Cathie Wood’s innovation stocks helped lead Tuesday's rally
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Cathie Woodâs ARK exchange traded funds found themselves at the top of the leaderboard on Tuesday, as three of her six actively managed funds ranked among best performing ETFs of the day. The gains came as investors looked to pick up innovation and growth stocks that have been beaten down in the selling early in 2022.
Ark Fintech Innovation ETF (NYSEARCA:ARKF), Ark Next Generation Internet ETF (NYSEARCA:ARKW), and ARK Innovation ETF (NYSEARCA:ARKK) led the pack as ARKF finished +5.1%, ARKW +4.3%, and the flagship ARKK +4.1%.
Woodâs funds caught a bid amid a broad rally in the tech sector, driving the Nasdaq (COMP.IND) higher by 2.1%. Also lending aid was the rise of risk-on sectors such as the consumer discretionary, communications, and info tech space.
Coinbase Global (COIN) helped drive the funds higher, concluding +4.2%. ARKFâs second-largest portfolio position is in COIN, which makes up 9.48% of the ETF. Moreover, COIN is ARKWâs third-largest holding, weighted at 8.10%. Additionally, ARKK has a 5.95% stake in COIN, making the stock the fundâs fifth-most significant holding.
While Wood and her exchange traded funds have gained ground on Tuesday, they still find themselves trading deep in the red on a year-to-date basis. For the 2022 year, ARKF is -36.1%, ARKW is -33.7%, and ARKK is down 38.3%.
In related ARK news, Wood and her team also recently updated their expected value for Tesla (TSLA), predicting that shares of Elon Musk's electric vehicle maker would top $4,600 by 2026.