It’s been a bleak week for Cathie Wood’s flagship fund, Ark Innovation, that left nearly all of her stock in the bear market.
Wood’s main exchange-traded fund, which trades under the ticker ARKK, has fallen 12.6% this week, its worst week since February. Ark Innovation fell 5.5% on Friday.
Painful losses have sent all but 2 of Wood’s constituents down more than 20% from their recent highs, meaning they are in a bear market.
Only Trimble and Tesla are 20% below their highs, but both are 10% above their 52-week record. Berkeley Lights, Proto Labs and Skillz are all 80% below their 52-week highs.
Wood spoke to CNBC this week and believes in Ark’s strategies, focusing on “disruptive innovation” in five digital forms: DNA sequencing, robotics, energy storage, artificial intelligence and blockchain technology.
Wood says her strategies will quadruple over the next five years, after underperforming this year.
The portfolio manager expects the next few years to bring “the most spectacular period of innovation we’ve ever seen,” Wood said.
