Cathie Wood Keeps ‘Eye on the Prize’ After Rotation Pummels ETFs
- ARKK fund rises in early trading after five-day losing streak
- Wood says recent moves show the bull market is broadening
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The violent stock rotation that sent the main ETF from Ark Investment Management to its worst losses in a year is a healthy development for a bull market that will spur the fund to “concentrate toward our highest-conviction names,” founder Cathie Wood said.
Wood’s exchange-traded funds gained in early trading on Tuesday, signaling a reprieve from a selloff that wiped 30% from her flagship investing strategy since a Feb. 12 high. The Ark Innovation ETF (ticker ARKK) has logged three weeks of declines, the longest stretch of losses since the Covid 19-spurred meltdown last year, according to data compiled by Bloomberg.