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Ark Investment Presentation Investing in Disruptive Innovation Innovation is Key to Growth August 2019 | For Informational Purposes Only ARK INVEST ARK Believes Innovation Is Key To Growth • ARK focuses solely on offering investment solutions to capture disruptive innovation in the public markets • Organizes analyst teams by cross-sector innovation themes to capitalize on the technological convergence with research and industry insights • Utilizes a proprietary Open Research Ecosystem that combines top-down and bottom-up research, designed to identify innovation and convergence across markets • Offers actively managed innovation strategies that span market capitalization and sectors with low overlap to broad-market indices ARK Investment Management LLC Founded: January 2014 Investment Solutions: Exchange Traded Funds (US) Owners: Majority: Catherine D. Wood Location: New YorK, NY USA Mutual Funds (US, UCITS, Japan) Resolute Investment Managers, Inc., Irving, TX Staff: 21 Separately Managed Accounts NiKKo Asset Management (NiKKo AM), ToKyo, Japan (Institutional, Retail) AUM: $8.4 Billion All Employees own shares As of June 30, 2019 2 ARK Investment Management LLC Are Inverted Yield Curves Signaling a Recession or a Deflationary Boom? In the last 100 years, inverted yield curves have foreshadowed recessions within roughly a year. Forecasts are inherently limited and cannot be relied upon. Source: ARK Investment Management LLC, 2018; Helpman, E. (2010). General Purpose Technologies and Economic Growth. Cambridge, MA: MIT Press; Brynjolfsson, E., & McAfee, A. (2018). The second machine age: 3 WorK, progress, and prosperity in a time of brilliant technologies. Vancouver, B.C.: Langara College; Kurzweil, R. (2016). The singularity is near: When humans transcend biology. London: DucKworth. ARK Investment Management LLC We Believe the Yield Curve is Signaling a Deflationary Boom. During the 50 Years Ended 1929, unit growth and productivity surprised on the high side of expectations as inflation surprised on the low side, creating a “deflationary boom” and an inverted yield curve. Forecasts are inherently limited and cannot be relied upon. Source: ARK Investment Management LLC, 2018; Helpman, E. (2010). General Purpose Technologies and Economic Growth. Cambridge, MA: MIT Press; Brynjolfsson, E., & McAfee, A. (2018). The second machine age: 4 WorK, progress, and prosperity in a time of brilliant technologies. Vancouver, B.C.: Langara College; Kurzweil, R. (2016). The singularity is near: When humans transcend biology. London: DucKworth. ARK Investment Management LLC What Could Turbocharge or Derail the Deflationary Boom in the Short-Run? If the Fed were to interpret the inverted yield curve as a call to cut short-term rates, it could turbocharge the deflationary boom. Forecasts are inherently limited and cannot be relied upon. Source: ARK Investment Management LLC, 2018; Helpman, E. (2010). General Purpose Technologies and Economic Growth. Cambridge, MA: MIT Press; Brynjolfsson, E., & McAfee, A. (2018). The second machine age: 5 WorK, progress, and prosperity in a time of brilliant technologies. Vancouver, B.C.: Langara College; Kurzweil, R. (2016). The singularity is near: When humans transcend biology. London: DucKworth. ARK Investment Management LLC Investing in Disruptive Innovation: Why Now According to ARK’s research, the global economy is undergoing the largest technological transformation in history. Estimated Impact of Innovation Platforms on Economic Activity* Blockchain Technology Electricity Genome Sequencing Automobile Telephone Robotics Steam Engine Internet Railways Computers EconomicActivity Energy Storage Artificial Intelligence 1780 1800 1820 1840 1860 1880 1900 1920 1940 1960 1980 2000 2020 *ARK created this chart based on the relative impact of an innovation scaled by the degree of consensus between economic historians that a particular innovation should be considered an innovation platform. The underlying data assumes that all innovation platforms follow a characteristic investment and realization cycle of similar duration. Forecasts are inherently limited and cannot be relied upon. Source: ARK Investment Management LLC, 2018; Helpman, E. (2010). General Purpose Technologies and Economic Growth. Cambridge, MA: MIT Press; Brynjolfsson, E., & McAfee, A. (2018). The second machine age: 6 WorK, progress, and prosperity in a time of brilliant technologies. Vancouver, B.C.: Langara College; Kurzweil, R. (2016). The singularity is near: When humans transcend biology. London: DucKworth. ARK Investment Management LLC Five Major Innovation Platforms ARK aims to identify large-scale investment opportunities by focusing on public companies that are the leaders, enablers, and beneficiaries of disruptive innovation. 7 ARK Investment Management LLC Innovation Offers Investment Opportunity ARK focuses solely on disruptive innovation to take advantage of four market inefficiencies: 1. “The Market’s Short-Term Time Horizon” ARK believes there is a time arbitrage to take advantage of and seeks growth opportunities the market ignores or underestimates. 2. “The Passive Public Markets” ARK believes innovative public companies with forward looking growth are the most inefficiently priced part of the market. 3. “The Silo-ization of Wall Street” ARK’s analysts are organized by cross-sector disruptive innovation themes to capitalize on the convergence of research. 4. “The Closed-off Research and Investment Mentality” ARK combines top-down and bottom-up research and uses an Open Research Ecosystem designed to identify disruptive innovation early. 8 ARK Investment Management LLC During the late 1990s, investors were chasing the dream… Today, the dream is happening but investors are skeptical. 9 ARK Investment Management LLC Highlights of ARK’s BIG IDEAS 2019 10 BIG IDEAS 2019 Deep Learning Deep Learning Could Create 3x Incremental Market Capitalization by Computing Wave the Value of the Internet. $70,000 Deep Learning Internet • The internet captured 15% of the globe’s equity market Information Technology capitalization over 20 years. $52,500 +$30 Trillion • If deep learning were to achieve the same rate of adoption, it would add $30 trillion to global equity market capitalizations in the next 20 years. $35,000 +$10 Trillion Global Market Cap $ Billions $17,500 $4 Trillion $0 1998 19982018 – 2018 20182038 – 2038 Forecasts are inherently limited and cannot be relied upon. Source: ARK Investment Management LLC, 2018; World Federation of Exchanges, 2018, https://arKinv.st/2FbJgmp; “ACWI.” MSCI, 2018 https://arKinv.st/2Rc6y22. 11 BIG IDEAS 2019 Digital Wallets Mobile Value Transfers Could Reach $55 Trillion by 2022. Digital wallets are an important step in the evolution of mobile value transfers, making transactions and exchanges simple and seamless in a user’s everyday life. Global Mobile Value Transfers China could account for 80% of ($ trillions) global mobile value transfers in 2022, down from 92% in 2018, but still dominant. $1.1 T $9.5 T $26 T $41 T $55 T 2014 2016 2018 2020 2022 Forecasts are inherently limited and cannot be relied upon. Sources: ARK Investment Management LLC, 2018 12 BIG IDEAS 2019 Battery Cost Tipping Points ARK Forecasts That EV Sales Will Top 26 Million Globally in 2023. Global EV Sales in 2023 30 (Forecasts as of 2018) 26,400,000 25 20 15 Units (Millions) 10 5 4,300,000 4,400,000 1,300,000 Estimated2017 2018 EV Sales EV Sales EIA Bloomberg New Energy Finance ARK Invest Forecasts are inherently limited and cannot be relied upon. Source: ARK Investment Management LLC, 2018; Data from: Bloomberg New Energy Finance, U.S. Energy Information Administration, EV-volumes.com. 13 BIG IDEAS 2019 Autonomous Taxi Networks ARK Believes That the Autonomous Taxi Opportunity Should Be Valued at $2 Trillion Dollars Today and $7 Trillion by 2028. By 2028, the market cap of autonomous taxi platforms could exceed that of today’s energy sector. Expected Autonomous Taxi Market Capitalization Today Market Capitalization (Trillions) (Trillions) $7T $6.2T $4T $2T $1T $240B MaaS2018 2018 (Should (Should Be) Be) MaaS2023 2023 MaaS2028 2028 Ridehailing 2018 Automakers 2018 Energy Sector 2018 Forecasts are inherently limited and cannot be relied upon. | Source: ARK Investment Management LLC, 2018 Note: ARK’s estimate for marKet capitalization is using our global adoption curve and revenue estimates, assuming software like margins and cash flow for platform operators, and discounting cash flows from 15 years forward. 14 BIG IDEAS 2019 Next Gen DNA Sequencing NGS Revenues Could Scale From Roughly $4 Billion Today to $20 Billion in 2023. As costs continue to decline, the number of whole human genomes sequenced should scale rapidly. 2018 - 2023 2023 2018 Average Selling Price ↓ 8X *$3.8 Billion Number Genomes ↑ 40X **$20 Billion Annual Revenue 39% CAGR Annual Revenue *$1,600 Average Selling Price 2.4 Million Genomes Sequenced **$200 Average Selling Price 100 Million Genomes Sequenced Forecasts are inherently limited and cannot be relied upon. Source: ARK Investment Management LLC, 2018 15 BIG IDEAS 2019 CRISPR For Human Therapeutics CRISPR Should Address All Monogenic Diseases, Potentially Generating $75 Billion in Global Revenue Per Year. CRISPR’s Initial Addressable Market: Monogenic Diseases (Prices Based on Cures, $USD billions) Revenue $2,500 US Rest of World • 1 in 100 live human births results in a $2 Trillion monogenic disease.1 $2,000 • CRISPR entered human trials in 2018 $1,500 • Only 5% of 10,000 monogenic diseases, $1,000 conditions caused by an error in a single
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