Paris based boutique Skylar, which runs the Origin fund focusing on global initial public offerings, says the IPO season has started in Europe and in the United States.
The manager points out the improvement of the macro economic environment in April helped to the real kick off of the IPO season.
As a result, the exposure of the Origin fund to equities has significantly increased, Skylar says.
It has taken part to over 15 IPOs in April including the US clinic network American Renal Associates, Dell’s branch Secureworks and stock exchange platform Bats Global Markets.
In Europe, the Origin fund has invested in the listing of Parques Reunidos operating theme parks in and outside Spain as well as in that of Scandinavian bank Resurs Bank.
Skylar says multiple IPOs are to happen in May with several biotech companies getting listed in the US, French furniture distribution chain Maisons du Monde or BOC Aviation, a Chinese firm specialised in the financing and the leasing of airplanes.
The asset manager believes the number of IPOs occurring in May will be much favourable to its strategy over the coming months.
As at 30 April 2016, the top 5 positions of the fund were Mediawan, Ascential, Countryside, Yintech Investment and Star Asia Investment.
Regarding sectors, financials hit the first rank (38.9%) followed by consumer goods (19.4%) and consumer services (19%).
The Origin strategy, known as Skylar Origin before May 2015, seeks to outperform the Euribor – 3 months + 200 bps and is managed by Arnaud Morvillez.
In April, the fund’s performance has lost 1.3% on a monthly basis.