By David Randall
NEW YORK – A new socially focused fund from star stock picker Cathie Wood’s ARK Invest rose 1.5% in its first day of trading Wednesday.
The ARK Transparency ETF, which the firm says will focus on the “100 most transparent companies in the world,” gained ground on the strength of top holdings including Maxlinear Inc and Tesla Inc. The gains came as the broad S&P 500 index rose 0.3% for the day.
ARK Invest’s new fund comes as its flagship ARK Innovation fund remains down 17% for the year to date. The $17.2 billion fund outperformed all other U.S. equity funds last year thanks in part to its bet on technology companies that rallied during the early stages of the pandemic, helping turn Woods into a household name among retail investors.
The ARK Transparency fund’s portfolio retains a technology focus, with seven out of its 10 largest holdings connected to the sector. Among its largest holdings outside of tech are retailer Buckle Inc and green energy firm Bloom Energy Corp.
ARK Invest did not respond to a request for comment.
(Reporting by David Randall; Editing by Lisa Shumaker)
