(Bloomberg) — Cathie Wood last week made her first purchase of shares in LY Corp. in over a year, indicating a possible shift toward more positive sentiment on the operator of Yahoo! Japan and popular messaging app Line.
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Wood’s Ark Fintech Innovation ETF (ARKF) bought a total of about 1.71 million shares of LY over Thursday and Friday, according to Ark Investment Management LLC’s daily trading data compiled by Bloomberg. Ark had been reducing its stake in the stock for four-straight quarters through September.
Shares of LY — which is majority-owned by a joint venture of SoftBank Corp. and South Korea’s Naver Corp. — have been climbing over the past two months, helped by strong quarterly results. The Tokyo-listed stock jumped as much as 2.8% in afternoon trading Tuesday, erasing an earlier loss.
The Ark Fintech Innovation ETF is poised for its best year versus the Nasdaq 100 since 2020. Its largest holdings include Coinbase Global Inc., Block Inc. and Shopify Inc.
(Adds Tuesday’s share move in third paragraph. An earlier version of this story corrected the third paragraph to show SoftBank Corp. is part owner of the joint venture rather than SoftBank Group)
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