Can Tesla save Cathie Wood?
👇 The EV giant has surged nearly 75% since its April 2024 low, now making up 15% of the ARK Innovation ETF(as of July 12). $ARK Innovation ETF (ARKK.US)$
Cathie Wood has typically capped the top holding of the fund to 10%, and while she has been trimming the position recent weeks, she is continuing to let it run. Despite this, ARKK continues to disappoint investors, with a YTD return of -7%, lagging behind the S&P 500’s 18%. $S&P 500 Index (.SPX.US)$
Over the past 5 years, the ETF has returned -3%, a stark contrast to the S&P 500’s 86% gain. Considered by many at the time to be the next big thing, many investors jumped into Cathie Wood's fund after its 150% surge in 2020.
The result?
According to Morningstar, the ARK Innovation ETF has wiped out $7.1B in wealth, contributing to Ark Invest's ETFs collectively losing$14Bin wealth over the past decade.
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