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

3. Moore Global Investments

Moore Global Investments is a New York-based hedge fund led by Louis Bacon with a portfolio value of more than $7 billion. Regulatory filings show that the fund owned PUT options against 800,000 shares of ARK Innovation ETF (NYSE: ARKK) at the end of the second quarter of 2021 worth more than $104 million, representing 1.48% of the portfolio. It is ranked third on our list of 10 hedge funds that are betting against Cathie Wood’s ARK Innovation ETF.

Louis Bacon Moore of Moore Capital

Moore Global Investments holds a large stake in Facebook, Inc. (NASDAQ: FB), the California-based firm that owns and runs social media platforms. At the end of the second quarter of 2021, 266 hedge funds in the database of Insider Monkey held stakes worth $42 billion in Facebook, Inc. (NASDAQ: FB), up from 257 in the preceding quarter worth $40 billion. 

In its Q1 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Facebook, Inc. (NASDAQ: FB) was one of them. Here is what the fund said:

“We continued to keep our learnings from 2020 in mind during the quarter as we sought to increase the up capture of the portfolio. We also made adjustments to the portfolio’s top 10 holdings to increase the participation of select stocks, including Facebook, while trimming our weighting to stable names, which now represent 47% of the portfolio. Our repositioning has been encouraging so far with the portfolio performing better on up days in the market while maintaining good down capture during more turbulent sessions.”