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2021-04-15

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Why This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的ETF将跑赢ARKK</blockquote>

Summary ARKK achieved a legendary performance in 2020. MLPA is an under-covered ETF in an out-of-fa

Why This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的ETF将跑赢ARKK</blockquote>

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Therefore, it's prudent to forego profits today in order to reinvest cash flows into developing new and better technology instead of pouring cash into dividends and repurchases today. The ability to massively scale new technologies to achieve rapid and massive profitability is routinely undervalued by the market, making disruptive tech a highly profitable investing niche.<blockquote>事实证明，凯西·伍德(Cathie Wood)对战场的看法非常正确，并大幅跑赢了特斯拉、英伟达(NVDA)、亚马逊(AMZN)甚至比特币(BTC-USD)等股票，而且当然有理由投资颠覆性技术：随着我们日益走向高度依赖新兴颠覆性技术平台的赢家通吃经济，拥有最多/最好数据和技术的公司将成为明天的巨大赢家。因此，明智的做法是今天放弃利润，以便将现金流再投资于开发新的更好的技术，而不是今天将现金投入股息和回购。大规模扩展新技术以实现快速和巨额盈利的能力通常被市场低估，这使得颠覆性技术成为高利润的投资利基市场。</blockquote> That said, while we certainly believe that disruptive tech still has - and always will have - a place in a well-diversified portfolio, we believe investors would be better served to weight their portfolios more heavily towards the out-of-favor and underfollowed Global X MLP ETF (MLPA) for the following reasons:<blockquote>也就是说，虽然我们当然相信颠覆性技术仍然并且将永远在多元化的投资组合中占有一席之地，但我们认为，投资者最好将其投资组合更多地转向不受青睐和关注不足的技术。Global X MLP ETF(MLPA)，原因如下：</blockquote> #1 - Massive Fee Disparity<blockquote>#1-巨大的费用差异</blockquote> As Warren Buffettonce said:<blockquote>正如沃伦·巴菲特曾经说过的：</blockquote> Performance comes, performance goes. Fees never falter. Few investors fully appreciate the power of investing fees to alter total returns. As a result, rather than chasing the latest high-flying fund, it's generally much better over the long term to invest in low-cost well-run funds.<blockquote>性能来了，性能去了。费用从不动摇。很少有投资者充分认识到投资费用改变总回报的力量。因此，从长远来看，与其追逐最新的高飞基金，不如投资低成本、运营良好的基金。</blockquote> ARKK charges a hefty 0.75% expense ratio. That means, regardless of whether or not its strategy outperforms in any given year (or even generates a positive return), ARK Invest will take 0.75% of your capital. That means that if you were to invest $100,000 into ARKK today and earn a 10% annualized return over the next decade, your total cost of fees would be a whopping $18,809.49 over that period.<blockquote>ARKK收取0.75%的高额费用率。这意味着，无论其策略在任何特定年份是否表现出色（甚至产生正回报），ARK Invest都将拿走您资本的0.75%。这意味着，如果您今天向ARKK投资100,000美元，并在未来十年内获得10%的年化回报率，那么在此期间您的总费用成本将高达18,809.49美元。</blockquote> In contrast, MLPA only charges a 0.46% expense ratio. Not only is this substantially less than ARKK's, but it's also less than its more popular fellow MLP ETF: The Alerian MLP ETF (AMLP), which charges a hefty 0.90% expense ratio. If $100,000 invested in MLPA were held over a 10-year period, you would only have $11,687.24 charged in fund expenses over that period, providing an incredible 7.12% return on investment boost to your holdings over that period relative to a similar amount invested in ARKK.<blockquote>相比之下，MLPA仅收取0.46%的费用率。这不仅大大低于ARKK，也低于其更受欢迎的MLP ETF：Alerian MLP ETF(AMLP)，后者收取0.90%的高额费用率。如果投资于MLPA的100,000美元持有10年，那么在此期间您只需支付11,687.24美元的基金费用，相对于投资于ARKK的类似金额，您在此期间的持有量将获得令人难以置信的7.12%的投资回报率。</blockquote> #2 - Even Bigger Fund Flow Disparity<blockquote>#2-更大的资金流差异</blockquote> Another major headwind facing ARKK is that its assets under management have ballooned along with ARK Invest's and Cathie Wood's growing popularity:<blockquote>ARKK面临的另一个主要阻力是，随着ARK Invest和Cathie Wood越来越受欢迎，其管理的资产也在激增：</blockquote> <img src=\"https://static.tigerbbs.com/2e85734680e924a10d64d10595ddc9a1\" tg-width=\"635\" tg-height=\"419\">Data by YCharts<blockquote>数据来自YCharts</blockquote> While this massive growth in assets under management is great for Cathie and company as it massively boosts their management fees, it also makes it harder and harder for them to efficiently manage investor assets. With tens of billions of dollars to deploy, it forces them to take on larger total positions to maintain the same degree of concentration. This in turn forces them to be less nimble in entering and exiting positions due to liquidity constraints and thereby not getting the best pricing possible. It also pushes them to invest in more positions than just their highest conviction picks as they search for additional places to deploy capital, thereby potentially diluting returns.<blockquote>虽然管理资产的大幅增长对Cathie和她的公司来说是件好事，因为这大大提高了他们的管理费，但这也使他们越来越难有效管理投资者资产。由于需要部署数百亿美元，这迫使他们采取更大的总头寸，以保持相同程度的集中度。由于流动性限制，这反过来又迫使他们在进入和退出头寸时不那么灵活，从而无法获得最佳定价。当他们寻找更多的地方来部署资本时，这也促使他们投资更多的头寸，而不仅仅是他们最有信心的选择，从而可能会稀释回报。</blockquote> While the challenges that come with greater amounts of assets under management are an issue for any fund, they are even greater for ARKK given its focus on a single niche, instead of the broader market. Furthermore, their particular niche is one of the most speculative and volatile, given its focus on wildly popular and mostly unprofitable tech companies. As a result, as fund inflows and outflows experience significant day-to-day volatility, ARKK will be increasingly challenged to buy and sell holdings efficiently in an attempt to maximize shareholder returns.<blockquote>虽然管理更多资产所带来的挑战对任何基金来说都是一个问题，但鉴于ARKK专注于单一利基市场，而不是更广泛的市场，这些挑战对ARKK来说甚至更大。此外，他们的特定领域是投机性和波动性最大的领域之一，因为它专注于广受欢迎且大多无利可图的科技公司。因此，随着资金流入和流出经历日常大幅波动，ARKK将越来越面临有效买卖持股以实现股东回报最大化的挑战。</blockquote> MLPA, in contrast, is not only far smaller in terms of total assets under management, but its total number of assets under management are much less volatile. As a result, management is much better able to efficiently buy and sell holdings and allocate investor capital. When added to the expense ratio differential, MLPA gets a massive head start over ARKK moving forward.<blockquote>相比之下，MLPA不仅管理总资产规模小得多，而且管理资产总数的波动性也小得多。因此，管理层能够更好地有效地买卖持股并分配投资者资本。当加上费用率差异时，MLPA在未来的发展中比ARKK遥遥领先。</blockquote> #3 - Incredible Valuation Disparity<blockquote>#3-令人难以置信的估值差异</blockquote> Last, but not least, there's a massive valuation disparity between the underlying holdings of these two ETFs.<blockquote>最后但并非最不重要的一点是，这两只ETF的基础持股之间存在巨大的估值差异。</blockquote> Innovative tech valuations sit at near all-time highs and face growing headwinds from the COVID-19 vaccine changing consumer behavior and the economic narrative, as well as surging inflation and rising interest rates as detailed inWhy High Yield Will Keep Pummeling Tech.<blockquote>创新科技公司的估值接近历史高位，并面临着来自COVID-19疫苗改变消费者行为和经济叙事以及通胀飙升和利率上升的越来越大的阻力，详见《为什么高收益将继续打击科技公司》。</blockquote> Meanwhile, as detailed inWe Are Buying Midstream Hand Over Fist- MLPs look more attractive than ever right now with:<blockquote>与此同时，正如中详细介绍的那样，我们正在全力购买中游MLP现在看起来比以往任何时候都更具吸引力：</blockquote> <ul> <li>Historically high yields even as interest rates sit at historic lows, resulting in record spreads:</li> </ul> <img src=\"https://static.tigerbbs.com/a09a7951601c6894a09e02ad795097dd\" tg-width=\"640\" tg-height=\"479\" referrerpolicy=\"no-referrer\">source<blockquote><ul><li>即使利率处于历史低位，收益率仍处于历史高位，导致利差创纪录：</li></ul>来源</blockquote> <ul> <li>Cheap valuation multiples in a market environment where major indexes are sporting record high valuations.</li> <li>Remarkably resilient fundamentals in the face of a double black swan event stemming from the oil price collapse and COVID-19.</li> <li>Strong recovery in cash flows and client profitability as energy prices have bounced back sharply in recent months.</li> </ul> Furthermore, MLPA holds blue chip MLPs as its top holdings, including Enterprise Products Partners (EPD), Energy Transfer (ET), Magellan Midstream (MMP), MPLX (MPLX), and Plains All American (PAA) as its top 5 positions.<blockquote><ul><li>在主要股指估值创历史新高的市场环境下，估值倍数低廉。</li><li>面对油价暴跌和COVID-19引发的双重黑天鹅事件，基本面表现出非凡的弹性。</li><li>随着近几个月能源价格大幅反弹，现金流和客户盈利能力强劲复苏。</li></ul>此外，MLPA还持有蓝筹MLP作为其最大持股，其中Enterprise Products Partners(EPD)、Energy Transfer(ET)、Magellan Midstream(MMP)、MPLX(MPLX)和Plains All American(PAA)作为其前5名持仓。</blockquote> <img src=\"https://static.tigerbbs.com/bb94cd983513980447f14b8b1952d49f\" tg-width=\"640\" tg-height=\"431\"><blockquote></blockquote> source<blockquote>来源</blockquote> We are very bullish on each of these MLPs as they each possess investment grade balance sheets, trade at very attractive valuations with lucrative and well-covered yields, and have high-quality asset portfolios that are positioned to remain relevant well into the future even as the global economy continues to focus increasingly on green energy alternatives.<blockquote>我们非常看好这些MLP中的每一个，因为它们都拥有投资级资产负债表，以非常有吸引力的估值进行交易，收益率丰厚且覆盖良好，并且拥有高质量的资产组合，即使全球经济继续越来越关注绿色能源替代品。</blockquote> A Better Alternative Than Either Of Them<blockquote>比他们任何一个都好的选择</blockquote> Low-cost ETFs concentrated on an out-of-favor sector with strong fundamentals like MLPA is a great option for unsophisticated and/or passive investors. They provide instant diversification with the purchase of a single share along with professional portfolio management.<blockquote>专注于MLPA等基本面强劲的失宠行业的低成本ETF对于不成熟和/或被动投资者来说是一个不错的选择。他们通过购买单一股票和专业的投资组合管理提供即时多元化。</blockquote> However, just like there's no free lunch, a drawback to ETFs is that they often pursue much broader diversification than we do in our portfolios and, as a result, often force investors to invest in positions that are not high conviction.<blockquote>然而，就像没有免费的午餐一样，ETF的缺点是它们通常追求比我们在投资组合中更广泛的多元化，因此往往迫使投资者投资于信念不高的头寸。</blockquote> Though we ourselves may occasionally invest in a specific sector’s ETF if we see a unique opportunity to add value with it, we generally greatly prefer investing in individual securities because it enables us to target stronger risk-adjusted returns.<blockquote>尽管如果我们看到一个独特的增值机会，我们自己可能偶尔会投资特定行业的ETF，但我们通常更喜欢投资个别证券，因为它使我们能够实现更高的风险调整回报。</blockquote> By pursuing a simple, but time-tested value investing strategy of<blockquote>通过追求简单但久经考验的价值投资策略</blockquote> <ul> <li>Investing in what we know</li> <li>Avoiding bad management</li> <li>Buying attractive yields below a conservative estimate of fair value</li> <li>Overweightingcompanies with strong balance sheets</li> </ul> we are able to invest in mostly winners and minimize our losers. As a result, since its inception, our well-diversified value and income focused real money Equity Portfolio at High Yield Investor has absolutely crushed the broader market indexes along with ARKK:<blockquote><ul><li>投资于我们所知道的</li><li>避免管理不善</li><li>购买低于公允价值保守估计的有吸引力的收益率</li><li>增持资产负债表强劲的公司</li></ul>我们能够投资于大多数赢家，最大限度地减少输家。因此，自成立以来，我们在High Yield Investor以价值和收入为重点的多元化真钱股票投资组合绝对击败了更广泛的市场指数以及ARKK：</blockquote> <img src=\"https://static.tigerbbs.com/f54358ccb1701431993365a154cdada3\" tg-width=\"480\" tg-height=\"289\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> source: Author<blockquote>来源：作者</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> ARKK has been on a remarkable run thanks in large part to their remarkable calls on top holding TSLA and aided significantly by the pandemic and the rise in popularity of disruptive tech. Meanwhile, as disruptive tech companies have soared to stratospheric valuations, MLPA has been weighed down by the MLP sector's deep unpopularity, the rise of renewable energy and ESG investing, and a demand plunge caused by COVID-19.<blockquote>ARKK一直表现出色，这在很大程度上要归功于其在TSLA控股公司中的显着评级，以及疫情和颠覆性技术日益普及的大力帮助。与此同时，随着颠覆性科技公司的估值飙升至极高水平，MLPA受到MLP行业极不受欢迎、可再生能源和ESG投资的兴起以及COVID-19导致的需求暴跌的拖累。</blockquote> We believe that rising interest rates, combined with a re-opening economy, will bring tech valuations back down to earth while giving MLPs a strong demand boost. Furthermore, we believe that MLPA's strong fundamentals of robust free cash flow generation, strong balance sheets, improved corporate governance, and well-covered and record-high distribution yields will lead to strong outperformance moving forward.<blockquote>我们认为，利率上升，加上经济重新开放，将使科技股估值回归现实，同时为MLP带来强劲的需求提振。此外，我们相信MLPA强劲的自由现金流生成、强劲的资产负债表、改善的公司治理以及覆盖良好且创纪录的分配收益率等强劲基本面将导致未来表现强劲。</blockquote> While we think that intelligently following a value investing approach is best in this sector, for investors looking for a totally passive approach, MLPA is a very attractive option given its relatively low fees, easily managed assets under management, and high quality top holdings.<blockquote>虽然我们认为明智地遵循价值投资方法是该领域的最佳选择，但对于寻求完全被动方法的投资者来说，MLPA是一个非常有吸引力的选择，因为其相对较低的费用、易于管理的资产以及高质量的顶级持股。</blockquote> Meanwhile, ARKK will be increasingly weighed down by the runaway valuations of its core holdings, major drag from its highly volatile and enormous volume of assets under management, and - worst of all - its rather high expense ratio.<blockquote>与此同时，ARKK将越来越受到其核心持股估值失控的拖累，其管理的资产高度波动和巨大，以及最糟糕的是其相当高的费用率。</blockquote> Prudent investors will find room in their portfolios for both disruptive tech and high yield real assets, but we believe that the risk-adjusted return outlook for MLPA is meaningfully superior to ARKK's right now.<blockquote>谨慎的投资者将在其投资组合中为颠覆性技术和高收益实物资产找到空间，但我们认为MLPA的风险调整后回报前景目前明显优于ARKK。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nWhy This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的ETF将跑赢ARKK</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-04-15 16:05\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>ARKK achieved a legendary performance in 2020.</li> <li>MLPA is an under-covered ETF in an out-of-favor sector.</li> <li>Why investors should weight MLPA over ARKK in 2021.</li> </ul> ARK Invest and its founder and CEO/CIO Cathie Wood rose to stardom in 2020 as its ETFs (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) achieved remarkably strong results during the year:<blockquote><ul><li>ARKK在2020年取得了传奇般的业绩。</li><li>MLPA是一只在不受欢迎的行业中被低估的ETF。</li><li>为什么投资者应该在2021年权衡MLPA而不是ARKK。</li></ul>ARK Invest及其创始人兼首席执行官/首席信息官Cathie Wood在2020年成为明星，其ETF(ARKK)(ARKQ)(ARKG)(ARKW)(ARKF)在这一年中取得了非常强劲的业绩：</blockquote> <img src=\"https://static.tigerbbs.com/b9cecd280b57639291eecac1a7f51e41\" tg-width=\"635\" tg-height=\"470\">Data by YCharts<blockquote>数据来自YCharts</blockquote> Compared to the broader indexes (SPY) (DIA) (QQQ), the amount of outperformance was simply incredible:<blockquote>与更广泛的指数（SPDR标普500指数ETF）（DIA）（QQQ）相比，其优异表现简直令人难以置信：</blockquote> <img src=\"https://static.tigerbbs.com/5b79feae135773bede582c7560974885\" tg-width=\"635\" tg-height=\"436\">Data by YCharts<blockquote>数据来自YCharts</blockquote> By far the most popular of these funds is the Disruptive Innovation ETF (i.e., ARKK), which holds Tesla (TSLA) as its undisputed largest and highest conviction holding and complements it with other popular disruptors like Square (SQ), Teladoc (TDOC), Zoom (ZM), and Palantir (PLTR).<blockquote>到目前为止，这些基金中最受欢迎的是颠覆性创新ETF（即ARKK），该基金将特斯拉(TSLA)作为其无可争议的最大和最高信念持股，并与Square(SQ)、Teladoc(TDOC)等其他受欢迎的颠覆性基金进行补充）、Zoom(ZM)和Palantir(PLTR)。</blockquote> <img src=\"https://static.tigerbbs.com/cbfb95d8bcac16f0d478241037e81576\" tg-width=\"640\" tg-height=\"248\" referrerpolicy=\"no-referrer\">source<blockquote>来源</blockquote> Looking at ARKK's lifetime performance, we see that it has outperformed the market indexes handily even prior to 2020:<blockquote>纵观ARKK的一生表现，我们发现它甚至在2020年之前就轻松跑赢了市场指数：</blockquote> <img src=\"https://static.tigerbbs.com/ce62d7f1798c005705f3d7a36db56d7c\" tg-width=\"635\" tg-height=\"453\">Data by YCharts<blockquote>数据来自YCharts</blockquote> Cathie Wood has been proven remarkably correct about battleground and massively outperforming stocks like TSLA, Nvidia (NVDA), Amazon (AMZN), and even Bitcoin (BTC-USD), and there's certainly a case to be made for investing in disruptive tech: The companies with the most/best data and technology will be massive winners tomorrow as we move increasingly toward a winner-take-most economy that's hyper-dependent on emerging disruptive technological platforms. Therefore, it's prudent to forego profits today in order to reinvest cash flows into developing new and better technology instead of pouring cash into dividends and repurchases today. The ability to massively scale new technologies to achieve rapid and massive profitability is routinely undervalued by the market, making disruptive tech a highly profitable investing niche.<blockquote>事实证明，凯西·伍德(Cathie Wood)对战场的看法非常正确，并大幅跑赢了特斯拉、英伟达(NVDA)、亚马逊(AMZN)甚至比特币(BTC-USD)等股票，而且当然有理由投资颠覆性技术：随着我们日益走向高度依赖新兴颠覆性技术平台的赢家通吃经济，拥有最多/最好数据和技术的公司将成为明天的巨大赢家。因此，明智的做法是今天放弃利润，以便将现金流再投资于开发新的更好的技术，而不是今天将现金投入股息和回购。大规模扩展新技术以实现快速和巨额盈利的能力通常被市场低估，这使得颠覆性技术成为高利润的投资利基市场。</blockquote> That said, while we certainly believe that disruptive tech still has - and always will have - a place in a well-diversified portfolio, we believe investors would be better served to weight their portfolios more heavily towards the out-of-favor and underfollowed Global X MLP ETF (MLPA) for the following reasons:<blockquote>也就是说，虽然我们当然相信颠覆性技术仍然并且将永远在多元化的投资组合中占有一席之地，但我们认为，投资者最好将其投资组合更多地转向不受青睐和关注不足的技术。Global X MLP ETF(MLPA)，原因如下：</blockquote> #1 - Massive Fee Disparity<blockquote>#1-巨大的费用差异</blockquote> As Warren Buffettonce said:<blockquote>正如沃伦·巴菲特曾经说过的：</blockquote> Performance comes, performance goes. Fees never falter. Few investors fully appreciate the power of investing fees to alter total returns. As a result, rather than chasing the latest high-flying fund, it's generally much better over the long term to invest in low-cost well-run funds.<blockquote>性能来了，性能去了。费用从不动摇。很少有投资者充分认识到投资费用改变总回报的力量。因此，从长远来看，与其追逐最新的高飞基金，不如投资低成本、运营良好的基金。</blockquote> ARKK charges a hefty 0.75% expense ratio. That means, regardless of whether or not its strategy outperforms in any given year (or even generates a positive return), ARK Invest will take 0.75% of your capital. That means that if you were to invest $100,000 into ARKK today and earn a 10% annualized return over the next decade, your total cost of fees would be a whopping $18,809.49 over that period.<blockquote>ARKK收取0.75%的高额费用率。这意味着，无论其策略在任何特定年份是否表现出色（甚至产生正回报），ARK Invest都将拿走您资本的0.75%。这意味着，如果您今天向ARKK投资100,000美元，并在未来十年内获得10%的年化回报率，那么在此期间您的总费用成本将高达18,809.49美元。</blockquote> In contrast, MLPA only charges a 0.46% expense ratio. Not only is this substantially less than ARKK's, but it's also less than its more popular fellow MLP ETF: The Alerian MLP ETF (AMLP), which charges a hefty 0.90% expense ratio. If $100,000 invested in MLPA were held over a 10-year period, you would only have $11,687.24 charged in fund expenses over that period, providing an incredible 7.12% return on investment boost to your holdings over that period relative to a similar amount invested in ARKK.<blockquote>相比之下，MLPA仅收取0.46%的费用率。这不仅大大低于ARKK，也低于其更受欢迎的MLP ETF：Alerian MLP ETF(AMLP)，后者收取0.90%的高额费用率。如果投资于MLPA的100,000美元持有10年，那么在此期间您只需支付11,687.24美元的基金费用，相对于投资于ARKK的类似金额，您在此期间的持有量将获得令人难以置信的7.12%的投资回报率。</blockquote> #2 - Even Bigger Fund Flow Disparity<blockquote>#2-更大的资金流差异</blockquote> Another major headwind facing ARKK is that its assets under management have ballooned along with ARK Invest's and Cathie Wood's growing popularity:<blockquote>ARKK面临的另一个主要阻力是，随着ARK Invest和Cathie Wood越来越受欢迎，其管理的资产也在激增：</blockquote> <img src=\"https://static.tigerbbs.com/2e85734680e924a10d64d10595ddc9a1\" tg-width=\"635\" tg-height=\"419\">Data by YCharts<blockquote>数据来自YCharts</blockquote> While this massive growth in assets under management is great for Cathie and company as it massively boosts their management fees, it also makes it harder and harder for them to efficiently manage investor assets. With tens of billions of dollars to deploy, it forces them to take on larger total positions to maintain the same degree of concentration. This in turn forces them to be less nimble in entering and exiting positions due to liquidity constraints and thereby not getting the best pricing possible. It also pushes them to invest in more positions than just their highest conviction picks as they search for additional places to deploy capital, thereby potentially diluting returns.<blockquote>虽然管理资产的大幅增长对Cathie和她的公司来说是件好事，因为这大大提高了他们的管理费，但这也使他们越来越难有效管理投资者资产。由于需要部署数百亿美元，这迫使他们采取更大的总头寸，以保持相同程度的集中度。由于流动性限制，这反过来又迫使他们在进入和退出头寸时不那么灵活，从而无法获得最佳定价。当他们寻找更多的地方来部署资本时，这也促使他们投资更多的头寸，而不仅仅是他们最有信心的选择，从而可能会稀释回报。</blockquote> While the challenges that come with greater amounts of assets under management are an issue for any fund, they are even greater for ARKK given its focus on a single niche, instead of the broader market. Furthermore, their particular niche is one of the most speculative and volatile, given its focus on wildly popular and mostly unprofitable tech companies. As a result, as fund inflows and outflows experience significant day-to-day volatility, ARKK will be increasingly challenged to buy and sell holdings efficiently in an attempt to maximize shareholder returns.<blockquote>虽然管理更多资产所带来的挑战对任何基金来说都是一个问题，但鉴于ARKK专注于单一利基市场，而不是更广泛的市场，这些挑战对ARKK来说甚至更大。此外，他们的特定领域是投机性和波动性最大的领域之一，因为它专注于广受欢迎且大多无利可图的科技公司。因此，随着资金流入和流出经历日常大幅波动，ARKK将越来越面临有效买卖持股以实现股东回报最大化的挑战。</blockquote> MLPA, in contrast, is not only far smaller in terms of total assets under management, but its total number of assets under management are much less volatile. As a result, management is much better able to efficiently buy and sell holdings and allocate investor capital. When added to the expense ratio differential, MLPA gets a massive head start over ARKK moving forward.<blockquote>相比之下，MLPA不仅管理总资产规模小得多，而且管理资产总数的波动性也小得多。因此，管理层能够更好地有效地买卖持股并分配投资者资本。当加上费用率差异时，MLPA在未来的发展中比ARKK遥遥领先。</blockquote> #3 - Incredible Valuation Disparity<blockquote>#3-令人难以置信的估值差异</blockquote> Last, but not least, there's a massive valuation disparity between the underlying holdings of these two ETFs.<blockquote>最后但并非最不重要的一点是，这两只ETF的基础持股之间存在巨大的估值差异。</blockquote> Innovative tech valuations sit at near all-time highs and face growing headwinds from the COVID-19 vaccine changing consumer behavior and the economic narrative, as well as surging inflation and rising interest rates as detailed inWhy High Yield Will Keep Pummeling Tech.<blockquote>创新科技公司的估值接近历史高位，并面临着来自COVID-19疫苗改变消费者行为和经济叙事以及通胀飙升和利率上升的越来越大的阻力，详见《为什么高收益将继续打击科技公司》。</blockquote> Meanwhile, as detailed inWe Are Buying Midstream Hand Over Fist- MLPs look more attractive than ever right now with:<blockquote>与此同时，正如中详细介绍的那样，我们正在全力购买中游MLP现在看起来比以往任何时候都更具吸引力：</blockquote> <ul> <li>Historically high yields even as interest rates sit at historic lows, resulting in record spreads:</li> </ul> <img src=\"https://static.tigerbbs.com/a09a7951601c6894a09e02ad795097dd\" tg-width=\"640\" tg-height=\"479\" referrerpolicy=\"no-referrer\">source<blockquote><ul><li>即使利率处于历史低位，收益率仍处于历史高位，导致利差创纪录：</li></ul>来源</blockquote> <ul> <li>Cheap valuation multiples in a market environment where major indexes are sporting record high valuations.</li> <li>Remarkably resilient fundamentals in the face of a double black swan event stemming from the oil price collapse and COVID-19.</li> <li>Strong recovery in cash flows and client profitability as energy prices have bounced back sharply in recent months.</li> </ul> Furthermore, MLPA holds blue chip MLPs as its top holdings, including Enterprise Products Partners (EPD), Energy Transfer (ET), Magellan Midstream (MMP), MPLX (MPLX), and Plains All American (PAA) as its top 5 positions.<blockquote><ul><li>在主要股指估值创历史新高的市场环境下，估值倍数低廉。</li><li>面对油价暴跌和COVID-19引发的双重黑天鹅事件，基本面表现出非凡的弹性。</li><li>随着近几个月能源价格大幅反弹，现金流和客户盈利能力强劲复苏。</li></ul>此外，MLPA还持有蓝筹MLP作为其最大持股，其中Enterprise Products Partners(EPD)、Energy Transfer(ET)、Magellan Midstream(MMP)、MPLX(MPLX)和Plains All American(PAA)作为其前5名持仓。</blockquote> <img src=\"https://static.tigerbbs.com/bb94cd983513980447f14b8b1952d49f\" tg-width=\"640\" tg-height=\"431\"><blockquote></blockquote> source<blockquote>来源</blockquote> We are very bullish on each of these MLPs as they each possess investment grade balance sheets, trade at very attractive valuations with lucrative and well-covered yields, and have high-quality asset portfolios that are positioned to remain relevant well into the future even as the global economy continues to focus increasingly on green energy alternatives.<blockquote>我们非常看好这些MLP中的每一个，因为它们都拥有投资级资产负债表，以非常有吸引力的估值进行交易，收益率丰厚且覆盖良好，并且拥有高质量的资产组合，即使全球经济继续越来越关注绿色能源替代品。</blockquote> A Better Alternative Than Either Of Them<blockquote>比他们任何一个都好的选择</blockquote> Low-cost ETFs concentrated on an out-of-favor sector with strong fundamentals like MLPA is a great option for unsophisticated and/or passive investors. They provide instant diversification with the purchase of a single share along with professional portfolio management.<blockquote>专注于MLPA等基本面强劲的失宠行业的低成本ETF对于不成熟和/或被动投资者来说是一个不错的选择。他们通过购买单一股票和专业的投资组合管理提供即时多元化。</blockquote> However, just like there's no free lunch, a drawback to ETFs is that they often pursue much broader diversification than we do in our portfolios and, as a result, often force investors to invest in positions that are not high conviction.<blockquote>然而，就像没有免费的午餐一样，ETF的缺点是它们通常追求比我们在投资组合中更广泛的多元化，因此往往迫使投资者投资于信念不高的头寸。</blockquote> Though we ourselves may occasionally invest in a specific sector’s ETF if we see a unique opportunity to add value with it, we generally greatly prefer investing in individual securities because it enables us to target stronger risk-adjusted returns.<blockquote>尽管如果我们看到一个独特的增值机会，我们自己可能偶尔会投资特定行业的ETF，但我们通常更喜欢投资个别证券，因为它使我们能够实现更高的风险调整回报。</blockquote> By pursuing a simple, but time-tested value investing strategy of<blockquote>通过追求简单但久经考验的价值投资策略</blockquote> <ul> <li>Investing in what we know</li> <li>Avoiding bad management</li> <li>Buying attractive yields below a conservative estimate of fair value</li> <li>Overweightingcompanies with strong balance sheets</li> </ul> we are able to invest in mostly winners and minimize our losers. As a result, since its inception, our well-diversified value and income focused real money Equity Portfolio at High Yield Investor has absolutely crushed the broader market indexes along with ARKK:<blockquote><ul><li>投资于我们所知道的</li><li>避免管理不善</li><li>购买低于公允价值保守估计的有吸引力的收益率</li><li>增持资产负债表强劲的公司</li></ul>我们能够投资于大多数赢家，最大限度地减少输家。因此，自成立以来，我们在High Yield Investor以价值和收入为重点的多元化真钱股票投资组合绝对击败了更广泛的市场指数以及ARKK：</blockquote> <img src=\"https://static.tigerbbs.com/f54358ccb1701431993365a154cdada3\" tg-width=\"480\" tg-height=\"289\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> source: Author<blockquote>来源：作者</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> ARKK has been on a remarkable run thanks in large part to their remarkable calls on top holding TSLA and aided significantly by the pandemic and the rise in popularity of disruptive tech. Meanwhile, as disruptive tech companies have soared to stratospheric valuations, MLPA has been weighed down by the MLP sector's deep unpopularity, the rise of renewable energy and ESG investing, and a demand plunge caused by COVID-19.<blockquote>ARKK一直表现出色，这在很大程度上要归功于其在TSLA控股公司中的显着评级，以及疫情和颠覆性技术日益普及的大力帮助。与此同时，随着颠覆性科技公司的估值飙升至极高水平，MLPA受到MLP行业极不受欢迎、可再生能源和ESG投资的兴起以及COVID-19导致的需求暴跌的拖累。</blockquote> We believe that rising interest rates, combined with a re-opening economy, will bring tech valuations back down to earth while giving MLPs a strong demand boost. Furthermore, we believe that MLPA's strong fundamentals of robust free cash flow generation, strong balance sheets, improved corporate governance, and well-covered and record-high distribution yields will lead to strong outperformance moving forward.<blockquote>我们认为，利率上升，加上经济重新开放，将使科技股估值回归现实，同时为MLP带来强劲的需求提振。此外，我们相信MLPA强劲的自由现金流生成、强劲的资产负债表、改善的公司治理以及覆盖良好且创纪录的分配收益率等强劲基本面将导致未来表现强劲。</blockquote> While we think that intelligently following a value investing approach is best in this sector, for investors looking for a totally passive approach, MLPA is a very attractive option given its relatively low fees, easily managed assets under management, and high quality top holdings.<blockquote>虽然我们认为明智地遵循价值投资方法是该领域的最佳选择，但对于寻求完全被动方法的投资者来说，MLPA是一个非常有吸引力的选择，因为其相对较低的费用、易于管理的资产以及高质量的顶级持股。</blockquote> Meanwhile, ARKK will be increasingly weighed down by the runaway valuations of its core holdings, major drag from its highly volatile and enormous volume of assets under management, and - worst of all - its rather high expense ratio.<blockquote>与此同时，ARKK将越来越受到其核心持股估值失控的拖累，其管理的资产高度波动和巨大，以及最糟糕的是其相当高的费用率。</blockquote> Prudent investors will find room in their portfolios for both disruptive tech and high yield real assets, but we believe that the risk-adjusted return outlook for MLPA is meaningfully superior to ARKK's right now.<blockquote>谨慎的投资者将在其投资组合中为颠覆性技术和高收益实物资产找到空间，但我们认为MLPA的风险调整后回报前景目前明显优于ARKK。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4418956-why-this-little-known-etf-will-outperform-arkk\">seekingalpha</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"},"source_url":"https://seekingalpha.com/article/4418956-why-this-little-known-etf-will-outperform-arkk","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158416535","content_text":"Summary\n\nARKK achieved a legendary performance in 2020.\nMLPA is an under-covered ETF in an out-of-favor sector.\nWhy investors should weight MLPA over ARKK in 2021.\n\nARK Invest and its founder and CEO/CIO Cathie Wood rose to stardom in 2020 as its ETFs (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) achieved remarkably strong results during the year:\nData by YCharts\nCompared to the broader indexes (SPY) (DIA) (QQQ), the amount of outperformance was simply incredible:\nData by YCharts\nBy far the most popular of these funds is the Disruptive Innovation ETF (i.e., ARKK), which holds Tesla (TSLA) as its undisputed largest and highest conviction holding and complements it with other popular disruptors like Square (SQ), Teladoc (TDOC), Zoom (ZM), and Palantir (PLTR).\nsource\nLooking at ARKK's lifetime performance, we see that it has outperformed the market indexes handily even prior to 2020:\nData by YCharts\nCathie Wood has been proven remarkably correct about battleground and massively outperforming stocks like TSLA, Nvidia (NVDA), Amazon (AMZN), and even Bitcoin (BTC-USD), and there's certainly a case to be made for investing in disruptive tech: The companies with the most/best data and technology will be massive winners tomorrow as we move increasingly toward a winner-take-most economy that's hyper-dependent on emerging disruptive technological platforms. Therefore, it's prudent to forego profits today in order to reinvest cash flows into developing new and better technology instead of pouring cash into dividends and repurchases today. The ability to massively scale new technologies to achieve rapid and massive profitability is routinely undervalued by the market, making disruptive tech a highly profitable investing niche.\nThat said, while we certainly believe that disruptive tech still has - and always will have - a place in a well-diversified portfolio, we believe investors would be better served to weight their portfolios more heavily towards the out-of-favor and underfollowed Global X MLP ETF (MLPA) for the following reasons:\n#1 - Massive Fee Disparity\nAs Warren Buffettonce said:\n\nPerformance comes, performance goes. Fees never falter.\n\nFew investors fully appreciate the power of investing fees to alter total returns. As a result, rather than chasing the latest high-flying fund, it's generally much better over the long term to invest in low-cost well-run funds.\nARKK charges a hefty 0.75% expense ratio. That means, regardless of whether or not its strategy outperforms in any given year (or even generates a positive return), ARK Invest will take 0.75% of your capital. That means that if you were to invest $100,000 into ARKK today and earn a 10% annualized return over the next decade, your total cost of fees would be a whopping $18,809.49 over that period.\nIn contrast, MLPA only charges a 0.46% expense ratio. Not only is this substantially less than ARKK's, but it's also less than its more popular fellow MLP ETF: The Alerian MLP ETF (AMLP), which charges a hefty 0.90% expense ratio. If $100,000 invested in MLPA were held over a 10-year period, you would only have $11,687.24 charged in fund expenses over that period, providing an incredible 7.12% return on investment boost to your holdings over that period relative to a similar amount invested in ARKK.\n#2 - Even Bigger Fund Flow Disparity\nAnother major headwind facing ARKK is that its assets under management have ballooned along with ARK Invest's and Cathie Wood's growing popularity:\nData by YCharts\nWhile this massive growth in assets under management is great for Cathie and company as it massively boosts their management fees, it also makes it harder and harder for them to efficiently manage investor assets. With tens of billions of dollars to deploy, it forces them to take on larger total positions to maintain the same degree of concentration. This in turn forces them to be less nimble in entering and exiting positions due to liquidity constraints and thereby not getting the best pricing possible. It also pushes them to invest in more positions than just their highest conviction picks as they search for additional places to deploy capital, thereby potentially diluting returns.\nWhile the challenges that come with greater amounts of assets under management are an issue for any fund, they are even greater for ARKK given its focus on a single niche, instead of the broader market. Furthermore, their particular niche is one of the most speculative and volatile, given its focus on wildly popular and mostly unprofitable tech companies. As a result, as fund inflows and outflows experience significant day-to-day volatility, ARKK will be increasingly challenged to buy and sell holdings efficiently in an attempt to maximize shareholder returns.\nMLPA, in contrast, is not only far smaller in terms of total assets under management, but its total number of assets under management are much less volatile. As a result, management is much better able to efficiently buy and sell holdings and allocate investor capital. When added to the expense ratio differential, MLPA gets a massive head start over ARKK moving forward.\n#3 - Incredible Valuation Disparity\nLast, but not least, there's a massive valuation disparity between the underlying holdings of these two ETFs.\nInnovative tech valuations sit at near all-time highs and face growing headwinds from the COVID-19 vaccine changing consumer behavior and the economic narrative, as well as surging inflation and rising interest rates as detailed inWhy High Yield Will Keep Pummeling Tech.\nMeanwhile, as detailed inWe Are Buying Midstream Hand Over Fist- MLPs look more attractive than ever right now with:\n\nHistorically high yields even as interest rates sit at historic lows, resulting in record spreads:\n\nsource\n\nCheap valuation multiples in a market environment where major indexes are sporting record high valuations.\nRemarkably resilient fundamentals in the face of a double black swan event stemming from the oil price collapse and COVID-19.\nStrong recovery in cash flows and client profitability as energy prices have bounced back sharply in recent months.\n\nFurthermore, MLPA holds blue chip MLPs as its top holdings, including Enterprise Products Partners (EPD), Energy Transfer (ET), Magellan Midstream (MMP), MPLX (MPLX), and Plains All American (PAA) as its top 5 positions.\n\nsource\nWe are very bullish on each of these MLPs as they each possess investment grade balance sheets, trade at very attractive valuations with lucrative and well-covered yields, and have high-quality asset portfolios that are positioned to remain relevant well into the future even as the global economy continues to focus increasingly on green energy alternatives.\nA Better Alternative Than Either Of Them\nLow-cost ETFs concentrated on an out-of-favor sector with strong fundamentals like MLPA is a great option for unsophisticated and/or passive investors. They provide instant diversification with the purchase of a single share along with professional portfolio management.\nHowever, just like there's no free lunch, a drawback to ETFs is that they often pursue much broader diversification than we do in our portfolios and, as a result, often force investors to invest in positions that are not high conviction.\nThough we ourselves may occasionally invest in a specific sector’s ETF if we see a unique opportunity to add value with it, we generally greatly prefer investing in individual securities because it enables us to target stronger risk-adjusted returns.\nBy pursuing a simple, but time-tested value investing strategy of\n\nInvesting in what we know\nAvoiding bad management\nBuying attractive yields below a conservative estimate of fair value\nOverweightingcompanies with strong balance sheets\n\nwe are able to invest in mostly winners and minimize our losers. As a result, since its inception, our well-diversified value and income focused real money Equity Portfolio at High Yield Investor has absolutely crushed the broader market indexes along with ARKK:\n\nsource: Author\nInvestor Takeaway\nARKK has been on a remarkable run thanks in large part to their remarkable calls on top holding TSLA and aided significantly by the pandemic and the rise in popularity of disruptive tech. Meanwhile, as disruptive tech companies have soared to stratospheric valuations, MLPA has been weighed down by the MLP sector's deep unpopularity, the rise of renewable energy and ESG investing, and a demand plunge caused by COVID-19.\nWe believe that rising interest rates, combined with a re-opening economy, will bring tech valuations back down to earth while giving MLPs a strong demand boost. Furthermore, we believe that MLPA's strong fundamentals of robust free cash flow generation, strong balance sheets, improved corporate governance, and well-covered and record-high distribution yields will lead to strong outperformance moving forward.\nWhile we think that intelligently following a value investing approach is best in this sector, for investors looking for a totally passive approach, MLPA is a very attractive option given its relatively low fees, easily managed assets under management, and high quality top holdings.\nMeanwhile, ARKK will be increasingly weighed down by the runaway valuations of its core holdings, major drag from its highly volatile and enormous volume of assets under management, and - worst of all - its rather high expense ratio.\nPrudent investors will find room in their portfolios for both disruptive tech and high yield real assets, but we believe that the risk-adjusted return outlook for MLPA is meaningfully superior to ARKK's right now.","news_type":1,"symbols_score_info":{"ARKK":0.9}},"isVote":1,"tweetType":1,"viewCount":2069,"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":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

Why This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的ETF将跑赢ARKK</blockquote>

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