Cathie Wooden’s Ark ETF Sees 91% of Holdings Tumble in Tech Rout

(Bloomberg) — Cathie Wooden’s Ark Innovation ETF plunged to a six-month low, with all however 5 of its 58 holdings retreating in a broad tech selloff.

The ARKK exchange-traded fund that makes concentrated bets on tech corporations aiming to disrupt industries fell 5.2% Monday, double the loss within the Nasdaq 100 Index. It’s now down greater than 30% from its February peak.

Hardest hit within the portfolio listed within the fund’s Could 7 holdings disclosure have been two biotech shares. Twist Bioscience Corp. was the fund’s greatest laggard, plunging greater than 17% on Monday, its worst one-day efficiency since Feb. 5. NanoString Applied sciences Inc. sank 12%. Tesla Inc., ARKK’s greatest holding, dropped 6.4%.

Wooden has added to her bets in latest downdrafts, shopping for Twitter Inc. in three out of 5 days final week because it fell 5.2% in its worst week since March. She stated in a tv interview that the tech selloff has solely set her fund up for a robust rebound. ARKK surged virtually 150% in 2020 and is down 16% this yr.

On the brilliant facet, Coinbase World Inc., which accounts for about 2.8% of the ETF’s holdings, gained 11.3% in its finest day since its April 14 direct itemizing.

Ark Funding Administration offered 30.4% of its Apple holdings on Monday, in response to Bloomberg’s calculations of knowledge from the agency’s day by day buying and selling replace. The asset supervisor additionally added 33,300 Coinbase shares, in response to its newest disclosure.

(Updates with Ark’s Apple and Coinbase holdings in final paragraph)

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