According to Katie Greifeld, Bloomberg’s Katie Greifeld reports that Ark Investment Management’s assets are experiencing a greater drop than almost all US ETF issues this year.

Citing data from Bloomberg Intelligence until June 1, Greifield wrote Ark’s lineup holds $15.3 billion through nine ETFs, representing a 48% decrease from the start of this year, the most significant decline of the 25 largest US issuers.

It is not investors pulling cash but weak performance that caused the decline. Nine Ark ETFs posted double-digit losses by 2022, as tech stocks fall.

Ark’s performance is not good and it’s no surprise that there hasn’t been a substantial investor exodus. But Ark and Wood still have a loyal following.

Wood told CNBC’s “Halftime Report” in February that her fund’s decline has left its portfolio of tech stocks “way undervalued relative to potential.”

She said, “Give me five years,” and that she is most concerned about investors who cash in on temporary losses to make permanent ones.