Ark Investment Management, run by CEO Catherine Wood, has three of the top 10 performing ETFs of 2020. this is despite most employees not having a degree with a background in finance.
What To Know: Bloomberg recently detailed Ark's success, notably its focus on futuristic ideas, the most well known probably being the firm's investment in Tesla Inc. TSLA 3.4%. Back in February, Ark put a 2024 price target of $7,000 on the electric vehicle pioneer.
The firm's diverse team seems to be the key to its success: The 27-person firm is "one-quarter people of color, 30% women and most in their 20s," according to Bloomberg.
“It’s an example of how diversity can make companies more efficient and productive because of the diversity of experience that we all bring to the table,” said Chief Compliance Officer Kellen Carter.
Why It's Important: Ark has done well on several fronts. The company's Ark Next Generation Internet ETF ARKW 1.67% is outperforming the more popular Invesco QQQ ETF QQQ 2.08%. Although the firm's most popular investment is Tesla, Ark has done well with other investments, such as the bitcoin it purchased in 2015.
“There’s always some luck involved when you have active management, that’s part of it,” said Nate Geraci, president of the ETF Store. “But what you want in an active manager is somebody who has conviction, and they’ve put their money where their mouth is.”
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