Motorhead

1/ @CathieDWood is in a dire liquidity trap w/ 18 of her positions worth $9.6bn (19% of NAV). 

Japan's Nikko paid ARK to mimic $ARKK &amp; sell it in Japan. 

What shows up as Nikko's positions are often held in equal size by Sumitomo Mitsui. This amplifies ARK's exposure by 1.8x 

2/ This is a list of ARK's 18 most illiquid holdings, in terms of the # of trading days it would take ARK to exit its position based on avg 30-day volume. 

$MTLS is a great example: ARK's stake alone would take 18 days to sell. Add Nikko + Sumitomo &amp; now it's 30 days of volume. 

3/ @ARKInvest is so bad at risk management that it invited Nikko to add to positions in which ARK was already oversized. 

This creates a circular firing squad, where $ARKK selling spurs Nikko selling &amp; vice versa. 

ARK's biggest ownership stakes (LEFT); Nikko's (RIGHT). 

END/ The avg PBR of these 18 oversized $ARKK positions is 9x &amp; only 5 are forecast to be profitable in 2023. 

Stocks like $MTLS, in which ARK faces the biggest liquidity trap, have been struggling for years. 

Some, like $CERS are held by savvy biotech investors like Baker Bros. 