Star picker five-core ETF Cathie Wood fell more than 4% on Friday.
Photo:
Alex Flynn / Bloomberg News
ARK Investment Management LLC’s large publicly traded funds are firmly in a bearish market after another round of sharp declines on Friday.
The five core ETFs of New York-based asset management firm Cathie Wood, which selected stars, fell between 4% and 7% in recent operations as technology stocks and other stocks quickly growth continued to sell. These declines have pushed ARK funds down more than 20% from their most recent highs, reaching the traditional threshold for determining when stocks and indices have entered a bearish market.
ARK ETFs have fallen beyond the broader stock market. The S&P 500, which ARK uses as a benchmark for its own funds, is down approximately 5% from the February 12 high.
ARK’s flagship innovation fund has been hardest hit. The $ 23 billion fund fell 31% from its previous high, with about half of those falls this week alone. The downloads from other ARK funds were not far off. This is likely because many of Ms. Wood’s fund shares are largely exposed to growth trading, which the market has triggered in the face of a sharp yield curve.
Some of ARK’s funds hold important positions in companies such as electric car maker Tesla Inc.,
Roku transmission service Inc.
and digital payment company Square Inc. All three shares have a minimum reduction of 28% over the most recent highs.
Some of the recent losses seemed to drive more investors away from ARK funds. After two consecutive days of entry, investors on Thursday withdrew $ 150 million from the ARK innovation fund and $ 112 million from the genomics fund.
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