The IPOX® Week, October 19th, 2020

  • Big momentum in unique growth stocks propels most IPOX Strategies to fresh weekly All-Time Highs.
  • ETFs in focus: FPX, FPXI and FPXE.
  • IPOX SPAC Index (SPAC) adds +0.23% last week.
  • IPOs debut strongly across sectors and global regions; cybersecurity firm McAfee (MCFE US) and Norway’s LINK Mobility (LINK NO) lined up.

Most IPOX Strategies close as fresh weekly all-time Highs. More COVID-anxiety and a strong dollar did little to derail the positive momentum in the IPOX Strategies, with multiple portfolios closing out last week at a fresh All-Time High. In the U.S., e.g., the IPOX 100 U.S. (ETF: FPX) added +0.36% to +27.61% YTD, extending the YTD lead vs. the S&P 500 (SPX) to +1978 bps. Big (relative) gains extended to markets abroad with strong earnings and corporate actions activity driving the IPOX 100 Europe (ETF: FPXE) to a gain of +0.15% and to +19.77% YTD, while the European market declined -1.87% to -10.35% YTD. Focus here was on food delivery firms HelloFresh (HFG GY: +16.66%) and Takeaway.com (TKWY NA: +13.06%), biotech’s CRISPR Therapeutics (CRSP US: +11.77%) and Oncopeptides (ONCO SS: +11.03%), as well as solar power producer Scatec Solar (SSO NO: +10.06).

IPOX® International Investing with the” FPXI” ETF since 2015:

IPOX® SPAC Index (SPAC): The Index added +0.36% to +10.92% since its July 30 launch. SPAC news include: 1) Completed business combinations: a) Forum Merger II with Ittella International (forming plant-based food company Tattooed Chef (TTCF)) and b) Insurance Acquisition with used car platform Shift Technologies (SFT); 2) 5 SPACs announced targets: a) FS Development (with Gemini Therapeutics), b) CC Neuberger I (with supply chain software developer E2open), c) AMCI Acquisition (with fuel cell and hydrogen firm Advent Technologies); d) Replay Acquisition (with Blackstone-backed consumer lending platform Finance of America), and e) Churchill Capital II (with corporate digital learning firms Skillsoft (Software Luxembourg Holding) and Global Knowledge Training; 3) TikTok rival video-sharing platform Thriller in talks to go public via SPAC merger; 3) SoftBank Group’s Vision Fund plans to launch a SPAC; 4) 5 new SPACs IPO’d.

Select IPOX® Indexes Price Returns (%) Last Week 2019 2020 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) 0.31 27.93 46.36
IPOX® International (IPXI)* (USD) (ETF: FPXI) -0.45 31.37 47.13
IPOX® Indexes: United States
IPOX® Composite U.S. (IPXC)* (USD) 0.07 24.65 25.96
IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX) 0.36 29.60 27.61
IPOX® ESG (IPXT) (USD) 0.41
IPOX® SPAC (SPAC) (USD) 0.23
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 1.28 34.55 27.05
IPOX® Nordic (IPND) 0.48 38.52 44.15
IPOX® 100 Europe (IPOE)* (USD) 0.15 30.97 19.77
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) -0.46 4.41 39.70
IPOX® China (CNI) (USD) 1.48 26.31 56.67
IPOX® Japan (IPJP)** (JPY) 0.71 37.91 25.74

* 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]

IPOX-linked ETFs (FPX, FPXI, FPXE) Movers (Last Week in %):
Cloudflare 25.76 Fastly -33.11
HelloFresh 16.66 Ever Sunshine Lifestyle -11.92
Freee KK 15.45 Redfin -11.73
Harmony Biosciences 15.38 Uber Technologies -9.53
Goosehead Insurance 15.28 Bilibili -9.50
Zoom Video Communications 13.52 DraftKings -9.18
Duck Creek Technologies 13.40 Trainline -8.60
Just Eat Takeaway.com 13.06 Powerlong Commercial -7.91
CRISPR Therapeutics 11.77 Koolearn Technology -7.63
Xiaomi 10.50 Beyond Meat Inc -5.83

IPO Deal-flow Review and Outlook: 19 firms IPO’d across the global markets last week, with the average (median) equally weighted deal adding +32.16% (+25.19%) based on the final offer price and respective close. Deals were well received globally, including Oaktree-backed solar tracker manufacturer Array Technologies (ARRY US: +77.05%), Tencent-backed discount household products retailer MINISO (MNSO US: +15.90%), hearing-aid maker Eargo (EAR US: +87.11%), Poland’s record-setting IPO-e-commerce company Allegro (ALE PW: +89.42%), London-traded Kazakhstan fintech unicorn Kaspi (KSPI LI: +25.19%) and K-pop group BTS’ record label Big Hit Entertainment (352820 KS: +48.52%). TPG-owned Intel spin-out, cybersecurity firm McAfee (MCFE US), Norwegian mobile messaging platform LINK Mobility (LINK NO) and Siam Cement’s packing unit SCG Packaging (SCGP TB) are among deals set to debut this week. Other IPO news include: 1) videogame platform Roblox and mobile game company Playtika filed confidentially for U.S. IPO; 2) New York-based website builder Squarespace prepares for an IPO; 3) CVC-backed Thai microfinance firm Ngern Tid Lor weighs $1B IPO; 4) European industrial property developer CTP in preliminary IPO talks aiming for $7B valuation.

Track global deal flow live on: https://bit.ly/32zolmG

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