5 Hedge Funds Betting Against Cathie Wood’s ARK Innovation ETF

In this article, we discuss the 5 hedge funds that are betting against Cathie Wood’s ARK Innovation ETF. If you want to read our detailed analysis of these hedge funds, go directly to 10 Hedge Funds Betting Against Cathie Wood’s ARK Innovation ETF.

5. Pura Vida Investments

Pura Vida Investments is a New York-based hedge fund led by Efrem Kamen with a portfolio value of more than $3.2 billion. Securities filings reveal that the fund owned PUT options against 600,000 shares of ARK Innovation ETF (NYSE: ARKK) at the end of June 2021 worth $78 million, representing 2.48% of the portfolio. It is ranked fifth on our list of 10 hedge funds betting against Cathie Wood’s ARK Innovation ETF.

One of the top holdings of Pacific Biosciences of California, Inc. (NASDAQ: PACB), a biotech firm focusing on genetic analysis. Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm ARK Investment Management is a leading shareholder in Pacific Biosciences of California, Inc. (NASDAQ: PACB) with 20 million shares worth more than $716 million. 

In its Q1 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Pacific Biosciences of California, Inc. (NASDAQ: PACB) was one of them. Here is what the fund said:

“Pacific Biosciences of California, Inc. provides long-read DNA sequencing systems to scientists conducting genetic analysis. Shares performed well for the quarter. We believe there is increasing excitement about the potential for its platform to move beyond research into clinical applications. The recently appointed CEO was previously Chief Commercial Officer at Illumina, and we think he is well qualified to commercially execute on Pacific Biosciences’ differentiated long-read platform.”