Catherine Wood, CEO of ARK Investment Management LLC, speaks at the Milken Institute Global Conference in Beverly Hills, California, Monday, October 18, 2021.
Kyle Grillot | Bloomberg | Getty pictures
It has been a sad week for Cathie Wood’s flagship fund, Ark Innovation, which has left almost all of its holdings in the bear market.
Wood̵[ads1]7;s most important exchange-traded fund, which is traded under ticker ARKK, is down more than 12% this week, in line with the worst week since February. Ark Innovation is down 6% on Friday.
The painful losses have given all but 2 of Wood’s constituents more than a 20% discount at the last high level, which means they are in a bear market.
Only Trimble and Tesla are less than 20% from their high, but the pair are both more than 10% from their 52-week records. Berkeley Lights, Proto Labs and Skillz are all more than 80% below their 52-week highs.
Wood spoke to CNBC this week, retaining his conviction in Ark’s strategies, which focus on “disruptive innovation” across five digital platforms: DNA sequencing, robotics, energy storage, artificial intelligence and blockchain technology.
Wood said her strategies are set to quadruple over the next five years, following their poor performance this year.
The portfolio manager expects the next few years to bring the “most spectacular period of innovation we’ve ever seen,” Wood said.