SchusterWatch #862 (09/28/2026)
IPOX® mixed as slump in U.S. Treasury Bonds, oil volatility pressures sentiment anew.
Asia firms: IPOX® China (CNI) gains, IPOX® Japan (IPJP) soars to +69.89% YTD.
Better than AI: Global basket of Specialist Financials remains a class of its own.
IPOs: Another U.S. biotech receives a warm welcome. Health tech Oura lined up.
SUMMARY: IPOX® continued to trade lacklustre following September Futures and Options week, as U.S. bond yields surged on strong U.S. economic data and higher oil prices capped enthusiasm for equities. Corporate action-related global specialty financials continued their unabated rally.
IPOX® U.S.: The IPOX® 100 U.S. (IPXO) fell marginally to +9.65% YTD, lagging the S&P 500 (SPX) by -124 bps and marking a third straight week of losses. 67 of 100 portfolio holdings fell, with the average (median) stock dropping by -1.99% (-1.57%). Corporate action candidate media firm Warner Bros. Discovery (WBD US: +11.01%) ranked among the standouts as its merger with Paramount (PSKY US: -2.45%) cleared regulatory hurdles. Biotechs ranked toward the bottom, with recently added MBX Biosciences (MBX US: -14.75%) and Parabilis Medicines (PBLS US: -25.23%) among the weakest performers.
IPOX® EX-U.S.: Asia bucked weakness anew, with the IPOX® Japan (IPJP) soaring +2.34% to +69.89% YTD and the IPOX® China (CNI) recovering +0.50% to -7.69% YTD. Continued JPY weakness drove gains in Japan with small cap semiconductor maker Ferrotec (6890 JP: +16.54%) and professional services firm Next Generation (319A TT: +11.19%) leading the way, while electronic components maker Delton Technology (1989 HK: +12.55%) and biotech Biocytogen (2315 HK: +11.51%) were stand-outs amongst Chinese holdings.
BETTER THAN AI – GLOBAL SPECIALTY FINANCIALS PURSUING CORPORATE ACTIONS: Among a broad list of candidates, we note continued post-corporate-action strength across a number of IPOX® Specialty Holdings trading globally. Many are highly liquid and, we believe, potential M&A/corporate action targets themselves. Last week, the list included Greece’s EUR 3.2 billion Optima Bank (OPTIMA GA: +5.52% to +88.33% YTD) — highlighted in last week’s edition — and Japan’s regional banking group Hachijuni Nagano Bank (8359 JP: +5.30%). The stocks are key portfolio holdings in the IPOX® 100 Europe (ETF: FPXE) and IPOX® International (ETF: FPXI), respectively.
The Performance Select Specialty Financial versus iShares Global Financial ETF (IXG). (Source: Bloomberg; IPOX® Schuster LLC)
ECM REVIEW: 33 firms listed globally last week, raising $4.4 billion, gaining an average of +58.39% from offer price to Friday’s close (Median: +11.05%). Accessible deal flow was led by Hong Kong-listed communications equipment provider Ligent Technologies (9856 HK: +10.62%), which raised $723 million, followed by U.S. biotech ADARx Pharmaceuticals (ADRX US: +13.82%, $446 million), with IPOX® Associate Lukas Muehlbauer commenting on the debut in Reuters. Norway-based value retailer Outlet Group Holding (OUTLT NO: +13.64%) raised $121 million, while Chinese enterprise software provider Transwarp Technology (6727 HK: -22.41%, $88 million) plummeted. Swedish electricity infrastructure firm Linjemontage i Grästorp (LMGAB SS: +0.00%, $69 million) and golf retailer Dormy (DORMY SS: +3.43%, $44 million) also listed, while Australian defence company Innovaero Technologies (INN AU: -20.00%, $28 million) declined.
OUTLOOK: This week’s IPO calendar is led by the U.S. listing of Finland-founded smart-ring and digital-health company Oura (OURA US, $2.1 billion). IPOX® CEO Josef Schuster noted in Barron’s that restrictions aimed at discouraging investors from quickly flipping IPO allocations on retail platforms could influence Oura’s near-term aftermarket trading. IPOX® Associate Lukas Muehlbauer was interviewed for Finland’s largest business paper Kauppalehti, highlighting Oura’s strong brand and customer retention, while noting the importance of expanding recurring subscription revenue. Data-center infrastructure equipment provider Accelevation (ACCV US, $660 million) is also lined up in the U.S. In Hong Kong, photovoltaic automation company RoboTechnik Intelligent Technology (3757 HK, $660 million), printed circuit board maker Kinwong Electronic (3228 HK, $650 million), specialty materials producer Red Avenue New Materials (9607 HK, $382 million) and robotics and motion-control developer Direct Drive Tech (6731 HK, $138 million) are expected to list. South Korean aerospace navigation and anti-jamming systems provider Duksan Navcours (266690 KS, $30 million) rounds out the expected accessible calendar.
