Investors yank $2.2 billion from Cathie Wood's once-mega popular Ark funds, even as tech skyrockets [Yahoo! Finance]
Coinbase Global, Inc. - Class A (COIN)
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Source: Yahoo! Finance
her Ark funds down and investors have withdrawn billions of dollars this year in protest. Funders have since January pulled $2.2 billion from six actively managed ETFs by Wood's company, Ark Investment Management—a major jump from the $760 million investors took out last year, the Wall Street Journal reported . In total, the assets invested in the six ETFs have fallen 30% since the start of the year to $11.1 billion, down 81% from their peak in 2021. Wood's popularity is one of the main draws for investors to put money into Ark. Through a frenzy of TV appearances and persistent social media outreach she became a celebrity both on and off Wall Street. Still, Morningstar analyst Robby Greengold wrote in an April note that Ark's focus on Wood is part of the problem. “Wood's reliance on her instincts to construct the portfolio is a liability,” Greengold wrote. Some of Wood's biggest stock picks have plummeted this year even as tech stocks have led gains in the market and the S&P 5
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