Massive Tech Bets, Cryptocurrencies Power 2020’s Prime US Funds

World News - Today

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NEW YORK—Outsized bets on giant U.S. know-how corporations and emerging cryptocurrencies fueled the yr’s top-performing U.S. mutual fund and exchange-traded funds because the coronavirus pandemic upended international markets, while funds that guess on oil and fuel corporations fell almost 100 %, in line with knowledge from fund-tracker Morningstar. The yr was a problem like few others for the $21.three trillion mutual fund and $four.4 trillion ETF business. U.S. stocks plunged in March before staging a greater than 60 % comeback, while bond yields hung near document lows for much of the yr after unprecedented strikes by the Federal Reserve to backstop the monetary markets and hold interest rates low. General, those that played danger belongings have been rewarded. The yr’s greatest fund, Grayscale Ethereum Trust, which holds ethereum, the world’s second-largest cryptocurrency after bitcoin, soared 333.7 % for the yr via Dec. 9, based on Morningstar. The fund’s features got here throughout a ...