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Josef Schuster
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Josef Schuster is the founder of IPOX Schuster LLC, a data driven financial technology firm specializing in Financial Products Design related to global IPOs and spin-offs ( Our philosophy involves the classification of global IPOs ans spin-offs as a separate asset class.... More
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  • The Week In IPOs (02/06/2012): U.S. IPO ETF (FPX) Reaches All-time High !!!  0 comments
    Feb 6, 2012 11:23 AM | about stocks: FPX
    During another week of no Greek debt deal, global equities rose anew with the IPOX Strategies benefiting most. With Facebook Inc. now in the U.S. pipeline, the underlying index to the U.S. IPO ETF (FPX) closed at the highest level since its inception in 01/1989. More U.S. IPOs are set for public debut.

    Fact of the week: "If GOOG were FB, it'd IPO'd @ USD 300".


    • For the second week in a row, IPOX Alternativ Beta records massive absolute and relative gains:The IPOX Alternative Beta Strategy Portfolios again rose sharply vs. the benchmarks with the IPOX Global 50 (IPGL50) surging +4.07% to +12.73% YTD, outperforming benchmark MSCI World (MXWD) by a massive +208 bps. Performance within the IPOX Regional Strategy universe continued to confirm the global picture: In the United States, the IPOX U.S. universe (ETF: FPX) rose +3.86% to +10.97% YTD, beating the S&P 500 (SPX) by +169 bps, and closing on the highest level since the index's inception in 01/1989. In Europe, the IPOX Europe 50 (IPXUJPEU) rose +4.07% to +11.35% YTD, a +106 bps. performance jump vs. benchmak Stoxx 50 (SX5P), while the IPOX Asia-Pacific 30 (IPTA) rose +2.30% to +11.23% YTD, outperforming the MSCI Asia-Pacific (MXPC) by +206 bps. Upside focus within IPOX Emerging Markets remained on the huge momentum in the IPOX Latin America universe (IPXULATT: +5.50% to +21.23% YTD).
    • In individual equities, the strongest performers were some of the largest recent IPOs and spin-offs with 05/2011 IPO Glencore International (GLEN LN: +13.45%) gaining on its planned full takeover of 2002 IPO Xstrata Plc (XTA LN: +16.21%). 12/2010 IPO General Motors (GM: +7.43%) rose as the company climbed back on top of U.S. auto sales rankings. Groupon (GRPN: +21.94%), Zynga (ZNGA: +33.23%) or Gree Inc. (3632 JP: +20.65%) surged on Facebook's (NASDAQ:FB) IPO filing, while 12/2011 Japanese gaming IPO Nexon Inc. (3659 JP: +1.53%) traded only slightly higher, remaining -12.69% below its IPO price.

    Key IPOX Strategy Returns YTD 2012:

    Ticker (BBG/Reuters)

    Week (%)

    YTD 2012 (%) Name
    IPGLC (NYSEARCA:USD) 3.23 12.64 IPOX Global Comp
    IPGL100 (USD) 3.93 11.55 IPOX Global 100
    IPGL50 (USD) 4.07 12.73 IPOX Global 50
    IPGL30 (USD) 4.14 11.10 IPOX Global 30
    IPXO (USD) 3.86 10.97 IPOX U.S.100
    IPXT (USD) 4.12 9.24 IPOX U.S. 30
    IXTE (EUR) 4.01 10.51 IPOX Europe 30
    IPXUJPEU (EUR) 4.07 11.35 IPOX Europe 50
    IPTA (USD) 2.30 11.23 IPOX APAC 30
    IPXUEM (USD) 2.88 15.69 IPOX Emerging
    IPXUBRIC (USD) 3.79 16.72 IPOX BRIC 25
    IPXUCHCP(USD) 1.02 13.71 IPOX China Com.
    CNI (USD) 0.91 10.03 China IPOX 20
    IPXUCAUP(USD) 0.72 4.79 China IPOX A
    IPXULATT(USD) 5.50 21.23 IPOX LatAm 20
    IPXK30K (KRW) 1.49 1.34 IPOX Korea 30

    Most significant IPOs launched (last week)

    Company Ticker Return / IPO (%)
    Cempra Inc CEMP 1.00
    AVG Technologies NV AVG -18.19
    Beijing Philisense Tech 300287 CH 7.93
    Greenway Medical Tech GWAY US 32.90
    Matador Resources Co MTDR US 0.00
    Surya Esa Perkasa Tbk PT ESSA IJ 77.05
    Nam Hwa Construction Co 091590 KS 36.67
    US Silica Holdings Inc SLCA US -5.18
    • 8 global IPOs launched last week with the average (median) IPO gaining 16.52% (+4.47). The weeks' largest IPO (Dynamic Offshore) was pulled on a pre-IPO takeover by Sandridge Energy Inc. (SD US).

    Week Ahead (02/06/2012):

    Company Code Country Lead Manager
    Caesars Enter. CZR U.S. Citi
    ChemoCentryx CCXI U.S. Citigroup
    EPAM Systems EPAM U.S. BCLY, UBS
    Roundy's Parent RNDY U.S. CS, JEFF, JPM
    Ceres Inc CERE U.S. Barclays
    Erickson Air-Cr. EAC U.S. Stifel Nicolaus
    GSE Holding Inc GSE U.S. FBRCAP, WBC
    Synacor Inc SYNC U.S. BAML, CITI
    Brasil Travel BTUR3 BZ Brazil CS, BARCBK
    FX Alliance Inc FX U.S. CITI, GS, JPM
    Perfect Shape 1830 HK H.K. EVERBRIGHT
    • Good stock market momentum should again be supportive for this week's upcoming IPOs. Focus is again the U.S. market with at least 9 companies set to launch. Most upside focus is on tech-related IPOs, including EPAM Systems (EPAN US) and Synacor Inc. (SYNC US).

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: FPX
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