“The fintech industry in general has had a tough time meeting the expectations that were set by the high valuations of the market in 2021. That’s very much a typical cycle of a new growth industry; there’s all that excitement, all that money rushes in, but then earnings are coming due and companies have to deliver. If they can’t, you tend to see some of the growth investors exit.”

 “The ever improving economic environment, plus sticky inflation concerns, are inevitably creating challenging circumstances for growth stocks... Although a slight downshift in growth is likely as the year progresses, the still very solid backdrop means investors will increasingly look for other opportunities that can generate more impressive returns than those on offer from companies with already lofty valuations.”

 “There are opportunities elsewhere where you can get 5% yields under cash with companies like Nvidia or Microsoft in the AI space that have taken attention away... Even though ARKF had a good year last year, I think the flow shows that there’s just this real lukewarm appetite for this type of high beta growth strategy right now.”