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Wood Slashes Ark China Exposure Over ‘Common Prosperity’ Model: FT
Cathie Wood, the founder of ARK Invest. Photo: YouTube screen grab.

(AF) Star investor Cathie Wood said her Ark Invest fund had greatly reduced its China exposure because social engineering by the government meant the nation’s markets were now “quite different,” the Financial Times reported.

Ark is now backing only Chinese companies that are “currying favour” with political leader Xi Jinping’s so-called ‘common prosperity’ model, which has renewed focus on wealth redistribution and targeted excess earnings, the report stated. Full report: Financial Times

 

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Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.

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