저자: MattCR/대상인물CathieWood · 외국인
요약 보기
ARK Innovation ETF가 2025년 2분기 약 50% 급등해 S&P500(약 8%)을 크게 앞섰다. 신규 상장 Circle이 IPO가 대비 600% 이상 상승했고 Tesla가 최대 보유 종목이다. 다만 Beam Therapeutics(-31%), 10x Genomics(-41%) 등 손실 종목도 많다. 패널은 ARK가 장기 혁신 베팅을 하며 'home run' 수익을 추구하는 펀드라고 평가했다. Morningstar는 과거 성과의 부침이 커 장기 보유 시 손실 위험이 있다고 지적했다.
다듬은 글
Tesla is Kathy Wood's biggest bet, but it's not the only one that's paying off. Her main fund, the Ark Innovation ETF, is outperforming the market in a big way. And one new stock in particular is doing the heavy lifting. The ETF focuses on finding and backing the most disruptive names on Wall Street, and it has skyrocketed nearly 50% in the second quarter.
That's well above the S&P 500's 8% gain. The knockout performer, Circle Internet. The stable coin play made its public debut in early June and soared more than 600% from its initial IPO price of $31 by June 24th, making it one of ARK's biggest winners. ARK bought nearly 4 and a.5 million shares on Circle's June 5th IPO, a $373 million bet.
And Circle is one of ARK's top holdings and Wood sold off 400,000 shares on June 23rd. That's worth an estimated $110 million. But Tesla is still the ETF's top holding and it's up more than 24% in the second quarter, getting a boost from that robo taxi roll out that took place in late June in Austin, Texas.
And what has been one of the most vocal bulls when it comes to Tesla's self-driving future. Now, here she is on Bloomberg TV. We think that robo taxis uh will account for 90% of the value of the company in 5 years. The ARC Innovation ETF is also benefiting from strong performances by high growth stocks like Roblox, Tempest AI, Palunteer, and Robin Hood.
Now, overall, ARK is up 24% from the beginning of this year to the end of June, outpacing the S&P 500's gain of nearly 4% during the same time frame. The Kathy Wood strategy of betting on long-term disruptors made it a pandemic darling, surging 380% in 2020, but it gave up most of those gains by 2022 as speculative growth stocks fell out of favor.
Now, Arc Invest says they focus on stocks with visionary leaders and technologies that will deliver exponential growth. So, what else do those stocks have in common, and will the gains last? For more on all of this, let's go to IBD's Matt CR. Many of Arc's top stocks, Palunteer, Tempest AI, Circle, play into emerging tech narratives.
Do you see a common thread or theme in Kathy Wood's recent bets? Yeah, so to keep it kind of simple, she's looking for home runs. So, you don't hire Kathy Wood for just basic um you know, to buy GE or something. She's looking for massive gains. And that's what I think that's a common theme. And she's getting some of them this year.
Um some of these I'm looking at these returns are unbelievable. Like even Tesla is up 75%. That's her largest holding at 10% of the portfolio. So she's looking for big big winners and that's the common theme with her. What if anything is different about her strategy this time around? Yeah. So she gets criticized a lot for not having risk management, but that's not really her job.
Her job You're not hiring Kathy Wood to to buy like um bonds or something. You want her to go for the gusto. So, it's really up to you, the investor, to counterbalance the ARC positions with other safer bets in your portfolio. So, that's I mean, that's that's what she's there for. She's looking for huge gains and she's getting them this year.
If you exclude a couple gold ETFs, her ARC Innovation is the number one actively traded ETF this year in the diversified category. What risks do you see in ARC's current portfolio? Do you see any positions that could maybe turn into losers pretty quickly? Yeah. Well, that's the thing. She she gets a lot of winners, but she gets a lot of losers, too.
I'll see if I can look up some of these here while we're talking. Um, so, for example, she's got something called Beam Therapeutics. Its return is down 31%. She's got 10x Genomics that's down 41%. So, she's actually got a large number of losers in the portfolio. That's why she's all about the home runs.
She can strike out four times, but if she gets a Tesla or gets a circle internet, it doesn't matter. She makes up for it in plus. And some critics call her vision too speculative. Has this recent one helped validate her vision at all, or is it too early to tell? I think it does validate her position.
She's she's very clear on that she's making long-term bets on emerging technology and she's willing to take put up with a couple bad quarters or a couple bad years to get there and that's the that's the positive side and you have to know when to get in and out at the right times with her funds. With that said, Morning Star did call her one of the biggest wealth destroyers in um ETF history because she her long-term track record does tend to be so in fits and starts that if you hold on too long, you can actually end up behind where you would be with the S&P 500.
And this ETF has been super unstable. I mean, we saw a big fall from Grace right before that recent rebound. Now, does that make it better for active investors looking to catch waves of momentum rather than a long-term buy and hold play? That's a great point, and I think that's what people do with her fund.
They see an opportunity, they see the market shifting into a more speculative stance. So, they go into her funds and it pays off really well. And then when they think things start getting defensive and people start buying value stocks, they kind of get out. So, you have to, if you buy her funds, it's not a buy it and forget.
It's not a replacement for the S&P 500 where you just buy and forget about it. You have to buy it and get in and get out at the right times and and and counterbalance it with the rest of your portfolio. And how would you describe Kathy Wood's overall trading style? Is she driven more by long-term conviction than short-term performance?
I think what there's a lot of things that are interesting about her approach, but one thing is she makes big big bets. Like she does her research and she she goes big. her position in Tesla's like we talked about is 10%. That's a large stake in just one company. Coinbase is nine, Roku's seven, Roblox is seven.
So just those four stocks account for a large portion of the portfolio. And she's willing to kind of hold on for a while until things work out in her way. With that said, she's also willing to sit on losses, which is very different than what IBD advocates. she'll ride stocks down 20 30 40 50% and just hang in there where we advocate cutting losses shorter.
So that's something that's important to keep in mind. And what will you be watching for in the remainder of 2025 to gauge whether or not ARC can really keep up this momentum? So it's really about the top holdings. So Tesla is a huge factor. If Tesla goes sour, that's usually really bad for Arc and Coinbase has turned into a really big play for her, too.
Kathy Wood has made her move, but now the question is, will Wall Street follow? For Investors Business Daily, I'm Cla O' Conor.
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