Since this year, investors have made a net withdrawal of US$2.2 billion from the six active exchange-traded funds managed by “Cathie Wood Mu” Cathy Wood's ARK Investment Management Company. The total assets of the fund fell 30% to US$11.1 billion in less than four months, and ARK peaked at US$59 billion in early 2021. Todd Rosenbluth, head of research at data provider Vettafi, said: “This year should have been a good year for ARK, but they are concentrating on investing in underperforming companies.” The value of the flagship fund ARK Innovation fell 16%, mainly because it was too concentrated on a few stocks: Tesla, the largest holding, has fallen by more than 40% since this year; other major holdings such as Roku (down 33%) and Unity Software (down 44%) have also dragged down the decline. According to Morningstar data, by the end of last year, ARK Fund had lost more wealth than any other asset management company in the past 10 years, and investors lost a total of 14.3 billion US dollars.