Daily Banking News
$42.39
-0.38%
$164.24
-0.07%
$60.78
+0.07%
$32.38
+1.31%
$260.02
+0.21%
$372.02
+0.18%
$78.71
-0.06%
$103.99
-0.51%
$76.53
+1.19%
$2.81
-0.71%
$20.46
+0.34%
$72.10
+0.28%
$67.30
+0.42%

Tesla Inc and Zoom Video Comminications make Ark Innovation ETF among worst


Some of its biggest tech holdings, including Tesla, Teledoc and Zoom Video, have weighed on the performance

ARK Innovation ETF, the best-performing ETF of 2020, is among the worst-performing of 543 funds in its category so far this year.

In the past week, more than US$290mln of investor cash has flowed out of the fund, according to FactSet, following the final two weeks last month that saw more than $600mln of net outflows, according to Refinitiv Lipper.

Run by Cathie Wood, the US$23.1bn fund gain less than 1% in April, versus an average by peers of nearer 4%, according to Morningstar data, and a gain of over 4% from the S&P 500.

Although ARK Innovation hit highs in February, its record since the start of 2021 is a decline of 9%, dropping it in the bottom 100th percentile in Morningstar’s category of mid-cap growth funds.

In that same time, the S&P 500 has gained over 13%, while the tech-powered Nasdaq Composite has risen over 9%.

Yet it is the wobbles suffered by some of its tech investments that are thought to have beset Wood’s flagship fund, which gained popularity after surging almost 150% last year.

Its two biggest holdings are Tesla () and Health (), at more than 10% and 6% of the fund respectively and which have fallen over 4% and 20% since the start of the year.

Other struggling stocks among the top 10 holdings include Group (NASDAQ:ZG) and Zoom Video Communications (), down 9% and 15%.



Read More: Tesla Inc and Zoom Video Comminications make Ark Innovation ETF among worst

Get real time updates directly on you device, subscribe now.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.