- Oops!Something went wrong.Please try again later.
(Bloomberg) -- Cathie Wood has been increasing her stake in Japanese construction machinery bellwether Komatsu Ltd. almost every day since the middle of this month.
Wood’s Ark Autonomous Technology and Robotics ETF (ARKQ) bought American depository receipts of the excavator maker in most trading sessions since August 17, after selling some of the stock in May, according to Ark Investment Management’s daily trading data compiled by Bloomberg.
Ark’s move into the company comes with the stock down more than 20% from its year-to-date high in March, even as earnings upgrades continued and as the U.S. moves closer to passing the $550 billion bipartisan infrastructure bill. Komatsu gets about 37% of its revenue from the Americas.
ARKQ now holds more than 2.9 million depository receipts of Komatsu, according to Ark’s website, worth more than $70 million.
More stories like this are available on bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2021 Bloomberg L.P.