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2021-05-28

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Knock On Wood: Blackstone, Balyasny And About Ten Other Managers Bought ARKK Puts In Q1<blockquote>敲打木头：Blackstone、Balyasny 和其他大约十位经理在第一季度购买了 ARKK 看跌期权</blockquote>

If you had a sneaking suspicion that Wall Street was starting to bet against the "untouchable" Cathi

Knock On Wood: Blackstone, Balyasny And About Ten Other Managers Bought ARKK Puts In Q1<blockquote>敲打木头：Blackstone、Balyasny 和其他大约十位经理在第一季度购买了 ARKK 看跌期权</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":135570720,"tweetId":"135570720","gmtCreate":1622172753860,"gmtModify":1634183143574,"author":{"id":3584409189861115,"idStr":"3584409189861115","authorId":3584409189861115,"authorIdStr":"3584409189861115","name":"HiDaya","avatar":"https://static.tigerbbs.com/bb87d9a1b7333340c5c703cd08909596","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Comment</body></html>","htmlText":"<html><head></head><body>Comment</body></html>","text":"Comment","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/135570720","repostId":1121796340,"repostType":4,"repost":{"id":"1121796340","kind":"news","pubTimestamp":1622169910,"share":"https://www.laohunote.com/m/news/1121796340?lang=zh_CN&edition=full","pubTime":"2021-05-28 10:45","market":"us","language":"en","title":"Knock On Wood: Blackstone, Balyasny And About Ten Other Managers Bought ARKK Puts In Q1<blockquote>敲打木头：Blackstone、Balyasny 和其他大约十位经理在第一季度购买了 ARKK 看跌期权</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1121796340","media":"zerohedge","summary":"If you had a sneaking suspicion that Wall Street was starting to bet against the \"untouchable\" Cathi","content":"If you had a sneaking suspicion that Wall Street was starting to bet against the \"untouchable\" Cathie Wood, as we did over the last couple months, you were right.<blockquote>如果你暗自怀疑华尔街开始押注“贱民”凯西·伍德，就像我们在过去几个月里所做的那样，你是对的。</blockquote> Today it was revealed that \"about two dozen investment advisers\" that included&nbsp;Balyasny Asset&nbsp;Management and a unit of Blackstone bought put options on ARK's Innovation ETF during the first quarter.&nbsp;Blackstone bought puts on 1.3 million ARKK shares and&nbsp;Balyasny acquired puts on 436,500 shares.<blockquote>今天有消息透露，包括Balyasny Asset Management和Blackstone的一个部门在内的“大约24名投资顾问”在第一季度购买了ARK创新ETF的看跌期权。Blackstone购买了130万股ARKK股票的看跌期权，Balyasny购买了436,500股股票的看跌期权。</blockquote> The managers saw Wood's fund as a \"alternative to buffer against a slump in stocks&nbsp;that surged during the pandemic,\" that buying puts on an index, the report said. In other words, the asset&nbsp;managers were&nbsp;so confident in Wood's abilityto handpick stocks that would lose value during a pull back, they took the inverse of her \"expertise\" instead of just getting short a tech or small cap index (or both).<blockquote>报告称，经理们将伍德的基金视为“缓冲疫情期间股市暴跌的替代方案”，即买入指数看跌期权。换句话说，资产管理人对伍德的能力如此自信为了精心挑选在回调期间会贬值的股票，他们采用了她“专业知识”的反面，而不是仅仅做空科技指数或小盘股指数（或两者兼而有之）。</blockquote> And so far, that strategy likely provided outsized returns as a hedge: ARKK is down about 30% from its highs, while the QQQ ETF is down just about 0.7% from its February peak.<blockquote>到目前为止，该策略可能提供了巨额回报作为对冲：ARKK 较高点下跌了约 30%，而 QQQ ETF 仅较 2 月份的峰值下跌了约 0.7%。</blockquote> Chris Murphy, co-head of derivatives&nbsp;strategy at Susquehanna International Group, said:&nbsp;“If you were sitting on some serious gains heading into&nbsp;this year and you want to protect those gains, it was an&nbsp;effective strategy.”<blockquote>萨斯奎汉纳国际集团（Susquehanna International Group）衍生品策略联席主管克里斯-墨菲（Chris Murphy）说： “如果你在今年获得了一些可观的收益，并希望保护这些收益，那么这是一个有效的策略。”</blockquote> <img src=\"https://static.tigerbbs.com/2b341d42cdb5ad9d8ded988ca4bc0a09\" tg-width=\"500\" tg-height=\"324\">Deer Park Road Management Co. bought puts on 2.15 million ARKK shares with a notional value of about $258 million.&nbsp;Deer Park Chief Investment Officer Scott Burg said:&nbsp;“As rates have been going up, the tech stocks have been&nbsp;getting crushed. You could see that in the first quarter.”<blockquote>Deer Park Road Management Co. Deer Park Road Management Co. Deer Park 首席投资官斯科特-伯格（Scott Burg）说： “随着利率不断上升，科技股被压垮了。你可以在第一季度看到这一点”。</blockquote> Efrem Kamen, the head of New&nbsp;York-based Pura Vida Investments, said:&nbsp;“The Ark Innovation fund had a tremendous run over the&nbsp;course of 2020 and early 2021. However,&nbsp;the level of fund flows into the ETF appeared to be extreme.” Kamen's fund bought puts on 622,500 ARKK shares with a notional value of about $75 million.<blockquote>总部位于纽约的 Pura Vida Investments 负责人埃弗雷姆-卡门（Efrem Kamen）说： “方舟创新基金在 2020 年和 2021 年初经历了巨大的挤兑。然而，流入 ETF 的资金水平似乎非常极端。”卡门的基金购买了 622,500 股 ARKK 股票的看跌期权，名义价值约为 7500 万美元。</blockquote> “Volatility on Ark Innovation ETF was an efficient way to&nbsp;hedge some of the factor risk in our portfolio,” Kamen continued.<blockquote>“Kamen 继续说道：”Ark Innovation ETF 的波动性是对冲我们投资组合中一些因子风险的有效方法。</blockquote> Eric Balchunas, an ETF analyst for Bloomberg Intelligence concluded:&nbsp;“Sometimes hedge funds look at Tesla and Ark, and think&nbsp;‘This is just way too much and I can make a killing here.’”<blockquote>彭博情报公司（Bloomberg Intelligence）的 ETF 分析师 Eric Balchunas 总结道： “有时对冲基金看着特斯拉和方舟，会想'这太过分了，我可以在这里大赚一笔'”。</blockquote> Recall, at the beginning of 2021,we noted thatshort interest in Wood's funds had \"exploded\" amidst their rise in 2020.<blockquote>回想一下，在 2021 年初，我们注意到对伍德基金的空头兴趣在 2020 年上升时“爆炸式增长”。</blockquote> <img src=\"https://static.tigerbbs.com/8b09e0b2f0e87d75a88ec85c3e7d0b1f\" tg-width=\"833\" tg-height=\"435\">And while shorts may have been paid modestly in 2021 so far, with ARKK about 30% off its highs, Wood's ARK hasn't sank just yet.&nbsp;Days agowe wrotethat Wood's strategy of selling liquid tech names in order to rotate into smaller, more \"speculative\" names has miraculously held up, so far, in 2021.<blockquote>虽然到目前为止，空头在 2021 年的报酬可能不高，ARKK 较高点下跌了约 30%，但伍德的方舟还没有沉没。几天前，我们写道，伍德出售流动性科技公司，以便转向更小、更 “投机性 ”的公司的策略在 2021 年迄今为止奇迹般地站稳了脚跟。</blockquote> Despite selling some of her largest holdings, ARK \"no longer holds a stake bigger than 20% in any stock,\" Bloomberg&nbsp;reported&nbsp;this week. The firm's largest holding, formerly 21.3% in Compugen, is now down to 17.2%.<blockquote>彭博社本周报道称，尽管出售了一些最大的股份，但 ARK“不再持有任何股票超过 20% 的股份”。该公司最大的持股比例为 Compugen 21.3%，现已降至 17.2%。</blockquote> Nikko Asset Management has a minority stake in ARK and the number of stocks where the two asset managers own more than 20% has fallen to 8 names, from 10.<blockquote>日兴资产管理公司持有 ARK 少数股权，两家资产管理公司持有 20% 以上股份的股票数量已从 10 只减少到 8 只。</blockquote> Tom Essaye, a former Merrill Lynch trader, told Bloomberg:&nbsp;“This is an evolution a bit -- Ark accepting it’s a large fund-family now. It makes sense that especially in some of the smaller cap names they are reducing that concentration. How much money you put to work in the smaller names can alter the risk-reward calculation.”<blockquote>前美林交易员汤姆-埃萨耶（Tom Essaye）告诉彭博社： “这有点演变--方舟现在接受了它是一个大型基金家族的事实。尤其是在一些规模较小的公司中，他们正在降低这种集中度，这是有道理的。你在小型公司中投入多少资金可以改变风险回报的计算”。</blockquote> <img src=\"https://static.tigerbbs.com/b0c2d89d4b8aad96c5aab89973af106b\" tg-width=\"960\" tg-height=\"540\">ARK's flagship \"Innovation\" fund is down more than 32% from its peak on February 12, but outflows haven't yet been rushed. This has allowed Wood the time for \"an orderly adjustment of positions\".<blockquote>ARK 的旗舰“创新”基金较 2 月 12 日的峰值下跌了 32% 以上，但资金外流尚未仓促进行。这给了伍德“有序调整仓位”的时间。</blockquote> Todd Rosenbluth, head of ETF &amp; mutual fund research at CFRA Research, commented:&nbsp;“My fear was that investors that were relatively new to the strategy would see weak performance and then pull out just as management had increasingly favored some of these smaller companies. But because investors have stayed relatively loyal, they have not had to make changes to the portfolio to meet client redemptions.”<blockquote>CFRA Research ETF 和共同基金研究主管托德-罗森布鲁斯（Todd Rosenbluth）评论说： “我担心的是，相对较新的投资者会看到业绩疲软，然后在管理层越来越青睐其中一些规模较小的公司时退出。但由于投资者保持了相对忠诚，他们不必为了满足客户赎回而对投资组合进行调整。”</blockquote>","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>Knock On Wood: Blackstone, Balyasny And About Ten Other Managers Bought ARKK Puts In Q1<blockquote>敲打木头：Blackstone、Balyasny 和其他大约十位经理在第一季度购买了 ARKK 看跌期权</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\">\nKnock On Wood: Blackstone, Balyasny And About Ten Other Managers Bought ARKK Puts In Q1<blockquote>敲打木头：Blackstone、Balyasny 和其他大约十位经理在第一季度购买了 ARKK 看跌期权</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-05-28 10:45\n\n</h4>\n</header>\n<article>\nIf you had a sneaking suspicion that Wall Street was starting to bet against the \"untouchable\" Cathie Wood, as we did over the last couple months, you were right.<blockquote>如果你暗自怀疑华尔街开始押注“贱民”凯西·伍德，就像我们在过去几个月里所做的那样，你是对的。</blockquote> Today it was revealed that \"about two dozen investment advisers\" that included&nbsp;Balyasny Asset&nbsp;Management and a unit of Blackstone bought put options on ARK's Innovation ETF during the first quarter.&nbsp;Blackstone bought puts on 1.3 million ARKK shares and&nbsp;Balyasny acquired puts on 436,500 shares.<blockquote>今天有消息透露，包括Balyasny Asset Management和Blackstone的一个部门在内的“大约24名投资顾问”在第一季度购买了ARK创新ETF的看跌期权。Blackstone购买了130万股ARKK股票的看跌期权，Balyasny购买了436,500股股票的看跌期权。</blockquote> The managers saw Wood's fund as a \"alternative to buffer against a slump in stocks&nbsp;that surged during the pandemic,\" that buying puts on an index, the report said. In other words, the asset&nbsp;managers were&nbsp;so confident in Wood's abilityto handpick stocks that would lose value during a pull back, they took the inverse of her \"expertise\" instead of just getting short a tech or small cap index (or both).<blockquote>报告称，经理们将伍德的基金视为“缓冲疫情期间股市暴跌的替代方案”，即买入指数看跌期权。换句话说，资产管理人对伍德的能力如此自信为了精心挑选在回调期间会贬值的股票，他们采用了她“专业知识”的反面，而不是仅仅做空科技指数或小盘股指数（或两者兼而有之）。</blockquote> And so far, that strategy likely provided outsized returns as a hedge: ARKK is down about 30% from its highs, while the QQQ ETF is down just about 0.7% from its February peak.<blockquote>到目前为止，该策略可能提供了巨额回报作为对冲：ARKK 较高点下跌了约 30%，而 QQQ ETF 仅较 2 月份的峰值下跌了约 0.7%。</blockquote> Chris Murphy, co-head of derivatives&nbsp;strategy at Susquehanna International Group, said:&nbsp;“If you were sitting on some serious gains heading into&nbsp;this year and you want to protect those gains, it was an&nbsp;effective strategy.”<blockquote>萨斯奎汉纳国际集团（Susquehanna International Group）衍生品策略联席主管克里斯-墨菲（Chris Murphy）说： “如果你在今年获得了一些可观的收益，并希望保护这些收益，那么这是一个有效的策略。”</blockquote> <img src=\"https://static.tigerbbs.com/2b341d42cdb5ad9d8ded988ca4bc0a09\" tg-width=\"500\" tg-height=\"324\">Deer Park Road Management Co. bought puts on 2.15 million ARKK shares with a notional value of about $258 million.&nbsp;Deer Park Chief Investment Officer Scott Burg said:&nbsp;“As rates have been going up, the tech stocks have been&nbsp;getting crushed. You could see that in the first quarter.”<blockquote>Deer Park Road Management Co. Deer Park Road Management Co. Deer Park 首席投资官斯科特-伯格（Scott Burg）说： “随着利率不断上升，科技股被压垮了。你可以在第一季度看到这一点”。</blockquote> Efrem Kamen, the head of New&nbsp;York-based Pura Vida Investments, said:&nbsp;“The Ark Innovation fund had a tremendous run over the&nbsp;course of 2020 and early 2021. However,&nbsp;the level of fund flows into the ETF appeared to be extreme.” Kamen's fund bought puts on 622,500 ARKK shares with a notional value of about $75 million.<blockquote>总部位于纽约的 Pura Vida Investments 负责人埃弗雷姆-卡门（Efrem Kamen）说： “方舟创新基金在 2020 年和 2021 年初经历了巨大的挤兑。然而，流入 ETF 的资金水平似乎非常极端。”卡门的基金购买了 622,500 股 ARKK 股票的看跌期权，名义价值约为 7500 万美元。</blockquote> “Volatility on Ark Innovation ETF was an efficient way to&nbsp;hedge some of the factor risk in our portfolio,” Kamen continued.<blockquote>“Kamen 继续说道：”Ark Innovation ETF 的波动性是对冲我们投资组合中一些因子风险的有效方法。</blockquote> Eric Balchunas, an ETF analyst for Bloomberg Intelligence concluded:&nbsp;“Sometimes hedge funds look at Tesla and Ark, and think&nbsp;‘This is just way too much and I can make a killing here.’”<blockquote>彭博情报公司（Bloomberg Intelligence）的 ETF 分析师 Eric Balchunas 总结道： “有时对冲基金看着特斯拉和方舟，会想'这太过分了，我可以在这里大赚一笔'”。</blockquote> Recall, at the beginning of 2021,we noted thatshort interest in Wood's funds had \"exploded\" amidst their rise in 2020.<blockquote>回想一下，在 2021 年初，我们注意到对伍德基金的空头兴趣在 2020 年上升时“爆炸式增长”。</blockquote> <img src=\"https://static.tigerbbs.com/8b09e0b2f0e87d75a88ec85c3e7d0b1f\" tg-width=\"833\" tg-height=\"435\">And while shorts may have been paid modestly in 2021 so far, with ARKK about 30% off its highs, Wood's ARK hasn't sank just yet.&nbsp;Days agowe wrotethat Wood's strategy of selling liquid tech names in order to rotate into smaller, more \"speculative\" names has miraculously held up, so far, in 2021.<blockquote>虽然到目前为止，空头在 2021 年的报酬可能不高，ARKK 较高点下跌了约 30%，但伍德的方舟还没有沉没。几天前，我们写道，伍德出售流动性科技公司，以便转向更小、更 “投机性 ”的公司的策略在 2021 年迄今为止奇迹般地站稳了脚跟。</blockquote> Despite selling some of her largest holdings, ARK \"no longer holds a stake bigger than 20% in any stock,\" Bloomberg&nbsp;reported&nbsp;this week. The firm's largest holding, formerly 21.3% in Compugen, is now down to 17.2%.<blockquote>彭博社本周报道称，尽管出售了一些最大的股份，但 ARK“不再持有任何股票超过 20% 的股份”。该公司最大的持股比例为 Compugen 21.3%，现已降至 17.2%。</blockquote> Nikko Asset Management has a minority stake in ARK and the number of stocks where the two asset managers own more than 20% has fallen to 8 names, from 10.<blockquote>日兴资产管理公司持有 ARK 少数股权，两家资产管理公司持有 20% 以上股份的股票数量已从 10 只减少到 8 只。</blockquote> Tom Essaye, a former Merrill Lynch trader, told Bloomberg:&nbsp;“This is an evolution a bit -- Ark accepting it’s a large fund-family now. It makes sense that especially in some of the smaller cap names they are reducing that concentration. How much money you put to work in the smaller names can alter the risk-reward calculation.”<blockquote>前美林交易员汤姆-埃萨耶（Tom Essaye）告诉彭博社： “这有点演变--方舟现在接受了它是一个大型基金家族的事实。尤其是在一些规模较小的公司中，他们正在降低这种集中度，这是有道理的。你在小型公司中投入多少资金可以改变风险回报的计算”。</blockquote> <img src=\"https://static.tigerbbs.com/b0c2d89d4b8aad96c5aab89973af106b\" tg-width=\"960\" tg-height=\"540\">ARK's flagship \"Innovation\" fund is down more than 32% from its peak on February 12, but outflows haven't yet been rushed. This has allowed Wood the time for \"an orderly adjustment of positions\".<blockquote>ARK 的旗舰“创新”基金较 2 月 12 日的峰值下跌了 32% 以上，但资金外流尚未仓促进行。这给了伍德“有序调整仓位”的时间。</blockquote> Todd Rosenbluth, head of ETF &amp; mutual fund research at CFRA Research, commented:&nbsp;“My fear was that investors that were relatively new to the strategy would see weak performance and then pull out just as management had increasingly favored some of these smaller companies. But because investors have stayed relatively loyal, they have not had to make changes to the portfolio to meet client redemptions.”<blockquote>CFRA Research ETF 和共同基金研究主管托德-罗森布鲁斯（Todd Rosenbluth）评论说： “我担心的是，相对较新的投资者会看到业绩疲软，然后在管理层越来越青睐其中一些规模较小的公司时退出。但由于投资者保持了相对忠诚，他们不必为了满足客户赎回而对投资组合进行调整。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/i-can-make-killing-here-about-two-dozen-investment-advisors-have-piled-arkk-puts\">zerohedge</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":{"BX":"黑石","ARKK":"ARK Innovation ETF"},"source_url":"https://www.zerohedge.com/markets/i-can-make-killing-here-about-two-dozen-investment-advisors-have-piled-arkk-puts","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121796340","content_text":"If you had a sneaking suspicion that Wall Street was starting to bet against the \"untouchable\" Cathie Wood, as we did over the last couple months, you were right.\nToday it was revealed that \"about two dozen investment advisers\" that included Balyasny Asset Management and a unit of Blackstone bought put options on ARK's Innovation ETF during the first quarter. Blackstone bought puts on 1.3 million ARKK shares and Balyasny acquired puts on 436,500 shares.\nThe managers saw Wood's fund as a \"alternative to buffer against a slump in stocks that surged during the pandemic,\" that buying puts on an index, the report said. In other words, the asset managers were so confident in Wood's abilityto handpick stocks that would lose value during a pull back, they took the inverse of her \"expertise\" instead of just getting short a tech or small cap index (or both).\nAnd so far, that strategy likely provided outsized returns as a hedge: ARKK is down about 30% from its highs, while the QQQ ETF is down just about 0.7% from its February peak.\nChris Murphy, co-head of derivatives strategy at Susquehanna International Group, said: “If you were sitting on some serious gains heading into this year and you want to protect those gains, it was an effective strategy.”\nDeer Park Road Management Co. bought puts on 2.15 million ARKK shares with a notional value of about $258 million. Deer Park Chief Investment Officer Scott Burg said: “As rates have been going up, the tech stocks have been getting crushed. You could see that in the first quarter.”\nEfrem Kamen, the head of New York-based Pura Vida Investments, said: “The Ark Innovation fund had a tremendous run over the course of 2020 and early 2021. However, the level of fund flows into the ETF appeared to be extreme.” Kamen's fund bought puts on 622,500 ARKK shares with a notional value of about $75 million.\n“Volatility on Ark Innovation ETF was an efficient way to hedge some of the factor risk in our portfolio,” Kamen continued.\nEric Balchunas, an ETF analyst for Bloomberg Intelligence concluded: “Sometimes hedge funds look at Tesla and Ark, and think ‘This is just way too much and I can make a killing here.’”\nRecall, at the beginning of 2021,we noted thatshort interest in Wood's funds had \"exploded\" amidst their rise in 2020.\nAnd while shorts may have been paid modestly in 2021 so far, with ARKK about 30% off its highs, Wood's ARK hasn't sank just yet. Days agowe wrotethat Wood's strategy of selling liquid tech names in order to rotate into smaller, more \"speculative\" names has miraculously held up, so far, in 2021.\nDespite selling some of her largest holdings, ARK \"no longer holds a stake bigger than 20% in any stock,\" Bloomberg reported this week. The firm's largest holding, formerly 21.3% in Compugen, is now down to 17.2%.\nNikko Asset Management has a minority stake in ARK and the number of stocks where the two asset managers own more than 20% has fallen to 8 names, from 10.\nTom Essaye, a former Merrill Lynch trader, told Bloomberg: “This is an evolution a bit -- Ark accepting it’s a large fund-family now. It makes sense that especially in some of the smaller cap names they are reducing that concentration. How much money you put to work in the smaller names can alter the risk-reward calculation.”\nARK's flagship \"Innovation\" fund is down more than 32% from its peak on February 12, but outflows haven't yet been rushed. This has allowed Wood the time for \"an orderly adjustment of positions\".\nTodd Rosenbluth, head of ETF & mutual fund research at CFRA Research, commented: “My fear was that investors that were relatively new to the strategy would see weak performance and then pull out just as management had increasingly favored some of these smaller companies. But because investors have stayed relatively loyal, they have not had to make changes to the portfolio to meet client redemptions.”","news_type":1,"symbols_score_info":{"ARKK":0.9,"BX":0.9}},"isVote":1,"tweetType":1,"viewCount":2356,"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":7,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}