Ark Invest's Cathie Wood Doubles Down On Yahoo Japan Operator After A Year-Long Hiatus

The renowned investor, Cathie Wood, has recently dipped back into LY Corp. YAHOY, the Yahoo! Japan operator, after more than a year.

What Happened: Wood’s investment fund, Ark Fintech Innovation ETF ARKF, acquired about 1.71 million shares of LY Corp last week, according to trading data from Ark Investment Management LLC. LY Corp, a major player in digital communication services in Japan, is mostly owned by a joint venture comprising SoftBank Group Corp and South Korea’s Naver Corp, reported Bloomberg.

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Despite a recent user information leak, the company’s stock has continued to climb over the last two months, bolstered by a strong quarterly performance. Ark Fintech Innovation ETF is projected to have its best annual performance against the Nasdaq 100 since 2020. Its primary holdings include Coinbase Global Inc COIN, Block Inc SQ, and Shopify Inc SHOP.

Why It Matters: Wood’s latest move is significant, considering the recent shifts in her investment strategy. Just a week before buying LY Corp’s shares, her firm, Ark Invest, sold a substantial number of Coinbase shares during a tumultuous period in the crypto market. This decision was in line with the current economic conditions, characterized by a plunge in major cryptocurrencies, Bitcoin and Ethereum.

Following the sell-off of Coinbase shares, Ark Invest proceeded to increase its stake in Tesla Inc. The firm purchased a total of 111,387 Tesla shares through its ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW. This move, along with the recent LY Corp investment, indicates a shift in Wood’s investment approach amid market volatility.

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