Key IPOX Indexes surge. IPOX 100 Europe, (ETF: FPXE) and IPOX International (ETF: FPXI) close week at all-time high. The key IPOX Indexes surged last week as: 1) U.S. technology stocks staged another strong technical reversal with the Nasdaq 100 (NDX) closing the week at an all-time high amid 2) Stable U.S. yields despite strong U.S. unemployment numbers with U.S. equity risk declining sharply (VIX: -20.30%). In the U.S., e.g., the diversified, broad-based, FANG-free IPOX 100 U.S. – underlying for the $1.4 billion “FPX” ETF – added +3.79% to +6.33% YTD, lagging the S&P 500 (SPX) by -23 bps. on the week. Here, 81/100 portfolio holdings rose, with the average (median) equally-weighted stock adding +3.20% (+3.35%). Gains extended to the IPOX Indexes focusing on non-U.S. domiciled stocks trading in the U.S. and/or abroad: On the international level, e.g,. the IPOX International (ETF: FPXI)- underlying for the fast-growing $141 million “FPXI” ETF – added another +4.21% to +31.10% YTD, a fresh all-time high, and now a massive +4270 bps. YTD ahead of the MSCI International (ex. U.S.) (MXWOU), the funds benchmark. A big week for the IPOX China Core (CNI) and IPOX Europe (ETF: FPXE) drove the strong
Rotation matters: IPOX International (ETF: FPXI) since 2015
showing in the “FPXI” ETF with continuing gains in the “New Generation” of stocks underweight or ignored in the stale global equity benchmarks, including recent IPO Swiss-based biotech ADC Therapeutics (ADCT US: +18.31%), Sweden’s B2B live casino solutions provider Evolution Gaming (EVO SS: +14.31%), Saudi Arabias health care services provider Riyad-traded 03/20 IPO Dr. Sulaiman Al Habib Medical Services Group (SULAIMAN AB: +13.01%) or H.K. traded “hot pot” restaurant supplier Yihai International (1579 HK: +12.13%). Health care services provider 1 Life Healthcare (ONEM US: +20.09%), CA-based insurance provider Palomar Holdings (PLMR US: +11.34%), drug discovery software maker Schrodinger (SDGR US: +9.66%) and Spin-off refrigeration solutions provider Carrier (CARR US: +9.25%) ranked amongst the best performing portfolio holdings in the IPOX 100 U.S. (ETF: FPX) last week.
|Select IPOX® Indexes Price Returns (%)||Last Week||2019||2020 YTD|
|IPOX® Indexes: Global/International|
|IPOX® Global (IPGL50) (USD)||4.69||27.93||26.44|
|IPOX® International (IPXI)* (USD) (ETF: FPXI)||4.21||31.37||31.10|
|IPOX® Indexes: United States|
|IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX)||3.79||29.60||6.33|
|IPOX® ESG (IPXT) (USD)||4.83||–||–|
|IPOX® Indexes: Europe/Nordic|
|IPOX® 30 Europe (IXTE) (EUR)||4.33||34.55||22.00|
|IPOX® Nordic (IPND)||4.99||38.52||28.80|
|IPOX® 100 Europe (IPOE)* (USD)||3.81||30.97||10.92|
|IPOX® Indexes: Asia-Pacific/China|
|IPOX® Asia-Pacific (IPTA) (USD)||0.23||4.41||14.49|
|IPOX® China (CNI) (USD)||5.01||26.31||35.33|
|IPOX® Japan (IPJP)** (JPY)||-1.14||37.91||-2.25|
* 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 (IPOM0). Source: Bloomberg L.P. & Refinitiv/Thomson Reuters. For IPOX Alternative Strategies Returns, please contact [email protected]\
|TESLA (FPX)||25.94||JOHN LAING (FPXE)||-15.37|
|ZUR ROSE GROUP (FPXE)||20.42||ZOOMINFO TECH (FPX)||-12.64|
|1 LIFE HEALTHCARE (FPX)||20.09||CLOUDERA (FPX)||-10.37|
|ADC THERAPEUTICS (FPX)||18.31||ASTON MARTIN (FPXE)||-7.27|
|EVOLUTION GAMING (FPXE)||14.13||SLACK (FPX)||-6.82|
|SHOPIFY (FPXI)||13.18||WUXI BIOLOGICS (FPXI)||-5.75|
|DR SULAIMAN (FPXI)||13.01||MYOKARDIA (FPX)||-4.43|
|YIHAI INTERN’L (FPXI)||12.13||KOOLEARN TECH. (FPXI)||-4.25|
|SHOP APOTHEKE (FPXE)||11.92||FJORDKRAFT (FPXE)||-4.04|
|SEA (FPXI)||11.81||MEDACTA GROUP (FPXE)||-3.73|
IPO Deal-flow Review and Outlook: Dun & Bradstreet, Lemonade, and Accolade kick-off July with strong debuts. After holiday, U.S. IPO market set to slow, while Hong Kong sees flurry of deals. At least 9 sizable IPOs commenced trading across the global regions last week, with the average (median) equally weighted deal adding +80.70% (+55.68%) based on the difference between the final offering price and their respective market’s close. Data and analytics veteran Dun & Bradstreet (DNB US: +23.18%) returned to the public with a solid debut just 16 months after taken private by private equity. Unicorns Softbank-backed insurtech Lemonade (LMND US: +139.34%) and health benefits platform Accolade (ACCD US: +35.00%) also soared, while Korean biotech SK Biopharmaceuticals (326030 KS: +236.73%) and massively oversubscribed Chinese medical device maker Kangji (9997 HK: +112.54%) more than doubled abroad. Amid the 4th of July week-end, no deals are scheduled for the U.S. market , while H.K. enters the busiest week since the pandemic with 9 IPOs scheduled with e-cigarette vaping device maker Smoore (6969 HK) lined up. Other IPO news include: 1) Apple device software management company Jamf and fintech unicorn nCino filed for U.S. IPO 2) Brazilian online education platform Uniasselvi revives U.S. IPO plan 3) China Bohai Bank to raise $1.85B in HK’s biggest offer YTD followed by beverage giant Wahaha‘s $1B IPO plan; 4) Online used-car seller Shift to go public in reverse merger.
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