Cathie Wood, executive director and investment director at ARK Investment Management LLC, speaks during 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 liquidation of innovation names pressured by rising interest rates.
ETF shares fell more than 14% this week and 30% from their all-time high. The fund eliminated all 2021 gains this week, down more than 10% for the year.
Ark Innovation’s shares lost nearly 6% on Friday.
Keeping his course, Wood took advantage of the technological wreck this week as an opportunity to buy the drop in some of the major holdings of his ETF.