WEEKLY Summary: Following Q4 2021 Futures and Options expiration, the IPOX® Indexes recorded strong gains. Helped by a decline in U.S. equity risk (VIX: -16.74%), less COVID-19 and COVID variant anxiety and higher U.S. yields, the innovation-focused IPOX® 100 U.S. (ETF: FPX), for example, added +3.71% to +3.57% YTD, +130 bps. more than when compared to the S&P 500 (SPX), benchmark for U.S. stocks. Here, 86/100 of portfolio holdings rose, with the average (median) equally-weighted stock adding +3.85% (+3.51%), broadly in line with the applied market-cap weighted index. We also note strength
INNOVATION Investing with the IPOX® 100 ETF (fpx) since 2006
In the IPOX® 100 Europe (ETF: FPXE) which also benefited the IPOX® International (ETF: FPXI), even though China-linked exposure continued to record fresh declines on indiscriminate foreign investor-driven selling towards year-end.
IPOX® Portfolio Holdings ireview: Travel related stocks trading in the IPOX® Universe were some of the stand-outs last week, including Spin-off Expedia Group (EXPE US: +15.36%), car rental services provider Hertz (HTZ US: +14.61%), taxi and food delivery platform operator Uber (UBER US: +10.66%), online travel marketplace Airbnb (ABNB US: +8.49%) and IPO M&A Hong Kong-traded Samsonite (1910 HK: +7.17%). Amid big interest for publicly traded private equity vehicles, including Sweden’s EQT (EQT SS: -1,95%), we also note the fresh all-time high in newly listed Skorsgogen Group (STORB SS: +10.54%), a recently added IPOX® 100 Europe (ETF: FPXE) portfolio holding. Other IPOX® Holdings having drawn significant interest last week included London-traded high-end watch shop operator Watches of Switzerland (WOSG LN: +9.70%), Chicago-based real commercial real estate services provider Cushman & Wakefield (CWK US: +7.71%), health care services provider IPO M&A Icon (ICLR US: +7.04%) and building products store IPO M&A Builders Firstsource (BLDR US: +6.92%), tracked in the IPOX® 100 Europe (ETF: FPXE), IPOX® International (ETF: FPXI) and IPOX® 100 U.S. (ETF: FPX), respectively. Select Nordic-traded IPOX® exposure ranked towards the bottom of the weekly performance rankings, such as warehouse robot technology maker Autostore (AUTO NO: -11.72%) and application software firm Truecaller (TRUEB SS: -8.91%).
|Select IPOX® Indexes Price Returns||2020||Last WEEK||YTD|
|IPOX® Indexes: Global/International|
|IPOX® Global Super Liquid (IPGL50) (USD)||66.63||2.45||-5.37|
|IPOX® International (IPXI) (USD) (ETF: FPXI)||72.15||1.13||-16.02|
|IPOX® Indexes: United States|
|IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX)||47.32||3.71||3.57|
|IPOX® GINDEX™ (GNDX) (USD)||n/a||2.41||n/a|
|IPOX® SPAC (SPAC) (USD)||48.52||0.93||-15.72|
|IPOX® Indexes: Europe/Nordic|
|IPOX® Europe (IPOE) * (USD) (ETF: FPXE)||35.14||2.48||6.77|
|IPOX® Nordic Core (IPND) (EUR)||59.89||1.77||10.21|
|IPOX® Indexes: Asia-Pacific/China|
|IPOX® Asia-Pacific (IPTA) (USD)||47.50||1.30||-8.91|
|IPOX® China Core (CNI) (USD)||88.02||-1.91||-43.20|
|IPOX® Japan (IPJP) (JPY)||25.75||1.74||5.69|
* Basis for CME-traded e-mini IPOX® 100 U.S. Futures (IPOH2). *also available In UCITS format in Europe in EUR (EPFX IM,), USD (IPXE LN), and GBP (FPX LN).
IPOX® SPAC INDEX (SPAC): The Index added +0.93% to -15.72% YTD and +25.19% since its 7/30/2020 launch. SPAC news include: 1) 7 SPACs Announced Merger Agreement include a) Zanite Acquisition with urban air mobility platform provider, Brazilian plane maker spin-off Eve; b) L&F Acquisition with cyber security company ZeroFox and c) Ackrell SPAC Partners I with griddle maker Blackstone Products. 2) 6 SPACs Approved Business Combinations include a) Altimar Acquisition II with on-demand digital manufacturing platform +10.66Fathom (FATH: 12/27) and b) Roman DBDR Tech Acquisition with card manufacturer CompoSecure (CMPO: 12/28). 3) SPACs reportedly in talks include Cohn Robbin with Europe-focused lottery operator Allwyn. 4) 4 new SPACs launched last week in the U.S.
GLOBAL Deal-flow Review and Outlook: 22 IPOs launched last week, with the average equally weighted deal adding +7.22% based on the difference between the respective final offer price and Friday’s close. Saudi Arabian food company Almunajem Foods (ALMUNAJE AB: +1.33%) and the slew of small Japanese IPOs including AI company Japan Data Science Consortium (4418 JP: +67.74%) and aluminum electrolytic capacitors and optical components manufacturer Kohoku Kogyo (6524 JP: +68.75%) all rose from final offer. While the U.S. calendar is quiet, Chinese AI giant SenseTime (20 HK) is set to relaunch in Hong Kong, despite being blacklisted by U.S. authorities. Other IPO news include a) Hong Kong tycoon Richard Li scrapped insurance group FWD’s U.S. IPO plan; b) Singapore property logistics giant GLP mulls to spin-off its investment unit in U.S., and c) SoftBank-backed data management company Cohesity and on-demand shuttle services provider Via filed respective IPOs confidentially.
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