  The paper has two parts, in the first part, we apply the localisation
technique to the Rozansky-Witten theory on compact HyperK\"ahler targets. We do
so via first reformulating the theory as some supersymmetric sigma-model. We
obtain the exact formula for the partition function with Wilson loops on
$S^1\times\Sigma_g$ and the lens spaces, the results match with earlier
computations using Feynman diagrams on K3. The second part is motivated by a
very curious preprint \cite{Gukov:2020lqm}, where the equivariant index formula
for the dimension of the Hilbert space the theory is interpreted as a kind of
Verlinde formula. In this interpretation, the fixed points of the target
HyperK\"ahler geometry correspond to certain 'states'. In the second half of
the paper we extend the formalism of part one to incorporate equivariance on
the target geometry. For certain non-compact hyperK\"ahler geometry, we can
apply the tilting theory to the derived category of coherent sheaves, whose
objects label the Wilson loops, allowing us to pick a 'basis' for the latter.
We can then compute the fusion products in this basis and we show that the
objects that have diagonal fusion rules are intimately related to the fixed
points of the geometry. Using these objects as basis to compute the dimension
of the Hilbert space leads back to the Verlinde formula, thus answering the
question that motivated the paper.
