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2021-12-17
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Tesla: Cathie Wood's Actions Speak Louder Than Words<blockquote>特斯拉：凯西·伍德的行动胜于雄辩</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":699012320,"tweetId":"699012320","gmtCreate":1639721450568,"gmtModify":1639721450746,"author":{"id":3577395115935697,"idStr":"3577395115935697","authorId":3577395115935697,"authorIdStr":"3577395115935697","name":"Dragonkid","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":10,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Thanks for sharing!</p></body></html>","htmlText":"<html><head></head><body><p>Thanks for sharing!</p></body></html>","text":"Thanks for sharing!","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/699012320","repostId":1141867982,"repostType":2,"repost":{"id":"1141867982","kind":"news","pubTimestamp":1639708874,"share":"https://www.laohunote.com/m/news/1141867982?lang=zh_CN&edition=full","pubTime":"2021-12-17 10:41","market":"us","language":"en","title":"Tesla: Cathie Wood's Actions Speak Louder Than Words<blockquote>特斯拉：凯西·伍德的行动胜于雄辩</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1141867982","media":"Seeking Alpha","summary":"Summary\n\nArk Invest continues to sell shares of the EV company.\nWeight in the top fund now is below ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Ark Invest continues to sell shares of the EV company.</li> <li>Weight in the top fund now is below 7.75%.</li> <li>Lack of purchases for undervalued stock is telling.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b7aab2de2ec892bafc5a0ef6e0335fec\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>Ark Invest 继续出售这家电动汽车公司的股票。</li><li>顶级基金的权重现在低于7.75%。</li><li>缺乏对被低估股票的购买很能说明问题。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> When it comes to electric vehicle maker Tesla (TSLA), one of the biggest and most vocal bulls in recent years has been Cathie Wood. The leader of Ark Investment Management has been all over various financial media preaching her love for the company and its stock. However, despite all the positive sentiment, her firm has been selling Tesla shares in massive amounts recently.</p><p><blockquote>谈到电动汽车制造商特斯拉 (TSLA)，近年来最大、最直言不讳的多头之一就是凯西·伍德 (Cathie Wood)。方舟投资管理公司的领导者已经在各种财经媒体上宣扬她对公司及其股票的热爱。然而，尽管情绪积极，她的公司最近一直在大量出售特斯拉股票。</blockquote></p><p> As those who have followed my Tesla coverage here know, I've been tracking Ark Invest's daily Tesla holdings since late March 2020. The stock is held primarily in three of Ark's active ETFs - the Innovation ETF (ARKK), the Autonomous Technology and Robotics ETF (ARKQ), and the Next Generation Internet ETF (ARKW). Recently, Ark Invest launched a Transparency ETF (CTRU) that holds Tesla, but this is an index-based ETF that follows a specific index, and it is very small currently. The Transparency ETF doesn't make large daily allocation moves like the Active ETFs do, so it's not really vital to the argument here today.</p><p><blockquote>关注我特斯拉报道的人都知道，自 2020 年 3 月下旬以来，我一直在跟踪 Ark Investment 的每日特斯拉持有量。该股票主要持有于 Ark 的三只主动 ETF 中——创新 ETF (ARKK)、自主技术和机器人 ETF (ARKQ) 以及下一代互联网 ETF (ARKW)。最近，Ark Invest推出了一只持有特斯拉的透明度ETF（CTRU），但这是一只跟踪特定指数的指数型ETF，目前规模非常小。透明度 ETF 不会像主动 ETF 那样进行大规模的每日配置变动，因此它对今天的争论并不重要。</blockquote></p><p> For its Active ETFs, Ark Invest sends out a daily e-mail that details the firm's allocation trades. These are specific buys or sells in an individual name to change the stock's weighting in one of the six Active ETFs. There are also position changes daily due to inflows or redemptions, but these are not shown in the e-mail. To see those changes, you have to track holdings daily like I have. The graphic below shows Wednesday's allocation changes for ARKK.</p><p><blockquote>对于其主动型 ETF，Ark Invest 每天都会发送一封电子邮件，详细介绍该公司的配置交易。这些是以个人名义进行的特定买入或卖出，以改变股票在六只活跃 ETF 之一中的权重。由于资金流入或赎回，每天也会有头寸变化，但这些没有显示在电子邮件中。要看到这些变化，你必须像我一样每天跟踪持有量。下图显示了周三 ARKK 的分配变化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb55e624d01be71b7bccdfe2b1836d3f\" tg-width=\"640\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>Source: Ark Invest Daily Trades E-mail</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Ark Invest Daily Trades 电子邮件</span></p></blockquote></p><p> ARKK is known as the Ark Invest \"mothership,\" since it's the firm's flagship fund and contains about 52% of the firm's total assets under management. Wednesday's Tesla sale in this ETF was its 12th in the past 19 trading days, and Ark Invest also sold another 22,579 shares on Wednesday in the other two Active ETFs that hold the stock. This continues a selling pattern that started in late July, and Ark Invest hasn't bought Tesla on an allocation basis in any of the three funds since July 7.</p><p><blockquote>ARKK 被称为 Ark Invest 的“母舰”，因为它是该公司的旗舰基金，包含该公司管理总资产的约 52%。该 ETF 周三的特斯拉出售是过去 19 个交易日中的第 12 次，Ark Invest 周三还出售了持有该股票的另外两只活跃 ETF 的 22,579 股股票。这延续了 7 月下旬开始的抛售模式，自 7 月 7 日以来，Ark Invest 尚未在这三只基金中的任何一只中以配置的方式购买特斯拉。</blockquote></p><p> Before counting any changes due to inflows and redemptions on Wednesday, the three Tesla sales on Wednesday would put total Tesla holdings in the Active ETFs at about 1.9 million shares. At their individual peaks, these ETFs combined to hold more than 5.575 million shares, so this is a dramatic shift in sentiment for the firm (the individual daily combined total peak for the three ETFs was more than 5.515 million shares).</p><p><blockquote>在计算周三流入和赎回造成的任何变化之前，周三的三笔特斯拉出售将使特斯拉在活跃 ETF 中的总持股量达到约 190 万股。在各自的峰值时，这些 ETF 合计持有超过 557.5 万股，因此这是该公司情绪的巨大变化（三只 ETF 的单日总峰值超过 551.5 万股）。</blockquote></p><p> The massive Tesla sales recently are especially strange when you consider last week's CNBC appearance. Cathie Wood was on the network saying how Tesla is undervalued, and she reiterated her $3,000 base case price target on the stock. That was when shares were around $1,050, and yet she sold shares that day and has continued since, despite Tesla shares falling under $930 during Wednesday's trade before rebounding with the market after the Fed decision.</p><p><blockquote>当你考虑到上周美国消费者新闻与商业频道的出现时，最近特斯拉的大规模销售尤其奇怪。凯西·伍德 (Cathie Wood) 在网络上表示特斯拉被低估，她重申了该股 3,000 美元的基本目标价。当时股价约为 1,050 美元，但她当天就卖出了股票，此后一直如此，尽管特斯拉股价在周三的交易中跌破 930 美元，但在美联储做出决定后随市场反弹。</blockquote></p><p> Now there will be defenders of Cathie Wood talking about position limits in individual names. Well, Ark Invest actually removed these limitsearlier this year, which previously allowed its ETFs to hold up to 30% in any one particular name. As the chart below will show, Tesla never had a daily ending weight of more than 13% in ARKK, so it's not like shares were ever anywhere near this limit anyway. Cathie Wood has a \"self-imposed restriction\" that prevents any allocation buy any stocks that are over 10% in a fund, but there is no set guideline on when she has to sell any names.</p><p><blockquote>现在会有凯西·伍德的捍卫者谈论个人姓名的职位限制。嗯，Ark Invest 实际上在今年早些时候取消了这些限制，此前允许其 ETF 以任何特定名称持有高达 30% 的股份。如下图所示，特斯拉在 ARKK 的每日收盘权重从未超过 13%，因此股价无论如何都不会接近这个限制。凯西·伍德 (Cathie Wood) 有一个“自我施加的限制”，禁止任何配置购买基金中超过 10% 的任何股票，但对于她何时必须出售任何股票并没有固定的指导方针。</blockquote></p><p> I bring up these percentages because it has to do with Ark's Tesla sales. There will be those saying Cathie sold due to those limits, but that's a false theory. Yes, Tesla shares have certainly rallied in recent years, but when you have a $3,000 price target on the stock, why are you selling under $1,000 currently? Take a look at the chart below, which shows Tesla's weight in ARKK over the past 420 trading days.</p><p><blockquote>我提出这些百分比是因为它与方舟在特斯拉的销售额有关。会有人说凯西因为这些限制而被卖掉，但这是一个错误的理论。是的，特斯拉的股票近年来确实有所上涨，但当你的股票目标价为 3,000 美元时，为什么你目前的卖价低于 1,000 美元呢？看看下面的图表，它显示了过去 420 个交易日特斯拉在 ARKK 中的权重。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/428535a6d7a7e5ffe7a9d198bb5ba675\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Last data point on chart is for weighting as of 12/15. Source: ARKK website tracked daily</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表上的最后一个数据点是截至12月15日的加权。资料来源：ARKK 网站每日跟踪</span></p></blockquote></p><p></p><p> Tesla was a 7.73% weight in the flagship fund as of Wednesday. I'll also point out that until last week, Tesla had not been under 8.50% during my tracking period, yet Cathie Wood continues to sell shares even with Tesla's weight at its lowest point in at least 21 months. Previously, when Tesla got back below 10.00%, Ark Invest was usually quick to buy shares again. I will point out that over the past couple of months, about 860,000 shares of her reduced Tesla position has been due to redemptions in her funds as they have crashed from their all-time highs.</p><p><blockquote>截至周三，特斯拉在旗舰基金中的权重为 7.73%。我还要指出，直到上周，特斯拉在我的跟踪期内从未低于 8.50%，但凯西·伍德 (Cathie Wood) 仍在继续抛售股票，即使特斯拉的权重处于至少 21 个月来的最低点。此前，当特斯拉回到10.00%以下时，方舟投资通常会很快再次购买股票。我要指出的是，在过去的几个月里，她减少的特斯拉头寸中约有 86 万股是由于她的基金从历史高点暴跌而赎回的。</blockquote></p><p> In the end, Cathie Wood's actions regarding Tesla are quite contrary to the statements she has made. The fund manager on Wednesday continued to sell shares in the EV maker, despite it already being at its lowest weight in her flagship fund in more than 400 trading days. Across the three active Ark Invest ETFs, the total holding of shares has come down by nearly two-thirds, although a little less than a quarter of that decline has been due to redemptions. It was only last week that she called Tesla undervalued and reiterated a $3,000 price target, but her recent trading history tells a much different story.</p><p><blockquote>最后，凯西·伍德关于特斯拉的行为与她的声明完全相反。该基金经理周三继续出售这家电动汽车制造商的股票，尽管其旗舰基金的权重已经达到 400 多个交易日以来的最低。在三只活跃的 Ark Invest ETF 中，股票总持有量下降了近三分之二，尽管其中不到四分之一的下降是由于赎回造成的。就在上周，她称特斯拉被低估，并重申了 3,000 美元的目标价，但她最近的交易历史讲述了一个截然不同的故事。</blockquote></p><p></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>Tesla: Cathie Wood's Actions Speak Louder Than Words<blockquote>特斯拉：凯西·伍德的行动胜于雄辩</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\">\nTesla: Cathie Wood's Actions Speak Louder Than Words<blockquote>特斯拉：凯西·伍德的行动胜于雄辩</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-17 10:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Ark Invest continues to sell shares of the EV company.</li> <li>Weight in the top fund now is below 7.75%.</li> <li>Lack of purchases for undervalued stock is telling.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b7aab2de2ec892bafc5a0ef6e0335fec\" tg-width=\"1536\" tg-height=\"1025\" width=\"100%\" height=\"auto\"><span>Justin Sullivan/Getty Images News</span></p><p><blockquote><ul><li>Ark Invest 继续出售这家电动汽车公司的股票。</li><li>顶级基金的权重现在低于7.75%。</li><li>缺乏对被低估股票的购买很能说明问题。</li></ul><p class=\"t-img-caption\"><span>贾斯汀·沙利文/盖蒂图片社新闻</span></p></blockquote></p><p> When it comes to electric vehicle maker Tesla (TSLA), one of the biggest and most vocal bulls in recent years has been Cathie Wood. The leader of Ark Investment Management has been all over various financial media preaching her love for the company and its stock. However, despite all the positive sentiment, her firm has been selling Tesla shares in massive amounts recently.</p><p><blockquote>谈到电动汽车制造商特斯拉 (TSLA)，近年来最大、最直言不讳的多头之一就是凯西·伍德 (Cathie Wood)。方舟投资管理公司的领导者已经在各种财经媒体上宣扬她对公司及其股票的热爱。然而，尽管情绪积极，她的公司最近一直在大量出售特斯拉股票。</blockquote></p><p> As those who have followed my Tesla coverage here know, I've been tracking Ark Invest's daily Tesla holdings since late March 2020. The stock is held primarily in three of Ark's active ETFs - the Innovation ETF (ARKK), the Autonomous Technology and Robotics ETF (ARKQ), and the Next Generation Internet ETF (ARKW). Recently, Ark Invest launched a Transparency ETF (CTRU) that holds Tesla, but this is an index-based ETF that follows a specific index, and it is very small currently. The Transparency ETF doesn't make large daily allocation moves like the Active ETFs do, so it's not really vital to the argument here today.</p><p><blockquote>关注我特斯拉报道的人都知道，自 2020 年 3 月下旬以来，我一直在跟踪 Ark Investment 的每日特斯拉持有量。该股票主要持有于 Ark 的三只主动 ETF 中——创新 ETF (ARKK)、自主技术和机器人 ETF (ARKQ) 以及下一代互联网 ETF (ARKW)。最近，Ark Invest推出了一只持有特斯拉的透明度ETF（CTRU），但这是一只跟踪特定指数的指数型ETF，目前规模非常小。透明度 ETF 不会像主动 ETF 那样进行大规模的每日配置变动，因此它对今天的争论并不重要。</blockquote></p><p> For its Active ETFs, Ark Invest sends out a daily e-mail that details the firm's allocation trades. These are specific buys or sells in an individual name to change the stock's weighting in one of the six Active ETFs. There are also position changes daily due to inflows or redemptions, but these are not shown in the e-mail. To see those changes, you have to track holdings daily like I have. The graphic below shows Wednesday's allocation changes for ARKK.</p><p><blockquote>对于其主动型 ETF，Ark Invest 每天都会发送一封电子邮件，详细介绍该公司的配置交易。这些是以个人名义进行的特定买入或卖出，以改变股票在六只活跃 ETF 之一中的权重。由于资金流入或赎回，每天也会有头寸变化，但这些没有显示在电子邮件中。要看到这些变化，你必须像我一样每天跟踪持有量。下图显示了周三 ARKK 的分配变化。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb55e624d01be71b7bccdfe2b1836d3f\" tg-width=\"640\" tg-height=\"525\" width=\"100%\" height=\"auto\"><span>Source: Ark Invest Daily Trades E-mail</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：Ark Invest Daily Trades 电子邮件</span></p></blockquote></p><p> ARKK is known as the Ark Invest \"mothership,\" since it's the firm's flagship fund and contains about 52% of the firm's total assets under management. Wednesday's Tesla sale in this ETF was its 12th in the past 19 trading days, and Ark Invest also sold another 22,579 shares on Wednesday in the other two Active ETFs that hold the stock. This continues a selling pattern that started in late July, and Ark Invest hasn't bought Tesla on an allocation basis in any of the three funds since July 7.</p><p><blockquote>ARKK 被称为 Ark Invest 的“母舰”，因为它是该公司的旗舰基金，包含该公司管理总资产的约 52%。该 ETF 周三的特斯拉出售是过去 19 个交易日中的第 12 次，Ark Invest 周三还出售了持有该股票的另外两只活跃 ETF 的 22,579 股股票。这延续了 7 月下旬开始的抛售模式，自 7 月 7 日以来，Ark Invest 尚未在这三只基金中的任何一只中以配置的方式购买特斯拉。</blockquote></p><p> Before counting any changes due to inflows and redemptions on Wednesday, the three Tesla sales on Wednesday would put total Tesla holdings in the Active ETFs at about 1.9 million shares. At their individual peaks, these ETFs combined to hold more than 5.575 million shares, so this is a dramatic shift in sentiment for the firm (the individual daily combined total peak for the three ETFs was more than 5.515 million shares).</p><p><blockquote>在计算周三流入和赎回造成的任何变化之前，周三的三笔特斯拉出售将使特斯拉在活跃 ETF 中的总持股量达到约 190 万股。在各自的峰值时，这些 ETF 合计持有超过 557.5 万股，因此这是该公司情绪的巨大变化（三只 ETF 的单日总峰值超过 551.5 万股）。</blockquote></p><p> The massive Tesla sales recently are especially strange when you consider last week's CNBC appearance. Cathie Wood was on the network saying how Tesla is undervalued, and she reiterated her $3,000 base case price target on the stock. That was when shares were around $1,050, and yet she sold shares that day and has continued since, despite Tesla shares falling under $930 during Wednesday's trade before rebounding with the market after the Fed decision.</p><p><blockquote>当你考虑到上周美国消费者新闻与商业频道的出现时，最近特斯拉的大规模销售尤其奇怪。凯西·伍德 (Cathie Wood) 在网络上表示特斯拉被低估，她重申了该股 3,000 美元的基本目标价。当时股价约为 1,050 美元，但她当天就卖出了股票，此后一直如此，尽管特斯拉股价在周三的交易中跌破 930 美元，但在美联储做出决定后随市场反弹。</blockquote></p><p> Now there will be defenders of Cathie Wood talking about position limits in individual names. Well, Ark Invest actually removed these limitsearlier this year, which previously allowed its ETFs to hold up to 30% in any one particular name. As the chart below will show, Tesla never had a daily ending weight of more than 13% in ARKK, so it's not like shares were ever anywhere near this limit anyway. Cathie Wood has a \"self-imposed restriction\" that prevents any allocation buy any stocks that are over 10% in a fund, but there is no set guideline on when she has to sell any names.</p><p><blockquote>现在会有凯西·伍德的捍卫者谈论个人姓名的职位限制。嗯，Ark Invest 实际上在今年早些时候取消了这些限制，此前允许其 ETF 以任何特定名称持有高达 30% 的股份。如下图所示，特斯拉在 ARKK 的每日收盘权重从未超过 13%，因此股价无论如何都不会接近这个限制。凯西·伍德 (Cathie Wood) 有一个“自我施加的限制”，禁止任何配置购买基金中超过 10% 的任何股票，但对于她何时必须出售任何股票并没有固定的指导方针。</blockquote></p><p> I bring up these percentages because it has to do with Ark's Tesla sales. There will be those saying Cathie sold due to those limits, but that's a false theory. Yes, Tesla shares have certainly rallied in recent years, but when you have a $3,000 price target on the stock, why are you selling under $1,000 currently? Take a look at the chart below, which shows Tesla's weight in ARKK over the past 420 trading days.</p><p><blockquote>我提出这些百分比是因为它与方舟在特斯拉的销售额有关。会有人说凯西因为这些限制而被卖掉，但这是一个错误的理论。是的，特斯拉的股票近年来确实有所上涨，但当你的股票目标价为 3,000 美元时，为什么你目前的卖价低于 1,000 美元呢？看看下面的图表，它显示了过去 420 个交易日特斯拉在 ARKK 中的权重。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/428535a6d7a7e5ffe7a9d198bb5ba675\" tg-width=\"640\" tg-height=\"357\" width=\"100%\" height=\"auto\"><span>Last data point on chart is for weighting as of 12/15. Source: ARKK website tracked daily</span></p><p><blockquote><p class=\"t-img-caption\"><span>图表上的最后一个数据点是截至12月15日的加权。资料来源：ARKK 网站每日跟踪</span></p></blockquote></p><p></p><p> Tesla was a 7.73% weight in the flagship fund as of Wednesday. I'll also point out that until last week, Tesla had not been under 8.50% during my tracking period, yet Cathie Wood continues to sell shares even with Tesla's weight at its lowest point in at least 21 months. Previously, when Tesla got back below 10.00%, Ark Invest was usually quick to buy shares again. I will point out that over the past couple of months, about 860,000 shares of her reduced Tesla position has been due to redemptions in her funds as they have crashed from their all-time highs.</p><p><blockquote>截至周三，特斯拉在旗舰基金中的权重为 7.73%。我还要指出，直到上周，特斯拉在我的跟踪期内从未低于 8.50%，但凯西·伍德 (Cathie Wood) 仍在继续抛售股票，即使特斯拉的权重处于至少 21 个月来的最低点。此前，当特斯拉回到10.00%以下时，方舟投资通常会很快再次购买股票。我要指出的是，在过去的几个月里，她减少的特斯拉头寸中约有 86 万股是由于她的基金从历史高点暴跌而赎回的。</blockquote></p><p> In the end, Cathie Wood's actions regarding Tesla are quite contrary to the statements she has made. The fund manager on Wednesday continued to sell shares in the EV maker, despite it already being at its lowest weight in her flagship fund in more than 400 trading days. Across the three active Ark Invest ETFs, the total holding of shares has come down by nearly two-thirds, although a little less than a quarter of that decline has been due to redemptions. It was only last week that she called Tesla undervalued and reiterated a $3,000 price target, but her recent trading history tells a much different story.</p><p><blockquote>最后，凯西·伍德关于特斯拉的行为与她的声明完全相反。该基金经理周三继续出售这家电动汽车制造商的股票，尽管其旗舰基金的权重已经达到 400 多个交易日以来的最低。在三只活跃的 Ark Invest ETF 中，股票总持有量下降了近三分之二，尽管其中不到四分之一的下降是由于赎回造成的。就在上周，她称特斯拉被低估，并重申了 3,000 美元的目标价，但她最近的交易历史讲述了一个截然不同的故事。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4475631-tesla-cathie-wood-share-sales\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","ARKG":"ARK Genomic Revolution ETF","TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4475631-tesla-cathie-wood-share-sales","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1141867982","content_text":"Summary\n\nArk Invest continues to sell shares of the EV company.\nWeight in the top fund now is below 7.75%.\nLack of purchases for undervalued stock is telling.\n\nJustin Sullivan/Getty Images News\nWhen it comes to electric vehicle maker Tesla (TSLA), one of the biggest and most vocal bulls in recent years has been Cathie Wood. The leader of Ark Investment Management has been all over various financial media preaching her love for the company and its stock. However, despite all the positive sentiment, her firm has been selling Tesla shares in massive amounts recently.\nAs those who have followed my Tesla coverage here know, I've been tracking Ark Invest's daily Tesla holdings since late March 2020. The stock is held primarily in three of Ark's active ETFs - the Innovation ETF (ARKK), the Autonomous Technology and Robotics ETF (ARKQ), and the Next Generation Internet ETF (ARKW). Recently, Ark Invest launched a Transparency ETF (CTRU) that holds Tesla, but this is an index-based ETF that follows a specific index, and it is very small currently. The Transparency ETF doesn't make large daily allocation moves like the Active ETFs do, so it's not really vital to the argument here today.\nFor its Active ETFs, Ark Invest sends out a daily e-mail that details the firm's allocation trades. These are specific buys or sells in an individual name to change the stock's weighting in one of the six Active ETFs. There are also position changes daily due to inflows or redemptions, but these are not shown in the e-mail. To see those changes, you have to track holdings daily like I have. The graphic below shows Wednesday's allocation changes for ARKK.\nSource: Ark Invest Daily Trades E-mail\nARKK is known as the Ark Invest \"mothership,\" since it's the firm's flagship fund and contains about 52% of the firm's total assets under management. Wednesday's Tesla sale in this ETF was its 12th in the past 19 trading days, and Ark Invest also sold another 22,579 shares on Wednesday in the other two Active ETFs that hold the stock. This continues a selling pattern that started in late July, and Ark Invest hasn't bought Tesla on an allocation basis in any of the three funds since July 7.\nBefore counting any changes due to inflows and redemptions on Wednesday, the three Tesla sales on Wednesday would put total Tesla holdings in the Active ETFs at about 1.9 million shares. At their individual peaks, these ETFs combined to hold more than 5.575 million shares, so this is a dramatic shift in sentiment for the firm (the individual daily combined total peak for the three ETFs was more than 5.515 million shares).\nThe massive Tesla sales recently are especially strange when you consider last week's CNBC appearance. Cathie Wood was on the network saying how Tesla is undervalued, and she reiterated her $3,000 base case price target on the stock. That was when shares were around $1,050, and yet she sold shares that day and has continued since, despite Tesla shares falling under $930 during Wednesday's trade before rebounding with the market after the Fed decision.\nNow there will be defenders of Cathie Wood talking about position limits in individual names. Well, Ark Invest actually removed these limitsearlier this year, which previously allowed its ETFs to hold up to 30% in any one particular name. As the chart below will show, Tesla never had a daily ending weight of more than 13% in ARKK, so it's not like shares were ever anywhere near this limit anyway. Cathie Wood has a \"self-imposed restriction\" that prevents any allocation buy any stocks that are over 10% in a fund, but there is no set guideline on when she has to sell any names.\nI bring up these percentages because it has to do with Ark's Tesla sales. There will be those saying Cathie sold due to those limits, but that's a false theory. Yes, Tesla shares have certainly rallied in recent years, but when you have a $3,000 price target on the stock, why are you selling under $1,000 currently? Take a look at the chart below, which shows Tesla's weight in ARKK over the past 420 trading days.\nLast data point on chart is for weighting as of 12/15. Source: ARKK website tracked daily\nTesla was a 7.73% weight in the flagship fund as of Wednesday. I'll also point out that until last week, Tesla had not been under 8.50% during my tracking period, yet Cathie Wood continues to sell shares even with Tesla's weight at its lowest point in at least 21 months. Previously, when Tesla got back below 10.00%, Ark Invest was usually quick to buy shares again. I will point out that over the past couple of months, about 860,000 shares of her reduced Tesla position has been due to redemptions in her funds as they have crashed from their all-time highs.\nIn the end, Cathie Wood's actions regarding Tesla are quite contrary to the statements she has made. The fund manager on Wednesday continued to sell shares in the EV maker, despite it already being at its lowest weight in her flagship fund in more than 400 trading days. Across the three active Ark Invest ETFs, the total holding of shares has come down by nearly two-thirds, although a little less than a quarter of that decline has been due to redemptions. It was only last week that she called Tesla undervalued and reiterated a $3,000 price target, but her recent trading history tells a much different story.","news_type":1,"symbols_score_info":{"ARKG":0.9,"TSLA":0.9,"ARKK":0.9}},"isVote":1,"tweetType":1,"viewCount":2980,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":17,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/699012320"}
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