Cathie Wood’s $15.1B ARK Investment Management Trims Tesla and the Whole Top Book

ARK Investment Management LLC, the disruptive-innovation firm run by Cathie Wood, disclosed a $15.07 billion equity portfolio in its February 13F filing, with nearly every top position trimmed and the total book down about 10 percent from the prior quarter.

On February 11, 2026, ARK Investment Management LLC filed its quarterly 13F-HR (the SEC form U.S. institutional managers use to disclose their stock holdings 45 days after each quarter end) reporting $15.07 billion in equity positions across 196 names as of December 31, 2025. The firm, founded in 2014 by Cathie Wood, the former AllianceBernstein CIO who built ARK around the thesis that disruptive innovation is the most underpriced asset on public markets, runs a book sized like a top-50 institutional fund. The portfolio shows a quiet, broad-based trim.

That trim is the part of the story you do not see in the daily flagship-fund holdings ARK publishes on its website. Those daily files show ARK Innovation, ARK Genomic, ARK Fintech, and ARK Next Generation Internet line items moving in and out one ticker at a time. The 13F shows what the whole house did in aggregate. In the December quarter the answer was: take share counts down across almost every top name.

ARK Investment Management at $15.1B: How the Book Is Changing

The disclosed equity book finished December at $15.07 billion, down from $16.80 billion at end-September, a roughly 10 percent decline. Net asset values across ARK’s flagship funds also fell during the quarter, but the share-count cuts inside the 13F show the drop was not just a passive markdown. Tesla shares were cut about 19 percent quarter over quarter. Shopify was cut 17 percent, Roku 20 percent, Palantir 20 percent, AMD 16 percent, Robinhood 4 percent, and Roblox 9 percent. The aggregate book is now roughly the same size as Stanley Druckenmiller’s Duquesne Family Office, putting ARK back inside the band of mid-size institutional managers it occupied in 2019 before the 2020 to 2021 retail boom and the 2022 drawdown that followed.

The Top Positions and How They Changed

Top 5 positions hold about 25 percent of the book. Top 11 hold about 44 percent. The table below shows each position’s value at the end of September 2025 alongside its value at the end of December 2025, and the percent change.

Why This 13F Matters Right Now

This 13F is the freshest public read on what ARK actually owns until the Q1 2026 filing arrives by mid-May. The pattern is striking against the prior four quarters. No 13F since the start of 2025 has shown a top-five share-count cut this broad in a single quarter. Tesla, Shopify, Roku, Coinbase, and Palantir all moved in the same direction at once. AMD bucked the pattern with a 16 percent share-count cut that became a 11 percent value gain because of price, and Teradyne moved the other way again on AI-test-equipment demand. The forward read is whether the trims paid for the Beam Therapeutics build (shares up 13 percent) and the Circle Internet build (shares up 40 percent) seen lower in the same filing.

What to Watch

The May 15 deadline: ARK files its Q1 2026 13F-HR by mid-May 2026. The first thing to check is whether Tesla shares fell below the 3 million-share level the December book suggests, and whether Coinbase shares were rebuilt or cut further after the December trim.

Top-five concentration: The top-five weight is now about 25 percent of the book, lower than the 28 percent and 30 percent levels seen in earlier 2025 filings. Whether the next 13F holds at that lower concentration or rebuilds it tells you if Wood is rotating or rebalancing.

The crypto-versus-gene-editing split: The cuts to Coinbase and Robinhood pulled crypto-platform exposure down by about $400 million in dollar terms, while Beam Therapeutics, CRISPR, and Tempus AI carried the gene-editing and AI-medicine weight. Whether the Q1 13F continues to fund the latter from former is the thesis test.