The total assets of the funds under "Sister Mumu" have shrunk rapidly, and the flagship ETF has fallen 16% this year

Golden Finance reports that since the beginning of this year, investors have withdrawn a net US$2.2 billion from the six active exchange-traded funds managed by "Wooden Sister" Cathy Wood's ARK Investment Management Company. The total assets of the funds have increased in less than four months. It dropped 30% to US$11.1 billion during the period, while ARK reached a peak of US$59 billion in early 2021. Todd Rosenbluth, director of research at data provider VettaFi, said this year should be a better year for ARK, but they are focusing on investing in underperforming companies. The value of the flagship fund ARK Innovation fell by 16%, mainly due to excessive concentration in a few stocks: Tesla, the largest holding, has fallen more than 40% this year; other major holdings such as Roku (down 33%) and Unity Software (down 44%) Also dragged lower. Morningstar data shows that as of the end of last year, ARK Fund had lost more wealth than any other asset management company in the past 10 years, with investors losing a total of $14.3 billion.