The IPOX® Week, September 2, 2019

  • IPOX Indexes top August Performance Rankings. IPOX International (ETF: FPXI) adds to YTD gains.
  • Amid earnings and volatility, big distribution in monthly returns.
  • IPO Deal-flow Review & Outlook: 19 firms go public during August, raising ca. $2.7 billion. No deal flow seen during shortened U.S. trading week

IPOX Indexes top August Performance Rankings. IPOX International (ETF: FPXI) adds to YTD gains. Amid the jump in volatility (VIX: +17.74%) and the historic rally in government debt, the IPOX Indexes traded well supported during August. In the U.S., e.g., the diversified, FANG-free IPOX 100 U.S. (ETF: FPX) declined by -0.59% to +27.16% YTD, significantly ahead of the U.S. equity benchmarks, including the S&P 500 (SPX). Abroad, big gains in specialized exposure insulated from global trade and growth vows pushed the IPOX International (ETF: FPXI) to a strong month, adding +1.21% to +23.44% YTD, with the portfolio now more than doubling the returns of the respective benchmarks over the past three  years,  according  to  Bloomberg. In the  U.S., firms linked  to

IPOX® 100 U.S. Investing with the “FPX” ETF since 2006:

IPOX M&A helped to shield the IPOX 100 U.S. (ETF: FPX) from bigger losses, including pork producer Tyson Foods (TSN US: +16.98%), medical equipment maker Stryker (SYK US: +5.14%) or telecom giant Verizon (VZ US: +5.13%), while gains across the list of Brazil-domiciled exposure including managed care providers Notre Dame (GNDI3 BZ: +28.33%) and Hapvida (HAPV3 BZ: +23.71%), as well as payment processor Pagseguro Digital (PAGS US: +14.90%) drove some of the unique returns in the IPOX International (ETF: FPXI). Big monthly losses in retailer Ollis (OLLI US: -34.53%), animal health care firm Elanco (ELAN US: -21.06%) and payment processor Spuare (SQ US: -23.09%) soured the otherwise positive momentum in the IPOX 100 U.S. (ETF: FPX).

Amid returns, IPOX-linked Funds record inflows during August: The IPOX 100 U.S. (IPXO)-linked, $1.3 billion First Trust U.S. Equity Opportunities ETF (FPX) finished the month at +27.66% YTD, while the IPOX International (IPXI)-linked First Trust International Equity Opportunities ETF (FPXI) and the IPOX 100 Europe (IPOE)-linked First Trust IPOX® Europe Equity Opportunities ETF (FPXE) closed at +25.74% and +23.22% YTD, respectively. The actively managed Catalyst IPOX® Allocation Fund (OIPAX US) finished August at +24.89% YTD.

Select IPOX® Indexes Price Returns (%) Last Week 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) -1.32 -11.37 23.63
IPOX® International (IPXI)* (USD) 1.21 -13.47 23.44
IPOX® Indexes: United States
IPOX® Composite U.S. (IPXC)* -1.56 -7.59 17.93
IPOX® 100 U.S. (IPXO)* -0.59 -8.80 27.16
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) -1.55 -13.46 22.80
IPOX® Nordic (IPND) -0.92 -15.45 23.69
IPOX® 100 Europe (IPOE)* (USD) -1.38 -16.60 19.95
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) -3.00 -3.21 2.14
IPOX® China (CNI) (USD) 2.37 -22.83 15.00
IPOX® Japan (IPJP)** (JPY) -3.10 -13.70 -3.00

* 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 (IPOU9). ** Live since 07/18. Please contact [email protected] for other IPOX® Indexes.

IPO Deal-flow Review & Outlook: 19 firms go public during August, raising ca. $2.7 billion. No deal flow seen during shortened U.S. trading week. Only one sizable firm – private equity Promethean buyout – small-cap building construction materials provider Brickability (BRCK LN) debuted last week in markets open to global investors, adding +5.0% based on the difference between its offer price and Friday’s close. This concluded the finale of a slow August with a total of 19 eligible IPOs going public across the global investable universe, raising ca. $2.7 billion. The numbers were lower than anticipated after the “red-hot” July IPO market with 45 offers and ca. $8.9 billion raised. While the slowdown was partially due to IPO seasonality, uncertainty over U.S.-China trade and the continuous protest in Hong Kong also weighed on global deal flow sentiment.

No deal flow is expected during the shortened U.S. Labor Day week. Other notable IPO news flow during the past week include a) the first financial snapshot of VC & PE backed indoor bike and treadmill maker and streaming fitness company Peloton. The high-profiled unicorn is now added to the September pipeline seeking a valuation of over $5 billion, b) PE-backed Chinese sportswear retailer Topsports to list in Hong Kong, c) initial IPO plans of the largest gay dating app Blued and d) rumors of a Tokyo listing for Aramco.

 

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