Cathie Wood’s Ark Investment Management has lost almost $50bn in assets from its stable of exchange traded funds since its 2021 peak, highlighting the scale of this year’s losses in speculative tech stocks.
Total assets across Ark’s nine ETFs have slumped to $11.4bn from a peak of $60.3bn in February last year, according to Morningstar data. This was led by steep declines in its flagship Ark Disruptive Innovation ETF, known by its ticker ARKK, which has lost around two-thirds of its value this year and is on track for its worst annual performance.
“Ark Innovation’s results have been horrendous this year and very disappointing for investors,” says Robby Greengold, a strategist at Morningstar, which in April downgraded the ETF from ‘neutral’ to ‘negative’.