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Hedged Europe ETF (HEDJ) Hits New 52-Week High
For investors seeking momentum, WisdomTree Europe Hedged Equity Fund (HEDJ - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 35.3% from its 52-week low price of $61.71/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:
HEDJ in Focus
The fund follows the WisdomTree Europe Hedged Equity Index. It holds about 126 securities in the portfolio. HEDJ is heavy on Netherlands and France. The product charges 58 bps in fees.
Why the Move?
European stocks remained stable as investors geared up for the earnings season, the crucial factor in evaluating the well-being of companies amid an economic downturn. Cheaper valuation, China's reopening and signs of cooling inflation have been the key tailwinds for the rally of European markets.
More Gains Ahead?
Currently, the fund has a Zacks ETF Rank #4 (Sell). So, if the ECB comes up with a market-boosting message, there could be a rally in the fund, otherwise the medium-term outlook is bleak.