A major conservative investment fund sold $100k in Target shares and added the retailer to its ‘refuse to buy’ list because of Target’s woke agenda.
The investment fund, The American Conservative Values ETF (ACVF), is a fund that advertises itself as a place for ‘ideologically Conservative investors’ to invest in, and it announced that it would divest in Target Corp. over its ‘increasing pandering to the Woke LGBT agenda.’
On their official website, the ACVF made a statement about their decision to sell their shares by saying the following:
Target Corp.’s ever increasing pandering to the Woke LGBT agenda has backfired and its management team’s inept response to a crisis of their own making has significantly damaged their brand across the political spectrum. We believe their stocks’ long-term performance will suffer because of it. Their actions have also removed any doubt about the company’s hostility to conservative values. After a comprehensive review of our continued investment in Target ACVF’s management team has decided to divest its holding of Target Corp. (TGT).
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In the statement, William Flaig, the CEO, and co-founder of ACVF mentioned that the company wasn’t smart enough to stay apolitical, and to make matters worse, they picked the wrong side.
Also in the statement, ACVF’s President and co-founder, Tom Carter, chimed in:
Hopefully the examples of Target and Bud Light reinforce the need for liberal corporate managers to focus on maximizing shareholder returns and stop playing politics, Go woke go, broke is real.
The ACVF’s semi-annual report published in January showed it held 717 shares in Target. The shares would be worth $100,917 at today’s price.
Target is now the latest company to be added to the boycott list from the ACVF, which includes Starbucks, Bank of America, Blackrock, and other companies that have tried to push LGBT politics in the past.
The Target boycott has a similar rhythm to the Bud Light boycott, which has been a staggering success so far. According to JP Morgan analyst Jared Binges, he stated that
We believe there is a subset of American consumers who will not drink a Bud Light for the foreseeable future, we believe a 12% to 13% volume decline on an annualized basis would be a reasonable assumption.
This prediction is already on top of the fact that According to Investor’s Business Daily, Anheuser-Busch’s market value has dropped a staggering $15.7 billion between April 1st and May 23rd solely from the Dylan Mulvaney controversy, which has taken the world by storm.
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According to their ‘About Us’ section, the ETF is ‘based on the conviction that politically active companies negatively impact their shareholder returns and support issues and causes that conflict with our conservative political ideals, beliefs, and values. The rest of their ‘About Us’ section is below:
ACVF’s priority is shareholder returns and providing an investment alternative for politically conservative investors. Simply put, ACVF seeks to boycott as many companies hostile to conservative values as possible without sacrificing performance. ACVF is designed to replace your current large-cap investments.
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