ARK Innovation Fund Sees $803 Million In Outflows In August, The Most In A Year
Cathie Wood’s ARKK is once again taking on water.
After a tough end to 2021 and an even worse start to 2022, the active manager’s flagship “innovation” fund had been treading water for the better part of the last month or two while the market rallied on hopes of lower inflation and/or a Fed pivot.
But now, with the market once again looking volatile after Fed commentary dispelled the myth that the Central Bankers are targeting a ‘soft landing’, the fund has seen its largest monthly outflows in a year.
According to Bloomberg today, ARKK saw $803 million in outflows in August and “saw daily inflows in only six days last month”. The report rightly notes that it marks a shift in sentiment surrounding Cathie Wood, as the fund still saw steady inflows despite its plunge late last year and early this year.
Nate Geraci, president of The ETF Store, commented to Bloomberg: “Ultimately, performance is king. No matter how much conviction a manager has and how closely they stick to their beliefs, if the performance isn’t there, ultimately the outflows will follow.”
He said that some investors have seen the last month of steadying performance from the fund as a goof reason to get out. Meanwhile, the ARKK inverse ETF, the AXS Short Innovation Daily ETF (SARK), has seen its biggest monthly inflow since January.
One 38 year old investor told Bloomberg that he was drawn into Wood’s fund by her discussion of “future innovations and how disruptive they would be and that these would be enormous profit-making opportunities”. He said he has since lost faith in her vision: “When I entered it, I strongly believed in the vision. Currently, not so much, and since my initial reason for it did not still apply, I realized I should just let it go.”
Recall, we profiled earlier this month that Cathie Wood had sold 1.4 million shares of Coinbase prior to its tie up with Blackrock, which sent shares soaring.
Another 34 year old investor who has stayed with Wood’s fund lamented: “I did expect her stock selection and management to have been better than if I was buying single stocks. But at this point, I don’t know that that’s actually true.”
- Court Rejects Joe Biden Push to Remove Block on Student Debt Transfer Program December 1, 2022
- Continuing Jobless Claims Hit 10-Month Highs As Layoffs Exploded In November December 1, 2022
- Schiff: Fed Soft Pivot In Play; Markets Ignore Powell’s Hawkish Talk December 1, 2022
- Fed’s Favorite Inflation Signal Dips (Holds Near 40 Year Highs) As Savings Rate Crashed December 1, 2022
- EU Threatens to Ban Twitter Over Elon Musk’s Free Speech Plans December 1, 2022
- Biden Admin Pledges $53 Million To Help Restore Ukraine’s Damaged Power Grid December 1, 2022
- EU Threatens Musk With Twitter Ban Over Content Moderation December 1, 2022
- ‘Operation Pelican’: Details Of UK’s Secret Op To Seize Assange Revealed December 1, 2022
- Miami Nightclubs Are Starting To Miss Rich Crypto Nerds November 30, 2022
- Escobar: The Global South Births A New Game-Changing Payments System November 30, 2022
- Number Of Handgun Owners Carrying Daily Nearly Doubles In US November 30, 2022
- D.C. Think Tank Urges America To “Invest” In Zelensky’s $1 Trillion Reconstruction Plan November 30, 2022
- Texas Parent Shocks School Board With Graphic Library Books November 30, 2022
- “Crypto Bros” Dump G-Wagons And McLarens Amid Digital Asset Bust November 30, 2022
- Fact Check: Karine Jean-Pierre Falsely Claims Biden Has Visited Border November 30, 2022
- WH: We Won’t Tell Apple to Allow AirDrop in China Because They’re Private, That’s a Different Situation from Us Vowing to Watch Twitter November 30, 2022
- White House Laughs Off Kevin McCarthy’s Invitation to Joe Biden to Visit Southern Border November 30, 2022
- GOP Leader Kevin McCarthy Confident About Speaker Vote: ‘We’ll Get There’ Even If Multiple Ballots Are Needed November 30, 2022
- South Korea Scrambles Jets To Warn Off Inbound Chinese-Russian Joint Bomber Patrol November 30, 2022
- Wall Street Reacts To Powell’s Dovish Speech As Markets Explode Higher November 30, 2022
- Not Acxiom (unverified) - 51,730,831 breached accounts November 22, 2022In 2020, a corpus of data containing almost a quarter of a billion records spanning over 400 different fields was misattributed to database marketing company Acxiom and subsequently circulated within the hacking community. On review, Acxiom concluded that "the claims are indeed false and that the data, which has been readily available across multiple environments, […]
- GGCorp - 2,376,330 breached accounts November 8, 2022In August 2022, the MMORPG website GGCorp suffered a data breach that exposed almost 2.4M unique email addresses. The data also included IP addresses, usernames and MD5 password hashes.
- Lolzteam - 398,011 breached accounts November 6, 2022In May 2018, the Russian hacking forum Lolzteam suffered a data breach that exposed 400k members. The impacted data included usernames and email addresses which were later redistributed via another hacking forum. The data was provided to HIBP by a source who requested it be attributed to "ZAN @ BF".
- Doomworld - 34,478 breached accounts October 24, 2022In October 2022, the Doomworld fourm suffered a data breach that exposed 34k member records. The data included email and IP addresses, usernames and bcrypt password hashes.
- E-Pal - 108,887 breached accounts October 24, 2022In October 2022, the service dedicated to finding friends on Discord known as E-Pal disclosed a data breach. The compromised data included over 100k unique email addresses and usernames spanning approximately 1M orders. The data was subsequently distributed via a popular hacking forum.
- Wakanim - 6,706,951 breached accounts October 6, 2022In August 2022, the European streaming service Wakanim suffered a data breach which was subsequently advertised and sold on a popular hacking forum. The breach exposed 6.7M customer records including email, IP and physical addresses, names and usernames.
- Bhinneka - 1,274,340 breached accounts October 6, 2022In early 2020, the Indonesian consumer electronics website Bhinneka suffered a data breach that exposed almost 1.3M customer records. The data included email and physical addresses, names, genders, dates of birth, phone numbers and salted password hashes.
- TAP Air Portugal - 5,067,990 breached accounts September 23, 2022In August 2022, the Portuguese airline TAP Air Portugal was the target of a ransomware attack perpetrated by the Ragnar Locker gang who later leaked the compromised data via a public dark web site. Over 5M unique email addresses were exposed alongside other personal data including names, genders, DoBs, phone numbers and physical addresses.
- Brand New Tube - 349,627 breached accounts September 8, 2022In August 2022, the streaming website Brand New Tube suffered a data breach that exposed the personal information of almost 350k subscribers. The impacted data included email and IP addresses, usernames, genders, passwords stored as unsalted SHA-1 hashes and private messages.
- START - 7,455,386 breached accounts August 30, 2022In August 2022, news broke of an attack against the Russian streaming service "START". The incident led to the exposure of 44M records containing 7.4M unique email addresses. The impacted data also included the subscriber's country and password hash. START subsequently acknowledged the incident in a Telegram post and stated that the data dated back […]