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One 44 Advisory

One 44 advisory

Structural Demand

Index Positioning & Composition

Index membership determines how much capital is required to hold your stock, regardless of how anyone feels about your quarter. We analyse your membership, identify your optimal positioning, and use our industry relationships to help you engage more productively with your index provider.

Request A Free Consultation

Tell us what you’re working on. We’ll come back with a short written read on what we see and what we’d look at first. No obligation, and no sales sequence.
Consultation Form

What Our Index Analysis Covers

Index inclusion is decided by published rules, not by relationships. These six pieces of work establish which rules you currently satisfy, which you don’t, and what the difference is worth in capital.

Index Membership Analysis

A full picture of which indices currently include your stock, how each one weights you, and how much of your daily volume and standing ownership those memberships account for.

Eligibility Screening

We test your business against the published methodologies of the major index families: market capitalisation, free float, liquidity, domicile, share class structure and any applicable screens.

Rebalance Impact Modelling

What a reconstitution would mean for you in practice. We model addition, deletion and reweighting scenarios so the board understands the size of what is at stake before it happens.

Optimal Positioning Roadmap

A sequenced plan for closing the gaps between where you are and where you could be, with the criteria that are genuinely movable separated from the ones that are not.

Index Provider Engagement

We use our industry relationships to help you engage more productively with your index provider, so enquiries are well formed, correctly directed and taken seriously.

Passive Demand Forecasting

An estimate of the structural, price-insensitive demand attached to each membership scenario, so index work can be weighed against every other use of management time.

What We Hand Over

Six documents, written so a board can follow the arithmetic without a background in index methodology.
  • Index membership map, with weightings and attributable demand
  • Eligibility screening results across the major index families
  • Rebalance scenario model: addition, deletion and reweighting
  • Optimal positioning roadmap, sequenced by what is movable
  • A brief you can take to your index provider
  • A walkthrough session for your finance team, and a one-page summary for the board pack

When Index Work Pays For Itself

Companies Sitting Just Below A Threshold

You are close to eligibility on one or two criteria and nobody has established which ones, how far off you are, or what it would cost to close the gap.

Issuers Facing A Reconstitution

A review is coming and the board is asking questions that nobody internally can answer with any confidence about what happens either way.

Companies With Passive Ownership Below Peers

Comparable businesses carry far more passive capital than you do, and the reason for the difference has never been properly diagnosed.

What clients say

The rebalance model was the first time anyone had put a size on what a deletion would actually mean for us. It moved the conversation from a vague worry to a line item with a plan against it.
Kwabena Oyelaran-Ferreira
Our passive ownership had been well below our peer group for years and nobody could explain why. One 44 diagnosed it in a few weeks and told us plainly which parts we could fix and which we could not.
Sunniva Delacroix-Whitfield
We had assumed index inclusion was something that either happened to you or didn’t. Being shown the three specific criteria we were failing, with a number attached to each, changed how the board thought about float entirely.
Anneliese Trevorrow-Baptiste

Is Inclusion Actually Within Reach For You?

For some issuers, inclusion is the largest untapped source of demand attached to the stock. For others the thresholds sit years away and the effort belongs somewhere else entirely. We’ll tell you which of those you are before you commit anything to it.
Call: 646-373-9104

Your Index Review, Step By Step

Typically six weeks, sequenced against your next reconstitution window rather than our calendar.

1

Baseline

We map your current index memberships, weightings and the share of your ownership and volume they explain.

2

Screen

Your business is tested against the published methodologies, isolating exactly where you pass, fail and sit near a threshold.

3

Model

We model addition, deletion and reweighting scenarios, and attach an estimate of passive demand to each.

4

Position

You get a sequenced roadmap, a brief for your index provider, and our support through the reconstitution cycle.

Frequently asked questions

What is index positioning?
Index positioning is the work of understanding which indices your stock belongs to or could belong to, how each one weights you, and what would have to change for that to improve. Because index membership determines how much passive capital is required to hold your stock regardless of sentiment, it is one of the few drivers of demand you can actively influence.
Funds tracking an index must hold its constituents in proportion to their weight. That demand is structural and price-insensitive: it arrives whether or not anyone likes your quarter. Inclusion creates it, deletion removes it, and a change in weighting adjusts it. For smaller issuers this can represent a significant share of total demand for the stock.
Each index family publishes its own methodology, but eligibility typically turns on measurable criteria: market capitalisation, free float, liquidity and trading volume, country of domicile and listing, share class structure, and in some cases governance or sustainability screens. The useful part is that most of these are things a company can work on.
We use our industry relationships to help you engage more productively with your index provider. Our founder serves on the FTSE Russell Americas Regional Equity Advisory Committee, which means we understand how these organisations assess issuers and what a well-formed enquiry from a company looks like.
Well before the observation window, not after the announcement. Most methodologies assess companies against criteria measured over a defined period, so by the time a reconstitution is announced the data that determined the outcome is already fixed. Preparation is only useful in advance.
Index positioning is an analytical and structural question rather than a communications one. It concerns float, liquidity, share class structure and methodology criteria. Most IR agencies do not work at that level, and we regularly work alongside them rather than replacing them.
Around six weeks to a delivered membership analysis and positioning roadmap, though we time the work backwards from your next reconstitution window. Monitoring across subsequent cycles is usually a retainer.

Where Does Your Stock Actually Sit?

Send us your ticker. We’ll come back with which indices currently hold you, which ones you sit close to, and whether the gap between the two is one you could realistically close.
Request an opportunity assessment