As Ark’s flagship fund falls 76% from its peak, Cathie Wood still sees its shares as residing in “deep value territory.”

The wheels have truly fallen off the stock market bandwagon and Cathie Wood’s ARK Invest has arguably seen the most dramatic drop since its parabolic rise, amid the current downdraft in the markets.

However, the S&P 500 SPX,
-0.13%
hanging on the precipice of a bear market, down at least 20% from its recent peak, and the tech-heavy Nasdaq Composite COMP,
+0.06%
Apparently, a nearly 30% drop from its peak hasn’t shaken Wood’s belief that his strategy of targeting high-growth tech stocks will be back in style.

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In a tweet on Wednesday, the CEO of ARK Investment Management weighed in on the idea that Ark’s disruptive technology stock set represents a huge value opportunity for potential investors.

“Genomic sequencing, adaptive robotics, energy storage, AI and blockchain technology are realities, their actions are apparently in high value territory,” he tweeted,

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Still, ARK’s stock market bets on disruptive innovation have tanked this year, even as the founder maintains that the fundamentals, for the most part, “haven’t deteriorated.”

Wood’s Wednesday tweet is presented as shares of ARK Innovation ETF ARKK,
+5.58%,
its flagship fund, are down more than 76% as of Wednesday’s close.

Despite Wood’s conviction, investors appear to be headed for the hills, leaving the market in a state of chaos, with fears that the carnage taking place in the Nasdaq, S&P 500 and Dow Jones Industrial Average DJIA,
-0.33%
it may still be too early to safely examine buying opportunities.

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Earlier in the week, Wood tweeted his opinion that companies like Zoom Video Communications ZM,
+0.20%,
which has also been hit by a protracted revaluation of once-high-flying names, would be one of the main beneficiaries of the first rip-and-replace cycle since the early 1990s in the global communications space.

But so far this year, investors are not buying into Wood’s thesis.

Tell us if you think Wood’s will come back or if you think its stock and fund will never return to its former glory.

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