Fifth Third Wealth Advisors Increases Stake in iShares Russell 1000 Growth ETF

Fifth Third Wealth Advisors LLC has increased its investment in the iShares Russell 1000 Growth ETF (NYSEARCA:IWF) by 6.2% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now holds a total of 65,745 shares of the exchange-traded fund (ETF) after acquiring an additional 3,861 shares in the past quarter. This investment represents approximately 1.1% of Fifth Third Wealth Advisors’ overall portfolio, marking it as the 15th largest position within their holdings. By the end of September, the value of their stake in the iShares Russell 1000 Growth ETF stood at $30,796,000.

The interest in the iShares Russell 1000 Growth ETF has been echoed by other institutional investors. Notably, Concord Wealth Partners dramatically increased its holdings by an astonishing 1,966.7% in the second quarter. This surge has resulted in Concord owning 62 shares valued at approximately $26,000 after adding 59 shares during that period. Similarly, HighMark Wealth Management LLC raised its stake by 60.5%, now holding 69 shares worth around $29,000 after purchasing an additional 26 shares.

Other notable changes include Bell Investment Advisors Inc, which acquired a new position in the fund valued at about $32,000, and First Community Trust NA, which boosted its holdings by 525.0% and now owns 125 shares valued at $53,000 following a purchase of 105 shares. Compass Financial Services Inc also entered the market with a new stake valued at approximately $62,000.

As of the latest trading session, shares of the iShares Russell 1000 Growth ETF opened at $471.76, reflecting a slight decline of 0.3%. The ETF has a 50-day simple moving average of $475.23 and a 200-day simple moving average of $456.79. Over the past year, the ETF has seen a low of $308.67 and a high of $493.00.

The iShares Russell 1000 Growth ETF, formerly known as the iShares Russell 1000 Growth Index Fund, aims to achieve investment returns that align closely with the price and yield performance of the Russell 1000 Growth Index. This index tracks the performance of equity securities from Russell 1000 index issuers noted for relatively high price-to-book ratios and strong growth forecasts. Collectively, these firms represent about 50% of the total market capitalization of the Russell 1000 Index.

The increasing interest from institutional investors indicates a growing confidence in the potential of the iShares Russell 1000 Growth ETF as a viable investment option. With 75.33% of the stock held by hedge funds and other institutional entities, the ETF continues to attract significant attention in the financial markets.