SchusterWatch #859 (09/07/2026)
Strong Start as IPOX® 100 U.S. (IPXO) kicks off month with +1.75% gain.
IPOX® Global High Divi 7% Focus: +16.63% YTD (x Divi) to close at fresh record.
IPOX® 100 U.S. (ETF: FPX) welcomes Chicago’s Lincoln International (LNCL)
IPOs: Fast fashion firm SHEIN (625 HK) slumps in debut. H.K. IPOs in focus.
SUMMARY: Ahead of the shortened U.S. trading/Futures roll week, the IPOX® Indexes traded well-supported, with the U.S. universe leading the way. We note more relative strength in our IPO M&A-focused GINDEX® Growth Infusion U.S. (GNDX) and GINDEX® Growth Infusion International (GNDXI) strategies and the IPOX® Global High Dividend 7% Strategy, with the latter closing out the trading week at a fresh record.
IPOX® U.S. STRENGTH: Gains in select hardware, crypto and specialty health care exposure outweighed the pressure from continued anxiety over U.S. bond yields, with the IPOX® 100 U.S. (IPXO) adding +1.75% to +12.10% YTD last week, outpacing the S&P 500 Index (SPX) by +166 bps. 67% of portfolio holdings rose, with the average (median) equally weighted stock adding just +0.13% (+0.45%), underscoring the big week for some of the heavyweights. Storage device maker 02/25 spin-off Sandisk (SNDK US: +17.17%), stablecoin play 06/25 IPO Circle Internet (CRCL US: +17.11%) and insulin pump systems maker 03/26 IPO spin-off Minimed (MMED US: +15.85%) ranked among the best performers, with big gains motivated by bargain hunting (SNDK US), a great week for crypto and stablecoins on D.C. regulation hopes (CRCL US) and exceptional earnings (MMED US).
In other corporate actions, IPOX® welcomes Chicago-based investment bank 05/26 IPO Lincoln International (LCLN US) as its latest IPOX® 100 U.S. (IPXO) member, replacing 07/23 IPO biotech Apogee Therapeutics (APGE US). The firm, which focuses on the treatment of obstructive pulmonary disease, was acquired by Chicagoland-based Humira maker AbbVie (ABBV US: +0.38%), adding to the string of takeovers for biotech IPOs by global large pharma companies YTD.
Figure: The Long-Run Performance of the IPOX® 100 U.S. (IPXO)
IPOX® SPECIALTY STRATEGIES: We note with interest the continued strength in some of the IPOX® Specialty Strategies. For example, the IPOX® Global High Dividend 7% Strategy rose to +16.63% YTD (x Divi) last week, closing at yet another weekly all-time high. The strategy seeks to identify potentially mispriced high-dividend-paying firms which have pursued a corporate action, aiming to combine a stable 7% unlevered dividend yield with the potential for attractive stock price performance.
THE IPOX® SPAC INDEX: The Index edged up +0.58% last week, bringing year-to-date gains to +6.99%. Cryptocurrency miner and data center operator Cipher Mining (CIFR US: +16.94%) was the best performer as bitcoin broke $80k. Cruise ship spa provider OneSpaWorld (OSW US: -11.32%) was the worst performer with no specific catalyst. SPAC activity was relatively quiet during the week, with two SPACs announcing merger targets, including Texas Ventures Acquisition III (TVA US) with autonomous trucking software and hardware developer PlusAI. No SPACs completed business combinations, and only one new SPAC IPO launched in the U.S. during the week.
ECM REVIEW: 26 firms went public globally last week, raising $3.13 billion. New listings gained an average of +41.21% from offer price to Friday’s close (Median: +20.38%). Accessible deal flow focused on Hong Kong, led by the long-awaited IPO of fast-fashion giant SHEIN (625 HK: -21.46%), which raised $1.74 billion. Embodied AI company Mech-Mind Robotics Technology (9615 HK: -22.81%) raised $300 million.
OUTLOOK: During the shortened U.S. trading week, no U.S. IPOs are expected. Hong Kong remains busy with Chinese semiconductor memory products company Longsys Electronics (9976 HK, $785 million), commercial service robotics company Excelland Robotics (3231 HK, $112 million) and medical device maker Medcaptain Medical Technology (2041 HK, $77 million) lined up.
Looking further ahead, the IPO pipeline continues to build around Technology and Growth firms. SoftBank-backed data center developer SB Energy publicly filed for a Nasdaq IPO and is targeting at least $5 billion, with IPOX® Associate Lukas Muehlbauer cited by Reuters. Chinese AI developer Moonshot AI confidentially filed for a $3 billion Hong Kong IPO. Smart-ring and digital-health company Oura also publicly filed its S-1 for a September U.S. IPO and could seek to raise up to $3 billion at a valuation exceeding $16 billion.
