Fresh From Exxon Victory, Engine No. 1 Now Plots Activist ETF The Transform 500 ETF’s goal is to encourage changes at the companies it holds through proxy voting, according to a regulatory filing.
Claire Ballentine | Jun 01, 2021
(Bloomberg) The tiny activist fund that recently won at least two seats on Exxon Mobil Corp.’s board is setting its sights on a new challenge the $6.3 trillion ETF industry.
Engine No. 1, which shocked investors and analysts last week by taking the board positions at Exxon’s annual shareholder meeting, is now planning to launch its first exchange-traded fund. The Transform 500 ETF’s goal is to encourage changes at the companies it holds through proxy voting, according to a regulatory filing.
With tech’s recent pummeling, the cash Cathie Wood is managing in her ETF lineup has just dropped below $40 billion but her loyal fan base is largely hanging on for the ride.
The founder of Ark Investment Management LLC now controls $39.7 billion in her U.S. exchange-traded funds, down from more than $60 billion at a peak in February, according to data compiled by Bloomberg. The firm is now the 11th largest issuer in the U.S., compared with seventh place earlier this year.
A huge portion of the loss is due to the value of her holdings dropping sharply, as speculative tech names with soaring valuations and massive runs come back down to earth. Her flagship ARK Innovation ETF (ARKK) has fallen about 35% from its high. Still, the mass exodus some had anticipated during a period of underperformance hasn’t yet materialized, with traders pulling just $76 million from the fund in April and $301 million so far in May, compared to the $7.1 billion added in the first three months of
According to data collected by Blo Investment, the founder of Ark Investment Management LLC now controls $ 39.7 billion in U.S.-exchanged funds, more than $ 60 billion at the February peak.
With the latest blow to technology, Cathie Wood’s money in the ETF’s lineup has dropped to less than $ 40 billion, but the base of her fans is mostly loyal.
According to data collected by Blo Investment, the founder of Ark Investment Management LLC controls $ 39.7 billion in exchange-traded funds in the U.S., compared to more than $ 60 billion at the February peak. The company is currently the 11th largest issuer in the U.S., compared to seventh this year.
by Tyler Durden
Thursday, May 13, 2021 - 01:23 PM
As tech limps away from its worst market pummeling in months, traders are keeping the pressure on Cathie Wood with PLTR and COIN still under pressure, and ARKK declining below 100. Although Wood has very publicly doubled down, there s been talk that short sellers see blood in the water, and won t let up until Cathie pukes.
Her flagship ARK Innovation fund has fallen 35% from the highs, and the slide continued Thursday, sliding below the key psychological level of $100 thwarting an early rally as it soon emerged that Wood s ARKK fund was spoiling the party for the tech recovery.
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