IPOX® PORTFOLIO STOCKS IN FOCUS: Amid earnings and corporate actions, individual portfolio returns were widely distributed last week. In the IPOX® 100 U.S. (ETF: FPX), e.g., we note big gains in sports center operator LifeTime Group (LTH US: +15.76%) and cancer therapy biopharma firm Arcellx (ACLX US: +7.89%), while heavier-weighted social media platform Pinterest (PINS US: -16.03%) and former Intel AI driving unit Mobileye (MBLY US: -15.30%) slumped. Last week’s IPOX® Week feature, air conditioning and heating specialist Carrier Global (CARR US: -7.52%) declined after announcing a landmark deal to purchase German competitor Viessmann for $12 billion. The IPOX® Europe (ETF: FPXE) was led by Norwegian game-based education platform Kahoot! (KAHOT NO: +12.91%) and Swedish bone surgery specialist BoneSupport (BONEX SS: +12.69%), while Israeli-based solar power technology firm SolarEdge (SEDG US: -10.52%) fell sharply after competitor Enphase Energy (ENPH US) reported worse-than-expected Q1 sales. In the IPOX® International (ETF: FPXI), we note a good week for Chinese operator of Japanese-style retail stores Miniso (MNSO US: +12.51%) and a slew of MENA-traded IPOX® portfolio holdings, including MENA Abu Dhabi’s oil field services firm ADNOC Drilling (ADNOCDRI UH Equity: +9.44%), hospital operator Dr. Sulaiman Al Habib Medical Services (SULAIMAN AB: +5.90%) and digital solutions provider Elm (ELM AB: +4.24%) which close out the week at year another fresh all-time high. Chinese e-commerce giant Alibaba (BABA US: -4.98%) dropped as their cloud computing arm Aliyun was reported to have lost market share, while Swedish biotech IPO M&A Swedish Orphan Biovitrum (SOBI SS: -6.24%) dropped after the recent run up and Brazil’s wholesale distributor Sendas Distribuidora (ASAI3 BZ: -5.46%) extended its YTD slump.

GLOBAL IPO DEAL FLOW REVIEW AND OUTLOOK: 5 notable IPOs started trading last week, gaining an average of +7.39% based on the difference between the final offer price and Friday's close. After raising $676m in the biggest H.K. IPO YTD and the first Chinese baijiu liquor firm to list outside Mainland China, ZJLD (6979 HK: -14.97%) had a disappointing start to trading while Japanese investment management firm Rheos Capital Works (7330 JP: +23.31), Thai car seller Millennium Group (MGC TB: +20.13%), Chinese online physician platform MedSci Healthcare (2415 HK: +7.69%) and Italian gas storage container firm Ecomembrane (ECMB IM: +0.41%) all recorded a positive first week based on final offer, respectively. The key deal of the week belongs to Johnson & Johnson’s spin-off IPO of consumer healthcare unit Kenvue, which will start trading independently under the ticker KVUE on Friday. Indemnified from any talk-related costs absorbed recently by its parent, the maker of brands such as Tylenol, Band-Aid and Listerine will become the largest publicly traded pure-play consumer healthcare firm at approx. $43 billion market capitalization. Priced at the low end of the EUR 9-11 range, the IPO of Apollo Global-backed Italian gaming operator Lottomatica (LTMC IM: $650m offer) is set to commence trading on Thursday.