"Tracking Cathie Wood’s ARK Invest 13F Portfolio – Q2 2023 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  filed on 7/10/2023.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 (ARKK), ARK Autonomous Tech & Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW), ARK Genomic Revolution ETF (ARKG), ARK Fintech Innovation ETF (ARKF), and ARK Space Exploration & Innovation ETF (ARKX).This quarter, ARK Invest’ 13F portfolio value increased ~4% from ~$14.55B to ~$15.10B. The number of holdings increased from 221 to 222. There are 36 securities that are significantly large, and they are the focus of this article. The top three holdings are at ~19% while the top five are at ~29% of the 13F assets: Tesla, Coinbase Global, UiPath, Roku, and Block Inc. Please visit our  for the fund’s moves during Q1 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 , and b) daily trades are available to anyone who  for it. The open source model along with the  forecasts has attracted criticism as well: last April, RIA lawyers  SEC enforcement action.Note 2: The 13F data on which this article is based is as of 6/30/2023. Updated daily holdings data for each of their ETFs are publicly .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: 908 Devices (MASS), Archer Aviation (ACHR), Arcturus Therapeutics (ARCT), Blade Air Mobility (BLDE), Butterfly Network (BFLY), Codexis (CDXS), Cerus Corp. (CERS), Invitae (NVTA), Markforged (MKFG), Materialise NV (MTLS), Personalis (PSNL), Quantum-Si (QSI), Repare Therapeutics (RPTX), Surface Oncology (SURF), Velo3D (VLD), and Vuzix Corp (VUZI).New Stakes:Palantir Technologies (PLTR): The small 0.69% stake in PLTR was established this quarter at prices between ~$7.40 and ~$16.60 and the stock currently trades above that range at $18.08.Stake Increases:Coinbase Global (COIN): COIN had an IPO in April 2021. Shares started trading at ~$290 and currently go for ~$105. The large (top three) 5.74% position 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 last two quarters saw another ~55% stake increase at prices between ~$32 and ~$82. There was a minor ~3% further increase this quarter.Note: they have a ~5.5% ownership stake in the business.UiPath Inc. (PATH): PATH had an IPO in April 2021. Shares started trading at ~$72 and currently go for $18.24. The large (top three) 5.30% 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. The last two quarters saw a ~10% further increase.Note: they have a ~10.3% ownership stake in UiPath.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. The stock currently trades at ~$79, and the stake is now at 4.73% of the portfolio. There was a ~16% stake increase last quarter and that was followed with a minor ~2% further increase this quarter.Twilio Inc. (TWLO): The ~3% 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 $65.53. There was a ~16% reduction last quarter at prices between ~$50 and ~$75 while this quarter saw a ~13% increase at prices between ~$46 and ~$70.Roblox Corp (RBLX): The 2.49% RBLX position was built during the four quarters through Q3 2022 at prices between ~$23 and ~$135. The stock currently trades at $45.54. There was a ~10% stake increase in the last two quarters.Robinhood Markets (HOOD): HOOD had an IPO in August 2021. Shares started trading at ~$55 and currently go for $12.59. The ~2% of the portfolio position was built through consistent buying over the four quarters through Q2 2022 at prices between ~$7 and ~$55. The last few quarters have seen only minor adjustments.Ginkgo Bioworks Holdings (DNA): The ~2% DNA stake was built over the last six quarters at prices between ~$1.50 and ~$14. The stock is now at $2.35.Note: they have a ~11% ownership stake in Ginkgo Bioworks Holdings.Adaptive Biotechnologies (ADPT), Iridium Communications (IRDM), Kratos Defense & Security (KTOS), PagerDuty (PD), Teradyne Inc. (TER), Trimble Inc. (TRMB), and Verve Therapeutics (VERV): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Note: they have significant ownership stakes in the following businesses: Adaptive Biotechnologies, Kratos Defense & Security, PagerDuty, Trimble, and Verve Therapeutics.Stake Decreases:Tesla Inc. (TSLA): TSLA is the top position at 8.39% 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 stock currently trades at ~$293. Q4 2022 saw a ~13% stake increase and that was followed by a ~18% increase last quarter. This quarter saw a ~11% trimming.Roku Inc. (ROKU): ROKU is a large (top five) ~5% 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 stock is now at $75.65. The last three quarters have seen only minor adjustments.Note: they have a ~10% ownership stake in Roku.Zoom Video (ZM): The large 4.70% 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 $72.28. The last three quarters have seen only minor adjustments.Exact Sciences (EXAS): The EXAS stake is currently at 4.45% of the portfolio. It was built over the nine quarters through Q4 2022 at prices between ~$32 and ~$155. The stock currently trades at ~$98. There was a ~30% reduction last quarter at prices between ~$47 and ~$71. That was followed with a ~37% selling this quarter at prices between ~$63 and ~$95.Note: they have a ~5.6% ownership stake in Exact Sciences.Shopify Inc. (SHOP): The bulk of the current 3.80% 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 this quarter at prices between ~$45 and ~$66. The stock is now at $67.26.Unity Software (U): The 3.43% 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. The stock is now at ~$47. There was a minor ~3% trimming this quarter.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 quarters since also saw minor buying. The stock currently trades well below their purchase price ranges at $25.35. The stake is at 3.41% of the portfolio. There was marginal trimming this quarter.Note: they have a ~11.6% ownership stake in Teladoc Health.DraftKings (DKNG): DKNG came to market through a De-SPAC transaction in Q1 2021. The 3.18% of the portfolio stake was built through consistent buying every quarter at prices up to ~$70. The stock is now at $31.29. The last three quarters saw only minor adjustments while this quarter saw a ~25% selling at prices between ~$18 and ~$27.Note: they have a ~4.5% ownership stake in DraftKings.CRISPR Therapeutics (CRSP): The bulk of the current 2.73% 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. The stock is now at $57.75. The last few quarters have seen only minor adjustments.Note: they have a ~9.5% ownership stake in CRISPR Therapeutics.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 stock currently trades at $44.18, and the stake is at 2.57% of the portfolio. The last three quarters have seen only minor adjustments.Note: they have a ~10.8% ownership stake in Intellia Therapeutics.Beam Therapeutics (BEAM): BEAM is a 1.77% of the portfolio position built over the seven quarters through Q2 2022 at prices between ~$22 and ~$130. The stock is now at $30.32. The last four quarters have seen only minor adjustments.Note: they have a ~11.4% ownership stake in Beam Therapeutics.10X Genomics (TXG), Accolade Inc. (ACCD), Grayscale Bitcoin Trust (GBTC), Ionis Pharma (IONS), Mercadolibre (MELI), NVIDIA Corp (NVDA), Pacific Biosciences (PACB), Schrodinger Inc. (SDGR), Twist Biosciences (TWST), and Veracyte Inc. (VCYT): These small (less than ~2.5% of the portfolio each) stakes were decreased during the quarter.Note: they have significant ownership stakes in the following businesses: 10X Genomics, Accolade, Pacific Biosciences, Schrodinger, Twist Biosciences, and Veracyte.The spreadsheet below highlights changes to ARK Invest’ 13F holdings in Q2 2023:Source: John Vincent. Data constructed from ARK Invest’ 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 1/26/2023 to 4/17/2023: 13G/A – ROKU - 4/11 – 12.48M shares – 10.18% of business – 2/10 – 12.33M shares, CRSP – 7.99M shares – 10.16% of business – 2/10 – 7.82M shares, . 13G, Form 4 – 3/22 – Ark Venture Fund  related. 13G/As – 2/10 – Cerus Corp – 17.94M shares – 10.11% of business – 15.86M shares EOY, Vuzix – 6.47M shares – 10.15% of business, Verve Therapeutics – 4.37M shares – 7.09% of business, Veracyte – 8.3M shares – 11.57% of business, PATH – 44.05M shares – 9.37% of business, TWST – 6.7M shares – 11.85% of business, TDOC – 18.93M shares – 11.69% of business, Surface Oncology – 5.57M shares – 9.2% of business, Repare Therapeutics – 2.43M shares – 5.79% of business, QSI – 11.86M shares – 9.89% of business, Personalis – 5.5M shares – 11.96% of business, PagerDuty – 10.1M shares – 11.22% of business, PACB – 25.69M shares – 11.36% of business, Materialise NV – 3.59M shares – 6.63% of business, Markforged – 16.01M shares – 8.25% of business, Kratos – 7.75M shares – 6.15% of business, Invitae – 27.07M shares – 11.15% of business, Intellia Therapeutics – 9.42M shares – 11.2% of business, DNA – 144.38M shares – 10.66% of business, EXAS – 16.04M shares – 9.03% of business, DKNG – 25.03M shares – 5.58% of business, Codexis – 3.94M shares – 6% of business, CareDx – 6.19M shares – 11.56% of business, BLDE – 7.02M shares – 9.80% of business, BEAM – 8.21M shares – 11.65% of business, Arcturus Therapeutics – 2.01M shares – 7.58% of business, ACCD – 5.46M shares – 7.59% of business, 908 Devices – 3.69M shares – 11.63% of business, 2U – 9.17M shares – 11.72% of business, VLD – 10.09M shares – 5.41% of business, Schrodinger – 3.85M shares – 6.21% of business, COIN – 9.19M shares – 5.14% of business, BFLY – 10M shares – 5.74% of business, Archer Aviation – 8.92M shares – 5.02% of business, Adaptive Biotech – 9.2M shares – 6.43% of business."