Cathie Wood seems to be warming up to Meta Platforms Inc.

Two exchange-traded funds managed by Wood’s ARK Investment Management — her flagship ARK Innovation ETF (ticker ARKK) and the Ark Next Generation Internet ETF (ARKW) — scooped up shares of Meta, the company behind Facebook. A website that tracks ARK trades shows that a number of the firm’s ETFs last held shares of Facebook at the end of 2021, when the company still traded under the ticker FB.

ARKK bought 150,459 shares of Meta on Tuesday, while ARKW added 24,389, according to a company update. At the same time, both funds sold some of their Tesla Inc. holdings, though the EV-maker remains the largest position in each, Bloomberg data show.

“Post-job cuts, they must find the stock attractive again,” Todd Sohn, ETF strategist at Strategas, said of Meta, which recently instituted layoffs. “My main question going forward is how big a position do they go for? That is, a Tesla-like influence on the portfolio, or a name they are comfortable with having a smaller weight towards?”

Sohn added: “Nonetheless, between Tesla, Nvidia and Meta, they must see something attractive about what these mega-cap growth names are doing within their respective businesses.”

Tech stocks have skyrocketed this year, with the Nasdaq 100 advancing an eye-catching 35%. Meta, meanwhile, has spiked 125%.

Wood, the founder and chief executive officer of ARK Investment Management, became popular during the pandemic as her funds surged and she hailed innovation as a major investing theme. But her suite of products, including ARKK, have suffered more recently, with the flagship fund losing 70% since it hit a high in early 2021.

Wood has also been in the spotlight recently for missing out on an AI-fueled surge in shares of Nvidia Corp. of which her flagship ETF closed out in early January. Investors of ARKK have mostly been left out of Nvidia’s 170% year-to-date rally. 

This article was provided by Bloomberg News.