Ark’s Cathie Wood Continues to Stumble

It’s been a rough 2022 for famed money manager Cathie Wood, chief executive of Ark Investment Management, as her exchange-traded funds sink.

Wood’s flagship fund, Ark Innovation ETF  (ARKK) , plunged 64% year to date through Oct. 14, hitting a five-year low. Ark Innovation has tumbled 79% from its February 2021 record high.

Soaring interest rates and sluggish economic growth have dented Wood’s young, “disruptive” (as she describes them) technology companies. Rising rates hurt them because their earnings stream will come down the road (if at all), while the safe yields of Treasury bonds are rising now.

Source: https://www.thestreet.com/investing/ark-cathie-wood-continues-stumble?puc=yahoo&cm_ven=YAHOO&yptr=yahoo