Renowned investor Cathie Wood, chief executive of Ark Investment management, on Thursday continued to bulk up on some of her favorite technology stocks.
She also bought shares of one major electric-vehicle maker, while selling another. The valuations listed below are as of Thursday’s close.
Ark exchange-traded funds purchased 68,294 shares of e-commerce platform Shopify (SHOP) – Get Shopify, Inc. Class A Report, valued at $32.8 million. The company is the 14th largest holding in Wood’s flagship Ark Innovation ETF (ARKK) – Get ARK Innovation ETF Report.
Ark Innovation snagged 200,124 shares of video-streaming platform Roku (ROKU) – Get Roku, Inc. Class A Report, valued at $19.9 million. Roku is the third largest holding in Ark Innovation.
That fund snapped up 175,834 shares of videoconferencing service Zoom Video Communications (ZM) – Get Zoom Video Communications, Inc. Class A Report, valued at $17.8 million. Zoom is the second biggest holding in Ark Innovation.
Ark funds snatched 338,663 shares of online video game platform Roblox (RBLX) – Get Roblox Corp. Class A Report, valued at $11.7 million. Roblox is Ark Innovation’s 21st biggest holding.
Wood has said that the downturn of technology stocks in recent months represents a buying opportunity.
Electric Vehicles: Xpeng in, Tesla Out
On the EV maker front, Ark Autonomous Technology & Robotics ETF (ARKQ) – Get ARK Autonomous Technology & Robotics ETF Report bought 93,466 shares of China’s XPeng (XPEV) – Get Xpeng Inc Report, valued at $2.2 million. XPeng is the 22nd biggest holding in Ark Autonomous Technology.
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Ark funds unloaded 93,160 shares of Tesla (TSLA) – Get Tesla Inc Report, valued at $94 million. Tesla is Ark Innovation’s largest holding. Wood has said that her sales of Tesla represent profit-taking and that she still believes in the company.
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.
“Wood’s reliance on her instincts to construct the portfolio is a liability,” Greengold said. “This is a high-risk, benchmark-agnostic portfolio that invests across technology platforms the team thinks will revolutionize how sectors across the globe operate.”
But Wood countered his 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.”
In addition, innovation is global and goes across the capitalization range, Wood said. “So I think those style boxes will seem quite provincial.”