ARK Innovation Fund drops nearly 9% during market selloff

NEW YORK (Reuters) – Star stock picker Cathie Wood’s ARK Innovation fund dropped nearly 9% on Thursday as concerns about rising inflation and slowing growth sent the benchmark S&P 500 down nearly 3.6%.

The declines left ARK Innovation with its fourth-worst performance in its history stretching back to 2014. The three greater declines all came during March, 2020 as the first economic restrictions in the U.S. during the coronavirus pandemic were rolled out.

The fund is down 49.5% for the year to date.

(Reporting by David Randall; Editing by Chris Reese)