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- JingLingJingLing
  ·2021-03-30
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  ARKK's major portfolio 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 portfolio 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 portfolio 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 (ARKX) began trading today. This actively managed fund invests in nearly 40 stocks related to Space Exploration and Innovation, in addition to...<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>Waiting for companies. This ETF has a fee rate of 0.75%.</p><p>ARK Innovation (ARKK, hereinafter referred to as ARKK) shone brightly last year, with its return soaring from 36% in 2019 to 153%, making it the best-performing fund in 2020. Cathie Wood, ARKK fund manager and founder of ARK Investment, has become a household name as a result. After a poor start to 2021, ARKK rose another 26% in mid-February. The $22 billion ETF has fallen sharply in the past six weeks and is down 9% year-to-date. It is important for investors to understand the significant changes that have occurred in ARKK's portfolio over the past year.</p><p>A year ago, ARKK primarily invested in small-cap stocks; now, 51% of the fund's funds are invested in large-cap stocks. As of the end of February, the average market capitalization of ARKK's investments had increased from $5 billion in March of last year to $39 billion, largely due to the rise in the stock prices of the investments. It is worth noting that although ARKK holds the largest position<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA) stock price has recently fallen, but its return over the past year is still as high as 500%.</p><p>Many actively managed funds have restrictions on the market capitalization of their investment targets and the holding period, but ARKK does not have such restrictions. The fund holds both Tesla, with a market capitalization of $594 billion, and Cerus (CERS), with a market capitalization of only $1 billion. “Market capitalization isn’t a very important factor for us,” said Ren Leggi, portfolio manager for Ark clients. “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 increase in existing holdings can only partially explain why ARKK is shifting to companies with larger market capitalizations. In the past few months, ARKK has also been selling smaller-cap stocks, many of which are biotechnology companies, including Organovo Holdings (ONVO), Seres Therapeutics (MCRB), Computen (CGEN) and Editas Medicine (EDIT).</p><p>At the same time, ARKK included a large number of large-cap internet 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 shares 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 therapeutic 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 diagnostic and therapeutic methods accounted for 8%.</p><p>In addition, ARKK has increased its investments in internet and software stocks, with both accounting for 6% in March 2020 and 15% and 9% respectively as of February this year. Shopify was not included in the portfolio last October, and now it ranks eighth in holdings, with a weighting of 3.1%.</p><p>But Amy Arnott, a portfolio strategist at Morningstar, said ARKK invests more in the healthcare and technology sectors than other similar funds.</p><p>Some people are skeptical of switching to larger companies because ARKK is rapidly growing in size. Last year, the fund attracted $16 billion in new funding, which, if invested in smaller-cap companies, could quickly increase ARKK's stake in these companies to a dangerous level. From this perspective, investing these funds in more liquid large-cap stocks seems like a safer option. Arnault said, \"The larger ARKK is, the harder it is to build a significant small-cap position.\"</p><p>Ark Investment denied this view, stating that portfolio adjustments depend on the prospects of the investment targets, their valuation, and Ark's strategy. For example, Legge stated that ARKK withdrew from a DNA sequencing company whose holdings were once second only to Tesla.<a href=\"https://laohu8.com/S/ILMN\">illuminate</a>(ILMN), included its competitor Pacific Biosciences of California (PACB) because the field of genome sequencing is about to undergo disruptive changes. Other stocks are sold because they have risen too high compared to their peers.</p><p>Legge stated that Ark has also been preparing for a stock market correction since last year, including large-cap stocks in its portfolio to provide downside protection and similar cash 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 that ARKK may experience less volatility in the future. Many biotechnology companies have difficulty generating cash flow or revenue before their products are approved, while internet companies are usually already able to generate revenue through some products or services.</p><p>This could mean that ARKK's performance this year will be more like 2019 than 2020. Arnault said, \"ARKK remains a very aggressive growth fund, but it can be more difficult to maintain a performance advantage as a fund's asset size continues to expand.\"</p><p>Legge stated that a company with a larger market capitalization does not necessarily mean less growth. Ark Investment just announced its target price for Tesla, believing that the company's stock price will reach $3,000 by 2025, 385% higher than the current level. Legge believes that in some industries, the earlier, larger disruptors have already established their market position, and smaller competitors will have a hard time competing with them.</p><p>Legge said, “Many smaller electric vehicle manufacturers have gone public through special purpose acquisition companies (SPACs). Our portfolio does not invest in these small companies because the industry is very capital-intensive and these small companies do not have the conditions to become new market leaders. Tesla is already far ahead. It is unlikely that our portfolio exposure to small-cap stocks will be as large 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 portfolio 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 portfolio 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 (ARKX) began trading today. This actively managed fund invests in nearly 40 stocks related to Space Exploration and Innovation, in addition to...<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>Waiting for companies. This ETF has a fee rate of 0.75%.</p><p>ARK Innovation (ARKK, hereinafter referred to as ARKK) shone brightly last year, with its return soaring from 36% in 2019 to 153%, making it the best-performing fund in 2020. Cathie Wood, ARKK fund manager and founder of ARK Investment, has become a household name as a result. After a poor start to 2021, ARKK rose another 26% in mid-February. The $22 billion ETF has fallen sharply in the past six weeks and is down 9% year-to-date. It is important for investors to understand the significant changes that have occurred in ARKK's portfolio over the past year.</p><p>A year ago, ARKK primarily invested in small-cap stocks; now, 51% of the fund's funds are invested in large-cap stocks. As of the end of February, the average market capitalization of ARKK's investments had increased from $5 billion in March of last year to $39 billion, largely due to the rise in the stock prices of the investments. It is worth noting that although ARKK holds the largest position<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>(TSLA) stock price has recently fallen, but its return over the past year is still as high as 500%.</p><p>Many actively managed funds have restrictions on the market capitalization of their investment targets and the holding period, but ARKK does not have such restrictions. The fund holds both Tesla, with a market capitalization of $594 billion, and Cerus (CERS), with a market capitalization of only $1 billion. “Market capitalization isn’t a very important factor for us,” said Ren Leggi, portfolio manager for Ark clients. “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 increase in existing holdings can only partially explain why ARKK is shifting to companies with larger market capitalizations. In the past few months, ARKK has also been selling smaller-cap stocks, many of which are biotechnology companies, including Organovo Holdings (ONVO), Seres Therapeutics (MCRB), Computen (CGEN) and Editas Medicine (EDIT).</p><p>At the same time, ARKK included a large number of large-cap internet 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 shares 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 therapeutic 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 diagnostic and therapeutic methods accounted for 8%.</p><p>In addition, ARKK has increased its investments in internet and software stocks, with both accounting for 6% in March 2020 and 15% and 9% respectively as of February this year. Shopify was not included in the portfolio last October, and now it ranks eighth in holdings, with a weighting of 3.1%.</p><p>But Amy Arnott, a portfolio strategist at Morningstar, said ARKK invests more in the healthcare and technology sectors than other similar funds.</p><p>Some people are skeptical of switching to larger companies because ARKK is rapidly growing in size. Last year, the fund attracted $16 billion in new funding, which, if invested in smaller-cap companies, could quickly increase ARKK's stake in these companies to a dangerous level. From this perspective, investing these funds in more liquid large-cap stocks seems like a safer option. Arnault said, \"The larger ARKK is, the harder it is to build a significant small-cap position.\"</p><p>Ark Investment denied this view, stating that portfolio adjustments depend on the prospects of the investment targets, their valuation, and Ark's strategy. For example, Legge stated that ARKK withdrew from a DNA sequencing company whose holdings were once second only to Tesla.<a href=\"https://laohu8.com/S/ILMN\">illuminate</a>(ILMN), included its competitor Pacific Biosciences of California (PACB) because the field of genome sequencing is about to undergo disruptive changes. Other stocks are sold because they have risen too high compared to their peers.</p><p>Legge stated that Ark has also been preparing for a stock market correction since last year, including large-cap stocks in its portfolio to provide downside protection and similar cash 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 that ARKK may experience less volatility in the future. Many biotechnology companies have difficulty generating cash flow or revenue before their products are approved, while internet companies are usually already able to generate revenue through some products or services.</p><p>This could mean that ARKK's performance this year will be more like 2019 than 2020. Arnault said, \"ARKK remains a very aggressive growth fund, but it can be more difficult to maintain a performance advantage as a fund's asset size continues to expand.\"</p><p>Legge stated that a company with a larger market capitalization does not necessarily mean less growth. Ark Investment just announced its target price for Tesla, believing that the company's stock price will reach $3,000 by 2025, 385% higher than the current level. Legge believes that in some industries, the earlier, larger disruptors have already established their market position, and smaller competitors will have a hard time competing with them.</p><p>Legge said, “Many smaller electric vehicle manufacturers have gone public through special purpose acquisition companies (SPACs). Our portfolio does not invest in these small companies because the industry is very capital-intensive and these small companies do not have the conditions to become new market leaders. Tesla is already far ahead. It is unlikely that our portfolio exposure to small-cap stocks will be as large 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":4491,"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":[],"title":"","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":4839,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}