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Growth stock comeback fuels Cathie Wood’s ARK funds

by capitalizefinancial
June 29, 2021
in Sports
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A more than 10% surge in growth stocks since the start of the quarter is fueling a comeback in star stock picker Cathie Wood’s ARK funds, which posted some of the worst declines among all U.S. equity funds over the first three months of the year.

The ARK Innovation fund, which is managed by firm founder Wood, gained 3.5% on Monday and is now up 4.3% for the year to date, highlighting a nearly 31% comeback since hitting its May 13 low. Prior to its recent rally, the fund had been down by as much as 9% for the year.

Driving the gains are declining fears of runaway inflation and the failure of U.S. bond yields to follow through on their dramatic first-quarter rally, accelerating a rotation back in to the sort of hyper-growth stocks that helped Wood post the best returns of all actively managed mutual fund managers in 2020 tracked by Morningstar.

Monday’s move was also helped by breakthroughs in gene editing announced on Saturday which boosted the shares of several biotech companies Wood’s firm holds in several of its funds, including its flagship Ark Innovation fund.

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