近期，ARK Invest及其创始人——凯瑟琳·伍德（Catherine Wood）成为市场关注焦点。
Recently, ARK Invest and its founder, Catherine & Middot; Catherine Wood, became the focus of market attention.
Catherine Wood于六年前创办ARK，公司旗下管理了五项主动型ETF和两项被动型ETF。凭借ARK基金出色的投资业绩，以及Wood对科技公司的独到见解，她在业内被称为科技女股神。
Catherine Wood founded ARK six years ago, with five active ETFs and two passive ETFs managed under the company’s banner. With the excellent investment performance of the ARK Fund, and Wood’s unique insight into technology companies, she is known in the industry as the Science and Technology goddess.
2020年以来，ARK五项主动型ETF收益均超100%，同期标普500指数仅为14.65%。其中，基因组革命ETF(ARKG) 收益达207.58%，创新电子信托基金(ARKK) 及下一代互联网ETF(ARKW)收益逾160%。而ARK基金重仓股特斯拉年初至今收益达690.97%。
Since 2020, the ARK's five active ETFs have generated more than 100% of the proceeds, compared to 14.65% of the 500 index for the same period. Of these, the genome revolution ETF (ARKG) yields 207.58%, the innovation e-trust fund (ARKKK) and the next generation of Internet ETF (ARKW) returns more than 160%.
Wood于今年年初曾接受《投资者商业日报》（Investor's Business Daily）的采访，就有关ARK的投资理念和研究方法，各个基金的情况，以及持有哪些股票使其表现强劲的原因展开交流。她表示，尽管在2008年金融危机之后，私募股权行业的指数化和估值大幅上升，但对于创新型上市公司的研究、投资和价值仍未得到充分重视。
Wood was interviewed early this year by the Investor's Business Daily to share ideas and research methodologies on ARK, the status of funds, and the reasons for which shares were held to make their performance strong. She said that despite the significant increase in indexation and valuation of the private equity sector in the wake of the 2008 financial crisis, research, investment and value of innovative listed companies had not received sufficient attention.
ARK通过"开放研究生态系统"发现和评估处于成长期的创新企业，使得普通投资者可以通过持有这些ETF获得创新企业可能提供的最佳收益。当看到某个创新平台因人们不了解所发生情况而受到“不良对待''时，ARK往往会在投资组合中加大其权重。ARK的策略在“高风险偏好”市场中有更好的表现。
ARK, through &quat; Open Research Ecosystems & &quat; and Identification and Assessment of Innovative Enterprises in a Long Term, allows ordinary investors to obtain the best possible benefits from innovation by holding these ETFs. When it comes to seeing an innovation platform that is “badly treated” because people don't know what is happening, ARK tends to increase its weight in the portfolio. ARK’s strategy is better in “high-risk preferences” markets.
ARK专注颠覆式创新
ARK focuses on subversive innovation
ARK投资于自动交通，机器人技术和人工智能，3D打印，太空探索，基因组学，区块链，云计算，电子商务和金融科技等颠覆性发展领域。ARK将其研究推向社交媒体，并已在区块链，人工智能，基因组学和能源存储领域获得认可。
ARK invests in the subversive development of automatic transport, robotics and artificial intelligence, 3D printing, space exploration, genomics, block chains, cloud computing, e-commerce, and financial technology. ARK pushes its research into social media and has been recognized in block chains, artificial intelligence, genomics and energy storage.
IBD：你创立公司和推出现有ETF的前提是什么？
IBD: What are your prerequisites for starting a company and launching an existing ETF?
Wood：我创立ARK的目的是专注于公开股权市场上的颠覆式创新企业，并为研究增加新的维度。创新通常会提供长期的增长机会。但随着资金逐渐转向被动型和指数型投资，以及大量流入私人市场，我认为公共市场在研究和投资组合管理方面已经出现空缺。ARK专注于上市公司，旨在通过投资最具创新力的公司来填补这一空白，我们相信这些公司将在未来5至10年内带来长期增长。
Wood: I created ARK to focus on subversive innovation in open equity markets and to add new dimensions to research. Innovation usually offers long-term growth opportunities.
IBD：您的公司和基金与其他投资颠覆性业务的基金有何不同？
IBD: How are your companies and funds different from other funds that invest in subversive operations?
Wood：ARK专注于长期颠覆式创新、专有的开放研究生态系统以及主动积极的管理，这使我们在其他产品中独树一帜。
Wood: ARK focuses on long-term subversive innovation, exclusive open research on ecosystems and proactive management, which makes us unique among other products.
ARK的开放研究生态系统力求通过开放的方法和见解的趋同，充分利用迅速的变化。自上而下和自下而上的研究相结合，使我们能够评估颠覆式创新的投资机会，然后发现和评估最有能力受益的公司。开放研究生态系统包括各自领域的领导者，社交媒体互动，以及人们通过网络对ARK的公共研究做出回应而获得的见解。
ARK’s open research ecosystem seeks to take full advantage of rapid change through the convergence of open methods and ideas. The combination of top-down and bottom-up research allows us to assess investment opportunities for disruptive innovation and then to identify and evaluate companies that are best able to benefit from it. Open research ecosystems include leaders in their respective fields, social media interactions, and people’s insights from online responses to ARK’s public research.
IBD：ARK的主动型ETF试图充分利用创新曲线：这项工作到底有多有效，以及您在何时买卖股票？
Wood：ARK认识到，真正的颠覆式创新是通过技术实现的，它会使成本快速下降，需求快速增长，跨越行业和地域并催生进一步的创新，从而在更长的时间范围内刺激增长。
Wood: ARK recognizes that real disruptive innovation is achieved through technology, which causes costs to fall rapidly, demand to grow rapidly, cross industry and geography and generate further innovation, thus stimulating growth over a longer period of time.
ARK认为，预测技术成本下降的最佳方法，不是将成本作为时间的函数进行预测，而是应该考虑产量。
ARK argues that the best way to predict a decline in the cost of technology is not to use cost as a function of time, but to consider production.
ARK将在下述情况削减或增加头寸：（1）利用短期负面市场行动或市场情绪创造的机会；（2）为ARK相对更有信心的公司提供流动性资金；或（3）对ARK认为股价被市场低估的公司进行投资。
ARK will reduce or increase its position in the following cases: (1) taking advantage of opportunities created by short-term negative market actions or market sentiment; (2) providing liquidity to companies with relatively more confidence in ARK; or (3) investing in companies whose shares are considered undervalued by the market.
IBD：在经历了艰难的2018年之后，大多数ARK基金在2019年都表现出色：这其中发生了什么变化，以及你认为这种强劲的表现会持续到2020年吗？
Wood：在“高风险偏好”市场中，ARK的策略应该会有更好的表现。波动性上升对我们有利，投资者开始认识到许多公司基本面被误解，并希望在一个被动型指数中找出领头羊，而不是市值最大的公司。ARK投资的公司通常不是构成大盘指数的重要组成部分。
Wood: In the “high-risk preference” market, the ARK strategy should show better. Volatility rises in our favor, investors begin to recognize that many of the company’s fundamentals are misunderstood and want to find the lead sheep in a passive index, rather than the company with the largest market value.
ARK的策略在“低风险偏好”的市场中通常表现不佳。之所以会发生这种情况，部分原因是其他投资者和顾问往往会在此时重新回到基准公司，而ARK通常不会这样做。
ARK’s strategy is often poor in “low-risk preferences” markets. This is due in part to the fact that other investors and consultants tend to return to benchmark companies at this time, and ARK does not usually do so.
IBD：ARK基因组革命ETF（ARKG）是2019年回报率为44%的十大行业ETF之一：是什么促成了它？
Wood：在医疗保健领域远远落后于市场的一年中，我们为基因组革命基金的表现跑赢大盘感到非常自豪。
Wood: In a year in which health care lags far behind the market, we are very proud of the way the Genome Revolution Fund is performing.
我认为这背后的原因是，投资者开始意识到我们投资组合中的某些公司实际上正在治愈疾病。
I think the reason behind this is that investors are beginning to realize that some companies in our portfolio are actually curing the disease.
Invitae（NVTA）（2019年上涨46％）是一家分子诊断测试公司，该公司正在积极降低测试价格以便增加准入。
Invitae (NVTA) (a 46 per cent increase in 2019) is a molecular diagnostic test company that is actively reducing test prices in order to increase access.
基因组革命ETF持有CRISPR医疗
CRISPR Therapeutics（CRSP）是顶级医疗公司之一（去年增长113％）。他们刚刚首次发表了在人体试验中的研究结果，因CRISPR编辑了已经突变并引起问题的基因，有两个人的血液疾病已经得到治愈。
CRISPR Therapeutics (CRSP) is one of the top medical companies (an increase of 113 per cent last year). They have just published for the first time the results of their research in human experiments, and two human blood diseases have been cured because CRISPR has edited the genes that have mutated and caused problems.
IBD：ARK创新电子信托基金（ARKK）和下一代互联网ETF（ARKW）的表现也很出色，在2019年的表现超过了标普500指数。其背后的推动力是什么？
Wood：他们都持有特斯拉（TSLA）（2019年增长26％，其中Q4增长74％）。
Wood: They all hold Tesla (an increase of 26 per cent in 2019, of which Q4 grew by 74 per cent).
在ARKW（去年增长了36％）中，有两家半导体制造商：英伟达（NVDA）（增长77％）和AMD（增长148％），这两家公司在人工智能领域正变得越来越重要。还有一家基因检测公司Veracyte（VCYT）（增长122％）。我们之所以将其放入ARKW，是因为它在人工智能诊断测试方面处于领先地位。拼多多（PDD）（上涨69％）是一家中国的电子商务公司，有点像Groupon（GRPN），eBay（EBAY）和亚马逊（AMZN）的组合。它始于农村地区，但在城市地区却取得了惊人的成功。
In ARKW (a 36% increase last year), there are two semiconductor manufacturers: NVDA (a 77% increase) and AMD (a 148% increase), which are becoming increasingly important in the area of artificial intelligence. There is also a genetic testing company, Veracyte (VCYT) (a 122% increase). We put it in ARKW because it is a leader in diagnostic tests of artificial intelligence.
IBD：ARK投资的几家基金，如ARKK、ARKW和ARKQ，都持有一些类似的标的，你对投资者选择哪种基金有何建议？
Wood：创新电子信托基金（ARKK）（2019年增长35％）的一大好处是，当看到我们的某个创新平台因人们不了解所发生情况而受到``不良对待''时，我们往往会在投资组合中加大其权重。ARKK是所有创新平台的结合：DNA测序，储能，机器人技术，人工智能和区块链技术。它更青睐我们认为在市场上没有得到应有对待的平台。它现在持有基因组平台的权重达到30%。
Wood: A major benefit of the Innovation Electronic Trust Fund (ARKK) (a 35% increase in 2019) is that when one of our innovative platforms is seen to be `badly treated' because people don't know what happened, we tend to increase its weight in the portfolio. ARKK is a combination of all innovative platforms: DNA sequencing, storage, robotics, artificial intelligence, and block chain technology. It favours platforms that we believe are not treated properly in the market.
下一代互联网ETF（ARKW）与基因组革命ETF（ARKG）几乎没有关系。ARKW更多地涉及与软件即服务公司（SaaS公司）和云计算——所有这些公司都将通过AI变得更好，AI是创新组合的重要组成部分。特斯拉之所以在这里，是因为它进入自动驾驶领域的唯一途径就是通过AI。我们认为这可能是当今世界上最重要的AI之一。你还将看到下一代互联网中看到更多电子商务活动的身影，尤其是中国的互联网。
The next generation of the Internet ETF (ARKW) has little to do with the genome revolution ETF (ARKG). ARKW is more about software, the service company (SaaS) and cloud computing — all of which will be better through AI, which is an important part of the innovative mix. Tesla is here because the only way to get into autopilot is through AI. We think this may be one of the most important AIs in today’s world. You will also see more e-commerce activity in the next generation of the Internet, especially in China.
自主技术和机器人ETF（ARKQ）更专注于“移动即服务”（Mobility-as-a-Service），它持有特斯拉和自动驾驶生态系统，无人驾驶飞机，协作式机器人Teradyne（TER）（增长119％）和亚马逊，以及大量3D打印和太空探索的相关公司。
Autonomous technology and robot ETF (ARKQ) are more focused on mobile services (Mobility-as-a-Service), which hold Tesla and autopilot ecosystems, drones, collaborative robots Teradyne (TER) (an increase of 119 per cent) and Amazon, as well as a large number of 3D printing and space exploration companies.
IBD：在2018年初，您讨论了比特币（GBTC）及其对ARK投资基金2017年业绩的重大贡献。此后，比特币一直举步维艰急。我看到比特币已经不在ARKK持仓中，但在ARKW中仍有1.5％的仓位。如何解释这种投资配置上的差异？
IBD: In early 2018, you discussed the Bitcoin (GBTC) and its significant contribution to the performance of the ARK Investment Fund in 2017. Since then, Bitcoin has been struggling. I see Bitcoin is no longer in the ARKKK, but there are 1.5% of the positions in the ARKW. How can this difference in investment configuration be explained?
Wood：比特币价格从250美元到2万美元的那段时间里，我们一直持有GBTC。当它超过我们投资组合的10％时，我们不得不出售它，当时我们承担了太多不合规收入的风险。因此，我们决定在适当的时候撤资并退出。我们这样做是出于商业原因，而不是出于投资原因。作为受托人，我们必须保护我们的投资者免受不合规收入带来的税收后果。
Wood: During the period between $250 and $20,000, we held the GBTC. When it exceeded 10 per cent of our portfolio, we had to sell it, when we assumed too much risk of non-compliance. So, we decided to withdraw in due course. We did so for commercial reasons, not for investment reasons. As trustees, we had to protect our investors from the tax consequences of non-compliance.
我们一如既往地看好比特币，为此我们将其保留在ARKW和我们的全权委托帐户中。
As always, we look after Bitcoin, for which we keep it in the ARKW and our discretionary accounts.
IBD：ARK金融科技创新（ARKF）是你们最近增加的项目。它投资了什么样的公司？
What kind of company did it invest in?
Wood：ARKF主要投资于与金融科技投资主题相关的国内外公司权益证券。
Wood: AARKF invests mainly in domestic and foreign corporate equity securities related to the subject of investment in financial science and technology.
这包括专注于并有望从金融部门和经济交易的基础向技术基础设施平台和技术中介转移中受益的公司。它们还可能包括开发、使用或依赖创新支付平台和方法，销售点供应商，交易创新，商业分析，减少欺诈，无摩擦的融资平台，P2P借贷，中介交易所，资产分配技术，加密货币，移动支付，风险定价和汇集聚合商的公司。
This includes companies that focus on, and are expected to benefit from, the transfer of the foundations of the financial sector and economic transactions to technology infrastructure platforms and technology intermediaries. They may also include the development, use or reliance on innovative payment platforms and methods, sales point suppliers, trade innovation, business analysis, reduction of fraud, friction-free financing platforms, P2P lending, brokering exchanges, asset allocation techniques, encrypted currency, mobile payments, risk pricing and conglomerates companies.
IBD：您多久重新调整一次投资组合？是按设定的时间间隔还是说不断变化的？
IBD: How often do you reconfigure your portfolio? At set intervals or changing?
Wood：ARK使用自己的评分系统对公司进行持续评估并监控基础投资标的。ARK的投资团队会根据分数的变化调整投资组合中的股票头寸。ARK相信，其一贯的投资流程和对高信任度投资组合的主动管理，充分利用快速变化带来的收益，并避免可能因创新被取代的行业和公司。
Wood: ARK uses its own rating system to continuously evaluate companies and monitor underlying investment targets. ARK’s investment team adjusts the stock position in the portfolio according to the change in scores. ARK believes that its consistent investment process and proactive management of high-trust portfolios take full advantage of the benefits of rapid change and avoid industries and companies that may be replaced by innovation.
IBD：您如何控制投资组合中的风险？
IBD: How do you control the risks in the portfolio?
Wood：围绕颠覆式创新建立的主题投资组合面临某些风险。例如，ARK投资策略的主要风险是，我们认为将成为未来领导者的颠覆性技术或颠覆性公司会自身被颠覆或无法兑现其承诺。
Wood: There are certain risks to the thematic portfolio built around subversive innovation. For example, the main risk of the ARK investment strategy is that the subversive technology or subversive companies that we believe will become future leaders will themselves be subverted or unable to deliver on their promises.
为了降低这种风险，ARK会使用投资组合追踪器持续监控其投资组合中的公司。投资组合追踪器将投资组合中所有股票的定性和定量分数自下而上合并在一起。每个投资组合团队在每日早盘会议和周一股票会议期间讨论分析师评分的变化，任何得分降到6分以下都会引发讨论。
In order to mitigate this risk, the ARK continuously monitors companies in its portfolio using a portfolio tracker. The portfolio tracker combines the qualitative and quantitative scores of all equities in the portfolio from the bottom up. Each portfolio team discusses changes in analyst ratings during the daily morning and Monday stock meetings, and any score drops below six points triggers discussion.
IBD：关于费用，ARK在这个行业中处于什么位置？您如何设定费用？
IBD: What is the position of ARK in this industry with regard to costs? How do you set the cost?
Wood：我们的费用比率是75个基点。我们的竞争对手不是其他ETF，而是主动型公募基金。这些公司的费用比率通常是75个基点，但他们还有另外50到75个基点的隐性费用。而我们则没有隐性费用。
Wood: Our cost ratio is 75 basis points. Our competitors are not other ETFs, but active public funds. These companies usually have 75 basis rates, but they have hidden costs of 50 to 75 basis points. We have no hidden costs.
另外，在公开股票市场上，我们最接近风险投资基金，但是我们更具流动性，税收效率和透明度。我们认为，相较于私募市场，公募市场的创新被大大低估了。
Moreover, in the open stock market, we are the closest to venture capital funds, but we are more liquid, efficient and transparent in tax collection. We believe that innovation in the public sector is greatly underestimated compared to private markets.
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