Track the performance of U.S. SPACs live with the IPOX® SPAC (BBG: SPAC, Reuters: .SPAC): The liquid IPOX SPAC (SPAC) added +6.44% last week, outperforming the S&P 500 (SPX) and Russell 2000 (RTY). IPOX SPAC news include: 1) Volkswagen-backed EV battery maker QuantumScape to merge with Kensington Capital Acquisition; 2) biopharmaceutical company Clene Nanomedicine to merge with Tottenham Acquisition I; 3) competitive mobile games platform Skillz to go public via Flying Eagle Acquisition; 4) at least 7 SPACs filed last week.
Most IPOX Indexes drop sharply from All-Time Highs as risk spikes ahead of U.S. Futures roll & quarterly expiration. Most IPOX Indexes reversed towards the long U.S. holiday week-end to close with sharp weekly losses as profit taking in the global technology sector after the historic run-up triggered broader benchmark selling amid a spike in equity risk (VIX: +33.93%) and higher U.S. yields. In the U.S., e.g., the FANG-free IPOX 100 U.S. (ETF: FPX) dropped by -3.23% to +15.05% YTD, lagging the S&P 500 (SPX), benchmark for U.S. stocks, by -92 bps. Declines were broad-based with the average (median) equally-weighted stock dropping -3.85% (-3.41%) last week, lagging the market-cap weighted IPOX 100 U.S. Index.
Weakness extended to select IPOX Indexes tracking non-U.S. domiciled exposure, including the International (ETF: FPXI) which fell by -4.07% to +42.06% YTD. Stocks with most downside focus here included European-domiciled exposure such as application software makers Sinch (SINCH SS: -11.31%) and TeamViewer (TMV GY: -10.42%), Dutch payment processor Adyen (ADYEN NA: -7.31%) as well as investment firm Prosus (PRX NA: -7.31%). Non-technology stocks helped to mitigate the portfolio from sharper losses, including Chinese consumer staple China Feihe (6186 HK: +7.15%), integrated oil producer 12/2019 IPO Saudi Aramco (ARAMCO AB: +2.86%), Mexico tequila maker Becle SAB (CUERVO MM: +2.67%) and Japans logistics firm SG Holdings (9143 JP: +2.07%).
|Select IPOX® Indexes Price Returns (%)||Last Week||2019||2020 YTD|
|IPOX® Indexes: Global/International|
|IPOX® Global (IPGL50) (USD)||-2.94||27.93||38.33|
|IPOX® International (IPXI)* (USD) (ETF: FPXI)||-4.07||31.37||42.06|
|IPOX® Indexes: United States|
|IPOX® 100 U.S. (IPXO)* (USD) (ETF: FPX)||-3.23||29.60||15.05|
|IPOX® ESG (IPXT) (USD)||-2.47||–||–|
|IPOX® SPAC (SPAC) (USD)||6.44||–||–|
|IPOX® Indexes: Europe/Nordic|
|IPOX® 30 Europe (IXTE) (EUR)||-4.79||34.55||16.66|
|IPOX® Nordic (IPND)||-4.67||38.52||31.38|
|IPOX® 100 Europe (IPOE)* (USD)||-5.22||30.97||11.80|
|IPOX® Indexes: Asia-Pacific/China|
|IPOX® Asia-Pacific (IPTA) (USD)||-1.36||4.41||28.42|
|IPOX® China (CNI) (USD)||-1.98||26.31||52.22|
|IPOX® Japan (IPJP)** (JPY)||2.96||37.91||11.68|
* 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]
|ZOOM VIDEO||23.60||SHOP APOTHEKE EUROPE||-23.50|
|PARADOX INTERACTIVE AB||20.95||ADC THERAPEUTICS SA||-19.43|
|MYOKARDIA INC||9.13||FASTLY INC – CLASS A||-14.52|
|XIAOMI CORP||8.89||CARVANA CO||-14.39|
|SELECTQUOTE INC||8.60||HELLOFRESH SE||-14.39|
|TRATON SE||7.95||INARI MEDICAL INC||-14.00|
|CHINA FEIHE LTD||7.15||ROCKET COS INC||-13.55|
|SAFEHOLD INC||5.89||BILL.COM HOLDINGS INC||-13.22|
|DOW INC||5.54||CLOUDERA INC||-13.16|
IPO Deal-flow Review and Outlook: General Atlantic-backed Brazilian drugstore chain Pague Menos rose on below-range IPO. U.S. sees another quiet week ahead. HK market in focus. Only 3 firms went public across the eligible global markets, with the average equally-weighted deal adding +2.38% based on the difference between final offer price and respective Friday’s close. PE-backed drugstore chain Pague Menos (PGMN3 BZ: +22.12%) gained after pricing below range, while real estate developer Lavvi (LAVV3 BZ: -9.47%) debuted below offer. While there are no U.S. IPOs scheduled amid the long Labor Day weekend, Hong Kong is expecting Chinese bottle water giant Nongfu Spring (9633 HK) and U.S.-listed fast-foot restaurant operator Yum China (9987 HK) to raise more than $3 billions in total. Warburg Pincus-backed Brazilian pet shop chain Petz (PETZ3 BZ) is also lined up to go public this week. Other IPO news include: 1) PE-backed publisher Springer Nature to revive €1B+ Frankfurt IPO; 2) Apparel maker Madewell withdraws IPO filing; 3) KKR-backed cybersecurity unicorn KnowBe4, $6B+ worth dating app Bumble eye for IPO; 4) $10B+ valued PE-backed e-commerce site Wish, telemedicine firm GoodRx file for IPO; 5) Saudi Arabia’s grocery chain BinDawood plans to list on Tadawul.
Track global deal flow live on: https://bit.ly/32zolmG
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