Avidian Wealth Enterprises LLC has significantly increased its holdings in the Invesco S&P 500 Top 50 ETF (NYSEARCA:XLG) by an impressive 111.7% during the third quarter of 2023. This update comes from the company’s latest filing with the Securities and Exchange Commission (SEC). Following the acquisition of an additional 28,205 shares, Avidian now holds 53,461 shares, valued at approximately $3,075,000.
Several other institutional investors have also adjusted their positions in the Invesco S&P 500 Top 50 ETF. For instance, Retirement Planning Group LLC NY acquired a new position during the third quarter, investing around $533,000. Similarly, AE Wealth Management LLC raised its stake by 71.4% in the second quarter, now owning 126,429 shares worth about $6,587,000 after purchasing an additional 52,645 shares.
Moreover, Cannon Advisors Inc. increased its stake in the ETF by 40.4% in the third quarter, bringing its total to 29,829 shares valued at $1,732,000. Other notable investments include M Holdings Securities Inc., which took a new position worth $656,000, and Apeiron RIA LLC, which boosted its holdings by 78.1%, now owning 103,493 shares worth approximately $5,956,000.
Current Market Performance of Invesco S&P 500 Top 50 ETF
As of Wednesday, shares of the Invesco S&P 500 Top 50 ETF opened at $57.45. The fund has a fifty-day moving average of $59.09 and a two-hundred-day moving average of $57.09. Over the past year, the stock has experienced a low of $39.50 and a high of $60.63. Presently, the ETF has a market capitalization of $11.25 billion, a price-to-earnings ratio of 27.80, and a beta of 1.03.
The Invesco S&P 500 Top 50 ETF aims to closely replicate the performance of the Russell Top 50 Index, which consists of the fifty largest companies in the Russell 3000 Index. This index serves as a capitalization-weighted benchmark representing approximately 98% of the U.S. equity market, providing investors with broad access to large-capitalization stocks.
Recent developments indicate a growing interest in this ETF, particularly among institutional investors. Avidian Wealth’s substantial investment reflects confidence in the performance of the largest U.S. companies, making it a noteworthy shift in the current investment landscape.
