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- JingLingJingLing
  ·2021-03-30
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  ARKK's major warehouse adjustment, can Ark replicate last year's success?
  编者按：方舟投资备受期待的ARK太空探索与创新ETF (ARK Space Exploration & Innovation, ARKX)今日开始交易，这只主动管理基金的投资标的是近40只太空探索及创
  ARKK's major warehouse adjustment, can Ark replicate last year's success?
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- JingLingJingLing
  ·2021-03-21
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12:53","market":"us","language":"zh","title":"ARKK's major warehouse adjustment, can Ark replicate last year's success?","url":"https://stock-news.laohu8.com/highlight/detail?id=1187342209","media":"Barrons巴伦","summary":"编者按：方舟投资备受期待的ARK太空探索与创新ETF (ARK Space Exploration & Innovation, ARKX)今日开始交易，这只主动管理基金的投资标的是近40只太空探索及创","content":"<p>Editor's note: ARK Investment's highly anticipated ARK Space Exploration & Innovation ETF (ARK Space Exploration & Innovation, ARKX) started trading today. This actively managed fund invests in nearly 40 stocks in space exploration and Innovation-related fields, in addition to Including<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, Alphabet, and Chinese e-commerce giants<a href=\"https://laohu8.com/S/JD\">JD.com</a>And other companies. This ETF has a rate of 0.75%.</p><p>ARK Innovation (ARKK, hereinafter referred to as ARKK) shined last year, with returns soaring to 153% from 36% in 2019, making it the best performing fund in 2020. Cathie Wood, ARKK fund manager and founder of ARK Investment, has also become a household name. ARKK got off to a rocky start into 2021. After rising another 26% in mid-February, the $22 billion ETF has pulled back sharply over the past six weeks, down 9% year to date. It is worth investors taking a look at the dramatic changes that have taken place in ARKK's portfolio over the past year.</p><p>A year ago, ARKK mainly invested in small-cap stocks, and today, 51% of the fund's money is invested in large-cap stocks. As of the end of February, the average market capitalization of ARKK's investment underlying has increased to $39 billion from $5 billion in March last year, largely due to the rise in the share price of the investment underlying. It is worth noting that although ARKK has the largest position<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA) has recently pulled back, but it has still returned 500% over the past year.</p><p>Many actively managed funds have restrictions on the market value and holding time of investment targets, but ARKK does not have such restrictions. The fund holds both Tesla, which has a market capitalization of up to $594 billion, and Cerus (CERS), which has a market capitalization of just $1 billion. \"The factor of market capitalization is not very important to us,\" said Ren Leggi, client portfolio manager at Ark. \"We focus on innovation.\"</p><p><img src=\"https://static.tigerbbs.com/ee44733258ab802586481d7046f738a0\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>The rise in existing holdings can only partly explain ARKK's shift to companies with larger market capitalization. ARKK has also been selling smaller-cap stocks over the past few months, many of which are biotech companies, including Organovo Holdings (ONVO), Seres Therapeutics (MCRB), Computen (CGEN), and Editas Medicine (EDIT).</p><p>At the same time, ARKK includes a large number of Internet large-cap stocks, such as<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>(PYPL), Shopify (SHOP),<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Video Communications (ZM)<a href=\"https://laohu8.com/S/00700\">Tencent</a>(TCEHY),<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>(BIDU), Sea (SE), and Nintendo (NTDOY). The fund did not hold these stocks last July.</p><p><img src=\"https://static.tigerbbs.com/1e3eca5782906de78a8d380c91d48d6b\" tg-width=\"680\" tg-height=\"394\" referrerpolicy=\"no-referrer\"></p><p>The sectors ARKK focuses on have also changed. In March 2020, the biotechnology and diagnostic therapy sectors accounted for the largest proportion, accounting for 22% and 15% of the portfolio respectively. By the end of February this year, biotechnology accounted for only 14%, and diagnosis and therapy accounted for 8%.</p><p>In addition, ARKK has increased its investment in Internet stocks and software stocks. In March 2020, both accounted for 6%, and as of February this year, they accounted for 15% and 9% respectively. Shopify was not included in the portfolio last October, and now it ranks eighth in open interest, with a weight of 3.1%.</p><p>But Amy Arnott, a portfolio strategist at Morningstar, said ARKK has more exposure to the healthcare and tech sectors than other peer funds.</p><p>Some people suspect that the switch to larger companies by market capitalization is because ARKK's scale is rapidly growing. Last year, the fund attracted $16 billion in new funds. If these funds are invested in companies with smaller market capitalization, it may quickly raise ARKK's stake in these companies to a dangerous level. From this perspective, putting these funds into more liquid large-cap stocks seems like a safer option. Arnott said, \"The bigger ARKK is, the harder it is to build a sizable small-cap position.\"</p><p>Ark Investment denied this view, saying that the position adjustment depends on the prospect, valuation and Ark's strategy of the investment target. For example, Leggi said ARKK withdrew from the DNA sequencing company that once ranked only behind Tesla in holdings<a href=\"https://laohu8.com/S/ILMN\">Illumina</a>(ILMN), the inclusion of its competitor Pacific Biosciences of California (PACB) because of disruptive changes on the horizon in genome sequencing. Other stocks are sold because they have risen too high compared to similar stocks.</p><p>According to Leggi, Ark has also been preparing for a stock market correction since last year, including large-cap stocks in its portfolio to provide decline protection and cash-like reserves to buy the most favored stocks at low prices during stock market downturns.</p><p><img src=\"https://static.tigerbbs.com/c08f83fa146eec4d103e89d95523cb25\" tg-width=\"524\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p>These shifts mean ARKK will likely be less volatile going forward. Many biotech companies struggle to obtain cash flow or revenue before products are approved, while Internet companies can usually already obtain revenue through some products or services.</p><p>This could mean ARKK will perform more like 2019 this year than 2020. Arnott said, \"ARKK is still a very aggressive growth fund, but when the asset size of a fund continues to expand, it can be more difficult to maintain the performance advantage.\"</p><p>Leggi said that companies with larger market capitalization do not necessarily mean less growth. Ark Investment just announced a target price for Tesla, believing that the company's stock price will reach $3,000 by 2025, 385% higher than current levels. Leggi believes that in some industries, larger earlier disruptors have established themselves in the market, and smaller competitors will struggle to compete with them.</p><p>Leggi said, \"Many smaller electric vehicle manufacturers have gone public through special purpose acquisition companies (SPACs). All of us haven't invested in these small companies because the capital intensity of the industry is very high, and these small companies don't have the conditions to become the new leader in the market. Tesla is already far ahead. Next, our portfolio's exposure to small-cap stocks is unlikely to be as big as it was a few years ago.\"</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARKK's major warehouse adjustment, can Ark replicate last year's success?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; 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: 12.5px; color: #7E829C; margin: 0;}\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\">\nARKK's major warehouse adjustment, can Ark replicate last year's success?\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1063202233\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/dd0fd02e1b0644cdbe57505e702dacab);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Barrons巴伦 </p>\n<p class=\"h-time smaller\">2021-03-30 12:53</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Editor's note: ARK Investment's highly anticipated ARK Space Exploration & Innovation ETF (ARK Space Exploration & Innovation, ARKX) started trading today. This actively managed fund invests in nearly 40 stocks in space exploration and Innovation-related fields, in addition to Including<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>, Alphabet, and Chinese e-commerce giants<a href=\"https://laohu8.com/S/JD\">JD.com</a>And other companies. This ETF has a rate of 0.75%.</p><p>ARK Innovation (ARKK, hereinafter referred to as ARKK) shined last year, with returns soaring to 153% from 36% in 2019, making it the best performing fund in 2020. Cathie Wood, ARKK fund manager and founder of ARK Investment, has also become a household name. ARKK got off to a rocky start into 2021. After rising another 26% in mid-February, the $22 billion ETF has pulled back sharply over the past six weeks, down 9% year to date. It is worth investors taking a look at the dramatic changes that have taken place in ARKK's portfolio over the past year.</p><p>A year ago, ARKK mainly invested in small-cap stocks, and today, 51% of the fund's money is invested in large-cap stocks. As of the end of February, the average market capitalization of ARKK's investment underlying has increased to $39 billion from $5 billion in March last year, largely due to the rise in the share price of the investment underlying. It is worth noting that although ARKK has the largest position<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA) has recently pulled back, but it has still returned 500% over the past year.</p><p>Many actively managed funds have restrictions on the market value and holding time of investment targets, but ARKK does not have such restrictions. The fund holds both Tesla, which has a market capitalization of up to $594 billion, and Cerus (CERS), which has a market capitalization of just $1 billion. \"The factor of market capitalization is not very important to us,\" said Ren Leggi, client portfolio manager at Ark. \"We focus on innovation.\"</p><p><img src=\"https://static.tigerbbs.com/ee44733258ab802586481d7046f738a0\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\"></p><p>The rise in existing holdings can only partly explain ARKK's shift to companies with larger market capitalization. ARKK has also been selling smaller-cap stocks over the past few months, many of which are biotech companies, including Organovo Holdings (ONVO), Seres Therapeutics (MCRB), Computen (CGEN), and Editas Medicine (EDIT).</p><p>At the same time, ARKK includes a large number of Internet large-cap stocks, such as<a href=\"https://laohu8.com/S/PYPL\">PayPal</a>(PYPL), Shopify (SHOP),<a href=\"https://laohu8.com/S/ZM\">Zoom</a>Video Communications (ZM)<a href=\"https://laohu8.com/S/00700\">Tencent</a>(TCEHY),<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>(BIDU), Sea (SE), and Nintendo (NTDOY). The fund did not hold these stocks last July.</p><p><img src=\"https://static.tigerbbs.com/1e3eca5782906de78a8d380c91d48d6b\" tg-width=\"680\" tg-height=\"394\" referrerpolicy=\"no-referrer\"></p><p>The sectors ARKK focuses on have also changed. In March 2020, the biotechnology and diagnostic therapy sectors accounted for the largest proportion, accounting for 22% and 15% of the portfolio respectively. By the end of February this year, biotechnology accounted for only 14%, and diagnosis and therapy accounted for 8%.</p><p>In addition, ARKK has increased its investment in Internet stocks and software stocks. In March 2020, both accounted for 6%, and as of February this year, they accounted for 15% and 9% respectively. Shopify was not included in the portfolio last October, and now it ranks eighth in open interest, with a weight of 3.1%.</p><p>But Amy Arnott, a portfolio strategist at Morningstar, said ARKK has more exposure to the healthcare and tech sectors than other peer funds.</p><p>Some people suspect that the switch to larger companies by market capitalization is because ARKK's scale is rapidly growing. Last year, the fund attracted $16 billion in new funds. If these funds are invested in companies with smaller market capitalization, it may quickly raise ARKK's stake in these companies to a dangerous level. From this perspective, putting these funds into more liquid large-cap stocks seems like a safer option. Arnott said, \"The bigger ARKK is, the harder it is to build a sizable small-cap position.\"</p><p>Ark Investment denied this view, saying that the position adjustment depends on the prospect, valuation and Ark's strategy of the investment target. For example, Leggi said ARKK withdrew from the DNA sequencing company that once ranked only behind Tesla in holdings<a href=\"https://laohu8.com/S/ILMN\">Illumina</a>(ILMN), the inclusion of its competitor Pacific Biosciences of California (PACB) because of disruptive changes on the horizon in genome sequencing. Other stocks are sold because they have risen too high compared to similar stocks.</p><p>According to Leggi, Ark has also been preparing for a stock market correction since last year, including large-cap stocks in its portfolio to provide decline protection and cash-like reserves to buy the most favored stocks at low prices during stock market downturns.</p><p><img src=\"https://static.tigerbbs.com/c08f83fa146eec4d103e89d95523cb25\" tg-width=\"524\" tg-height=\"535\" referrerpolicy=\"no-referrer\"></p><p>These shifts mean ARKK will likely be less volatile going forward. Many biotech companies struggle to obtain cash flow or revenue before products are approved, while Internet companies can usually already obtain revenue through some products or services.</p><p>This could mean ARKK will perform more like 2019 this year than 2020. Arnott said, \"ARKK is still a very aggressive growth fund, but when the asset size of a fund continues to expand, it can be more difficult to maintain the performance advantage.\"</p><p>Leggi said that companies with larger market capitalization do not necessarily mean less growth. Ark Investment just announced a target price for Tesla, believing that the company's stock price will reach $3,000 by 2025, 385% higher than current levels. Leggi believes that in some industries, larger earlier disruptors have established themselves in the market, and smaller competitors will struggle to compete with them.</p><p>Leggi said, \"Many smaller electric vehicle manufacturers have gone public through special purpose acquisition companies (SPACs). All of us haven't invested in these small companies because the capital intensity of the industry is very high, and these small companies don't have the conditions to become the new leader in the market. Tesla is already far ahead. Next, our portfolio's exposure to small-cap stocks is unlikely to be as big as it was a few years ago.\"</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"ARKX":"ARK Space Exploration & Innovation ETF"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187342209","content_text":"编者按：方舟投资备受期待的ARK太空探索与创新ETF (ARK Space Exploration & Innovation, ARKX)今日开始交易，这只主动管理基金的投资标的是近40只太空探索及创新相关领域的股票，此外还包括亚马逊、Alphabet、和中国电商巨头京东等公司。这只ETF的费率为0.75%。ARK Innovation (ARKK，下文简称ARKK)去年大放异彩，回报率从2019年的36%飙升到153%，成为2020年表现最好的基金。ARKK基金经理、方舟投资(ARK Investment)创始人凯西·伍德(Cathie Wood)也因此变得家喻户晓。进入2021年后ARKK开局不利，在2月中旬又上涨了26%之后，这只规模220亿美元的ETF在过去六周里大幅回落，今年迄今下跌9%。投资者有必要了解一下过去一年ARKK投资组合发生的巨大变化。一年前，ARKK主要投资小盘股，如今，这只基金51%的资金投向了大盘股。截至2月底，ARKK投资标的的平均市值已从去年3月的50亿美元增至390亿美元，这在很大程度上是由于投资标的股价的上涨。值得注意的是，虽然ARKK持仓最大的特斯拉(TSLA)近期股价回落，但过去一年的回报率依然高达500%。不少主动管理基金对投资标的的市值以及持有时间有限制，但ARKK没有这方面的限制。该基金既持有市值高达5940亿美元的特斯拉，也持有市值仅为10亿美元的Cerus (CERS)。“市值这一因素对我们来说不是很重要，”方舟客户投资组合经理雷恩·莱吉(Ren Leggi)说，“我们关注的是创新。”现有持仓的上涨只能在一定程度上解释ARKK转向市值更大的公司的原因。过去几个月，ARKK也一直在抛售市值较小的股票，其中许多是生物科技公司，包括Organovo Holdings (ONVO)、Seres Therapeutics (MCRB)、Computen (CGEN)和Editas Medicine (EDIT)。与此同时，ARKK纳入了大量互联网大盘股，如PayPal (PYPL)、Shopify (SHOP)、Zoom Video Communications (ZM)、腾讯(TCEHY)、百度(BIDU)、Sea (SE)和任天堂(NTDOY)。去年7月该基金没有持有这些股票。ARKK关注的板块也发生了变化。2020年3月，生物技术和诊疗法板块占比最大，分别占投资组合的22%和15%。到今年2月底，生物技术仅占14%，诊疗法占8%。此外，ARKK增加了对互联网股和软件股的投资，2020年3月二者占比均为6%，截至今年2月占比分别为15%和9%。去年10月份Shopify还没有被纳入投资组合，现在持仓量排名第八，权重为3.1%。但晨星(Morningstar)投资组合策略师艾米·阿诺特(Amy Arnott)表示，与其他同类基金相比，ARKK在医疗保健和科技板块的投资更多。一些人怀疑转投市值更大的公司的因为ARKK的规模迅速变大。去年该基金吸引了160亿美元的新资金，如果这些资金投向市值较小的公司，可能会迅速将ARKK对这些公司的持股提高到一个比较危险的水平。从这个角度来看，把这些资金投向流动性更强的大盘股似乎是一个更安全的选择。阿诺特说，“ARKK的规模越大，就越难建立起相当规模的小盘股头寸。”方舟投资否认了这种观点，称调仓取决于投资标的的前景、估值和方舟的策略。举例来说，莱吉称ARKK退出了对持仓量曾仅排在特斯拉之后的DNA测序公司Illumina (ILMN)、纳入其竞争对手Pacific Biosciences of California (PACB)是因为基因组测序领域即将出现颠覆性的变化。抛售其他股票是因为和同类股票相比这些股票已经涨得过高。莱吉称，自去年以来方舟也一直在为股市回调做准备，在投资组合中纳入大盘股是为了提供下跌保护和类似现金的储备，以便在股市低迷时期以低价买入最被看好的股票。这些转变意味着ARKK未来的波动性可能会变小。许多生物技术公司在产品获批之前很难获得现金流或收入，而互联网公司通常已经能通过一些产品或服务获得收入。这可能意味着今年ARKK的表现将更像2019年，而不是2020年。阿诺特说，“ARKK仍是一只非常激进的成长型基金，但当一只基金的资产规模不断扩大时，要维持业绩优势可能会更加困难。”莱吉称，市值更大的公司不一定意味着增长变少，方舟投资刚刚公布了特斯拉的目标价，认为到2025年该公司股价将达到3000美元，比目前水平高出385%。莱吉认为，在某些行业中，早期规模更大的颠覆者已经建立起了自己的市场地位，小型竞争对手将很难与之竞争。莱吉说，“不少规模较小的电动车制造商已通过特殊目的收购公司(SPAC)上市，我们之所有没有投资这些小公司，是因为该行业的资本密集度非常高，这些小公司不具备成为市场新的领头羊的条件，特斯拉已经遥遥领先。接下来我们的投资组合对小盘股的敞口不太可能再会像几年前那么大。”","news_type":1,"symbols_score_info":{"ARKX":0.9}},"isVote":1,"tweetType":1,"viewCount":2343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":359306712,"gmtCreate":1616335363236,"gmtModify":1704792969180,"author":{"id":"3577336123110411","authorId":"3577336123110411","name":"JingLing","avatar":"https://static.tigerbbs.com/49004d05ce36f8b76a711bb807b51ba3","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577336123110411","idStr":"3577336123110411"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359306712","repostId":"2121456431","repostType":4,"isVote":1,"tweetType":1,"viewCount":2747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}