Cathie Wood's flagship Ark fund tops $300 million as investors lose billions
The fund manager has amassed a devoted following for her punchy bets on fast-growing tech companies, which until early 2021 produced outsized returns for investors and drew eye-popping inflows.
Investment fees have provided Ark and Cathie Wood a very good living. Her investors haven't been so luckyMore than US$3 billion flowed into ARKK in the first two weeks of February 2021 when the fund was up more than 700 per cent from its launch, bringing its assets to a peak of US$27.9 billion. But a rising interest rate environment that hammered growth stocks led to a slump in its value. It now manages US$7.6 billion in assets.
The fee bill calls attention to ARKK’s unusually high investor retention for an ETF with such poor performance. Flows have remained resilient despite the fund losing US$9.5 billion in investor cash with Wood’s bold bets, according to Morningstar Inc. data. The fund had modest outflows when ARKK’s share price rebounded earlier this year, enabling investors to exit with reduced losses.
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