Cathie Wood’s Stock Portfolio: Top 5 Stock Picks For 2023

1. Tesla, Inc. (NASDAQ:TSLA)

Weight of Ark Investment Management’s 13F Portfolio: 7.56%

On April 2, Tesla, Inc. (NASDAQ:TSLA) reported sales for Q1 2023. The company produced 440,808 vehicles in the quarter and its Q1 deliveries totaled 422,875 vehicles.

As of April 5, Tesla, Inc. (NASDAQ:TSLA) has gained 73.70% year to date. The stock is the top holding of ARK Investment Management, and accounts for 7.56% of the firm’s investment portfolio as of April 5, 2023.

On April 3, Deutsche Bank analyst Emmanuel Rosner reiterated a Buy rating and his $250 price target on Tesla, Inc. (NASDAQ:TSLA).

VGI Partners made the following comment about Tesla, Inc. (NASDAQ:TSLA) in its 2022 annual investor letter:

“Pleasingly, the portfolio also benefited this year from a number of single-stock shorts, including a position in Tesla, Inc. (NASDAQ:TSLA), the well-known electric vehicle manufacturer that was experiencing a slowing in business momentum throughout the year as a result of pressures on consumer discretionary purchases, supply chain disruptions and increasing competition. We have expected for some time that the electric vehicle category would become more competitive, and more recently have begun to witness aggressive price cuts by manufacturers in an attempt to clear inventory, which is a negative trend for an industry that is only likely to see more competition over the coming years. The portfolio also benefited from a short position in a US-listed discount grocery store business, where investors were being pitched a large-scale store rollout story by senior management, albeit using forecasts that were extrapolating the temporarily favourable conditions into the long term and at a time when insider selling was rapidly accelerating. Both these short positions have now been profitably closed.

In meetings with investors over the last six months, we have said that the signposts that we are closer to an equity market bottom would include the reveal of a large fraud as well as a sell-off in Tesla, the retail investor poster-boy. We have seen the collapse of FTX, a large crypto company, and evidence that it is an outright fraud, along with a severe unwind in the Tesla share price (where we fortunately had a short position during CY22; since closed).”

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