MM has been closely monitoring the IGV ETF in recent months, with global software stocks tracking the MM roadmap perfectly through 2026. This morning it printed fresh 2026 lows—something we flagged several months ago. This week’s bout of “AI Disruption” fears have undone all of the recovery through February and March when bargain hunters first entered the fray.
Many of the ETF’s major holdings have been smacked this week after Anthropic launched Claude Managed Agents and Meta unveiled a new AI model which is a touch surprising because these releases are inevitable through 2026/7. At MM we felt the pain yesterday with our positions in Xero and WiseTech leading the sector lower and while we don’t intend to increase our exposure this is one example where we wont be cutting our losses into the panic, we would be buyers if we had no position.
- We believe the IGV ETF is “looking for a low”, and the next +20% move will be on the upside.
