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OGIG rises 10.7% in August on cloud and AI earnings momentum
Technology and cloud and AI holdings drove most of the fund’s gains, with the sector’s 53% weighting generating an 18.7% return for the month.
The ALPS O’Shares Global Internet Giants ETF, OGIG, gained 10.7% in August, according to ETF Database, as enterprise cloud and artificial intelligence earnings lifted many of its largest technology holdings.
Data cited by ETF Trends show the technology sector, at a 53% weighting, returned 18.7% and accounted for a 9.27 percentage point contribution to OGIG’s monthly increase. Palantir was OGIG’s largest single contributor, adding 1.82 percentage points as its shares rose 51.5% in August, after posting second-quarter results with revenue up 93% year over year to $1.94 billion, including U.S. commercial revenue up 149% to $764 million.
Atlassian delivered OGIG’s best individual return for August, with shares up 92.2%, contributing 1.19 percentage points to the fund’s performance, after reporting fiscal fourth-quarter revenue of $1.77 billion, up 28% year over year, and cloud revenue growth accelerating to 31%. Veeva Systems also posted strong results after rising 40.2% in August, while Shopify and ServiceNow were among other cloud computing winners that collectively contributed more than two percentage points to OGIG’s monthly return.
Not all holdings participated in the rally. OGIG’s media and communications stocks fell 1.20% as a group, with declines in Chinese internet names including Kuaishou Technology (-23.1%), Meituan (-14.7%), and Tencent Music Entertainment Group (-12.5%).