雅虎香港財經 Ark Invest Stock Portfolio: 15 Biggest Positions
In this article, we discuss the 15 biggest positions in the ARK Invest portfolio. If you want to read about some more stocks in the ARK Invest portfolio, go directly to Ark Invest Stock Portfolio: 5 Biggest Positions.
In 2014, Cathie Wood established ARK Investment Management after AllianceBernstein rejected her idea for actively managed exchange-traded funds focused on radical innovation as being too risky. Wood was reading the One-Year Bible when she gave the business its name, which comes from the Ark of the Covenant. Bill Hwang of Archegos Capital provided seed money for the first four ARK ETFs. The business now manages several index funds, including the Transparency ETF, which was introduced in 2021, the Israel Innovative Technology ETF, which was introduced in 2017, and the 3D Printing ETF, which was introduced in 2016.
ARK Invest specializes in funding innovative technology, Artificial Intelligence, DNA sequencing, CRISPR gene manipulation, 3D printing, electric cars, fintech, energy storage, robots, and blockchain technology. It has also made cryptocurrency investments. The business makes investments in stocks it expects will appreciate by 50% over the next five years. Aside from making its research evaluations available to the public, ARK provides current analyses, transactions, and portfolios. Along with financial analysts, ARK also recruits scientists and computer scientists because they feel they can more accurately predict how disruptive technology will affect the economy. The majority of the firm's analysts are millennials without previous Wall Street backgrounds.
Some of the top stocks she has invested in include Tesla, Inc. (NASDAQ:TSLA), Sea Limited (NYSE:SE), and Roblox Corporation (NYSE:RBLX).
Our Methodology
These were listed according to the investment portfolio of ARK Investment Management at the end of the fourth quarter of 2022. Only the 15 biggest equities in terms of value were selected. A database of around 900 elite hedge funds tracked by Insider Monkey was used to quantify the popularity of each stock in the hedge fund universe.
Cathie Wood of ARK Investment Management
Ark Invest Stock Portfolio: Biggest Positions
15. DraftKings Inc. (NASDAQ:DKNG)
Number of Hedge Fund Holders: 34
DraftKings Inc. (NASDAQ:DKNG) operates a digital sports entertainment and gaming company. ARK Investment Management has 25 million shares worth $285 billion in DraftKings Inc. (NASDAQ:DKNG) which makes about 2.47 % of its total investment. On February 1st, 2023, DraftKings (NASDAQ: DKNG) announced plans to cut its workforce by 3.5%, as part of a reorganization effort. This move follows similar announcements from companies such as FedEx and Rivian, which have also recently reduced their headcount.
At the end of the third quarter of 2022, 24 hedge funds in the database of Insider Monkey held stakes worth $830 million in DraftKings Inc. (NASDAQ:DKNG), compared to 27 in the preceding quarter worth $682 million.
Just like Tesla, Inc. (NASDAQ:TSLA), Sea Limited (NYSE:SE), and Roblox Corporation (NYSE:RBLX), DraftKings Inc. (NASDAQ:DKNG) is one of the stocks on the radar of elite investors.
In its Q4 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and DraftKings Inc. (NASDAQ:DKNG) was one of them. Here is what the fund said:
“Shares of DraftKings Inc. (NASDAQ:DKNG) fell in the quarter, as stocks of online gaming companies were under pressure. Sports betting and i-gaming are rolling out with great fanfare and success across the country; however, investors seem concerned about competition and margins. Most participants are spending heavily on marketing and promotions, which is cutting into margins. We see this as a worthy investment in customer acquisition at a moment in time when revenues are just building. We continue to believe that online sports betting and gaming will be enormous industries, and that DraftKings will be a leading player. We think the business will have high margins as it matures. We believe we are underwriting the business conservatively and see much upside in the long term.”
14. Unity Software Inc. (NYSE:U)
Number of Hedge Fund Holders: 34
Unity Software Inc. (NYSE:U) creates and operates an interactive real-time 3D content platform. ARK Investment Management has 8.2 million shares worth $321 billion in Unity Software Inc. (NYSE:U) which makes about 2.78 % of its total investment.
At the end of the third quarter of 2022, 34 hedge funds in the database of Insider Monkey held stakes worth $790.9 million in Unity Software Inc. (NYSE:U), compared to 23 in the preceding quarter worth $1.9 billion.
In its Q2 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Unity Software Inc. (NYSE:U) was one of them. Here is what the fund said:
“We took advantage of a correction in higher-multiple stocks early in the first quarter to purchase shares of Unity Software (NYSE:U), a leading platform to create, run and monetize 3D content. With about 1.6 million monthly active creators versus roughly 15 million potential content creators in gaming alone, we believe the company’s Create Engine is still underpenetrated relative to its core addressable market. We similarly see a long runway for growth in Unity’s Operate Solutions segment given its advertising network commands a single-digit share of the $60 billion mobile app install ad market today. Furthermore, we believe Unity is well-positioned to expand its addressable market to include industries beyond gaming, on both the operate and create sides of their business (Exhibit 1). The company is not yet free cash flow positive but given strong net expansion rates and high gross margins, we see a path to improving profitability over time, with management notably targeting positive free cash flow this fiscal year.”
13. CRISPR Therapeutics AG (NASDAQ:CRSP)
Number of Hedge Fund Holders: 29
CRISPR Therapeutics AG (NASDAQ:CRSP) is a gene editing company that focuses on developing gene-based medicines for serious diseases using its proprietary Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR)/CRISPR-associated protein 9 (Cas9) platform. ARK Investment Management has 7.8 million shares worth $318.3 billion in CRISPR Therapeutics AG (NASDAQ:CRSP) which makes about 2.75 % of its total investment.
Among the hedge funds being tracked by Insider Monkey, St. Petersburg, Florida-based investment firm ARK Investment Management is a leading shareholder in CRISPR Therapeutics AG (NASDAQ:CRSP) with 7.9 million shares worth more than $318.3 billion.
12. Beam Therapeutics Inc. (NASDAQ:BEAM)
Number of Hedge Fund Holders: 27
Beam Therapeutics Inc. (NASDAQ:BEAM) is a biotechnology company that develops precision genetic medicines for patients suffering from serious diseases in the United States. ARK Investment Management has 8.2 million shares worth $321 billion in Beam Therapeutics Inc. (NASDAQ:BEAM) which makes about 2.78 % of its total investment.
At the end of the third quarter of 2022, 27 hedge funds in the database of Insider Monkey held stakes worth $797 million in Beam Therapeutics Inc. (NASDAQ:BEAM), compared to 17 in the preceding quarter worth $637.6 million.
11. Coinbase Global, Inc. (NASDAQ:COIN)
Number of Hedge Fund Holders: 29
Coinbase Global, Inc. (NASDAQ:COIN) provides financial infrastructure and technology for the crypto economy. ARK Investment Management has 9.2 million shares worth $325.2 billion in Coinbase Global, Inc. (NASDAQ:COIN) which makes about 5.85 % of its total investment. On November 29, Coinbase Global noted that its wallet service is set to delist cryptocurrencies bitcoin cash, Ethereum classic, stellar and ripple, citing their low usage, according to the crypto exchange's website. On 3rd November, Coinbase announced its third quarter earning results. The company suffered losses per share of $2.43 missing the estimates by $0.05. The company reported a revenue of $590.3 million, down by 54.9% Y/Y, missing the estimates by $51.54 million.
On November 22, Needham analyst John Todaro maintained a Buy rating on Coinbase Global, Inc. (NASDAQ:COIN) stock and lowered the price target to $73 from $89, highlighting that increased uncertainty and risks associated with the fall-out from FTX, and predicting that the next several weeks will be a critical time for the space.
At the end of the third quarter of 2022, 29 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Coinbase Global, Inc. (NASDAQ:COIN), compared to 46 in the preceding quarter worth $2.3 billion.
In its Q2 2022 investor letter, Miller Value Partners, an asset management firm, highlighted a few stocks and Coinbase Global, Inc. (NASDAQ:COIN) was one of them. Here is what the fund said:
“Coinbase Global Inc. Ordinary Shares (NASDAQ:COIN) fell during the quarter as the crypto markets continued to suffer. While the company reported disappointing results, it committed to capping EBITDA losses at $500M even in the event of “a prolonged market downturn”. COIN’s ample liquidity ($6b in cash on hand) should enable them to survive a prolonged “crypto winter” and invest to strengthen the business in the downturn. While the crypto market is early in its adoption, Coinbase is focused on building the platform for crypto, not only supporting trading and cold storage, but also moving into NFTs, staking, and crypto derivatives. We see tremendous upside potential for COIN over the next decade if they can successfully execute their platform strategy.”
10. Intellia Therapeutics, Inc. (NASDAQ:NTLA)
Number of Hedge Fund Holders: .36
Intellia Therapeutics, Inc. (NASDAQ:NTLA) is a genome editing company that focuses on the development of therapeutics. ARK Investment Management has 9.4 million shares worth $328.7 billion in Intellia Therapeutics, Inc. (NASDAQ:NTLA) which makes about 2.84 % of its total investment. On November 3, Intellia Therapeutics announced its third quarter results. The company reported losses per share of $1.49 which misses the estimates by $0.21. The revenue was $13.2 million, up by 84% Y/Y, beating the estimates by $2.43 million.
Among the hedge funds being tracked by Insider Monkey, California-based investment firm ARK Investment Management is a leading shareholder in Intellia Therapeutics, Inc. (NASDAQ:NTLA) with 9.4 million shares worth more than $328.7 billion.
9. Twilio Inc. (NYSE:TWLO)
Number of Hedge Fund Holders: 58
Twilio Inc. (NYSE:TWLO) provides a cloud communications platform that enables developers to build, scale, and operate customer engagement within software applications in the United States and internationally. ARK Investment Management has 7.4 million shares worth $362.8 billion in Twilio Inc. (NYSE:TWLO) which makes about 3.14 % of its total investment.
At the end of the third quarter of 2022, 58 hedge funds in the database of Insider Monkey held stakes worth $2.1 billion in Twilio Inc. (NYSE:TWLO), compared to 64 in the previous quarter worth $2.1 billion.
In its Q2 2022 investor letter, River Park Funds, an asset management firm, highlighted a few stocks and Twilio Inc. (NYSE:TWLO) was one of them. Here is what the fund said:
“Twilio Inc. (NYSE:TWLO) offers a full suite of cloud-based communications software, services and tools that allow companies in a wide range of businesses to build omni-channel communications capabilities (video, chat, voice, SMS, fax and email) directly into their customer-facing applications without needing to build backend infrastructure and interfaces. The company also provides software tools that allow its users to gather and categorize customer data (its Segments offering) and to create next-generation call centers (Flex) to utilize this data in customer interactions. Twilio is the leader in this fast-growing $80 billion Communications-Platform-as-a-Service (or CPaaS) market, having grown its customer base 5x in the past five years to 268,000 customers and to a $3.5 billion run rate revenue for 1Q22. The company’s net revenue retention rate has exceeded 125% every year since its 2016 IPO and its customer churn remains less than 4% (for customers with > $30,000 revenue), evidence of the loyalty of Twilio’s customers to its platform (and a high switching cost) as well as the company’s increasing number of offerings. The company’s revenue is generated from both recurring revenues from subscription fees as well as volume-based charges for usage.
TWLO expects to maintain a +30% annual organic revenue growth rate through at least 2024, with long-term gross margin expansion from 56% to 60%-65%, and EBITDA margins approaching 35% as revenue scales. As of 1Q22, TWLO had $4.2 billion net cash and should turn FCF positive this year. Over the next several years, we expect the company to grow its excess cash significantly as the company operates an asset-light business model with low capital needs of just over 1% of current revenue. (read more)
8. Teladoc Health, Inc. (NYSE:TDOC)
Number of Hedge Fund Holders: 27
Teladoc Health, Inc. (NYSE:TDOC) provides virtual healthcare services in the United States and internationally. ARK Investment Management has 18.9 million shares worth $447.7 billion in Teladoc Health, Inc. (NYSE:TDOC) which makes about 3.87 % of its total investment.
On December 13, analyst Daniel Grosslight at Citi maintained a Neutral rating on Teladoc (NYSE:TDOC) stock and lowered the price target to $33 from $36, noting significant headwinds faced by the company in 2022 in its BetterHelp and chronic care businesses, which are not expected to subside anytime soon, leading to a continuation of slowing growth in 2023.
At the end of the third quarter of 2022, 27 hedge funds in the database of Insider Monkey held stakes worth $906.3 million in Teladoc Health, Inc. (NYSE:TDOC), compared to 32 the preceding quarter worth $1.2 billion.
In its Q1 2022 investor letter, RiverPark Funds, an asset management firm, highlighted a few stocks and Teladoc Health, Inc. (NYSE:TDOC) was one of them. Here is what the fund said:
“Teladoc is the largest telehealth provider in the US and has recently begun to expand internationally. TDOC’s platform enables an ever-expanding list of patient-doctor interactions (including those for primary health care, mental health issues and chronic condition management) to transition from an on-site visit to one that can be done remotely with full video-based interaction. TDOC provides its platform of services on both a business-to-business and direct-to-consumer basis, through monthly subscription-based relationships. For its core business-to-business clients, the company contracts with a wide range of entities, including large-scale employers (the company currently contracts with over 50% of the Fortune 500), health plans, health systems, and medical insurance companies, which currently cover more than 50 million members. For these customers, the company provides a win-win-win, as patients spend no time traveling and less time waiting, doctors are more efficient seeing more patients in less time, and payers (employers and plan sponsors) save money while being able to offer a highly popular additional benefit for their employees. This B2B market is projected to be a +$100 billion market opportunity and TDOC is the clear global market leader. For its direct-to-consumer clients, the company provides a growing suite of services for individuals to have affordable access to on-demand and scheduled medical services, for which their current insurance does not provide reimbursement (such as extended mental health counseling) (…read more)
7. Shopify Inc. (NYSE:SHOP)
Number of Hedge Fund Holders: 62
Shopify Inc. (NYSE:SHOP) is a commerce company that provides a commerce platform and services worldwide. ARK Investment Management has 13.3 million shares worth $460.9 billion in Shopify Inc. (NYSE:SHOP) which makes about 3.99 % of its total investment.
On January 30, Roth Capital analyst Darren Aftahi raised the rating on Shopify (NYSE:SHOP) stock from Neutral to Buy and increased the price target from $38 to $56, noting that the difficult comparisons to the COVID-19 pandemic are now in the past, and Shopify has the potential to see a 20% growth in sales in 2023.
Among the hedge funds being tracked by Insider Monkey, St. Petersburg, Florida-based investment firm ARK Investment Management is a leading shareholder in Shopify Inc. (NYSE:SHOP) with 14.5 million shares worth more than $391.5 million.
In its Q3 2022 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and Shopify Inc. (NYSE:SHOP) was one of them. Here is what the fund said:
“Shopify Inc. (NYSE:SHOP) is a leading e-commerce platform supporting over 2 million merchants with software, online storefronts and payments technology. Like Uber, Shopify returned to the mid-cap territory during Q2 as the company’s profit cycle and share price faced significant pressure. Earlier this year, the company began a phase of investments to support a range of future growth drivers, including Shopify Plus for larger brands, logistics services, international expansion, point-of-sale payments and social media-based commerce. With high inflation putting pressure on consumer spending, and with e-commerce activity normalizing after a massive pandemic spike, Shopify’s earnings have fallen sharply. While we have outstanding questions about the likelihood of success for the company’s capital-intensive logistics investments, we decided to take advantage of the stock’s >75% YTD decline and initiate a GardenSM position at a deep discount to our PMV estimate. Our thesis is predicated on our belief there is still a long runway for commerce to move online, and Shopify is well-positioned to win a share of this market. The company has created an ecosystem of products (payment processing, financing, shipping, customer engagement tools, etc.), partners (TikTok, Google, Meta), sales channels and over 6,000 apps to help its merchants sell online and establish direct relationships with customers.”
6. Roku, Inc. (NASDAQ:ROKU)
Number of Hedge Fund Holders: 33
Roku, Inc. (NASDAQ:ROKU) operates a TV streaming platform. ARK Investment Management has 12 million shares worth $493 billion in Roku, Inc. (NASDAQ:ROKU) which makes about 4.27 % of its total investment. On November 2, Roku Inc. posted its earnings for the fourth quarter, reporting losses per share of $0.88, which beat analyst estimates by $0.34. The company’s revenue was $761.37 million, beating analyst estimates by $67.81 million.
Among the hedge funds being tracked by Insider Monkey, London-based investment firm ARK Investment Management is a leading shareholder in Roku, Inc. (NASDAQ:ROKU) with 12 million shares worth more than $493.1 billion.
In addition to Tesla, Inc. (NASDAQ:TSLA), Sea Limited (NYSE:SE), and Roblox Corporation (NYSE:RBLX), Roku, Inc. (NASDAQ:ROKU) is one of the stocks on the radar of elite investors.
In its Q3 2022 investor letter, Saga Partners, an asset management firm, highlighted a few stocks and Roku, Inc. (NASDAQ:ROKU) was one of them. Here is what the fund said:
“The Portfolio first bought Roku in Q3’20. It was a company we followed closely given our investment in The Trade Desk and its importance in connected television (CTV). Roku continued to impressively grow its CTV market share and it took some extra work to understand the underlying dynamics causing Roku’s success. I think there is some misunderstanding surrounding the connected television landscape. Since I haven’t written extensively on the topic in past letters, I thought it would be helpful to provide a little more background on the underlying dynamics of the space below…read more
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Disclosure. None. Ark Invest Stock Portfolio: 15 Biggest Positions is originally published on Insider Monkey.
