Cathie Wood sells $5.5 million of Snowflake shares following a near 10% gain ahead of earnings.
Ark Investment Management sold $5.5 million of Snowflake stock after the cloud software company surged nearly 10% in five trading sessions. The move aligns with Cathie Wood’s strategy of locking in gains during rallies, particularly ahead of earnings reports.
Ark’s flagship Innovation ETF (ARKK) outperformed the S&P 500 in 2025 with a 35.49% return, compared to the index’s 17.88%. However, ARKK has underperformed this year, down 8.51% through July 31, while the S&P 500 rose 9.41%. Long-term returns also lag, with ARKK posting a five-year annualized loss of 9.75% versus the S&P 500’s 11.25% gain.
Wood’s high-conviction tech bets have led to volatility, including a 153% gain in 2020 and a 60% drop in 2022. Over the past decade, ARKK has erased nearly $5 billion in investor wealth, per Morningstar data.