft says they "approved" the project and have a new Right of First Refusal agreement in place with OpenAI. 
Stargate is exclusively for OpenAI and the press release states that its mission is to provide a strategic capability to protect the national security of America and its allies.


Stargate. It's Not All About You Microsoft. Or You Either Elon

United States

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

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Oracle Corp (ORCL US)

Select Sector Indices - Updated Flows as Round-Trip Trade Hits US$35bn

US$300bn tracks the Select Sector Indices. Implementation of proposed changes will set off a US$35bn trade. Apple could be bought by multiple...

Brian Freitas

Micron, Oracle Database Spending, GPU Restrictions, MLPerf, Amkor, and V Icor

Micron's earnings are boring. And a Vicor signal boost. Micron said we bottomed, wrung their hands a ton about gross margins and comparability...

Fabricated Knowledge

S&P500, S&PMid400, and S&PSmall600 Index Changes for June 2022 - More Interesting Than Usual

The June 2022 S&P500, S&P Midcap 400 and S&P SmallCap 600 Rebalance was announced on 3 June 2022. VICI will replace CERN at the close of 7 June,...

Travis Lundy

SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

SailPoint, a pioneer of enterprise identity governance market, plans to raise fresh capital to repay debt obligations. In my insight, I discuss key...

Andrei Zakharov

Stargate. It's Not All About You Microsoft. Or You Either Elon

Stargate is effectively positioning Open AI as a strategic capability to protect the national security of America and its allies.Yikes, how did...

William Keating

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