Growth stock comeback fuels Cathie Wood's ARK funds

StreetInsider2021-06-29

NEW YORK (Reuters) - A more than 10% surge in growth stocks since the start of the quarter is fueling a comeback in star stock picker Cathie Wood's ARK funds, which posted some of the worst declines ...

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Comments

EdeT
2021-06-29
EdeT
Up up!
tidehunter
2021-06-29
tidehunter
Good
tidehunter
2021-06-29
tidehunter
Growth stock lead the way
SaveHK
2021-06-29
SaveHK
ARK another 220%growth again in 2021?????????
- edgewise:
  Agree
- Attica88:
  yes
林欣霓
2021-06-29
林欣霓
Cathie ARK funds.
Jkan
2021-06-29
Jkan
Tech rotation back. Yippie
- dumdumdum:
  Wow

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Prior to its recent rally, the fund had been down by as much as 9% for the year.\nDriving the gains are declining fears of runaway inflation and the failure of U.S. bond yields to follow through on their dramatic first-quarter rally, accelerating a rotation back in to the sort of hyper-growth stocks that helped Wood post the best returns of all actively managed mutual fund managers in 2020 tracked by Morningstar.\nMonday's move was also helped by breakthroughs in gene editing announced on Saturday which boosted the shares of several biotech companies Wood's firm holds in several of its funds, including its flagship Ark Innovation fund.\n\"Investors have been rewarded for staying loyal to ARK and their long-term growth strategies as fears of rising interest rates were diminished,\" said Todd Rosenbluth, director of mutual fund research at CFRA. \"ARKK has significantly outperformed the broader market in the past month and is now in the black after being down double digits.\"\nAmong Wood's holdings are Regeneron Pharmaceuticals Inc, which is up 22.1% since its March low, and Intellia Therapeutics Inc, which rallied more than 50% on Monday after posting positive interim data over the weekend from its ongoing early-stage trial for its genome editing candidate, NTLA-2001.\nOverall, the Russell 1000 Growth index is up 11.4% since the start of the quarter, nearly triple the 4.6% gain in the Russell 1000 Value index over the same time. Those gains have come as the price of lumber and other commodities has fallen from multi-year peaks, helping ease investor concerns over spiking inflation.\nThe Federal Reserve took many investors by surprise with a more hawkish turn at its most recent policy meeting, sending the yield of the benchmark 10-year Treasury below 1.5% on expectations that the central bank would be less tolerant of rising inflation. That has helped bolster tech and growth stocks, as rising yields threaten to erode the value of their longer-term cash flows.\nDespite ARK's recent gains, the performance of its flagship fund remains in the bottom 100th percentile among U.S. mid-cap growth funds, according to Morningstar data.\nWhether the fund continues its recent hot streak will largely depend on the direction of the 10-year Treasury yield, said Jim Paulsen, chief investment strategist at the Leuthold Group.\n\"There's a high correlation between the 10-year and whether it's growth or value overall,\" as lower yields eat in to the profits of cyclical stocks such as financials, he said. While growth stocks are outperforming now, Paulsen remains skeptical the rally will continue.\n\"Growth is going to be really strong in the economy this year and next and I don't think we have seen the last of the inflation scare,\" he said.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":159668734,"gmtCreate":1624963789828,"gmtModify":1703848922579,"author":{"id":"3573348203111655","authorId":"3573348203111655","name":"EdeT","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3573348203111655","authorIdStr":"3573348203111655"},"htmlText":"Up up!&nbsp;","listText":"Up up!&nbsp;","text":"Up 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stock lead the way","listText":"Growth stock lead the way","text":"Growth stock lead the way","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159184135","repostId":2147591848,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":159136800,"gmtCreate":1624947034500,"gmtModify":1703848600041,"author":{"id":"3570678493691973","authorId":"3570678493691973","name":"SaveHK","avatar":"https://static.tigerbbs.com/89b74f5799a23844400ed6de94296d38","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3570678493691973","authorIdStr":"3570678493691973"},"htmlText":"ARK another 220%growth again in 2021?????????","listText":"ARK another 220%growth again in 2021?????????","text":"ARK another 220%growth again in 2021?????????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/159136800","repostId":2147591848,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5065224,"gmtCreate":1624947957482,"gmtModify":1663230258338,"authorId":3578015815185358,"author":{"id":3578015815185358,"idStr":"3578015815185358","authorId":3578015815185358,"name":"edgewise","avatar":"https://static.tigerbbs.com/664c6f8be63b9573d7f1fa2cb5ba1021","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":159136800,"type":1,"supId":0,"prevId":0,"content":"Agree","text":"Agree","html":"Agree"},{"id":5065273,"gmtCreate":1624948267237,"gmtModify":1663230258227,"authorId":3577182787260052,"author":{"id":3577182787260052,"idStr":"3577182787260052","authorId":3577182787260052,"name":"Attica88","avatar":"https://static.tigerbbs.com/25f5fb94ec59d52eafaa236c989b1b2b","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":159136800,"type":1,"supId":5065224,"prevId":0,"content":"yes","text":"yes","html":"yes"}],"langContent":"EN"},{"id":159133732,"gmtCreate":1624946866826,"gmtModify":1703848596151,"author":{"id":"3580168616843436","authorId":"3580168616843436","name":"林欣霓","avatar":"https://static.tigerbbs.com/a28a5c6d65cfcd6a5024f3b15f4975e8","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3580168616843436","authorIdStr":"3580168616843436"},"htmlText":"Cathie ARK funds.&nbsp;","listText":"Cathie ARK funds.&nbsp;","text":"Cathie ARK funds.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/159133732","repostId":2147591848,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":159130645,"gmtCreate":1624946646887,"gmtModify":1703848592591,"author":{"id":"3574381604982902","authorId":"3574381604982902","name":"Jkan","avatar":"https://static.tigerbbs.com/9e5803c697580c21a815764131d05679","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3574381604982902","authorIdStr":"3574381604982902"},"htmlText":"Tech rotation back. Yippie","listText":"Tech rotation back. Yippie","text":"Tech rotation back. Yippie","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/159130645","repostId":2147591848,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5065368,"gmtCreate":1624949016924,"gmtModify":1663230260347,"authorId":3575326657914583,"author":{"id":3575326657914583,"idStr":"3575326657914583","authorId":3575326657914583,"name":"dumdumdum","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":159130645,"type":1,"supId":0,"prevId":0,"content":"<u>Wow</u>","text":"<u>Wow</u>","html":"<u>Wow</u>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":64,"commentSize":14,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2147591848"}