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Growth ETF (VONG) Hits New 52-Week High
For investors seeking momentum, Vanguard Russell 1000 Growth ETF (VONG - Free Report) is probably on the radar. The fund just hit a 52-week high and is up about 37.7% from its 52-week low price of $53.82/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:
VONG in Focus
The underlying Russell 1000 Growth Index measures the performance of large-capitalization growth stocks in the United States. It charges 8 bps in annual fees.
Why the Move?
The data for core consumer price index for the month of October came in at two-year low. The Consumer Price Index (CPI) showed prices rose 0% over last month and 3.2% over the prior year in October, a deceleration from September's 0.4% monthly increase and 3.7% annual gain in prices. This resulted in the cues of cooling Fed rate hike momentum, which should bode well for growth investing.
More Gains Ahead?
The fund VONG might remain strong, given a positive weighted alpha of 28.20. There is definitely still some promise for investors who want to ride on this surging ETF.