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>Naspers and Prosus released results for FY24 yesterday morning. The initial market reaction was positive, both discounts closed narrower for the day.</li>
<li>Since the appointment of Fabricio Bloisi was announced in May, both discounts have widened.</li>
<li>JSE indices were rebalanced in the closing auction on Friday. Turnover for the day on the JSE was R58bn, R38bn traded in the closing auction (66%).</li>
</ul>


Naspers and Prosus released results for FY24 yesterday morning. The initial market reaction was positive, both discounts closed narrower for the day.
Since the appointment of Fabricio Bloisi was announced in May, both discounts have widened.
JSE indices were rebalanced in the closing auction on Friday. Turnover for the day on the JSE was R58bn, R38bn traded in the closing auction (66%).


NPN X PRX FY24 Results: Initial Market Reaction Positive & JSE June Auction Analytics

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>In this note we show flow estimates based on passive AUM tracking and hedging the Capped Top 40 SWIX (DCAP), Top 40 SWIX (DTOP &amp; TOPI) and Capped ALSI SWIX.</li><li>Relative to the March rebalance, we expect turnover in the closing auction to be much lower.</li><li>Turnover for the day was R59bn, R44bn traded in the closing auction (harmonisation implemented).</li></ul>

In this note we show flow estimates based on passive AUM tracking and hedging the Capped Top 40 SWIX (DCAP), Top 40 SWIX (DTOP &amp; TOPI) and Capped ALSI SWIX.Relative to the March rebalance, we expect turnover in the closing auction to be much lower.Turnover for the day was R59bn, R44bn traded in the closing auction (harmonisation implemented).

DMA | JSE June '24 Rebalance: Estimated Flows (Buys: Banks, Sells: NPN, PRX)

The FTSE/JSE Africa Financial 15 Index is a market capitalization weighted index. Companies included in this index are the 15 largest companies by pre-free float market capitalization included in the financial economic group. This is a FTSE/JSE Africa Tradable Index.

<ul><li>On Friday, JSE indices will be rebalanced in the closing auction.</li><li>There will be no constituent changes to the Top 40, FINI, FINDI, INDI or RESI indices (ALSI gets reviewed in March and September).</li><li>The upcoming rebalance will be the first review since the vanilla and SWIX indices were merged in March</li></ul>

On Friday, JSE indices will be rebalanced in the closing auction.There will be no constituent changes to the Top 40, FINI, FINDI, INDI or RESI indices (ALSI gets reviewed in March and September).The upcoming rebalance will be the first review since the vanilla and SWIX indices were merged in March

JSE June '24 Rebalance: Top Buys (Banks!) And Sells (NPN, PRX)

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

<ul>
<li>MSC indices were rebalanced in the closing auction on Friday. Turnover for the day on the JSE was R41.9bn, R25bn traded in the closing auction (60%).</li>
<li>Turnover at the February rebalance was R25.6bn. Most SA constituents were pushed lower in the closing auction and for the day, consistent with the downweighting of SA Inc.</li>
<li>China was downweighted in the ACWI and EM indices for a second straight quarter, reducing the country weight in ACWI by 6bps to 2.69%.</li>
</ul>


MSC indices were rebalanced in the closing auction on Friday. Turnover for the day on the JSE was R41.9bn, R25bn traded in the closing auction (60%).
Turnover at the February rebalance was R25.6bn. Most SA constituents were pushed lower in the closing auction and for the day, consistent with the downweighting of SA Inc.
China was downweighted in the ACWI and EM indices for a second straight quarter, reducing the country weight in ACWI by 6bps to 2.69%.


MSC May Rebalance: SA & China Net Sells, NPN, PRX & Tencent Sold Down on Buybacks

<ul><li>Last night, the price snapshot was taken for the JSE June rebalance.</li><li>We do not anticipate any index changes for the Top 40, FINDI, FINI, INDI or RESI.</li><li>There are several noteworthy free float changes across ALSI constituents, particularly amongst foreign counters (detail below).</li></ul>

Last night, the price snapshot was taken for the JSE June rebalance.We do not anticipate any index changes for the Top 40, FINDI, FINI, INDI or RESI.There are several noteworthy free float changes across ALSI constituents, particularly amongst foreign counters (detail below).

JSE June ‘24 Rebalance Rankings: No Changes Expected + NPN X PRX Discount Update

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

NPN X PRX FY24 Results: Initial Market Reaction Positive & JSE June Auction Analytics

Recap of how the market reacted to FY24 results ahead of next week. The discounts are still well off their February lows (PRX 30%, NPN 35%). Both...

DMA

DMA | JSE June '24 Rebalance: Estimated Flows (Buys: Banks, Sells: NPN, PRX)

In this note we show flow estimates based on passive AUM tracking and hedging the Capped Top 40 SWIX (DCAP), Top 40 SWIX (DTOP & TOPI) and...

DMA

JSE June '24 Rebalance: Top Buys (Banks!) And Sells (NPN, PRX)

On Friday, JSE indices will be rebalanced in the closing auction. There will be no constituent changes to the Top 40, FINI, FINDI, INDI or RESI...

DMA

MSC May Rebalance: SA & China Net Sells, NPN, PRX & Tencent Sold Down on Buybacks

Trade analytics covering the May rebalance, China a net sell for the second consecutive quarter. Tencent, Naspers and Prosus sold down at...

DMA

JSE June ‘24 Rebalance Rankings: No Changes Expected + NPN X PRX Discount Update

Last night, the price snapshot was taken for the JSE June rebalance. We do not anticipate any index changes for the Top 40, FINDI, FINI, INDI or RESI.

DMA