Ahead of quarter-end, IPOX Indexes trade mixed, outperform. IPOX International (IPXI) closes at fresh weekly all-time high. Following U.S. Futures and Options expiration, the IPOX Indexes traded mixed. In respect of 1) COVID-19 overhang pushing U.S. yields lower (while U.S. equity risk fell on the week [VIX: -1.11%]) and 2) lackluster trading in U.S. tech (NDX: -1.59) with sentiment in social media shifting from Facebook (FB US: -9.60%) /Twitter (TWTR US:-13.08%) to IPOX Heavyweight Snap (SNAP US: +2.17%), e.g., the diversified, FANG-free IPOX 100 U.S. (ETF: FPX) fell -0.88% to +2.45% YTD, extending the YTD gain vs. the S&P 500 (SPX), benchmark for U.S. stocks, by +198 bps. to a large +931 bps. Here,
70/100 portfolio holdings fell on the week, with the average (median) equally-weighted stock declining by -1.64% (-2.25%), lagging the applied market-cap weighted IPOX 100 U.S. (ETF: FPX). Amid Russell Indexes rebalancing, notable moves amongst existing IPOX Portfolio Holdings included infrastructure software maker Fastly (FSLY US: +35.83%), streaming music provider Spotify (SPOT US: +14.55%) and online marketing solutions firm ZoomInfo (ZI US: +13.67%), while online betting sites operator Draftkings (DKNG US: -20.62%), biopharma Alector (ALEC US: -20.57%) and real estate services firm Safehold (SAFE US: -14.93%) fell. Abroad, we
IPOX International Investing with the “FPXI” ETF since 2015:
note another solid week for the IPOX International (ETF: FPXI) and IPOX 100 Europe (ETF: FPXE) which both closed at a fresh weekly all-time high. Companies in focus here included IPOX 100 Europe (ETF: FPXE) holding biotech Biontech (BNTX US: +20.97%) which gained on COVID-19 treatment hopes, while global food delivery platform operator IPOX International (ETF: FPXI) holding Just Eat Takeaway (TKWY NA: +7.16%) regained some lost momentum as investors are warming up to its pending Grubhub (GRUB US: +8.22%) deal. IPOX 100 Europe (ETF: FPXE) holding Aston Martin (AML LN: -28.81%) sank after announcing a significantly sized secondary offering.
|Select IPOX® Indexes Price Returns (%)||Last Week||2019||2020 YTD|
|IPOX® Indexes: Global/International|
|IPOX® Global (IPGL50) (USD)||-0.80||27.93||20.78|
|IPOX® International (IPXI)* (USD) (ETF: FPXI)||0.09||31.37||25.81|
|IPOX® Indexes: United States|
|IPOX® Composite U.S. (IPXC) (USD)||-2.02||24.65||5.62|
|IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX)||-0.88||29.60||2.45|
|IPOX® ESG (IPXT) (USD)||-1.96||–||–|
|IPOX® Indexes: Europe/Nordic|
|IPOX® 30 Europe (IXTE) (EUR)||-0.26||34.55||16.94|
|IPOX® Nordic (IPND)||2.54||38.52||22.68|
|IPOX® 100 Europe (IPOE)* (USD)||0.28||30.97||6.84|
|IPOX® Indexes: Asia-Pacific/China|
|IPOX® Asia-Pacific (IPTA) (USD)||-1.23||4.41||14.22|
|IPOX® China (CNI) (USD)||-0.10||26.31||28.88|
|IPOX® Japan (IPJP)** (JPY)||0.26||37.91||-1.12|
* 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]
|FASTLY||35.83||ASTON MARTIN LAGONDA||-28.81|
|KARUNA THERAPEUTICS||11.40||IRHYTHM TECHNOLOGIES||-14.22|
|DOCUSIGN INC||10.01||VIELA BIO INC||-13.11|
|BILL.COM HOLDINGS||9.57||TOPBUILD CORP||-12.36|
|GDS HOLDINGS||8.99||INSPIRE MEDICAL||-12.00|
IPO Deal-flow Review and Outlook: Grocer Albertsons (ACI US) falls in NYSE debut, while Chinese software maker Agora (API US) more than doubles. Data provider Dun & Bradstreet and insurtech Lemonade lined up. At least 7 sizable IPOs commenced trading across the global regions last week, with the average (median) equally-weighted deal surging +55.90% (+18.75%) based on the difference between the final offering price and their respective Friday’s close. Cerberus-backed grocer Albertsons (ACI US: -3.44%) stumbled on below-range, downsized IPO while Chinese real-time communication API developer Agora (API US: +152.5%) more than doubled on above-range offer. Japan’s first sizable IPO since the pandemic, local shopping info provider Locoguide (4497 JP: +198.50%), almost tripled. This week, PE-owned business data and analytics veteran Dun & Bradstreet (DNB US) and Softbank-backed insurtech unicorn Lemonade (LMND US) are set to kick off the U.S. July IPO blitz. Abroad, Korea’s biggest IPO since 2017, SK Group spin-off SK Biopharmaceuticals (326030 KS), Thailand’s largest rubber producer Sri Trang Agro Industry’s glove-business spin-off Sri Trang Gloves (STGT TB), and 989x oversubscribed Chinese medical device company Kangji Medical (9997 HK) are in focus. Other IPO news include: 1) Celebrity gym F45 to “go public” in Q3 via reverse merger and 2) PE-backed Polish online auction marketplace Allegro seeks €10b valuation in potential Warsaw IPO.
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