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2022-05-20

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Tesla Loses Top Spot in Cathie Wood’s Flagship Fund

Tesla Inc. has lost its crown jewel status in Cathie Wood’s main fund for the first time in about fo

Tesla Loses Top Spot in Cathie Wood’s Flagship Fund

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That changed on Thursday, when electronics product maker Roku Inc., a firm with $13.2 billion of market value, pipped it to take the top spot.</p><p>ARKK held Tesla shares worth about $703 million as of Thursday’s close, versus a position of $717 million in Roku, according to ARK Investment Management LLC.’s data compiled by Bloomberg.</p><p>Like ARKK’s 55% drop this year, Tesla’s loss of its star status in the ETF is a reminder of the pressure on growth stocks from rising interest rates and a darkening global economic outlook. It also came after a 33% plunge in the electric car maker’s shares this year, following their rise to a record in 2021.</p><p>ARK Investment and its flagship fund have been selling Tesla shares for at least four quarters in a row, according to Bloomberg-compiled data. The firm owned nearly 1.59 million Tesla shares as of the end of March, down from nearly 5.79 million shares a year earlier.</p><p>ARK’s daily trading updates show only active decisions by the management team and don’t include creation or redemption activity caused by investor flows. 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That changed on Thursday, when electronics product maker Roku Inc., a firm with $13.2 billion of market value, pipped it to take the top spot.ARKK held Tesla shares worth about $703 million as of Thursday’s close, versus a position of $717 million in Roku, according to ARK Investment Management LLC.’s data compiled by Bloomberg.Like ARKK’s 55% drop this year, Tesla’s loss of its star status in the ETF is a reminder of the pressure on growth stocks from rising interest rates and a darkening global economic outlook. It also came after a 33% plunge in the electric car maker’s shares this year, following their rise to a record in 2021.ARK Investment and its flagship fund have been selling Tesla shares for at least four quarters in a row, according to Bloomberg-compiled data. The firm owned nearly 1.59 million Tesla shares as of the end of March, down from nearly 5.79 million shares a year earlier.ARK’s daily trading updates show only active decisions by the management team and don’t include creation or redemption activity caused by investor flows. Wood’s oft-repeated mantra is that ARK invests with at least a five-year time horizon, and that volatility in their equity picks is expected.","news_type":1},"isVote":1,"tweetType":1,"viewCount":595,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}