Wood has said that the downturn of technology stocks in recent months represents a buying opportunity.
Electric Vehicles: Xpeng in, Tesla Out On the EV maker front, Ark Autonomous Technology & Robotics ETF (ARKQ Get ARK Autonomous Technology & Robotics ETF Report bought 93,466 shares of China’s XPeng (XPEV Get Xpeng Inc Report , valued at $2.2 million. XPeng is the 22nd biggest holding in Ark Autonomous Technology.
Ark funds unloaded 93,160 shares of Tesla (TSLA Get Tesla Inc Report , valued at $94 million. Tesla is Ark Innovation’s largest holding. Wood has said that her sales of Tesla represent profit-taking and that she still believes in the company.
On March 29, Morningstar analyst Robby Greengold issued a scathing critique of Ark Innovation. “ARKK shows few signs of improving its risk management or ability to successfully navigate the challenging territory it explores,” he wrote.
“Wood’s reliance on her instincts to construct the portfolio is a liability,” Greengold said. “This is a high-risk, benchmark-agnostic portfolio that invests across technology platforms the team thinks will revolutionize how sectors across the globe operate.”
But Wood countered his points in a recent interview with Magnifi Media by Tifin.
“I do know there are companies like that one [Morningstar] that do not understand what we’re doing,” she said.
“We do not fit into their style boxes. And I think style boxes will become a thing of the past, as technology blurs the lines between and among sectors.”
In addition, innovation is global and goes across the capitalization range, Wood said. “So I think those style boxes will seem quite provincial.”