In today’s briefing:
- Quiddity ES50 Sep 23 Rebal: Ferrari/Vonovia Change Confirmed + Another US$2bn+ Flow Surprise!
- Quiddity A/H Premium Weekly (Sep 1): China Life, Wide Premia Industrials, Banks Starting To Move
- Why Is SHEIN Getting Into Bed with Forever 21? | Plus, More Legal and Political Challenges in US
- Since It Is Unclear Whether Director Nomination Process Is Working, Voting Becomes More Important
Quiddity ES50 Sep 23 Rebal: Ferrari/Vonovia Change Confirmed + Another US$2bn+ Flow Surprise!
- The September 2023 index changes for the ES50 index was confirmed after the close on Friday 1st September 2023.
- There will be two ADDs and two DELETEs. One set of changes was well anticipated by us. The other set comes as a major surprise to us.
- Collectively, the two ADDs could see ~US$2.4bn index flows and the two DELs could see ~US$2.9bn index flows, with US$500mm of reverse funding flows.
Quiddity A/H Premium Weekly (Sep 1): China Life, Wide Premia Industrials, Banks Starting To Move
- The Brand-Spanking New (three weeks old) A-H Monitor has tables, charts, measures galore.
- Last week was slightly disappointing but the Recommendations Outperformed the universe.
- New stimulus measures are partly supply side, and a little bit demand side, but they’re not big enough yet to move the needle. Mainland ETF buying smells like National Team.
Why Is SHEIN Getting Into Bed with Forever 21? | Plus, More Legal and Political Challenges in US
- In this insight we analyze the drivers of a new relationship between SHEIN and Forever 21
- We think SHEIN agreed to the deal in part to become more “mainstream” in the US
- We also believe SHEIN takes seriously the legal and political risks it faces ahead of US IPO
Since It Is Unclear Whether Director Nomination Process Is Working, Voting Becomes More Important
- While it’s commendable that increasing numbers of companies are publishing skill matrices, there is not enough verification that the skill items are useful in expanding the value of the company.
- It is a prerequisite that the process of selecting skill items and the nominating committee that governs it are functioning and independent.
- Even if a governance framework and tools such as the skills matrix are introduced, whether they actually function depends largely on the quality of management.
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