Cathie Woods Ark fund news.
Quote:
Morningstar analyst Robby Greengold, who cut his rating on Ark Innovation to 'negative' from 'neutral' late Thursday, said the fund has recorded a "wretched" 45.5% loss over the past 12 months through February and is now saddled with even more risk following her move to reduce the portfolio to 35 stocks from 60, while growing its exposure to stocks in which ARK Investment Management in the biggest investor.
"Wood’s reliance on her instincts to construct the portfolio is a liability,' Greengold said. "This is a high-risk, benchmark-agnostic portfolio that invests across technology platforms the team thinks will revolutionize how sectors across the globe operate. The firm favors companies that are often unprofitable and whose stock prices are highly correlated."
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