While that’s a fraction of the $40 billion ARK had in March (a figure the firm still lists on its website), it means Wood’s pool of money is still roughly the same size as major hedge funds like Bill Ackman’s Pershing Square. So far, she’s been wrong - her main fund is down another 34 percent since her comments - but her firm still has more than $16 billion in assets, according to fund-tracker Morningstar. Instead, she doubled down: “Now we think 50 percent.” A year earlier, she’d thought her firm, ARK Invest, would deliver annualized returns of 15 percent, she acknowledged, setting up what seemed like a mea culpa for her poor performance. Wood, though, had evidently not lost her luster - judging by the crowd’s applause - nor her brazen bullishness. It was an awkward time to be a keynote speaker at a conference for money managers: Wood’s flagship fund, the ARK Innovation ETF, had lost roughly half of its value over the prior year, as its aggressive bets on hot companies from Coinbase to Robinhood and Tesla had melted down amid a bear market in tech stocks. Fallon/AFP via Getty ImagesĪround the middle of April, Cathie Wood sat onstage at the storied Fontainebleau hotel in Miami. Photo-Illustration: Intelligencer Photo: Patrick T.
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