Cathie Wood’s flagship investment fund of technology stocks has fallen to its lowest level since November, with some of its biggest holdings including Tesla down by a tenth or more already this month.
The $21bn Ark Innovation fund, a beneficiary and barometer of investors’ enthusiasm for speculative growth companies and new technologies, has now lost one-third of its value since a February peak.
Its decline accompanies a broader slide in shares of high-flying growth companies. These have stumbled as inflation expectations have climbed, diminishing the appeal of businesses whose profits will not materialise for years to come.
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