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just taking a look here Kathy right now at the performance of at least your primary ETF Arc Innovation a certain degree of outperformance that we've seen over the last few months a bit of a turnaround from what we saw I think towards the end of last year and I am curious as to what you make of some of the naysayers out there and I'm just going to put it out there Kathy they said you were done well I I know recently there there's been commentary on our flows and and we took a look at our flows relative to our what we would consider a competition I think our flows are kind of in the middle of the pack and uh and yet other flows aren't being mentioned so that's that's interesting and yes it's been a great year this year I think one of the things that's going on is active management is making a comeback now I say that knowing full well that the NASDAQ 100 is one of the strongest uh gainers out there and yet we are outperforming the NASDAQ 100 even without the mega cap tech stocks and even though we have a 25 exposure to health care or Life Sciences Life Sciences for the year is down our selection of life Sciences companies stocks are up about 25 north of 25 percent so we really do believe that active management is making a comeback here there is a lot more competition I mean let's face it I mean when you came to everyone's attention uh you know you were kind of the Unicorn to a certain extent Kathy you were doing something that a lot of other folks weren't doing you were very transparent of course also in the way that you were doing it but I'm not sure as you know that transparency also brought a certain degree of criticism whether it was fair or not when you listen to some of those critics if you listen to them at all here what do you say to them when you compare your performance of your some of your funds versus some of the ETFs that would be considered your peers well most of the TF peers I would say are are indexed in some way so I think that the competition that actually we're surprised not to see is competition uh based on research and active management uh it is the reason why our portfolios don't look like any of the others you'll see an indexed like component to the others and so uh you know we have some comparisons out there The msci Innovation indexes actually they work with our our research team to surface new keywords and use artificial intelligence to really scope the world for for companies who will be involved in these Technologies that's a a very broad-based strategy and yet if you'll if you look at the returns relative to our returns we're very focused we have more of a rifle shot approach and and therefore more of an active management approach that with this going to continue working given how quickly Innovation is evolving now it's very hard for indexes to catch up Kathy I do want to talk a little bit more about the flows because it's interesting it's not just your funds if you look at some of the best performing ETFs year to date they're crypto linked ETFs they track equities that are related to crypto companies and yet they're not seeing the flows come in despite the performance and when you think about that and you think about your lineup what do you think is going to take for you to really see the flows come back is that going to be a rate cut or what do you envision uh I actually in July we're seeing the flows come back the studies out there through June so flows are coming back and I think one of the reasons is uh we established Ark our Flagship strategy uh established a base over the last year and uh it has been trading uh up and down through that base and the base topped out at 45.
uh well we broke through that and I think I think a lot of investors and and maybe more who are technically oriented uh are are looking now at a breakout in our strategy so we'll see if it continues we've enjoyed positive inflows in July which have cut in half the outflows I think our outlooks are just something like 200 or 200 plus million which on a 9 billion dollar plus fund is is quite is quite a small outflow year to date now and to your point I'm looking at ARC K inflows over the past week we're looking at nearly a 250 million dollars so we'll continue to track that I do want to get your thoughts on crypto though specifically when it comes to coinbase because it was interesting if we look at RK you actually sold a little bit of your coinbase stake for the first time in nearly a year I'm curious what your current thinking is on coinbase especially given its year-to-date rally of nearly 200 percent yes uh well we are very positive on coinbase especially in light of the uh Court ruling for ripple and against the SEC not all together there were some puts and takes but by and large very positive for exchanges and so we're very optimistic the stock has had a significant move remember in in March and I think in June we were looking at Wells notice and an SEC suit which really hammered the stock but did not take it to New lows and you saw we bought at those levels and so as the stock has escalated to the top of it's the top it's the second largest after Tesla now in the flagship strategy and it's the largest in arkf our our fintech strategy we're simply taking profits and reallocating the capital to perhaps some laggards the one we talked well where exactly does that money get reallocated to Kathy where uh well let's see we have been buying uh some of I can't talk about all of these trades but uh um we we have been buying some because they're still in process uh we have been buying some of the genomics names that have not caught fire and have been held hostage by the uh by the depression and health the health care sector generally uh so that's what you'll see us do is again we're probably already own these stocks we have initiated uh uh re-initiated teradyne uh teradyne is still in a base uh and so we did use some of the coinbase uh at four teradyne which is a play both on the semiconductor cycle around Ai and uh and automation it bought Universal robots a Danish company several years ago and we think that that headspace is about to Boom did you find anything at all attractive about Nvidia I know there's been some discussion as to why where I didn't see those positions in RK elsewhere here what was the reason for I guess not pursuing that well we actually uh bought Nvidia for um because we knew it was going to be a player in autonomous uh Vehicles autonomous taxi platforms uh we bought it in two uh 2 2014 when the fund uh began at five dollars uh and wrote it up to 350 and uh then saw it take off with AI and leave many other companies that we think are going to be huge beneficiaries of AI leave them behind so we basically uh reallocated into other AI plays that are not as obvious Nvidia is very obvious now everybody knows it it's priced accordingly 25 times revenues we're cycling Tesla is the biggest AI play opportunity out there and it's roughly seven seven times I I am curious on one thing though Kathy because I think what people think of you and that this is a mischaracterization correct me but they sort of think you as a kind of that big thinker you know you're sort of investing in these kind of Moon shots here these big structural shifts in our economy in our society here does valuation meaning the current multiples does that matter that much if that is the end goal so great question thank you Romaine for asking it so our valuations are based on a five-year investment time Horizon uh so we must believe or we do believe uh for to be conservative that we should not assume that current multiples or valuations will extend into the five-year period we actually assume they will Decay and go more towards market like multiple so that's a headwind we Face we must believe that the combination of Revenue growth and margin expansion is going to more than overcome that valuation headwind and deliver a compound annual rate of return of 15 over the next five years if we and you'll see with Nvidia Nvidia last year when we sold it and then again in January when it sold it it had dropped below that 15 percent
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