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Bank of America Corp DE cut its position in shares of iShares Global Comm Services ETF (NYSEARCA:IXP) by 74.2% during the undefined quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,106 shares of the company's stock after selling 218,421 shares during the quarter.
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JPMorgan Chase and Co. reduced its position in iShares Global Comm Services ETF (NYSEARCA:IXP) by 23.9% in the undefined quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,168 shares of the company's stock after selling 6,015 shares during the quarter.
The iShares Global Communications Services Sector ETF (IXP) is now rated 'hold' after a steep run-up of Alphabet's shares. IXP's top holdings, primarily Alphabet shares, have benefited from AI, but the good performance is now less likely to persist with Alphabet's valuation at the higher end. Concentration risk is elevated in IXP due to heavy weighting in two large-cap names, Alphabet and Meta, limiting the case for overweighting the sector.
IXP and XLC are two perfectly acceptable ETF's for investing in the overall Communications Services sector. The sector performance has been very good and the outlook remains attractive. IXP has a global focus, while XLC only holds equity in the companies in from the S&P 500. ETFs provide ease-of-use and instant diversification, but they have disadvantages as well.
The Investment Committee share their top stocks to watch for the second half.