原文標題：
This robot-run fund with a history of predicting Tesla price moves has just
made these stock picks
這支由機器人運營的基金具有預測特斯拉價格走勢的歷史，這使得這些股票精選成為可能
原文連結：
https://reurl.cc/bzoODE
發布時間：
Last Updated: April 14, 2021 at 8:21 a.m. ET
First Published: April 14, 2021 at 6:42 a.m. ET
原文內容：
Do you think you can pick stocks better than a robot?
An exchange-traded fund driven by artificial intelligence has correctly
predicted Tesla price movements, and recently shared its most recent
portfolio additions and subtractions with MarketWatch.
The fund is the Qraft AI-Enhanced U.S. Large Cap Momentum ETF, trading as
AMOM AMOM on the New York Stock Exchange since May 2019. The ETF has
delivered total returns of 9% so far in 2021 and 79% in the last year —
significantly outpacing its benchmark, the S&P 500 Momentum ETF SPMO, which
has returned a comparable 45% since April 2020.
AMOM is an actively managed portfolio driven by artificial intelligence,
tracking 50 large-capitalization U.S. stocks and reweighting its holdings
each month. It is based on a momentum strategy, with the AI behind its stock
picks capitalizing on the movements of existing market trends to inform the
decision to add, remove, or reweight holdings. The artificial intelligence
scans the market and uses its predictive power to analyze a wide set of
patterns that show stock market momentum.
The fund is a product of Qraft, a Seoul, South Korea-based fintech group
leveraging AI across its investment products, which include three other
AI-picked versions of major indexes: a U.S. large cap index QRFT, a U.S.
large cap dividend index HDIV, and a U.S. value index NVQ.
One of AMOM’s standout achievements has been correctly anticipating price
moves in electric-vehicle maker Tesla’s TSLA stock. The fund sold off all of
its shares in Tesla at the end of August, before the stock fell 14% in
September and a further 10% in October. AMOM bought that dip, reinvesting in
Tesla in November, and loaded up on shares until the end of January, at which
point Tesla made up 6.7% of its portfolio.
Before the start of February, AMOM sold off its entire Tesla holdings as the
stock was near its all-time high. Shares in the EV company are down more than
12% since the beginning of February, when the AI decided to sell up. AMOM has
yet to buy Tesla again.
The entrance of AI-run funds onto Wall Street promised a new high-tech future
for investing, though it hasn’t quite lived up to the hype yet.
Theoretically, researchers have shown that AI investing strategies can beat
the market by up to 40% on an annualized basis, when tested against
historical data.
But Vasant Dhar, a professor at New York University’s Stern School of
Business and the founder of a machine-learning-based hedge fund, argued on
MarketWatch in June 2020 that AI-run funds will not “crack” the stock
market.
Dhar said that it was difficult for funds underpinned by machine learning to
maintain a sustainable edge over markets, which are “highly adversarial” in
nature. He advised investors considering investing in an AI system to ask
tough questions, including how likely it is that the AI’s “edge”will
persist into the future, and what the inherent uncertainties and range of
performance outcomes for the fund are.
AMOM’s top stocks for April
The AI driving AMOM made recommendations to reorient the fund’s portfolio at
the end of March, including reweighting holdings as well as adding new stocks
and booting others.
Target TGT was the biggest addition, coming in with a portfolio weight of
2.7%. So far, shares in the retail giant are up 3% this month, with the stock
15% higher so far in 2021. The AI may have picked up this stock as part of
the wider rotation into value stocks, in line with its addition of another
retail giant Walmart WMT as the fund’s second-largest holding in March,
Qraft said. Shares in Walmart have rallied more than 7% since it was added to
AMOM last month.
ServiceNow NOW was another addition to the fund, with a portfolio weighting
just below Target’s at 2.69%. Shares in the cloud computing software company
have already climbed near 10% so far this month, in a rebound that brings the
stock up 4% this year.
Hot on Service Now’s heels in terms of portfolio weight is Autodesk ADSK,
making up 2.16% of AMOM’s portfolio. Shares in the maker of software and
design tools, including AutoCAD, are more than 6% higher since the beginning
of the month and below flat on the year. Monster Beverage MNST was another
pick for April, included in AMOM with a portfolio weight of just below 2%.
The energy drink company’s stock is up 5% in April and near 6% in 2021.
The final stock of the top five added to AMOM for April was another of the
stalwart value variety: O’Reilly Auto Parts ORLY, with 1.8% allocation.
Shares in the parts retailer are trading just 1% higher since the beginning
of the month, up 13% since the start of the year — so there could be more
gains in the remainder of the month if the AI is right.
5 stocks the AI doesn’t like
But AMOM also ditched stocks at the beginning of April, including booting out
two blue-chip big names with heavy weightings in the portfolio. Graphics
microchip maker Nvidia NVDA and home improvement retailer Home Depot HD, each
previously making up more than 5% of AMOM, were removed at the beginning of
the month.
The next three largest stocks by portfolio weight removed from the fund were
semiconductor systems supplier KLA Corporation KLAC, bar code and computer
tracking group Zebra Technologies ZBRA, and backup power generator maker
Generac Holdings GNRC.
So far, all five of those stocks are actually up in April, with Nvidia more
than 17% higher since the end of March. But if AMOM is right, there may be a
correction coming.
機翻如下：
你覺得你能比機器人更會選股嗎？
一隻由人工智慧驅動的交易所交易基金已經正確預測了特斯拉的價格走勢，並在最近與
MarketWatch分享了其最新的投資組合增減情況。
該基金是Qraft AI-Enhanced U.S. Large Cap Momentum ETF，自2019年5月起在紐交所交
易，交易代碼為AMOM AMOM。該ETF在2021年迄今為止的總回報率為9%，過去一年的總回報
率為79%