Newly public U.S. companies have supplanted the FANG stocks and their technology peers as market leaders this year, according to Chad Brand, founder and president of Peridot Capital Management LLC. Brand noted the shift toward initial public offerings in a post Friday on his blog, the Peridot Capitalist. The Renaissance IPO Index is headed for the biggest first-half gain in its decade-long history after climbing 39% through Wednesday. The NYSE FANG+ Index, consisting of 10 of the largest technology companies, only gained 14%.
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