Cathie Wood pitches upside of disappointing returns of flagship investment fund
Cathie Wood’s Ark Investment Management has a new pitch to investors who might be concerned by the asset manager’s huge losses owing to rising interest rates — think of the tax write-offs. Wood’s flagship investment product — the $6.3bn ARK Innovation exchange traded fund, known as ARKK — is down more than 25 per cent over the past three months, according to Morningstar.
Several big holdings for ARKK, such as Zoom and Block, have been down this year, offsetting stronger performance by the likes of Coinbase and Roku. While perennial top holding Tesla is up nearly 100 per cent year to date, its stock is still well below its highs of late 2021 and early 2022. Wood noted on Thursday’s webinar that she thought the potential to save on taxes offered by her company’s ETFs was underappreciated.
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