Wash, rinse and repeat.
Cathy Wood, CEO of Ark Investment Management, has bought shares in Palantir Technologies (PLTR) – Get a free reportThursday for the third day in a row.
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Ark Funds has purchased 286,704 shares of Palantir worth $3.4 million as of Thursday’s close.
The company’s flagship product is Palantir Gotham, which is designed for use by intelligence agencies and government organizations. Blantyre has been criticized for her work with government agencies involved in immigration surveillance and enforcement in the United States and abroad.
Palantir stock is up 58% since May 5th on the back of a solid earnings report. It’s up 82% to date and 46% in the last 12 months. Palantir is the 23rd largest company in the leading Woodland-based Ark Innovation ETF (ark) – Get a free reportup one place since Wednesday.
See Exact Science Shopify
Also Thursday, Ark Innovation offloaded 141,915 shares of Exact Sciences (EXAS) – Get a free report, worth $11.5 million as of that day’s close. The company is a provider of medical diagnostics and is best known for its Cologuard at-home test for colon cancer.
The stock is up 68% so far in 2023, helped by strong earnings, and 54% over the past 12 months. Ark has sold more than 4 million shares of Exact Sciences since Jan. 1, but it’s still the sixth largest stake in Ark Innovation.
Finally on Thursday, Ark Funds offloaded 25,557 shares of e-commerce host Shopify. (Shop) – Get a free report, worth $1.6 million. Shopify is the eighth largest hub on Ark Innovation.
The company’s stock has risen 30% since May 3, after it announced the sale of most of its logistics business and laid off 20% of its workforce. Shopify gave up its logistics stake to focus on its core e-commerce platform business.
Its stock has jumped 73% year-to-date, and 67% over the past 12 months.
Wood’s late returns
Meanwhile, Wood’s performance hasn’t set the investment world on fire over the past couple of years, as its emerging technology stocks have plummeted. Ark Innovation is down 76% from its February 2021 peak.
However, the fund has rebounded 24% so far this year, as technology stocks have rebounded in general.
Mama Kathy, as Wood knows her fans, defends her strategy by pointing out that she has a five-year investment horizon. But the five-year annualized return of $7.4 billion in Ark Innovation assets was negative 0.44% through May 18, compared with positive 11.05% for the S&P 500.
The fund’s performance is also nowhere near Wood’s goal of achieving 15% annual returns over five years.
Ark Innovation enjoyed a net investment inflow of $28 million during the five days through May 18, but suffered an outflow of $444 million over the past year, according to the ETF’s research firm VettaFi.