Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact.</li>
<li>This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index.</li>
<li>There will be no index changes for the December 2025 rebal event. However, we currently expect a one-way flow of US$186mm for December 2025 due to capping/re-capping.</li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact.
This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index.
There will be no index changes for the December 2025 rebal event. However, we currently expect a one-way flow of US$186mm for December 2025 due to capping/re-capping.


[Quiddity Index] MV Junior Gold Miners Index Dec25 Rebal: Capping Flow Expectations Limited

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Silver-Led earnings and INR translation sustain margins; spot pricing largely reflected in equity.</li>
<li>Integrated first-quartile cost base supports valuation without requiring leverage or volume expansion.</li>
<li>Upside requires sustained silver dislocation; maintain Hold on balanced risk-reward.</li>
</ul>


Silver-Led earnings and INR translation sustain margins; spot pricing largely reflected in equity.
Integrated first-quartile cost base supports valuation without requiring leverage or volume expansion.
Upside requires sustained silver dislocation; maintain Hold on balanced risk-reward.


Hindustan Zinc: Silver-Led Earnings Strength with Embedded Tail-Upside

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>What are major global bond markets telling us about the world?</li>
<li>We look at potential beneficiaries  of the next wave of inflation </li>
</ul>


A review of recent events/data impacting our investment themes and outlook
What are major global bond markets telling us about the world?
We look at potential beneficiaries  of the next wave of inflation 


Overview #27 – The Big Beautiful Tragi-Comedy Continues

<ul>
<li>The MV Jr-Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. </li>
<li>This index is reviewed semiannually in March and September. We expect there will be no index changes for the June 2025 index rebal event but there will be capping flows.</li>
<li>We expect one-way flows of US$122mm for the June 2025 rebal which translates to a turnover of 2%.</li>
</ul>


The MV Jr-Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. 
This index is reviewed semiannually in March and September. We expect there will be no index changes for the June 2025 index rebal event but there will be capping flows.
We expect one-way flows of US$122mm for the June 2025 rebal which translates to a turnover of 2%.


[Quiddity Index] MV Jr-Gold Miners Jun25 Leaderboard: Flow Expectations

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

<ul>
<li>There is 1 add for the MarketVector Global Gold Miners Index but the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF</a> will buy 8 stocks and sell 24 stocks due to a benchmark change.</li>
<li>Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.</li>
<li>The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.</li>
</ul>


There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.


Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

Canada

Pan American Silver Corporation is a primary silver producer.   The Company has seven operating mines in Mexico,  Peru, Argentina and Bolivia and several development projects in USA,  Mexico, Peru and Argentina.

Price Gauge
52-week Range	0.00 - 0.00
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Pan American Silver (PAAS CN)

[Quiddity Index] MV Junior Gold Miners Index Dec25 Rebal: Capping Flow Expectations Limited

The MV Junior Gold Miners Index gets a rebal but not a review in December so flows are limited to capping and recapping. So far not significant....

Travis Lundy

Hindustan Zinc: Silver-Led Earnings Strength with Embedded Tail-Upside

Silver-led earnings and INR translation are boosting margins, with integrated cost base supporting valuation without leverage or volume expansion.

Rahul Jain

Overview #27 – The Big Beautiful Tragi-Comedy Continues

More positive news for the Uranium Sector. Jefferies upgraded the Australian uranium miners yesterday with $PDN, $BOE and $DLY rallying 15-20% & up...

Rikki Malik

[Quiddity Index] MV Jr-Gold Miners Jun25 Leaderboard: Flow Expectations

The Market Vectors Junior Gold Miners Index is one of the more interesting indices in the space BUT in the June/Dec cycle, it is mostly capping...

Travis Lundy

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Quiddity Index] MV Junior Gold Miners Index Dec25 Rebal: Capping Flow Expectations Limited

The MV Junior Gold Miners Index gets a rebal but not a review in December so flows are limited to capping and recapping. So far not significant....

Travis Lundy

Hindustan Zinc: Silver-Led Earnings Strength with Embedded Tail-Upside

​Silver-led earnings and INR translation are boosting margins, with integrated cost base supporting valuation without leverage or volume expansion.

Rahul Jain

Overview #27 – The Big Beautiful Tragi-Comedy Continues

More positive news for the Uranium Sector. Jefferies upgraded the Australian uranium miners yesterday with $PDN, $BOE and $DLY rallying 15-20% & up...

Rikki Malik

[Quiddity Index] MV Jr-Gold Miners Jun25 Leaderboard: Flow Expectations

The Market Vectors Junior Gold Miners Index is one of the more interesting indices in the space BUT in the June/Dec cycle, it is mostly capping...

Travis Lundy

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

The GDX ETF will change benchmarks at the close on 19 Sep. Estimated one-way turnover is 26.8%; round-trip trade for the ETF is US$12.7bn. Adds...

Brian Freitas

Silver-led earnings and INR translation are boosting margins, with integrated cost base supporting valuation without leverage or volume expansion.