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The ETF founder is seeing a drop in large holdings such as Tesla and Zoom
Investors who bought the dip in Cathie Wood‘s ARK Innovation exchange-traded fund have been punished this year. Some finally appear to be losing their conviction.
Shares of the fund, a pandemic-era favorite largely made up of unprofitable, growth-oriented technology companies, are down 63% this year. While the S&P 500 index has rallied 12% since mid-October to cut its 2022 losses to 16%, Ms. Wood’s flagship fund is hovering near a five-year low.