×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: ark | cathie wood | tesla | inflation | innovation

Ark's Wood Remains Bullish on Tesla as US Recession Fears Rise

Cathie Wood
Cathie Wood, chief investment officer and portfolio manager, Ark Invest (Getty Images)

Tuesday, 12 April 2022 02:39 PM EDT

Star stock picker Cathie Wood of Ark Invest remained bullish on top holding Tesla Inc. on Tuesday despite growing fears of a U.S. recession and shutdowns of the car maker's Shanghai factory due to spiking coronavirus cases.

"What we said during COVID about innovation solving problems will move into overdrive," she told a webinar, with Tesla poised to "deliver truly exponential growth for many, many years" as it expands its autonomous driving programs.

'Disruptive Innovation' a Good Bet

Wood's bullish stance on technology comes as yields of two-year Treasuries have moved above those of 10-year Treasuries in recent weeks, which is often considered a precursor to a recession.

Wood, whose ARK Innovation ETF was the top-performing U.S. equity fund in 2020, said that she expects "truly disruptive innovation" will come back into favor as investors turn to technology to solve economic problems.

Tesla is down 6% for the year to date, while Wood's second-largest position, Teladoc Health Inc, is down nearly 26% over the same time.

Overall, ARK Innovation is down 36.7% for the year to date, a performance that puts it in the worst percentile among the 615 U.S. Mid-Cap Growth funds tracked by Morningstar. Shares of the fund rose 0.5% in afternoon trading Tuesday.

Down 36.7% YTD

Investors have pulled approximately a net $791 billion out of the fund over last three weeks, according to Lipper data.

That three-week losing streak was its longest since November.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
Star stock picker Cathie Wood of Ark Invest remained bullish on top holding Tesla Inc. on Tuesday despite growing fears of a U.S. recession and shutdowns of the car maker's Shanghai factory due to spiking coronavirus cases.
ark, cathie wood, tesla, inflation, innovation
238
2022-39-12
Tuesday, 12 April 2022 02:39 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved