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>
<a href="https://www.smartkarma.com/entities/sayona-mining-ltd" target="_blank" data-smartkarma-citation="entities:1589:1" rel="noopener">Sayona Mining (SYA AU)</a> will be deleted from the <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> at the close of trading on 20 September.</li>
<li>Constituent changes, float changes and capping changes result in an estimated one-way turnover of 5.7% and in a round-trip trade of US$35m.</li>
<li>The largest inflows will be in <a href="https://www.smartkarma.com/entities/eramet" target="_blank" data-smartkarma-citation="entities:21452:1" rel="noopener">Eramet</a>, <a href="https://www.smartkarma.com/entities/tronox-holdings-plc" target="_blank" data-smartkarma-citation="entities:6778:1" rel="noopener">Tronox</a> and <a href="https://www.smartkarma.com/entities/lithium-americas-argentina-cor" target="_blank" data-smartkarma-citation="entities:40445:1" rel="noopener">Lithium Americas Argentina</a> while the largest outflows will be from <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp</a>, <a href="https://www.smartkarma.com/entities/sayona-mining-ltd" target="_blank" data-smartkarma-citation="entities:1589:1" rel="noopener">Sayona Mining</a> and <a href="https://www.smartkarma.com/entities/mp-materials-corp" target="_blank" data-smartkarma-citation="entities:33108:1" rel="noopener">MP Materials (MP US)</a>.</li>
</ul>



Sayona Mining (SYA AU) will be deleted from the VanEck Rare Earth/Strategic Me (REMX US) at the close of trading on 20 September.
Constituent changes, float changes and capping changes result in an estimated one-way turnover of 5.7% and in a round-trip trade of US$35m.
The largest inflows will be in Eramet, Tronox and Lithium Americas Argentina while the largest outflows will be from Lynas Corp, Sayona Mining and MP Materials (MP US).


MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: One Deletion & Other Changes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium Ltd (CXO AU)</a> and <a href="https://www.smartkarma.com/entities/piedmont-lithium-inc" target="_blank" data-smartkarma-citation="entities:37086:1" rel="noopener">Piedmont Lithium (PLL US)</a> will be deleted from the <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> at the close on 21 June.</li>
<li>Constituent changes, float changes and capping changes result in an estimated one-way turnover of 6.4% and in a one-way trade of US$28m.</li>
<li>The largest inflows will be in <a href="https://www.smartkarma.com/entities/sociedad-quimica-y-minera-de-chile-sa" target="_blank" data-smartkarma-citation="entities:27977:1" rel="noopener">Sociedad Quimica y Minera de Chile (SQM US)</a>, <a href="https://www.smartkarma.com/entities/pilbara-minerals-ltd" target="_blank" data-smartkarma-citation="entities:7460:1" rel="noopener">Pilbara Minerals (PLS AU)</a>, <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc-2f9bfa3a-65a7-41f9-a157-e59603846420" target="_blank" data-smartkarma-citation="entities:40439:1" rel="noopener">Arcadium Lithium (ALTM US)</a>, <a href="https://www.smartkarma.com/entities/lithium-americas-corp" target="_blank" data-smartkarma-citation="entities:23860:1" rel="noopener">Lithium Americas (LAC US)</a> and <a href="https://www.smartkarma.com/entities/sigma-lithium-corporation" target="_blank" data-smartkarma-citation="entities:36776:1" rel="noopener">Sigma Lithium (SGML)</a>.</li>
</ul>



Core Lithium Ltd (CXO AU) and Piedmont Lithium (PLL US) will be deleted from the VanEck Rare Earth/Strategic Me (REMX US) at the close on 21 June.
Constituent changes, float changes and capping changes result in an estimated one-way turnover of 6.4% and in a one-way trade of US$28m.
The largest inflows will be in Sociedad Quimica y Minera de Chile (SQM US), Pilbara Minerals (PLS AU), Arcadium Lithium (ALTM US), Lithium Americas (LAC US) and Sigma Lithium (SGML).


MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: Two Deletions & Other Changes

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

<ul>
<li>Our bullish outlook (since early-November 2023) remains intact. Few things are more bullish than indexes (SPX, NDX) breaking out to all-time highs following a major correction we had in 2022</li>
<li>Last week (5/21/24) we discussed how it is a very bullish sign that there have been three upside gaps in May on the S&amp;P 500, with all gaps left unfilled.</li>
<li>Important short-term gap supports we are watching on SPX include 5250-5263, 5127-5142, and 5073-5101; so far 5250-5263 support has held. Also downgrading Industrials (XLI) to market weight</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. Few things are more bullish than indexes (SPX, NDX) breaking out to all-time highs following a major correction we had in 2022
Last week (5/21/24) we discussed how it is a very bullish sign that there have been three upside gaps in May on the S&amp;P 500, with all gaps left unfilled.
Important short-term gap supports we are watching on SPX include 5250-5263, 5127-5142, and 5073-5101; so far 5250-5263 support has held. Also downgrading Industrials (XLI) to market weight


Downgrading Manufacturing (XLI) To Market Weight; Shift to Overweight Growth; 5250-5263 SPX Holding

<ul>
<li>As expected, there are no adds or deletes for the MVIS Global Rare Earth/Strategic Metals Index at the December rebalance.</li>
<li>There are free float and capping changes that will be implemented at the close on 16 December.</li>
<li>One way turnover is estimated at 4.26% and will result in a one-way trade of US$31.5m.</li>
</ul>


As expected, there are no adds or deletes for the MVIS Global Rare Earth/Strategic Metals Index at the December rebalance.
There are free float and capping changes that will be implemented at the close on 16 December.
One way turnover is estimated at 4.26% and will result in a one-way trade of US$31.5m.


MVIS Global Rare Earth/​​Strategic Metals Index Rebalance: Float & Capping Changes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium Ltd (CXO AU)</a>, <a href="https://www.smartkarma.com/entities/lake-resources-nl" target="_blank" data-smartkarma-citation="entities:14597:1" rel="noopener">Lake Resources Nl (LKE AU)</a> and Piedmont Lithium ADR have been added to the MVIS Global Rare Earth/Strategic Metals Index. <a href="https://www.smartkarma.com/entities/avz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:6148:1" rel="noopener">AVZ Minerals</a> has been deleted. </li>
<li>
<a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium Ltd (CXO AU)</a> and <a href="https://www.smartkarma.com/entities/lake-resources-nl" target="_blank" data-smartkarma-citation="entities:14597:1" rel="noopener">Lake Resources Nl (LKE AU)</a> are <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200</a> additions that will be also implemented at the close of trading on 17 June.</li>
<li>With only 4 trading days to implementation (Monday is a holiday), the stocks with significant days of ADV to trade could out(under)perform their peers and the market.</li>
</ul>



Core Lithium Ltd (CXO AU), Lake Resources Nl (LKE AU) and Piedmont Lithium ADR have been added to the MVIS Global Rare Earth/Strategic Metals Index. AVZ Minerals has been deleted. 

Core Lithium Ltd (CXO AU) and Lake Resources Nl (LKE AU) are S&amp;P/ASX 200 additions that will be also implemented at the close of trading on 17 June.
With only 4 trading days to implementation (Monday is a holiday), the stocks with significant days of ADV to trade could out(under)perform their peers and the market.


MVIS Global Rare Earth/Strategic Metals Index Rebalance: CXO & LKE Added; AVZ Out

United States

Tronox Holdings PLC operates as a holding company. The Company, through its subsidiaries, produces chemical products such as mineral sands, paints, and plastics. Tronox Holdings markets its products in the United Kingdom.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tronox Holdings (TROX US)

MV Global Rare Earth/Strategic Metals Index Rebalance: One Deletion & Other Changes

Sayona Mining will be deleted from the MV Global Rare Earth/Strategic Metals Index at the close on 20 Sep. Estimated one-way turnover is 5.7%...

Brian Freitas

MV Global Rare Earth/Strategic Metals Index Rebalance: Two Deletions & Other Changes

Core Lithium and Piedmont Lithium will be deleted from the index in June. Estimated 1-way turnover is 6.4% resulting in a 1-way trade of US$28m....

Brian Freitas

Downgrading Manufacturing (XLI) To Market Weight; Shift to Overweight Growth; 5250-5263 SPX Holding

Downgrading Manufacturing $XLI to Market Weight; Shift to Overweight Growth $IWF; Three May $SPX Upside Gaps Unfilled = Bullish; Expect supports at...

Vermilion Research

MVIS Global Rare Earth/Strategic Metals Index Rebalance: Float & Capping Changes

No adds/deletes for REMX in December. Free float and capping changes will be implemented at the close on 16 December resulting in one-way turnover...

Brian Freitas

MVIS Global Rare Earth/Strategic Metals Index Rebalance: CXO & LKE Added; AVZ Out

CXO AU and LKE AU have been added to the REMX, while AVZ has been deleted. CXO and LKE are also adds to the ASX200 Index with both implementations...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: One Deletion & Other Changes

Sayona Mining will be deleted from the MV Global Rare Earth/​​​​​Strategic Metals Index at the close on 20 Sep. Estimated one-way turnover is 5.7%...

Brian Freitas

MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: Two Deletions & Other Changes

Core Lithium and Piedmont Lithium will be deleted from the index in June. Estimated 1-way turnover is 6.4% resulting in a 1-way trade of US$28m....

Brian Freitas

Downgrading Manufacturing (XLI) To Market Weight; Shift to Overweight Growth; 5250-5263 SPX Holding

Downgrading Manufacturing $XLI to Market Weight; Shift to Overweight Growth $IWF; Three May $SPX Upside Gaps Unfilled = Bullish; Expect supports at...

Vermilion Research

MVIS Global Rare Earth/​​Strategic Metals Index Rebalance: Float & Capping Changes

No adds/deletes for REMX in December. Free float and capping changes will be implemented at the close on 16 December resulting in one-way turnover...

Brian Freitas

MVIS Global Rare Earth/Strategic Metals Index Rebalance: CXO & LKE Added; AVZ Out

CXO AU and LKE AU have been added to the REMX, while AVZ has been deleted. CXO and LKE are also adds to the ASX200 Index with both implementations...

Brian Freitas

MV Global Rare Earth/Strategic Metals Index Rebalance: One Deletion & Other Changes

Sayona Mining will be deleted from the MV Global Rare Earth/Strategic Metals Index at the close on 20 Sep. Estimated one-way turnover is 5.7%...

MV Global Rare Earth/Strategic Metals Index Rebalance: Two Deletions & Other Changes

MVIS Global Rare Earth/Strategic Metals Index Rebalance: Float & Capping Changes