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The Second Quarter in Bond Funds
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Big tech bets and cryptocurrencies power 2020 s top US funds Outsized bets on large U.S. technology companies and emerging cryptocurrencies fueled the year s top-performing U.S. mutual fund and exchange-traded funds as the coronavirus pandemic upended global markets, while funds that bet on oil and gas companies fell nearly 100per cent, according to data from fund-tracker Morningstar.
FILE PHOTO: Representations of the Ethereum virtual currency standing on the PC motherboard are seen in this illustration picture, February 3, 2018. REUTERS/Dado Ruvic/Illustration/File Photo
28 Dec 2020 02:10PM
BW Businessworld
Big Tech Bets And Cryptocurrencies Power 2020 s Top US Funds
The fund s gains came during a retail-investor led rally in cryptocurrencies that pushed total assets invested in crypto funds to a record $15 billion, up from $2.57 billion at the end of 2019, according to digital asset manager CoinShares.
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Outsized bets on large U.S. technology companies and emerging cryptocurrencies fueled the year s top-performing U.S. mutual fund and exchange-traded funds as the coronavirus pandemic upended global markets, while funds that bet on oil and gas companies fell nearly 100%, according to data from fund-tracker Morningstar.
The year was a challenge like few others for the $21.3 trillion mutual fund and $4.4 trillion ETF industry. U.S. stocks plunged in March before staging a more than 60% comeback, while bond yields hung near record lows for much of the year after unprecedented moves by the Federal Reserve to backstop the financial markets and keep interes