Ark’s Cathie Wood keeps tripping

2022 has been a tough year for celebrity fund manager Cathie Wood, managing director of Ark Investment Management, as her exchange-traded funds sink.

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

Soaring interest rates and slow economic growth have rattled Wood’s “disruptive” (as she describes them) tech startups. Rising rates are hurting them because their earnings stream will continue (if any), while safe Treasury yields are now rising.

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