All of the stocks in Cathie Wood’s Ark Innovation Fund are in a bear market, with the exception of 2

It’s been a bleak week for Cathie Wood’s flagship fund Ark Innovation, which has left almost all of its holdings in the bear market.

Wood’s main publicly traded fund, trading under the ticker ARKK, fell 12.6% this week in the worst week since February. Ark Innovation was down 5.5% on Friday.

The painful losses have left all but 2 of Wood’s components more than 20% below their most recent high, meaning they are in a bear market.

Only Trimble and Tesla are less than 20% off their highs, but both are more than 10% off their 52-week records. Berkeley Lights, Proto Labs, and Skillz are all more than 80% below their 52-week highs.

Speaking to CNBC this week, Wood remained convinced of Ark’s strategies that focus on “disruptive innovation” in five digital platforms: DNA sequencing, robotics, energy storage, artificial intelligence and blockchain technology.

Wood said that after underperforming this year, their strategies will quadruple over the next five years.

The portfolio manager expects the next few years to be “the most spectacular period for innovation we have ever seen,” said Wood.