Apex Clearing, the custody and clearing engine powering the future of wealth management, released its inaugural Apex Millennial 100 report on Monday.
An analysis of the top 100 stocks owned by a subset of millennials as of June 30, the Apex Millennial 100 is part of the company's more extensive "Next Investor Outlook" series, which uses data collected from Apex partners to develop an understanding of the modern investor.
Why It's Important
This report is one of many new research initiatives into millennial investing patterns. This report reveals three key trending stock themes.
- An increased focus on Canadian cannabis companies, which demonstrates the growing role marijuana may have on the medical and lifestyle decisions of millennial investors. Key cannabis companies include Aurora Cannabis Inc (NYSE:ACB), Cronos Group Inc (NYSE: CRON), Canopy Growth Corp (NYSE: CGC) and Constellation Brands, Inc. (NYSE: STZ).
- Chinese companies are leading the pack as millennials, who consider themselves to be global citizens, take the long view on international investments. Key Chinese stocks include Alibaba Group Holding Ltd (NYSE: BABA), Baidu Inc (NASDAQ: BIDU) and Qualcomm, Inc. (NASDAQ: QCOM).
- IPOs: Millennials consistently show support for companies that mirror their personal ideologies and offer products and services they understand and value, and will jump to invest in companies like Uber Technologies Inc (NYSE: UBER), Lyft Inc (NYSE: LYFT) and Slack Technologies Inc (NYSE: WORK), according to Apex Clearing.
"This report takes a deep dive into the unique investment behavior of a new generation," said Bill Capuzzi, CEO at Apex Clearing. "As millennials mature into savvy investors, we believe their evolving interests and values will shape a new wealth management industry, one that looks a lot different from the traditional model."
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This series of reports by Apex Clearing Corp is intended to reveal new ways to engage with crucial demographics for wealth managers. The increasing demand for IPOs as well as cannabis and Chinese companies demonstrates a shift in millennial investment patterns.
"This has implications for how they will engage with and leverage professional advice and money management services as they amass greater personal wealth," Hannah Shaw Grove, the chief revenue officer at Apex Clearing, said in a statement.
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