The IPOX® Week, February 10, 2020

  • FANG-free, diversified IPOX 100 U.S. Index (ETF: FPX) adds +3.74% to +5.73% YTD during first week of February trading. IPOX Nordic (IPND) closes week at fresh All-Time High.
  • IPO Deal-flow Review & Outlook: Contract research organization PPD, mattress-in-a-box pioneer Casper headlined busy week for U.S. IPOs. IPO Market set to slow.

FANG-free, diversified IPOX 100 U.S. Index (ETF: FPX) adds +3.74% during first week of February trading. IPOX Nordic (IPND) closes week at fresh All-Time High. Amid Coronavirus containment hopes, solid U.S. earnings and economic numbers, lower risk (VIX: -17.57%) and stable yields, the IPOX Indexes started February with strong gains. Top of the list ranked the IPOX China (CNI), which added +6.53% to +3.98% YTD, extending the YTD lead vs. the Chinese market to +483 bps YTD. Amid more (relative) weakness in U.S. small- and mid-caps, in the U.S., the IPOX 100 U.S. (ETF: FPX) added +3.74% to +5.73% YTD, extending the YTD lead vs. the S&P 500 (SPX), benchmark for U.S. stocks, by +57 bps. to +274 bps. YTD.  Here, 76/100 portfolio holdings rose last week, with the average (median) stock adding +2.83% (+2.71%), significantly less when compared to the applied market-cap weighted IPOX 100 U.S. (ETF: FPX). Big gains in select IPO M&A’s and pure growth firms drove some of the strong gains, including biotech Biogen (BIIB US: +25.98%), car vending machine operator Carvana (CVNA US: +12.09), S&P inclusion candidates electric car maker Tesla (TSLA US: +14.99%) and ride sharing platform operator Uber (UBER US: +11.96%) and direct listing streaming music services firm Spotify (SPOT US). Big declines in life science equipment maker Avantor (AVTR US: -5.09%), social networker Snap (SNAP: -6.80%) and IT

IPOX® 100 ETF (ticker: FPX) Investing since 04/2006:

services provider VA-based Perspecta (PRPS US: -15.89%) and auto retailer Cargurus (CARG US: -6.48%) after earnings weighted on index performance. Abroad, we note another All-Time High in the IPOX Nordic (IPND), adding +3.42% to +6.47% YTD last week.  By capturing select IPO, Spin-off and IPO M&A opportunities in the Nordic Region, most upside focus last week was on Denmark-domiciled IT Services provider Netcompany (NETC DC: +15.89%), Stockholm-based cloud communication platform operator Sinch (SINCH SS: +11.49%) and Norway’s environmental management services provider Fjordkraft (FKRAFT NO: +7.75%).

Select IPOX® Indexes Price Returns (%) Last Week 2019 2020 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 3.55 27.93 5.94
IPOX® International (IPXI)* (USD) 2.90 31.37 3.45
IPOX® Indexes: United States
IPOX® 100 U.S. (IPXO)* (USD) 3.74 29.60 5.73
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 2.93 34.55 5.71
IPOX® Nordic (IPND) 3.42 38.52 6.47
IPOX® 100 Europe (IPOE)* (USD) 1.44 30.97 1.27
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 1.58 4.41 1.38
IPOX® China (CNI) (USD) 6.53 26.31 3.98
IPOX® Japan (IPJP)** (JPY) 2.96 7.91 0.87

* 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 (IPOH0). Source: Bloomberg L.P.

IPOX ETFs 2020 YTD Returns: IPOX 100 U.S. (ETF: FPX): +5.90%; IPOX International (ETF: FPXI): +2.61%; IPOX 100 Europe (ETF: FPXE): +1.62%.

IPO Deal-flow Review & Outlook: Contract research organization PPD, mattress-in-a-box pioneer Casper headlined busy week for U.S. IPOs. IPO Market set to slow. At least 9 firms commenced trading across the global regions last week with the average (median) equally-weighted deal adding +18.57% (+14.52%) based on the difference between the final offering price and Friday’s close. In the U.S., sentiment remained mixed: While PE-buyout drug research firm PPD (PPD US: +14.52%) rose, VC-backed mattress retailer Casper (CSPR US: -5.17%) slumped after a 50% valuation-cut and drug discovery software developer Schrödinger (SDGR US: +87.76%) skyrocketed. Brazil IPOs were another focus last week with real estate developer Mitre Realty (MTRE3 BZ: +3.99%) and web services provider Locaweb (LWSA3 BZ: +19.07%) rising in Sao Paulo. In Europe, KKR-backed smart meter supplier Calisen (CLSN LN: +0.00%) closed flat on London’s first Post-Brexit IPO. No significant IPOs are set to commence trading this week. Other IPO News include: 1) record label conglomerate Warner Music files for U.S. IPO; 2) SpaceX to spin off satellite internet business Starlink; 3) CVC to consider the floatation of French medical chain ELSAN and 4) project management software unicorn Asana to proceed with Direct Listing.
**Terms applies

Track Priced & Upcoming IPOs on https://ipox.com/ipox-deals/


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