The IPOX® Week, March 18, 2019

  • FANG-free diversified IPOX 100 U.S. (ETF: FPX) extends YTD gain to +19.03% as specialty holdings surge after earnings.
  • Strength extends to other IPOX Indexes, except IPOX China.
  • IPO Deal-flow Review & Outlook: Big week for U.S. IPOs as Levi Strauss (LEVI US) and Blackstone-backed HCM provider Alight (ALIT US) set to go public. Track priced and traded deals on https://bit.ly/2JamSgi

FANG-free diversified IPOX 100 U.S. (ETF: FPX) extends YTD gain to +19.03% as specialty holdings surge after earnings. Amid stable U.S. yields, a good week for the EUR, supportive U.S. domestic and trade related developments – all reflective in a plunge in equity risk (VIX: -19.75%) – the IPOX Indexes rallied during U.S. Futures & Option expiration week. In the U.S., e.g., the FANG-free diversified IPOX 100 U.S. (ETF: FPX) – benchmark for U.S. New Listings – surged +3.82% to +18.93% YTD, extending the YTD lead vs. the S&P 500 (SPX) by +93 bps. to +634 bps., a YTD high. Outperformance of the large-cap centric IPOX 100 U.S. (ETF: FPX) was driven by explosive moves in VC-backed specialty holdings after earnings, including biotech 10/18 IPO Guardant Health (GH US: +55.72%), database designer 10/17 IPO MongoDB (MDB US: +34.50%) or personal shopping platform operator 11/17 IPO Stitch Fix (SFIX US: +24.51%), while P/E-backed security services provider 10/18 IPO ADT (ADT US: -12.33%) – one of last year’s largest deals – fell sharply after providing guidance which disappointed analysts. While the IPOX China (CNI) extended the previous week’s decline, we note another week of strong gains for the IPOX 100 Europe (ETF: FPXE) which focuses on investing in European-domiciled New Listings around the world, which benefitted from big gains in wealth management services provider 06/18 Spin-off Quilter PLC (QLT LN: +13.36%), e.g.

IPOX® 100 U.S. Investing with the “FPX” ETF since 2006

IPOX-linked Exchange-traded-Funds (ETFs) and Mutual Funds mirror the strong IPOX Indexes performance: Last week, e.g., the IPOX 100 U.S. (IPXO)-linked, 5-star (10-years) USD billion 1.1 First Trust U.S. Equity Opportunities ETF (FPX) surged +3.76% to +19.03% YTD, while the IPOX International (IPXI)-linked 5-star First Trust International Equity Opportunities ETF (FPXI) added +2.34% to +14.65% YTD. Ahead of a busy week for U.S. deal flow and the significant backlog of deals, the actively managed the 5-star Catalyst IPOX® Allocation Fund (OIPAX) – an alternative mutual fund – rallied to +16.74% YTD.

IPOX® Indexes Price Returns (%) (RT) Last Weerk 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 2.35 -11.37 16.88
IPOX® International (IPXI)* (USD) 1.26 -13.41 12.95
IPOX® Indexes: United States
IPOX® Comp. U.S. (IPXC)* 2.65 -7.59 17.24
IPOX® 100 U.S. (IPXO)* 3.82 -8.80 18.93
IPOX® 30 U.S. (IPXT) 3.22 -10.28 15.25
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 2.31 -13.46 14.35
IPOX® Nordic (IPND) 3.42 -15.45 15.36
IPOX® 100 Europe (IPOE)* (USD) 3.48 -16.60 14.25
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 1.36 -3.21 4.00
IPOX® China (CNI) (USD) -2.02 -22.83 14.13
IPOX® Japan (IPJP)** (JPY) 1.56 -13.70 5.57

* Basis for ETFs: FPX US, FPX LN, FPXE US, FPXU FP, FPXI US, TCIP110 IT and CME-traded e-mini IPOX® 100 U.S. Futures (IPOH9). ** Live since 07/18. Please contact [email protected] for other IPOX® Indexes.

IPO Deal-flow Review & Outlook: Big week for U.S. IPOs as Levi Strauss (LEVI US) and Blackstone-backed HCM provider Alight (ALIT US) set to go public. At least seven notable firms debuted last week across accessible global regions, with the average (median) equally-weighted firm adding +1.56% (+0.50%) based on the difference between the final offer price and Friday’s close. Amid big swings in Mainland China-linked growth equities, four firms debuted in H.K., finishing mixed in aggregate. After completing its second IPO attempt at a lower price range, Korean modules and sensors maker Dreamtech (192650 KS: +12.31%) ranked as the best performing global New Listings of the week. Focus this week is on a number of high-profile deals set to commence trading in the U.S., seeking to raise up to a combined USD billion 1.5. Top of the list ranks iconic jeans maker San Francisco, CA-based Levi Strauss (LEVI US), followed by Blackstone-backed cloud-based human capital management solution provider Lincolnshire, IL-based Alight (ALIT US). Amid big gains for recent IPO Futu Holdings (FHL US up +50% based on its 03/08 IPO price), Interactive Brokers and Xiaomi-backed Chinese online brokerage Up Fintech (TIGR US) (known as Tiger Broker) is set to add to the list of China-linked deals in the U.S.

Track priced and traded deals on https://bit.ly/2JamSgi

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