Cathie Wood, CEO and Chief Investment Officer of ARK Investment Management LLC, speaks at the Sooner Than You Think conference in Brooklyn, New York, on Tuesday, October 16, 2018.
Alex Flynn | Bloomberg | Getty Images
Ark Invest’s flagship fund, Ark Innovation, took a beating this week amid the sale of innovation names pressured by rising interest rates.
ETF shares fell more than 14% this week and fell 30% from the all-time high. The fund eliminated all its earnings from 2021 this week, down more than 10% a year.
Shares of Ark Innovation lost almost 6% on Friday.
Keeping the course, Wood took the technical wreck this week as an opportunity to buy a stake in some of the ETF’s top holdings.