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Josef Schuster  

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  • LinkedIn IPO Soars, And an IPO ETF Outperforms the Market [View article]
    The underlying index to the First Trust U.S. IPO Fund (FPX) - the IPOX-100 U.S. Index - has a rule whereby companies need to float at least 15% and need to be underpriced by less than ca. 55% to be eligible for index membership. Therefore, LinkedIn will not enter the index. Market impact is not an issue because actual constituents are included quarterly and screened for liquidity. Around USD 400m in total has been tied to this underlying index since starting live in 2004. One IPO fund which was allocated stock in LinkedIn at the IPO price is the Direxion Long/Short IPO Fund (DXIIX) which rose 1.53% on the day LinkedIn went public.
    May 19, 2011. 11:14 PM | 3 Likes Like |Link to Comment
  • Last Week in Global IPOs: U.S. Sentiment Weakens [View article]
    Thanks !!!
    May 10, 2011. 01:31 PM | Likes Like |Link to Comment
  • The Week in Global IPOs: Busy During Expiration [View article]
    The A-shares have already been trading in the Chinese domestic market (002336 CH), trading pretty much flat based on their IPO price. Consumer Stocks do have a tougher time to make it to market in HK these days, so I expect the listing earliest Q2 2011 in Hong Kong.
    Dec 16, 2010. 09:44 AM | Likes Like |Link to Comment
  • Just One Stock: Profits From Asian Consumers, Via China Gambling IPOs [View article]
    Thank you for the comments. My key top long fund holdings had a tremendous week with casino operator Wynn Macau (+11.19%), cosmetics group L'Occitaine (+9.59%) and car retailer Zhongsheng Group (+12.00%) all amongst the top performers in the Hong Kong Market since publication. Casino Operator Sands China (-1.90%), not a fund holding, was under downside pressure, however, on law suits and a downgrade, helping to propel the IPOX-run Direxion Long/Short Global IPO Fund ( to rise strongly at a negative correlation to the benchmarks.
    Oct 22, 2010. 10:41 AM | 1 Like Like |Link to Comment
  • This Week in Global IPOs: New Issues Cycle in Full Swing [View article]

    The IPOX Indexes are asset allocation focused, semi-passive vehicles to the "going public" effect in global IPOs and spin-offs issued over a 1000- trading day rotational cylce.

    Started live in 2004 and calculated by Standard & Poor's, the IPOX-30 U.S., for example, has outperformed the S&P 500 by 8500 bps since 2004.

    Typically captures hedge-fund heavy large IPOs and spin-offs as a group (e.g. PM, V, MA, COV, MJN, H, DG, etc. for the US).

    Josef Schuster
    Oct 1, 2010. 01:09 PM | Likes Like |Link to Comment
  • New ETF Tracking IPOs Launching Today (FPX) [View article]
    IPOX (FPX) is about gaining exposure into the largest IPOs during the past four years: IPOs/spin-offs enter the index by size (if they are large enough at inception of trading) or by momentum (through quarterly re-balancing). This tilts the index towards large-cap stocks and is investable solution to the dispersion of long-run IPO returns whereby many IPOs underperform but exposure into few overperforming ones can have substantial asset allocation benefits.
    Apr 29, 2008. 03:12 PM | Likes Like |Link to Comment