Cathie Wood, the star fund manager and chief executive of ARK Invest, took to CNBC to defend the woeful performance of the manager’s suite of disruptive innovation funds.
Wood told the business network in a Thursday interview that the gravitation of money managers toward benchmarks, rather than taking risk on what she views as potentially game-changing technology in gene editing, electric vehicles and artificial intelligence, among others, was creating a “massive misallocation of capital” in markets that could be the biggest in “the history of mankind.”
So far in 2022, each of the flagship ARK Innovation’s ARKK, -6.44% 40 holdings had fallen more than 10%. The fund itself has slumped 26% year to date, and lost more than half its value over the past 12 months, FactSet data show. “We are not going back to the old ways of doing things,” she said about the surge in value in the cache of stocks bought by ARK that saw revenue accelerate during the COVID public health crisis.
She reiterated that investors in ARK need to maintain a 5-year time horizon to eventually reap investment rewards.
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