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Famed $ 60 billion asset pick Cathie Wood Ark Invest started in 2022 by doubling down on some of their favorite growth stocks, hoping to bounce back after their funds lagged far behind the market over the past year.

Important facts

Ark Invest founder and CEO bought around 1.2 million shares in daily fantasy and sports betting company DraftKings on Tuesday, a position valued at just over $ 30 million.

On the same day, Wood bought more than 300,000 shares each in video game company Roblox (valued at approximately $ 30 million) and Block, formerly Square (valued at nearly $ 50 million).

So far this year, Wood has also bought nearly 400,000 shares in the popular stock trading app Robinhood, while offloading around 360,000 shares on the social media platform Twitter.

This week’s share purchases so far this week follows a difficult year for Woods Fund: after their flagship ARK Innovation Fund rose to fame in 2020 and rose nearly 150%, it fell 24% in 2021 and lost over a fifth of its value – during the S&P 500 was up 27%.

The fund, which is down over 2% this week, is under pressure after heavy losses in some of its top holdings including Teladoc Health, Zoom Video and Exact Sciences.

Wood is not deterred, however: she says innovation stocks are “not in a bubble”; rather, they have entered “low-value territory”.