Asset manager Cathie Wood is defending Ark’s strategy of buying more of the biggest holdings in its flagship fund as they fell sharply earlier this month.
Speaking on Tuesday as Ark’s $20bn Innovation exchange traded fund clawed back some of its recent losses, Wood said: “Averaging-in is a very successful strategy.”
“These are usually good buying opportunities,” she said during the asset manager’s monthly webcast. “We don’t look forward to them, but we know that our long-term returns are galvanised by these risk-off periods.”
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