Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

<ul>
<li>TPL benefited from an increase in production rates in the Permian Basin to report better than expected fourth quarter results</li>
<li>Production has been volatile in recent quarters depending on multiple factors. The steady state of oil above $70 a barrel and improved supply chains has resulted in production rising. </li>
<li>The boost in earnings has led to TPL building a cash cushion of $725.2 million and creating anxiety for many investors as to what TPL’s management would do next</li>
</ul>


TPL benefited from an increase in production rates in the Permian Basin to report better than expected fourth quarter results
Production has been volatile in recent quarters depending on multiple factors. The steady state of oil above $70 a barrel and improved supply chains has resulted in production rising. 
The boost in earnings has led to TPL building a cash cushion of $725.2 million and creating anxiety for many investors as to what TPL’s management would do next


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.</li>
<li>We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in late-2024/early-2025.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.
We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in late-2024/early-2025.


Quiddity Leaderboard S&P 500 Dec 24: APP, APO, and TPL May Be ADDs, Watch SP600 DELs

<ul>
<li>TPL has gone through a series of changes within its Board of Directors but that has not been enough to squash investor concerns</li>
<li>The Delaware Court deciding in favor of TPL in a shareholder lawsuit would allow the Board to increase the number of authorized shares of common stock</li>
<li>TPL’s Board now has ten members instead of nine last year. The Board has also seen three members turnover giving the Board a total of four fresh members</li>
</ul>


TPL has gone through a series of changes within its Board of Directors but that has not been enough to squash investor concerns
The Delaware Court deciding in favor of TPL in a shareholder lawsuit would allow the Board to increase the number of authorized shares of common stock
TPL’s Board now has ten members instead of nine last year. The Board has also seen three members turnover giving the Board a total of four fresh members


<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.</li>
<li>We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.
We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.


Quiddity Leaderboard S&P 500 Dec 24 Rebal: APO, CRH, WDAY, TPL

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Erie Indemnity Company Cl A / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is the main addition by transition candidate with a <em>reduced</em> probability due to no longer passing the S&amp;P 500 transition threshold.</li>
<li>
<a href="https://www.smartkarma.com/entities/erie-indemnity-co" target="_blank" data-smartkarma-citation="entities:4804:1" rel="noopener">Erie Indemnity (ERIE US)</a> and <a href="https://www.smartkarma.com/entities/lennox-international-inc" target="_blank" data-smartkarma-citation="entities:16420:1" rel="noopener">Lennox International (LII US)</a> are the main addition by migration candidates with an <em>increased</em> probability due to weak transition candidates.</li>
<li>Addition by migration candidates have more inconsistent selection patterns. Other addition candidates include <a href="https://www.smartkarma.com/entities/texas-pacific-land-corp" target="_blank" data-smartkarma-citation="entities:28693:1" rel="noopener">Texas Pacific Land (TPL US)</a>, <a href="https://www.smartkarma.com/entities/carlisle-cos-inc" target="_blank" data-smartkarma-citation="entities:7929:1" rel="noopener">Carlisle Cos (CSL US)</a> and <a href="https://www.smartkarma.com/entities/dick-s-sporting-goods-inc" target="_blank" data-smartkarma-citation="entities:1675:1" rel="noopener">Dick's Sporting Goods (DKS US)</a> .</li>
</ul>



Dell Technologies (DELL US) is the main addition by transition candidate with a reduced probability due to no longer passing the S&amp;P 500 transition threshold.

Erie Indemnity (ERIE US) and Lennox International (LII US) are the main addition by migration candidates with an increased probability due to weak transition candidates.
Addition by migration candidates have more inconsistent selection patterns. Other addition candidates include Texas Pacific Land (TPL US), Carlisle Cos (CSL US) and Dick's Sporting Goods (DKS US) .


S&P 500 September 2024 Forecasts: Dull for DELL. Brighter for ERIE, LII and TPL

United States

Texas Pacific Land Corporation owns tracts of land in Texas, previously the property of the Texas and Pacific Railway Co. The Trust issues transferable certificates of proprietary interest pro rata to the holders of certain debt securities of the Texas and Pacific Railway Co. Texas's income is derived from land sales, oil and gas royalties, grazing leases, and interest.

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Texas Pacific Land (TPL US)

TPL: Cashing in on Production

The growing cash balance has raised anxiety levels as to what type of inorganic approach management could take towards expanding TPL's business....

BWS Financial Inc

Quiddity Leaderboard S&P 500 Dec 24: APP, APO, and TPL May Be ADDs, Watch SP600 DELs

The S&P500/400/600 Dec24 review will be announced in just over 10 days. There is an intra-review change in SP600 first, and perhaps a few more in...

Travis Lundy

TPL: The Land of Speculative Worry

A court ruling has created a speculative overhang on the shares of TPL that TPL would now be able to undertake a dilutive transaction. The current...

BWS Financial Inc

Quiddity Leaderboard S&P 500 Dec 24 Rebal: APO, CRH, WDAY, TPL

The S&P500 rebalance in December is shaping up to be a trade worth $8-13bn a side but there is a possible intra-review change to come as well....

Travis Lundy

S&P 500 September 2024 Forecasts: Dull for DELL. Brighter for ERIE, LII and TPL

ERIE, DELL and PLTR were the announced additions and the top migration and transition candidates. To improve convictions, transitions and...

Dimitris Ioannidis

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