ARK Funds Add Over $700 Million On Cathie Wood's Best Day In 2023: Which Stocks Are Driving The Rally?
Renowned investor Cathie Wood celebrated her best day of the year on Thursday as the ARK family of funds added over $700 million in assets under management (AUM) in a single trading session.
This remarkable surge occurred on the heels of a pivotal decision by the Federal Reserve.
Just a day earlier, the Fed opted to maintain interest rates at a steady 5.25%-5.5% for the second consecutive meeting, and Federal Reserve Chair Jerome Powell delivered a rather cautious tone, which paved the way for a widespread market relief rally.
Wood’s investment philosophy, centered on identifying disruptive innovation and high-growth potential stocks, proved its mettle on Thursday as investors shed concerns about rate hikes and began factoring in the possibility of earlier interest-rate cuts in 2024.
Cathie Wood’s ARKK Innovation ETF Rose Over 8% Thursday
The flagship ARKK Innovation ETF (NYSE:ARKK) surged by more than 8%, marking its best-performing day since Nov. 10, 2022, delivering a $500 million increase in its AUM.
Other “smaller” members of Wood’s ARK family also showed robust gains, with the ARK Next Generation Internet ETF (NYSE:ARKW) up 7.2% and the ARK Fintech Innovation ETF (NYSE:ARKF) up 6.7%.
Name
AUM
1-Day %
1-Day AUM Change
ARK ETF Trust – ARK Innovation ETF
$5.90B
8.38%
$494.60M
ARK ETF Trust – ARK Genomic Revolution ETF (NYSE:ARKG)
$1.40B
4.65%
$65.10M
ARK ETF Trust – ARK Next Generation Internet ETF
$1.14B
7.15%
$81.63M
ARK ETF Trust – ARK Fintech Innovation ETF
$752.62M
6.82%
$51.33M
ARK ETF Trust – ARK Autonomous Technology & Robotics ETF (NYSE:ARKQ)
$877.26M
4.12%
$36.11M
ARK ETF Trust – ARK Space Exploration & Innovation ETF (NYSE:ARKX)
$238.59M
3.52%
$8.39M
ARK ETF Trust – ARK Israel Innovative Technology ETF (NYSE:IZRL)
$72.81M
3.40%
$2.48M
Chart: Cathie Wood’s ARK Innovation ETF Posts Its Best-Performing Session In Nearly A Year
Stocks Making ARK Funds Flying On Thursday
Among the standout contributors to the ARK Innovation ETF’s performance on Thursday was Roku Inc. (NASDAQ:ROKU), which soared an impressive 31% during the session, accounting for nearly 2 percentage points of the daily increase.
Read also: Roku Shares Jump After Q3 Delivers Many Positives: 7 Analysts Tune Into Into Print, Guide
Coinbase Global Inc. (NASDAQ:COIN) followed with an 8.6% gain, contributing 0.7 percentage points to the fund’s daily performance. Shopify Inc. (NASDAQ:SHOP) surged by 22%, adding 0.6 percentage points, while Tesla Inc (NASDAQ:TSLA) rose by 6.2%, contributing 0.5 percentage points due to its significant weight in the portfolio.
UiPath Inc. (NASDAQ:PATH) also saw substantial gains, climbing 6.7% during the trading day.
Read Now: What’s Going On With Tesla Stock Today
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