Cathie Wood is still a star, but this year is already a bit shining

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Catherine Wood, CEO of ARK Investment Management LLC, speaks at the Milken Institute Global Conference in Beverly Hills, California on Monday, October 18, 2021.

Kyle Grillot | Bloomberg | Getty Images

Cathie Wood started the year as a true superstar in the rare world of active stock picking. She was still a superstar at the end of the year, but the ebb and flow of her flagship fund illustrates the danger of becoming a proactive stock picker.

Among her largest holdings, Block, Coinbase, Unity Software, and Zoom Video all fell by more than 10% in December. Twilio, Teladoc, and Spotify fell slightly, while her largest holding Tesla fell. 3%.

On Monday, Wood lightened many positions and sold most of her major holdings.

Ark Innovation: the largest shareholding

(Percentage change in December)

Block 19%

Coinbase drops 15%

Unity software drops 15%

Shrink the video by 10%

Twilio fell 9%

Screen documents dropped by 7%

Tesla fell 3%

Spotify fell 1%

Ark Innovation Fund: Outflow is very moderate

As for inflows and outflows, inflows peaked early this year. However, given the volatile stocks she owns, the holders of her flagship Ark Innovation Fund (ARKK) are very loyal. Since the peak of 201 million issued shares in April, outflows have been flowing out slowly but steadily. It is currently 173 million shares, which is 15% lower than the peak in April, but this level has remained the same in the past few weeks. stability.

This is impressive loyalty because the fund is down 21% this year, 38% below the 52-week high set in February, and just a few weeks ago, it hit this year’s intraday low.

Ark Innovation ETF

Outstanding shares

April: 201 million

Today: 173 million

Year-to-date return: down 21%

52-week high discount: 38%

Earlier this year, most major holdings also hit new highs: With the exception of Tesla, all other stocks were at least 30% below their 52-week high.

The dangers of buying innovation

In a word: Cathie Wood’s main line of reasoning is not wrong-disruptive technology companies will change the world.

It is true, but when everyone accepts the argument, for companies that currently have meager or no profits (Teladoc, Twilio, Spotify, Unity Software), or trade at huge multiples of return (Roku, Block, Tesla), some investment It will inevitably begin to question what the appropriate price should be.

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