In today’s briefing:
- MVIS US Listed Semiconductor 25 Index Rebalance: Big Flow, Small Impact
- Heavy Lifting
- The Unbundling of Blockchain Infrastructure
MVIS US Listed Semiconductor 25 Index Rebalance: Big Flow, Small Impact
- The upcoming rebalance of the MVIS US Listed Semiconductor 25 Index will be implemented on 17 March. There are no constituent changes, but there are float and capping changes.
- The VanEck Vectors Semiconductor (SMH US) ETF tracks the index and has an AUM of US$7.2bn.
- Estimated one-way turnover is 4.8% resulting in a one-way trade of US$356m. The stocks are extremely liquid, the impact on the stocks in terms of ADV to trade is small.
Heavy Lifting
- The heavy equipment dealership industry, known for its lucrative opportunities, has consolidated significantly in recent years, with major players acquiring smaller dealerships.
- Alta Equipment, based in Michigan, has emerged as a beneficiary of this trend, expanding its geographic reach and gaining access to trained technicians, giving it a competitive advantage over smaller players.
- However, as the industry continues to consolidate, will Alta be able to maintain its momentum, or will it face challenges from larger rivals?
The Unbundling of Blockchain Infrastructure
- Opportunity in any market exists in anything that causes the perception of the investor to take on a new shape.
- For many years, the Fat Protocol Thesis popularised by Placeholder VC has dominated the perception of the digital asset market.
- But as the market and, more importantly, those who have come to use this new technology platform change, so too does the perception of where value will be captured.
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