Marco Bello
This text is first in a collection that gives an ongoing evaluation of the modifications made to ARK Make investments’s 13F portfolio on a quarterly foundation. It’s primarily based on their regulatory 13F Kind filed on 7/11/2022.
ARK Make investments was based by Cathie Wooden in 2014. They handle a number of actively managed ETFs, index ETFs, and sure different worldwide merchandise. Property Underneath Administration (AuM) has come down from over $50B on the peak to ~$20B now. They put money into what they time period “disruptive innovation” and the actively managed ETFs are ARK Innovation ETF (NYSEARCA:ARKK), ARK Autonomous Tech & Robotics ETF (BATS:ARKQ), ARK Subsequent Era Web ETF (NYSEARCA:ARKW), ARK Genomic Revolution ETF (BATS:ARKG), ARK Fintech Innovation ETF (NYSEARCA:ARKF), and ARK House Exploration & Innovation ETF (BATS:ARKX).
This quarter, ARK Make investments’s 13F portfolio worth decreased ~30% from ~$23.96B to ~$16.91B. The variety of holdings elevated from 353 to 354. There are 41 securities which might be considerably massive and they’re the main focus of this text. The highest three holdings are at ~18% whereas the highest 5 are at ~27% of the 13F belongings: Tesla, Zoom Video, Roku, Block Inc., and Precise Sciences.
Notice 1: In contrast to different funding administration companies, ARK is pioneering an open supply mannequin of funding analysis via a few initiatives: a) Valuations fashions on companies are being made accessible to the general public via GitHub, and b) each day trades can be found to anybody who indicators up for it. The open supply mannequin together with the outlandish forecasts has attracted criticism as effectively: in April, RIA attorneys urged SEC enforcement motion.
Notice 2: The 13F information on which this text relies is as of 6/30/2022. Up to date each day holdings information for every of their ETFs are publicly accessible.
Notice 3: Though as a share of the general portfolio the positions are very small, it’s important that they’ve sizable possession stakes within the following companies: 908 Units (MASS), Archer Aviation (ACHR), Accolade (ACCD), AquaBounty Tech. (AQB), Arcturus Therapeutics (ARCT), Blade Air Mobility (BLDE), Berkeley Lights (BLI), Cellectis SA (CLLS), Conformis (CFMS), Harmony Acquisition (CND), Compugen (CGEN), Codexis (CDXS), Cerus Corp. (CERS), Evogene Restricted (EVGN), Editas Medication (EDIT), Markforged (MKFG), Nextdoor (KIND), Nano Dimension (NNDM), Personalis (PSNL), Quantum-Si (QSI), Repare Therapeutics (RPTX), Floor Oncology (SURF), and Vuzix Corp. (VUZI).
Stake Disposals:
DocuSign, Inc. (DOCU), Iridium Communications (IRDM), Palantir Applied sciences (PLTR), and Twitter, Inc. (TWTR): These stakes had been bought down final quarter and disposed this quarter. The DOCU stake was constructed in the course of the three quarters via Q1 2021 at costs between ~$190 and ~$265. The subsequent two quarters noticed a ~45% promoting at costs between ~$187 and ~$310. There was a ~40% stake enhance in This autumn 2021 at costs between ~$135 and ~$284 whereas in Q1 2022 the stake was virtually eradicated at costs between ~$73 and ~$161. The inventory is now at $60.23. The IRDM place was constructed in the course of the six quarters via Q2 2021 at costs between ~$19.50 and ~$54. The subsequent three quarters noticed the place virtually bought out at costs between ~$32 and $47. The inventory at the moment trades at $38.65. The PLTR stake was constructed in the course of the first three quarters of final 12 months at costs between ~$20 and ~$35. The place was virtually eradicated final quarter at costs between ~$10 and ~$19. PLTR at the moment trades at $8.90. TWTR was a small stake of their first 13F submitting in 2016. 2017-18 timeframe noticed the place constructed at costs between ~$14 and ~$47. H1 2020 noticed the stake bought down at costs between ~$23 and ~$38 and the rest had been bought in This autumn 2020. Subsequent two quarters noticed the stake rebuilt at costs between ~$45 and ~$77. Q1 2022 noticed the stake bought down once more at costs between ~$33 and ~$43 and the rest stake had been bought this quarter. The inventory is now at $36.29.
Stake Will increase:
Zoom Video (ZM): The big (prime three) ~6% of the portfolio ZM stake was constructed during the last seven quarters via constant shopping for each quarter at costs between ~$98 and ~$559. The inventory at the moment trades close to the low finish of that vary at $97.35.
Roku, Inc. (ROKU): ROKU is a top-three 5.69% of the portfolio place constructed within the 2019-20 timeframe at costs between ~$33 and ~$357. Final three quarters have seen one other ~115% enhance at costs between ~$73 and ~$345. The inventory is now at $82.34.
Notice: they’ve a ~8% possession stake in Roku.
Block, Inc. (SQ): SQ was a small stake within the portfolio of their first 13F submitting in 2016. The place was constructed in the course of the 2018-20 timeframe at costs between ~$40 and ~$99. Final two quarters noticed a ~45% stake enhance at costs between ~$58 and ~$164. The inventory at the moment trades at $62.42, and the stake is now a top-five place at 4.73% of the portfolio.
Precise Sciences (EXAS): The big (prime 5) 4.41% EXAS stake was constructed during the last two years via constant shopping for each quarter at costs between ~$37 and ~$155. The inventory at the moment trades close to the low finish of that vary at $46.02.
Notice: they’ve a ~8.5% possession stake in Precise Sciences.
Coinbase World (COIN): COIN had an IPO in April 2021. Shares began buying and selling at ~$290 and at the moment goes for $53.42. The ~4% place was constructed throughout Q2 & Q3 2021 at costs between ~$225 and ~$342. Subsequent quarter noticed a ~22% trimming at costs between ~$231 and ~$343 whereas the final two quarters noticed a roughly two-thirds stake enhance at costs between ~$49 and ~$252.
Teladoc Well being (TDOC): TDOC was a small stake till H2 2020 when a ~7.8M share place was bought at costs between ~$183 and ~$238. Subsequent quarter noticed one other ~85% stake enhance at costs between ~$177 and ~$294. The quarters since have additionally seen minor shopping for. The inventory at the moment trades effectively beneath their buy value ranges at $39.18. The stake is pretty massive at ~4% of the portfolio.
Notice: they’ve a ~12.5% possession stake in Teladoc Well being.
UiPath Inc. (PATH): PATH had an IPO in April 2021. Shares began buying and selling at ~$72 and at the moment goes for $18.30. The three.80% of the portfolio place was constructed within the Q2 to Q3 2021 timeframe at costs between ~$52 and ~$80. Final three quarters have seen a ~55% stake enhance at costs between ~$17 and ~$56.
Notice: they’ve a ~8.5% possession stake in UiPath.
Twilio Inc. (TWLO): The three.47% of the portfolio TWLO stake was constructed in the course of the 4 quarters via Q2 2021 at costs between ~$224 and ~$435. Subsequent quarter noticed a ~13% trimming whereas the final three quarters have seen a ~70% stake enhance at costs between ~$79 and ~$369. The inventory at the moment trades close to the low finish of their buy value ranges at $81.18.
CRISPR Therapeutics (CRSP): The majority of the present 3.34% of the portfolio place in CRSP was inbuilt 2020 at costs between ~$38 and ~$169. The stake has wavered. Q1 2021 noticed a ~20% promoting whereas in This autumn 2021 there was an analogous enhance. The inventory is now at $81.91.
Notice: they’ve a ~12.5% possession stake in CRISPR Therapeutics.
Shopify Inc. (SHOP): The majority of the present 2.69% place in SHOP was constructed in the course of the three quarters via Q2 2021 at costs between ~$92 and ~$147. The stake has since wavered. H2 2021 noticed a ~40% promoting at costs between ~$135 and ~$169 whereas the final two quarters noticed a ~70% enhance at costs between ~$30 and ~$136. The inventory is now at $30.67.
Intellia Therapeutics (NTLA): NTLA was a minutely small place in ARK’s first 13F submitting in 2016. The 2017-2020 time interval noticed the place constructed to a ~11.2M share place at costs between ~$12.50 and ~$62. Since then, the stake has wavered. The primary three quarters of 2021 noticed a ~40% promoting at costs between ~$52 and ~$177 whereas the final three quarters have seen an analogous enhance at costs between ~$39 and ~$138. The inventory at the moment trades at $63.77, and the stake is at 2.60% of the portfolio.
Notice: they’ve a ~13% possession stake in Intellia Therapeutics.
Unity Software program (U): The two.17% Unity stake was constructed in the course of the 4 quarters via Q2 2021 at costs between ~$68 and ~$165. This autumn 2021 noticed a one-third discount at costs between ~$126 and ~$197 whereas within the final two quarters there was a ~18% enhance at costs between ~$30 and ~$139. The inventory is now at $32.51.
DraftKings (DKNG): DKNG got here to market via a De-SPAC transaction in Q1 2021. The ~2% of the portfolio stake was constructed via constant shopping for each quarter since at costs as much as ~$70. The inventory is now at $11.22.
Notice: they’ve a ~6% possession stake in DraftKings.
Robinhood Markets (HOOD): HOOD had an IPO in August 2021. Shares began buying and selling at ~$55 and at the moment goes for $8.24. The ~2% of the portfolio place was constructed via constant shopping for during the last 4 quarters at costs between ~$7 and ~$55.
Beam Therapeutics (BEAM): BEAM is a 1.83% of the portfolio place constructed during the last seven quarters at costs between ~$22 and ~$130. The inventory is now at $56.12.
Notice: they’ve a ~13% possession stake in Beam Therapeutics.
Signify Well being, Inc. (SGFY): SGFY had an IPO in February 2021. Shares began buying and selling at ~$39 and at the moment goes for $15.83. The majority of ARK’s stake was inbuilt H2 2021 at costs between ~$14 and ~$30. Final two quarters have seen a minor enhance. The place is at 1.76% of the portfolio.
Notice: they’ve a ~13% possession stake in Signify Well being.
Destiny Therapeutics (FATE): FATE is a 1.57% of the portfolio stake constructed in the course of the seven quarters via Q3 2021 at costs between ~$19 and ~$116. Final three quarters have seen solely minor changes. The inventory is now at $31.51.
Notice: they’ve a ~12% possession stake in Destiny Therapeutics.
10x Genomics (TXG), 2U Inc. (TWOU), CareDx, Inc. (CDNA), Ginkgo Bioworks Holdings (DNA), Invitae (NVTA), Materialise NV (MTLS), NVIDIA Corp. (NVDA), Pacific Biosciences (PACB), PagerDuty (PD), Roblox Corp. (RBLX), Stratasys Ltd. (SSYS), TuSimple Holdings (TSP), Twist Bioscience (TWST), and Veracyte, Inc. (VCYT): These small (lower than ~1.60% of the portfolio every) stakes had been elevated in the course of the quarter.
Notice: they’ve important possession stakes within the following companies: 2U Inc., CareDx, Ginkgo Bioworks, Invitae, Materialise NV, Pacific Biosciences, PagerDuty, Stratasys, TuSimple, Twist Biosciences, and Veracyte.
Stake Decreases:
Tesla Inc. (TSLA): TSLA is the highest place within the portfolio at 6.47%. It was already a small place of their first 13F submitting in 2016. Latest exercise follows. Q1 2021 noticed a ~40% stake enhance at costs between ~$598 and ~$880. Final 5 quarters have seen the place decreased by ~75% at costs between ~$580 and ~$1220. The inventory at the moment trades at ~$715. They’re harvesting beneficial properties.
Spotify Expertise (SPOT): SPOT had an IPO in April 2018. Shares began buying and selling at ~$150 and at the moment goes for $96.32. ARK’s stake is now a small 1.36% of the portfolio place. The majority of the unique place was constructed in the course of the 4 quarters via Q2 2021 at costs between ~$224 and ~$365. Subsequent two quarters noticed a ~17% promoting at costs between ~$210 and ~$290. That was adopted with a ~50% discount this quarter at costs between ~$92 and ~$159. The stake is now pretty small at 1.36% of the portfolio.
Sea Ltd. (SE): The unique place was constructed in the course of the three quarters via Q1 2021 at costs between ~$200 and ~$280. The place has wavered. Q2-This autumn 2021 noticed the stake bought down by ~80% at costs between ~$215 and ~$360 whereas in Q1 2022 there was a ~200% stake enhance at costs between ~$88 and ~$223. This quarter noticed a two-thirds discount to a really small 0.42% of the portfolio stake at costs between ~$57 and ~$133. The inventory at the moment trades at $67.78.
AeroVironment (AVAV), Grayscale Bitcoin Belief (OTC:GBTC), Incyte Corp. (INCY), Ionis Pharma (IONS), Kratos Protection & Safety (KTOS), Trimble Inc. (TRMB), and Vertex Pharma (VRTX): These very small (lower than ~1% of the portfolio every) positions had been decreased in the course of the quarter.
Notice: they’ve a ~6.5% possession stake in KTOS.
The spreadsheet beneath highlights modifications to ARK Make investments’s 13F holdings in Q2 2022:
Cathie Wooden – ARK Make investments’s Q2 2022 13F Report Q/Q Comparability (John Vincent (writer))
