Ann: S&P DJI Announces March 2022 Quarterly Rebalance, page-5

Think you need to be a bit broader than that. There has been a rout on Bio shares (from CUV to IMR) which started in Nov but may have bottomed this month with many hitting year or multiple year lows.

Looking at IMR approx 3m were sold between 28 Feb and the low on 17 March. 1.3m have been traded on the recovery to $0.70. IMR have a strong insto backing with Black Rock, One Funds and Regal all of whom have bought at much higher prices including the $1 CR last Sept. None of those funds are Index mandates so the removal doesn't impact them.

The 4.2m traded are approx 3% of the total CDI float. I have little doubt that some of the 4.2m were exchanged between capitulating retail and the existing funds looking to lower their average price.

I think it's just following the market from oversold back to to mean which is about -30% (market) since Nov. I hope for those who participated in the over subscribed SPP it can keep going but it would need meaningful revenue announcement to outperform IMO.