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2021-03-29

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ARK Innovation Fund Has Reshuffled Its Holdings. What That Means for Investors<blockquote>方舟创新基金对其持股进行了重新洗牌。这对投资者意味着什么</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":355995505,"tweetId":"355995505","gmtCreate":1617022025607,"gmtModify":1634523098196,"author":{"id":3575163551534398,"idStr":"3575163551534398","authorId":3575163551534398,"authorIdStr":"3575163551534398","name":"MightyPooP","avatar":"https://static.tigerbbs.com/aec66d00ca2b1f2b75412008d93edd14","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":46,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Please help to like and comment. Thank u.</body></html>","htmlText":"<html><head></head><body>Please help to like and comment. Thank u.</body></html>","text":"Please help to like and comment. Thank u.","highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":5,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/355995505","repostId":1192930137,"repostType":4,"repost":{"id":"1192930137","kind":"news","pubTimestamp":1617021734,"share":"https://www.laohunote.com/m/news/1192930137?lang=zh_CN&edition=full","pubTime":"2021-03-29 20:42","market":"us","language":"en","title":"ARK Innovation Fund Has Reshuffled Its Holdings. What That Means for Investors<blockquote>方舟创新基金对其持股进行了重新洗牌。这对投资者意味着什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1192930137","media":"Barron's","summary":"Pretty much everything changed in 2020—some things more than others.The ARK Innovation exchange-trad","content":"Pretty much everything changed in 2020—some things more than others.<blockquote>2020年几乎一切都变了——有些事情比其他事情更大。</blockquote>The ARK Innovation exchange-traded fund (ticker: ARKK) went from a somewhat sleepy actively managed fund that returned 36% in 2019, to the top performer in 2020, returning 153% and making its manager,ARK Investment founder Cathie Wood, a household name. But ARK Innovation ishaving a rough 2021: After rising another 26% by mid-February, the $22 billion ETF has tumbled over the past six weeks, and is now down 9% year to date. Investors need to understand the dramatic portfolio changes that have occurred in the past year to see what they own and determine the fund’s role in their portfolios.<blockquote>ARK Innovation 交易所交易基金（股票代码：ARKK）从 2019 年回报率为 36% 的有点昏昏欲睡的主动管理基金，到 2020 年表现最佳，回报率为 153%，并使其经理 ARK Investment 创始人 Cathie Wood 家喻户晓。但 ARK Innovation 正在经历艰难的 2021 年：在 2 月中旬又上涨 26% 后，这只价值 220 亿美元的 ETF 在过去六周内暴跌，今年迄今已下跌 9%。投资者需要了解过去一年中发生的巨大变化，才能了解自己拥有什么，并确定基金在其投资组合中的作用。</blockquote>For starters: A year ago, ARK Innovation was a small-company fund. Today, it’s solidly mid-cap, with 51% of its assets in large-company stocks. The average market cap of its holdings has increased from $5 billion last March to $39 billion by the end of February. That, in large part, is due to how much many holdings have run up. Notably, top holdingTesla(TSLA) has returned 500% in the past year even after the recent pullback.<blockquote>首先：一年前，ARK Innovation 是一家小公司基金。如今，该公司已成为稳固的中型股，51% 的资产投资于大型公司股票。其持股的平均市值已从去年3月的50亿美元增加到2月底的390亿美元。这在很大程度上是由于持股数量增加所致。值得注意的是，即使在最近回调之后，top holdingTesla (TSLA) 过去一年的回报率也达到了 500%。</blockquote>Many active funds have limitations on the size of companies they can buy and continue to own. ARK Innovation doesn’t have such constraints. It’s open to stocks up and down the capitalization spectrum—from the $594 billion Tesla to the $1 billionCerus(CERS). “We don’t really look at market caps. We are pretty agnostic to that,” says Ren Leggi, ARK’s client portfolio manager. “We’re looking at where innovation takes us.”<blockquote>许多主动型基金对其可以购买和继续持有的公司规模有限制。方舟创新没有这样的限制。从 5940 亿美元的特斯拉到 10 亿美元的 CERU（CERU），它对资本化范围内的股票开放。“我们并不真正关注市值。我们对此一无所知，”ARK 的客户投资组合经理 Ren Leggi 说。“我们正在关注创新将我们引向何方”。</blockquote>The growth of its existing holdings only partially explains the fund’s tilt toward larger stocks. Over the past few months, ARK Innovation has also been selling shares in smaller-cap firms, many in biotech, includingOrganovo Holdings(ONVO),Seres Therapeutics(MCRB), Compugen(CGEN), andEditas Medicine(EDIT).<blockquote>现有持股的增长只是该基金倾向于大盘股的部分原因。在过去的几个月里，ARK Innovation 还一直在出售小型公司的股票，其中许多是生物技术公司，包括 Organovo Holdings (ONVO)、Seres Therapeutics (MCRB)、Compugen (CGEN) 和 Deditas Medicine（编辑）。</blockquote>Meanwhile, the fund has added a significant amount of large-cap internet stocks likePayPal Holdings(PYPL), Shopify(SHOP),Zoom Video Communications(ZM); and foreign firms such as Tencent Holdings(TCEHY), Baidu(BIDU),Sea(SE), and Nintendo(NTDOY). The ETF owned none of those names last July.<blockquote>与此同时，该基金增持了大量大型互联网股票，如PayPal Holdings (PYPL)、Shopify (SHOP)、Zoom Video通信 (ZM)；以及腾讯控股控股 (TCEHY)、百度 (BIDU)、Sea (SE) 和任天堂 (NTDOY) 等外国公司。去年 7 月，该 ETF 不拥有这些名称。</blockquote><img src=\"https://static.tigerbbs.com/1e1bf566255ea478e6111c62695a5ade\" tg-width=\"677\" tg-height=\"357\" referrerpolicy=\"no-referrer\">The recent trading has shifted ARK Innovation’s sector composition as well. In March 2020, biotech and diagnostics were the largest industries in the fund, making up 22% and 15% of the portfolio, respectively. By the end of February, biotech only made up 14%, and diagnostics, 8%.<blockquote>最近的交易也改变了方舟创新公司的行业构成。2020年3月，生物技术和诊断是该基金最大的行业，分别占投资组合的22%和15%。截至2月底，生物技术仅占14%，诊断占8%。</blockquote>Meanwhile, ARK Innovation has increased assets in internet and software stocks—from 6% of each in March 2020, to 15% and 9% as of February. Shopify, which wasn’t in ARK Innovation as of last October, is now the eighth-largest stock in the fund with a 3.1% weight.<blockquote>与此同时，ARK Innovation 增加了互联网和软件股票的资产——从 2020 年 3 月的 6% 增加到 2 月份的 15% 和 9%。截至去年 10 月，Shopify 还没有进入 ARK Innovation，现在是该基金的第八大股票，权重为 3.1%。</blockquote>Still, compared to its peers in the mid-cap growth category, ARK Innovation is relatively heavy on healthcare and light on technology, says Amy Arnott, portfolio strategist at Morningstar.<blockquote>晨星投资组合策略师艾米·阿诺特 (Amy Arnott) 表示，尽管如此，与中型增长类别的同行相比，ARK Innovation 相对侧重于医疗保健，而侧重于技术。</blockquote>Some suspect the shift toward bigger companies is the result of ARK Innovation’s unprecedented growth. The fund attracted $16 billion in new assets in the past year. If that money was invested in smaller companies, it couldquickly bump up ARK’s stakein them to perilous levels. From that perspective, putting that money in more liquid large-cap stocks seems a safer option. “The bigger they get, the more difficult it is for them to establish meaningful positions in smaller-cap stocks,” Arnott says.<blockquote>有人怀疑，向大公司的转变是方舟创新公司空前增长的结果。该基金去年吸引了160亿美元的新资产。如果这笔钱投资于规模较小的公司，方舟在这些公司的股份可能会迅速增加到危险的水平。从这个角度来看，将这笔钱投入流动性更强的大盘股似乎是一个更安全的选择。“阿诺特说：”他们的规模越大，就越难在小盘股中建立有意义的头寸。</blockquote>ARK denies that recent trading decisions have anything to do with capacity, saying those moves are driven by conviction, valuation, and tactical considerations. For example, ARK Innovation exited DNA sequencing firmIllumina(ILMN)—once its second-largest holding behind Tesla—and added rivalPacific Biosciences of California(PACB), because it sees a shift of disruption from short-read to long-read genomic sequencing, says Leggi. It sold other names because they’d become too expensive compared to peers.<blockquote>ARK否认最近的交易决策与产能有任何关系，称这些举动是由信念、估值和战术考虑驱动的。例如，ARK Innovation 退出了 DNA 测序公司 firmIllumina (ILMN)（曾经仅次于特斯拉的第二大控股公司），并增加了竞争对手 Pacific Biosciences of California (PACB)，因为它看到了从短读基因组测序到长读基因组测序的颠覆性转变。它出售了其他名称，因为与同行相比，这些名称变得太贵了。</blockquote>The firm has also been preparing for a market correction since last year, says Leggi, and large-cap additions were meant to offer downside protection and cash-like reserves to buy high-conviction names at low prices during a downturn.<blockquote>莱吉表示，该公司自去年以来也一直在为市场调整做准备，大盘股的增加旨在提供下行保护和类似现金的储备，以便在经济低迷时期以低价购买高信誉的股票。</blockquote><img src=\"https://static.tigerbbs.com/0c6368f23c2e33e58f63f2868e48ee2b\" tg-width=\"644\" tg-height=\"344\" referrerpolicy=\"no-referrer\">A shift in portfolio characteristics—from small-cap to mid-cap, more healthcare to more internet—means ARK Innovation will likely have less volatility down the road. Many biotechs lack cash flow or revenue until they get a product approved, while internet companies usually have some products or services on the market.<blockquote>投资组合特征的转变——从小盘股到中盘股，从更多的医疗保健到更多的互联网——意味着方舟创新未来的波动性可能会更小。许多生物技术公司在获得产品批准之前缺乏现金流或收入，而互联网公司通常在市场上有一些产品或服务。</blockquote>This could mean ARK’s performance this year will look a lot more like 2019 than 2020. “It’s still a very aggressive growth fund,” says Arnott, “But it can be more difficult for a fund to sustain its performance edge as it gains assets.”<blockquote>这可能意味着 ARK 今年的表现将更像 2019 年，而不是 2020 年。“阿诺特说：”它仍然是一只非常积极的成长型基金，“但随着基金资产的增加，要保持其业绩优势可能会更加困难。”</blockquote>Leggi says larger companies don’t necessarily mean less growth: ARK just released its updatedprice target for Tesla at $3,000 by 2025, 385% higher than today’s price. In fact, in certain industries where earlier and larger disruptors have already established themselves, it would be hard for small rivals to compete, says Leggi.<blockquote>Leggi 说，公司越大并不一定意味着增长越少： ARK 刚刚发布了到 2025 年对特斯拉的最新目标价为 3000 美元，比现在的价格高出 385%。莱吉表示，事实上，在某些较早、规模更大的颠覆者已经站稳脚跟的行业中，小型竞争对手很难竞争。</blockquote>“There have been a number of smaller EV [electric vehicle] manufacturers going public through SPACs,” he says, referring to special purpose acquisition companies, essentially shell companies used to bring private companies public. “We don’t invest in them, because we don’t think they’re well-positioned to be the new leader because of how capital-intensive it is. Tesla is far ahead. It’s unlikely to see as much small-cap exposure in our portfolios as you had a few years back.”<blockquote>“他说：”已经有一些规模较小的电动汽车（电动汽车）制造商通过 SPAC 上市，”他指的是特殊目的收购公司，本质上是用来将私营公司上市的空壳公司。“我们不投资它们，因为我们认为它们不适合成为新的领导者，因为它们的资本密集型程度非常高。特斯拉遥遥领先。我们的投资组合中不太可能出现像几年前那样多的小盘股。”</blockquote>","source":"lsy1610680873436","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>ARK Innovation Fund Has Reshuffled Its Holdings. What That Means for Investors<blockquote>方舟创新基金对其持股进行了重新洗牌。这对投资者意味着什么</blockquote></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\">\nARK Innovation Fund Has Reshuffled Its Holdings. What That Means for Investors<blockquote>方舟创新基金对其持股进行了重新洗牌。这对投资者意味着什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarron's2021-03-29 20:42\n\n</h4>\n</header>\n<article>\nPretty much everything changed in 2020—some things more than others.<blockquote>2020年几乎一切都变了——有些事情比其他事情更大。</blockquote>The ARK Innovation exchange-traded fund (ticker: ARKK) went from a somewhat sleepy actively managed fund that returned 36% in 2019, to the top performer in 2020, returning 153% and making its manager,ARK Investment founder Cathie Wood, a household name. But ARK Innovation ishaving a rough 2021: After rising another 26% by mid-February, the $22 billion ETF has tumbled over the past six weeks, and is now down 9% year to date. Investors need to understand the dramatic portfolio changes that have occurred in the past year to see what they own and determine the fund’s role in their portfolios.<blockquote>ARK Innovation 交易所交易基金（股票代码：ARKK）从 2019 年回报率为 36% 的有点昏昏欲睡的主动管理基金，到 2020 年表现最佳，回报率为 153%，并使其经理 ARK Investment 创始人 Cathie Wood 家喻户晓。但 ARK Innovation 正在经历艰难的 2021 年：在 2 月中旬又上涨 26% 后，这只价值 220 亿美元的 ETF 在过去六周内暴跌，今年迄今已下跌 9%。投资者需要了解过去一年中发生的巨大变化，才能了解自己拥有什么，并确定基金在其投资组合中的作用。</blockquote>For starters: A year ago, ARK Innovation was a small-company fund. Today, it’s solidly mid-cap, with 51% of its assets in large-company stocks. The average market cap of its holdings has increased from $5 billion last March to $39 billion by the end of February. That, in large part, is due to how much many holdings have run up. Notably, top holdingTesla(TSLA) has returned 500% in the past year even after the recent pullback.<blockquote>首先：一年前，ARK Innovation 是一家小公司基金。如今，该公司已成为稳固的中型股，51% 的资产投资于大型公司股票。其持股的平均市值已从去年3月的50亿美元增加到2月底的390亿美元。这在很大程度上是由于持股数量增加所致。值得注意的是，即使在最近回调之后，top holdingTesla (TSLA) 过去一年的回报率也达到了 500%。</blockquote>Many active funds have limitations on the size of companies they can buy and continue to own. ARK Innovation doesn’t have such constraints. It’s open to stocks up and down the capitalization spectrum—from the $594 billion Tesla to the $1 billionCerus(CERS). “We don’t really look at market caps. We are pretty agnostic to that,” says Ren Leggi, ARK’s client portfolio manager. “We’re looking at where innovation takes us.”<blockquote>许多主动型基金对其可以购买和继续持有的公司规模有限制。方舟创新没有这样的限制。从 5940 亿美元的特斯拉到 10 亿美元的 CERU（CERU），它对资本化范围内的股票开放。“我们并不真正关注市值。我们对此一无所知，”ARK 的客户投资组合经理 Ren Leggi 说。“我们正在关注创新将我们引向何方”。</blockquote>The growth of its existing holdings only partially explains the fund’s tilt toward larger stocks. Over the past few months, ARK Innovation has also been selling shares in smaller-cap firms, many in biotech, includingOrganovo Holdings(ONVO),Seres Therapeutics(MCRB), Compugen(CGEN), andEditas Medicine(EDIT).<blockquote>现有持股的增长只是该基金倾向于大盘股的部分原因。在过去的几个月里，ARK Innovation 还一直在出售小型公司的股票，其中许多是生物技术公司，包括 Organovo Holdings (ONVO)、Seres Therapeutics (MCRB)、Compugen (CGEN) 和 Deditas Medicine（编辑）。</blockquote>Meanwhile, the fund has added a significant amount of large-cap internet stocks likePayPal Holdings(PYPL), Shopify(SHOP),Zoom Video Communications(ZM); and foreign firms such as Tencent Holdings(TCEHY), Baidu(BIDU),Sea(SE), and Nintendo(NTDOY). The ETF owned none of those names last July.<blockquote>与此同时，该基金增持了大量大型互联网股票，如PayPal Holdings (PYPL)、Shopify (SHOP)、Zoom Video通信 (ZM)；以及腾讯控股控股 (TCEHY)、百度 (BIDU)、Sea (SE) 和任天堂 (NTDOY) 等外国公司。去年 7 月，该 ETF 不拥有这些名称。</blockquote><img src=\"https://static.tigerbbs.com/1e1bf566255ea478e6111c62695a5ade\" tg-width=\"677\" tg-height=\"357\" referrerpolicy=\"no-referrer\">The recent trading has shifted ARK Innovation’s sector composition as well. In March 2020, biotech and diagnostics were the largest industries in the fund, making up 22% and 15% of the portfolio, respectively. By the end of February, biotech only made up 14%, and diagnostics, 8%.<blockquote>最近的交易也改变了方舟创新公司的行业构成。2020年3月，生物技术和诊断是该基金最大的行业，分别占投资组合的22%和15%。截至2月底，生物技术仅占14%，诊断占8%。</blockquote>Meanwhile, ARK Innovation has increased assets in internet and software stocks—from 6% of each in March 2020, to 15% and 9% as of February. Shopify, which wasn’t in ARK Innovation as of last October, is now the eighth-largest stock in the fund with a 3.1% weight.<blockquote>与此同时，ARK Innovation 增加了互联网和软件股票的资产——从 2020 年 3 月的 6% 增加到 2 月份的 15% 和 9%。截至去年 10 月，Shopify 还没有进入 ARK Innovation，现在是该基金的第八大股票，权重为 3.1%。</blockquote>Still, compared to its peers in the mid-cap growth category, ARK Innovation is relatively heavy on healthcare and light on technology, says Amy Arnott, portfolio strategist at Morningstar.<blockquote>晨星投资组合策略师艾米·阿诺特 (Amy Arnott) 表示，尽管如此，与中型增长类别的同行相比，ARK Innovation 相对侧重于医疗保健，而侧重于技术。</blockquote>Some suspect the shift toward bigger companies is the result of ARK Innovation’s unprecedented growth. The fund attracted $16 billion in new assets in the past year. If that money was invested in smaller companies, it couldquickly bump up ARK’s stakein them to perilous levels. From that perspective, putting that money in more liquid large-cap stocks seems a safer option. “The bigger they get, the more difficult it is for them to establish meaningful positions in smaller-cap stocks,” Arnott says.<blockquote>有人怀疑，向大公司的转变是方舟创新公司空前增长的结果。该基金去年吸引了160亿美元的新资产。如果这笔钱投资于规模较小的公司，方舟在这些公司的股份可能会迅速增加到危险的水平。从这个角度来看，将这笔钱投入流动性更强的大盘股似乎是一个更安全的选择。“阿诺特说：”他们的规模越大，就越难在小盘股中建立有意义的头寸。</blockquote>ARK denies that recent trading decisions have anything to do with capacity, saying those moves are driven by conviction, valuation, and tactical considerations. For example, ARK Innovation exited DNA sequencing firmIllumina(ILMN)—once its second-largest holding behind Tesla—and added rivalPacific Biosciences of California(PACB), because it sees a shift of disruption from short-read to long-read genomic sequencing, says Leggi. It sold other names because they’d become too expensive compared to peers.<blockquote>ARK否认最近的交易决策与产能有任何关系，称这些举动是由信念、估值和战术考虑驱动的。例如，ARK Innovation 退出了 DNA 测序公司 firmIllumina (ILMN)（曾经仅次于特斯拉的第二大控股公司），并增加了竞争对手 Pacific Biosciences of California (PACB)，因为它看到了从短读基因组测序到长读基因组测序的颠覆性转变。它出售了其他名称，因为与同行相比，这些名称变得太贵了。</blockquote>The firm has also been preparing for a market correction since last year, says Leggi, and large-cap additions were meant to offer downside protection and cash-like reserves to buy high-conviction names at low prices during a downturn.<blockquote>莱吉表示，该公司自去年以来也一直在为市场调整做准备，大盘股的增加旨在提供下行保护和类似现金的储备，以便在经济低迷时期以低价购买高信誉的股票。</blockquote><img src=\"https://static.tigerbbs.com/0c6368f23c2e33e58f63f2868e48ee2b\" tg-width=\"644\" tg-height=\"344\" referrerpolicy=\"no-referrer\">A shift in portfolio characteristics—from small-cap to mid-cap, more healthcare to more internet—means ARK Innovation will likely have less volatility down the road. Many biotechs lack cash flow or revenue until they get a product approved, while internet companies usually have some products or services on the market.<blockquote>投资组合特征的转变——从小盘股到中盘股，从更多的医疗保健到更多的互联网——意味着方舟创新未来的波动性可能会更小。许多生物技术公司在获得产品批准之前缺乏现金流或收入，而互联网公司通常在市场上有一些产品或服务。</blockquote>This could mean ARK’s performance this year will look a lot more like 2019 than 2020. “It’s still a very aggressive growth fund,” says Arnott, “But it can be more difficult for a fund to sustain its performance edge as it gains assets.”<blockquote>这可能意味着 ARK 今年的表现将更像 2019 年，而不是 2020 年。“阿诺特说：”它仍然是一只非常积极的成长型基金，“但随着基金资产的增加，要保持其业绩优势可能会更加困难。”</blockquote>Leggi says larger companies don’t necessarily mean less growth: ARK just released its updatedprice target for Tesla at $3,000 by 2025, 385% higher than today’s price. In fact, in certain industries where earlier and larger disruptors have already established themselves, it would be hard for small rivals to compete, says Leggi.<blockquote>Leggi 说，公司越大并不一定意味着增长越少： ARK 刚刚发布了到 2025 年对特斯拉的最新目标价为 3000 美元，比现在的价格高出 385%。莱吉表示，事实上，在某些较早、规模更大的颠覆者已经站稳脚跟的行业中，小型竞争对手很难竞争。</blockquote>“There have been a number of smaller EV [electric vehicle] manufacturers going public through SPACs,” he says, referring to special purpose acquisition companies, essentially shell companies used to bring private companies public. “We don’t invest in them, because we don’t think they’re well-positioned to be the new leader because of how capital-intensive it is. Tesla is far ahead. It’s unlikely to see as much small-cap exposure in our portfolios as you had a few years back.”<blockquote>“他说：”已经有一些规模较小的电动汽车（电动汽车）制造商通过 SPAC 上市，”他指的是特殊目的收购公司，本质上是用来将私营公司上市的空壳公司。“我们不投资它们，因为我们认为它们不适合成为新的领导者，因为它们的资本密集型程度非常高。特斯拉遥遥领先。我们的投资组合中不太可能出现像几年前那样多的小盘股。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/articles/ark-innovation-fund-has-reshuffled-its-holdings-what-that-means-for-investors-51616800226?mod=mw_more_headlines\">Barron's</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/articles/ark-innovation-fund-has-reshuffled-its-holdings-what-that-means-for-investors-51616800226?mod=mw_more_headlines","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192930137","content_text":"Pretty much everything changed in 2020—some things more than others.The ARK Innovation exchange-traded fund (ticker: ARKK) went from a somewhat sleepy actively managed fund that returned 36% in 2019, to the top performer in 2020, returning 153% and making its manager,ARK Investment founder Cathie Wood, a household name. But ARK Innovation ishaving a rough 2021: After rising another 26% by mid-February, the $22 billion ETF has tumbled over the past six weeks, and is now down 9% year to date. Investors need to understand the dramatic portfolio changes that have occurred in the past year to see what they own and determine the fund’s role in their portfolios.For starters: A year ago, ARK Innovation was a small-company fund. Today, it’s solidly mid-cap, with 51% of its assets in large-company stocks. The average market cap of its holdings has increased from $5 billion last March to $39 billion by the end of February. That, in large part, is due to how much many holdings have run up. Notably, top holdingTesla(TSLA) has returned 500% in the past year even after the recent pullback.Many active funds have limitations on the size of companies they can buy and continue to own. ARK Innovation doesn’t have such constraints. It’s open to stocks up and down the capitalization spectrum—from the $594 billion Tesla to the $1 billionCerus(CERS). “We don’t really look at market caps. We are pretty agnostic to that,” says Ren Leggi, ARK’s client portfolio manager. “We’re looking at where innovation takes us.”The growth of its existing holdings only partially explains the fund’s tilt toward larger stocks. Over the past few months, ARK Innovation has also been selling shares in smaller-cap firms, many in biotech, includingOrganovo Holdings(ONVO),Seres Therapeutics(MCRB), Compugen(CGEN), andEditas Medicine(EDIT).Meanwhile, the fund has added a significant amount of large-cap internet stocks likePayPal Holdings(PYPL), Shopify(SHOP),Zoom Video Communications(ZM); and foreign firms such as Tencent Holdings(TCEHY), Baidu(BIDU),Sea(SE), and Nintendo(NTDOY). The ETF owned none of those names last July.The recent trading has shifted ARK Innovation’s sector composition as well. In March 2020, biotech and diagnostics were the largest industries in the fund, making up 22% and 15% of the portfolio, respectively. By the end of February, biotech only made up 14%, and diagnostics, 8%.Meanwhile, ARK Innovation has increased assets in internet and software stocks—from 6% of each in March 2020, to 15% and 9% as of February. Shopify, which wasn’t in ARK Innovation as of last October, is now the eighth-largest stock in the fund with a 3.1% weight.Still, compared to its peers in the mid-cap growth category, ARK Innovation is relatively heavy on healthcare and light on technology, says Amy Arnott, portfolio strategist at Morningstar.Some suspect the shift toward bigger companies is the result of ARK Innovation’s unprecedented growth. The fund attracted $16 billion in new assets in the past year. If that money was invested in smaller companies, it couldquickly bump up ARK’s stakein them to perilous levels. From that perspective, putting that money in more liquid large-cap stocks seems a safer option. “The bigger they get, the more difficult it is for them to establish meaningful positions in smaller-cap stocks,” Arnott says.ARK denies that recent trading decisions have anything to do with capacity, saying those moves are driven by conviction, valuation, and tactical considerations. For example, ARK Innovation exited DNA sequencing firmIllumina(ILMN)—once its second-largest holding behind Tesla—and added rivalPacific Biosciences of California(PACB), because it sees a shift of disruption from short-read to long-read genomic sequencing, says Leggi. It sold other names because they’d become too expensive compared to peers.The firm has also been preparing for a market correction since last year, says Leggi, and large-cap additions were meant to offer downside protection and cash-like reserves to buy high-conviction names at low prices during a downturn.A shift in portfolio characteristics—from small-cap to mid-cap, more healthcare to more internet—means ARK Innovation will likely have less volatility down the road. Many biotechs lack cash flow or revenue until they get a product approved, while internet companies usually have some products or services on the market.This could mean ARK’s performance this year will look a lot more like 2019 than 2020. “It’s still a very aggressive growth fund,” says Arnott, “But it can be more difficult for a fund to sustain its performance edge as it gains assets.”Leggi says larger companies don’t necessarily mean less growth: ARK just released its updatedprice target for Tesla at $3,000 by 2025, 385% higher than today’s price. In fact, in certain industries where earlier and larger disruptors have already established themselves, it would be hard for small rivals to compete, says Leggi.“There have been a number of smaller EV [electric vehicle] manufacturers going public through SPACs,” he says, referring to special purpose acquisition companies, essentially shell companies used to bring private companies public. “We don’t invest in them, because we don’t think they’re well-positioned to be the new leader because of how capital-intensive it is. Tesla is far ahead. It’s unlikely to see as much small-cap exposure in our portfolios as you had a few years back.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":566,"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":34,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/355995505"}