Cathie Wood has spent months defending Ark Investment Management from critics who say the money manager has too much cash tied up in too few stocks, Bloomberg reports. The firm’s latest move is handing them fresh ammunition. Ark also added a SPAC alert.
In a filing late last week, Ark altered the prospectuses for its exchange-traded funds to remove clauses limiting its exposure and concentration risks.
It also introduced language acknowledging funds may buy into SPACs and noting the risks of buying shares in blank-check companies that haven’t yet decided what businesses they’ll own. The ARK Autonomous Technology & Robotics ETF last week bought shares of a SPAC backed by tennis star Serena Williams. Read more.
