Cathie Wood’s investment firm Ark Invest has eclipsed its rivals as the best ESG fund of 2023.
According to the news provided by Bloomberg, the cryptocurrency-focused investment company Ark Invest has become a shining star with its performance in 2023. % displayed last yearreturn of 68 Ark Invest’s performance $2.4 billion Nikko AM Ark Positive Change Innovation Fundsurpassed its competitors, which experienced serious declines during the year.
Ark Invest, called an ESG (Sustainability Hedge Fund) fund, of S&P 500 the earnings it provides more than twice got it. The fund’s largest holdings are its holdings, which make up nearly a tenth of the fund, according to data compiled by Bloomberg. Coinbase (COIN) happened.
What happened last year in the S&P Global Clean Energy Index 21% decreasecoincided with a period when the market value of Coinbase, the largest US crypto exchange, increased almost fivefold.
On the other hand, Ark Invest’s cryptocurrency-based investments such as Grayscale and Coinbase enabled the fund to gain significant value. Especially the spot Bitcoin exchange traded fund (ETF) process was one of the biggest triggering forces at this point.
A portfolio manager at Ark Invest Thomas Hartmann-Boyce He made the following statements in his statement to Bloomberg about the issue:
In particular, the fact that spot Bitcoin ETF owners chose Coinbase to store their Bitcoins triggered a huge rise in the company’s shares, and this was a profitable process for us.