By Sam Boughedda
The sell-off in stocks on Tuesday presented a buying opportunity for Cathie Wood’s Ark Investment management, with the firm buying 27 stocks across eight exchange-traded funds, according to Bloomberg.
The firm’s largest purchase was Roku (NASDAQ:), which is the third biggest holding in Ark’s Innovation ETF (NYSE:).
Tuesday saw stocks plunge, with the tech-heavy Nasdaq posting its most significant one-day decline since March 2020 as the Federal Reserve to hike rates substantially to combat which was higher than hoped.
However, Wood tweeted on Monday that deflation is in the pipeline, with the recent buys suggesting her firm is positioning for that.
With Ark primarily investing in disruptive technology stocks, the firm’s ETF lineup has come under substantial pressure this year. Bloomberg reported at the beginning of this month that ARKK experienced its largest monthly outflow in nearly a year in August.