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Large-Cap Growth ETF (ILCG) Hits New 52-Week High
For investors seeking momentum, iShares Morningstar Growth ETF (ILCG - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 35.6% from its 52-week low of $45.97 per 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 of where it might be headed:
ILCG in Focus
iShares Morningstar Growth ETF offers exposure to U.S. companies whose earnings are expected to grow at an above-average rate relative to the market. It has key holdings in information technology, consumer discretionary and healthcare. ILCG charges 4 bps in annual fees (see: all the Large-Cap Growth ETFs here).
Why the Move?
The large-cap growth corner of the broad investing world has been an area to watch lately, given the persistent surge in the stock market. The Nasdaq Composite Index wrapped up its best first half in 40 years buoyed by the artificial intelligence (AI) frenzy and Fed rate hike pause bets. In particular, growth stocks tend to outperform in a trending market (i.e. a market characterized by a prolonged uptrend).
More Gains Ahead?
Currently, ILCG has a Zacks ETF Rank #2 (Buy), suggesting that the outperformance could continue in the months ahead. However, many spaces that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.