“Out with the old and in with the new” seems to be Ark Investment Management’s strategy as of late. This makes complete sense--the fund is the project of well-known stock market pundit and investor Cathie Wood. Wood and her team carefully craft the fund to include innovative companies, particularly those that are tech-based.
The company recently divested a small stake in class C shares of Alphabet Inc (GOOGL) -- 1,000 shares of Google’s parent company estimated to be worth $106,000 based on the closing price on the day of the sale. But don’t worry, Wood and her followers still have plenty of Alphabet stock to share. It still remains the 12th largest holding in the fund, accounting for 2.24% of its portfolio.
DON'T MISS: Cathie Wood Is Letting Go of a Stock She Once Praised
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Meanwhile, Ark has purchased a substantial chunk of video game software developer Unity Software Inc. (U). Unity’s tools are used in the creation of video games and immersive 3D. The company recently launched a suite of services known as Unity Industry. The company’s stock price has gone up more than 10% in the last month.
Wood has recently sold off portions of the account's other favored companies. The first week in April saw Ark Innovation let go of 57,000 shares of Tesla (TSLA) and 125,000 shares of Zoom (ZTNO) , two tech giants she's previously been bullish on. Then again, she's known to buy on the dip--those shares and more could find their way back into the Ark Innovator Fund in the future.
