Cathie Wood failed to repeat her stellar 2020 performance with ARK Invest funds in the first quarter, but the celebrity fund manager still managed to attract a steady pile of cash into her red-hot funds.
Despite this year's performance, ARK still attracts retail investors at a time when many have given up on stock pickers in favor of passive index investing. Wood's ARK Innovation ETF has brought in nearly US$5.5 billion in new funds so far this year, the most of any actively managed equity fund, while three other ARK funds attracted inflows that ranked among the top 10, according to Morningstar.
Still, rising concerns about inflation have stalled a rally in Wood's portfolio companies like Roku Inc and Square Inc that outperformed during the pandemic. Wood, for her part, has said that she still considers companies like Zoom Communications Inc"undervalued" and has been buying on dips.Wood is not alone in her tepid performance since the start of the year. The Nasdaq Composite Index fell into a correction - a 10per cent decline from its most recent highs - on March 8.
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