Guests: Karl Schneider, Senior Portfolio Manager, State Street Investment Management and Jeremy Lai, Portfolio Trader, TD Securities
Host: Peter Haynes, Managing Director and Head of Index and Market Structure Research, TD Securities
In Episode 80, we are joined by two benchmark experts, Karl Schneider, Senior Portfolio Manager at State Street Investment Management, and Jeremy Lai, Portfolio Trader at TD Securities. In this episode, Karl and Jeremy discuss all aspects of index provider decisions to fast-track mega-cap IPOs into benchmarks, including S&P's proposal which remains an outlier and the need to have flexible inclusion rules for both new additions and large lock up share releases. Jeremy outlines the details making May 29 the largest MSCI rebalance in history, while Karl addresses the busy calendar of events in June including the inclusion of the first of many mega-cap IPOs and the need to ensure there is enough broker capital to satisfy the expected demands of the passive community. Jeremy finishes up with some trading advice to fundamental investors who might want to take advantage of some of the market activity from indexers.
| Chapitres: | |
|---|---|
| 3:45 | Mega-Cap Index Inclusion – Trade-off between Representation and Investability |
| 7:01 | S&P Remains Outlier in Mega-Cap Fast Track Process |
| 19:11 | Why Lock Up Release for SpaceX is More Important than Inclusion? |
| 28:24 | Sector and Style Decisions |
| 32:56 | Why May 29 Represents Largest MSCI Rebalance in History? |
| 38:47 | Domestic Benchmarks, Redomicile and Teck debate in Canada |
| 48:24 | The Busy Index Calendar – Is the market able to handle this activity? |
| 56:27 | Advice to Fundamental Investors on Trading Around Index Events |
This podcast was recorded on May 14, 2026.
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