Cathie Wood says she still expects to see ‘spectacular returns’ over the next 5 years

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Catherine Wood, chief executive officer of ARK Investment Management LLC, speaks during the Milken Institute Global Conference in Beverly Hills, California, on Monday, Oct. 18, 2021.

Kyle Grillot | Bloomberg | Getty Images

Cathie Wood defended her firm’s innovation-focused portfolio, saying she sees “spectacular returns” for Ark Invest over the next five years.

“Given our expectations for growth in these new technologies, I think we’re going to see some spectacular returns,” the Ark Invest CEO told CNBC’s “Capital Connection.”

Her comments come after her firm’s flagship fund has been caught in the recent tech-led sell-off. The Ark Innovation ETF has nearly halved in the past 12 months.

“We’ve been in a terrible bear market for innovation,” she admitted. “However, if you look from the bottom of the coronavirus to that peak [of the Ark Innovation ETF] in February of ’21, we were up 358%.”

Wood said the world is currently facing “all kinds of problems” and innovation is set be the answer.

This is breaking news. Please check back for updates.

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