The IPOX® Week, September 23, 2019

  • IPOX 100 U.S. (ETF: FPX) rises, while U.S. Markets fall.
  • Select IPOX Holdings zoom to fresh post-IPO Highs.
  • IPO Deal-flow Review & Outlook: The week’s high-profile unicorn IPOs restore confidence, record sizable initial returns. Big IPO wave this week with Swedish private equity giant EQT (EQT SS), German software company TeamViewer (TMV GR), U.S. indoor high-end bike maker Peloton (PTON US) and talent agency Endeavor (EDR US) set for public debut.

IPOX 100 U.S. (ETF: FPX) rises, while U.S. Markets fall. Amid a jump in risk (VIX: +11.50%) and declining U.S. yields, the IPOX Indexes traded well supported during FED & expiration week, with the IPOX 100 U.S. (ETF: FPX) reversing some of its negative relative Momentum from the previous weeks, adding +0.21% to +25.04% YTD last week, now +566 bps. YTD ahead of the S&P 500 (SPX), benchmark for U.S. stocks. Position trimming across high-beta exposure on valuation grounds after downgrades continued to weigh on sentiment across the IPOX Indexes, however, with portfolio holdings including wireless enabled devices maker Roku (ROKU US: -26.77%), online furniture marketplace Wayfair (W US: -7.51%) or car vending machine operator Carvana (CVNA US: -6.00%) amongst the biggest decliners in the IPOX 100 U.S. (ETF: FPX) on the week.  We note fresh post-IPO Highs in IPOX-held Chicago, IL-based IT services provider/hardware re-seller CDW (CDW US: +8.37%; on its inclusion into the S&P 500 Index [SPX]), specialty biopharma 05/2016 IPO Reata Pharma (RETA US: +9.01%), and high yielding telecom carriers Japans SoftBank Corp. (9434 JP: +2.35%, one of the largest IPOs in 2018) and Sweden’s IPO M&A Tele2 AB (TEL2B SS: +6.96%, which in 2018 combined with IPOX Portfolio holding 06/2014 IPO cable & satellite services provider ComHem [COMH SS]).

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

IPOX-linked Funds Performance Updates: The IPOX 100 U.S. (IPXO)-linked, $1.43 billion First Trust U.S. Equity Opportunities ETF (FPX) closed at +25.59% 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 +23.31% and +23.31% YTD, respectively. Amongst actively managed IPOX funds, the Catalyst IPOX® Allocation Fund (OIPAX US) finished the week at +22.38% YTD.

Select IPOX® Indexes Price Returns (%) Last Week 2018 2019 YTD
IPOX® Indexes: Global/International
IPOX® Global (IPGL50) (USD) -0.07 -11.37 21.75
IPOX® International (IPXI)* (USD) -0.16 -13.47 21.60
IPOX® Indexes: United States
IPOX® Composite U.S. (IPXC)* 0.29 -7.59 18.52
IPOX® 100 U.S. (IPXO)* 0.21 -8.80 25.04
IPOX® Indexes: Europe/Nordic
IPOX® 30 Europe (IXTE) (EUR) 0.59 -13.46 23.06
IPOX® Nordic (IPND) 0.06 -15.45 22.98
IPOX® 100 Europe (IPOE)* (USD) 0.40 -16.60 19.96
IPOX® Indexes: Asia-Pacific/China
IPOX® Asia-Pacific (IPTA) (USD) 0.76 -3.21 2.86
IPOX® China (CNI) (USD) -0.37 -22.83 16.78
IPOX® Japan (IPJP)** (JPY) 1.82 -13.70 -0.40

* 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.

The week’s high-profile unicorn IPOs restore confidence, record sizable initial returns. Big IPO wave this week with Swedish private equity giant EQT (EQT SS), German software company TeamViewer (TMV GR), U.S. indoor high-end bike maker Peloton (PTON US) and talent agency Endeavor (EDR US) set to IPO. 7 firms debuted in markets open to global investors last week, with the average (median) equally-weighed stock adding +27.00% (+30.91%). Danaher’s dental unit Envista (NVST US: +30.91%), software unicorns Datadog (DDOG US: +33.89%) and Ping Identity (PING US: +29.93%) all surged above offer. Abroad, Japanese e-gift card startup giftee (4449 JP: +37.33%) also climbed. Another IPO wave this week is set including the 3rd largest private equity IPO of all-time, Swedish buyout giant EQT (EQT SS), the biggest European tech IPO in two decades, PE-backed German software unicorn TeamViewer (TMV GR) and the IPOs of U.S. indoor bike maker Peloton (PTON US) and PE-backed Hollywood entertainment giant Endeavor (EDR US). Other IPO news include a) the delay of WeWork’s IPO, b) homestay host unicorn Airbnb and UK data center operator Global Switch now on 2020 IPO track, c) J. Crew to spin off Madewell, d) upcoming London deals of Goldman Sachs-backed Kazakh financial group Kaspi and the African phone tower operator Helios Towers, e) KKR and Deutsche Bank-backed Australian lender Latitude Financial prepares for $2.5 billion IPO.

Track Priced & Upcoming IPOs on https://ipox.com


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