12/28/2023 0 Comments Last wood wall not working ark16, marked against market prices, a gain that puts them up 22.16% for the year versus a 5.2% gain for shorting the entire domestic ETF market, according to technology and data analytics company S3 Partners. More broadly, short-sellers of ARK funds are up $712 million this year through Feb. "We wanted to short speculative technology and, lucky for us, ARK had already designed that package," said Matthew Tuttle, the head of Tuttle Management, whose fund has swelled to $350 million in assets and is up about 90% since it began trading in November. In fact, a lack of confidence in Wood's long-term prospects led Tuttle Capital to launch an ETF that solely shorts her positions - the first known time that an ETF has specifically shorted the strategy of a single active manager. Wood, a prominent backer of bitcoin, believes technology is advancing at a more rapid pace than many investors realize and will cleave a handful of winners away from a growing trash pile of companies on the losing side of disruption. "She doesn't present herself any differently in person than in public," he added. Her conviction does not waiver in private, said Robby Greengold, an analyst at investment research firm Morningstar who regularly speaks with her. While Wood declined to be interviewed for this article, those close to her say she is fielding multiple calls a day from financial advisers and investors to convince them to stick with her.Īt the same time, she is making a conscious drive to appear in more public forums, such as TV interviews and conferences, in order to bolster the confidence of retail investors who make up a significant portion of her fund base. With the Russian invasion of Ukraine compounding losses, Wood's flagship fund is now down nearly 63% from its February 2021 high. From there, gravity seemed to take over, pulling the fund lower and lower last year despite a 20%-plus gain in the broad S&P 500. Yet inflation soon began to sap the life out of the highly valued tech disruptor stocks she's famed for. In the space of three years she rose from relative obscurity to being hailed as one of America's greatest stock oracles in 2020 after she made gains of about 150% by piling into shares such as Tesla and Zoom Video Communications before they hit the stratosphere. Stirring the belief of seasoned investors may never be more critical for Wood. Petersburg, Florida, where she recently moved from New York.īy the end of the conversation, she had not only persuaded him to keep his money invested with her, but to add more to keep his overall allocation to her fund the same. "We have the same commitment to our strategy that we did at the market top, and if you liked it back then you should love it even more because valuations have become more attractive," she told the client from her office high above the palm trees of St. She listened to their concerns without interrupting. Wood related to Lydon a recent conversation she had with an angry client who had millions invested with her fund and was prepared to pull it all out. While much has been written about the decline of her ARK Innovation exchange-traded fund, this story is the first to draw on a range of interviews, with about a dozen ARK employees, investors, and others within Wood's world, to show how she is trying to keep her reputation intact as she navigates the flip side of fame.
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