IPOX® 週 www.ipoxschuster.com Jul 8, 2011 Summary 待ちに待っていた米国の収益シーズンが始まり世界証券は米 国雇用状況で感情が悪化する前の木曜まで強気の勢いが続い た。米国 IPO 予定は季節的に少なくチャイナ A シェア IPO の 初期リターンは劇的に高くなっており、又アジア太平洋小型 企業が多数上場予定している。 [週 7/11/2011 ] Highlights IPOX Indexes: IPOX グローバル全体は IPOX グローバル 30 (IPGL30) が 今年現在のリターンを+1.70% 上げて+7.95%とし、ベン チマークの MSCI World (MXWD) を 1.66%上回った。広 範な IPOX グローバル 100 (IPGL100) の 100 社中 58 社が 上昇、比重を等しくする IPOX 銘柄平均 +0.74% (中央値 +0.47%)で引け、 二週続けて時価総額毎のインデックスよ り大幅に低くなった。 IPOX 地域別では、IPOX U.S. (IPXO: +2.48% で今年現在 +12.28%) と IPOX アジア太平洋全体(IPTA: +3.76% で今 年現在+16.37%) が最も際立ったものとなり、IPOX U.S. 金曜日に下落する前の木曜日には過去最高値となった。セ ミコンダクターAeroflex (ARX:-17.16%) の金曜日の急落 は、弱気な見通しが発表された後はスピンオフの Motorola Mobility (MMI: -7.91%)等他のセミコンダクター 企 業 に 圧 力 を か け た 。 IPOX で 比 重 の 高 い Banco Santander Brazil (BSBR: -4.87%) が更に下落したことは、 南米市場は今年不安定感があることを示している。 Initial Returns in China A Share IPOs Key IPO Debuts: (Week 07/04/2011): Company Tifa Finance Tbk PT Danske Andelskassers IF Bancorp Inc SHW AG State Investors Bancorp Mauna Kea Technologies Hoegh LNG Holdings Ltd Modern Education Group Newton Resources Ltd Company Alkindo Naratama China Print Power Indo Straits Tbk PT Sidomulyo Selaras Ucar Oiltanking Partners Shunfeng Photo Star Petrochem Youbisheng Green Zall Development China Fiber Optic Golden Shield China Everbright Legend Strategy Prince Frog Sun Art Retail 最も注目をひく展開は中国本土へのリスクをとる感情が回 復していることである。(上表参照). Key IPOX Indexes Returns YTD: IPGL50 (USD) IPGL30 (USD) IPXO (USD) IPXT (USD) IXTE (EUR) IPTA (USD) IPXUEM (USD) IPXUBRIC (USD) IPXUCHCP (USD) CNI (USD) IPXUCAUP (USD) IPXULATT (USD) Return Week (%) +1.07 +1.70 +2.48 +2.22 -0.67 +3.76 +0.44 +0.82 +2.44 +3.62 +0.48 -1.14 2011 Return YTD (%) +7.18 +7.95 +12.28 +11.62 -0.40 +16.37 -2.04 -5.75 +2.51 +3.66 -2.80 -8.60 +/- Benchmark YTD . . Significant + Significant + . Significant + . Significant . . . Significant - Return / IPO (%) 55.00% 0.00% 16.70% -0.38% 19.80% 34.62% 10.26% 1.54% -10.86% 世界小型 IPO で投資可能な 17 社が上場し、この週の IPO 終 値平均最終売り出し価格から +19.22% ( 中 央値 +16.70%) となった。地域別では米国小型 U.S. S&L 銀行 で IF Bancorp (IROQ US: +16.70%) や State Investors Bancorp (SIBC: +19.80%)が 堅調なリターンをたたき出 し成功裡に終わった。. 香港小型 IPO 市場が活発な週を控え、主要 IPO は複雑な 状況である。Newton Resources (1231 HK: -10.86%) は 下 落 し た が 、 Modern Education Group (1082 HK: +1.54%) 僅かに上昇した。記載した通り、中国 IPO への 感情は引き続き改善している。チャイナ A シェア市場で 5 社が上場し、最終売り出し価格からの比較としては、 比重を等しくする IPO の平均+85.01% (中央値+84.25%) となった。 Upcoming IPOs: (Week: 07/11/2011): IPOX Ticker TIFA IJ Equity DAB DC IROQ US SW1 GR SIBC US MKEA FP HLNG NO 1082 HK 1231 HK Ticker ALDO IJ 6828 HK PTIS IJ SDMU IJ ALUCR FP OILT US 1165 HK STAR IJ YB1 GR 2098 HK 3777 HK 2123 HK N/A 8160 HK 1259 HK 6808 HK Day Tue Tue Tue TUe Tue Wed Wed Wed Wed Wed Thu Thu Thu Fri Fri Fri Lead Erdikha Elit China Construction Sinarmas Makinta Aurel BCLY, CITI, JPM, CHMRCH, DAIWA Andalan Artha BIW BNP, BOCOM BOC Guotai Junan All Major N/A N/A All Major 中国関連土地開発株が先週 急上昇し、香港 IPO9 社、インドネ シア 4 社が注目となった。主には小売業で Wal-Mart の中国本 土 で の 競 合 他 社 Sun Art Retail (6808 HK) だ っ た 。 Tiger Global をはじめとして数多くの米国有名ファンドに支持され、 当社は予測範囲の最高レベルで取引された。 Ask us how you can become an IPOX Licensing Partner – Contact: Dr. Josef Schuster – www.ipoxschuster.com - 001.312.264. 4410 email: [email protected] IPOX-100® Global Index www.ipoxschuster.com Jul 8, 2011 Objective To provide access into the growth and innovativeness of the global economy and trends in Equity Capital Markets Activity in developed countries within a disciplined and totally transparent index methodology. The IPOX-100 Global Index captures the performance of the Top 100 largest and generally most liquid IPOs and spin-offs in developed and emerging countries ranked quarterly by market capitalization in the underlying IPOX Global Composite Index. The Index has historically captured around 75% of the total market capitalization in the IPOX Global Composite Index and applies certain diversification rules, such as a 10% capping on the largest constituents and a minimum average daily equity turnover of approximately USD 10 million. Summary Statistics Top 10 Holdings Number of Holdings 100 Total Market Cap (USDbn) 1418.49 Average Market Cap (USDbn) 14.18 Median Market Cap (USDbn) 9.22 Largest Constituent (USDbn) 123.44 Sector Breakdown 1. Philip Morris International Consumer Discretionary 11.48 % 2. Ecopetrol SA ADR Consumer Staples 12.77 3. Visa Inc Energy 15.30 4. Glencore International PLC Financials 20.18 5. General Motors Company Health Care 4.72 Smallest Constituent (USDbn) 1.93 6. AIA Group Ltd Industrials Total Return (2010) (%) 7.67 7. BANCO SANTANDER BRASIL-ADS Information Technology 12.76 8. OGX Petroleo E Gas Participa Materials 11.86 9. Covidien Plc Telecom Services 2.26 Utilities 3.95 Daily Equity Turnover (Index) USD 3.5bn Liquidity Adjustment Ticker Symbol YES BBG <IPGL100> INDEX Closing Index level (USD) (P) 10. Sands China Ltd. 4.74 615.44 Price Performance (%) (USD based) Total Market Cap/Dispersion IPOX-100 MSCI Breakdown (USD)(% and #Co’s) Period Global MXWD S&P 500 Giant > 44.8 bn 26.56 5 5 days Large < 44.8 bn 53.58 48 2011 YTD 5.90 4.40 6.85 5.64 Mid < 8.6 bn 19.86 47 2010 5.27 10.42 12.78 -6.46 Small < 1.6 bn 0.00 0 2009 42.47 31.52 23.45 27.32 Micro < 451 ml 0.00 0 2008 -50.75 -43.45 -38.49 -45.76 2007 29.52 9.59 3.53 10.47 2006 42.80 18.84 13.62 23.41 2005 20.69 8.85 3.00 4.45 Best weekly Performer (%) 1.34 % 0.04% Dow Jones Stoxx 50 1.75% -1.92% 1. Longfor Properties Co. 15.72 1 year 22.61 23.78 25.56 19.58 2. Evergrande Real Estate 12.82 3 years -1.92 0.03 1.80 -6.26 3. BBMG Corporation 10.69 5 years 4.77 1.21 1.21 -3.40 10 years 9.60 3.25 1.22 1.00 Worst weekly Performer (%) 1. Hypermarcas SA -8.98 2. Motorola Mobility -7.91 3. Duratex S.A. -7.76 Exposure VALUE BLEND GROWTH IPOX-100 Global Base Date: 02/01/1999, annualized returns (p.a.) Comparative Historical Volatility (%) Bloomberg Days IPGL100 MXWD SPX SX5L 10 12.28% 11.79% 11.58% 18.48% 50 13.74 13.62 13.99 20.65 100 12.77 13.54 13.88 19.85 LARGE MID SMALL Areas of current exposure Regional Markets Breakdown (%) Asia-Pacific 31.33 % Developed Markets EU +Russia 51.79 % 32.35% Americas Emerging Markets 36.82% 48.21 % © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses of the carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] call (312) 264-4410. IPOX-30® Global Index www.ipoxschuster.com Jul 8, 2011 Objective To provide access into the growth and innovativeness of the global economy and trends in Equity Capital Markets Activity worldwide within a disciplined and totally transparent index methodology. The IPOX-30 Global Index captures the performance of the Top 30 largest and generally most liquid IPOs and spin-offs in domiciled in a developed and emerging country typically listed on a developed markets exchange, ranked quarterly by market capitalization in the underlying IPOX Global Composite Index. The Index has historically captured around 40% of the total market capitalization in the IPOX Global Composite Index and applies certain diversification rules, such as a 10% capping on the largest constituents and minimum liquidity thresholds of USD25m average daily equity turnover. Summary Statistics Top 10 Holdings Number of Holdings 30 Sector Breakdown 1. Philip Morris International Consumer Discretionary 12.99 % 15.46 Total Market Cap (USDbn) 749.32 2. Visa Inc Consumer Staples Average Market Cap (USDbn) 24.98 3. Glencore International PLC Energy Median Market Cap (USDbn) 16.12 4. General Motors Company Financials Largest Constituent (USDbn) 123.44 5. AIA Group Ltd Health Care 9.65 6. BANCO SANTANDER BRASIL-ADS Industrials 1.31 7. VTB Bank OJSC Information Technology 14.48 8. Covidien Plc Materials 10.31 9. Sands China Ltd. Telecom Services 0.00 Utilities 3.26 Smallest Constituent (USDbn) 7.86 Total Return (2010) (%) 4.28 Daily Equity Turnover (Index) USD 3bn Liquidity Adjustment Ticker Symbol YES BBG <IPGL30> INDEX Closing Index level (USD) (P) 10. CaixaBank 4.44 28.11 664.83 Price Performance (%) (USD based) Total Market Cap/Dispersion IPOX-30 Global MSCI Breakdown (USD)(% and #Co’s) Period (All Markets) MXWD S&P 500 Giant > 44.8 Bn 33.96 4 5 days Large < 44.8 Bn 63.59 24 2011 YTD 7.95 4.40 6.85 5.64 Mid < 8.6 Bn 2.44 2 2010 1.72 10.42 12.78 -6.46 Small < 1.6 Bn 0.00 0 2009 41.51 31.52 23.45 27.32 Micro < 451 Ml 0.00 0 2008 -46.47 -42.08 -38.49 -45.76 2007 29.16 7.09 3.53 10.47 2006 36.05 24.36 13.62 23.41 2005 28.02 13.14 3.00 4.45 Best weekly Performer (%) 1. Evergrande Real 1.70 % 0.04% Dow Jones Stoxx 50 (USD) 1.75% -1.92% 12.82 1 year 23.25 23.78 25.56 19.58 2. Wynn Macau 6.90 3 years -1.69 0.03 1.80 -6.26 3. DAI-ICHI LIFE 6.46 5 years 7.03 1.21 1.21 -3.40 10 years 10.48 3.25 1.22 1.00 Worst weekly Performer (%) 1. VTB Bank OJSC -7.01 2. BANCO SANTANDER -4.87 3. Enel Green Power SpA -4.11 Exposure VALUE BLEND GROWTH IPOX-30 Global Base Date: 02/01/1999, annualized returns (p.a.) Comparative Historical Volatility (%) Bloomberg Days IPGL30 MXWD SPX SX5L 10 14.49% 11.79% 11.58% 18.48% 50 14.51 13.62 13.99 20.65 100 13.14 13.54 13.88 19.85 LARGE MID SMALL Areas of current exposure Regional Markets Breakdown (%) Asia-Pacific 23.66 Developed Markets % EU+Russia 63.43 % 29.93% Americas Emerging Markets 46.41% 36.57 % j© IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses of the carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410. IPOX-100® U.S. Index (ETF: FPX) www.ipoxschuster.com Jul 8, 2011 Objective To provide access into the growth and innovativeness of the U.S. economy and trends in U.S. Equity Capital Markets Activity using IPOs and spin-offs as a proxy within a disciplined and totally transparent index methodology. Based on the IPOX Global Composite Index, the IPOX-100 U.S. applies certain diversification rules and liquidity adjustments, such as a 10% capping on the largest constituents. Summary Statistics Top 10 Holdings Number of Holdings 100 Total Market Cap (USDbn) 667.03 Sector Breakdown 1. Philip Morris International Consumer Discretionary 15.89 % 2. Visa Inc Consumer Staples 16.60 11.67 Average Market Cap (USDbn) 6.67 3. General Motors Company Energy Median Market Cap (USDbn) 2.65 4. Covidien Plc Financials 8.24 Largest Constituent (USDbn) 123.44 5. Kinder Morgan Inc Health Care 9.90 6. HCA Holdings Inc Industrials 7. TE Connectivity Ltd. Information Technology Smallest Constituent (USDbn) Total Return (2010) (%) Daily Equity Turnover (Index) 0.95 19.08 USD 5.5bn 8. Lorillard Inc Materials 1.28 YES 9. Discover Financial Services Telecom Services 1.04 BBG <IPXO> INDEX, FPX 10. Mead Johnson Nutrition Co Utilities 0.88 Liquidity Adjustment Ticker Symbol 6.86 27.65 Closing Index level (USD) (P) 1166.87 Price Performance (%) Total Market Cap/Dispersion Breakdown (USD)(% and #Co’s) Period IPOX-100 (FPX) Nasdaq-100 > 44.8 Bn 28.26 3 5 days Large < 44.8 Bn 31.67 13 2011 YTD 12.28 6.85 8.80 8.48 Mid < 8.6 Bn 34.19 58 2010 17.27 12.78 25.31 19.22 Small < 1.6 Bn 5.88 26 2009 43.73 23.45 25.22 53.54 Micro < 451 Ml 0.00 0 2008 -44.29 -38.49 -34.72 -41.89 2007 14.39 3.53 -2.73 18.67 2006 19.70 13.62 17.05 6.79 2005 23.40 3.00 3.32 1.49 1. PHARMASSET 1.75% Russell 2000 Index Giant Best weekly Performer (%) 2.48 % S&P 500 3.04% 3.48% 13.45 1 year 35.54 25.56 37.45 33.79 2. Netsuite Inc 7.95 3 years 4.95 1.80 7.69 8.74 3. Bridgepoint Education 6.57 5 years 6.97 1.21 3.74 9.41 10 years 7.99 1.22 5.85 3.72 Worst weekly Performer (%) 1. Aeroflex Holding Corp -17.16 2. Motorola Mobility -7.91 3. Molycorp Inc -5.50 Exposure VALUE BLEND IPOX-100 U.S. Base Date: 01/03/1989, annualized returns (p.a.) GROWTH Comparative Historical Volatility (%) Bloomberg Days IPXO SPX RUT NDX 10 12.37% 11.58% 11.87% 11.33% 30 18.02 16.11 20.78 18.86 50 16.23 13.99 20.01 16.49 MID 100 200 14.89 13.59 13.88 12.81 19.25 18.39 16.44 15.18 SMALL 400 17.12 16.50 23.11 18.30 LARGE Areas of current exposure Source: Bloomberg Analytics © © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410. IPOX-30® U.S. Index www.ipoxschuster.com Jul 8, 2011 Objective To provide access into the growth and innovativeness of the U.S. economy and trends in U.S. Equity Capital Markets Activity using IPOs and spin-offs as a proxy within a disciplined and totally transparent index methodology. Based on the IPOX Global Composite Index, the IPOX-30 U.S. applies certain diversification rules and liquidity adjustments, such as a 10% capping on the largest constituents. Summary Statistics Top 10 Holdings Number of Holdings 30 1. Philip Morris International Consumer Discretionary 17.71 % 2. Visa Inc Consumer Staples 20.33 3. General Motors Company Energy 4. Covidien Plc Financials 5. Kinder Morgan Inc Health Care 3.69 6. HCA Holdings Inc Industrials 16.99 7. TE Connectivity Ltd. Information Technology 8. Lorillard Inc Materials 1.29 YES 9. Discover Financial Services Telecom Services 1.70 BBG <IPXT> INDEX 10. Mead Johnson Nutrition Co Utilities 1.44 Total Market Cap (USDbn) 488.57 Average Market Cap (USDbn) 16.29 Median Market Cap (USDbn) 7.70 Largest Constituent (USDbn) 123.44 Smallest Constituent (USDbn) Total Return (2010) (%) Daily Equity Turnover (Index) USD 4.4bn Liquidity Adjustment Ticker Symbol Sector Breakdown Closing Index level (USD) (P) 8.20 4.74 12.03 6.40 26.17 1226.49 Price Performance (%) Total Market Cap/Dispersion Breakdown (USD)(% and #Co’s) Period IPOX-30 U.S. Russell 2000 Index Nasdaq-100 Giant > 44.8 bn 15.54 3 5 days 1.75% 3.04% 3.48% Large < 44.8 bn 35.44 11 2011 YTD 11.62 6.85 8.80 8.48 Mid < 8.6 bn 49.02 16 2010 14.92 12.78 25.31 19.22 Small < 1.6 bn 0.00 0 2009 40.35 23.45 25.22 53.54 Micro < 451 ml 0.00 0 2008 -42.55 -38.49 -34.72 -41.89 2007 12.30 3.53 -2.73 18.67 2006 24.77 13.62 17.05 6.79 2005 27.32 3.00 3.32 1.49 Best weekly Performer (%) 2.22 % S&P 500 1. Rackspace Hosting Inc 4.63 1 year 31.76 25.56 37.45 33.79 2. Philip Morris 3.99 3 years 3.76 1.80 7.69 8.74 3. General Motors 3.27 5 years 6.76 1.21 3.74 9.41 10 years 9.20 1.22 5.85 3.72 Worst weekly Performer (%) 1. Motorola Mobility -7.91 2. Molycorp Inc -5.50 3. NXP Semiconductor NV -5.34 Exposure VALUE BLEND GROWTH IPOX-30 U.S. Base Date: 01/03/1989, annualized returns (p.a.) Comparative Historical Volatility (Bloomberg) Days IPXT SPX RUT NDX 10 13.08% 11.58% 11.87% 11.33% 30 17.61 16.11 20.78 18.86 50 15.56 13.99 20.01 16.49 LARGE 100 14.30 13.88 19.25 16.44 MID 200 13.13 12.81 18.39 15.18 SMALL 400 16.77 16.50 23.11 18.30 Areas of current exposure Source: Bloomberg Analytics © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410. IPOX-30® Europe Index www.ipoxschuster.com Jul 8, 2011 Objective To provide access into the growth and innovativeness of the European economy and trends in European Equity Capital Markets Activity within a disciplined and totally transparent index methodology. Based on the IPOX Global Composite Index, the IPOX-30 Europe has historically captured around 40% of the total market capitalization in the IPOX Composite Europe Index and applies certain diversification rules, such as a 10% capping on the largest constituents and is adjusted for liquidity. Summary Statistics Top 10 Holdings Number of Holdings 30 Sector Breakdown 1. Glencore International PLC Consumer Discretionary 5.28 % Total Market Cap (EURbn) 182.44 2. CaixaBank Consumer Staples 0.00 Average Market Cap (EURbn) 6.08 3. Galp Energia SGPS SA Energy 8.34 Median Market Cap (EURbn) 3.88 4. Eurasian Natural Resources Corp Financials Largest Constituent (EURbn) 38.75 5. Enel Green Power SpA Health Care 6. Wacker Chemie AG Industrials 7. Suez Environment SA Information Technology 8. Amadeus IT Hldg SA Materials 9. Bureau Veritas SA Telecom Services Smallest Constituent (EURbn) 1.42 Total Return (2010) (%) 9.02 Daily Equity Turnover (Index) EUR 1.2bn Liquidity Adjustment YES Ticker Symbol BB <IXTE> INDEX Closing Index Level (USD) (P) 10. ADP Promesses 19.15 0.00 17.90 5.64 28.41 Utilities 0.89 14.39 440.80 Price Performance (%) Total Market Cap/Dispersion Breakdown (EUR)(% and #Co’s) Period IPOX-30 Europe MSCI Europe Dow Jones STOXX 50 DAX30 DAX Giant > 44.8 Bn 0.00 0 5 days -0.67 % -1.23% -0.38% Large < 44.8 Bn 40.57 5 2011 YTD -0.40 -0.29 -0.60 7.07 Mid < 8.6 Bn 58.54 24 2010 6.42 3.90 0.04 16.06 Small < 1.6 Bn 0.89 1 2009 29.69 21.56 23.76 23.85 Micro < 451 Ml 0.00 0 2008 -55.26 -40.93 -43.43 -40.37 2007 13.68 3.33 -3.57 22.36 2006 26.09 15.97 10.39 22.05 2005 22.86 21.71 20.70 27.07 Best weekly Performer (%) -0.23% 1. Wacker Chemie AG 2.37 1 year 11.02 10.07 6.34 22.65 2. Statoil Fuel & Retail ASA 1.73 3 years -6.44 -1.25 -3.24 5.50 3. Glencore International PLC 1.68 5 years -3.90 -2.63 -5.43 5.43 10 years 1.89 -0.83 -4.11 2.36 Worst weekly Performer (%) 1. Pandora A/S -9.90 2. New World Resources PLC -5.06 3. SMA Solar Technology AG -4.61 Exposure VALUE BLEND GROWTH Areas of current exposure IPOX-30 Europe Base Date: 01/03/1990 Country Breakdown (by applied market cap) 1. Austria 1.45% 2. Belgium 0.00 10. 9. Italy Netherlands 1.55 % 1.64 3. Denmark 2.88 11. Norway 0.00 4. Finland 0.00 12. Portugal 10.13 LARGE 5. France 20.12 13. Spain 21.21t MID 6. Germany 9.72 14. Sweden 0.00 SMALL 7. Greece 0.00 15. Switzerland 0.00 8. Ireland 0.00 16. United Kingdom 31.31 © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410. JPMorgan IPOX® Europe 50 Index www.ipoxschuster.com Jul 8, 2011 Objective To provide access into the growth and innovativeness of the European economy and trends in European Equity Capital Markets Activity within a disciplined and totally transparent index methodology. Based on the IPOX Composite Europe Index, the JP Morgan IPOX Europe 50 is a market-cap weighted index measuring the performance of the top 50 companies ranked quarterly in the IPOX Composite Europe Index. It has historically captured around 88% of total market cap of the IPOX Composite Europe Index and applies certain diversification rules, such as a 10% capping of the largest constituents. Summary Statistics Top 10 Holdings Number of Holdings 50 Sector Breakdown 1. Glencore International PLC Consumer Discretionary 8.13 % 2. CaixaBank Consumer Staples 0.00 4.40 3. Galp Energia SGPS SA Energy 7.49 Median Market Cap (EURbn) 2.58 4. Eurasian Natural Resources Corp Financials Largest Constituent (EURbn) 38.75 5. Enel Green Power SpA Health Care Total Market Cap (EURbn) 220.16 Average Market Cap (EURbn) 18.60 1.49 Smallest Constituent (EURbn) 0.80 6. Wacker Chemie AG Industrials Total Return (2010) (%) 11.2 7. Suez Environment SA Information Technology 8. Amadeus IT Hldg SA Materials 9. Bureau Veritas SA Telecom Services Daily Equity Turnover (Index) EUR 1.5bn Liquidity Adjustment Ticker Symbol YES BB <IPXUJPEU> INDEX Closing Index level (EUR) (P) 10. ADP Promesses 15.80 5.67 30.79 Utilities 0.70 11.34 3290.43 Total Market Cap/Dispersion Breakdown (EUR)(% and #Co’s) Giant > 44.8 bn 0.00 Large < 44.8 bn Mid < 8.6 bn Small < 1.6 Micro < 451 Period JPM IPOX IPXUJPEU MSCI Europe MSDLE15 Dow Jones STOXX 50 -0.47 % -1.23% -0.38% DAX30 DAX 0 5 days 34.46 5 2011 YTD -1.16 -0.29 -0.60 7.07 59.66 35 2010 8.45 3.90 0.04 16.06 bn 5.88 10 2009 33.26 21.56 23.76 23.85 ml 0.00 0 2008 -54.43 -40.93 -43.43 -40.37 2007 14.53 3.33 -3.57 22.36 2006 31.13 15.97 10.39 22.05 2005 24.42 21.71 20.70 27.07 Best weekly Performer (%) -0.23% 1. SuperGroup PLC 3.32 1 year 11.01 10.07 6.34 22.65 2. Mondi Plc 2.50 3 years -4.64 -1.25 -3.24 5.50 3. Ashmore Group PLC 2.47 5 years -2.21 -2.63 -5.43 5.43 10 years 3.13 -0.83 -4.11 2.36 Worst weekly Performer (%) 1. Renewable Energy -11.55 2. Betfair Group PLC -11.49 3. Pandora A/S -9.90 Exposure VALUE BLEND GROWTH Base Date: 01/02/1990, annualized returns (p.a.) Comparative Historical Volatility (%) Bloomberg Days IPXUJPEU MSDLE15 SX5P DAX 10 15.33% 15.87% 10.60% 12.38% 30 16.10 15.93 13.00 16.96 50 14.22 14.70 12.44 16.69 LARGE 100 14.47 14.68 13.68 17.98 MID 200 13.55 13.80 13.24 15.80 SMALL 400 18.30 17.19 17.06 17.78 Areas of current exposure Source: Bloomberg Analytics © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410. IPOX-30® Asia-Pacific Index www.ipoxschuster.com Jul 8, 2011 Objective To provide scalable access into the growth and innovativeness of the economy of the developed Asia-Pacific countries of Australia, Hong Kong, Japan, New Zealand and Singapore and trends in Asian-Pacific Equity Capital Markets Activity within a disciplined and totally transparent index methodology. Based on the IPOX Composite Asia-Pacific Index, the IPOX-30 Asia-Pacific has historically captured around 40% of the total market capitalization in the IPOX Composite Asia-Pacific Index and applies certain diversification rules, such as a 10% capping on the largest constituents. Summary Statistics Top 10 Holdings Number of Holdings 30 Sector Breakdown 1. AIA Group Ltd Consumer Discretionary 2. Sands China Ltd. Consumer Staples 1.98 8.21 3. Belle International Holdings Ltd. Energy 3.23 Median Market Cap (USDbn) 4.64 4. Wynn Macau Financials Largest Constituent (USDbn) 43.26 5. DAI-ICHI LIFE INSURANCE Health Care 6. Otsuka Holdings Co Ltd Industrials 7. SJM Holdings Ltd. Information Technology 8. AVAGO TECHNOLOGIES Materials 4.76 9. QR National Ltd Telecom Services 0.00 Utilities 0.00 Total Market Cap (USDbn) 246.15 Average Market Cap (USDbn) Smallest Constituent (USDbn) 1.51 Total Return (2010) (%) 29.87 Daily Equity Turnover (Index) USD 0.6bn Liquidity Adjustment YES Ticker Symbol BB <IPTA> INDEX Closing Index Level (USD) (P) 10. GCL-Poly Energy Holdings Ltd. 36.70 % 31.14 7.66 4.11 10.41 852.63 Price Performance (%) Total Market Cap/Dispersion Breakdown (USD)(% and #Co’s) Period IPOX-30 Asia-Pacific MSCI Pacific MXPC Giant > 44.8 Bn 0.00 0 5 days Large < 44.8 Bn 59.41 8 2011 YTD 16.37 -1.04 Mid < 8.6 Bn 40.59 22 2010 28.13 Small < 1.6 Bn 0.00 0 2009 48.12 Micro < 451 Ml 0.00 0 2008 2007 Best weekly Performer (%) 3.76 % HSI Index HSI 2.15% 1.47 TOPIX TPX 2.40% -1.34 -2.72 13.08 5.32 -0.97 21.15 52.03 5.63 -49.21 -37.92 -48.27 -41.77 11.88 3.52 39.06 -12.22 2006 37.35 10.43 33.76 0.95 2005 22.56 20.65 4.55 40.24 14.09 1 year 47.05 17.22 13.35 1.55 2. Franshion Properties 8.08 3 years 13.58 -1.21 2.31 -12.01 3. Glorious Property Holdings 7.82 5 years 11.30 -1.28 6.66 -11.07 10 years 9.81 3.40 5.74 -3.54 1. KWG Property Holding Ltd. Worst weekly Performer (%) 1. China Dongxiang -15.79 2. United Laboratories -12.02 3. Bosideng International -2.50 Exposure VALUE BLEND IPOX-30 Asia-Pacific Base Date: 01/02/1995 Country Breakdown (by applied market cap) 1. Australia 2. Hong Kong 59.64 1.20% 3. Japan 26.87 4. New Zealand 0.00 % 5. Singapore 12.29 GROWTH LARGE MID SMALL Areas of current exposure © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410. IPOX® BRIC 25 Index www.ipoxschuster.com Jul 8, 2011 Objective To provide concentrated access into the growth and innovativeness of companies domiciled in Brazil, Russia, India and China (BRIC) within a disciplined and totally transparent index methodology. Based on the IPOX Emerging Markets Composite Index, the IPOX BRIC 25 Index has historically captured around 70% of total market cap created through IPO and spin-off activity of emerging markets IPO and spin-off activity. The index includes stocks which are freely accessible to foreign investors only. Summary Statistics Top 10 Holdings Number of Holdings 25 Sector Breakdown 1. BANCO SANTANDER BRASIL-ADS Consumer Discretionary 1.66 % Total Market Cap (USDbn) 262.22 2. OGX Petroleo E Gas Participa Consumer Staples Average Market Cap (USDbn) 10.49 3. United Company RUSAL Plc Energy 16.92 4. Agricultural Bank of China Ltd Financials 43.43 5. Cielo SA Health Care 3.00 6. BM&F Bovespa S.A. Industrials 1.77 7. Yandex NV Information Technology 16.18 8. Evergrande Real Estate Group Materials 12.34 9. Redecard - ON Telecom Services 0.00 Utilities 2.63 Median Market Cap (USDbn) 7.86 Largest Constituent (USDbn) 42.30 Smallest Constituent (USDbn) 1.93 Total Return (2010) (%) 2.5 Daily Equity Turnover (Index) USD 1.8bn Liquidity Adjustment Ticker Symbol YES BB < IPXUBRIC > INDEX Closing Index Level (USD) (P) 10. Longfor Properties Co. Ltd. 2.06 575.08 Price Performance (%) Total Market Cap/Dispersion Breakdown (USD)(% and #Co’s) Period IPOX BRIC 25 MSCI MSEUBRIC BONY BKBRIC Giant > 44.8 bn 0.00 0 5 days 0.62% -0.08% Large < 44.8 bn 64.62 9 2011 YTD -5.74 1.09 -1.19 -1.89 Mid < 8.6 bn 35.38 16 2010 0.02 16.36 7.25 9.32 Small < 1.6 bn 0.00 0 2009 84.03 74.50 88.80 81.54 Micro < 451 ml 0.00 0 2008 -61.50 -54.48 -60.27 -55.43 2007 29.94 34.48 56.12 66.91 2006 75.14 29.18 33.76 50.55 2005 11.91 30.31 4.55 36.90 Best weekly Performer (%) 0.82 % MSCI MXEF 0.11% 1. Longfor Properties 15.72 1 year 6.30 23.72 14.98 15.75 2. Country Garden 14.62 3 years -5.76 4.41 -0.40 0.08 3. Evergrande Real Estate 12.82 Worst weekly Performer (%) 1. Hypermarcas SA -8.98 2. BANCO SANTANDER -4.87 3. China Longyuan -4.52 Exposure VALUE BLEND GROWTH 5 years 3.61 9.13 7.99 14.38 10 years 16.09 14.08 15.52 n.a. IPOX BRIC 25 Base Date: 01/01/1999 Comparative Historical Volatility (%) Bloomberg Days IPXUBRIC MXEF MSEUBRIC BKBRIC 10 15.87% 10.66% 13.24% 16.73% 50 19.33 14.63 15.16 18.62 100 16.78 14.75 15.14 17.98 LARGE MID SMALL Areas of current exposure IPOX BRIC 25 Country Breakdown (%) Brazil 33.04% China 47.74% Russia 16.71 % India 2.52% © IPOX Schuster LLC.. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To receive information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410. IPOX® China 20 Index www.ipoxschuster.com Jul 8, 2011 Objective To provide concentrated access into the growth and innovativeness of the Chinese economy within a disciplined and totally transparent index methodology. Based on the IPOX China Composite Index, the IPOX China 20 has historically captured around 60% of total market cap created through IPO and spin-off activity of companies domiciled in mainland China and trading abroad. The index includes stocks which are freely accessible to foreign investors only. Summary Statistics Top 10 Holdings Number of Holdings 20 Total Market Cap (USDbn) 120.28 Sector Breakdown 1. Agricultural Bank of China Ltd H Consumer Discretionary 7.61 % 2. Want Want China Holdings Ltd. Consumer Staples 9.90 Average Market Cap (USDbn) 6.01 3. Evergrande Real Estate Group Ltd. Energy 0.00 Median Market Cap (USDbn) 4.50 4. Longfor Properties Co. Ltd. Financials Largest Constituent (USDbn) 15.92 5. Country Garden Holdings Co. Ltd. Health Care 9.11 6. Sinopharm Group Co. Ltd. - Industrials 9.54 7. China Longyuan Power Group Information Technology 0.00 8. Chongqing Rural Commercial Bank Materials 8.41 9. Fosun International Ltd. Telecom Services 0.00 Utilities 6.10 Smallest Constituent (USDbn) 1.93 Total Return (2010) (%) -6.23 Daily Equity Turnover (Index) USD 1.5bn Liquidity Adjustment YES Ticker Symbol BB <CNI> INDEX Closing Index Level (USD) (P) 10. China Rongsheng Heavy Industry 49.33 714.35 Price Performance (%) Total Market Cap/Dispersion Breakdown (USD)(% and #Co’s) Period IPOX China 20 MSCI China MSEUSCF FTSE Xinhua 25 XIN0I HSCEI Giant > 44.8 bn 0.00 0 5 days 3.62 % 2.12% Large < 44.8 bn 28.84 3 2011 YTD 3.66 1.30 -0.37 0.50 Mid < 8.6 bn 71.16 17 2010 -8.40 2.32 0.90 -0.80 Small < 1.6 bn 0.00 0 2009 62.51 58.80 50.66 62.12 Micro < 451 ml 0.00 0 2008 -55.37 -51.94 -50.80 -51.06 2007 42.02 63.10 53.62 55.94 2006 82.59 78.13 80.40 99.34 2005 -5.87 15.93 10.99 12.46 Best weekly Performer (%) 0.93% 1.43% 1. Longfor Properties Co. Ltd. 15.72 1 year 8.65 12.81 8.96 12.14 2. Country Garden Holdings 14.62 3 years -0.93 4.33 0.81 4.14 3. Sino-Ocean Land Holdings 13.64 5 years 8.33 13.32 10.65 13.27 10 years 18.50 11.52 12.54 18.96 Worst weekly Performer (%) 1. Sany Heavy Equi. -9.35 2. Sateri Holdings Ltd -4.58 3. China Longyuan Power -4.52 Exposure VALUE BLEND GROWTH IPOX China 20 Base Date: 01/01/1999 Comparative Historical Volatility (%) Bloomberg Days CNI MSEUSCF XIN0I HSCEI 10 20.73% 15.80% 17.57% 19.64% 50 19.37 16.50 17.86 18.83 100 19.64 17.60 18.59 19.45 LARGE MID SMALL Areas of current exposure Listing Breakdown (%) HK 100.00 % US 0.00% SG 0.00% Regions of current exposure. © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To receive information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410. IPOX® China 30 A Share Index www.ipoxschuster.com Jul 8, 2011 Objective To provide access into the growth and innovativeness of the economy and trends in domestic Chinese Equity Capital Markets Activity within a disciplined and totally transparent index methodology. The IPOX China 30 A-Shares Index captures the performance of the Top 30 largest and generally most liquid IPOs and spin-offs in domestic China ranked quarterly by market capitalization in the underlying IPOX China Composite A-shares Index. The Index has historically captured around 50% of the total market capitalization in the underlying IPXO China Composite A-shares Index and applies distinct diversification rules. (Floatadjusted) Market Cap is calculated by listed A-shares only. The index is available in USD and CNY. Summary Statistics Top 10 Holdings Number of Holdings Sector Breakdown 30 1. Agricultural Bank of China Ltd A Consumer Discretionary 3.33 % Float Adj.Market Cap (USDbn) 395.94 2. China Pacific Insurance (Group) Consumer Staples 6.06 Average Market Cap (USDbn) 13.20 3. China Everbright Bank Company Energy 6.32 Median Market Cap (USDbn) 8.17 4. China Shipbuilding Industry Financials Largest Constituent (USDbn) 122.35 5. China State Construction Health Care 3.42 6. Jiangsu Yanghe Brewery Industrials 7. China Coal Energy Co Ltd A Information Technology 2.10 8. CSR Corp Ltd A Materials 7.65 9. Huatai Securities Co Ltd A Telecom Services 0.00 Utilities 0.00 Smallest Constituent (USDbn) Total Return (2010) (%) Daily Equity Turnover (Index) -7.06 USD 1.2bn Liquidity Adjustment Ticker Symbol YES BB IPXUCAUP <INDEX> Closing Index Level (USD) (P) 10. China Merchants Securities Co 36.02 1.47 37.04 479.75 Price Performance (%) (USD based) Float-adj. Market Cap/Dispersion Breakdown (USD)(% and #Co’s) Period IPOX China 30 A Share Giant > 44.8 Bn 9.41 1 5 days Large < 44.8 Bn 60.93 13 2011 YTD Mid < 8.6 Bn 29.66 16 Small < 1.6 Bn 0.00 0 Micro < 451 Ml 0.00 0 Best weekly Performer (%) 0.48 % SH Comp Index 1.39% FTSE Xinhua A50 Index FTSE Xinhua All Share Index 1.41% 1.00 2.48% -2.80 -0.37 -1.67 2010 -8.73 -14.31 -23.50 -4.87 2009 71.18 79.98 83.75 101.59 2008 -56.53 -65.39 -67.99 -64.53 2007 183.84 96.66 122.05 161.00 2006 103.78 130.43 136.79 116.92 2005 -10.82 -8.33 -6.67 -14.50 1. Power Diversity 6.96 1 year 18.41 15.84 8.95 23.88 2. Rongsheng Petro 4.19 3 years 0.58 -0.20 -3.50 5.78 3. Hangzhou Hikvision 3.95 5 years 22.06 10.08 11.76 18.67 10 years 9.76 2.57 n.a. n.a. Worst weekly Performer (%) 1. Zhengzhou Coal -2.25 2. Agricultural Bank -1.82 3. China Construction -1.63 Exposure VALUE BLEND GROWTH LARGE MID SMALL Areas of current exposure IPOX China 30 A Base Date: 01/01/1997, annualized returns (p.a.) Comparative Historical Volatility (%) Bloomberg Days IPXUCAUP SHCOMP XIN9I XIN7I 10 14.41% 14.68% 17.77% 16.81% 30 16.77 16.11 17.48 19.65 50 17.29 16.47 17.59 19.61 100 16.97 15.69 16.99 18.50 © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410. .. IPOX® Latin America 20 Index www.ipoxschuster.com Jul 8, 2011 Objective To provide concentrated access into the growth and innovativeness of companies domiciled in Argentina, Brazil, Chile, Colombia, Mexico, Peru and Panama trading on the respective domestic or foreign exchange within a disciplined and totally transparent index methodology. Based on the IPOX LatAm Composite Index, a sub-set of the IPOX Emerging Markets Composite Index, the IPOX LatAm 20 Index has historically captured around 60% of total market cap created through IPO and spin-off activity of IPOs in the respective countries. Constituents are capped at 10% at the quarterly reconstitution event and subject to a minimum USD 5mn average/median 21 trading day equity turnover screen. Summary Statistics Top 10 Holdings Number of Holdings 20 Total Market Cap (USDbn) Average Market Cap (USDbn) 1. Ecopetrol SA ADR Consumer Discretionary 262.96 2. BANCO SANTANDER BRASIL Consumer Staples 13.15 3. OGX Petroleo E Gas Participa Energy 27.69 4. Fresnillo PLC Financials 24.70 5. Cielo SA Health Care 2.80 6. BM&F Bovespa S.A. Industrials 3.21 7. Redecard – ON Information Technology 16.00 8. HRT Participacoes em Petroleo Materials 13.21 9. Hypermarcas SA Telecom Services 0.00 Utilities 2.26 Median Market Cap (USDbn) 4.55 Largest Constituent (USDbn) 85.62 Smallest Constituent (USDbn) 2.89 Total Return (2010) (%) Daily Equity Turnover (Index) 16.67 USD 0.4bn Liquidity Adjustment Ticker Symbol Sector Breakdown YES BB IPXULATT <INDEX> Closing Index Level (USD) (P) 10. EcoRodovias Infraestrutura 6.49 % 3.64 444.20 Price Performance (%) (USD based) Total Market Cap/Dispersion Breakdown (USD)(% and #Co’s) Period IPOX LatAm 20 Giant > 44.8 bn 9.58 1 5 days Large < 44.8 bn 56.19 6 2011 YTD Mid < 8.6 bn 34.23 13 Small < 1.6 bn 0.00 0 Micro < 451 ml 0.00 0 Best weekly Performer (%) -1.14 % MSCI Emerging Markets 0.62% MSCI Latin America BOVESPA (BRL) -2.41% -4.19 -2.97% -8.60 1.09 -11.24 2010 13.73 16.36 12.07 1.05 2009 120.70 74.50 98.14 82.66 2008 -59.91 -54.48 -52.78 -41.22 2007 27.94 36.48 46.59 43.65 2006 54.75 29.27 39.46 33.04 2005 n.a. 30.40 45.07 27.80 1. QGEP Participacoes S.A. 7.84 1 year 6.97 23.72 14.81 -3.09 2. HRT Participacoes 5.05 3 years -0.31 4.41 0.37 1.10 3. Arcos Dorados Holdings 3.95 5 years 7.89 9.13 13.11 11.23 10 years n.a. 14.08 17.19 16.01 Worst weekly Performer (%) 1. MRV Engenharia - ON -12.77 2. Hypermarcas SA -8.98 3. Duratex S.A. -7.76 Exposure VALUE BLEND IPOX LatAm 20 Base Date: 01/01/2005, annualized returns (p.a.) GROWTH LARGE MID SMALL Areas of current exposure Comparative Historical Volatility (%) Bloomberg Days IPXULATT MXEF MXLA IBOV 10 20.38% 10.66% 19.01% 18.15% 30 20.58 13.66 17.05 15.65 50 21.24 14.63 17.63 16.01 100 20.59 14.75 17.38 15.85 © IPOX Schuster LLC. IPOX is a registered international trademark of IPOX Schuster LLC. Index of Initial Public Offerings (IPOX) and IPOX Derivatives Patent No. US 7,698,197. Past performance is no guarantee of comparable future performance. Please consider the investment objectives, risks, and charges and expenses carefully before investing. To receive more information on IPOX IPO Indexes and IPOX Analytics, contact [email protected] or call (312) 264-4410.
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