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Curing disease, think about it. CRISPR therapeutics is curing sickle cell disease and beta thalassemia and one and done. One and done. And I think when we ask analysts about this as we're interviewing for genomics analysts, we say, "What do you think about this?" Thank you, Miguel. Oh, it's gorgeous.
Thank you. Welcome. Today, we have Cathie Wood, founder, CEO, and CIO of ARK Invest, one of the leading asset management managers in the world and certainly one of the top managers in the disruptive technology trends that we see in the in in the world. Um as you know, ARK Invest has gathered a lot of attention and and of course assets in global markets in recent years.
And we are truly excited and honored to have you here, Cathie. Oh, I'm delighted to be here, Miguel, and I This is my first trip to Peru and I've just loved the people here. So, very very excited to be Very happy to hear that this is the first. I hope it's the first of many. Yes. Yes. Yes. Um so, um this is a a conversation we wanted to have with you very very brief and and to the point.
One of the thing that we see in ARK is the innovation, the disruption. Not only the products that they invest that you invest, but in the whole concept of ARK. What were you seeing when you started this company, this effort that other managers in the industry were not seeing? Well, it was interesting.
I started my career in the '80s and '90s and uh the seeds for the technology revolution that has taken place today were planted back then. And after the tech and telecom bust in the early 2000s and even more so after '08, '09, we saw a risk aversion and fear entering the market and we saw a move towards passive strategies and benchmark sensitive strategies.
Uh I felt and the reason to start a business is to fulfill an unmet need. And what we believed was the technology revolution that the seeds had been germinating for 25 years, 20 25 years, and that they were about to flourish in a technology revolution. So, the market was moving one way and we said, "We need to start a company uh that focuses exclusively on technologically enabled disruptive innovation because very few people are doing that now.
And our research, our original research, is more like the research that investment bankers did during the '80s and '90s than anything we see now. So, we give our research away. One of our missions and values is to educate people not only for investing, but for their personal lives to get on the right side of change." And this is very um very familiar with an exchange, which is a public market with this, you know, usually champion of transparency.
And and the fact that you lead an ETF company and then with with active products, with transparent and passive instruments in a world with passive passive management, um also takes that in this context, right? Because by essence, it's sort of you you meet a market that is based on transparency and information and of course education.
And this knowledge doesn't get closed, you know, it's not enclosed. You put put it into into the world and I think it's very interesting. Yes, and I think our investors love the fact that they are um they are taking the journey with us through our research, which we give away, but also because ETFs and we're so delighted that our six US ETFs and four UCITS are being listed here in Peru.
Uh in the United States and I believe here as well, ETFs have to disclose their holdings every day. Yes. So, that investors can take the journey. They can see the changes in the portfolio over time as opposed to waiting six weeks after the end of a quarter to see what a portfolio manager and a portfolio team uh have done.
Effective. That's that's That's incredibly effective and and brings confidence, right? And I think it's incredibly important. Now, these these new instruments that are listed in in in Lima, how do they match with the main trends, investment trends that you see in this market? Yes. Well, our flagship involves uh exposure to every of every one of our innovation platforms.
So, artificial intelligence, of course, robotics, energy storage, blockchain technology, and importantly, multiomics technology in the healthcare, life science space. Uh so, we think that the biggest revenue generating opportunity from AI during the next 5 to 10 years is autonomous transportation of all kinds.
We think the most profound application of AI is in healthcare. Yeah. Uh so, the flagship, ARKK, involves all of those. And then we have more specialized portfolios. One is uh the multiomics technology oriented portfolio, ARKG. Uh it may be called the genomic revolution. It's different in different geographies.
Uh and another one is our autonomous technology and robotics strategy. So, again, more specialized. Another is the next gen That That one is ARKQ. Uh another one is ARKW, which is We call it the next generation internet, although I think we're evolving that name now. It includes everything AI and cloud and also fintech and exposure to digital assets or what some people call crypto assets.
Uh we also have a a UCITS strategy which is different from those others and it's called AI and robotics uh because that convergence is becoming very obvious now as robo taxis, which are robots, start taking off and as more and more people understand that humanoid robots involves the three same technologies as robo taxis.
So, robotics, obviously, energy storage, and artificial intelligence. So, the convergence of those ideas. They go together, right? So, if you are um following the genome story, right? You see all these new discoveries in in the CRISPR. This space, for example, is fascinating. Things that took 10, 20 years of research now are getting faster and with AI, the process is getting faster.
So, that builds to the whole story. You see what is developed with fintechs and now with blockchains and tokenization. Yes. It's amazing the potential that we have to improve the current processes. And and certainly um seeing, you know, the opportunities for robotics not only in terms of efficiency, but in a world in which the world is aging, right?
So, so it's it's it's new trends that I think is is is incredibly a powerful tool to have it at hand. Yes, and I think you mentioned CRISPR, gene editing in the genomic space. Uh I don't think people understand quite It's fascinating. how important this will be to healthcare. It will transform it completely and yet it's not well recognized in the markets.
We probably are best known in that space because we're doing the research. But curing disease, think about it. CRISPR therapeutics is curing sickle cell disease and beta thalassemia and one and done. One and done. And I think when we ask analysts about this as we're interviewing for genomics analysts, we say, "What do you think about this?" And in the beginning, they were a bit afraid saying, "Well, you know, the big pharma companies will lose their annuity." Cannibalization of products.
but but now as we're putting more research out there, this is going to be so much more valuable than what they're doing there. Plus, you have the opportunity to these these incredibly fat tails of unfortunately, diseases that it's a fat tail, so there's no critical mass for big companies to look into.
Exactly. other priorities. With these new technologies, um you can expand and transform the world like like we have seen in other parts of in other industry like the I don't know, like financial industry, technology, construction industry, you know, chemicals. So, it's it's a very interesting story and and fascinating story the one you bring with with ARK.
Now, this story is not only about long term, right? You have volatility and since you are very transparent, you are always in the mouth of everybody and everybody, of course, you know, it's fair. Everybody has an opinion. Do you handle the volatility and this because sometimes it's it's hard to, you know, to remain firm in the conviction?
Yes. Well, because our conviction is based on our research, you know, many people think we have a lot of courage. The courage of our conviction is because of our research. Uh and so, in terms of volatility, the first thing we do say to investors is, "Yes, we're volatile relative to other indices. Other indices are much more broad-based, much more They're not just focused on technologically enabled innovation." Volatility, many people think of it as a measure of risk.
We do not look at it that way given what we do. We think it's a measure of uncertainty and our research gives us more certainty about the longer-term outcome of these new technologies. Uh so, I think first acknowledge they're volatile. Very good diversifiers for traditional benchmarks. Why? Because our portfolios are all about dis- disrupting the traditional world order.
Well, the big benchmarks are built on the old models, the old volatility. That's right. The the stocks at the top there are based on past incredible success. But if every sector, industry, company is going to be disrupted by these five major platforms, there are some value traps in the broad-based benchmarks.
We are a hedge and if you uh include our portfolios in your broader base portfolios or maybe even your uh your raw materials uh portfolios, which I know are very important here. If you include our portfolio with some of those other portfolios, uh risk-adjusted returns go up over time because they are not highly correlated with one another.
This is very interesting. I remember many years ago when I was in school I my evaluation class, my professor told me, "Risk is where you are in the distribution." Uh-huh. Uncertainty is you don't know the distribution and since you are building on the market of the future it's a new distribution. So, it it by itself will diversify portfolios.
Absolutely. And you know, the vola- just to finish off on the volatility question, um because of what has happened since the tech and telecom bust in '08-'09 and all the volatility now around Trump administration's uh policies, many people assume that volatility is relevant on the downside. Volatility on the upside is a very good thing.
Exactly. You don't have return if you don't have risk. Exactly. Exactly. Exactly. I was fascinated how the whole story get together, right? Quick very quickly. With the opportunity for countries like Peru, Colombia, Chile, you know, we are more in the commodity side. What very briefly, what do you think about the opportunity for us?
Yes, uh we believe that these five innovation platforms, this technology revolution is going to accelerate real GDP growth around the world. Uh so, we've been at 3% for 125 years. We think we're actually going to 7 to 8% during the next 5 to 10 years. That will demand more raw materials, especially here in Peru.
I've been learning a lot more about copper, uh but I already knew a lot because in uh autonomous transportation, which will be electric, very copper intensive. Data centers, very copper intensive. Uh so, with this accelerated growth, uh we think the opportunities in mineral and raw material-rich countries uh are going to be very very good.
Fascinating and yeah, there are no new announcements of new mines coming online in the short term. So, it's quite interesting uh globally story and especially for for countries like us. Um just to wrap up and and and and finish, um you mentioned many concepts that are the analytics, the story anticipation, um building the market of the future, courage as well.
What will be your three lessons for, you know, in terms of uh um shaping the path of many of the leaders that are actually uh watching us uh in this in this video? Well, very importantly, understand we are in a technology revolution and so it's very important for the leaders of companies to uh to develop a sense of urgency around it and the chat GPT moment was very important because it has done that.
We see a lot of leaders now, I'm talking about C-suite, not the the not the technology officers. geeks. No, but the C-suite saying, "Oh my gosh, this could mean the difference between, you know, moving ahead and taking share or losing share if we don't get this right or becoming less profitable or more profitable, uh becoming less relevant or more relevant." So, I think that's the most important uh message I have.
And uh you know, don't ignore these technologies. They're uh the and and especially don't ignore them because they're converging and they could change your industry completely, you know, autonomous transportation is not about the internal combustion engine anymore, right? It's about robotics, energy storage, and AI, three platforms converging.
And I think in the uh financial industry, of course, blockchain technology, it's imperative to understand it, uh to use it to lower cost structures, also to understand how it will enable agentic commerce, agentic transactions, uh you know, without a human in the ledger, right? So, uh you know, I I think learning not just about the technologies, but how they're converging and how leaders might be able to use them to their benefit, lowering costs, creating new products and services, increasing productivity, critical.
I think it's extremely important to recognize we are riding the wave where where we know it or not. Uh yes, absolutely. we like it or not, but we are on on the wave. Or you're going to be left behind. Exactly. Yes. Okay. No, but very very uh insightful experience, uh perspective, lessons that you shared with us.
Um we do have a a quick uh not quick, a a small present uh for you. Um Aw. Um it's a little piece of art um that we um um that we um make for you. It is a picture um that shows some very uh uh Peruvian elements and exchange elements. So, you have of course the the bell of the bell ringing, which is welcoming good news into the market.
And then you have three uh ancient Peruvian elements, right? So, you have uh this vision with of course the mountains, which are sacred in in the Peruvian tradition, um the sun, which was the main god of the of the Incas and and and they gave us light uh right? Uh to discover knowledge. Um You you have the the the the the um um the condor um all over the Andes and gives you the vision.
They have very good view, right? To see their targets. Um You have uh um the jaguar, which is courage, you know, the willingness to take uh this opportunity. Um and and the serpent which will give you uh the anticipation and the resilience. Um these are all elements of the Andean culture. Oh, beautiful, too.
the present. It's absolutely beautiful. Thank you, Miguel. Oh, it's gorgeous. Thank you. I hope it doesn't take much space. I know you are in a very intense roadshow across the region. So, um but um yeah. No, I I we will hang this up in our office uh in honor of my first uh visit to Peru. Fantastic.
Thank you. Well, we are honored as I mentioned here in this ticker. Um this is space that we built in Lima Stock Exchange BVL and um as I mentioned, we're honored to have you here and um um we're sure um um these products um beyond the products, this concept, this idea take hold and and start to enrich the investment landscape in Peru and transform our lives as well.
Wonderful. We're happy to be on the journey with you. Thank you, Cathie. Thank you.
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