(Bloomberg) – Cathie Wood saw a buying opportunity in Twitter Inc.’s worst week since October.
Her firm, Ark Investment Management, scooped up about 1.3 million shares of the social media network worth $71m on Friday as the stock plunged 15%, according to an email on the firm’s trading activity. That slide came after Twitter reported disappointing first-quarter sales, in contrast to the stronger-than-expected results from other big tech companies, including Facebook and Alphabet.
Ark’s actively managed exchange-traded funds have suffered as investors have shifted out of growth stocks as the nation rebounds, which will benefit companies whose businesses are more closely tied to swings in the economy. Her $23bn flagship ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW) – the two funds that bought Twitter shares – are down 3.5% and up just 1.5% this year, respectively, after posting triple-digit returns in 2020.
Big Oil Is Boosting ETF Returns and ESG Funds Are No Exception A quirk in the way many environmental, social and governance indexes are built means several ESG funds hold stakes in big oil producers such as Exxon Mobil Corp. and Chevron Corp.
Claire Ballentine | Apr 30, 2021
(Bloomberg) The powerful rebound in oil prices has turned exchange-traded funds tracking fossil fuels into some of the best performing in the U.S. this year. Strangely, the rally in crude has been pretty good for products aiming to safeguard the environment, too.
A quirk in the way many environmental, social and governance indexes are built means several ESG funds hold stakes in big oil producers such as Exxon Mobil Corp. and Chevron Corp.
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