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By Staff Reporters
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Cracks are beginning to form in the resiliency of Ark Invest’s retail-driven shareholder base, as its flagship fund suffers its biggest outflow in nearly a year. The Ark Invest Disruptive Innovation ETF saw outflows of $820 million in August, just shy of its September 2021 outflow of $939 million, according to data from VettaFi. The about-face could mark the beginning of a reversal of a more than year-long trend in which Ark saw positive inflows from its investors despite flagging performance. Year-to-date, the flagship ETF has seen about $1 billion in inflows. Ark Invest CEO Cathie Wood has chalked up the resiliency of her investor base to Ark’s practice of being transparent with its investment research and long-term views. “Ark is net inflowing this year, and I think it’s because we give away our research, and our research is unique. It’s original research. And we’re trying to help people understand how the world is going to change during the next five to 10 years, and how rapidly it’s going to change,” she said in a video update earlier this year.
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U.S. jobless numbers are the lowest in two months, according to seasonally adjusted results for the week ended Aug. 27th by the Department of Labor. There were 232,000 unemployment claims, the lowest since June 25, according to the Labor Department report. The report said continuing claims rose by 26,000 to a total of 1.44 million. The four-week moving average initial jobless claims number was 241,500, down 4,000 from the previous week. The Bureau of Labor Statistics reported 11.2 million U.S. job openings as of the last business day in July. The numbers show hiring demand remains strong. In remarks Aug. 26, Fed Chair Jerome Powell indicated efforts to slow inflation could “bring some pain” to households through higher interest rates, a softening labor market and slower growth.
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Filed under: Alerts Sign-Up, Investing | Tagged: ARK invest, Cathie Wood, jobless, joblessrates | Leave a comment »
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