First Eagle ETF (FEGE) Touches New 52-Week High
FEGE hits a 52-week high as investors rotate from high-valuation tech into defensive value assets, but can its rally continue?
For investors seeking momentum, the First Eagle Global Equity ETF FEGE is probably on the radar now. The fund just hit a 52-week high and rose 27.8% from its 52-week low price of $41.81 per share.
But are there more gains in store for this ETF? Let us take a quick look at the fund and its near-term outlook to get a better sense of where it might head.
FEGE in Focus
The fund seeks long-term capital growth by investing primarily in equities in the United States and around the world. The fund charges 50 basis points (bps) in annual fees (See: all Global Large-Cap Blend ETFs here).
What Led to the Rise?
The fund’s recent 52-week high was likely driven by a market-wide rotation out of high-valuation tech and into defensive value assets. Combined with its value-oriented, flexible global mandate, the fund must have attracted capital looking for steady growth, capital preservation, and resilience against persistent macroeconomic and yield uncertainty, thereby leading to its 52-week peak.
More Gains Ahead?
FEGE may continue its strong performance in the near term, with a positive weighted alpha of 26.15 (per Barchart.com), which suggests a 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
This article originally published on Zacks Investment Research (zacks.com).