Ark Invest teams up with Swedish broker to launch local fund

Swedish broker Avanza has launched a fund for local investors managed by Ark Investment Management, the firm founded by star US manager Cathie Wood.

Avanza Disruptive Innovation by Ark Invest is an actively managed fund that invests in between 30 and 80 companies, primarily in the US, that are leaders in the segments of artificial intelligence, DNA sequencing, robotics, energy storage and blockchain technology.

The fund will be run in line with Ark’s flagship Ark Innovation strategy, which was launched in 2014. It carries an ongoing charge of 0.9 per cent.

Wood, chief executive of Ark, said: “According to our research, the global economy is undergoing the largest technological transformation in history.

This article was previously published by Ignites Europe, a title owned by the FT Group.

“We want to expose as many investors as possible to the long-term investment opportunities resulting from this change.”

She added: “We believe that Avanza’s mission and vision align very well with our sole focus on disruptive innovation. We look forward to making our strategy available to Swedish investors alongside Avanza.”

The US-based Ark Innovation exchange traded fund, which had $6bn of assets under management at the end of last year, has endured a tough period of performance in recent times, losing about 65 per cent in 2022.

However, it has delivered strong returns of about 30 per cent since the beginning of the year.

“The way that Wood and the Ark Invest team challenge the financial industry through transparency, pricing and their vision of the future fits well with Avanza,” said Jesper Bonnivier, chief executive of Avanza Fonder.

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