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The IPOX Week (02/25/2013): Broad Retreat On Spike In Risk, China Plunge !!!

IPOX Indexes Weekly Summary

· After option expiration, IPOX Indexes lag as global risk spikes. China-linked exposure plunges anew.

· IPOX-U.S. linked ETF (NYSEARCA:FPX) retreats on broad weakness as investors take profits after earnings.

No significant deal flow lined up.

IPOX Returns, Notable Company Movers:

· All IPOX Indexes fall, IPOX China (NYSE:CNI) outperforms: Amid a spike in global risk with the VIX U.S Volatility Index (VIX: +13.72%) surging and profit taking after the big run-up, all IPOX Indexes retreated on the week. On the global level, the IPOX Global 50 (IPGL50) Index lost -1.75% to +4.26% YTD, -129 bps. more than benchmark MSCI World (MXWD). Weakness was broad-based and extended across the IPOX regions: In the U.S., the IPOX-linked First Trust U.S. IPO Fund (fund ticker: FPX) shed -1.43% to +8.45% YTD with worldwide hotel operator Marriot International (MAR US: -14.39%), cloud-related Fusion-IO (FIO US: -9.48%), residential mortgage service producer Nationstar Mortgage (NSM: -9.38%) or electric carmaker Tesla Motors (TSLA: -5.71%) in focus. While social network operator heavyweight Facebook (FB: -4.18%) retreated anew on secondary stock selling, discount retailer Dollar General (DG: +2.22%), vitamin retailer GNC (GNC: +5.67%), Solarcity (SCTY: +2.55%), Burger King Worldwide (BKW: +8.50%) or HomeAway (AWAY: +13.11%) bucked the weakness. Profit taking also pressured the IPOX Europe, with the IPOX Europe 30 (IXTE: +0.06%) lagging. Amid the revival in the European IPO market with Germany's private-equity backed chemicals company and DAX-30 candidate EURbn 14 Evonik Industries reviving plans for an April 2013 IPO, IPOX Europe's German-domiciled heavyweights Brenntag (BNR GY: +0.36%) and takeover candidate Kabel Deutschland (KD8 GY: +1.90%) hit a new weekly post-IPO high. Big moves across Asia-Pacific markets caused the IPOX Asia-Pacific (IPTA: +0.15%) to also lag benchmarks. While China-linked exposure slumped, Japan continued to trade firm on perceived policy actions. Amongst IPOX's Japanese exposure, snack-food maker USDbn 2.9 Calbee (2229 JT: +4.09%) closed the week at yet another fresh post-IPO high. Strong earnings from IPOX Asia-Pacific heavyweight Italian fashion maker Prada (1913 HK: +5.63%) underline the positive momentum in the luxury retail space. Notable is the continued slide in China-linked exposure with the FTSE China 25 (XIN0I: -4.35%) extending the three-trading week drop to a big -7.43%. While outperforming the benchmark, big declines in Financial stocks including broker CITIC Securities (6030 HK: -10.37%) or Ag Bank of China (1288 HK: -5.44%) also contributed to a slump in the IPOX China 20 (CNI: -3.09%). Longfor Properties (960 HK: +1.94%) rose against the trend. Amid a Goldman-Sachs (GS US)- led secondary offering aimed at increasing liquidity, China luxury retail shopping site operator Sequoia-backed USDbn 1.2 VIP Shop (VIPS US: -1.93% and +444.0% gain based on the first close) - one of only two IPOs of a U.S. IPO in 2012 - held most of its spectacular post-IPO gains last week.

· IPOX Indexes Comparative Price Returns:

Ticker (BBG/Reuters) Week 2012 YTD 13
IPOX Global 50 (IPGL50) (NYSEARCA:USD) -1.75 24.17 4.29
IPOX Global 30 (IPGL30) -1.83 19.57 5.61
MSCI World (MXWD) -0.46 13.44 4.10
IPOX U.S. 100 (IPXO) -1.43 29.17 8.45
IPOX U.S. 30 (IPXT) -0.99 28.86 7.50
S&P 500 (SPX) -0.28 13.41 6.27
IPOX Europe 50 (IPXUJPEU) (EUR) -0.31 6.09 5.22
IPOX Europe 30 (IXTE) (EUR) 0.06 0.03 5.73
STOXX 50 (SX5P) (EUR) 0.41 8.78 2.15
IPOX Asia-Pacific 30 (IPTA) 0.15 28.77 4.36
MSCI Asia-Pacific (MXPC) 1.31 10.97 4.89
IPOX China 20 -3.09 19.53 3.83
IPOX China Cp. (IPXUCHCP) -4.60 18.93 1.88
FTSE China 25 (XIN0I) -4.35 13.48 -2.46

Why choose IPOX to close the IPO/spin-off asset allocation gap?
§ Proven: Real-time performance over market cycles

§ Scalable and Stable: Clearly defined Philosophy

§ Patented: Portfolio Construction Technology

· Notable IPOX Indexes Movers:

IPOX Index Name Size Change Ticker
U.S. 100 Marriott Vac. Small -14.39 VAC US
Global 50 Citic Securities Large -10.37 6030 HK
U.S. 100 Fusion-IO Small -9.48 FIO US
Global 50 Yandex Mid -8.03 YNDX US
Global 30 Facebook Large -4.18 FB US
U.S. 100 HomeAway Small +13.11 HOME US
U.S. 100 SSN&C Small +11.58 SSNC US
Global 30 Prada Large +5.63 1913 HK
Asia-Pacific Calbee Mid +4.08 2229 JT
Asia-Pacific MGM China Mid +2.05 2282 HK

Upcoming global IPOs (Week: 02/25/2013):

Company Code Day Comment
Roma Group 8072 HK 02/25 Priced just above low end.

Roma Group (8072 HK) is a micro-cap provider of valuation and advisory serviced related to natural resources. The firm seeks to sell 25% for HKDm 100 to expand its R&D efforts.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.