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Tumble in Coinbase pushes Wood's ARK fund closer to pandemic low

By David Randall NEW YORK (Reuters) - A collapse in cryptocurrency company Coinbase (NASDAQ:COIN) Global Inc pushed star stock picker Cathie Wood's ARK Innovation ETF down nearly...

By David Randall

NEW YORK (Reuters) - A collapse in cryptocurrency company Coinbase (NASDAQ:COIN) Global Inc pushed star stock picker Cathie Wood's ARK Innovation ETF down nearly 8% on Wednesday, putting it within 10% of its low touched in March 2020 at the start of the coronavirus pandemic.

Coinbase, the fund's second-largest holding at nearly 7% of assets, fell more than 28% to record lows Wednesday after the company missed first-quarter estimates and its chief executive said the company had no risk of bankruptcy.

The declines in Coinbase added to the pain for Wood's ARK Innovation fund this year.

ARK did not respond to a request for comment.

The fund outperformed all other actively managed U.S. equities in 2020 on the strength of its portfolio of companies such as Zoom Video Communications (NASDAQ:ZM) Inc and Teladoc (NYSE:TDOC) Health Inc that rallied during the pandemic-induced economic lockdowns.

That strong performance made Wood a household name and led to appearances on magazine covers and billions of dollars in inflows from retail investors, though some now consider her the poster child for the so-called pandemic bubble.

ARK is down nearly 60% for the year to date, and nearly 76% below its high in February 2021. It traded at $37.98 at mid-afternoon, 8.6% above its low of $34.69 hit in March 2020 before the Federal Reserve and Congress unleashed an unprecedented $5.2 trillion to support the economy.

In a webinar Tuesday, Wood blamed much of the fund's losses on the Fed taking a too-aggressive path of rate hikes at a time when the global economy is in what she believes is a recession.

But other investors disagree. Matthew Tuttle, whose $460 million Tuttle Capital Short Innovation Fund shorts ARK's portfolio, blamed Wood's losses on "multiple compression."

"These companies make no money, in a zero interest rate environment they can, and do, command high multiples (but) in a rising rate environment they don't," he said.

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18-05-2022 13:39:11 (UTC+7)

EUR/USD

1.0522

-0.0025 (-0.24%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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EUR/USD

1.0522

-0.0025 (-0.24%)

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↑ Sell

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Sell (12)

Indicators:

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Sell (8)

GBP/USD

1.2445

-0.0044 (-0.36%)

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USD/JPY

129.18

-0.20 (-0.16%)

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AUD/USD

0.7023

-0.0006 (-0.09%)

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USD/CAD

1.2823

+0.0014 (+0.11%)

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↑ Buy

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EUR/JPY

135.92

-0.55 (-0.40%)

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EUR/CHF

1.0471

-0.0006 (-0.06%)

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Neutral

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Gold Futures

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Silver Futures

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Copper Futures

4.2235

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Crude Oil WTI Futures

110.06

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Natural Gas Futures

8.186

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US Coffee C Futures

228.63

+3.83 (+1.70%)

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Neutral

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Euro Stoxx 50

3,741.51

+56.17 (+1.52%)

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S&P 500

4,088.85

+80.84 (+2.02%)

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DAX

14,185.94

+221.56 (+1.59%)

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FTSE 100

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20,589.00

-13.52 (-0.07%)

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US Small Cap 2000

1,840.30

+56.87 (+3.19%)

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Neutral

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IBEX 35

8,475.70

+122.00 (+1.46%)

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↑ Buy

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BASF SE NA O.N.

50.690

+1.395 (+2.83%)

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Bayer AG NA

64.12

+0.91 (+1.44%)

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Allianz SE VNA O.N.

202.25

+3.43 (+1.73%)

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Adidas AG

183.30

+3.24 (+1.80%)

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Moving Avg:

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Deutsche Lufthansa AG

6.827

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Buy

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Siemens AG Class N

116.50

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9.538

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 EUR/USD1.0522↑ Sell
 GBP/USD1.2445↑ Sell
 USD/JPY129.18↑ Buy
 AUD/USD0.7023↑ Sell
 USD/CAD1.2823↑ Buy
 EUR/JPY135.92↑ Sell
 EUR/CHF1.0471Neutral
 Gold1,809.47↑ Sell
 Silver21.580↑ Sell
 Copper4.2235↑ Sell
 Crude Oil WTI110.06↑ Sell
 Brent Oil111.89↑ Sell
 Natural Gas8.186↑ Sell
 US Coffee C228.63Neutral
 Euro Stoxx 503,741.51↑ Buy
 S&P 5004,088.85↑ Buy
 DAX14,185.94↑ Buy
 FTSE 1007,518.35↑ Buy
 Hang Seng20,589.00↑ Sell
 Small Cap 20001,840.30Neutral
 IBEX 358,475.70↑ Buy
 BASF50.690↑ Buy
 Bayer64.12↑ Buy
 Allianz202.25↑ Buy
 Adidas183.30↑ Buy
 Lufthansa6.827Buy
 Siemens AG116.50↑ Buy
 Deutsche Bank AG9.538↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,825/ 6,925
(0/ 0) # 1,847
SJC HCM6,825/ 6,925
(0/ 0) # 1,851
SJC Hanoi6,825/ 6,927
(0/ 0) # 1,853
SJC Danang6,825/ 6,927
(0/ 0) # 1,853
SJC Nhatrang6,825/ 6,927
(0/ 0) # 1,853
SJC Cantho6,825/ 6,927
(0/ 0) # 1,853
Cập nhật 18-05-2022 13:39:13
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E5 RON 92-II28.95029.520
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Dầu hỏa 2-K25.16025.660
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.955,0023.265,00
EUR23.783,5625.115,95
GBP28.150,0329.351,12
JPY173,94184,14
KRW15,7819,22
Cập nhật lúc 13:32:18 18/05/2022
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