For Cathie Wood’s ARK Innovation fund, investors have made a $1.5 billion promise. Wood estimates that it will take her innovative investment ideas at least five years to start paying off. According to her, the fund is appropriate for medium- and long-term investors. Her ARK ETF fell by almost 70% from its peak in the first half of 2022. As growth stocks have taken a beating, ARK’s assets under management have decreased from over $28 billion to less than $9 billion. Cathie Wood made adjustments to the ARK portfolio in Q2, completely selling off 12 stocks and cutting positions in 223 firms.
Insider Monkey selected 9 tech stocks that Cathie Wood is giving up on. In the second quarter of 2022, Cathie Wood’s ARK Investment Management sold 64% of its shares of Thermo Fisher Scientific Inc. The analyst mentioned the macro climate as the reason the life science sector was under pressure, but he also pointed out that instrument businesses were well prepared for recessionary conditions. California-based LendingClub Corporation provides financial services and products through its technology-enabled platform. Michael Perito, an analyst with Keefe Bruyette, said he wouldn’t be shocked if the company’s Q2 results didn’t meet expectations. In Q2 2022, Cathie Wood’s hedge fund sold 60% of the shares of Splunk Inc. that it had previously owned. At the end of June, the Wood portfolio had 1,189 shares of the business, valued at $122,000. In Q2 2022, Cathie Wood’s hedge fund sold 60% of the shares of Splunk Inc. that it had previously owned. At the end of June, the Wood portfolio had 1,189 shares of the business, valued at $122,000. For more details, click 9 Tech Stocks That Cathie Wood Is Giving Up On.
