Wood's former boss at AllianceBernstein says the Ark Invest fund manager "doesn't disinvest or risk manage"
The Financial Times has published a lengthy profile of Cathie Wood, the star fund manager whose key fund has suffered as futuristic tech stocks have fallen out of favor.
The ARK Innovation Fund ARKK , ARK Invest’s flagship fund, has fallen nearly 50% from its peak of last year, and according to Morningstar, most investors in Ark’s funds are underwater since the better returns came when it had a small asset base. Investors still believe in Wood, however, as the fund has drawn in $488 million of inflows this year, according to FactSet data.
“Cathie’s a boom or bust investor because she doesn’t disinvest or risk manage. This is the challenge that she has had for her entire career,” said Shallett.
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