Investors aren’t abandoning Cathie Wood’s Ark Invest following a volatile week in the stock market, according to recent fund flow data compiled by Bloomberg.
The ARK Innovation ETF saw near-record inflows of $464 million on Friday, signalling that investors were willing to buy the near 20% dip in the ETF. The best day of inflows for the ARK Innovation ETF was more than $600 million in early January, according to Bloomberg.
The second-largest day of inflows for ARK came after record outflows, with the ARK Innovation ETF losing $465 million last Monday. Altogether, Ark Invest shed about $5 billion in assets under management last week, which is just a fraction of the firm’s more than $60 billion in ETF assets, according to Bloomberg.
The ARK funds struggled last week amid a tech-heavy sell-off that was spurred by a spike in interest rates and concerns about rising inflation. Wood’s most concentrated bets, Tesla and Bitcoin, traded down more than 20% amid the decline.
Investors who bought the dip in the ARK Innovation ETF were rewarded on Monday, when the ETF surged nearly 5% amid a broad rally in the stock market. The Ark Innovation ETF is up 10% year-to-date as of Monday’s close.