Cathie Wood's Ark ETF sees 91% of holdings tumble in tech rout

Cathie Wood’s Ark Innovation ETF plunged to a six-month low, with all but five of its 58 holdings retreating in a broad tech selloff.

The ARKK exchange-traded fund that makes concentrated bets on tech companies aiming to disrupt industries fell 5.2% Monday, double the loss in the Nasdaq 100 Index. It’s now down more than 30% from its February peak.

Hardest hit in the portfolio listed in the fund’s May 7 holdings disclosure were two biotech stocks. Twist Bioscience Corp. was the fund’s biggest laggard, plunging more than 17% on Monday, its worst one-day performance since Feb. 5. NanoString Technologies Inc. sank 12%. Tesla Inc., ARKK’s biggest holding, dropped 6.4%.

Wood has added to her bets in recent downdrafts, buying Twitter Inc. in three out of five days last week as it fell 5.2% in its worst week since March. She said in a television interview that the tech selloff has only set her fund up for a strong rebound. ARKK surged almost 150% in 2020 and is down 16% this year.

On the bright side, Coinbase Global Inc., which accounts for about 2.8% of the ETF’s holdings, gained 11.3% in its best day since its April 14 direct listing.

Ark Investment Management sold 30.4% of its Apple holdings on Monday, according to Bloomberg’s calculations of data from the firm’s daily trading update. The asset manager also added 33,300 Coinbase shares, according to its latest disclosure.