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Food & Beverage ETF (PBJ) Hits 52-Week High

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For investors looking for momentum, Invesco Dynamic Food & Beverage ETF (PBJ - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 59.2% from its 52-week low price of $24.44/share.

Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

PBJ in Focus

The Dynamic Food & Beverage Intellidex Index is comprised of stocks of 30 U.S. food and beverage companies. These are companies that are principally engaged in the manufacture, sale or distribution of food and beverage products, agricultural products and products related to the development of new food technologies. It charges 63 bps in fees.

Why the Move?

One of the fund’s constituent company United Natural Foods UNFI saw it shares surging more than 11% as the company announced a renegotiation of its term loan. Moreover, demand for food and beverage should remain in the sweet spot in the coming days as these are necessary items and less ruffled by economic weakness.

More Gains Ahead?

The fund has a positive weighted alpha of 25.80. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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