Cathie Wood buys $12 million of surging China tech stock
The Ark Innovation ETF is down 17% year-to-date.
Cathie Wood, the head of Ark Investment Management, usually focuses on U.S. tech stocks.
Sometimes, she also sees opportunities outside the U.S., with one of her biggest targets overseas being China, the second largest economy in the world.
That was what she did last week. She bought $12 million shares of a Chinese tech stock.
Wood’s flagship fund, the Ark Innovation ETF (ARKK) , is down 17.41% year-to-date as of March 31, while the Nasdaq Composite and S&P 500 lost 10.42% and 4.59% during the same period, respectively.
