IPOX® Indexes trade mixed last week. Following U.S. Futures & Options expiration, the IPOX Indexes traded mixed. In the U.S., for example, the IPOX 100 U.S., underlying for the $2 billion “FPX” ETF, shed -0.02% to +52.03% YTD, slightly ahead of the S&P 500 and Nasdaq 100, benchmarks for U.S. stocks last week. Abroad, the IPOX International rose +0.96% to +67.67% YTD, while its benchmark declined by -0.55%. The underlying for the $1 billion “FPXI” ETF benefited from gains across several non-U.S. domiciled specialty stocks trading across Asia, The Americas and Europe, and was unaffected by the big drop in hedge fund-heavy Chinese ecommerce platform operator Alibaba (BABA US: -14.62%), which the IPOX Portfolios, including the IPOX International and IPOX China, had recently exited. We also note a fresh all-time closing high in the IPOX 100 Europe (ETF: FPXE), Europe’s most unique growth index, composed of European domiciled New Listings trading across global trading venues. The portfolio added +0.45% to +34.10% YTD, outpacing its benchmarks by +155 bps. last week. Some of the recently added IPOX Portfolio Holdings led the list of best performers, including Canadian infrastructure software maker Lightspeed (LSPD CT: +18.90%), U.S. based online insurance seller Lemonade (LMND UN: +17.46%), specialty pharma maker Allovir (ALVR UW: +13.11%), China-based health care services provider JD Health (6618 HK: +11.22%), Dutch energy storage maker Alfen Beheer (ALFEN NA: +10.74%), Swedish wealth management platform Nordnet (SAVE SS: +7.84%) and German spin-off Siemens Energy (ENR GY: +6.78%). We note significant declines a number in Tokyo-traded portfolio holdings towards year-yead, such as software makers AI Inside (4488 JP: -8.94%) and Freee KK (4478 JT: -8.16%), logistics firm SG Holdings (9143 JT: -8.00%) and telecom value play Softbank (9434 JT: -4.42%).
|Select IPOX® Indexes Price Returns (%)||Last Week||2019||YTD|
|IPOX® Indexes: Global/International|
|IPOX® Global Super Liquid (IPGL50) (USD)||0.14||27.93||66.90|
|IPOX® International (IPXI)* (USD) (ETF : FPXI)||0.96||31.37||67.67|
|IPOX® Indexes: United States|
|IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX)||-0.02||29.60||52.03|
|IPOX® ESG (IPXT) (USD)||-0.30||–||45.41|
|IPOX® SPAC Index (SPAC) (USD)||6.31||–||–|
|IPOX® EV Index (IPEV) (USD)||0.72||–||–|
|IPOX® Indexes: Europe/Nordic|
|IPOX® 100 Europe (IPOE)* (USD) (ETF: FPXE)||0.45||30.97||34.10|
|IPOX® Nordic Core (IPND) (EUR)||1.01||38.52||56.75|
|IPOX® Indexes: Asia-Pacific/China|
|IPOX® Asia-Pacific (IPTA) (USD)||-1.61||4.41||44.09|
|IPOX® China Core (CNI) (USD)||2.47||26.31||79.21|
|IPOX® Japan (IPJP)** (JPY)||-1.71||7.91||22.02|
* 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 (IPOH1). Source: Bloomberg. Prices exclude dividends.
IPOX® SPAC Index (SPAC): The portfolio added +6.31% to +49.52% since its July 30 launch. SPAC news include 1) 3 SPACs Announced Merger Agreement/LOI include: a) Juniper Industrial with PE-backed windows and doors manufacturer Janus International; b) Colonnade Acquisition with lidar maker Ouster; and c) Deerfield Healthcare with senior healthcare providers CareMax Medical Group and IMC Medical Group. 2) 5 SPACs Completed Business Combination and Started Trading include: a) LifeSci Acquisition Corp with cancer drug developer Vincera (VINC); b) Pivotal Investment II with EV company XL Fleet (XL); c) PropTech Acquisition with home services platform Porch Group (PRCH); d) Monocle Acquisition with aviation aftermarket service company AerSale (ASLE); and e) Hennessy Capital Acquisition with EV manufacturer Canoo (GOEV). 3) 6 new SPACs IPO’d.
IPO Deal-flow Review and Outlook: At least 12 notable firms IPO’d last week, with the average (median) equally weighted deal adding +36.82% (+27.00%) based on the final offer price and respective close. While markets across the U.S. and Europe were quiet, the Asia-Pacific region lit up pre-Christmas with both Bangladesh Robi Axiata (ROBI BD: +50.00%), the 2nd largest mobile network operator and countries’ largest IPO in a decade, and Thailand’s largest private parcel-delivery firm, Kerry Express (KEX TB: +83.04%), surging in their respective debuts. Japanese wealth management platform WealthNavi (7342 JP: +119.04%) also soared. Global IPO activity winds down ahead of the New Year with only few listings lined up in H.K. Other IPO news include: 1) NYSE loosens IPO requirement to promote Direct Listings. 2) Chinese Quora, Q&A platform Zhihu plans to go public; 3) more talks on Elon Musk’s Starlink IPO.
Track global deal flow live on: https://ipox.com/ipox-deals/
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