Latest News

Ark Invest’s Cathie Wood gives up portfolio manager role at two of firm’s ETFs


S&P 500




Dow 30








Russell 2000




Crude Oil
















10-Yr Bond
















CMC Crypto 200




FTSE 100




Nikkei 225




ARK Invest founder and CEO Cathie Wood relinquished her role as portfolio manager at two of the investment management firm’s exchange-traded funds, according to a regulatory filing.

William Scherer, who has served as a trading manager at ARK since 2014, has been appointed to handle investments in place of Wood for the company’s two index funds, ARK 3D Printing ETF (PRNT) and ARK Israel Innovative Technology ETF (IZRL) beginning September.

The 3D printing-focused fund has a net value of about $196.7 million while ARK Israel has roughly $115.4 million in assets under management. Wood will continue to serve as chief investment officer and portfolio manager of the actively-managed vehicles.

Ark confirmed the role change to Yahoo Finance but did not comment beyond the filing.

Wood’s handover of the roles to Scherer follows a series of high-level management shifts at ARK Invest — moves that could suggest early stages of a succession plan for ARK.

Ark Invest CEO Catherine Wood speaks at the Milken Institute Global Conference on October 18, 2021 in Beverly HIlls, California. (Photo by Patrick T. FALLON / AFP)

Up until the promotion earlier this year of two analysts, Sam Korus and Nicholas Grous, to associate portfolio managers, 66-year-old Cathie Wood was the lone portfolio manager for all of ARK’s nine ETFs.

Earlier this month, the firm carved out a new position that was ultimately filled by its director of research Brett Winton, who was named the first-ever “chief futurist” at ARK — a change that also sparked discussions Winton may be a potential successor to Wood.

ARK has drawn criticism over the breadth of Wood’s responsibilities at the firm as it lacks an heir lined up in the event she can no longer oversee operations.

“Exacerbating that key person risk is the firm’s inability to develop and retain talent,” Morningstar’s Robby Greengold asserted in an April note, which also highlighted that none Winton’s many years of industry experience included portfolio management. “Many of its analysts have come and gone, and most of the nine remaining lack deep industry experience.”

According to his biography on ARK’s website, Scherer worked directly with ARK’s CIO, COO, and the research team to implement desired investment strategies and has been responsible for managing the rebalances of ARK’s indexed portfolios since their inception.

The ARK 3D Printing ETF is down nearly 41% so far in 2022, and the ARK Israel Innovative Technology ETF is down nearly 38% year to date. The losses pale in comparison to ARK’s flagship Ark Innovation ETF (ARKK), which is down nearly 60% in 2022.

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

Click here for the latest trending stock tickers of the Yahoo Finance platform

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube



‘It’s Time to Buy on the Dip’: Cathie Wood Snaps Up These 2 Stocks Under $10

On Wednesday, the Fed bumped up interest rates again, its third 75-basis point hike since June, and signaled that there could be two more such hikes by the end of this year. The conventional wisdom has the Fed acting properly, and aggressively, in an attempt to counter inflation raging at 40-year high levels. But conventional wisdom isn’t always right – and we can learn a lot by consulting the contrarians. Few top investors are more contrarian than Cathie Wood. The founder and manager of ARK Inv


It’s Every Nation for Itself as Dollar Batters Global Currencies

(Bloomberg) — Nations are being forced to go it alone in erecting defenses against the relentless strength of the almighty greenback, with no sign that governments are willing to act in concert.Fueled by hawkish Federal Reserve policy, US economic strength and investors in search of a haven from market swoons, the greenback is surging relentlessly against counterparts big and small by the most in decades. Japan has become the latest major country to step directly into the foreign-exchange fray,

Insider Monkey

Cathie Wood is Buying These 10 Stocks on the Dip

In this article, we discuss the 10 stocks that Cathie Wood is buying on the dip. If you want to read about some more stocks in the Wood portfolio, go directly to Cathie Wood is Buying These 5 Stocks on the Dip. The technology-heavy NASDAQ Composite has taken a severe beating in the past few […]


A Great Copper Squeeze Is Coming for the Global Economy

(Bloomberg) — The price of copper — used in everything from computer chips and toasters to power systems and air conditioners — has fallen by nearly a third since March. Investors are selling on fears that a global recession will stunt demand for a metal that’s synonymous with growth and expansion.Most Read from BloombergPutin Calls Up More Troops, Resumes Nuclear Threat Over UkrainePowell Signals More Pain to Come With Fed Sending Rates HigherUkraine Seizes Dozens of Russian Tanks Left by Flee

Yahoo Finance Video

Costco stock dips despite fourth-quarter earnings beat

Markets reporter Ines Ferre joins Yahoo Finance Live to highlight the circumstances surrounding Costco’s latest earnings report and the impact of increasing membership fees.


Nikola Investor Lost $160,000 on Milton’s Hype, He Tells Jury

(Bloomberg) — Nikola Corp.’s founder cost a San Diego man about $160,000 trading the company’s hyped shares, he told the jury in Trevor Milton’s criminal fraud trial.Most Read from BloombergJapan to Restore Visa-Free Travel From Oct. 11 as Covid Pandemic Recedes South Korea President Caught on Hot Mic Insulting US CongressPutin’s Order for 300,000 Fighters Drives Russians to the Streets in ProtestUkraine Seizes Dozens of Russian Tanks Left by Fleeing ForcesA Great Copper Squeeze Is Coming for t

Motley Fool

Why Rivian, Lucid, and Nikola Stocks Tanked Today

Growth and technology stocks are leading the market lower today, but early-stage electric vehicle (EV) stocks are tanking even more. The Nasdaq Composite Index moved down by more than 1.2% as of 2:55 p.m. ET, but EV start-ups Rivian Automotive (NASDAQ: RIVN), Lucid Group (NASDAQ: LCID), and Nikola (NASDAQ: NKLA) were faring much worse. At that time, Rivian, Lucid, and Nikola had dropped 4.6%, 8.6%, and 9%, respectively.

The Stock Market Is Getting Crushed Again. But the Pain Is Almost Over.

Previous article

‘You’re starting to see all the classic early signs’: Legendary investor Ray Dalio says the stock market has further to fall before a recession hits

Next article

You may also like


Leave a reply

Your email address will not be published.

More in Latest News