This Bank-Stock Fund Owns Coinbase and PayPal. The Manager Explains Why.

You’d expect a large-cap financial services sector fund to own the biggest banks in America: JPMorgan Chase Bank of America Wells Fargo and Citigroup And those four are all in the top 10 holdings of the Hennessy Large Cap Financial Fund. Ellison said he has owned PayPal the owner of Venmo, since its initial public offering more than 20 years ago and has held it through its ups and downs. While last year was a decidedly down one, he thinks that PayPal will continue to benefit from a generational shift toward using mobile payments, rather than traditional financial products from banks and the credit-card companies.