Cathie Wood acknowledged her fund firm Ark Investment Management’s volatile performance has been “challenged” in 2024 but insisted a return to profitability is in sight.
In a nearly 4,000-word letter to investors published on Wednesday afternoon, Wood thanked investors for sticking with her, despite a losing run to start the year while the broader US equities market has enjoyed sizeable gains, putting it on track for a potential third losing year out of the last four. In 2021 and 2022, Wood’s flagship exchange traded fund had performed worse than virtually all of its peers, though she had beaten the field in 2020 and 2023, according to Morningstar.
Wood, who rose to prominence in 2020 after the ARK Innovation ETF (ARKK) gained more than 150 per cent, acknowledged “volatility can be frustrating and unsettling” and that “the macro environment and some stock picks have challenged our recent performance”.