Yahoo Finance Zoom Video Communications Faces Major Sell-Off in Cathie Wood's Latest Portfolio Update
Insight into ARK Investment Management's Q2 2024 Moves
Cathie Wood, the visionary behind ARK Investment Management, recently disclosed her 13F filings for the second quarter of 2024. With over four decades of experience in investment management, Wood has been at the forefront of capitalizing on disruptive innovation. Since founding ARK in 2014, she has focused on technologies that could potentially change market dynamics, such as AI, robotics, and blockchain. As the chief investment officer, Wood's strategic decisions are designed to tap into these innovations early, aiming to deliver long-term growth to her investors.
Summary of New Buys
Catherine Wood (Trades, Portfolio)'s ARK made notable new investments in several companies during the quarter:
Tempus AI Inc (NASDAQ:TEM) saw the largest new position with 522,698 shares, valued at approximately $18.29 million, making up 0.16% of the portfolio.
Datadog Inc (NASDAQ:DDOG) was added with 87,737 shares, representing about 0.1% of the portfolio, totaling around $11.38 million.
PayPal Holdings Inc (NASDAQ:PYPL) also joined the portfolio with 142,404 shares, valued at $8.26 million, accounting for 0.07% of the portfolio.
Key Position Increases
Wood's firm increased its stakes in several key holdings:
10x Genomics Inc (NASDAQ:TXG) saw an addition of 3,029,951 shares, bringing the total to 9,313,763 shares. This adjustment increased the share count by 48.22% and had a 0.52% impact on the portfolio, with a total value of $181.15 million.
Roblox Corp (NYSE:RBLX) was also significantly boosted by 1,519,591 shares, totaling 13,338,829 shares, marking a 12.86% increase in share count and a portfolio value of $496.34 million.
Summary of Sold Out Positions
ARK completely exited several positions in this quarter:
Adyen NV (ADYYF) was sold off entirely, with all 34,257 shares liquidated, impacting the portfolio by -0.4%.
Komatsu Ltd (KMTUY) also saw a complete exit, with 1,158,092 shares sold, affecting the portfolio by -0.24%.
Key Position Reductions
Significant reductions were made in some of ARK's holdings:
Zoom Video Communications Inc (NASDAQ:ZM) faced a drastic cut, with 3,808,502 shares sold off, resulting in a 60.16% decrease in shares and a -1.73% impact on the portfolio. The stock's performance has been negative, with a -2.65% return over the past three months and -16.06% year-to-date.
Coinbase Global Inc (NASDAQ:COIN) saw a reduction of 862,312 shares, marking a 19.5% decrease and a -1.58% impact on the portfolio. Despite this, COIN's stock has increased by 2.28% over the past three months and 38.97% year-to-date.
Portfolio Overview
As of the second quarter of 2024, Catherine Wood (Trades, Portfolio)'s portfolio comprised 190 stocks. The top holdings included 9.33% in Tesla Inc (NASDAQ:TSLA), 7.02% in Coinbase Global Inc (NASDAQ:COIN), 6.76% in Roku Inc (NASDAQ:ROKU), 4.75% in Block Inc (NYSE:SQ), and 4.4% in Roblox Corp (NYSE:RBLX). The investments are primarily concentrated in eight industries: Technology, Healthcare, Communication Services, Consumer Cyclical, Financial Services, Industrials, Energy, and Basic Materials.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.
