Category: Indexing

LPX Composite Rebalancing (Chaining) as of April 13, 2023
(based on closing prices)

1.Index Mutations

Index Inclusions:
• n/a
Index Exclusions:
• n/a

Announcement Dates
Announcement of new number of shares in the index (Share Fixing Date):
• Thursday, April 6th, 2023
Date of chaining (based on closing prices):
• Thursday, April 13th, 2023
Effective Date:
• Friday, April 14th, 2023

—————————-

LPX Direct US Rebalancing (Chaining) as of April 13, 2023
(closing prices)

1.Index Mutations
Index Inclusions
• NB Private Equity Partners (NBPE LN)

Index Exclusions:
• Chrysalis Investments Ltd. (CHRY LN)

Announcement Dates
Announcement of new number of shares in the index (Share Fixing Date):
• Wednesday, April 12th, 2023
Date of chaining (based on closing prices):
• Thursday, April 13th, 2023
Effective Date
• Friday, April 14th, 2023

LPX Composite Index
Index Inclusions:
• Runway Growth Finance Corporation (RWAY UW Equity)
Index Exclusions:
• n/a

LPX50 Index
Index Inclusions:
• COMPASS DIVERSIFIED HOLDINGS (CODI UN Equity)
Index Exclusions:
• PENNANTPARK INVESTMENT CORP (PNNT UN Equity)

LPX Major Market Index
Index Inclusions:
• n/a
Index Exclusions:
• n/a

LPX Direct
Index Inclusions:
• n/a
Index Exclusions :
• n/a

LPX Buyout
Index Inclusions:
• n/a
Index Exclusions :
• n/a

LPX Mezzanine
Index Inclusions:
• FS KKR Capital Corp (FSK UN Equity)
• New Mountain Finance Corp (NMFC UW Equity)
• Barings BDC Inc (BBDC UN Equity)
Index Exclusions :
• Golub Capital BDC Inc (GBDC UW Equity)
• Midcap Financial Investment Corp (MFIC UW Equity)
• Horizon Technology Finance Corp (HRZN UW Equity)

LPX Venture
Index Inclusions:
• RUNWAY GROWTH FINANCE CORP (RWAY UW Equity)
Index Exclusions :
• n/a

LPX Indirect
Index Inclusions:
• n/a
Index Exclusions :
• n/a

LPX Europe
Index Inclusions:
• n/a
Index Exclusions:
• n/a

LPX America
Index Inclusions:
• RUNWAY GROWTH FINANCE CORP (RWAY UW Equity)
Index Exclusions:
• PENNANTPARK INVESTMENT CORP (PNNT UN Equity)

LPX UK
Index Inclusions:
• n/a
Index Exclusions:
• DUNEDIN ENTERPRISE-ORD (DNE LN Equity)
• JPEL PRIVATE EQUITY LTD (JPEL LN Equity)

Announcement Dates
Announcement of new number of shares in the index (Share Fixing Date):
• Thursday, January 5th, 2023
Date of chaining (based on closing prices):
• Thursday, January 12th, 2023
Effective Date:
• Friday, January 13th, 2023

——————————————-

LPX Direct US*
Index Inclusions:
• n/a
Index Exclusions :
• n/a

*Announcement Dates
Announcement of new number of shares in the index (Share Fixing Date):
• Wednesday, January 11th, 2023
Date of chaining (based on closing prices):
• Thursday, January 12th, 2023
Effective Date:
• Friday, January 13th, 2023

——————————————-

DLX Index

Index Inclusions:
• TRIPLEPOINT VENTURE GROWTH B (TPVG UN Equity)
• GLADSTONE INVESTMENT CORP (GAIN UW Equity)
• HORIZON TECHNOLOGY FINANCE C (HRZN UW Equity)
Index Exclusions:
• NB GLOBAL MONTHLY INCOME FUN (NBMI LN Equity)
• CVC INCOME & GROWTH LIMITED (CVCG LN Equity)
• PENNANTPARK INVESTMENT CORP (PNNT UN Equity)

Announcement Dates
• Thursday, January 5th, 2023
Date of chaining (based on closing prices):
• Thursday, January 12th, 2023

NMX Composite
Inclusions:
• OGE Energy (OGE UN Equity)
• ENLINK MIDSTREAM LLC (ENLC UN Equity)
• Brookfield Infrastructure (BIPC CT Equity)
• Veolia Environnement (VIE FP Equity)
• Zhejiang Expressway (576 HK Equity)
• Irdium Inc (IRDM UW Equity)

Exclusions:
• MPLX LP (MPLX UN Equity)
• Magellan Midstream Partners LP (MMP UN Equity)
• Plains All American Pipeline L (PAA UW Equity)
• Companhia de Saneamento do Parana Sanepar (SAPR11 BS Equity)
• Vantage Towers (VTWR GY Equity)

NMX30 Infrastructure Global
Inclusions:
• MTR Corp (66 HK Equity)
• Veolia Environnement (VIE FP Equity)
Exclusions:
• Centrica (CNA LN Equity)

NMX30 USD Infrastructure Global
Inclusions:
• MTR Corp (66 HK Equity)
• Veolia Environnement (VIE FP Equity)
Exclusions:
• ADP FP (ADP FP Equity)

NMX Europe
Inclusions:
• Veolia Environnement (VIE FP Equity)
• RaiWay (RWAY IM Equity)
Exclusions:
• Vantage Towers (VTWR GY Equity)

NMX Asia
Inclusions:
n/a
Exclusions
n/a

NMX America
Inclusions:
• OGE Energy (OGE UN Equity)
• ENLINK MIDSTREAM LLC (ENLC UN Equity)
• Brookfield Infrastructure (BIPC CT Equity)
Exclusions:
• MPLX LP (MPLX UN Equity)
• Magellan Midstream Partners LP (MMP UN Equity)
• Plains All American Pipeline L (PAA UW Equity)

Announcement Dates
• Thursday, January 5th, 2023
Date of chaining (based on closing prices):
• Thursday, January 12th, 2023
Effective Date:
• Friday, January 13th, 2023

LPX Composite
Index Inclusions:
• n/a
Index Exclusions:
• n/a

Announcement Dates
Announcement of new number of shares in the index (Share Fixing Date):
• Thursday, October 6th, 2022
Date of chaining (based on closing prices):
• Thursday, October 13th, 2022
Effective Date:
• Friday, October 14th, 2022

Adjustment in Capping
For the rebalancing effective October 14, 2022, the maximum cap will be adjusted to 8.0% (currently 8.5%).

———————————————–
LPX Direct US
Index Inclusions:
• n/a
Index Exclusions:
• n/a

Announcement Dates
Announcement of new number of shares in the index (Share Fixing Date):
• Thursday, October 6th, 2022
Date of chaining (based on closing prices):
• Thursday, October 13th, 2022
Effective Date:
• Friday, October 14th, 2022

LPX Composite
Index Inclusions:
• Bain Capital Specialty Financing (BCSF UN Equity)
Index Exclusions:
• n/a

Announcement Dates
Announcement of new number of shares in the index (Share Fixing Date):
• Thursday, July 7th, 2022
Date of chaining (based on closing prices):
• Thursday, July 21th, 2022
Effective Date:
• Friday, July 22th, 2022

———————————————–
LPX Direct US
Index Inclusions:
• CHRYSALIS INVESTMENTS LTD (CHRY LN Equity)
Index Exclusions:
• VNV GLOBAL AB (VNV SS Equity)

Announcement Dates
Announcement of new number of shares in the index (Share Fixing Date):
• Wednesday, July 13th, 2022
Date of chaining (based on closing prices):
• Thursday, July 14th, 2022
Effective Date:
• Friday, July 15th, 2022

———————————————–
LPX Europe
Index Inclusions:
• BRIDGEPOINT GROUP-REGS WI (BPT LN Equity)
Index Exclusions:
• VNV GLOBAL AB (VNV SS Equity)

LPX America
Index Inclusions:
• n/a
Index Exclusions:
• n/a

LPX UK
Index Inclusions:
• BRIDGEPOINT GROUP-REGS WI (BPT LN Equity)
Index Exclusions:
• n/a

LPX Major Market
Index Inclusions:
• n/a
Index Exclusions:
• n/a

LPX50
Index Inclusions:
• GIMV NV (GIMB BB)
Index Exclusions:
• VNV Global AB (VNV SS)

LPX Direct
Index Inclusions:
• CHRYSALIS INVESTMENTS LTD (CHRY LN Equity)
Index Exclusions :
• VNV GLOBAL AB (VNV SS Equity)

LPX Buyout
Index Inclusions:
• OAKLEY CAPITAL INVESTMENTS (OCI LN Equity)
Index Exclusions :
• DEUTSCHE BETEILIGUNGS AG (DBAN GY Equity)

LPX Mezzanine
Index Inclusions:
• GLADSTONE INVESTMENT CORP (GAIN UW Equity)
• MONROE CAPITAL CORP (MRCC UW Equity)
• PHENIXFIN CORP (PFX UQ Equity)
Index Exclusions :
• FIRST EAGLE ALTERNATIVE CAPI (FCRD UW Equity)
• BLACKROCK CAPITAL INVESTMENT (BKCC UW Equity)

LPX Venture
Index Inclusions:
• SCHRODER UK PUBLIC PRIVATE (SUPP LN Equity)
Index Exclusions :
• n/a

LPX Indirect
Index Inclusions:
• n/a
Index Exclusions :
• n/a

Announcement Dates
Announcement of new number of shares in the index (Share Fixing Date):
• Thursday, July 7th, 2022
Date of chaining (based on closing prices):
• Thursday, July 14th, 2022
Effective Date:
• Friday, July 15th, 2022

NMX Composite
Inclusions:
• Centrica (CNA LN Equity)
• ONE Gas (OGS UN Equity)
• MTR (66 HK Equity)
Exclusions:
• ENTERPRISE PRODUCTS PARTNERS (EPD UN Equity)
• ENERGY TRANSFER LP (ET UN Equity)
• CHINA MERRCHANTS PORT HOLDINGS (144 HK Equity)

NMX30 Infrastructure Global
Inclusions:
• EAST JAPAN RAILWAY CO (9020 JT Equity)
• Centrica (CNA LN Equity)
• Airports of Thailand (AOT TB Equity)
Exclusions:
• VANTAGE TOWERS AG (VTWR GY Equity)
• ENTERPRISE PRODUCTS PARTNERS (EPD UN Equity)
• ENERGY TRANSFER LP (ET UN Equity)

NMX30 USD Infrastructure Global
Inclusions:
• Centrica (CNA LN Equity)
• Airports of Thailand (AOT TB Equity)
Exclusions:
• ENERGY TRANSFER LP (ET UN Equity)
• ENTERPRISE PRODUCTS PARTNERS (EPD UN Equity)

NMX Europe
Inclusions:
n/a
Exclusions:
n/a

NMX Asia
Inclusions:
• TTW (TTW TB Equity)
Exclusions
• China Merchants Port Holdings (Red Chip) (144 HK Equity)

NMX America
Inclusions:
• ONE Gas (OGS UN Equity)
• GMexico Transportes S.A .B. de C.V (GMXT* MF Equity)
Exclusions:
• ENTERPRISE PRODUCTS PARTNERS (EPD UN Equity)
• ENERGY TRANSFER LP (ET UN Equity)

Announcement Dates
Announcement of new number of shares in the index (Share Fixing Date):
• Thursday, July 7th, 2022
Date of chaining (based on closing prices):
• Thursday, July 14th, 2022
Effective Date:
• Friday, July 15th, 2022

DLX Direct Lending Index Rebalancing (Chaining) as of July 13, 2022
(based on closing prices)

Index Mutations
Index Inclusions:
• SLR INVESTMENT CORP (SLRC UW Equity)
• CRESCENT CAPITAL BDC INC (CCAP UQ Equity)
• CION INVESTMENT CORP (CION UN Equity)
Index Exclusions:
• GLADSTONE INVESTMENT CORP (GAIN UW Equity)
• TRIPLEPOINT VENTURE GROWTH B (TPVG UN Equity)
• STELLUS CAPITAL INVESTMENT C (SCM UN Equity)

Announcement Dates
Announcement of new number of shares in the index (Share Fixing Date):
• Thursday, July 7th, 2022
Date of chaining (based on closing prices):
• Thursday, July 14th, 2022
Effective Date:
• Friday, July 15th, 2022

Market Consultation – Changes to the index design and calculation methodology of the NMX Infrastructure Index Series

The NMX Infrastructure Index Series (NMX Indices) were launched in 2007 on the basis of exchange-traded core infrastructure companies. The indices allowed first and foremost for representative benchmarking of the infrastructure asset class using a research-based industry classification scheme. Today, the NMX Indices serve as performance benchmarks for the infrastructure asset class and enable detailed performance measurement, efficient risk management and liquid access to the infrastructure asset class.
This market survey has been initiated by the index administrator with the intention to make a proposal of changes to the index design and calculation methodology of the NMX Infrastructure Indices as outlined in the NMX Guide to the Infrastructure Index Series V2.4.
All proposed changes have the objective to ensure that the NMX Indices are (i) representative (ii) transparent (iii) liquid and (iv) replicable.

I – Treatment of MLP instruments
Def. Master Limited Partnership – A Master Limited Partnership (MLP) is a publicly traded limited partnership with shares (called units) that trade on regulated (major) stock exchanges. An MLP has the liquidity of a publicly traded company as well as an advantageous tax structure that allows MLPs, like all partnerships, to pay no federal taxes at the company level. This tax structure (notably K-1 tax forms) may cause certain investors (i.e. outside the US) to invest in these instruments.

Proposal of Changes – Certain investors are not allowed to invest in MLP’s. The index administrator suggests to exclude these type of instruments from the eligible universe of instruments, which form the basis for the construction of the NMX Infrastructure Indices.

Effective Date of Changes (I)
The index administrator suggests the effective date of the proposed changes to the NMX Infrastructure Index Series for the next ordinary chaining as of July 15, 2022.

II – ESG Criteria
Def. ESG – ESG refers to a companies’ Environmental record, Social engagement and Governance practices. ESG investing is also known as sustainable investing as it incorporates a companies’ values and concerns about the environment into the investment selection criteria. Furthermore, a growing number of companies are adjusting their operational stance to make it more ESG-friendly. ESG measures shall provide insights into the companies’ impact and how they compare against benchmarks and peers. So far, most of the ESG criteria and reporting was rather subjective, with some companies providing ESG reports. Lately, efforts have been made in terms of regulation so as to make ESG reporting more objective, traceable and quantifiable. Many countries have developed their own ESG regulation standards. Among all of them the EU – Taxonomy is the most ambitious in terms of granularity and scope. Its main objective is to help implement the goals of the EU Green Deal. In essence, the EU-Taxonomy serves as a system to classify economic activities with respect to their degree of sustainability and it gives guidance on how to report them. Article 8 & 9 outline which companies are obliged to report their environmentally sustainable economic activities and the specific key performance indicators.

Proposal of Changes – Certain investors are not allowed to invest in instruments with negative ESG ratings (i.e. specific ESG data tbd). The index administrator suggests to exclude instruments with negative ESG ratings from the eligible universe of instruments, which form the basis for the construction of the NMX Infrastructure Indexes.

Effective Date of Changes (II)
The index administrator suggests the effective date of the proposed changes to the NMX Infrastructure Index Series: tbd

This consultation will close on June 15, 2022.
Please contact: indexing@lpx.ch.

1. LPX Composite
Index Inclusions:
• CHRYSALIS INVESTMENTS LTD (CHRY LN)
Index Exclusions:
• n/a

2. LPX Direct US
Index Inclusions:
• n/a
Index Exclusions:
• n/a

3. LPX Europe
Index Inclusions:
• n/a
Index Exclusions:
• n/a

4. LPX America
Index Inclusions:
• ARES MANAGEMENT CORP (US03990B1017)
Index Exclusions:
• FIDUS INVESTMENT CORP (US3165001070)

5. LPX UK
Index Inclusions:
• n/a
Index Exclusions:
• UNBOUND GROUP PLC (GB0003085445)

4. Announcement Dates
Announcement of new number of shares in the index (Share Fixing Date):
• Thursday, April 7th, 2022 (Wednesday April 13th, 2022 for LPXDITU Index)
Date of chaining (based on closing prices):
• Thursday, April 14th, 2022
Effective Date:
• Friday, April 15th, 2022