Cathie Wood Sells $5.5 Million Worth of Snowflake Stock
On July 31, Cathie Wood's Ark Innovation ETF sold approximately $5.5 million worth of shares in Snowflake Inc (SNOW), following a nearly 10% surge in the stock over five trading days ahead of earnings reports. This move aligns with her strategy to lock in gains on high-performing tech stocks. Wood, known for her focus on disruptive technologies like AI and blockchain, has seen mixed performance from her flagship fund. While ARKK outperformed the S&P 500 by a wide margin in 2020 (153% vs. market), it underperformed significantly over five years through July 31 with an annualized return of -9.75%, compared to the S&P's 11.25%. The fund has also experienced $1.49 billion in net outflows over the past year. Wood recently highlighted her belief that technological innovation, particularly AI, is having a deflationary impact on inflation and interest rates—contrasting with many investors' fears of rising prices.
Topics: ARKK Cathie Wood investment strategy Snowflake