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

4. GoldenTree Asset Management

GoldenTree Asset Management is a New York-based hedge fund led by Steven Tananbaum with a portfolio value of over $3.7 billion. Securities filings show that the fund owned PUT options against 1 million shares of ARK Innovation ETF (NYSE: ARKK) at the end of the second quarter of 2021 worth $102 million, representing 2.72% of the portfolio. It is placed fourth on our list of 10 hedge funds that are betting against Cathie Wood’s ARK Innovation ETF.

Steven Tananbaum of GoldenTree Asset Management

One of the biggest holdings of GoldenTree Asset Management is Comcast Corporation (NASDAQ: CMCSA), a media and tech firm based in Pennsylvania. Out of the hedge funds being tracked by Insider Monkey, New York-based firm Eagle Capital Management is a leading shareholder in Comcast Corporation (NASDAQ: CMCSA) with 29 million shares worth more than $1.7 billion. 

In its Q1 2021 investor letter, Nelson Capital Management, an asset management firm, highlighted a few stocks and Comcast Corporation (NASDAQ: CMCSA) was one of them. Here is what the fund said:

“Comcast is the Largest cable provider in the U.S. and is the dominant internet access provider in the markets it serves. Though Comcast will likely see further declines in cable subscriptions due to ongoing cord-cutting, it should be able to off set that lost revenue by growing internet access customers and instituting higher pricing. The pandemic has increased the importance of a fast internet connection, with more content streaming to homes at increasingly higher quality. Comcast made significant upgrades early on, allowing it to quickly deploy new technology and increase speeds to meet the evolving needs of its customers.”