Cathie Wood Reveals Top Stock Picks for 2024
Cathie Wood, the founder of Ark Invest, has shared her highest conviction stock picks for 2024. Despite already experiencing a successful year with her flagship fund soaring 70%, Wood believes that her biotech darling CRISPR Therapeutics in the multiomics space has the potential to be her top performer next year. Multiomics involves utilizing biological data from various techniques such as genomics and proteomics.
Wood highlighted that the multiomics space has faced challenges in recent years due to cash burn and being undervalued. However, with the recent approval by the U.S. Food and Drug Administration of CRISPR Therapeutics and Vertex Pharmaceuticals’ gene-editing therapy for severe sickle cell disease, the potential for growth is significant. CRISPR is currently the ninth-largest holding in Ark Innovation ETF, with a weight of nearly 4%.
Strong Performance and Promising Investments
Ark Invest’s flagship fund has had an exceptional year, achieving a 70% increase in value. November alone saw a remarkable 31% rally, making it the fund’s strongest month since its establishment in 2014. Wood’s investments in innovative technology stocks made a comeback towards the end of 2023, aided by declining Treasury yields that further boosted growth stocks.
In addition to CRISPR Therapeutics, Wood expressed optimism about Coinbase, which has become Ark Invest’s largest holding, accounting for almost 11% of the fund. The cryptocurrency exchange saw a staggering 400% surge in value throughout 2023.
Continued Confidence in Tesla and Diversified Portfolio
Despite taking profits along the way this year, Wood maintains a strong belief in Tesla and its future prospects. She used the proceeds from trimming Tesla to increase her stakes in UiPath, Zoom, Roku, Block, and Roblox, which she sees as favorable investments for the upcoming year.
Hot Take: Cathie Wood’s Conviction in Biotech and Cryptocurrency
Cathie Wood, the founder of Ark Invest, has revealed her top stock picks for 2024. She believes that CRISPR Therapeutics in the multiomics space has the potential to be a standout performer next year due to recent developments in gene-editing therapy. Wood also expressed confidence in Coinbase as the largest holding in Ark Invest’s portfolio. Despite her success with Tesla, Wood continues to diversify her investments and remains bullish on innovative technology stocks such as UiPath, Zoom, Roku, Block, and Roblox.
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