Cathie Wood is a well-known investor and the founder, CIO, and CEO of the investment management firm ARK Invest. Wood’s ARK Invest ETFs, including the flagship ARK Innovation ETF (ARKK), ARK Genomic Revolution ETF (ARKG), and ARK Fintech Innovation ETF (ARKF), have tumbled significantly this year amid the intense market rout since they are overweight on high-growth companies.
Concerns over multi-decade-high inflation, the Fed’s persistent hawkish stance, and a potential recession have triggered a widespread tech sell-off this year. Wood’s flagship ARKK has plummeted nearly 60% in price year-to-date. However, the fund staged a dramatic relief rally last Thursday due to an easing inflation reading. The ETF posted its biggest daily pop since its inception in 2014, climbing more than 14%.
