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The
asset manager's flagship ARK Innovation ETF has slumped 43% this
year, lagging far behind the S&P 500's 7.7% decline as the
prospect of aggressive U.S. policy tightening hammered the
fund's hyper-growth stocks.
Over the week, ARK bought 100,642 shares of e-commerce firm
Shopify Inc, 329,073 of Zoom, 739,082 of gaming site Roblox and
575,648 of streaming device maker Roku.
Wood's shopping spree came after a shocking subscriber loss at
Netflix Inc triggered a selloff in stocks that thrived during
COVID-19 lockdowns.
The asset manager shed more than half a million shares of Snap
Inc this week, ahead of the company's earnings. The Snapchat
owner slipped nearly 2% in premarket trading on Friday after
warning inflation could hurt revenue growth in the current
quarter.
Last week, Wood reiterated her bullish stance on the fund's
biggest holding, Tesla Inc. ARK Innovation ETF's stake in Tesla
is worth $969 million, or 10% of the fund's weight.
The electric-car maker's stock is the only one among the fund's
top 10 holdings that has climbed over the past year. The other
nine - including Roku, Zoom and Teladoc Health - have plunged
between 22% and 62%.
Tesla's shares have climbed about 35% over the past year and
rose 3% on Thursday after its results raced ahead of
expectations.
(Reporting by Medha Singh and Sruthi Shankar in Bengaluru;
Editing by Devika Syamnath)
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