ARK Investment Management · Cathie Wood
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $12.0B
- Holdings
- 126
- Top-10 weight
- 52%
- As of
- 2025-12-31
- Filed
- 2026-03-16
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-01-31 → 2025-12-31), modeled subset of holdings. Roughly 15% of the gross return was idiosyncratic — most of the return came from factor exposure, not stock selection.
Gross
+32.9%
Market
+20.4%
Sector
-0.6%
Subsector
+4.0%
Stock-specific
+5.1%
Top holdings
126 reported positions; top 15 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | TSLA | 10.9% | $1.3B | 47% |
| 2 | SHOP | 5.3% | $640M | 63% |
| 3 | ROKU | 5.3% | $638M | 61% |
| 4 | COIN | 4.8% | $575M | 60% |
| 5 | PLTR | 4.8% | $574M | 60% |
| 6 | CRSP | 4.6% | $552M | 70% |
| 7 | AMD | 4.6% | $551M | 54% |
| 8 | HOOD | 4.5% | $544M | 49% |
| 9 | TER | 3.8% | $456M | 56% |
| 10 | RBLX | 3.3% | $392M | 81% |
| 11 | BEAM | 2.9% | $346M | 65% |
| 12 | AMZN | 2.3% | $280M | 52% |
| 13 | ACHR | 2.2% | $264M | 70% |
| 14 | TWST | 2.0% | $240M | 76% |
| 15 | NVDA | 1.9% | $234M | 46% |
97% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-03-16.
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