(Bloomberg) -- Cathie Wood’s flagship fund has posted its longest streak of inflows in over a year as it fights back from an interest rate hike-fueled decline.
Investors have poured money into the $9.5 billion Ark Innovation ETF (ticker ARKK) for eight straight days, with the amount totaling $639 million, according to data compiled by Bloomberg. The last time there was that long a span of cash pouring in was in March 2021, about a month after the fund peaked.
While the cash intake trails the $1.4 billion the fund lured in its prior inflow streak of this length, the influx of money signals investors’ conviction in Wood. The exchange-traded fund has risen 14% in the last two weeks, but is still down more than 70% since its peak as it comes under pressure from red-hot inflation and Federal Reserve rate hikes.
Wood has continued to double down on her innovation-themed strategy even as some of her high-profile bets like Coinbase Global Inc., the largest US cryptocurrency exchange, have suffered brutal stretches this year.
Read more: Cathie Wood Just Keeps Buying Coinbase and Getting More Inflows
As speculative tech stocks get battered during the selloff, other ETF issuers are also seeing opportunity in the current environment and are following in Wood’s footsteps. The AOT Growth and Innovation ETF (ticker AOTG) aims to be listed soon. IndexIQ also recently launched two growth ETFs.
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