When a company splits off a division as a new, separately-traded stock, index funds and big institutions receive shares they did not choose and cannot hold — so they dump them, regardless of price. That forced selling, plus the fact that the new "SpinCo" launches with little or no analyst coverage, leaves it systematically mispriced for 12–24 months. This desk sources every Form 10-12B spin-off registration straight from SEC EDGAR, prices and screens each one, and scores the documented edge: fresh = inside the peak forced-selling window, orphan = small SpinCo dumped hardest, uncovered = no analysts anchoring the price, plus post-spin drawdown and insider buying.