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 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 ARKW up 7.2% and the ARK Fintech Innovation ETF 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 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 ARKQ | $877.26M | 4.12% | $36.11M |
| ARK ETF Trust – ARK Space Exploration & Innovation ETF ARKX | $238.59M | 3.52% | $8.39M |
| ARK ETF Trust – ARK Israel Innovative Technology ETF 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. 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. COIN followed with an 8.6% gain, contributing 0.7 percentage points to the fund’s daily performance. Shopify Inc. SHOP surged by 22%, adding 0.6 percentage points, while Tesla Inc TSLA rose by 6.2%, contributing 0.5 percentage points due to its significant weight in the portfolio.
UiPath Inc. PATH also saw substantial gains, climbing 6.7% during the trading day.
Read Now: What’s Going On With Tesla Stock Today
Photo: Benzinga
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
