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ARK Funds Leaking Assets

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Reuters

Cathie Wood’s ARK Innovation fund hits 13-month low in tech selloff

Star stock picker Cathie Wood’s ARK Innovation ETF tumbled more than 7% and hit its lowest level since November 2020 on Friday as bets on a more aggressive Federal Reserve pushed investors to sell the high-growth, high-valuation stocks that rallied during the early stages of the pandemic. The declines in ARK’s portfolio were widespread, with nine out of its 10 top holdings falling as a selloff in technology stocks pushed the benchmark S&P 500 down 1.3%. Tesla Inc, its largest holding, shed nearly 4%, while Teladoc Health Inc, its second-largest holding, dropped 5.2%.

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