Global X FTSE Greece 20 ETF
Current Standing: Eighth
YTD Return: -9%
Investor: Mebane Faber
If you want to be optimistic, it’s cheerworthy that Mebane Faber’s pick of Global X FTSE Greece 20 ETF (GREK) managed to quell some of its year-to-date bleeding, sending the pick from ninth place to eighth. GREK’s total return improved by 5 percentage points in July and started August off with a 3% gain on the first.
Still, the sole exchange-traded fund in our contest sat 9% in the red as of July 31. Hardly something to celebrate — and Greek still has a pile of obstacles to overcome. Exhibit A is a recent report from the International Monetary Fund warned that the country “faces an additional financing shortfall of nearly €11 billion by the end of 2015” and that the “gap could be bigger if growth falls short of estimates,” as The Wall Street Journal summed it up.
For the cherry on top, although news broke yesterday that unemployment rates in the eurozone fell for the first time in two years, Greece still remains the worst off, with an ugly rate of 26.9%.
Of course, the face that Greece is in dire straights is hardly news, and actually may further Faber’s original logic: The only way to go is up.