IPOX Weekly Summary
- IPOX Strategies build on positive momentum.
- Trading volume in IPOX-linked ETF (FPX) surges.
- Slew of Indonesian IPOs set to commence trading.
- IPOX U.S. and IPOX Asia-Pacific at all-time highs.
IPOX Returns, Notable Company Moves:
· Key IPOX Strategies kick-off the 2013 with market-beating returns: A positive outcome to U.S. fiscal talks, good Chinese economic numbers and asset allocation flows into global equities benefited the IPOX Strategies, with the IPOX Global (IPGL50) gaining a further +2.98% during the first week of 2013, +65 bps. more than benchmark MSCI World (MXWD). For another week, gains were driven by strength in the IPOX U.S. (IPXO) and IPOX Asia-Pacific (IPTA) Portfolios, which closed the week at fresh all-time highs (Chart 1). Individual equity positions in focus were USDbn 6.7 Singapore-traded shopping mall operator and 11/09 IPO CapitaMalls Asia (CMA SP: +8.76%) after positive analyst comments or the Hong-Kong traded Macau casino complex including IPOX heavyweight Sands China (1928 HK: +7.95%) and Wynn Macau (1128 HK: +6.68%) after reporting strong December gaming revenue numbers. 5/12 IPO Social networker Facebook (FB: +8.00%) and 5/11 IPO global miner Glencore International (GLEN LN: +8.40%) ranked among the top performing large-caps in IPGL50.
· IPOX Strategies Comparative Returns YTD 2013:
|Ticker (BBG/Reuters)||Week||2012||YTD 13|
|IPOX Global 50 (IPGL50) (USD)||2.98||24.17||2.98|
|MSCI World (MXWD)||2.33||13.44||2.33|
|IPOX U.S. 100 (IPXO)||3.10||29.17||3.10|
|IPOX U.S. 30 (IPXT)||3.15||28.86||3.15|
|S&P 500 (SPX)||2.82||13.41||2.82|
|IPOX Europe 50 (IPXUJPEU) (EUR)||2.98||6.09||2.98|
|IPOX Europe 30 (IXTE) (EUR)||2.66||0.03||2.66|
|STOXX 50 (SX5P) (EUR)||2.93||8.78||2.93|
|IPOX Asia-Pacific 30 (IPTA)||2.65||28.77||2.65|
|MSCI Asia-Pacific (MXPC)||1.82||10.97||1.82|
|IPOX China 20 (CNI)||3.96||19.53||3.96|
|IPOX China Cp. (IPXUCHCP)||4.28||18.93||4.28|
|Hang Seng Enprs. (HSCEI)||4.38||15.09||4.38|
|Why choose IPOX to close the IPO/spin-off asset allocation gap?|
|§ Proven: Real-time performance over market cycles|
§ Best in Practice: Investment Management Mandates
Amid relative strength in global small-caps with the Russell 2000 (RUT: +3.51%) continuing its outperformance from two weeks ago on the foregone "January Effect," respective members in the IPOX universe surged, including Australian online marketplace USDbn 1.9bn Carsales.com (CRZ AU: +9.40%), Elon Musk-backed 12/12 U.S. IPO alternative energy firm Solarcity (SCTY US: +20.96%) or hard-hit Groupon (GRPN: +8.20%) and Zynga (ZNGA: +10.55%). Notable are Friday's big gyrations in the spread relationship between U.S. equity benchmarks (SPX, NDX, RUT) with the tech-heavy NASDAQ-100 (NDX: +2.39%) underperforming. The weakness in U.S. technology is also indicated when looking at the worst performing IPOX members last week with 06/12 IPO USDbn 3.6 ServiceNow (NOW US: -3.36%) or 07/12 IPO USDbn 3.3 Palo Alto Networks (PANW: -9.85%) falling sharply. In IPOX Emerging Markets, the IPOX China 20 (CNI: +3.96%) rose anew. The big post-IPO jump in 12/12 IPO USDbn 21.8 Peoples Insurance Co. of China (1339 HK: +17.53% since IPO) bodes well for upcoming pricing activity in China-linked IPOs in Hong Kong and abroad.
· After surging +30.44% in 2012, the IPOX-linked First Trust U.S. IPO Fund (Ticker Symbol: FPX) receives record media attention, trading volume surges:
Here are links to some of the stories as published by The Wall Street Journal and etftrends.com:
· Significant IPOs Traded (Week: 01/01/2013):
|No IPOs priced and traded|
· Upcoming Global IPOs (Week: 01/07/2013):
|Pelayaran Nasional Bina Bu.||BBRM IJ||01/09/13||OSK Inv. Bank|
|Saraswati Griya Lestari||HTOL IJ||01/10/13||Valbury Asia|
|Bank Maspion Indonesia||N/A||01/10/13||Makinta Sec.|
|Sarana Meditama Metropol.||SAME IJ||01/11/13||Lautandhana|
Indonesia kicks of a new global IPO cycle with the launch of 4 deals. With the average (median) 2012 IPO trading on the Indonesian Stock Exchange rising +50.53% (+15.00%) from the final offering price, expect a strong debut for the deals.