Altus Wealth Group LLC has increased its investment in the Invesco S&P 500 Momentum ETF (NYSEARCA: SPMO) by 4.7% during the third quarter of 2023. This adjustment, disclosed to the Securities and Exchange Commission (SEC), reveals that Altus now holds a total of 137,743 shares, having acquired an additional 6,229 shares in this period. The Invesco S&P 500 Momentum ETF now constitutes 6.8% of Altus Wealth Group’s overall portfolio, making it the firm’s third largest position.
At the close of the most recent reporting period, Altus Wealth Group valued its stake in the Invesco S&P 500 Momentum ETF at approximately $16.68 million, representing around 0.13% of the ETF’s total shares. This growth reflects confidence in the ETF’s strategy, which focuses on S&P 500 components exhibiting strong momentum.
Other Institutional Investments Surge
In addition to Altus Wealth Group’s significant investment, various other institutional investors have recently adjusted their stakes in the Invesco S&P 500 Momentum ETF. For instance, Capstone Wealth Management Group LLC boosted its position by an impressive 129.4% in the first quarter, now owning 116,148 shares valued at $10.75 million after acquiring an additional 65,515 shares.
Royal Bank of Canada also increased its holdings by 267.7% during the same period, raising its total to 236,431 shares, worth approximately $21.88 million. Meanwhile, the Federation des caisses Desjardins du Quebec heightened its investment by a staggering 816.1%, resulting in ownership of 19,532 shares valued at $1.81 million.
Integrated Wealth Concepts LLC added 3,976 shares to its position, marking an 11.4% increase, bringing their total to 38,923 shares worth $3.60 million. Baird Financial Group Inc. also made a notable entry by acquiring a new stake worth $416,000 in the ETF during the first quarter.
Market Performance and Overview
As of the latest trading session, the Invesco S&P 500 Momentum ETF saw a slight increase of 0.3%, opening at $119.67. The ETF boasts a market capitalization of $13.08 billion, a price-to-earnings (P/E) ratio of 29.51, and a beta of 0.98. Over the past twelve months, the ETF has experienced a low of $78.25 and a high of $124.56. The 50-day moving average price stands at $119.58, with the 200-day moving average at $117.54.
Launched on October 9, 2015, the Invesco S&P 500 Momentum ETF is designed to track an index consisting of the 100 S&P 500 components that exhibit the strongest volatility-adjusted momentum. Managed by Invesco, this ETF aims to provide investors with exposure to stocks that are expected to continue performing well based on historical price and volume trends.
The recent increases in institutional investments in the Invesco S&P 500 Momentum ETF underline the growing interest in momentum investing strategies, as investors seek to capitalize on trends in the market.
