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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>敲敲木头：Blackstone、Balyasny和其他大约十家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>敲敲木头：Blackstone、Balyasny和其他大约十家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":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"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.laohu8.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>敲敲木头：Blackstone、Balyasny和其他大约十家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>如果你偷偷怀疑华尔街开始做空“贱民”凯西·伍德，就像我们在过去几个月所做的那样，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，基金经理们将伍德的基金视为“缓冲大流行期间飙升的股市暴跌的替代方案”，买入该指数会上涨。换句话说，资产管理公司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，他们采取了与她“专业知识”相反的方法，而不是仅仅做空科技股或小盘股指数（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，该策略可能作为对冲提供了巨额回报：ARKK较高点下跌约30%，而QQQ ETF较2月份峰值仅下跌约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>Susquehanna International Group衍生品策略联席主管克里斯·墨菲(Chris Murphy)表示：“如果你在今年获得了一些严重的收益，并且你想保护这些收益，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.买入了215万股ARKK股票的看跌期权，名义价值约为2.58亿美元，Deer Park首席投资官Scott Burg表示：“随着利率不断上升，科技股一直在遭受重创。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Efrem Kamen表示：“Ark Innovation基金在2020年和2021年初获得了巨大的收益。然而，流入ETF的资金水平似乎很极端。”Kamen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>“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，”Kamen继续说道。</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>Bloomberg Intelligence的ETF分析师Eric Balchunas总结道：“有时对冲基金看到特斯拉和方舟，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，我们注意到伍德基金的空头兴趣在2020年的上涨中“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>尽管到目前为止，2021年空头的回报可能不大，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转向规模更小、更具“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>据彭博社本周报道，尽管出售了一些最大的持股，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以前为Compugen的21.3%，现在已降至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>Nikko Asset Management持有ARK的少数股权，两家资产管理公司持有超过20%的股票数量已从10只减少至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——Ark现在接受它是一个大型基金家族。特别是在一些较小的市值公司中，他们正在降低集中度，这是有道理的。你在较小的公司投入了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，但资金尚未急于流出。这让伍德有时间“有序调整头寸”。</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)评论道：“我担心的是，相对不熟悉该策略的投资者会看到业绩疲软，然后退出，就像管理层越来越青睐其中一些较小的公司一样。但由于投资者保持相对忠诚，他们不必改变投资组合来满足客户的赎回。”</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>敲敲木头：Blackstone、Balyasny和其他大约十家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>敲敲木头：Blackstone、Balyasny和其他大约十家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>如果你偷偷怀疑华尔街开始做空“贱民”凯西·伍德，就像我们在过去几个月所做的那样，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，基金经理们将伍德的基金视为“缓冲大流行期间飙升的股市暴跌的替代方案”，买入该指数会上涨。换句话说，资产管理公司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，他们采取了与她“专业知识”相反的方法，而不是仅仅做空科技股或小盘股指数（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，该策略可能作为对冲提供了巨额回报：ARKK较高点下跌约30%，而QQQ ETF较2月份峰值仅下跌约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>Susquehanna International Group衍生品策略联席主管克里斯·墨菲(Chris Murphy)表示：“如果你在今年获得了一些严重的收益，并且你想保护这些收益，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.买入了215万股ARKK股票的看跌期权，名义价值约为2.58亿美元，Deer Park首席投资官Scott Burg表示：“随着利率不断上升，科技股一直在遭受重创。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Efrem Kamen表示：“Ark Innovation基金在2020年和2021年初获得了巨大的收益。然而，流入ETF的资金水平似乎很极端。”Kamen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>“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，”Kamen继续说道。</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>Bloomberg Intelligence的ETF分析师Eric Balchunas总结道：“有时对冲基金看到特斯拉和方舟，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，我们注意到伍德基金的空头兴趣在2020年的上涨中“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>尽管到目前为止，2021年空头的回报可能不大，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转向规模更小、更具“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>据彭博社本周报道，尽管出售了一些最大的持股，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以前为Compugen的21.3%，现在已降至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>Nikko Asset Management持有ARK的少数股权，两家资产管理公司持有超过20%的股票数量已从10只减少至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——Ark现在接受它是一个大型基金家族。特别是在一些较小的市值公司中，他们正在降低集中度，这是有道理的。你在较小的公司投入了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，但资金尚未急于流出。这让伍德有时间“有序调整头寸”。</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)评论道：“我担心的是，相对不熟悉该策略的投资者会看到业绩疲软，然后退出，就像管理层越来越青睐其中一些较小的公司一样。但由于投资者保持相对忠诚，他们不必改变投资组合来满足客户的赎回。”</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":{"ARKK":"ARK Innovation ETF","BX":"黑石"},"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":1448,"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,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}