Cathie Wood, the founder of Ark Investment Management, bought some of her old favorites stocks on Friday, including a laser communication company. She also sold an old favorite.
All of the valuations listed below are effective at the end of Friday.
Wood's flagship Ark Innovation ETF () has been purchased by 434,167 people on Robinhood, an online securities brokerage, for $4.5 million. Ark Innovation sold 17,385 shares of Zoom Video Communications () for $1.7 million.
Ark funds acquired 674,220 shares of UiPath, a robotics company, for $12.1 million.
Ark Genomic Revolution ETF () has lost 1,300,840 shares of Ginkgo Bioworks, a biotechnology company, valued at $4.4 million.
The German laser communications company Mynaric MYNA has purchased 9,753 shares, which is valued at $100,456. The company manufactures optical communications terminals for air, space, and mobile applications.
"Laser communication networks provide sky connectivity, allowing for ultra-high data rates and secure, long-distance data transmission between moving objects for wireless terrestrial, mobility, airborne- and space-based applications," Mynaric says on its website.
Ark Innovation suffocated 15,283 shares of Spotify () for its audio-streaming service, valued at $1.7 million on the sell side.
Investors remain loyal
This year, the Ark Innovation ETF has dropped 45%, as Wood's younger technology stocks have smashed ground. However, many investors are still believing in her.
According to Morningstar, the fund received an inflow of $658 million this year through Thursday, including $59 million in the most recent week. Ark Innovation has a total asset of $9.5 billion.
Wood claims she expects five-year returns. Indeed Ark Innovation has outperformed the S&P 500 in the past five years, posting an 18.8% annualized total return compared to 15%. However, Ark Innovation has decreased by more than 65% from its February 2020 high.
According to a Morningstar analyst Robby Greengold of Ark Innovation, on March 29, the news broke.
"ARKK" shows little signs of improving its risk management or ability to navigate difficult terrain it explores, according to a scientist. "Wood's reliance on her instincts to construct the portfolio is a concern."
In a recent interview with Magnifi Media, Wood countered his statements. "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."