The highly developed exchange-traded funds of ARK Investment Management LLC are firmly on the bear market after another round of sharp decline on Friday.
Cathie Wood’s top five ETFs, Cathie Wood’s asset management firm, fell between 4% and 7% during recent trading as technology stocks and other fast-growing stocks continued to sell. These declines pushed ARK funds down more than 20% of their most recent highs, meeting the traditional threshold used to determine when securities and indices entered a bear market.
ARK’s ETFs have collapsed along the broader stock market. The S&P 500, which ARK uses as a benchmark for its own funds, is about 5% of its highest value on February 12.
ARK’s leading innovation fund suffered the most. The $ 23 billion fund is up 31
Some of ARK’s funds have heavy positions in companies such as electric car maker Tesla Inc., streaming service Roku Inc. and digital payment company Square Inc. All three stocks are at least 28% of their last highs.