For investors seeking momentum, First Trust Japan AlphaDEX Fund FJP is probably a suitable pick. The fund just hit a 52-week high, up roughly 16.7% from its 52-week low of $44.50/SHARE.

But does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

FJP in Focus

The fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the NASDAQ AlphaDEX Japan Index.  FJP is charging 80 bps in fees. The fund has amassed $77.6 million in AUM.

Why the Move?

Japan’s better-than-expected economic growth numbers have provided a sigh of relief to investors amid global economic slowdown and ongoing trade gyrations. Japan’s economy grew at an annualized 1.8% in the third quarter of 2019, comparing favorably with the preliminary numbers of 0.2% annualized growth. Also, it is worth noting that Japan’s cabinet recently passed a $122-billion fiscal package  to drive growth.

More Gains Ahead?

Currently, FJP has a Zacks Rank #2 (Buy). Moreover, it seems FJP might remain strong given a positive weighted alpha of 6.60.

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