MGK is trading 2.3% down today as the information technology sector, which accounts for nearly 60% of the fund's holdings, faces a sharp selloff amid a reassessment of AI and semiconductor valuations.
- Investors are rotating out of richly valued chip and AI infrastructure names following TSMC’s massive capital expenditure plans and record profits.
- Macroeconomic headwinds, including rising Fed hawkishness and heightened U.S.–Iran tensions, are further dampening risk appetite for long-duration growth stocks.