Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

Prosus N.V. provides internet based services. The Company focuses on investments in internet, digital media, e-commerce retailing, and consumer internet companies. Prosus serves customers worldwide.

<ul>
<li>Yesterday morning, Prosus announced the acquisition of Just Eat Takeaway for $4.3bn.</li>
<li>Naspers and Prosus sold off sharply on the news, ending the day down 7.7% and 7.8%, respectively.</li>
<li>Naspers’ discount widened by 2.8 percentage points to 44.2% and Prosus’ discount widened by 3.1 percentage points to 39.8%.</li>
</ul>


Yesterday morning, Prosus announced the acquisition of Just Eat Takeaway for $4.3bn.
Naspers and Prosus sold off sharply on the news, ending the day down 7.7% and 7.8%, respectively.
Naspers’ discount widened by 2.8 percentage points to 44.2% and Prosus’ discount widened by 3.1 percentage points to 39.8%.


Naspers & Prosus Sell off on JET Acquisition, Discounts Oversold Lifting Buyback Accretion

Index Rebalance

Anglo American Platinum  / Index Rebalance

Anglo American Platinum Limited is the holding company for a group of companies which operate platinum mines.  In addition to platinum, the Group mines and produces platinum group metals such as palladium, rhodium, iridium, ruthenium, osmium, nickel, copper, and cobalt.

<ul>
<li>Last night, the price snapshot was taken for the JSE March 2025 rebalance. AMS is expected to enter the Top 40 index, with EXX falling out.</li>
<li>No changes are expected for the FINDI, FINI, INDI or RESI indices.</li>
<li>The JSE rebalance is scheduled to take place in the closing auction on Thursday the 20th of March (due to the public holiday on Friday).</li>
</ul>


Last night, the price snapshot was taken for the JSE March 2025 rebalance. AMS is expected to enter the Top 40 index, with EXX falling out.
No changes are expected for the FINDI, FINI, INDI or RESI indices.
The JSE rebalance is scheduled to take place in the closing auction on Thursday the 20th of March (due to the public holiday on Friday).


JSE Mar25 Rebalance: AMS to Enter Top 40, EXX to Be Deleted

<ul>
<li>Discounts likely set for further narrowing as Chinese government adopts a more positive stance towards the private sector (Tencent).</li>
<li>The discounts of Naspers and Prosus have recovered to levels last seen prior to the publication of the Chinese Military Companies list by the DoD at start of the year.</li>
<li>Last week Friday, Tencent rallied 7.4% following news that the Chinese government are expected to host a summit with Jack Ma and DeepSeek founder, Liang Wenfeng.</li>
</ul>


Discounts likely set for further narrowing as Chinese government adopts a more positive stance towards the private sector (Tencent).
The discounts of Naspers and Prosus have recovered to levels last seen prior to the publication of the Chinese Military Companies list by the DoD at start of the year.
Last week Friday, Tencent rallied 7.4% following news that the Chinese government are expected to host a summit with Jack Ma and DeepSeek founder, Liang Wenfeng.


NPN X PRX: Discounts Likely to Catch Further Bid on China News Flow

<ul>
<li>JSE indices are due for rebalancing in the closing auction on Thursday the 20th of March (due to the public holiday on the 21st of March).</li>
<li>The current rankings suggest that AMS may enter the Top 40, with GRT falling out.</li>
<li>AMS’s net market cap is 8.5% above SSW, suggesting that entry into the Top 40 at this point is possible.</li>
</ul>


JSE indices are due for rebalancing in the closing auction on Thursday the 20th of March (due to the public holiday on the 21st of March).
The current rankings suggest that AMS may enter the Top 40, with GRT falling out.
AMS’s net market cap is 8.5% above SSW, suggesting that entry into the Top 40 at this point is possible.


JSE Mar 25 Rebalance: T40 AMS Potential Add, GRT Delete, BOX Likely to Enter ALSI!

The FTSE/JSE Shareholder Weighted Top 40 Index is a capitalization weighted index. The members of the index are the same as the FTSE/JSE Afr. TOP 40 Index, with the member weightings adjusted for non South African shareholdings, in addition to strategic and cross-shareholding adjustments. The index was launched on July 1, 2003.

<ul><li>During the last quarter of 2024, 55% of active SA equity funds outperformed their benchmarks.</li><li>This is ahead of preceding quarter where 48% of active funds outperformed.</li><li>It is also interesting to note that for the year up to the end of Q3 2024, 22% of funds outperformed their benchmarks.</li></ul>

During the last quarter of 2024, 55% of active SA equity funds outperformed their benchmarks.This is ahead of preceding quarter where 48% of active funds outperformed.It is also interesting to note that for the year up to the end of Q3 2024, 22% of funds outperformed their benchmarks.

Funds in Focus Q4 2024 & 2024: A Better Quarter & Year for Active SA Equity Managers

Quant Analyst at DMA. DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Charlotte van Tiddens, CFA
Quantitative Equity Analyst
• DMA

Naspers & Prosus Sell off on JET Acquisition, Discounts Oversold Lifting Buyback Accretion

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JSE Mar25 Rebalance: AMS to Enter Top 40, EXX to Be Deleted

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NPN X PRX: Discounts Likely to Catch Further Bid on China News Flow

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JSE Mar 25 Rebalance: T40 AMS Potential Add, GRT Delete, BOX Likely to Enter ALSI!

The JSE March 2025 rebalance could see Anglo American Platinum enter the Top 40 index, with Growthpoint falling out. Post the Boxer IPO in November...

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Funds in Focus Q4 2024 & 2024: A Better Quarter & Year for Active SA Equity Managers

During the last quarter of 2024, 55% of active SA equity funds outperformed their benchmarks. This is ahead of preceding quarter where 48% of...

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