ARK Investment Management LLC 13F holdings and portfolio analysis

Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means moderate concentration rather than broad index-like exposure: top 5 25.70%, top 10 43.23%, top 20 62.64%, with TSLA 9.01%, SHOP 4.40%, ROKU 4.39%, COIN 3.95%, PLTR 3.95%, CRSP 3.79%. The baseline result is return 16.25%, alpha 7.86%, beta 0.59, Sharpe 1.12, Sortino 1.51, max drawdown -22.24%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Information Technology 26.85%, Health Care 23.08%, Consumer Discretionary 15.19%, Communication Services 12.83%) still dominate the realized path.

The period rows show the character of the baseline. The strongest relative period was 2024-06-30 (17.40% vs SPY 9.83%, excess 7.57%, turnover 6.70%); the weakest was 2023-09-30 (4.99% vs SPY 10.11%, excess -5.12%, turnover 4.79%). The latest rows (2025-03-31 (11.10% vs SPY 9.22%, excess 1.89%, turnover 7.65%); 2025-06-30 (2.43% vs SPY 4.20%, excess -1.77%, turnover 12.91%); 2025-09-30 (0.07% vs SPY 1.49%, excess -1.42%, turnover 7.82%)) show whether recent results are confirming or reversing the long-term profile.

Before accepting Baseline, I would inspect three things: whether TSLA 9.01%, SHOP 4.40%, ROKU 4.39%, COIN 3.95% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -22.24% is acceptable for the user's risk budget.