---
title: "Cathie Wood’s Q3 2026 13F Filing: Portfolio Analysis, Valuations, and Strategic Shifts"
author: "DeepValues Research"
publisher: "DeepValues Research (DeepValues / LuLu Ventures LLC)"
type: "Research article"
date: "2026-11-13"
language: "en"
section: "Insights"
answer: "DeepValues Research, “Cathie Wood’s Q3 2026 13F Filing: Portfolio Analysis, Valuations, and Strategic Shifts” (Nov 13, 2026): During the third quarter of 2026 (ended September 30, 2026), Cathie Wood’s ARK Investment Management executed a significant portfolio rebalancing, characterized by a massive 52% share reduction in Advanced Micro Devices (AMD) alongside aggressive capital deployments into SpaceX, NVIDIA (NVDA), and…"
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cite_as: "DeepValues Research, Cathie Wood’s Q3 2026 13F Filing: Portfolio Analysis, Valuations, and Strategic Shifts, https://research.deepvalues.ai/insights/2026-11-13-cathie-wood-q3-2026-13f-portfolio-research/"
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disclaimer: "Educational research, not investment advice."
disclosure: "AI-assisted"
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category: "investing"
tickers: ["AMD", "NVDA", "TSLA", "SPCX", "RBLX"]
sources:
  - title: "Advanced Micro Devices (AMD) Stock Analysis & Research"
    url: "https://research.deepvalues.ai/company/amd/"
  - title: "Cathie Wood - Wikipedia"
    url: "https://en.wikipedia.org/wiki/Cathie_Wood"
  - title: "DEEPVALUES 13F WORKSHEET: Cathie Wood (ARK Invest…"
  - title: "EDGAR Filing Documents for 0001104659-26-126785"
    url: "https://www.sec.gov/Archives/edgar/data/1697748/000110465926126785/0001104659-26-126785-index.htm"
  - title: "Nvidia (NVDA) Stock Analysis & Intrinsic Value: Neutral"
    url: "https://research.deepvalues.ai/company/nvda/"
  - title: "Tesla (TSLA) Stock Analysis & Intrinsic Value: Neutral"
    url: "https://research.deepvalues.ai/company/tsla/"
audio: "https://anchor.fm/s/105664940/podcast/play/129404237/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-10-13%2F436685116-44100-2-2e050eda9f2c68.mp3"
audio_kind: "podcast episode"
audio_page: "https://open.spotify.com/episode/4LBdSNjSoX214WTx2o4GPu"
---

# Cathie Wood’s Q3 2026 13F Filing: Portfolio Analysis, Valuations, and Strategic Shifts

During the third quarter of 2026 (ended September 30, 2026), Cathie Wood’s ARK Investment Management executed a significant portfolio rebalancing, characterized by a massive 52% share reduction in Advanced Micro Devices (AMD) alongside aggressive capital deployments into SpaceX, NVIDIA (NVDA), and flagship core holding Tesla (TSLA). Total reported US long equity value expanded to $17.37 billion across 181 positions, up from $15.40 billion across 188 positions in Q2 2026. From a value and capital allocation perspective, this rebalancing reflects a strategic rotation away from semiconductor holdings trading at astronomical cash-flow premiums relative to fundamentals (such as AMD) toward high-conviction thematic growth bets trading nearer to intrinsic value (NVIDIA) or possessing immense long-term strategic growth options (Tesla and SpaceX).

---

## 1. The Investor: Philosophy, Fund, and Lifetime Work

### Biography & Background
Cathie Wood, age 70 (born Catherine Duddy in 1955 in Los Angeles, California), is an American investor and the Chief Executive Officer and Chief Investment Officer of ARK Investment Management. Raised by Irish immigrant parents—her father serving as a radar systems engineer in the Irish Army and United States Air Force—she graduated from Notre Dame Academy in Los Angeles in 1974. In 1981, she graduated *summa cum laude* from the University of Southern California with a Bachelor of Science degree in finance and economics. During her time at USC, she studied under renowned economist Arthur Laffer, who became her mentor and helped launch her financial career.

Wood began her professional career in 1977 as an assistant economist at Capital Group. In 1980, she moved to New York City to join Jennison Associates, where she spent 18 years serving as chief economist, equity analyst, portfolio manager, and managing director. During the early 1980s, she famously debated economist Henry Kaufman on the trajectory of interest rates, arguing that rates had peaked. In 1998, she co-founded the NYC-based hedge fund Tupelo Capital Management alongside Lulu C. Wang. In 2001, she joined AllianceBernstein as CIO of Global Thematic Strategies, managing $5 billion in assets over a 12-year tenure.

### Establishment of ARK Invest
In 2014, after AllianceBernstein deemed her vision for actively managed exchange-traded funds (ETFs) focused on disruptive innovation too risky, Wood departed to establish ARK Investment Management in New York City. The firm was named after the Ark of the Covenant, inspired by Wood's reading of the One-Year Bible. ARK’s initial four active ETFs were seeded with capital from Bill Hwang. In November 2021, ARK Investment Management relocated its principal corporate headquarters from New York to St. Petersburg, Florida.

### Investment Philosophy & Style
DeepValues Research classifies ARK Investment Management’s style strictly as thematic growth. Wood’s investment framework centers on identifying and allocating capital to companies driving "disruptive innovation." These thematic investments span several technological convergence platforms, including genomics, autonomous vehicles, artificial intelligence, energy storage, and blockchain technology. 

Unlike traditional institutional asset managers, ARK maintains a policy of open research, publishing weekly market commentaries and annual *Big Ideas* research reports. The firm’s active ETF structure results in high gross portfolio turnover, with daily position weight adjustments driven by intraday market fluctuations and fund creation/redemption dynamics.

### Career Performance Rollercoaster
Wood’s career has been defined by extreme performance cycles. Her signature victory was an early high-conviction call on Tesla between 2017 and 2020, during which the stock appreciated from $40 to $400 on a split-adjusted basis. In 2020, ARK’s flagship fund, the ARK Innovation ETF (ARKK), surged 170%, becoming the top-performing global equity fund with over $1 billion in assets and earning Wood accolades as the top stock picker of 2020. 

However, the fund experienced severe drawdowns during the 2021–2022 central bank rate-tightening cycle. ARKK fell 24% in 2021 and dropped approximately two-thirds of its value across 2021–2022, becoming the worst-performing equity fund covered by Morningstar in Q1 2022. For the 10-year period ending December 31, 2023, Morningstar ranked ARK Invest as the top "wealth destroyer" fund family, calculating $14 billion in net dollar value destruction. Subsequently, ARK funds experienced notable performance rebounds across 2025 (where ARKK gained 23.4% through Q3) and into early 2026, with Morningstar identifying four ARK funds among the top five performing stock ETFs of 2025.

---

## 2. The Portfolio at Quarter End: Size, Concentration, and Core Holdings

### Portfolio Overview & Concentration
As of September 30, 2026 (the close of Q3 2026), ARK Investment Management’s reported US long equity portfolio totaled **$17.37 billion** spread across **181 positions**. This represents an expansion from the Q2 2026 portfolio value of $15.40 billion across 188 positions. 

The portfolio displays high thematic concentration: the top ten positions represent **40.1%** of total reported assets.

### Core Holdings Table
The following table details the 15 largest holdings in Cathie Wood’s portfolio at the end of Q3 2026, based on reported SEC Form 13F filing values:

| Ticker | Company Name | Reported Value ($) | Portfolio Share (%) | Q3 Share Count Change (%) |
| :--- | :--- | :--- | :--- | :--- |
| **TSLA** | Tesla, Inc. | $1,200.0M | 6.9% | +22% |
| **SPCX** | Space Exploration Technologies Corp. (SpaceX) | $1,020.0M | 5.9% | +51% |
| **TEM** | Tempus AI, Inc. | $766.4M | 4.4% | -7% |
| **TWST** | Twist Bioscience Corporation | $656.6M | 3.8% | -25% |
| **NVDA** | NVIDIA CORP | $584.9M | 3.4% | +85% |
| **TXG** | 10x Genomics, Inc. | $566.8M | 3.3% | -37% |
| **CRCL** | CIRCLE INTERNET GROUP, INC. | $563.5M | 3.2% | +50% |
| **CRSP** | CRISPR THERAPEUTICS AG | $556.3M | 3.2% | +6% |
| **COIN** | Coinbase Global, Inc. | $545.8M | 3.1% | +17% |
| **HOOD** | Robinhood Markets, Inc. | $518.0M | 3.0% | -12% |
| **PLTR** | Palantir Technologies Inc. | $487.8M | 2.8% | -19% |
| **SHOP** | Shopify Inc. | $466.5M | 2.7% | -24% |
| **AMZN** | AMAZON COM INC | $423.0M | 2.4% | +7% |
| **AMD** | ADVANCED MICRO DEVICES, INC. | $413.3M | 2.4% | -52% |
| **CRWV** | CoreWeave, Inc. | $366.8M | 2.1% | +58% |

---

## 3. What Changed: New, Added, Trimmed, and Sold-Out Positions

### Quarterly Activity Breakdown
ARK Investment Management maintained high turnover during Q3 2026:
*   **New positions established:** 8
*   **Existing positions added to:** 85
*   **Existing positions trimmed:** 87
*   **Positions completely sold out:** 15

Estimated gross buying totaled approximately **$2.79 billion**, while estimated gross selling reached **$2.50 billion** (calculated at quarter-end prices). This yielded a quarterly turnover rate of approximately **15.3%**, reflecting balanced capital deployment and reallocation across existing growth themes.

### Major Position Adjustments
The largest quarter-over-quarter adjustments, sorted by estimated dollar impact, were as follows:

1.  **Advanced Micro Devices, Inc. (AMD):** Trimmed 52% of shares (~$453.2M sell estimate). Remaining position: $413.3M (2.4% of portfolio). 
    *   *(Inferred motive: Profit-taking and capital reallocation away from traditional semiconductor suppliers toward specialized cloud and AI infrastructure).*
2.  **Space Exploration Technologies Corp. / SpaceX (SPCX):** Added 51% of shares (~$342.2M buy estimate). Remaining position: $1.02B (5.9% of portfolio). 
    *   *(Inferred motive: Doubling down on private commercial space flight and satellite internet communication platforms).*
3.  **10x Genomics, Inc. (TXG):** Trimmed 37% of shares (~$337.0M sell estimate). Remaining position: $566.8M (3.3% of portfolio). 
    *   *(Inferred motive: Trimming life sciences tool exposure following broad sector reweighting).*
4.  **NVIDIA Corp. (NVDA):** Added 85% of shares (~$269.5M buy estimate). Remaining position: $584.9M (3.4% of portfolio). 
    *   *(Inferred motive: Capitalizing on accelerating demand for enterprise tier-1 AI hardware infrastructure).*
5.  **Twist Bioscience Corp. (TWST):** Trimmed 25% of shares (~$222.6M sell estimate). Remaining position: $656.6M (3.8% of portfolio). 
    *   *(It can be inferred that ARK reallocated capital out of mid-cap synthetic biology to fund higher-conviction large-cap tech bets).*
6.  **Tesla, Inc. (TSLA):** Added 22% of shares (~$217.1M buy estimate). Remaining position: $1.20B (6.9% of portfolio). 
    *   *(Inferred motive: Re-establishing maximum high-conviction weight in top flagship holding following price consolidation).*
7.  **Roblox Corp. (RBLX):** Trimmed 79% of shares (~$215.6M sell estimate). Remaining position: $58.3M (0.3% of portfolio). 
    *   *(It can be inferred that ARK chose to substantially exit consumer digital metaverse platforms).*
8.  **Circle Internet Group, Inc. (CRCL):** Added 50% of shares (~$188.9M buy estimate). Remaining position: $563.5M (3.2% of portfolio). 
    *   *(Inferred motive: Expanding allocation to digital dollar infrastructure and stablecoin architecture).*
9.  **Meta Platforms, Inc. (META):** Added 105% of shares (~$182.0M buy estimate). Remaining position: $355.3M (2.1% of portfolio). 
    *   *(Inferred motive: Increasing exposure to hyperscale enterprise AI deployment and open-source models).*
10. **Deere & Co. (DE):** Trimmed 61% of shares (~$162.1M sell estimate). Remaining position: $101.9M (0.6% of portfolio). 
    *   *(Inferred motive: Substantially reducing legacy industrial and agricultural machinery technology exposure).*
11. **Shopify Inc. (SHOP):** Trimmed 24% of shares (~$149.8M sell estimate). Remaining position: $466.5M (2.7% of portfolio). 
    *   *(Inferred motive: Modest profit-taking following e-commerce valuation expansion).*
12. **CoreWeave, Inc. (CRWV):** Added 58% of shares (~$135.3M buy estimate). Remaining position: $366.8M (2.1% of portfolio). 
    *   *(Inferred motive: Expanding footprint in specialized GPU cloud infrastructure providers).*
13. **Cloudflare, Inc. (NET):** Added 220% of shares (~$134.6M buy estimate). Remaining position: $195.6M (1.1% of portfolio). 
    *   *(Inferred motive: Scaling up security, edge computing, and web infrastructure holdings).*
14. **Rocket Lab Corp. (RKLB):** Added 118% of shares (~$134.2M buy estimate). Remaining position: $247.9M (1.4% of portfolio). 
    *   *(Inferred motive: Expanding secondary investments in small-satellite launch infrastructure).*
15. **Broadcom Inc. (AVGO):** Added 92% of shares (~$131.7M buy estimate). Remaining position: $274.7M (1.6% of portfolio). 
    *   *(Inferred motive: Bolstering exposure to custom AI ASICs and networking hardware).*

---

## 4. The Biggest Moves, Valued

To evaluate whether Cathie Wood’s major rebalancing decisions align with disciplined capital allocation, DeepValues Research subjected the top moves to our standardized ten-year Owner Earnings Discounted Cash Flow (DCF) and Reverse DCF framework.

*Owner Earnings* are calculated according to Warren Buffett’s classic valuation formula: **Owner Earnings = Operating Cash Flow - Maintenance Capex - Stock Compensation**, where Maintenance Capex represents the lesser of total capital expenditure and depreciation & amortization. Operating cash flow serves as the entry point, from which maintenance capex (the capital required to keep business operations constant) and non-cash stock compensation (already an operational cost) are subtracted to yield baseline owner earnings.

### 4.1 Advanced Micro Devices, Inc. (AMD) — Trimmed 52%
*   **Valuation Summary:** Market Price: $530.33 | Base Intrinsic Value: $88.56 | Margin of Safety: **-498.8%**
*   **Verification Status:** Double Verified (0.0% variance between SEC XBRL filings and second source).

#### Ten-Year Owner Earnings Walkthrough
AMD’s cash generation has transformed over the past decade, growing from $4.3 billion in revenue and -$0.1 billion in owner earnings in FY 2016 to $45.4 billion in revenue and $5.1 billion in owner earnings for the trailing twelve months (TTM) ended September 26, 2026.

| Period | Revenue ($B) | Net Income ($B) | Op. Cash Flow ($B) | Capex ($B) | D&A ($B) | Stock Comp ($B) | Owner Earnings ($B) |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **FY 2016** | 4.3 | -0.5 | 0.1 | 0.1 | 0.1 | 0.1 | -0.1 |
| **FY 2018** | 6.5 | 0.3 | 0.0 | 0.2 | 0.2 | 0.1 | -0.3 |
| **FY 2020** | 9.8 | 2.5 | 1.1 | 0.3 | 0.2 | 0.3 | 0.6 |
| **FY 2022** | 23.6 | 1.3 | 3.6 | 0.5 | 0.4 | 1.1 | 2.0 |
| **FY 2024** | 25.8 | 1.6 | 3.0 | 0.6 | 2.9 | 1.4 | 1.0 |
| **FY 2025** | 34.6 | 4.3 | 7.7 | 1.0 | 2.8 | 1.6 | 5.1 |
| **TTM 2026-09-26**| 45.4 | 7.6 | 9.1 | 2.1 | n/a | 2.0 | **5.1** |

*Note: TTM owner earnings subtracts $2.0B of stock compensation and $2.1B of capex from $9.1B operating cash flow.*

#### DCF Valuation Scenarios (10.0% Discount Rate)
Inputs: Starting Owner Earnings = $5.1B; Net Cash = $8.7B ($15.8B cash less $7.1B debt); Shares = 1.640 billion.

*   **Conservative Case (7.5% 5-yr growth):** Intrinsic Value = **$60.80** *(Market price is 772.3% above value)*
*   **Base Case (15.0% 5-yr growth):** Intrinsic Value = **$88.56** *(Market price is 498.8% above value)*
*   **Optimistic Case (19.0% 5-yr growth):** Intrinsic Value = **$108.23** *(Market price is 390.0% above value)*

#### Reverse DCF & Value Assessment
At the market price of $530.33, the market implies that AMD’s owner earnings must compound at **52.3% annually for the next 5 years** before fading to a terminal rate of 2.5%. This far outpaces AMD's 10-year baseline owner-earnings growth rate of 15.0%. 

**Value Assessment:** Cathie Wood’s 52% reduction in AMD aligns directly with sound value investing principles. Selling down a position priced for hyper-perfection—trading nearly 500% above base intrinsic value—represents rational capital preservation.

---

### 4.2 NVIDIA Corp. (NVDA) — Added 85%
*   **Valuation Summary:** Market Price: $161.95 | Base Intrinsic Value: $139.61 | Margin of Safety: **-16.0%**
*   **Verification Status:** Double Verified (0.0% variance between SEC XBRL filings and second source).

#### Ten-Year Owner Earnings Walkthrough
NVIDIA has demonstrated extraordinary hyper-expansion. Revenue expanded from $3.3 billion in FY 2010 to $215.9 billion in FY 2026, reaching $303.0 billion for the TTM ended July 26, 2026. TTM owner earnings reached a record $123.4 billion ($119.8 billion under the strict calculation subtracting all capex).

| Period | Revenue ($B) | Net Income ($B) | Op. Cash Flow ($B) | Capex ($B) | D&A ($B) | Stock Comp ($B) | Owner Earnings ($B) |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **FY 2010** | 3.3 | -0.1 | 0.5 | 0.1 | 0.2 | 0.1 | 0.3 |
| **FY 2022** | 26.9 | 9.8 | 9.1 | 1.0 | 1.2 | 2.0 | 6.1 |
| **FY 2024** | 60.9 | 29.8 | 28.1 | 1.1 | 1.5 | 3.5 | 23.5 |
| **FY 2025** | 130.5 | 72.9 | 64.1 | 3.2 | 1.9 | 4.7 | 57.5 |
| **FY 2026** | 215.9 | 120.1 | 102.7 | 6.0 | 2.8 | 6.4 | 93.5 |
| **TTM 2026-07-26**| 303.0 | 192.9 | 134.4 | 7.4 | 3.7 | 7.2 | **123.4** |

#### DCF Valuation Scenarios (10.0% Discount Rate)
Inputs: Starting Owner Earnings = $123.4B; Net Cash = $38.2B ($71.6B cash less $33.4B debt); Shares = 24.147 billion.

*   **Conservative Case (7.5% 5-yr growth, $121.6B starting OE):** Intrinsic Value = **$92.22** *(Market price is 75.6% above value)*
*   **Base Case (15.0% 5-yr growth, $123.4B starting OE):** Intrinsic Value = **$139.61** *(Market price is 16.0% above value)*
*   **Optimistic Case (19.0% 5-yr growth, $123.4B starting OE):** Intrinsic Value = **$172.22** *(Margin of Safety: **+6.0%**)*

#### Reverse DCF & Value Assessment
At $161.95 per share, the market implies an annual owner earnings growth rate of **17.8% for 5 years**, only slightly above the 15.0% historical baseline assumption. 

**Value Assessment:** Wood’s 85% position increase in NVIDIA represents a defensible growth-at-a-reasonable-price purchase. Unlike AMD, NVIDIA trades within 16% of its base intrinsic cash-flow value and presents a positive margin of safety under optimistic 19% growth assumptions.

---

### 4.3 Tesla, Inc. (TSLA) — Added 22%
*   **Valuation Summary:** Market Price: $390.19 | Base Intrinsic Value: $69.19 | Margin of Safety: **-463.9%**
*   **Verification Status:** Single-Source Estimate (starting TTM owner earnings pending second-source cross-verification).

#### Ten-Year Owner Earnings Walkthrough & Growth Capex Math
Tesla's cash dynamics show strong top-line scaling alongside heavy capital intensity. For the TTM ended September 30, 2026, Tesla generated $103.6 billion in revenue and $18.7 billion in operating cash flow. 

Understanding Tesla's valuation requires a clear breakdown of its capital expenditure structure:
*   **Total Capital Expenditures:** $15.4 billion
*   **Depreciation & Amortization:** $5.7 billion
*   **Growth Capex Breakdown:** Subtracting depreciation ($5.7 billion) from total capex ($15.4 billion) reveals **$9.7 billion in growth capex**—capital dedicated to expanding production capacity and new platform development rather than maintaining existing operations.

Under Buffett's owner earnings framework, maintenance capex is capped at depreciation ($5.7 billion). Subtracting maintenance capex ($5.7 billion) and stock compensation ($4.3 billion) from operating cash flow ($18.7 billion) yields **$8.7 billion in maintenance owner earnings**. However, under a strict cash-flow view that subtracts *all* capital expenditures ($18.7B operating cash flow - $15.4B total capex - $4.3B stock comp), Tesla's owner earnings drop to **-$1.0 billion**.

| Period | Revenue ($B) | Net Income ($B) | Op. Cash Flow ($B) | Capex ($B) | D&A ($B) | Stock Comp ($B) | Owner Earnings ($B) |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| **FY 2016** | 7.0 | -0.7 | -0.1 | 1.3 | 0.5 | 0.3 | -0.9 |
| **FY 2020** | 31.5 | 0.7 | 5.9 | 3.2 | 1.6 | 1.7 | 2.6 |
| **FY 2022** | 81.5 | 12.6 | 14.7 | 7.2 | 2.4 | 1.6 | 10.7 |
| **FY 2024** | 97.7 | 7.1 | 14.9 | 11.3 | 4.1 | 2.0 | 8.8 |
| **FY 2025** | 94.8 | 3.8 | 14.7 | 8.5 | 5.0 | 2.8 | 6.9 |
| **TTM 2026-09-30**| 103.6 | 3.2 | 18.7 | 15.4 | 5.7 | 4.3 | **8.7** |

#### DCF Valuation Scenarios (10.0% Discount Rate)
Inputs: Starting Owner Earnings = $8.7B; Net Cash = $37.5B ($45.4B cash less $8.0B debt); Shares = 3.953 billion.

*   **Conservative Case (7.5% 5-yr growth, $4.4B starting OE):** Intrinsic Value = **$29.38** *(Market price is 1,227.9% above value)*
*   **Base Case (15.0% 5-yr growth, $8.7B starting OE):** Intrinsic Value = **$69.19** *(Market price is 463.9% above value)*
*   **Optimistic Case (19.0% 5-yr growth, $8.7B starting OE):** Intrinsic Value = **$83.30** *(Market price is 368.4% above value)*

#### Reverse DCF & Value Assessment
Tesla’s market price of $390.19 embeds an aggressive **52.5% annual owner earnings growth rate** over the next five years.

**Value Assessment:** Cathie Wood’s 22% addition to Tesla departs significantly from traditional cash-flow discipline. Buying TSLA at $390.19 requires pricing in massive growth optionality from unproven future ventures (such as autonomous taxi networks and robotics) rather than existing automotive cash generation.

---

## 5. Track Record: The Ten-Year 13F Clone vs. S&P 500

To measure the long-term investment performance of Cathie Wood’s publicly disclosed 13F strategy, DeepValues Research executed a 9.7-year "13F Clone" backtest spanning **39 quarterly filings** from February 14, 2017 to November 13, 2026.

### Methodology
The 13F clone assumes an investor buys all disclosed US common-stock positions at the closing price of the first trading day following each SEC Form 13F filing date. Positions are weighted exactly by reported dollar value and held without modification until the subsequent quarterly disclosure. Price coverage averaged 79.5% of total portfolio value (unpriced positions were dropped and remaining positions reweighted). All returns are dividend-adjusted and benchmarked against the SPDR S&P 500 ETF Trust (SPY).

### Performance Summary (February 2017 – November 2026)
*   **ARK 13F Clone CAGR:** **14.9%** (Total Return: **+286.8%**)
*   **S&P 500 (SPY) CAGR:** **14.5%** (Total Return: **+274.8%**)
*   **Annualized Outperformance:** **+0.4 percentage points**
*   **Max Month-End Drawdown:** ARK **-71.1%** vs. SPY **-23.9%**

Over the 9.7-year backtest horizon, the ARK 13F Clone experienced extreme performance divergence compared to the broader market. Early structural outperformance built up through 2020, where the clone peaked at a massive cumulative lead following a +160.4% annual return. However, subsequent severe drawdowns in 2021 (-15.3%) and 2022 (-62.5%) erased nearly the entire accumulated alpha, bringing the long-term annualized excess return down to just +0.4 percentage points over the S&P 500 benchmark.

### Annual Return Breakdown

| Year | ARK 13F Clone Return (%) | S&P 500 (SPY) Return (%) | Relative Performance |
| :--- | :--- | :--- | :--- |
| **2017\*** | +38.5% | +16.4% | +22.1% |
| **2018** | 0.0% | -4.6% | +4.6% |
| **2019** | +36.4% | +31.2% | +5.2% |
| **2020** | +160.4% | +18.3% | +142.1% |
| **2021** | -15.3% | +28.7% | -44.0% |
| **2022** | -62.5% | -18.2% | -44.3% |
| **2023** | +57.3% | +26.2% | +31.1% |
| **2024** | +19.8% | +24.9% | -5.1% |
| **2025** | +24.7% | +17.7% | +7.0% |
| **2026\*** | +5.3% | +11.2% | -5.9% |

*\*Partial years: 2017 begins Feb 14; 2026 ends Nov 13.*

### Technical Limitations of the Clone Analysis
The 13F clone model does **not** reflect actual fund performance. It excludes short positions, cash allocations, non-US international listings, corporate bonds, options strategies, and intraday/intra-quarter trading executions. Additionally, because coverage averaged 79.5% of total portfolio value, clone statistics serve as an approximate historical benchmark rather than an exact audited return.

---

## 6. What a Patient Investor Can Learn

Analyzing Cathie Wood’s Q3 2026 portfolio dynamics yields three essential structural insights for value-focused investors:

### 1. The Friction Between Growth Narrative and Cash-Flow Value
Thematic growth strategies routinely operate without a traditional margin of safety. Assigning substantial portfolio weight to businesses like Tesla ($390.19) or holding AMD prior to Q3 requires accepting embedded growth expectations exceeding 50% per year for five consecutive years. Value investors must recognize that when growth narratives stall, multiples compress violently.

### 2. The Heavy Cost of Volatility and Turnover
While Wood's 13F clone achieved a headline CAGR of 14.9% over nearly a decade—narrowly edging the S&P 500’s 14.5%—it required enduring a staggering **-71.1% maximum drawdown** and maintaining a quarterly portfolio turnover of 15.3%. Capturing a modest 0.4% annualized excess return at the cost of extreme drawdowns underscores the immense psychological and frictional costs of hyper-active growth strategies.

### 3. Pragmatic Rebalancing Dynamics
Despite a thematic mandate, portfolio shifts can exhibit disciplined reallocations. Trimming 52% of AMD (priced at a 498.8% premium to intrinsic value) to fund an 85% expansion in NVIDIA (priced within 16% of base intrinsic value) demonstrates a rational shift toward higher cash-flow productivity within the same overarching AI infrastructure theme.

---

## 7. Key Numbers

*   **Reported US Equity Portfolio Value (Q3 2026):** $17.37 billion (vs. $15.40 billion in Q2 2026).
*   **Total Disclosed Positions:** 181 positions (8 new, 85 added, 87 trimmed, 15 sold out).
*   **Top 10 Concentration Ratio:** 40.1% of total portfolio value.
*   **Quarterly Turnover Rate:** 15.3% (~$2.79B bought, ~$2.50B sold).
*   **Largest Portfolio Holding:** Tesla, Inc. ($1.20 billion, 6.9% of portfolio).
*   **Largest Dollar Trim:** Advanced Micro Devices, Inc. (-52% shares, ~$453.2M sell estimate).
*   **Largest Dollar Addition:** SpaceX / SPCX (+51% shares, ~$342.2M buy estimate).
*   **AMD Base Value vs. Market Price:** $88.56 vs. $530.33 (Margin of Safety: -498.8%).
*   **NVDA Base Value vs. Market Price:** $139.61 vs. $161.95 (Margin of Safety: -16.0%).
*   **TSLA Base Value vs. Market Price:** $69.19 vs. $390.19 (Margin of Safety: -463.9%).
*   **10-Year 13F Clone CAGR (2017–2026):** **14.9%** (+286.8% total return) vs. SPY **14.5%** (+274.8% total return).
*   **10-Year 13F Clone Max Drawdown:** **-71.1%** vs. SPY **-23.9%**.

---

## 8. Limitations of 13F Filings & Regulatory Disclaimers

### Disclosures and Institutional Filings Limitations
Institutional holdings reports filed via Form 13F with the U.S. Securities and Exchange Commission (SEC) carry inherent structural limitations:
1.  **Delayed Visibility:** Disclosures reflect positions held on the final day of the calendar quarter (September 30, 2026) and are submitted up to 45 days after quarter-end (filed November 13, 2026).
2.  **Partial Asset Scope:** Filings reveal only long US-listed equity positions. They completely omit short positions, cash reserves, foreign non-US equities, fixed-income securities, derivative contracts, and private investments.
3.  **No Intra-Quarter Tracking:** Transactions executed between quarterly reporting dates are invisible; reported holdings may have been modified or completely liquidated prior to the filing publication date.

### Mandatory Regulatory Disclaimer
*This report is prepared solely for educational, informational, and academic research purposes by DeepValues Research / LuLu Ventures LLC. It does not constitute investment advice, financial promotion, or a recommendation to buy or sell any security, asset, or financial instrument. Intrinsic value estimates and cash-flow projections represent mathematical outputs of simplified valuation models based on historical SEC filing data and should not be relied upon for investment decisions.*

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