ARK Investment Management Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The psychological portrait of ARK in early 2026 is one of "strategic refinement." We are seeing an institution that is no longer just buying "innovation" broadly, but is instead becoming increasingly surgical. The movement of capital this quarter suggests a pivot away from some of the early winners of the cloud and software-as-a-service (SaaS) era toward more specialized AI hardware and "AI-plus-data" applications. There is a palpable sense of discipline in the way the institution is recycling capital—selling off long-term winners or stagnating legacy disruptors to fund aggressive entries into the next phase of the AI infrastructure build-out.

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II. Sector Allocation Analysis

Technology remains the largest allocation, though its role in the portfolio has evolved. In previous years, this sector was dominated by software and cloud services. However, the current data suggests a shift toward "hard tech" and AI infrastructure. The presence of significant positions in semiconductor companies and AI-specialized hardware indicates a belief that the "picks and shovels" of the AI revolution still have significant room to run. The institution is moving capital into companies that provide the foundational compute power and networking capabilities required for large-scale model training and inference. This is a macro judgment that the "physical layer" of the digital economy is currently the most critical bottleneck and, therefore, the most lucrative investment area.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Tesla remains the undisputed number one holding in the portfolio, representing 8.18% of the total assets. Despite a minor reduction of 2.85% in the number of shares held this quarter, the position's dominance is clear. This reduction should be viewed as tactical rebalancing rather than a loss of faith. For ARK, Tesla is not a car company; it is the world's largest robotics project. The investment logic here is centered on three pillars: autonomous driving (FSD), the Optimus humanoid robot, and the massive data advantage Tesla holds in AI training. The slight decrease in weight from 8.7% to 8.18% is largely a function of the stock's price performance relative to other high-flyers in the portfolio. Tesla serves as the "conviction holding" that defines the portfolio's risk profile. As long as Tesla remains the top holding, the institution is signaling that it believes the transition to an autonomous, AI-driven physical world is the single most important investment theme of the decade.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The most significant move this quarter is the "New Buy" of Broadcom, with an estimated investment of over $126 million. This is a powerful statement. Broadcom is a linchpin of the global AI infrastructure, providing the high-speed networking chips (Tomahawk and Jericho) and custom ASICs (Application-Specific Integrated Circuits) that allow massive AI clusters to function. By initiating a nearly 1% position from scratch, ARK is acknowledging that the "networking bottleneck" is the next great challenge in AI scaling. Broadcom’s role in helping companies like Google and Meta design their own AI chips makes it a unique "enabler" of the entire ecosystem. This move signals a shift from purely speculative AI bets toward high-quality, cash-flow-generative infrastructure leaders. It is a "growth acceleration bet" on the continued build-out of private and public AI data centers.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The most significant reduction this quarter was in Teradyne, with an estimated $329.4 million realized through a 47.16% cut in shares. Teradyne, a leader in automated testing equipment for semiconductors and collaborative robotics, has been a long-term staple of the portfolio. However, this massive reduction suggests a "Strategic Retreat." The logic likely stems from a belief that the cyclical peak in semiconductor testing has passed, or that the capital could be more effectively deployed in direct AI hardware plays like AMD and Broadcom. By halving the position, ARK is signaling a shift in its "Robotics and Automation" thesis—moving away from the testing of legacy chips toward the design and deployment of AI-native hardware. This is a "Major Strategic Contraction" aimed at freeing up significant liquidity.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear: 1. Sell the "First Wave" Winners: The institution is aggressively trimming or exiting positions in companies that defined the first leg of the AI and digital transformation era—names like NVIDIA, Meta, The Trade Desk, and Teradyne. These are companies that have either reached massive valuations or whose primary disruptive phase is now in the rearview mirror. 2. Fund the "Second Wave" Infrastructure: The capital retrieved is being funneled into the "physical and specialized" layer of AI. The new entry into Broadcom and the massive addition to AMD signal a belief that the hardware and networking requirements for the next generation of AI are still vastly underestimated. 3. Bet on "Proprietary Data" Applications: The significant additions to Tempus AI and Figma suggest that ARK is looking for the "application layer" winners who possess unique, non-commodity data sets. In a world where AI models are becoming open-source and ubiquitous, the value shifts to those who own the data that the models train on.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.