Cathie Wood Says The U.S. Is Already In a Recession, Admits To Underestimating Inflation

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The prominent investor has had a disastrous 2022 as her disruptive technology darlings have been among the biggest losers this year following rising interest rates. Her flagship active fund Ark Innovation ETF (ARKK) plummeted a whooping 52% year to date, down 66% from its 52-week high.

Nonetheless, Wood said her clients are still with her and new money is coming in as investors seek diversification in a down market. ARKK has had more than $180 million in inflows in June, according to FactSet.

“I think the inflows are happening because our clients have been diversifying away from broad-based bench marks like the Nasdaq 100,” Wood said. “We are dedicated completely to disruptive innovation. Innovation solves problems.”