Conservative ETF sells Target shares despite “woke” agenda
A far-right mutual fund has bought Target Corp. turned its back, adding to the growing implications for the retailer’s Pride merch plans.
The American Conservative Values ETF (ACVF) announced on Thursday that it was selling its stake in the retail giant and adding the company to its “refuse to buy” list, citing the company’s “woke” agenda.
“Target Corp’s increasing support for the Woke LGBT agenda. backfired, and the management team’s clumsy response to a crisis of their own making has caused significant damage to their brand across the political spectrum,” ACVF said in a press release. “We believe this will hurt the long-term performance of their shares. Their actions have also dispelled any doubts about the company’s hostility to conservative values.”
Target faces backlash from both left and right after becoming more deeply involved in the culture wars.
The company has been criticized by conservatives for its LGBTQ merchandise launches as it prepares for June’s Pride month, and angered liberals by moving and removing some LGBTQ merchandise in a bid to curb customer “outrage,” as it did for the first time reported by FOX News Digital.
The company held emergency meetings to avoid a “bud-light situation,” citing Conservative backlash over the iconic beer brand’s partnership with transgender influencer Dylan Mulvaney. However, some investors fear it may be too late.
William Flaig, ACVF’s CEO and co-founder, told FOX Business that Target isn’t a significant holding in the ETF, saying it accounted for 0.28% of assets, slightly more than the S&P 500’s 0.18% weighting.
The fund has boycotted a total of 34 companies, including Disney, Facebook parent Meta, BlackRock and Google.
“The threat of corporate politics is an obvious risk to their shareholders that can be easily mitigated,” Flaig said. “In addition to boycotting the worst offenders, we recently filed two shareholder motions to raise awareness and bring this risk to the attention of boards and shareholders.”
