Funds controlled by Cathie Wood have been selling shares of Komatsu Ltd. this week ahead of the Japanese machinery maker’s earnings report.
The Ark Autonomous Technology & Robotics ETF offloaded a total of 536,000 American depositary receipts in Komatsu over the three days through Wednesday, while the Ark Space Exploration & Innovation ETF sold 213,300 Tokyo-listed shares of the company, according to data from Wood’s firm compiled by Bloomberg.
The selling puts Ark on track for its biggest month-on-month sale of Komatsu ADRs in a year and a record monthly drop in its holdings of the Japanese stock.
Komatsu shares have fallen 16% from a four-year high in June, as tailwinds from the surge in commodity prices earlier this year have died down. The Caterpillar Inc. peer will announce its first-quarter results on July 29.
Ark Investment Management LLC has lost almost half of its assets under management since December, and its flagship Ark Innovation ETF has plunged nearly 50% in 2022 amid concerns that global monetary tightening will cap growth stock valuations and tip the economy into a recession. Wood is now closing one of her exchange-traded funds for the first time ever.
Wood’s firm held more than 2.7 million depositary receipts and more than 800,000 Tokyo-listed shares of Komatsu as of end-June, according to Bloomberg-compiled data.
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