Ark’s Cathie Wood continues to stumble

It’s been a rough 2022 for famed money manager Cathie Wood, CEO of Ark Investment Management, as her exchange-traded funds slump.

Wood’s flagship fund, the Ark Innovation ETF (SHEET) , plunged 64% year-to-date through Oct. 14, hitting a five-year low. Ark Innovation is down 79% from its February 2021 record high.

Rising interest rates and sluggish economic growth have crushed Wood’s young, “disruptive” (as she describes them) tech companies. Rising interest rates hurt them because their earnings stream will go down the road (if at all) while the safe yields on government bonds are rising now.

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