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2021-12-16

Cathie Wood sells ARK's high-conviction names even as she implies it's time to buy them

Ark Invest's Cathie Wood said in a recent interview that when her firm's funds are losing ground, Ar

Cathie Wood sells ARK's high-conviction names even as she implies it's time to buy them

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However, a Seeking Alpha analysis of Wood's voluntary trade disclosures shows that she's actually been dumping some of her high-conviction names in recent days instead of buying them.</li>\n <li>Wood told Bloomberg TV&nbsp;in an&nbsp;interview last week&nbsp;that \"especially in periods where our style is out of favor... what we usually do is consolidate our holdings towards our highest-conviction names. [Those] are the names in our top 10 -- so the Tesla(NASDAQ:TSLA), the Roku(NASDAQ:ROKU), Teladoc Health(NYSE:TDOC), Square(NYSE:SQ), Shopify(NYSE:SHOP)and so forth.\"</li>\n <li>However, a review of trading records that Ark voluntarily releases every day shows that&nbsp;Wood hasn't actually been buying any of the high-conviction names she mentioned other than ROKU, and has instead dumped shares of TSLA and SHOP:</li>\n</ul>\n<p><img src=\"https://static.tigerbbs.com/4164d62ea7e6d2b946249fadbe2f66b1\" tg-width=\"1280\" tg-height=\"243\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p><b>Ark Funds Have Been Falling</b></p>\n<ul>\n <li>An Ark spokeswomen didn't immediately have any comment on the firm's moves, but the trades appear to go against what Wood told Bloomberg her strategy is for periods where Ark funds are sinking.</li>\n <li>From Dec. 9-14, ARK Innovation ETF(NYSEARCA:ARKK)is&nbsp;-7%, ARK Autonomous Technology &amp; Robotics ETF(BATS:ARKQ)lost&nbsp;4.7%, ARK Next Generation Internet ETF(NYSEARCA:ARKW)is down&nbsp;9.1%, ARK Genomic Revolution Multi-Sector ETF(BATS:ARKG)shed&nbsp;3.3%, ARK Fintech Innovation ETF(NYSEARCA:ARKF)is&nbsp;-8%&nbsp;and ARK Space Exploration &amp; Innovation ETF(BATS:ARKX)&nbsp;-2.6%.</li>\n <li>Wood's interview with Bloomberg TV seemed to imply that in such down periods, Ark will buy more of the firm's high-conviction names instead of selling them.</li>\n <li>“When traditional asset managers are managing their portfolios in a risk-off situation, they’re diversifying to get closer to their indexes,\" the Ark chief said. \"They’re buying index stocks and they’re selling our [high-conviction] stocks, so we are there to pick up the pieces.”</li>\n</ul>\n<p><b>Such Moves Aren't Necessarily Illegal</b></p>\n<ul>\n <li>Rachel Spooner, a Boston College Carroll School of Management securities-law professor and a former clerk for a U.S. District Court judge in the Southern District of New York, told Seeking Alpha that Ark can sell stocks that Wood implied she was buying without necessarily breaking any statutes.</li>\n <li>Spooner said that as long as Wood is showing good faith, prosecutors wouldn't go after Ark for such a short window of seemingly contradictory trades.</li>\n <li>\"If she's acting in the best interest of her investors and that compels her to change her mind, it's OK if she's being inconsistent&nbsp;with what she said before.\"</li>\n <li>But ironically, Wood's remarks came during an interview about ARK's new ARK Transparency ETF(BATS:CTRU), which focuses on companies with good transparency about their operations.</li>\n <li>Wood said that ARK considers transparency important for its own operations, telling Bloomberg that \"we call ourselves' radically transparent.'\"</li>\n <li><p>Meanwhile, Wood continues to defend her belief in long-term deflation despite U.S. consumer prices recently recording their&nbsp;largest jump in 39 years.</p></li>\n <li><p>Screen for ETFs on a host of factors,including risk and performance.</p></li>\n</ul>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood sells ARK's high-conviction names even as she implies it's time to buy them\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-16 13:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3780299-cathie-wood-sells-high-conviction-names><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Ark Invest's Cathie Wood said in a recent interview that when her firm's funds are losing ground, Ark looks to gear its positions towards the company's highest-conviction stocks. However, a Seeking ...</p>\n\n<a href=\"https://seekingalpha.com/news/3780299-cathie-wood-sells-high-conviction-names\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SHOP":"Shopify Inc","ARKK":"ARK Innovation ETF","TDOC":"Teladoc Health Inc.","ROKU":"Roku Inc","SQ":"Block","TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/news/3780299-cathie-wood-sells-high-conviction-names","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1136577431","content_text":"Ark Invest's Cathie Wood said in a recent interview that when her firm's funds are losing ground, Ark looks to gear its positions towards the company's highest-conviction stocks. However, a Seeking Alpha analysis of Wood's voluntary trade disclosures shows that she's actually been dumping some of her high-conviction names in recent days instead of buying them.\nWood told Bloomberg TV in an interview last week that \"especially in periods where our style is out of favor... what we usually do is consolidate our holdings towards our highest-conviction names. [Those] are the names in our top 10 -- so the Tesla(NASDAQ:TSLA), the Roku(NASDAQ:ROKU), Teladoc Health(NYSE:TDOC), Square(NYSE:SQ), Shopify(NYSE:SHOP)and so forth.\"\nHowever, a review of trading records that Ark voluntarily releases every day shows that Wood hasn't actually been buying any of the high-conviction names she mentioned other than ROKU, and has instead dumped shares of TSLA and SHOP:\n\n\nArk Funds Have Been Falling\n\nAn Ark spokeswomen didn't immediately have any comment on the firm's moves, but the trades appear to go against what Wood told Bloomberg her strategy is for periods where Ark funds are sinking.\nFrom Dec. 9-14, ARK Innovation ETF(NYSEARCA:ARKK)is -7%, ARK Autonomous Technology & Robotics ETF(BATS:ARKQ)lost 4.7%, ARK Next Generation Internet ETF(NYSEARCA:ARKW)is down 9.1%, ARK Genomic Revolution Multi-Sector ETF(BATS:ARKG)shed 3.3%, ARK Fintech Innovation ETF(NYSEARCA:ARKF)is -8% and ARK Space Exploration & Innovation ETF(BATS:ARKX) -2.6%.\nWood's interview with Bloomberg TV seemed to imply that in such down periods, Ark will buy more of the firm's high-conviction names instead of selling them.\n“When traditional asset managers are managing their portfolios in a risk-off situation, they’re diversifying to get closer to their indexes,\" the Ark chief said. \"They’re buying index stocks and they’re selling our [high-conviction] stocks, so we are there to pick up the pieces.”\n\nSuch Moves Aren't Necessarily Illegal\n\nRachel Spooner, a Boston College Carroll School of Management securities-law professor and a former clerk for a U.S. District Court judge in the Southern District of New York, told Seeking Alpha that Ark can sell stocks that Wood implied she was buying without necessarily breaking any statutes.\nSpooner said that as long as Wood is showing good faith, prosecutors wouldn't go after Ark for such a short window of seemingly contradictory trades.\n\"If she's acting in the best interest of her investors and that compels her to change her mind, it's OK if she's being inconsistent with what she said before.\"\nBut ironically, Wood's remarks came during an interview about ARK's new ARK Transparency ETF(BATS:CTRU), which focuses on companies with good transparency about their operations.\nWood said that ARK considers transparency important for its own operations, telling Bloomberg that \"we call ourselves' radically transparent.'\"\nMeanwhile, Wood continues to defend her belief in long-term deflation despite U.S. consumer prices recently recording their largest jump in 39 years.\nScreen for ETFs on a host of factors,including risk and performance.","news_type":1},"isVote":1,"tweetType":1,"viewCount":720,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}