For reference, the changes were :S&P/ASX 20 Index - 1S&P/ASX 50...

For reference, the changes were :

S&P/ASX 20 Index - 1
S&P/ASX 50 Index - No Change
S&P/ASX 200 Index - 4
S&P/ASX 300 Index - 12
All Ordinaries - 56

It'd be interesting to see (if anyone could be assed to research it, I'm busy at the mo') how 2022's rebalance worked out for the All Ord promotions.

Was there an immediate effect on the sp ?
How long did it take for any effect ?
How long was it until Instos took them more seriously ?
How many were demoted the very next year ?

If last-year's spike between end Jan and mid-March had anything to do with them making into the All Ords for 2023, it would also be noted that they recently dropped from that spike by around 75%.

So, imo, with that kind of perceived risk - the instos will want to see a bit more stability in the sp and that can really only be backed up by positive appraisal news.

Yeah so, a few might take small positions for now and 'average up' on the appraisals but they won't be shifting any sp mountains just yet, imo.