Yahoo Finance Asia-Pacific ETF (GLIN) Hits New 52-Week High
For investors seeking momentum, VanEck India Growth Leaders ETF GLIN is probably on radar. The fund just hit a 52-week high and is up 24.09% from its 52-week low price of $30.63/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.
GLIN in Focus
The underlying MarketGrader India All-Cap Growth Leaders Index consists of fundamentally sound India based companies that exhibit attractive growth potential at a reasonable price. Information technology, financials and industrials are the top three sectors, with double-digit allocations of 22.48%, 20.72% and 15.05%, respectively. The product charges 80 bps in annual fees (See: all the Asia-Pacific ETFs here).
Why the Move?
India’s growth projections for 2023 have been raised to 6.1% by the IMF, placing it to become the fastest-growing major economy this year, overtaking China. Guided by robust growth forecasts for the fourth quarter and fueled by domestic investments, the forecast makes India a destination for global growth.
According to Goldman Sachs, as quoted on CNBC, India is poised to overtake the United States to become the second-largest economy globally by 2075. Manufacturing PMI Index in July showcasing robust and growing conditions, as per S&P Global, is another reason for the optimism surrounding the fund.
More Gains Ahead?
Currently, GLIN has a Zacks ETF Rank #3 (Hold). However, it might continue its strong performance given a positive weighted alpha of 15.90.
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VanEck India Growth Leaders ETF (GLIN): ETF Research Reports
