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By Staff Reporters
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Popular money manager Cathie Wood of Ark Investment Management has seen her young-technology-stock funds hit the skids this year amid weak earnings. Her Ark Innovation ETF (ARKK) – Get Free Report has lost 68% in 2022 and is down 81% from its February 2021 peak. The Ark chief executive has defended her strategy by noting that she has a five-year investment horizon. But the five-year annualized return of Ark Innovation totaled a negative 2.66% through Dec. 26, against the S&P 500’s positive return of 9.38%. The fund’s performance also doesn’t come close to Wood’s goal for annualized returns of 15% over five-year periods.
CITE: https://www.r2library.com/Resource/Title/082610254
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U.S. equities finished lower, adding recent losses with the markets approaching year-end. The moves came amid lighter volume in the waning days of a dismal 2022, with the equity front offering little in terms of news. However, Southwest Airlines continues to be troubled by mass flight cancellations.
The economic calendar delivered another drop in pending home sales, while Richmond manufacturing activity unexpectedly moved into expansion territory.
Treasury yields were mixed after yesterday’s solid gains, and the U.S. dollar was slightly higher. Crude oil prices fell, and gold pulled back from Tuesday’s rise.
Asia finished mixed and Europe also diverged as the global markets wrestled with China’s reopening and uncertainty regarding the ultimate impact of aggressive monetary policy tightening across the globe.
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Filed under: Alerts Sign-Up, Financial Planning, Investing | Tagged: ARK, Ark Investment Management, Cathie Wood |
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