By Sam Boughedda
According to a report by Bloomberg on Monday, Cathie Wood's ARK flagship fund, which is down significantly in 2022 fueled by Fed rate hikes, has gained its longest streak of inflows in more than a year.
Investors have reportedly put $639 million into the $9.5 billion ARK Innovation ETF (NYSE:ARKK) for eight days straight, according to Bloomberg's data. The last time cash poured in at a similar rate was back in March 2021.
However, the amount is still well below the $1.4 billion the fund took in the previous inflow streak of this length.
Despite the fund tumbling in 2022, which is due to the drawdown rather than an outflow of funds, the reported inflow shows investors still have confidence in the fund and Cathie Wood. The fund has gained slightly in the last couple of weeks.
Wood recently stated that the massive inventory held by US companies suggests inflation will die down.
“This inventory issue highlights the cyclical reason we’ve been saying we think inflation will unravel," Wood told Bloomberg Television recently.