Cathie Wood Fan Club Faces Big Test as Ark Funds Extend Rout
- ARKK notches worst back-to-back decline since September
- Wood’s products overall have added $18 billion this year
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The biggest slide in months for Cathie Wood’s funds is testing the resolve of investors who plowed billions of dollars into one of the hottest firms on Wall Street.
All five of Ark Investment Management’s active exchange-traded funds slumped on Tuesday, with the company’s $27 billion flagship ETF notching its worst back-to-back rout since September. The selloff came after investors collectively piled $6.2 billion into the product since the beginning of the year, according to data compiled by Bloomberg. About $4.96 billion worth of shares changed hands by the end of the trading day, a record amount and more than double the previous high set Monday.