Cathie Wood, the founder and CEO of investment company ARK Invest rose to widespread Wall Street popularity in 2020, after her flagship fund ARK Innovation ETF (ARKK) provided investors 153% in returns, as opposed to the S&P 500’s returns of 18% over the year. However, given Wood’s preference for high growth, speculative stocks, each one of the Ark Invest funds is down in 2022, with the average investor in five ARK ETFs sitting on a 27% loss.
Rising interest rate forecasts have hit the tech sector, and Wood’s ‘disruptors’ have not been spared. ARKK dropped 23% in 2021 and is down 22% in 2022.
