Cathie Wood admitted on Thursday that Ark Investment Management’s funds had been hit by climbing interest rates, but told investors that the rotation under way in US financial markets would not ultimately upend the group’s strategy of betting on disruptive and high-growth companies.
Wood, who oversees Ark’s almost $50bn portfolio of investment funds, has become an influence in US equities since markets began to rally last year. Ark funds, including the $22bn Innovation exchange traded fund, have attracted tens of billions of dollars of inflows over the past 12 months.
But shares of several of the firm’s ETFs have stalled or declined this year.
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