Catherine D. Wood
Catherine D. "Cathie" Wood is the founder, CEO, and CIO of ARK Investment Management LLC (Ark Invest), an investment management firm[1][2] that managed the largest actively-managed exchange-traded fund in 2020.[3][4] Wood was named the best stock picker of 2020 by Bloomberg News editor-in-chief emeritus Matthew A. Winkler,[5] and in January 2021, Wood's Ark Investment Management filed plans for ARK Space Exploration ETF (ticker ARKX) with the Securities and Exchange Commission to "primarily track U.S. and global companies engaged in space exploration and innovation."[6]
Early life and education[edit]
In 1981, Wood graduated summa cum laude from the University of Southern California, with a Bachelor of Science degree in finance and economics.[2][7] One of Wood's professors was Arthur Laffer, who became Wood's lifelong mentor.[8]
Investment career[edit]
Wood started her career as an assistant at Capital Group.[7] She worked for 18 years at Jennison Associates as chief economist, analyst, portfolio manager and director.[7] In 2000, Wood co-founded the hedge fund Tupelo Capital Management.[7] She completed 12 years at AllianceBernstein as chief investment officer of global thematic strategies.[7][2][9] In 2014, Wood founded ARK Investment Management LLC.[1][2][7] Ben Stupples of Bloomberg writes that Wood founded ARK "after managing funds at AllianceBernstein, where the idea for active ETFs based on disruptive technology first occurred to her."[10]
Wood played a role in convincing Tesla, Inc. CEO Elon Musk to keep the company public after Musk's August 2018 tweet "Am considering taking Tesla private at $420. Funding secured.",[11] sending a letter to the Tesla board that she believed the valuation of Tesla would reach US$4000 in five years.[2] Wood's prediction became true within three years.[12] On January 11, 2021, Bloomberg reported that Wood's Ark Investment Management became one of "the top 10 issuers in the $5.5 trillion exchange-traded fund industry," due to demand for companies in its fund, including Tesla Inc.[13]
On December 23, 2020, CNBC reported that Wood's Ark Innovation became the largest actively managed ETF, with a 170 percent return in 2020.[4] According to data from Bloomberg, Ark Innovation held close to $16 billion in assets by the end of 2020.[3] On December 28, 2020, Wood repurchased an option to regain major shareholder control of Ark Investment and reached an agreement with Resolute Investment Managers, Inc., while continuing the usage of Resolute's distribution services, via a "multi-tranche term loan financing facility provided by Eldridge Corporate Funding LLC".[14][15]
On January 13, 2021, Bloomberg reported that Wood’s Ark Investment Management filed plans for ARK Space Exploration ETF (ticker ARKX) with the Securities and Exchange Commission to "primarily track U.S. and global companies engaged in space exploration and innovation."[6] After this announcement, Richard Branson's investment in Virgin Galactic Holdings Inc. grew by about $300 million.[10] On January 14, 2021, Sam Potter and Claire Ballentine of Bloomberg wrote, "Cathie Wood’s magic touch is so powerful these days she can trigger gains for funds she doesn’t even run."[16]
On January 20, 2021, CNBC reported that Wood "expects 'explosive' earnings in 2021 as companies continue to bounce back from the pandemic recession."[17]
References[edit]
- ↑ 1.0 1.1 "Meet ARK". ARK Invest. ARK Investment Management LLC. Retrieved 30 December 2020. Unknown parameter
|url-status=ignored (help) - ↑ 2.0 2.1 2.2 2.3 2.4 Winkler, Matthew A. (18 February 2020). "Cathie Wood, the Best Investor You've Never Heard Of". Yahoo Finance. Verizon Media. Retrieved 30 December 2020.
- ↑ 3.0 3.1 Ballentine, Claire; Greifeld, Katherine (December 11, 2020). "Cathie Wood Takes Crown From JPMorgan for Largest Active ETF". Bloomberg. Retrieved 21 January 2021.
- ↑ 4.0 4.1 Fitzgerald, Maggie (December 23, 2020). "Cathie Wood's Ark Innovation becomes largest actively managed ETF, amid 170% 2020 return". CNBC. Retrieved 20 January 2021.
- ↑ "The Best Stock Picker of 2020 Wins With Disruptive DNA". Bloomberg.com. 2020-12-31. Retrieved 2021-01-01.
- ↑ 6.0 6.1 Ballentine, Claire (January 13, 2021). "Cathie Wood Plans to Start Space ETF After Dominating With ARKK". Bloomberg. Retrieved 20 January 2021.
- ↑ 7.0 7.1 7.2 7.3 7.4 7.5 Institute, Investments & Wealth. "Catherine D. Wood". content.investmentsandwealth.org. Retrieved 2021-01-01.
- ↑ Wang, James. "Economics, Trade Relations, And Innovation — Recognizing Investment Potential with Dr. Art Laffer and Cathie Wood". ARK Invest. ARK Investment Management LLC. Retrieved 7 January 2021.
- ↑ Cuccinello, Hayley C. (13 October 2020). "'Go For It': America's Richest Self-Made Women On Founding Businesses After 40". Forbes. Forbes Media LLC. Retrieved 30 December 2020.
- ↑ 10.0 10.1 Stupples, Ben (January 14, 2021). "Cathie Wood's Ark Gives Richard Branson a $300 Million Boost". Yahoo!Finance. Bloomberg. Retrieved 20 January 2021.
- ↑ Musk, Elon [@elonmusk] (7 August 2018). "Am considering taking Tesla private at $420. Funding secured" (Tweet) – via Twitter.
- ↑ Fox, Matthew (January 8, 2021). "ARK's Cathie Wood made a monster call in 2018 that Tesla stock would hit $4,000. Her prediction just came true 2 years early". BusinessInsider. Retrieved 20 January 2021.
- ↑ Ballentine, Claire; Raimonde, Olivia (January 11, 2021). "Cathie Wood's Ark Joins Top 10 ETFs With Tesla-Heavy Fund". Bloomberg. Retrieved 20 January 2021.
- ↑ Ballentine, Claire (28 December 2020). "Cathie Wood Buys Back Option That Had Threatened Control of Ark". Bloomberg.com. Bloomberg L.P. Retrieved 30 December 2020.
- ↑ Liu, Evie (December 30, 2020). "ARK Founder Cathie Wood Will Retain Control of the Firm". Barron's. Retrieved 20 January 2021.
- ↑ Potter, Sam; Ballentine, Claire (January 14, 2021). "Cathie Wood's Vision for Space ETF Sends Industry Soaring". Bloomberg. Retrieved 22 January 2021.
- ↑ Fitzgerald, Maggie (January 20, 2021). "Ark Invest's Cathie Wood sees explosive earnings growth adding momentum to market in 2021". CNBC. Retrieved 20 January 2021.
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