The State of Wisconsin Investment Board held shares of three exchange-traded funds from Cathie Wood's ARK Investment Management, according to a report for the quarter ended June 30, one more than shown in a report for the prior quarter.
Shares of the ARK Next Generation Internet ETF, which did not appear in SWIB's 13F holdings report for the quarter ended March 31, ranked among holdings listed in its 13F report for the quarter ended June 30, which was filed with the Securities and Exchange Commission Monday.
SWIB held 358,400 shares of the ARK Next Generation Internet ETF valued at $17.6 million. The filing also indicated that SWIB continued to hold shares of both the ARK Innovation ETF and the ARK Genomic Revolution ETF. Together, the dollar value of the shares of the three ARK ETFs SWIB held as of June 30 totaled just under $109 million.
SWIB has $160 billion in assets, including the $140.9 billion Wisconsin Retirement System.
"These ETFs are best utilized with a long time horizon because they're trying to invest in companies that can benefit from long-term disruptive trends," said Todd Rosenbluth, head of research at VettaFi, a data and analytics provider, adding that the three ETFs appeared to be "extremely small" slices of SWIB's overall portfolio.
"And if these ETFs are small slices of the portfolio, then patience can be warranted, and they can take more time to let the disruptive technology thesis play out," Mr. Rosenbluth said, adding that SWIB's adoption of the ARK ETFs suggests that it is "increasingly confident in the disruptive technology theme, and confident in management's ability to identify winners."