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Cathie Wood is having a bad 2024: ARKK outflows approaching $1.0 billion

Monday, March 04, 2024 02:08 PM | Invezz via QuoteMedia

Cathie Wood is having a bad 2024: ARKK outflows approaching $1.0 billion

2024-03-04 14:08:02 ET

cathie wood arkk fund outflows $1 billion

Cathie Wood seems to be having a bad start to 2024 considering investors have pulled close to $1.0 billion out of her flagship Ark Innovation ETF over the past two months.

ARKK is significantly underperforming NASDAQ

Investors are concerned because the “ARKK” continues to materially underperform the Nasdaq Composite – a fair comparison since that benchmark is also growth-oriented like Wood’s exchange-traded fund.

Ark Innovation ETF is down nearly 3.0% year-to-date at writing versus Nasdaq up a whopping 9.2% .

Wood’s fund has a total of 37 holdings at writing, of which, an alarming 22 are currently in red for the year. Six out of its top ten holdings are down versus the start of 2024 as well.

Still, the Ark Innovation exchange-traded fund is up a whopping 50% versus its low in late October.

Cathie Wood remains super bullish on Bitcoin

Also on Monday, Cathie Wood sold close to $45 million worth of Coinbase stock on top of $16 million of it she unloaded last week.

The influential investor divested about 686,864 shares of Robinhood Markets Inc from its Fintech Innovation and Next Generation Internet funds as well – as per the company’s latest trade filing.

But the move should not be construed as her turning somewhat dovish on the crypto space. In a recent interview with Peter Diamandis, Cathie Wood reiterated her forecast for Bitcoin to hit $1.5 million by 2027.

Watch here: https://www.youtube.com/embed/qGklNgVmCaA?feature=oembed

The world’s largest cryptocurrency by market cap touched the $67,000 level today and looks poised to print an all-time high in coming days.

The post Cathie Wood is having a bad 2024: ARKK outflows approaching $1.0 billion appeared first on Invezz

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