AHNIM STUDIO · Guru · Institutional 13F · Q2 2026
ARK Investment Management reported 47.79% fewer AMD shares at June 30 than at March 31, yet AMD's disclosed equity weight increased from 4.35% to 5.39%. Space Exploration Technologies also appeared as a substantial new reported stock position. The quarter illustrates why a larger marked portfolio and a higher company ranking cannot, by themselves, establish more buying or stronger manager conviction.
Research cut-off: October 18, 2026 (Korea). Holdings dates: March 31 and June 30, 2026. Legal holdings filer: ARK Investment Management LLC; CIK 1697748. Q2 filed 2026-08-14, accession 0001104659-26-096910. Values are USD as reported, with table values in USD millions; full precision is retained for calculations. No Q3 holdings report was found in the refreshed submission histories. The official Q3 deadline, November 16, 2026, is not itself a filed portfolio.
This is the adviser's reported portfolio, not ARKK alone
The legal filer is ARK Investment Management LLC. Its official team and board biographies identify Cathie Wood as founder, chief executive officer and chief investment officer, with ultimate responsibility for investment decisions. That establishes the management connection, but the information table reports the adviser's holdings rather than a transaction diary for Wood personally.
The distinction from a single ETF is equally important. A manager-level 13F should not be labeled the ARK Innovation ETF portfolio or used as a substitute for fund-specific holdings. It can span different strategies and accounts. Share balances may change because of investment decisions, client activity and other portfolio mechanics; this filing alone cannot separate those effects or identify the precise trades within each fund.
AMD: fewer shares, a larger reported position value
AMD's common-share balance falls from 2,712,854 to 1,416,443, a reduction of 1,296,411 shares. Its reported market value nonetheless rises from approximately $551.88 million to $822.83 million. The value increase is a quarter-end marking comparison, not the amount ARK invested and not a realized profit calculation.
The apparent contradiction disappears once quantity and price are separated. A position can become more valuable even after its share count declines when the price of the remaining shares increases enough. Here, AMD's equity weight also rises by approximately 1.04 percentage points despite the smaller share balance. Neither the value change nor the weight increase reverses the evidence of a lower reported quantity.
This also limits claims about conviction. The filing does not disclose ARK's target weight, valuation assumptions or why the balance changed. The defensible statement is that AMD remained a major disclosed exposure after a substantial net share reduction. It is not that ARK necessarily became more bullish because AMD moved higher in the value ranking.
Reporting scope and concentration
| Measure | Q1 2026 | Q2 2026 |
|---|---|---|
| All reported line values | $12,859.485m | $15,402.788m |
| Operating-company equity | $12,701.352m | $15,268.802m |
| Original information-table rows | 182 | 191 |
| Operating-company issuers | 173 | 175 |
| Top 10 issuers / stated equity | 40.60% | 40.05% |
The all-line total may include option-underlying values and other instruments. It is not option premium, full assets under management, current holdings, or a return calculation. Ordinary shares, ADRs, REIT shares and operating-partnership equity are included in the stated operating-company denominator. Funds, options, principal-unit securities, warrants, preferred depositary securities and dated equity units are excluded.
| Instrument category | Q1 USD value | Q2 USD value |
|---|---|---|
| Fund | $157.525m | $133.266m |
| Operating Company Equity | $12,701.352m | $15,268.802m |
| Option | $0.608m | $0.719m |
Largest disclosed operating-company equity positions
| Issuer / security class | Q2 shares or units | Q2 value | Equity weight |
|---|---|---|---|
| Tesla Inc · Common Stock | 2,759,800 | $1,160.772m | 7.60% |
| Advanced Micro Devices Inc · Common Stock | 1,416,443 | $822.826m | 5.39% |
| Space Exploration Technologies Corp · Common Stock | 4,478,013 | $765.113m | 5.01% |
| Tempus AI Inc · Common Stock | 10,022,634 | $580.611m | 3.80% |
| Robinhood Markets Inc · Common Stock | 5,236,031 | $525.069m | 3.44% |
| CRISPR Therapeutics AG · Common Stock | 9,460,939 | $516.000m | 3.38% |
| Shopify Inc · Common Stock | 4,155,925 | $474.523m | 3.11% |
| Twist Bioscience Corp · Common Stock | 4,549,803 | $468.084m | 3.07% |
| 10X Genomics Inc · Common Stock | 10,003,057 | $383.517m | 2.51% |
| Amazon.com Inc · Common Stock | 1,591,177 | $379.241m | 2.48% |
Tesla remains first, while SpaceX changes the top of the table
Tesla remains the largest individual operating-equity position by reported value. Its shares decline by approximately 2.53%, from 2,831,329 to 2,759,800, and its equity weight falls from 8.29% to 7.60%, even as the position's reported value rises to approximately $1.161 billion. Tesla and AMD therefore offer two different weight outcomes with the same basic distinction: fewer shares can coexist with a higher marked value.
Space Exploration Technologies is first reported at 4,478,013 common shares and approximately $765.11 million, about 5.01% of the operating-equity denominator. It is one of the quarter's most consequential changes in the disclosed ranking. First reported describes the comparison between these two public tables; it does not establish the date of ARK's initial economic exposure, the purchase cost or whether all of the difference arose from discretionary buying during Q2.
Other first-reported rows include Cerebras Systems and X-Energy. Their appearance broadens the set of names available for future tracking, but a list of newly visible positions is not itself a thesis about commercial demand. The next report will help establish whether the positions persist and how their balances change after their initial appearance in this series.
The rest of the book also resists a single bullish-or-bearish label
Tempus AI's share count increases by approximately 4.32%, Amazon's by 17.41%, and the existing Alphabet Class C balance by 44.82%. Alphabet Class A is also first reported as a separate security class. The issuer-level concentration and common-holding calculations combine relevant classes without pretending that the two securities are the same line item.
Palantir provides a useful contrast with AMD. Its shares rise by approximately 3.29%, but its reported equity weight falls from roughly 3.58% to 2.45%. Coinbase and Circle also report higher share counts but lower weights. An addition measured in shares does not automatically produce an increase in portfolio weight when market prices and the rest of the denominator are changing.
Robinhood, CRISPR Therapeutics, Twist Bioscience and 10x Genomics show lower reported share balances. The presence of both increases and reductions is consistent with a changing collection of positions, not evidence for a blanket move toward or away from innovation. The filing supplies the quantities; any explanation involving changing scientific prospects, AI adoption or market valuation requires separate company evidence.
Concentration changes little even as marked equity value expands
Our disclosed operating-company equity measure rises from approximately $12.701 billion to $15.269 billion. The ten largest issuers account for about 40.05% of the Q2 measure versus 40.60% in Q1. More marked equity value therefore does not mean that the disclosed book became materially more top-heavy on this measure.
The denominator excludes funds and options rather than mixing them with operating-company shares. ARK's information table includes an ARK Innovation ETF call row, but the reported option value is an underlying-security measure, not a premium paid. It is not counted as another operating-company holding. Nor do we look through the ETF to manufacture additional indirect ownership in its constituent companies.
Industry mapping is explicitly partial. A material part of Q2 value is not assigned a verified SEC industry code in the retained mapping, so this report does not present a seemingly precise complete sector allocation. The company-level balances and concentration figures remain useful without filling unverified classifications with guesses.
What the next quarter needs to confirm
Honeywell's changed identifiers and the appearance of a separate aerospace company require a corporate-action reconciliation, not a simple new-buy/complete-exit label. The confirmed separation and reverse split are reconciled separately below. Brera/Solmate also changed CUSIP after a May reverse split; its absence is qualified rather than labeled a proven complete sale. CrowdStrike's unresolved quantity basis is excluded from ordinary share-change claims. Other rows that disappear are described as no longer reported, not as proven elimination of every related economic exposure.
The next comparison should prioritize AMD's share count rather than its ranking, the persistence of the first-reported SpaceX position, and whether share additions in Alphabet and the financial-platform names translate into sustained weights. None of these checks measures fund performance or supplies a price target. AHNIM's conclusion is narrower: quantity changes, market-value changes and portfolio-weight changes answer different questions, and this quarter makes the difference unusually clear.
Share changes, with corporate actions separated
| Security | Observed change | Adjusted Q1 → Q2 shares | Shares QoQ | Weight change |
|---|---|---|---|---|
| Space Exploration Technologies Corp | First reported | 0 → 4,478,013 | New | +5.01 pp |
| Cerebras Systems Inc | First reported | 0 → 764,613 | New | +1.11 pp |
| X-Energy Inc | First reported | 0 → 5,411,846 | New | +0.65 pp |
| Snowflake Inc | First reported | 0 → 269,539 | New | +0.45 pp |
| Tempus AI Inc | Increased | 9,607,745 → 10,022,634 | +4.32% | +0.38 pp |
| Amazon.com Inc | Increased | 1,355,283 → 1,591,177 | +17.41% | +0.26 pp |
| Palantir Technologies Inc | Increased | 3,109,881 → 3,212,286 | +3.29% | -1.13 pp |
| Alphabet Inc | Increased | 720,414 → 1,043,334 | +44.82% | +0.79 pp |
| Tesla Inc | Reduced | 2,831,329 → 2,759,800 | -2.53% | -0.68 pp |
| Advanced Micro Devices Inc | Reduced | 2,712,854 → 1,416,443 | -47.79% | +1.04 pp |
| Robinhood Markets Inc | Reduced | 6,003,061 → 5,236,031 | -12.78% | +0.16 pp |
| CRISPR Therapeutics AG | Reduced | 11,313,623 → 9,460,939 | -16.38% | -0.86 pp |
| Intercontinental Exchange Inc | No longer reported | 29,181 → 0 | -100.00% | -0.04 pp |
| Palo Alto Networks Inc | No longer reported | 10,866 → 0 | -100.00% | -0.01 pp |
| Salesforce Inc | No longer reported | 6,062 → 0 | -100.00% | -0.01 pp |
| Pinterest Inc | No longer reported | 36,028 → 0 | -100.00% | -0.01 pp |
| Playtika Holding Corp | Unchanged | 614,004 → 614,004 | +0.00% | +0.00 pp |
Displayed rows are the largest operating-equity rows within each group, ranked by Q2 value (Q1 value for missing rows). Groups do not mix options or debt with common shares. First reported does not establish a discretionary purchase; no longer reported does not establish elimination of every economic exposure. The share difference is not a dollar trading amount. Known corporate actions and uncertain quantity bases are handled separately below; no split factor is guessed.
Honeywell corporate-action bridge: the June 29 separation includes a 1-for-2 reverse split and one Honeywell Aerospace share for each two pre-split Honeywell shares. The old CUSIP 438516106 is therefore not treated as a routine exit, nor the new HON and aerospace rows as ordinary initiations. Soros: 358,052 old HON shares correspond to 179,026 split-adjusted shares versus 174,025 reported new HON shares (−2.79%). ARK: 38,709 correspond to 19,354.5 adjusted shares versus 23,262 reported (approximately +20.19%); fractional-share handling prevents an exact transaction reconstruction. The aerospace distribution is not an automatic market purchase.
Quantity verification limitation: ARK’s CrowdStrike row implies one-quarter of the price implied by another same-date filing, while the confirmed four-for-one split became effective July 1, after the June 30 reporting date. We retain the original filed row and its USD value without rescaling it, but exclude it from ordinary share-change claims. Its quantity basis remains unresolved; a filed correction or authoritative explanation is needed before inferring buying or selling from that row.
Industry mix: verified SEC SIC mapping, with missing coverage visible
| SEC SIC industry | Q1 equity weight | Q2 equity weight |
|---|---|---|
| Unmapped / not verified | 47.22% | 40.55% |
| Services-Computer Programming, Data Processing, Etc. | 5.74% | 12.44% |
| Semiconductors & Related Devices | 8.43% | 10.82% |
| Services-Prepackaged Software | 11.59% | 9.87% |
| Motor Vehicles & Passenger Car Bodies | 8.29% | 7.60% |
| Biological Products, (No Diagnostic Substances) | 6.61% | 6.45% |
Industry labels use current SEC issuer-submissions SIC metadata checked October 18 and the official SEC SIC dictionary, not GICS. The same mapping is applied to both quarters. Verified Q2 mapping covers 59.45% of stated equity value; the rest remains explicitly unclassified. The six-row display is not a complete sector allocation; every bucket and its source is retained in the calculations.
Methodology and limitations
Weight = reported security value ÷ the same manager’s same-quarter operating-company equity value. Weight change is in percentage points. Share change (%) = (current quantity ÷ split-adjusted prior quantity − 1) × 100; a zero prior balance is New. The issuer-level concentration chart merges verified share-class identities and counts each issuer once. Instrument tables rank security classes, so they need not exactly match issuer-level chart rankings. ETF holdings are not looked through to create indirect common-stock overlap.
We checked refreshed SEC submission histories for actual filings and amendments, not merely submission deadlines. No applicable Q1/Q2 restatement or adds-new-holdings amendment was found for these source reports at the cut-off. A restatement would replace its affected baseline; an additive amendment would be joined to the original with original rows preserved. Confidential treatment, permissible small-position omissions and non-reportable assets limit what these public tables can establish.
The 13F does not reveal complete short exposure, trade dates, purchase costs, option strikes or premiums, or every asset the manager oversees. We do not convert marked-value changes into investment performance or rank manager returns. Filing facts and AHNIM interpretation are separated. This report does not initiate a company price target or alter an existing valuation model. See our AI-assisted research, source and corrections policy.
Continue the research
Guru: published reports, coverage and same-quarter statistics
All coverage for this manager — quarterly reports and future updates.
Appaloosa's Micron reduction despite a higher marked value — The same quantity-versus-value distinction appears in another verified Q2 filing.
This is AHNIM’s initial Q2 2026 edition for this manager. The Q1 baseline comes from the official documents below; no earlier AHNIM quarterly edition is implied.
Sources and original documents
ARK Investment Management LLC · 13F-HR · period 2026-06-30 · filed 2026-08-14 · accession 0001104659-26-096910. 13F-HR XML; INFORMATION TABLE XML.
ARK Investment Management LLC · 13F-HR · period 2026-03-31 · filed 2026-05-12 · accession 0001104659-26-059240. 13F-HR XML; INFORMATION TABLE XML.
ARK — current team and Cathie Wood biography — Founder/CEO/CIO role; manager-level report scope.
Honeywell — June 29, 2026 split and separation — New identifiers are not automatic new purchases.
CrowdStrike — official confirmation of July 1, 2026 stock split — Four-for-one split occurred after the close on July 1, after the June 30 holdings date. ARK's filed Q2 quantity/value basis remains unresolved and is not silently rescaled.
Brera/Solmate — May 14, 2026 reverse split and CUSIP change — One-for-ten reverse split and new CUSIP G13311132; missing old identifier alone does not establish complete liquidation.
SEC Form 13F FAQ and official Form 13F instructions — scope, dollar units, amendments and filing calendar. SEC SIC dictionary — industry labels.
The portrait is an AI-generated editorial illustration checked against a reliable institutional reference, not a photograph, endorsement or assertion of personal trade responsibility. Initial analysis: October 18, 2026 (Korea).
Leave a Reply