FANG-free, diversified IPOX 100 U.S. (ETF: FPX) gains, dodges concerted selling hitting U.S. benchmarks, eyes big technical level: Amid strong earnings, most IPOX Indexes traded higher during U.S. options expiration week. In the U.S., e.g., supportive yields, higher risk (VIX: +13.97%) amid dismal economic data and concerted selling of the derivatives-heavy equity benchmarks did little to derail the positive momentum in the IPOX 100 U.S. (ETF: FPX), which added +0.52% to -5.68% YTD, now +568 bps. YTD ahead of the S&P 500 (SPX), benchmark for U.S. stocks. The broad-based index now eyes the 3412.06 level – it’s 200-day moving average – as a key test for further upside. Special situations and strong earnings drove
FANG-free IPOX 100 U.S (ETF: FPX) eyes big technical level:
the good showing in the IPOX 100 U.S. (ETF: FPX), including biotech Myokardia (MYOK US: +99.20%), healthcare software provider 1Life Healthcare (ONEM US: +31.52%), fertility benefits management company Progyny (PGNY US: +15.76%), and communication services provider Zoom Video (ZM US: +12.50%). Spin-offs consumer staple Lamb Weston (LW US: -15.36%), computer services provider HPE (HPE US: -11.12%), and REIT Vici Properties (VICI US: -10.47%) performed worst.
Big week for the IPOX China, solid IPOX Europe (ETF: FPXE) drive IPOX International (ETF: FPXI) to weekly closing high. We note a big week for the IPOX China (CNI) which closed Friday at a multi-year high, adding +3.37% to +12.41% YTD. Strength here and in the IPOX Europe (ETF: FPXE) helped to propel the IPOX International (ETF: FPXI) to a weekly all-time high. Ahead of more earnings for Technology firms across Asia-Pacific (BABA US, PDD US, SE US, ZTO US), individual “FPXI” holdings in focus included Chinese ecommerce platform Pinduoduo (PDD US: +12.27%), biotech HK-traded Wuxi Biologics (2269 HK: +8.25%), logistics firm ZTO Express (ZTO US: +7.00%) and Amsterdam-listed Financial Prosus (PRX NA: +6.66%), while global energy Riyadh-traded Saudi Arabian Oil Co. (ARAMCO AB: +1.29%) traded firm after re-iterating its dividend, currently at 4.48% p.a.
|Long-only IPOX® Indexes Price Returns (%)||Last Week||2019||2020 YTD|
|IPOX® Indexes: Global/International|
|IPOX® Global (IPGL50) (USD)||2.01||27.93||5.66|
|IPOX® International (IPXI)* (USD) (ETF: FPXI)||0.94||31.37||8.42|
|IPOX® Indexes: United States|
|IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX)||0.52||29.60||-5.68|
|IPOX® ESG (IPXT) (USD)||-0.80||–||–|
|IPOX® Indexes: Europe/Nordic|
|IPOX® 30 Europe (IXTE) (EUR)||0.38||34.55||8.14|
|IPOX® Nordic (IPND)||-0.27||38.52||4.51|
|IPOX® 100 Europe (IPOE)* (USD)||-0.05||30.97||-3.27|
|IPOX® Indexes: Asia-Pacific/China|
|IPOX® Asia-Pacific (IPTA) (USD)||0.34||4.41||2.18|
|IPOX® China (CNI) (USD)||3.37||26.31||12.41|
|IPOX® Japan (IPJP)** (JPY)||0.79||37.91||-11.62|
* 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]
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|MYOKARDIA (ETF: FPX)||99.20||STONECO (ETF: FPXI)||-22.14|
|1 LIFE HEALTHCARE (FPX)||31.52||COUNTRYSIDE (FPXE)||-20.47|
|HAPAG-LLOYD (FPXE)||18.85||NETWORK INTN’L (FPXE)||-15.84|
|PROGYNY (FPX)||15.76||GSX TECHEDU (FPXI)||-15.60|
|CRISPR THERAP. (FPXE)||13.47||LAMB WESTON (FPX)||-15.36|
|FJORDKRAFT (FPXE)||13.34||AIB GROUP (FPXE)||-14.52|
|ZOOM VIDEO (FPX)||12.50||ARVINAS (FPX)||-14.21|
|CLOUDFLARE INC (FPX)||12.30||FARFETCH (FPXE)||-13.02|
|PINDUODUO (FPXI)||12.27||SOFTWAREONE (FPXE)||-12.96|
|PARADOX (FPXE)||11.80||CORTEVA (FPX)||-12.36|
Pick-up in IPO activity and filings, SelectQuote (SLQT US) lined up. At least 5 IPOs debuted across the global regions last week with the average (median) equally-weighted deal adding +36.64% (+46.03%) based on the difference between the final offering price and their respective Friday’s close. Video conferencing firm Pexip (PEXIP NO: +46.03%) surged in Oslo, while Swiss oncology biotech ADC Therapeutics (ADCT US: +56.05%) and Chinese medical device maker Peijia Medical (9996 HK: +67.97%) continued the biotech IPO rally. Brazilian parking services provider Allpark (ALPK3 BZ: -9.05%), however, fell on first Brazilian IPO since the COVID-19 pandemic. Insurance policy comparison firm SelectQuote (SLQT US) and cancer drug developer Kintor Pharmaceutical (9939 HK) are lined up. Other IPO news include: 1) JD.com-backed Chinese online grocery delivery platform Dada Nexus files 2) J&J-backed Genscript spin-off Legend Biotech and more biotechs to list 3) German analytics database firm Exasol revives Frankfurt IPO 4) PE-owned market-intelligent platform ZoomInfo Technologies to proceed with IPO 5) Online used car seller Vroom files confidentially for IPO.
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