Global Guru ETF (GURU) Touches Fresh 52-Week High
For investors seeking momentum, Global X Guru Index ETF GURU is probably on the radar now. The fund just hit a 52-week high and is up 26.2% from its 52-week low price of $55.80 per share.
But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.
GURU in Focus
It seeks to generate alpha over the broad market by investing in the highest-conviction ideas from a select pool of hedge funds. The product charges 75 basis points (bps) in annual fees (See: All Style-Box All-Cap-Blend ETFs here).
What Led to the Rise?
GURU tracks a conviction-based index of top institutional holdings, which recently benefited directly from mega-cap tech rallies and earnings beats among concentrated high-beta stocks. Additionally, broader market strength, easing monetary policy expectations, and institutional rotation into quality momentum equities are likely to have pushed the ETF's core holdings higher, driving aggregate fund performance to a new 52-week peak.
More Gains Ahead?
GURU may continue its strong performance in the near term, with a positive weighted alpha of 25.20 (as per Barchart.com), which suggests a further rally.
Boost Your Portfolio with Our Top ETF Insights
Zacks' exclusive Fund Newsletter delivers actionable information, top news and analysis, as well as top-performing ETFs, straight to your inbox every week.
Don’t miss out on this valuable resource. It’s free!
Get it now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Global X Guru Index ETF (GURU): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Source Zacks-com
