Cathie Wood Just Bought $13 Million of Broadcom Stock

This article first appeared on GuruFocus.

Broadcom (NASDAQ:AVGO) attracted a fresh investment from Cathie Wood’s ARK Invest last week, adding to the fund’s exposure to the semiconductor company as its shares remained below their recent peak.

ARK purchased 76,263 Broadcom shares during the week ended Oct. 2, with the transaction valued at about $13.1 million based on reported trading prices.

The buying came as Broadcom shares were still roughly 28% below their 52-week high of $495, reached in June. The stock gained 3.35% on Oct. 2 to close at $355.14, outperforming the broader market during that session.

ARK’s latest purchase also lifted its combined Broadcom holdings across its ETFs. Its reported Oct. 2 positions totaled 752,859 shares, worth about $258.7 million at that day’s prices.

The transaction gives investors another indication that ARK continues to see potential in Broadcom despite the stock’s pullback from its June high. The company has remained a key semiconductor holding across several ARK funds.