Those departing MOO in recent weeks may have done so at the wrong time. The ETF is up 3% in the past month, but even as MOO has traded modestly higher over the past week, investors have pulled $224.4 million from the fund. That despite the fact that MOO is closing in on $55, a price It has not closed above in 11 months.
Departures from MOO belie positive price action is some of the ETF’s marquee holdings. Over the past month, Monsanto (NYSE: MON) is up more than 5%. Deere (NYSE: DE) is higher by nearly 6% while Potash (NYSE: POT) has gained 3.1%. Those stocks combine for almost 22% of MOO’s weight.
But judging by the flows, investors might think MOO is destined to fall while price action in some of the ETF’s largest holdings are telling a different story. And that is the story really worth paying attention to.
Market Vectors Agribusiness ETF
