The Invesco Solar Energy ETF (TAN) shot 3 percent above its previous 52-week high yesterday. Of the 40+ thematic funds tracked by Market Insights, TAN is the only one above its early-September high. It’s also the top performer in 2020 with a gain of more than 100 percent.
In the last week, companies like Walt Disney (DIS), Allergan (AGN), Electronic Arts (EA) and KLA Tencor (KLAC) beat estimates, only to drift or fall. The tepid response comes amid fears about a renewed trade war with China, plus buyer fatigue after four months of solid gains.
The Invesco Solar Energy ETF (TAN) rose 2.35 percent on Tuesday, bucking a drop of 1.65 percent for the broader S&P 500. TAN’s gain of almost 4.2 percent in the last week makes it the best-performing industry fund over that period.