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ARK Innovation ETF (NYSE: ARKK) has been a top market performer in 2020, gaining 169.7% year-to-date.
Ark Investment and fund manager Cathie Wood have risen to superstardom on Wall Street this year, but Ritholtz Wealth Management portfolio manager Ben Carlson said Wednesday that history doesn’t bode well for Wood or her fund.
In a blog post, Carlson said there are plenty of examples of investors chasing the hottest funds and fund managers. Given the ARK Innovation ETF’s assets under management are up nearly 900% in 2020, Carlson said investors should understand how these types of scenarios have played out in the past.