Cathie Wood shrugged off the hot CPI print and bought the dip across 18 different stocks

Sep. 14, 2022 12:08 PM ETARK Innovation ETF (ARKK), ARKQ, ARKW, ARKGROKU, ARKF, ZM, ARKXBy: Jason Capul, SA News Editor118 Comments

phrase buy the dip handwritten on night wet window glass surface


Cathie Wood bought the dip as the stock market plunged on Tuesday. The Dow tanked nearly 1,300 points while the S&P and Nasdaq each lost more than 4%, but that didn’t stop ARK’s CEO & CIO as she grabbed shares of 18 different stocks to add to her ETF portfolio.

Wood’s flagship ARK Innovation ETF (NYSEARCA:ARKK) purchased just under 1M shares across eight different names, led by two of the fund's top holdings Roku (ROKU) and Zoom Video Communications (ZM).

ARKK added 250,537 shares of ROKU, which is the ETF’s third-largest position weighted at 7.23%. Furthermore, it also took in 208,535 shares of ZM. ZM is ARKK’s second-largest holding, with a weighting of 7.93%.

While Wall Street took the higher than forecasted CPI print as negative news, Wood took it as an opportunity to layer in deeper positions to stocks she views as “high conviction names.”

The asset manager still warns that deflation in her opinion represents the bigger long-term threat to the economy as she stated earlier in the week: “Deflation [is] in the pipeline”

Cathie Wood’s innovation-focused ETFs along with their year-to-date price action: (ARKK) -55.6%, (NYSEARCA:ARKW) -56.3%, (ARKF) -56.6%, (BATS:ARKG) -42.3%, (BATS:ARKQ) -35%, and (ARKX) -26.3%.

Wood also put out a recent tweet highlighting the fact that she believes the Fed is miscalculating inflation and is making a mistake.

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