ARK Invest
Cathie Wood
US-listed stocks across every ARK-managed account, including accounts that belong to no fund below. ARK Invest is run by Cathie Wood, a Los Angeles–born manager who studied finance and economics at the University of Southern California under economist Arthur Laffer, the mentor who later introduced her to the industry. She spent two decades at a US equity manager starting in 1980, working as an economist, analyst and portfolio manager, then co-founded a hedge fund before joining a large asset firm as chief investment officer of global thematic strategies. It was there that she pitched the idea behind ARK — actively managed funds built around disruptive innovation — and her bosses turned it down as too risky, so she left and founded her own firm in 2014. The name stands for "Active Research." Her team is organized by technology theme rather than industry: genomics, automation, energy storage, fintech and space. She keeps her bets concentrated in a small set of companies held on an unusually long horizon of about five years, and her analysts model how costs fall as production scales — a pattern the firm calls Wright's Law — to score candidates on management, culture and barriers to entry. She rarely pushes companies to change; she bets they will ride a technology curve that markets are underpricing. The call that made her name came in 2018, when Tesla was stuck in what its own founder called "production hell," burning cash and widely written off as a bankruptcy risk. ARK published an open letter and a valuation model arguing the stock was worth roughly $4,000 a share on the strength of its autonomous-driving and robotaxi ambitions. The target drew ridicule at the time, and Tesla's shares later traded far above it — a trade that turned Cathie Wood into one of the best-known names in growth investing.
$15.40B
Quarter in review
ARK Invest opened new positions in Space Exploration Technologies, Cerebras Systems, X-Energy, Snowflake, and Alphabet, among others. It exited Honeywell International, Intercontinental Exchange, Palo Alto Networks, Pinterest, Salesforce, and the SPDR S&P 500 ETF Trust. The firm substantially trimmed Advanced Micro Devices, Teradyne, Roku, and Baidu, while adding substantially to Alphabet, Meta Platforms, and Kodiak Ai. It also dramatically increased its Eli Lilly and Generate Biomedicines stakes.
Funds (8)
ARK Invest reports US-listed stocks across every account it manages, including accounts that belong to no fund below. Each fund reports its own holdings separately. The two views overlap but do not add up — a fund's holdings are not a slice of the firm's total.