Renowned investor Cathie Wood, chief executive of Ark Investment Management, did more selling than buying on April 29, including the sale of a personalized-health-care-benefits provider for companies.
All valuations below are as of Friday’s close
On the buying side, Ark Genomic Revolution ETF (ARKG) – Get ARK Genomic Revolution ETF Report purchased 1,549,803 shares of Seattle health-care-benefits provider Accolade (ACCD) , valued at $8.6 million.
Ark Genomic snagged 33,601 shares of biotechnology company Quantum-Si (QSI) valued at $147,172.
Ark Fintech apparently sold the shares on the Johannesburg Stock Exchange. Discovery has a thinly traded ADR trading in the U.S. under the ticker DCYHY.
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Wood has brushed off the declines, saying her investment focus is five years. And indeed, Ark Innovation has outperformed the S&P 500 over the past five years.
As of April 29, the ETF had an annualized total return of 15.5% during that period, compared with 13.7% for the S&P 500, according to Morningstar.
Investors apparently haven’t given up on Wood. Ark Innovation saw an investment inflow of $790 million year to date as of April 29, according to Bloomberg.
On March 29, Morningstar analyst Robby Greengold issued a scathing critique of Ark Innovation.
“ARKK shows few signs of improving its risk management or ability to successfully navigate the challenging territory it explores,” he wrote.
“Since its meteoric rise in 2020, the strategy has been one of the worst-performing U.S.-sold funds.… Wood’s reliance on her instincts to construct the portfolio is a liability.”
Wood countered Greengold’s points in a recent interview with Magnifi Media by Tifin. “I do know there are companies like that one [Morningstar] that do not understand what we’re doing,” she said.
“We do not fit into their style boxes. And I think style boxes will become a thing of the past, as technology blurs the lines between and among sectors.”