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Investors Pull $2.2 Billion From ARKK In 2024 As Cathie Wood Underperforms Nasdaq By -30% YTD
by Tyler Durden
Thursday, Aug 08, 2024 - 11:00 AM
Cathie Wood appears to be doing what she does best: buying the 'dip' in an overvalued market, socking away aggressively valued companies that have a knack for plunging far further than market indexes on selloffs.
The ARKK fund manager is buying shares of Amazon.com Inc., Advanced Micro Devices Inc. and Roku Inc. amidst the recent market volatility, Bloomberg reported this week.
But ARKK closed at its lowest levels since November and at YTD lows on Wednesday, amidst the volatility, while the NASDAQ was still in green territory for the year, the report says. Wood's flagship 'innovation' fund is down about -24% YTD versus the QQQ, which is up about 6.8%, as of Thursday mid-morning.
That's a pretty noticeable underperformance for just 8 months into the year. And investors seem to be taking note: about 75% of ARKK's value from 2021 has been wiped away and, as of Tuesday, investors have withdrawn $2.2 billion from ARKK in 2024, setting it up for its worst year of outflows since its 2014 inception, Bloomberg writes.
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