ARK Investment Management - 2-Year Backfill Trend
Backfill of ARK Investment Management LLC (Cathie Wood) 13F holdings, 2024 Q2 through 2026 Q1. Run as the 8th tracked smart-money manager (joins Duquesne, Berkshire, Tiger Global, Appaloosa, Gardner Russo & Quinn, Akre, Marathon LLP). All 8 quarters parsed cleanly.
Important interpretive note: ARK is a thematic-disruption manager, not a quality-compounder or macro-long manager. The signal value of ARK 13F data is different from the other 7 tracked managers. ARK is included in the smart-money set to give visibility into emerging-tech rotations Cathie Wood is making at scale (~$10-17B AUM across active ETFs), not as confirmation evidence for high-conviction long-only theses. Treat ARK overlap with our paper baskets as idea-generation signal, not conviction-stacking signal.
Per-quarter top-10 holdings
Holdings sorted by % of total disclosed 13F value. ARK runs ~180-200 positions in any given quarter; top-10 captures ~45-55% of disclosed AUM.
2024 Q2 (total $11.27B, 190 positions)
| % AUM | Issuer | Value |
|---|---|---|
| 9.33% | Tesla Inc | $1,051,612,566 |
| 7.02% | Coinbase Global Inc | $790,850,118 |
| 6.76% | Roku Inc | $762,095,761 |
| 4.75% | Block Inc | $534,783,438 |
| 4.40% | ROBLOX Corp | $496,337,841 |
| 3.86% | Robinhood Markets Inc | $434,954,372 |
| 3.73% | CRISPR Therapeutics AG | $420,118,712 |
| 3.35% | UiPath Inc | $377,197,499 |
| 2.93% | Palantir Technologies Inc | $329,875,108 |
| 2.91% | Shopify Inc | $328,075,721 |
2024 Q3 (total $10.93B, 195 positions)
| % AUM | Issuer | Value |
|---|---|---|
| 10.98% | Tesla Inc | $1,200,562,888 |
| 7.66% | Roku Inc | $837,837,992 |
| 5.28% | Coinbase Global Inc | $577,484,187 |
| 4.79% | ROBLOX Corp | $524,100,790 |
| 4.07% | Block Inc | $444,767,776 |
| 3.85% | Robinhood Markets Inc | $420,959,150 |
| 3.75% | Palantir Technologies Inc | $409,861,198 |
| 3.42% | Shopify Inc | $374,326,277 |
| 3.22% | CRISPR Therapeutics AG | $352,285,403 |
| 2.45% | UiPath Inc | $268,157,467 |
2024 Q4 (total $12.01B, 183 positions)
| % AUM | Issuer | Value |
|---|---|---|
| 11.06% | Tesla Inc | $1,327,564,407 |
| 6.61% | Roku Inc | $793,353,237 |
| 6.28% | Coinbase Global Inc | $753,502,276 |
| 4.91% | Palantir Technologies Inc | $589,418,097 |
| 4.89% | ROBLOX Corp | $586,847,982 |
| 4.01% | Robinhood Markets Inc | $480,921,213 |
| 3.99% | Shopify Inc | $479,019,163 |
| 3.49% | Block Inc | $418,823,841 |
| 2.94% | CRISPR Therapeutics AG | $353,179,787 |
| 2.43% | Archer Aviation Inc | $291,642,871 |
2025 Q1 (total $9.99B, 196 positions)
| % AUM | Issuer | Value |
|---|---|---|
| 8.45% | Tesla Inc | $844,539,820 |
| 6.09% | Roku Inc | $608,745,888 |
| 5.31% | Palantir Technologies Inc | $530,469,079 |
| 5.29% | ROBLOX Corp | $528,805,601 |
| 5.29% | Coinbase Global Inc | $528,592,279 |
| 4.27% | Robinhood Markets Inc | $426,549,178 |
| 4.25% | Shopify Inc | $424,334,623 |
| 3.62% | Tempus AI Inc | $361,867,488 |
| 3.46% | CRISPR Therapeutics AG | $345,928,566 |
| 2.45% | Twist Bioscience Corp | $245,045,012 |
2025 Q2 (total $13.64B, 191 positions)
| % AUM | Issuer | Value |
|---|---|---|
| 7.17% | Tesla Inc | $977,587,306 |
| 6.74% | Coinbase Global Inc | $919,387,812 |
| 5.45% | Roku Inc | $743,556,287 |
| 5.34% | Robinhood Markets Inc | $728,990,490 |
| 5.22% | ROBLOX Corp | $712,130,147 |
| 4.27% | Shopify Inc | $582,460,786 |
| 4.07% | Palantir Technologies Inc | $555,676,600 |
| 3.89% | Circle Internet Group Inc | $530,165,020 |
| 3.63% | CRISPR Therapeutics AG | $495,281,183 |
| 3.46% | Tempus AI Inc | $471,579,266 |
2025 Q3 (total $16.80B, 196 positions)
| % AUM | Issuer | Value |
|---|---|---|
| 9.50% | Tesla Inc | $1,596,376,554 |
| 4.81% | Coinbase Global Inc | $808,470,676 |
| 4.38% | Roku Inc | $736,141,363 |
| 4.38% | Palantir Technologies Inc | $736,081,749 |
| 4.38% | ROBLOX Corp | $735,932,022 |
| 4.28% | Robinhood Markets Inc | $718,340,386 |
| 4.26% | Shopify Inc | $715,680,956 |
| 3.78% | CRISPR Therapeutics AG | $634,293,721 |
| 3.45% | Tempus AI Inc | $579,156,155 |
| 2.94% | Advanced Micro Devices Inc | $494,739,497 |
2025 Q4 (total $15.07B, 197 positions)
| % AUM | Issuer | Value |
|---|---|---|
| 8.70% | Tesla Inc | $1,310,705,149 |
| 4.25% | Shopify Inc | $640,483,134 |
| 4.24% | Roku Inc | $638,109,775 |
| 3.82% | Coinbase Global Inc | $574,831,688 |
| 3.81% | Palantir Technologies Inc | $574,470,332 |
| 3.66% | CRISPR Therapeutics AG | $551,776,677 |
| 3.66% | Advanced Micro Devices Inc | $551,414,664 |
| 3.61% | Robinhood Markets Inc | $543,582,454 |
| 3.03% | Teradyne Inc | $456,077,004 |
| 2.96% | Tempus AI Inc | $446,275,249 |
2026 Q1 (total $12.86B, 182 positions)
| % AUM | Issuer | Value |
|---|---|---|
| 8.18% | Tesla Inc | $1,052,546,690 |
| 4.29% | Advanced Micro Devices Inc | $551,875,889 |
| 4.19% | CRISPR Therapeutics AG | $538,189,027 |
| 3.85% | Shopify Inc | $495,553,074 |
| 3.54% | Palantir Technologies Inc | $454,913,400 |
| 3.38% | Tempus AI Inc | $434,462,230 |
| 3.35% | Circle Internet Group Inc | $430,249,668 |
| 3.24% | Robinhood Markets Inc | $416,012,113 |
| 3.22% | Coinbase Global Inc | $414,329,300 |
| 2.87% | Teradyne Inc | $369,128,978 |
2-year trend: persistent top-10 holds
| Issuer | Quarters in top-10 |
|---|---|
| Tesla Inc | 8/8 |
| Coinbase Global Inc | 8/8 |
| Robinhood Markets Inc | 8/8 |
| CRISPR Therapeutics AG | 8/8 |
| Palantir Technologies Inc | 8/8 |
| Shopify Inc | 8/8 |
| Roku Inc | 7/8 (dropped in 2026Q1) |
| ROBLOX Corp | 6/8 (in top-10 through 2025Q3) |
| Tempus AI Inc | 5/8 (entered 2025Q1, now persistent) |
| Advanced Micro Devices Inc | 4/8 (entered 2025Q3 top-10, now persistent) |
The 6-name persistent core - Tesla, Coinbase, Robinhood, CRISPR, Palantir, Shopify - has been in ARK's top-10 every single quarter of the backfill window. Tesla alone is 7-11% of AUM in every quarter; ARK runs a heavily concentrated thematic book.
New entries to top-10 (2024Q2 -> 2026Q1)
- Teradyne Inc (semiconductor test equipment) - entered top-10 2025Q4, currently 2.87% of AUM. AI-infra-adjacent.
- Circle Internet Group Inc (USDC issuer / stablecoin infra) - entered top-10 2025Q2 (likely post-IPO), held in top-10 through 2026Q1.
- Advanced Micro Devices Inc - entered top-10 2025Q3, climbed to #2 position by 2026Q1 (4.29% of AUM). Strong AI-infra-chip conviction build.
- Tempus AI Inc (AI-genomics) - entered top-10 2025Q1, has held ~3-3.5% of AUM ever since.
Exits from top-10 (2024Q2 -> 2026Q1)
- Roku Inc - exited 2026Q1 after 7 quarters in top-10 (was 6-9% of AUM).
- ROBLOX Corp - exited after 2025Q3.
- Block Inc - exited after 2024Q4.
- UiPath Inc - exited after 2024Q3.
The Roku/ROBLOX/Block trio exits aligns with Wood rotating capital out of consumer-software thematic into AI-infra (AMD, Teradyne) and crypto-infra (Circle).
Notable rotations
- 2025 Q3 AMD entry: ARK opened a meaningful Advanced Micro Devices position that hit top-10 in 2025Q3 (2.94%) and by 2026Q1 climbed to #2 (4.29%). This is a meaningful turn for ARK historically; Wood was Nvidia-skeptical and capacity-skeptical for years. The AMD build suggests she now treats AI compute supply as a 2026 thesis.
- Crypto-infra rotation: Circle Internet Group (USDC issuer) entered the top-10 in 2025Q2 (likely post-IPO) and ARK has held it through 2026Q1 at 3-4% of AUM. Combined with the persistent Coinbase + Robinhood holdings, ARK's crypto-infra exposure is roughly 15% of AUM in 2026Q1.
- Tesla position stability: Tesla is the single largest position in every quarter (7-11% of AUM), but share count has been actively managed - ARK trimmed into 2025 strength and re-added on 2025Q1/Q2 weakness. This is consistent with ARK's published behavior of trading Tesla around their conviction band.
- Bio-genomics weight shift: CRISPR Therapeutics remained in top-10 all 8 quarters but Twist Bioscience appeared in top-10 only in 2025Q1 (post-pullback). Tempus AI replaced the legacy gene-editing theme as the bio-thematic top-10 anchor.
Overlap with RDCO 5-thesis buckets
Same bucket schema as the existing aggregate-summary file (hyperscalers, AI-infra-chips, power, memory, longevity).
| Bucket | ARK exposure | Detail |
|---|---|---|
| hyperscalers | weak / opportunistic | Alphabet built from 0% in 2025Q3 to 1.61% in 2026Q1. Microsoft barely present (0.01% in 2025Q2 trim). Amazon held 2024 only, exited after 2024Q4. No Meta. ARK does not anchor on hyperscaler equity. |
| AI-infra-chips | strong, accelerating | AMD is now the #2 ARK position (4.29% in 2026Q1). Teradyne #9 (2.87%). Taiwan Semi appeared briefly 2025Q2 ($158M, 1.16%). No NVDA, no Broadcom in top-10. ARK has shifted from a Nvidia-skeptic stance to a chip-equipment + AMD bet. |
| power | none / negligible | Only Cameco (uranium) appeared once at 0.13% of AUM in 2025Q1. No GE Vernova, no Vistra, no Constellation, no Talen. ARK does not play the power-cycle. |
| memory | none | No Micron, Sandisk, Seagate in the visible top-10 or large-position scan. |
| longevity | medium, biotech-skewed | CRISPR Therapeutics is persistent top-10 (8/8 quarters, ~3-4% of AUM). Tempus AI persistent (~3% of AUM). Twist Bioscience appeared 2025Q1. No Eli Lilly, no Insmed, no Natera. ARK's longevity exposure is genomics/diagnostics, not GLP-1 / orphan-disease pharma. |
Specific basket-overlap check: paper portfolios in flight
Smart-money-mirror v1 basket (MSFT / AMZN / GOOGL / TSM / SNDK / INTC)
- GOOGL (Alphabet): built from zero in 2025Q3 to 1.61% of AUM in 2026Q1. Three consecutive quarters of increase. This is the strongest ARK overlap with the mirror basket and the only one currently held at meaningful weight.
- AMZN (Amazon): held 2024Q2-Q4, growing from 0.17% to 1.64%. Exited entirely by 2025 (not visible in 2025+ position lists).
- TSM (Taiwan Semi): brief 2025Q2 increase ($158M, 1.16%). Not visible in subsequent quarters - likely held steady at small size or exited.
- MSFT: trivial - $1.3M trim in 2025Q2. Not a meaningful ARK position.
- SNDK (Sandisk): not in ARK's holdings.
- INTC (Intel): not in ARK's holdings.
- Verdict: ARK barely overlaps with the smart-money-mirror basket. GOOGL is the one shared conviction; the rest of the basket lives in different thematic territory than ARK plays.
Power-cycle v1.1 basket (GEV / TLN / VST / CEG / CCJ)
- CCJ (Cameco): trivial position - $12.8M (0.13% of AUM) in 2025Q1 only.
- GEV, TLN, VST, CEG: not in ARK's visible holdings any quarter.
- Verdict: ARK has effectively zero exposure to the power-cycle basket. ARK does NOT corroborate the power thesis. If the power-cycle basket is right, it will be right without ARK.
Boom Series E adjacent-bet check
ARK participated in Boom Supersonic's December 2025 Series E ($300M). 13F overlap with the Boom thesis pattern (defense-adjacent aerospace + data-center infra):
- Kratos Defense & Security Solutions (KTOS): meaningful position - $209M (1.54%) in 2025Q2, grew to $329M (1.96%) in 2025Q3 top-15 range. Not in 2025Q4 or 2026Q1 visible lists - either trimmed substantially or moved to held-steady at smaller size.
- Iridium Communications: held throughout - $133M (1.34%) 2025Q1 high, trimmed to $47.9M (0.37%) by 2026Q1. Position has been actively reduced.
- Lockheed Martin: trivial $2.5M trim 2025Q1.
- Crusoe-adjacent / data-center infra (Equinix, Digital Realty): not visible in ARK's holdings.
- Boeing, Northrop, Raytheon (RTX): not visible.
- Verdict: ARK's public-equity expression of the Boom-adjacent thesis is concentrated in Kratos (now trimmed) and Iridium (also being trimmed). The 2026Q1 trajectory suggests ARK is taking PROFITS on defense-aerospace public names rather than building - which is interesting given they just deployed $300M into Boom's private round in Dec 2025. Possible interpretation: ARK is reallocating public-defense capital into private bets (Boom Series E) on the same thesis, treating private as the higher-conviction expression.
Names ARK holds that would join the 2+ manager threshold
The existing aggregate doc flagged the following names as held in top-10 by 2+ tracked managers. Adding ARK as the 8th manager creates new 2+ threshold candidates from ARK's persistent top-10 set.
ARK top-10 holdings that are currently held in top-10 by ZERO other tracked managers (and thus would create new 2+ candidates only if cross-referenced with at least one other manager's top-10):
| ARK persistent top-10 | Other tracked managers also in top-10 | New 2+ candidate? |
|---|---|---|
| Tesla Inc (8/8) | none of the other 7 hold Tesla in top-10 (verified - Tesla absent from existing aggregate persistent lists) | No - ARK is solo |
| Coinbase Global Inc (8/8) | none | No - ARK solo crypto-infra |
| Robinhood Markets Inc (8/8) | none | No - ARK solo |
| CRISPR Therapeutics AG (8/8) | none | No - ARK solo bio |
| Palantir Technologies Inc (8/8) | none | No - ARK solo |
| Shopify Inc (8/8) | none | No - ARK solo |
| Roku Inc (7/8) | none | No - ARK solo |
| Advanced Micro Devices (4/8 top-10, accelerating) | Appaloosa-tepper held AMD in their top-10 per existing aggregate | YES - AMD becomes 2+ manager (ARK + Appaloosa) |
| Tempus AI Inc (5/8) | none | No - ARK solo |
| Circle Internet Group (3/8) | none | No - ARK solo |
| Teradyne Inc (2/8) | none directly, but Teradyne is AI-test-equipment adjacent to TSM/AMD plays | No - ARK solo for now |
Key new signal: AMD - ARK + Appaloosa both hold AMD in their top-10. This is a new 2+ manager signal that didn't exist when ARK was excluded. AMD belongs in the AI-infra-chips bucket alongside the existing NVDA / TSM / AVGO names.
Implications for active theses
AMD conviction stack - ARK's aggressive build (from outside top-10 to #2 position over 3 quarters) plus Appaloosa's persistent top-10 hold makes AMD the strongest new 2+ manager AI-infra signal of the 2-year window. Worth considering for smart-money-mirror v2 basket reweighting.
Power-cycle thesis: ARK is silent - The complete absence of GEV/TLN/VST/CEG from ARK's holdings does NOT contradict the power-cycle thesis (it's a thematic-disruption manager, power utilities aren't in their universe), but it also means ARK provides zero confirmation. Power thesis still rests on Druckenmiller, Appaloosa, and Tiger Global signals.
Boom Series E private-vs-public reallocation - ARK's profit-taking on Kratos and Iridium in late 2025 / early 2026 while simultaneously committing $300M to Boom's private Series E is consistent with a "the public market has priced in the thesis, take it private for the next leg" pattern. Worth flagging in the Boom thesis decision note as additional evidence the smart money sees public defense-aero as fully-valued.
Crypto-infra is an ARK-unique signal - Coinbase + Robinhood + Circle = ~15% of ARK's AUM, persistent across the entire window. No other tracked manager holds crypto-infra in top-10. This is a candidate for a future RDCO crypto-infra thesis evaluation if the founder wants to expand the active-thesis surface.
Related
- [[01-projects/investing/anchors/smart-money/2026-05-17-aggregate-2yr-backfill-summary.md]] - aggregate cross-manager summary (this file is the 8th-manager addition)
- [[01-projects/investing/anchors/smart-money/ark/]] - per-quarter raw JSON files
- [[01-projects/investing/theses/]] - thesis directory (memory, power, AI-infra, etc.)
- [[.claude/skills/investing-smart-money-watch/SKILL.md]] - SOP
Sources
SEC EDGAR 13F-HR filings, pulled via ~/.claude/scripts/edgar-13f.py backfill 1697748 --quarters 8 on 2026-05-18. Filing accession numbers:
- 2024Q2: 0001104659-24-082900 (filed 2024-07-26)
- 2024Q3: 0001104659-24-113006 (filed 2024-10-31)
- 2024Q4: 0001104659-25-009155 (filed 2025-02-04)
- 2025Q1: 0001104659-25-045396 (filed 2025-05-07)
- 2025Q2: 0001104659-25-072098 (filed 2025-07-30)
- 2025Q3: 0001104659-25-110217 (filed 2025-11-12)
- 2025Q4: 0001104659-26-013538 (filed 2026-02-11)
- 2026Q1: 0001104659-26-059240 (filed 2026-05-12)