Tracking Cathie Wood's ARK Invest 13F Portfolio – Q1 2024 Update
This article is part of a series that provides an ongoing analysis of the changes made to ARK Invest’ 13F portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 4/18/2024.
ARK Invest was founded by Cathie Wood in 2014. They manage several actively managed ETFs, index ETFs, and certain other international products. Assets Under Management (AuM) has come down from over $50B at the peak to ~$15B now. They invest in what they term “disruptive innovation”. The actively managed ETFs are ARK Innovation ETF (NYSEARCA:ARKK), ARK Autonomous Tech & Robotics ETF (BATS:ARKQ), ARK Next Generation Internet ETF (NYSEARCA:ARKW), ARK Genomic Revolution ETF (BATS:ARKG), ARK Fintech Innovation ETF (NYSEARCA:ARKF), ARK Space Exploration & Innovation ETF (BATS:ARKX), and ARK 21Shares Bitcoin ETF (BATS:ARKB).
This quarter, ARK Invest’ 13F portfolio value decreased ~15% from ~$16.89B to ~$14.44B. The number of holdings increased from 223 to 230. There are 37 securities that are significantly large, and they are the focus of this article. The top three holdings are at ~20% while the top five are at ~31% of the 13F assets: Coinbase Global, Tesla, Block, Roku, and UiPath. Please visit our previous update for the fund’s moves during Q4 2023.
Note 1: Unlike other investment management businesses, ARK is pioneering an open-source model of investment research through a couple of initiatives: a) Valuation models on businesses are being made available to the public through GitHub, and b) daily trades are available to anyone who signs up for it. The open-source model along with the outlandish forecasts has attracted criticism as well: in April 2022, RIA lawyers urged SEC enforcement action.
Note 2: The 13F data on which this article is based is as of 03/31/2024. Updated daily holdings data for each of their ETFs are publicly available.
Note 3: Although as a percentage of the overall portfolio the positions are very small, it is significant that they have sizable ownership stakes in the following businesses: 2U, Inc. (TWOU), 908 Devices (MASS), Accolade (ACCD), Adaptive Biotechnologies (ADPT), Arcturus Therapeutics (ARCT), Blade Air Mobility (BLDE), Butterfly Network (BFLY), CareDx (CDNA), Cerus Corp. (CERS), Invitae (OTC:NVTAQ), Markforged (MKFG), Nextdoor Holdings (KIND), Nurix Therapeutics (NRIX), Personalis (PSNL), Quantum-Si (QSI), Repare Therapeutics (RPTX), Velo3D (VLD), and Vuzix Corp. (VUZI).
Stake Increases:
Tesla (TSLA): TSLA is a large (top three) position at 6.30% of the portfolio. It was already a small position in their first 13F filing in 2016. Recent activity follows. Q1 2021 saw a ~40% stake increase at prices between ~$199 and ~$293. The six quarters through Q3 2022 had seen the position reduced by ~80% at prices between ~$217 and ~$407. The two quarters through Q1 2023 saw a ~30% stake increase, while in the next two quarters, there was a similar reduction. The last quarter saw a ~7% trimming at prices between ~$197 and ~$264 while this quarter there was a ~36% increase at prices between ~$163 and ~$248. The stock currently trades at ~$150.
Roku (ROKU): ROKU is a large (top five) 5.67% of the portfolio position built in the 2019-20 period at prices between ~$33 and ~$357. The four quarters through Q3 2022 saw another ~150% stake increase at prices between ~$56 and ~$345. The stake was decreased by 13% during Q3 2023 at prices between $61.60 and $97.49. The last quarter saw a ~8% selling at prices between ~$56 and ~$107. The position was increased by 32% this quarter at prices between $62.67 and $98.57. The stock is now at ~$59.
Note: they have a ~10% ownership stake in Roku.
Unity Software (U): The 2.58% Unity stake was built during the four quarters through Q2 2021 at prices between ~$68 and ~$165. Q4 2021 saw a one-third reduction at prices between ~$126 and ~$197 while in the next three quarters there was a ~45% stake increase at prices between ~$32 and ~$139. That was followed by a ~20% increase in the last two quarters at prices between ~$25 and ~$43. The stock is now at $23.43.
Palantir Technologies (PLTR): The ~2% stake in PLTR was established during Q2 2023 at prices between ~$7.40 and ~$16.60 and the stock currently trades at $21.13. There was a ~38% stake increase during Q3 2023 at prices between $13.96 and $19.99. That was followed by a ~16% increase in the last quarter at prices between $14.69 and $21.34. This quarter also saw a similar increase at prices between $15.98 and $26.46.
10x Genomics (TXG), ARK 21Shares Bitcoin ETF (ARKB), Archer Aviation (ACHR), Meta Platforms (META), Moderna, Inc. (MRNA), Pinterest, Inc. (PINS), Recursion Pharmaceuticals (RXRX), SoFi Technologies (SOFI), and Teradyne, Inc. (TER): These small (less than ~2% of the portfolio each) stakes were increased this quarter.
Note: They have significant ownership stakes in the following businesses: Archer Aviation and Recursion Pharma.
Stake Decreases:
Coinbase Global (COIN): COIN had an IPO in April 2021. Shares started trading at ~$290 and currently go for ~$218. It is currently their largest stake at 8.12% of the portfolio. It was built during Q2 & Q3 2021 at prices between ~$225 and ~$342. Q4 2021 saw a ~22% trimming at prices between ~$231 and ~$343 while the next two quarters saw a two-thirds stake increase at prices between ~$49 and ~$252. The two quarters through Q1 2023 saw another ~55% stake increase at prices between ~$32 and ~$82. The stake was decreased by 13% during Q3 2023 at prices between ~$71 and ~$110. That was followed by a ~19% reduction in the last quarter at prices between ~$71 and ~$186. This quarter saw a further ~50% selling at prices between ~$117 and ~$280.
Block, Inc. (SQ): SQ was a small stake in the portfolio in their first 13F filing in 2016. The position was built during the 2018-20 period at prices between ~$40 and ~$99. H1 2022 saw a ~45% stake increase at prices between ~$58 and ~$164. There was a ~16% stake increase during Q1 2023 and that was followed with marginal increases in the next two quarters. The position was increased by 9% in the last quarter at prices between $39.22 and $79.60. The stake was decreased by 15% this quarter at prices between $62.57 and $85.72. The stock currently trades at $72.06, and the stake is now at 5.89% of the portfolio.
UiPath Inc. (PATH): PATH had an IPO in April 2021. Shares started trading at ~$72 and currently go for ~$19. The large (top five) ~5% of the portfolio position was built in the Q2 to Q3 2021 period at prices between ~$52 and ~$80. The four quarters through Q3 2022 saw the position almost double at prices between ~$12.50 and ~$56. H1 2023 saw a ~10% increase, while the last quarter saw a ~8% reduction at prices between $14.94 and $26.26. The stake was decreased by 27% this quarter at prices between $21.60 and $26.88.
Note: they have a ~6.5% ownership stake in UiPath.
CRISPR Therapeutics AG (CRSP): The bulk of the current 3.85% of the portfolio position in CRSP was built in 2020 at prices between ~$38 and ~$169. The stake has wavered. Q1 2021 saw a ~20% selling, while in Q4 2021 there was a similar increase. There was a ~20% stake increase in the last quarter at prices between $38.62 and $72.18. The stock is now at $56.16. There was a ~4% trimming this quarter.
Note: they have a ~10% ownership stake in CRISPR Therapeutics.
Robinhood Markets (HOOD): HOOD had an IPO in August 2021. Shares started trading at ~$55 and currently go for $17.08. The 3.65% of the portfolio position was built through consistent buying over the four quarters through Q2 2022 at prices between ~$7 and ~$55. The stake was decreased by 25% this quarter at prices between $10.56 and $20.13.
Roblox Corp. (RBLX): The 3.12% RBLX position was built during the four quarters through Q3 2022 at prices between ~$23 and ~$135. There was a ~10% stake increase in H1 2023. That was followed by a ~28% increase during Q3 2023 at prices between $25.31 and $45.54. The stock currently trades at $35.55. The last two quarters saw marginal trimming.
Zoom Video (ZM): The 2.87% of the portfolio ZM stake was built during the two years through Q3 2022 at prices between ~$74 and ~$559. The stock currently trades below the low end of that range at ~$60. The stake was decreased by 42% this quarter at prices between $61.32 and $70.91.
DraftKings Inc. (DKNG): DKNG came to market through a De-SPAC transaction in Q1 2021. The 2.74% of the portfolio stake was built through consistent buying every quarter at prices up to ~$70. Q2 2023 saw a ~25% selling at prices between ~$18 and ~$27. That was followed by a ~19% reduction during Q3 2023 at prices between $25.23 and $32.38. The stake was decreased by 16% in the last quarter at prices between $26.22 and $39. That was followed by a ~30% reduction this quarter at prices between $32.21 and $48.68. The stock is now at $41.64.
Shopify (SHOP): The bulk of the current 2.45% position in SHOP was built during the three quarters through Q2 2021 at prices between ~$92 and ~$147. The stake has since wavered. H2 2021 saw a ~40% reduction at prices between ~$135 and ~$169 while the next three quarters saw a stake doubling at prices between ~$27 and ~$136. There was a ~37% reduction during Q2 2023 at prices between ~$45 and ~$66. The stake was decreased by another ~22% in the next quarter at prices between $51.51 and $70.37. The last quarter also saw a ~14% selling at prices between $46.40 and $79.11. The stake was decreased by ~24% this quarter at prices between $71.82 and $90.72. The stock is now at $69.51.
Intellia Therapeutics (NTLA): NTLA was a minutely small position in ARK’s first 13F filing in 2016. The 2017-2020 time period saw the position built to a ~11.2M share position at prices between ~$12.50 and ~$62. Since then, the stake has wavered. The first three quarters of 2021 saw a ~40% selling at prices between ~$52 and ~$177 while the next four quarters saw a similar increase at prices between ~$38 and ~$138. The last quarter saw a ~15% increase at prices between $23.16 and $32.34. The stock currently trades at $21.34, and the stake is at ~2% of the portfolio. There was a minor ~4% trimming this quarter.
Note: they have a ~13% ownership stake in Intellia Therapeutics.
Beam Therapeutics (BEAM): BEAM is a 1.87% of the portfolio position built over the seven quarters through Q2 2022 at prices between ~$22 and ~$130. There was a ~7% increase in the last quarter at prices between $17.69 and $30.76. The stake was decreased by 13% this quarter at prices between $23.46 and $45.07. The stock is now at $24.32.
Note: they have a ~10% ownership stake in Beam Therapeutics.
Teladoc Health (TDOC): TDOC was a small stake until H2 2020 when a ~7.8M share position was purchased at prices between ~$183 and ~$238. Next quarter saw another ~85% stake increase at prices between ~$177 and ~$294. The stock currently trades well below their purchase price ranges at $13.18. The position was decreased by 24% this quarter at prices between $14.39 and $22.03. The stake is at 1.68% of the portfolio.
Note: they have a ~10% ownership stake in Teladoc Health.
Exact Sciences (EXAS): The EXAS stake is currently at 1.56% of the portfolio. It was built over the nine quarters through Q4 2022 at prices between ~$32 and ~$155. There was a ~30% reduction during Q1 2023 at prices between ~$47 and ~$71. That was followed with a ~37% selling next quarter at prices between ~$63 and ~$95. Q3 2023 also saw a ~12% reduction, and that was followed by a ~4% trimming in the last quarter. The stake was decreased by 46% this quarter at prices between $56.27 and $73.77. The stock currently trades at $63.48.
Ginkgo Bioworks Holdings (DNA): The 1.52% DNA stake was built over the last seven quarters at prices between ~$1.50 and ~$14. There was a ~9% increase in the last quarter at prices between $1.26 and $1.79. The stock is now at $0.92. This quarter saw a ~5% trimming.
Note: they have a ~12% ownership stake in Ginkgo Bioworks Holdings.
Twilio Inc. (TWLO): The 0.40% of the portfolio TWLO stake was built during the four quarters through Q2 2021 at prices between ~$224 and ~$435. Q3 2021 saw a ~13% trimming, while the next five quarters have seen a ~130% stake increase at prices between ~$43 and ~$369. The stock currently trades at $58.42. There was a ~16% reduction during Q1 2023 at prices between ~$50 and ~$75 while the next quarter saw a ~13% increase at prices between ~$46 and ~$70. This quarter saw the original large position almost sold out at prices between $56.25 and $74.59.
Adyen N.V. (OTCPK:ADYEY), Kratos Defense & Security (KTOS), Pacific Biosciences of California (PACB), PagerDuty (PD), Trade Desk (TTD), Twist Bioscience (TWST), Trimble Inc. (TRMB), Veracyte Inc. (VCYT), and Verve Therapeutics (VERV): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.
Note: they have significant ownership stakes in the following businesses – Pacific Biosciences, PagerDuty, Twist Biosciences, Veracyte, and Verve Therapeutics.
The spreadsheet below highlights changes to ARK Invest’ 13F holdings in Q1 2024:
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.