Fund manager Cathie Wood says her portfolio will produce a 40% compound annual growth rate over the next five years. Market history and executive insiders suggest otherwise. 

After 12 years as chief investment officer of global thematic strategies at investment giant AllianceBernstein, Wood founded ARK (Active Research Knowledge) Funds in 2014. Its thematic investment funds target disruptive and innovative high-growth companies, the technological forces altering economies and consumer behavior.

The flagship ARK Innovation ETF (exchange-traded fund) invests in next-generation technology like videoconferencing, telemedicine, energy storage, digital streaming and the metaverse. Wood’s team has capitalized on investors’ fear of...

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