In this article, we discuss the 10 biggest losers in Cathie Wood’s latest portfolio.
Cathie Wood became a superstar money-manager in 2020, the very year stock markets around the globe saw billions wiped off their valuations. Her hedge fund ARK Investment Management returned 170% in the year, powered by visionary bets placed on what later became known as pandemic stocks such as Zoom Video Communications, Inc. (NASDAQ:ZM) and Teladoc Health, Inc (NYSE:TDOC).
Her philosophy revolves around ‘disruptive tech’, which are basically technologies with the potential to change the modern world and its relationship with tech as we know it. Just like Meta Platforms, Inc. (NASDAQ:FB) transformed social media, Apple Inc. (NASDAQ:AAPL) revolutionized smartphones and Tesla, Inc. (NASDAQ:TSLA) changed the electric vehicles (EV) industry, Cathie Wood is on the constant lookout for companies producing groundbreaking technology that is only a few years away from dominating the global scene. Wood is particularly bullish on certain areas of the tech industry, such as artificial intelligence, blockchain technology, robotics, energy storage and DNA sequencing.
But it takes some guts to have a long-term bullish view for technology people don’t presently understand, or see generating a lot of money. And it takes even more to put a lot of money towards these ideas deemed ‘far-fetched’ by critics.
After a blockbuster 2020, the markets punished Cathie Wood for her views, and her flagship ARK Innovation ETF (NYSE:ARKK) has tanked around 60% in the last 12 months. This was because global inflation, hovering near all-time highs, coupled with soaring energy prices led to investors losing their appetite for risky, growth stocks. But Cathie Wood doesn’t share the market’s pessimism, and instead doubled down on her bets, increasing her stakes in the stocks that were brutally beaten down by the market. She says that her stock picks are in ‘deep value territory’, and over a five-year investment horizon, her strategy could post 30-40% compound annual rate of return.
Cathie Wood of ARK Investment Management
Therefore, it would be pertinent to know which stocks in Cathie Wood’s Q1 2022 portfolio have taken a beating in recent times, and what future potential they hold. Some of the biggest names in the portfolio of ARK Investment Management include Tesla, Inc. (NASDAQ:TSLA), Teladoc Health, Inc (NYSE:TDOC), and Coinbase Global, Inc. (NASDAQ:COIN).
Our Methodology
We studied Cathie Wood’s portfolio for Q1 2022, and picked her top 10 holdings that have lost 60% or more in share price year to date. The share price data reported below is dated as of May 16.
10. Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)
ARK Investment Management’s 13 Portfolio: 1.08%
ARK Investment Management’s Stake Value: $260.07 million
Number of Hedge Fund Holders: 30
Year-To-Date Share Price Loss : 70.71%
First up is Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), a biotech firm which specializes in cell programming to enable the biological manufacturing of different products. It serves industries such as agriculture, food, consumer products, pharmaceuticals and specialty chemicals.
Although shares of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) have lost 70.71% in the year to date, Cathie Wood increased her stake in the firm by 50% to come in at 64.53 million shares valued at $260 million at the close of the first quarter of 2022. In comparison, Wood held 43.18 million shares of the firm a quarter ago.
On March 31, BTIG analyst Mark Massaro kept a ‘Buy’ rating on Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) shares, noting that the firm was seeing strong demand never seen before in its history. Ginkgo’s platform will enable its customers to increase crop yield and the availability of food across the globe, according to the analyst, who lowered the price target to $6 from $12 on account of a broader sell-off in biotech. In May, Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) partnered with Evo Foods to develop a method for producing animal-free egg proteins for use in the latter’s products.
Of the hedge funds in the database of Insider Monkey, 30 reported owning stakes in Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) at the close of the fourth quarter, with a combined value of $4.23 billion. This is down from 32 hedge funds in the previous quarter.
In addition to Tesla, Inc. (NASDAQ:TSLA), Teladoc Health, Inc (NYSE:TDOC), and Coinbase Global, Inc. (NASDAQ:COIN), Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) is a prominent stock in the portfolio of Cathie Wood.
9. Roblox Corporation (NYSE:RBLX)
ARK Investment Management’s 13 Portfolio: 1.17%
ARK Investment Management’s Stake Value: $281.72 million
Number of Hedge Fund Holders: 61
Year-To-Date Share Price Loss : 66.59%
Then there’s ‘Metaverse’ stock Roblox Corporation (NYSE:RBLX), which has lost around 66% in the year to date. The California-based firm offers an online platform where users can create and explore 3D worlds. Cathie Wood, according to her Q1 2022 portfolio, owned 6.09 million shares of Roblox Corporation (NYSE:RBLX) at a value of $281 million, representing 1.17% of her total portfolio. This was an increase of 201% over the previous quarter where she owned 2.02 million shares of the firm.
For the first quarter, Roblox Corporation (NYSE:RBLX) posted EPS of -$0.27, missing estimates by $0.07. Revenue of $631.2 million for the quarter was also below estimates by $15 million.
Needham analyst Bernie McTernan on May 12 lowered the firm’s price target on Roblox Corporation (NYSE:RBLX) to $40 from $60 and maintained a ‘Buy’ rating on the company shares. Despite the Q1 earnings miss, the analyst is positive on the company leaning into monetization opportunities on its platform as it looks to convert engagement to bookings. McTernan also noted that he expects the firm’s advertising business to start contributing to revenue next year and increase to over $1 billion by 2027.
Popular hedge funds held major stakes in Roblox Corporation (NYSE:RBLX) at the end of the fourth quarter of 2021. In total, 61 hedge funds were long on the company shares, as compared to 50 hedge funds a quarter ago.
8. Sea Limited (NYSE:SE)
ARK Investment Management’s 13 Portfolio: 1.31%
ARK Investment Management’s Stake Value: $315.05 million
Number of Hedge Fund Holders: 108
Year-To-Date Share Price Loss : 68.55%
Sea Limited (NYSE:SE) provides digital financial services, e-commerce and digital entertainment services in Latin America, Asia and around the world. The Singapore-based company runs ShopeePay, SPayLater, and SeaBank, through which it offers payment processing and digital bank services. It also operates the e-commerce platform Shopee.
As of May 16, shares of Sea Limited (NYSE:SE) have lost 68.15% in the year to date, and 31.13% in the last month. But Cathie Wood decided to increase her stake in the firm by 302%, coming in at 2.63 million shares valued at $315 million at the end of the first quarter of 2022.
On May 4, HSBC analyst Piyush Choudhary reiterated a ‘Buy’ rating on Sea Limited (NYSE:SE) shares and revised the price target to $145 from $150. The analyst sees the firm’s adjusted revenue growing 32% year-over-year in Q1 and expects Shopee’s gross merchandise volume (GMV) to jump 40% in comparison to last year.
In total, investors decreased their holdings in Sea Limited (NYSE:SE) at the close of Q4 2021, with 108 hedge funds holding stakes in the firm as compared to 117 hedge funds a quarter ago. The aggregate value of Q4 hedge fund positions in the firm stood at $10.05 billion.
Investment firm Farrer Wealth Advisors talked about Sea Limited (NYSE:SE) in its Q1 2022 investor letter. The fund said:
“Sea Limited had been selling off since its peak in early November of ~$363/share. This was driven by both a general sell off in tech, especially non-profitable tech, and a general belief that its gaming arm (Garena) was experiencing a slowdown due to its flagship game Free Fire. Free Fire has experienced a slowdown for three reasons: it is a victim of its own success, and by the end of Q321, nearly 10% of the world’s population already played the game, and thus reaching new users was difficult; A return to normal with people traveling/going out more and spending less time playing games; and the Indian market imposed a ban on the game due to anti-Chinese sentiment (Tencent is a large shareholder in Sea). We believed that these issues, while worth considering, were a bit overblown, and some of the data we saw from 3rd party sources showed that though Free Fire usage was dipping, it wasn’t too drastic. Thus, we marginally added to the position throughout the quarter. This was a mistake. During Sea’s earnings report in early March, the company guidance for Garena (down nearly 35% yoy) showed that the slowdown was far worse than predicted. Secondly, Shopee (Sea’s ecommerce arm) has pulled out of certain markets (in Europe and India), which long-term is probably the right strategy, but short-term hampers the optionality of the business. After considering this information and the guidance from earnings, we decided to significantly trim the position. In our opinion, management does have a bit of egg on its face from an overly aggressive expansion or as one investor called it, “bull market hubris.” We think management’s moves were mostly logical, it’s just that their failures came during an unforgiving market. While we believe that Sea’s future is still bright (especially with regards to their e-commerce and financial services), it will take a few quarters of strong earnings for them to regain their momentum, and for now the capital can be better spent elsewhere.”
7. Shopify Inc. (NYSE:SHOP)
ARK Investment Management’s 13 Portfolio: 2.54%
ARK Investment Management’s Stake Value: $610.43 million
Number of Hedge Fund Holders: 86
Year-To-Date Share Price Loss : 73.22%
Shopify Inc. (NYSE:SHOP) is a Canadian e-commerce company which offers merchants a cloud-based platform to run their businesses across all sales channels, by managing products, inventory, as well as order and payment processing. ARK Investment Management in its Q1 2022 regulatory filings reported owning roughly 903,000 shares of Shopify Inc. (NYSE:SHOP) with a price tag of $610.4 million.
On May 6, Baird analyst Colin Sebastian kept an ‘Outperform’ rating on Shopify Inc. (NYSE:SHOP) shares and revised the price target to $630 from $1000. The analyst noted that the firm’s below-expectations results were not a big surprise given weakening e-commerce trends observed since mid-February. He sees attractive long-term opportunities for Shopify across e-commerce, payments, software and fulfilment, but notes near-term headwinds in the macro environment amid shifting consumer spending patterns.
For the first quarter of 2022, Shopify Inc. (NYSE:SHOP) posted EPS of $0.20, falling below estimates by $0.45. The company raked in $1.2 billion in revenue for the quarter, underperforming estimates by $38.2 million.
Investors were seen piling into Shopify Inc. (NYSE:SHOP). At the close of Q4 2021, 86 hedge funds reported owning stakes in the firm, with a combined value of $12.01 billion. This is in comparison to 73 hedge funds a quarter ago.
Here is what investment firm Baron Funds had to say about Shopify Inc. (NYSE:SHOP) in its Q1 2022 investor letter:
“Shopify Inc. is a cloud-based software provider offering an operating system for multi-channel commerce. Shopify has been adopted by over two million merchants who processed $175 billion of gross merchandise volume in 2021, making it the second largest e-commerce player in the U.S. The stock corrected sharply in the first quarter, declining 51%, as a result of investor rotation out of fast-growing, long-duration stocks and after the company released quarterly results, expecting a normalization in the rapid growth it has experienced during the early stages of the pandemic. We remain shareholders as we believe Shopify has a long runway for growth addressing less than 1% of global commerce spending with a unique and competitively advantaged platform.”
6. Intellia Therapeutics, Inc. (NASDAQ:NTLA)
ARK Investment Management’s 13 Portfolio: 2.72%
ARK Investment Management’s Stake Value: $652.65 million
Number of Hedge Fund Holders: 31
Year-To-Date Share Price Loss : 60.19%
Intellia Therapeutics, Inc. (NASDAQ:NTLA) is a genome-editing firm based in Massachusetts. It develops curative therapeutics that permanently edit disease-associated genes in the human body, and create engineered cells that can treat oncological and immunological diseases. ARK Investment Management held 8.98 million shares of Intellia Therapeutics, Inc. (NASDAQ:NTLA) at the end of Q1 2022, with a value of $652.7 million which represented 2.72% of its total portfolio.
31 hedge funds out of the 900+ tracked by Insider Monkey were long Intellia Therapeutics, Inc. (NASDAQ:NTLA) at the end of the fourth quarter of 2021. In contrast, 37 hedge funds were long on the company shares a quarter ago.
On May 9, Oppenheimer analyst Jay Olson gave Intellia Therapeutics, Inc. (NASDAQ:NTLA) an unchanged rating of ‘Outperform’, and lowered the price target to $130 from $160. The analyst is “encouraged” by the firm’s emerging profile of drugs, which he believes supports curative potential.
Reporting its first quarter earnings on May 5, Intellia Therapeutics, Inc. (NASDAQ:NTLA) posted quarterly revenue of $11.3 million, beating estimates by $2.7 million and showing an increase of 74.58% from the year-ago quarter. However, EPS came in at -$1.96, missing consensus estimates by $0.85.
Investment firm Carillon Tower Advisers talked about many stocks in its Q2 2021 investor letter, and Intellia Therapeutics, Inc. (NASDAQ:NTLA) was one of them. The fund said:
“Intellia Therapeutics is a clinical-stage genome editing company focused on the development of proprietary, potentially curative therapeutics. The company’s stock soared after announcing positive interim data from an ongoing phase 1 clinical study of its in vivo gene editing candidate, which is being developed as a single-dose treatment for hereditary transthyretin (ATTR) amyloidosis. This specific form of therapy would be the first of its kind resulting in the precision editing of a gene in a target tissue in the human body.”
Along with Tesla, Inc. (NASDAQ:TSLA), Teladoc Health, Inc (NYSE:TDOC), and Coinbase Global, Inc. (NASDAQ:COIN), Intellia Therapeutics, Inc. (NASDAQ:NTLA) is a stock to consider for investors looking to emulate Cathie Wood.
5. UiPath Inc. (NYSE:PATH)
ARK Investment Management’s 13 Portfolio: 3.02%
ARK Investment Management’s Stake Value: $725.44 million
Number of Hedge Fund Holders: 28
Year-To-Date Share Price Loss : 61.36%
UiPath Inc. (NYSE:PATH) ranks next on the list of the biggest losers in Cathie Wood’s portfolio. The stock has tanked 61.4% in the year to date, and 75.07% in the last 12 months. The firm deals in the development of a software platform which automates business processes, and is used by the telecommunication, healthcare, finance, and banking industries around the globe.
Cathie Wood’s stake in the firm at the close of the first quarter of 2022 consisted of 33.6 million shares worth $725 million, representing 3.02% of her overall portfolio. Out of all the hedge funds tracked by Insider Monkey, 28 reported owning positions in UiPath Inc. (NYSE:PATH) at the end of Q4 2021. This is in contrast to 27 hedge funds with stakes in the firm a quarter ago.
On March 31, RBC Capital analyst Matthew Hedberg lowered the firm’s price target on UiPath Inc. (NYSE:PATH) to $32 from $37, and maintained a ‘Sector Perform’ rating on the company shares. The analyst sees the firm well positioned for the sizeable opportunity around automation in the long term, but sees macro uncertainty and management changes impacting its initial FY23 outlook.
4. Unity Software Inc. (NYSE:U)
ARK Investment Management’s 13 Portfolio: 3.41%
ARK Investment Management’s Stake Value: $817.90 million
Number of Hedge Fund Holders: 36
Year-To-Date Share Price Loss : 72.87%
Unity Software Inc. (NYSE:U) is a video game software company which lets content creators and developers create real-time 2D and 3D content. It has lost 72.87% in the year to date, and 56.47% in the last 12 months. ARK Investment Management owned a $817.9 million stake in Unity Software Inc. (NYSE:U) at the close of Q1 2022, representing 3.41% of its total portfolio. Silver Lake Partners was the firm’s largest shareholder with a $3.47 billion stake reported at the end of March.
On May 11, Wedbush analyst Michael Pachter kept an ‘Outperform’ rating on Unity Software Inc. (NYSE:U) shares, and changed the price target to $70 from $125. Shares of Unity slumped after temporary data engineering issues in its tech stack led to a loss in the first quarter, forcing the firm to lower its FY2022 guidance. The analyst believes this self-inflicted wound should be resolved by end of Q4 2022, and allow the firm to regain its trajectory of 30% or higher growth in annual revenue.
Unity Software Inc. (NYSE:U) posted an EPS for the first quarter at -$0.08, which was in-line with estimates. Revenue of $320.1 million was below estimates by $1.02 million, but increased 36.4% year-on-year.
36 hedge funds out of 924 tracked by Insider Monkey reported owning positions in Unity Software Inc. (NYSE:U) at the end of the fourth quarter, the same as reported in the quarter before.
ClearBridge Investments mentioned Unity Software Inc. (NYSE:U) in its Q1 2022 investor letter, stating:
“We took advantage of a correction in higher-multiple stocks early in the first quarter to purchase shares of Unity Software (NYSE:U), a leading platform to create, run and monetize 3D content. With about 1.6 million monthly active creators versus roughly 15 million potential content creators in gaming alone, we believe the company’s Create Engine is still underpenetrated relative to its core addressable market. We similarly see a long runway for growth in Unity’s Operate Solutions segment given its advertising network commands single-digit share of the $60 billion mobile app install ad market today. Furthermore, we believe Unity is well-positioned to expand its addressable market to include industries beyond gaming, on both the operate and create sides of their business (Exhibit 1). The company is not yet free cash flow positive but given strong net expansion rates and high gross margins, we see a path to improving profitability over time, with management notably targeting positive free cash flow this fiscal year.
3. Twilio Inc. (NYSE:TWLO)
ARK Investment Management’s 13 Portfolio: 3.45%
ARK Investment Management’s Stake Value: $827.55 million
Number of Hedge Fund Holders: 80
Year-To-Date Share Price Loss : 61.13%
Twilio Inc. (NYSE:TWLO) represents 3.45% of Cathie Wood’s Q1 2022 portfolio, with a stake consisting of 5.02 million shares valued at $827.6 million. The firm deals in the operation of a cloud communications platform.
As at the end of the fourth quarter, 80 hedge funds reported bullish bets on Twilio Inc. (NYSE:TWLO) shares with a collective price tag of $5.13 billion. This shows a downward trend from the previous quarter, where 96 hedge funds held combined stakes worth $6.36 billion in the firm.
On May 16, Baird analyst William Power downgraded Twilio Inc. (NYSE:TWLO) to ‘Neutral’ from ‘Outperform’ with a price target of $120, down from $155. The analyst noted that in the current risky market climate, he’s shifting his software focus to companies that boast global platforms, competitive moats, and strong free cash flow and balance sheets.
For the first quarter, Twilio Inc. (NYSE:TWLO) posted EPS of $0.00, which outperformed estimates by $0.21. Quarterly revenue of $875.4 million showed an increase of 48.37% year-on-year, and also beat estimates by $11.6 million.
RiverPark Funds, an investment firm, mentioned many stocks in its Q4 2021 investor letter, and Twilio Inc. (NYSE:TWLO) was one of them. The fund said:
“Twilio: TWLO shares were also down sharply to end the year. Just like after 1Q and 2Q, despite another quarterly beat in 3Q, management guidance–which we believe to be conservative– disappointed some investors. Third quarter revenue of $740 million was up 65% year over year, significantly exceeding management’s guidance of 50%-52% revenue growth. Management guided 4Q21 revenue to +40% revenue growth, which was ahead of sell side expectations, but likely below buy side expectations. Investors were also troubled by the departure of COO George Hu, who has been credited with rebuilding Twilio’s sales and marketing teams after arriving from SaleForce.com shortly after the company’s IPO in 2016.
The COVID crisis has accelerated the adoption of the company’s cloud-based, integrated communications platform that allows companies in a wide range of businesses to embed digital communications capabilities (video, chat, voice, SMS, fax, and email) into their customer facing applications without needing to build back-end infrastructure and interfaces. Twilio’s total addressable market is now greater than $40 billion, which should grow by 50% over the next few years, providing a strong secular tailwind for the company. We expect the company’s gross margin to continue to expand from 54% in the second quarter toward management’s long-term goal of 60%-65%, and, as the company grows to scale, we expect its non-GAAP operating margin to expand to 25%.”
2. Coinbase Global, Inc. (NASDAQ:COIN)
ARK Investment Management’s 13 Portfolio: 5.53%
ARK Investment Management’s Stake Value: $1.32 billion
Number of Hedge Fund Holders: 57
Year-To-Date Share Price Loss : 73.94%
Coinbase Global, Inc. (NASDAQ:COIN) is an important pillar of the global crypto-economy, operating a secure, hosted platform where users can buy, sell and trade with cryptocurrencies. Cathie Wood increased her stake in the firm by 29% to come in at 6.98 million shares worth $1.32 billion at the end of March.
On May 11, Goldman Sachs analyst Will Nance downgraded Coinbase Global, Inc. (NASDAQ:COIN) to ‘Neutral’ from ‘Buy’ and massively decreased the price target to $80 from $240. Although he still thinks Coinbase is the “blue chip way to gain exposure to the crypto native ecosystem’, he doesn’t see it returning to recent levels of profitability in the near-term without a significant increase in cryptocurrency prices. The analyst updated his estimates to reflect the firm’s Q1 results and future guidance, and the recent crash in cryptocurrency valuations.
57 hedge funds owned $3.46 billion worth of positions in Coinbase Global, Inc. (NASDAQ:COIN) at the close of the fourth quarter. This shows improving hedge fund sentiment over the previous quarter where 50 hedge funds were long on the company shares.
Longleaf Partners Fund talked about Coinbase Global, Inc. (NASDAQ:COIN) in its Q4 2021 investor letter. Here’s what the fund said:
“We also have seen plenty of IPO/SPAC craziness showing both that private players need public markets more than they admit and that there is more volatility embedded in these newer companies than a private quarterly mark might admit. As for how efficient both the private and public markets are, we would encourage you to really delve into some of those multi-hundred-page S1s for many of the newest public companies to see the huge gap between the last valuation at which the company was funded and/or granted shares to its executives and the often much higher price at which the company went public – Coinbase is a prime example.”
1. Teladoc Health, Inc (NYSE:TDOC)
ARK Investment Management’s 13 Portfolio: 5.86%
ARK Investment Management’s Stake Value: $1.40 billion
Number of Hedge Fund Holders: 39
Year-To-Date Share Price Loss : 66.51%
Teladoc Health, Inc (NYSE:TDOC) is Cathie Wood’s second largest holding, with 19.46 million shares worth $1.40 billion, representing 5.86% of her Q1 2022 portfolio. The New York-based firm offers virtual healthcare services. It was a star-performer during Wood’s blockbuster 2020 as the pandemic pushed people towards online platforms. However, the stock has lost 89% from its all-time high in February 2021 where it traded at $293, and is currently priced at $31.89.
Out of all the hedge funds in the database of Insider Monkey, 39 reported bullish bets on Teladoc Health, Inc (NYSE:TDOC) shares at the end of Q4 2021 with an aggregate value of $2.45 billion. This is down from 40 hedge funds a quarter ago.
Argus analyst David Toung on May 5 downgraded Teladoc Health, Inc (NYSE:TDOC) to ‘Hold’ from ‘Buy’, noting that the firm is now paying more to acquire new members, and is facing increased competition in the direct-to-consumer market for behavioral health services. The analyst projects operating losses for the firm in 2022 and 2023 after its disappointing Q1 results showed declining gross and EBITDA margins.
Investment firm RiverPark Funds talked about Teladoc Health, Inc. (NYSE:TDOC) in its Q1 2022 investor letter, stating:
“Teladoc is the largest telehealth provider in the US and has recently begun to expand internationally. TDOC’s platform enables an ever-expanding list of patient-doctor interactions (including those for primary health care, mental health issues and chronic condition management) to transition from an on-site visit to one that can be done remotely with full video- based interaction. TDOC provides its platform of services on both a business-to-business and direct-to-consumer basis, through monthly subscription-based relationships. For its core business-to-business clients, the company contracts with a wide range of entities, including large scale employers (the company currently contracts with over 50% of the Fortune 500), health plans, health systems, and medical insurance companies, which currently cover more than 50 million members. For these customers, the company provides a win-win-win, as patients spend no time traveling and less time waiting, doctors are more efficient seeing more patients in less time, and payers (employers and plan sponsors) save money while being able to offer a highly popular additional benefit for their employees. This B to B market is projected to be a +$100 billion market opportunity and TDOC is the clear global market leader. For its direct-to- consumer clients, the company provides a growing suite of services for individuals to have affordable access to on-demand and scheduled medical services, for which their current insurance does not provide reimbursement (such as extended mental health counseling).
Although the company has been growing steadily for well over a decade, the business has transformed over the past few years as the COVID pandemic caused a significant increase in the demand for virtual healthcare. In addition, the company’s 2020 acquisitions of Livongo, the leader in virtual chronic condition management, and InTouch a competitive telehealth platform, materially broadened the company’s product offerings. At its recent analyst day, management guided to 25-30% top line growth for each of the next three years, exiting 2024 with more than $4 billion in annual revenue. The company also anticipates expanding margins by 100-150 basis points per year in each of the next three years, while still accelerating its investments in marketing and R&D. As with many of our recent purchases, we took advantage of the decline in the company’s shares (down a breathtaking 70% from its 2021 high of almost $300 per share) to establish a small position in Teladoc.”
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