Hi Bart, thank you for your comment and for listening to ARK's latest podcast with Elon Musk. Tesla remains one of their highest conviction stocks. ARK utilises an iterative top-down and bottom-up investment process that results in theme-based portfolios consisting of high conviction securities. During risk-off or high volatility periods, ARK opportunistically consolidates into its highest conviction securities (buy into price weakness) as opposed to some managers who off-load risk by diversifying their portfolios during these periods. If these securities subsequently appreciate in value and their position sizes increase above a specified percentage of a portfolio, they are trimmed to ensure compliance with client investment guidelines as part of the portfolio management process.