| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 16.94% | -1.8% | -1.8% |
ARK's Q1 2026 quarterly report reveals a challenging period for innovation-focused strategies amid geopolitical tensions and AI-driven market disruption. The ARK Innovation ETF declined 12.22% versus broader market declines of 4-6%, reflecting the SaaSpocalypse phenomenon where concerns about AI disrupting traditional software models led to indiscriminate selling. However, ARK views this as validation of their differentiated approach, having avoided traditional SaaS models in favor of AI platforms and infrastructure. Key portfolio moves included initiating positions in Broadcom for custom silicon partnerships with hyperscalers, OpenAI for foundation model leadership, and several biotechnology companies representing AI-multiomics convergence. Geopolitical tensions from the Iran conflict and ongoing policy uncertainty created additional headwinds, particularly affecting semiconductor supply chains and crypto-exposed holdings. Despite near-term volatility, ARK maintains conviction that AI represents a major platform shift creating opportunities across multiple innovation themes. The firm believes current market repricing is clarifying value accrual across the AI ecosystem while improving entry points for long-duration innovation strategies positioned to benefit from technological convergence.
ARK believes AI will drive the next phase of economic growth through a major platform shift that creates opportunities across infrastructure, platforms, robotics, autonomy, energy systems, aerospace, defense, space technologies, and multi-omics, with the convergence among these technologies creating astounding opportunities for innovation-led returns.
Markets will continue climbing the wall of worry created by geopolitical uncertainty, evolving monetary policy expectations, and ongoing reassessments of the impact of artificial intelligence. This environment is fertile ground for long-term investors as periods marked by uncertainty tend to create walls of worry that sustain bull markets. The current wall of worry reflects a market digesting a major technology platform shift. While volatility could persist in the short term, it is improving the entry point for long-duration innovation strategies.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 16 2026 | 2026 Q1 | ACHR, AVAV, AVGO, BLSH, CRCL, HOOD, IRDM, ODD, PRLB, PYPL, SHOP, TEM, TER, TSEM, TSLA, TSM, TWST, TXG, VELO, VRTX, WGS | AI, Autonomous, Biotechnology, crypto, innovation, technology | - | ARK's innovation ETFs underperformed in Q1 2026 amid AI disruption fears and geopolitical tensions, with ARKK declining 12.22%. The SaaSpocalypse validated ARK's strategy of avoiding traditional SaaS for AI infrastructure plays. Key additions included Broadcom, OpenAI, and biotech names. Despite volatility, ARK sees AI platform shift creating long-term opportunities across multiple innovation themes. |
| Jan 14 2026 | 2025 Q4 | ACHR, AMD, AVAV, COIN, CRSP, DE, GH, GOOG, HOOD, KTOS, PLTR, RBLX, RKLB, ROKU, SHOP, TEM, TER, TRMB, TSLA, TWST | AI, crypto, defense, Genomics, innovation, productivity, Robotics, technology | - | ARK believes technological convergence across AI, robotics, energy storage, blockchain, and genomics will drive 4-6% productivity growth and economic boom. Despite rolling recession since 2022, favorable policies and Fed rate cuts should catalyze recovery. Innovation space is revaluing with structural tailwinds replacing headwinds. Mixed Q4 performance with AI winners offsetting crypto weakness. |
| Oct 15 2025 | 2025 Q3 | ACHR, AMD, AMZN, AVAV, COIN, CRSP, HOOD, KTOS, PLTR, PSNL, RBLX, RKLB, ROKU, RXRX, SHOP, TEM, TER, TRMB, TSLA, TWST | AI, crypto, defense, Genomics, growth, innovation, Robotics, technology | - | ARK sees the innovation sector recovering as structural headwinds become tailwinds, with AI, robotics, energy storage, blockchain, and genomics positioned to drive productivity gains. The firm's ETFs outperformed markets in Q3 2025, led by Tesla and defense stocks. ARK expects the rolling recession to end within six months as policy clarity emerges around taxes, regulations, and trade. |
| Jul 16 2025 | 2025 Q2 | ACHR, AMD, AMZN, AVAV, COIN, CRCL, CRSP, HOOD, KTOS, PLTR, RBLX, RKLB, ROKU, SHOP, TEM, TER, TRMB, TSLA, TTD, TWST | AI, crypto, defense, Genomics, growth, innovation, Robotics, technology | - | ARK sees the innovation space recovering as structural headwinds become tailwinds, driven by policy shifts around AI, crypto, and healthcare. The firm expects its Five Innovation Platforms to catalyze productivity gains during the current rolling recession. With potential tax reform, rate cuts, and regulatory clarity ahead, ARK believes innovation-led growth could surprise positively as businesses accelerate technology adoption. |
| Apr 16 2025 | 2025 Q1 | COIN, ESLT, FARO, GH, HOOD, KTOS, PLTR, RKLB, RXRX, TEM, TER, TSLA, TXG, VLN, XMTR | AI, Deflation, Genomics, innovation, Recession, Robotics, technology | - | ARK maintains conviction that five innovation platforms will drive deflationary growth despite Q1 underperformance and economic headwinds. Wood expects AI, robotics, energy storage, genomics, and blockchain to converge over five to ten years, pulling the economy from rolling recession. Structural policy shifts supporting innovation should overwhelm near-term uncertainty, with deflation replacing inflation and equity rally broadening. |
| Jan 15 2025 | 2024 Q4 | ACHR, AMD, ARKB, AVAV, BFLY, CDNA, COIN, DM, MELI, NTLA, NU, PLTR, QSI, RKLB, SMWB, SOFI, SPNS, TER, TXG, XMTR | AI, crypto, Deflation, Genomics, innovation, Recession, Robotics, technology | - | ARK expects five innovation platforms - AI, robotics, energy storage, multiomics, and blockchain - to converge over the next decade, pulling the economy from rolling recession while creating deflationary forces. Government deregulation will unlock opportunities in autonomous mobility and digital assets. The firm advocates diversified AI exposure as innovation drives productivity and surprises markets with lower rates. |
| Oct 16 2024 | 2024 Q3 | AMZN, CAT, CSCO, DOW, FDX, KHC, MCD, MMM, NKE, PG, SBUX, TMO, TXN, UPS | AI, Deflation, Fed, innovation, rates, Recession, technology | - | ARK sees rolling recessions across key sectors as corporations lose pricing power, but expects the convergence of five innovation platforms - AI, robotics, energy storage, blockchain, and multiomics - to drive economic recovery over five to ten years. Positioning for diversified AI exposure as deflation forces rates lower and broadens market leadership beyond current concentration. |
| Jul 17 2024 | 2024 Q2 | AMZN, CSCO, HD, KHC, MCD, MMM, NKE, SBUX, TMO, TXN, UPS, XOM | AI, Deflation, Fed policy, innovation, rates, Recession, technology | - | ARK's Cathie Wood sees the economy in a rolling recession despite Q2 equity gains, citing weakening labor markets, declining corporate margins, and recession-level small business optimism. However, she maintains conviction that AI and four other innovation platforms will drive deflation and economic recovery, positioning for diversified AI exposure as the Fed eventually cuts rates. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI is driving a major platform shift with significant disruption across software and infrastructure. The SaaSpocalypse reflects market concerns about AI disrupting traditional seat-based software models, while ARK sees opportunities in AI platforms, infrastructure, and enabling technologies that capture disproportionate value. |
Artificial Intelligence Platform Shift Software Disruption Infrastructure Automation |
SemiconductorsStrong AI-driven demand for semiconductor test solutions and custom silicon partnerships with hyperscalers. Companies like Teradyne and Broadcom are benefiting from the shift toward application-specific hardware optimized for AI workloads, though geopolitical tensions create supply chain concerns. |
Custom Silicon AI Accelerators Test Equipment Hyperscalers Supply Chain | |
BiotechnologyFocus on AI-driven drug discovery and personalized medicine platforms. Companies like BioNTech, Eli Lilly, and Generate Biomedicines represent convergence of AI and multiomics, with emphasis on mRNA platforms, GLP-1 therapies, and generative biology for protein therapeutics. |
Drug Discovery Personalized Medicine mRNA GLP1 Protein Design | |
CryptoMixed performance with crypto-exposed companies tracking digital asset price movements. Circle Internet Group showed strong growth in USDC supply and transaction volume, while other crypto names faced headwinds from broader market volatility and regulatory uncertainty. |
Stablecoins Digital Assets Blockchain USDC Crypto Trading | |
Autonomous MobilityTesla continues development of robotaxi capabilities and Optimus production while facing delivery challenges. eVTOL companies like Archer Aviation are progressing toward commercial operations despite wider losses and geopolitical risks affecting regional launch plans. |
Robotaxis eVTOL Autonomous Vehicles Electric Aviation Mobility | |
SpaceDefense and space companies showing resilience with Teradyne and Iridium Communications performing well. Focus on satellite communications, spectrum value, and space-enabled technologies, though some defense contracts face renegotiation and restructuring. |
Satellites Defense Communications Spectrum Space Technology | |
| 2025 Q4 |
AIManager draws parallels between today's AI-driven market concentration and the 2014-15 oil collapse, warning that AI infrastructure faces physical constraints including energy costs, grid capacity, and regulatory scrutiny. Views current AI valuations as assuming near-flawless execution with limited margin for error. |
Artificial Intelligence Data Centers Energy Infrastructure Valuations Technology |
EnergyUses the 2014-15 oil price collapse as a cautionary parallel for today's markets, noting how energy served as a signal of broader economic fragilities. Highlights AI's energy-intensive infrastructure creating new dependencies on power pricing and grid reliability. |
Oil Energy Infrastructure Power Grid Electricity | |
Small CapsPortfolio performed well fundamentally with strong balance sheets and resilient cash flows, though absolute returns were mixed due to market preference for large-cap AI momentum over breadth. Manager likes current portfolio positioning despite near-term headwinds. |
Small Cap Russell 2000 Fundamentals Value | |
| 2025 Q3 |
AIARK views artificial intelligence as one of the Five Innovation Platforms that could play an outsized role in pulling the economy out of the rolling recession. The firm expects AI to accelerate productivity gains and economic growth, particularly as businesses harness new technologies to increase productivity and protect margins during periods of pricing power loss. |
Artificial Intelligence Productivity Innovation Technology Automation |
RoboticsRobotics is identified as one of ARK's Five Innovation Platforms expected to gain traction during tumultuous times. The firm believes robotics will contribute to better, more productive ways of working as consumers and businesses accelerate their shift to technologically enabled innovation platforms. |
Automation Manufacturing Innovation Technology Productivity | |
Energy StorageEnergy storage represents one of ARK's core innovation platforms that could catalyze productivity gains and accelerate economic growth. The firm sees energy storage as part of the transformative breakthroughs that will benefit innovators during the current economic transition. |
Batteries Grid Storage Energy Transition Innovation Technology | |
CryptoARK highlights favorable policy shifts around crypto as supporting the revaluation of the innovation space. The firm notes that headwinds that once pressured crypto are shifting into structural tailwinds, with broadening market participation and supportive regulatory environment. |
Bitcoin Blockchain Digital Assets Policy Innovation | |
GenomicsMultiomics sequencing is identified as one of ARK's Five Innovation Platforms. The firm sees genomics companies making progress in gene-editing therapies and AI-powered diagnostic tools, with companies like CRISPR Therapeutics advancing cardiovascular disease treatments and Tempus AI expanding its AI-powered platforms. |
Gene Editing Biotechnology Diagnostics Healthcare Innovation | |
DefenseDefense spending benefits are evident in ARK's portfolio, with companies like Kratos Defense outperforming amid rising geopolitical tensions and recent US policy changes on drone production. The defense sector is experiencing tailwinds from government solutions segment growth driven by defense spending increases. |
Defense Spending Geopolitical Government Aerospace Security | |
| 2025 Q2 |
AIARK views artificial intelligence as one of its Five Innovation Platforms that could play an outsized role in pulling the economy out of the rolling recession. The firm believes AI, along with other innovation platforms, could catalyze productivity gains and accelerate economic growth during turbulent times when consumers and businesses are willing to change how they operate. |
Artificial Intelligence Innovation Productivity Technology |
RoboticsRobotics is identified as one of ARK's Five Innovation Platforms expected to gain traction during tumultuous times. The firm believes robotics technology could help corporations harness new technologies to increase productivity and protect margins as they face loss of pricing power and need to curb employment growth. |
Automation Manufacturing Productivity Innovation | |
Energy StorageEnergy storage is highlighted as one of ARK's Five Innovation Platforms that could accelerate adoption during the current turbulent transition. The firm expects these technologies to provide better, less expensive, faster, and more productive solutions as consumers and businesses shift away from traditional methods. |
Batteries Grid Storage Energy Transition Innovation | |
CryptoARK sees favorable policy shifts around crypto as supporting the innovation space recovery and revaluation. The firm notes that headwinds that once pressured crypto are shifting into structural tailwinds, with broadening market participation and potential fiscal catalysts supporting the sector. |
Bitcoin Blockchain Digital Assets Policy | |
DefenseDefense stocks experienced a broad-based rally amid rising geopolitical tensions during the quarter. Companies like Kratos Defense benefited from recent US policy changes on drone production and export rules, with accelerating revenue growth in government solutions segments driven by defense tailwinds. |
Defense Spending Geopolitical Government Security | |
GenomicsThe genomics sector showed progress with companies like CRISPR Therapeutics advancing both in commercial launches and clinical development. Companies received FDA clearances for AI-powered platforms and diagnostic devices, while facing some reimbursement policy uncertainties that could impact near-term growth. |
Gene Therapy Biotechnology FDA Healthcare | |
| 2025 Q1 |
AIARK views AI as a key disruptive innovation platform that will drive deflation and reshape the macroeconomic landscape. The firm believes diversified exposure to AI applications, particularly software underrepresented in broad benchmarks, could drive value creation. ARK suggests the most important AI investment opportunities are associated with disruptive innovation. |
Artificial Intelligence Software Innovation Disruption Applications |
RoboticsRobotics is identified as one of ARK's Five Innovation Platforms that could play an outsized role in pulling the economy out of rolling recession. The firm expects robotics to converge with other disruptive technologies over the next five to ten years, potentially jumpstarting powerful waves of real growth and price deflation. |
Automation Innovation Deflation Technology | |
Energy StorageEnergy storage is highlighted as one of ARK's core innovation platforms expected to converge with other disruptive technologies. The firm believes this convergence will potentially jumpstart powerful waves of both real growth and price deflation that will reshape the macroeconomic landscape over the next five to ten years. |
Battery Innovation Technology Convergence | |
GenomicsMultiomics sequencing is identified as one of ARK's Five Innovation Platforms. The firm expects this technology to converge with other disruptive innovations over the next five to ten years, potentially driving transformative changes in the economy and contributing to deflationary forces. |
Sequencing Biotechnology Innovation Healthcare | |
CryptoDigital assets are highlighted as an area where structural policy shifts supporting innovation should withstand economic uncertainty. ARK expects more accommodative policies on digital assets from the new administration, including a change in the SEC's attitude toward digital assets, creating opportunities for innovation. |
Digital Assets Blockchain Policy Innovation | |
InflationARK believes inflation was transitory and triggered by supply shocks, evolving into disinflation and ultimately deflation. The firm expects disruptive technologies to turbocharge deflation in prices, with CPI potentially falling below 2% year-over-year and potentially turning negative as it did in 2014, 2015, and 2020. |
Deflation CPI Monetary Policy Economic Cycles | |
| 2024 Q4 |
AIARK expects AI to play an outsized role in pulling the economy out of rolling recession by driving productivity growth and creating new products and services. The firm believes the most important AI investment opportunities are associated with disruptive innovation, suggesting winners and losers will be surprising. ARK advocates for diversified exposure to the AI revolution, particularly software applications underrepresented in broad-based benchmarks. |
Artificial Intelligence Productivity Software Innovation Disruption |
RoboticsRobotics is identified as one of ARK's Five Innovation Platforms expected to converge over the next five to ten years. The firm believes robotics will be part of disruptive technologies that jumpstart powerful waves of growth and reshape the macroeconomic landscape. Autonomous mobility is highlighted as an area where government deregulation will create profound opportunities. |
Automation Autonomous Innovation Technology Manufacturing | |
CryptoARK views the change in the Securities and Exchange Commission's attitude toward digital assets as creating profound opportunities for innovation. The firm expects government deregulation and a more favorable regulatory environment to benefit the digital assets sector significantly. |
Digital Assets Bitcoin Blockchain Regulation Innovation | |
GenomicsMultiomics sequencing is identified as one of ARK's Five Innovation Platforms. The firm expects multiomics to converge with other disruptive technologies over the next five to ten years, potentially jumpstarting powerful waves of growth that will reshape the macroeconomic landscape. |
Sequencing Biotechnology Innovation Healthcare Technology | |
Energy StorageEnergy storage is highlighted as one of ARK's Five Innovation Platforms expected to converge with other disruptive technologies. The firm believes energy storage will be part of the technological convergence that jumpstarts powerful waves of growth over the next five to ten years. |
Batteries Grid Technology Innovation Energy | |
DeflationARK expects deflation to emerge as the Five Innovation Platforms salvage corporate margins while inflation gives way to deflation in many sectors. The firm believes history will show inflation was transitory and evolved into disinflation, then ultimately deflation, with interest rates likely to surprise on the low side of expectations. |
Prices Innovation Technology Productivity Economics | |
| 2024 Q3 |
AIARK expects AI and other disruptive technologies to drive productivity growth and create new products and services that replace legacy solutions. The convergence among 14 technologies involved in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly among software applications that are underrepresented in broad-based benchmarks. |
Artificial Intelligence Productivity Software Innovation Platforms |
DeflationARK expects inflation to evolve into disinflation and ultimately deflation as corporations lose pricing power and are forced into employment cutbacks. Companies like Amazon, Nike, Starbucks, and McDonald's have launched discount campaigns to win back consumers. History will show that inflation was transitory and evolved into disinflation, then ultimately deflation. |
Pricing Power Discount Campaigns Consumer Prices Disinflation | |
RatesARK believes interest rates are likely to surprise on the low side of expectations as the Fed cuts rates significantly in response to economic weakness. The yield curve inversion and subsequent bear steepening phase suggests both real growth and inflation could surprise on the low side. Lower rates would broaden the equity rally from a narrow subset of stocks. |
Federal Reserve Yield Curve Rate Cuts Monetary Policy | |
RoboticsRobotics is one of ARK's five innovation platforms around which the firm has centered its research and investing. The convergence among technologies including robotics should play an outsized role in pulling the economy out of the rolling recession and salvaging corporate margins. ARK operates the ARK Autonomous Technology and Robotics ETF (ARKQ). |
Automation Innovation Platforms Technology Convergence | |
Energy StorageEnergy storage is identified as one of ARK's five major innovation platforms. The waves of growth associated with the convergence among the 14 technologies involved in these platforms, including energy storage, should start moving the needle on macro metrics increasingly during the next five to ten years. |
Battery Technology Innovation Platforms Technology Convergence | |
| 2024 Q2 |
AIARK expects AI and other disruptive technologies to drive broad-based deflation and pull the economy out of recession. The convergence among 14 technologies in ARK's five major platforms should start moving the needle on macro metrics significantly during the next five to ten years. ARK is searching for diversified exposure to the AI revolution, particularly software applications that are underrepresented in broad-based benchmarks. |
Artificial Intelligence Software Deflation Innovation Technology |
DeflationARK believes inflation was transitory and will evolve into disinflation, then ultimately deflation. Various deflationary forces are already surfacing, and the Five Innovation Platforms could play an outsized role in driving deflation across many sectors. This deflation should lead to lower interest rates and broader equity market participation. |
Inflation Rates Innovation Technology Monetary Policy | |
RatesARK expects the Fed should weigh rate cuts sooner than dot plots suggest due to rolling recession indicators. Interest rates are likely to surprise on the low side of expectations, which would broaden the equity rally from a narrow subset of stocks. The yield curve inversion and bear steepening phase suggest both real growth and inflation could surprise low. |
Federal Reserve Monetary Policy Yield Curve Interest Rates Economic Policy |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
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| TICKER | COMMENTARY |
|---|---|
| TSLA | Shares of Tesla detracted from performance during the quarter amid a broad pullback in risk-on stocks, driven by a renewed tech sell-off tied to AI-related valuation and disruption concerns associated with growing geopolitical tensions in the Middle East. The company also reported weaker-than-expected fourth-quarter vehicle deliveries, began rolling out unsupervised robotaxi rides in Austin, announced plans to discontinue the Model S and X to prioritize Optimus production, and introduced Terafab, a joint venture with SpaceX and xAI to build a 1 TW/year chip manufacturing facility. |
| TER | Shares of Teradyne contributed to the fund's performance this quarter after the company reported better-than-expected earnings, issued an above-consensus outlook, and received continued price target increases from analysts—a cluster of tailwinds that we believe reflect strong AI-driven demand for its semiconductor test solutions. Management reiterated confidence that Teradyne can increase its share of the automated test equipment market over time as the sector expands. |
| IRDM | Shares of Iridium Communications traded up during the quarter. Despite the company's mixed fourth-quarter results, management highlighted four key future growth areas—including narrowband Internet of Things (IoT) and Positioning, Navigation, and Timing (PNT)—and underscored the strategic value of its L-band spectrum amid ongoing industry spectrum mergers and acquisitions (M&A). Management did not rule out future business alliances to unlock incremental shareholder value. |
| ACHR | Shares of Archer Aviation traded down during the quarter amid a pullback in electric vertical take-off and landing (eVTOL) names and after the company reported wider-than-expected quarterly losses and guided to a larger near-term EBITDA (earnings before interest, taxes, depreciation and amortization) loss as it continues to fund development and certification efforts ahead of planned commercial operations by end of the year. Rising geopolitical tensions in the Middle East introduced new uncertainty around the targeted 2026 commercial launch in the region. |
| AVGO | We initiated a position in Broadcom based on its strategic leadership as the premier custom silicon partner to hyperscalers building proprietary AI accelerators and networking infrastructure. Broadcom serves as a critical design and manufacturing partner to leading cloud providers and AI labs, including Google, Meta, and OpenAI, which are adopting custom silicon to optimize performance and reduce costs relative to GPUs. |
| HOOD | Shares of Robinhood depreciated during the quarter, largely tracking a decline in the price of crypto assets. Even so, the company reported solid fourth-quarter earnings, including net revenue growth of 27% year-over-year and 27 million funded customers. On the product front, Robinhood hosted its 'Take Flight' event in March, unveiling a new family investing experience with custodial and trust accounts, a household portfolio view, and updates to Robinhood Strategies including tax loss harvesting and tax-aware transfers, early dividends, and a new Platinum Card. |
| CRCL | Shares of Circle Internet Group appreciated during the quarter after the company reported much better-than-expected earnings, including 2.3% growth in the supply of USDC to $75 billion. Circle is the only publicly traded, pure play stablecoin issuer and is gaining share in transaction volume relative to market leader Tether. During the quarter, USDC hit ~60% of global on-chain stablecoin transaction volume. |
| TSM | Shares of Taiwan Semiconductor Manufacturing contributed to fund performance this quarter following the company's impressive fourth-quarter results, which highlighted the strong demand for AI chips that drove significant year-over-year revenue growth of 25.5%. Additionally, TSMC's plans for substantial capital expenditures and a favorable outlook for revenue growth in the coming year reflect its ongoing momentum in the semiconductor industry, despite some challenges in the smartphone and PC markets. |
| TEM | Shares of Tempus AI detracted from fund performance this quarter in the face of meaningful negative company or sector news. Essentially, a broader market sell-off, driven by macro uncertainty, impacted the entire clinical diagnostics sector. |
| WGS | Shares of GeneDx traded down this quarter after Natera launched its competitor, the Zenith whole genome sequencing product. Additionally, rumors circulated that management was talking down first-quarter testing numbers. Management re-iterated guidance, suggesting that such rumors were unfounded. |
| TWST | Shares of Twist Bioscience appreciated this quarter following its JP Morgan presentation and financial results, both of which highlighted the rise of an AI driven business segment in which biotech, large pharma, and Mag 7 customers are placing orders for large protein characterization datasets to feed AI models. |
| TXG | Shares of 10X Genomics contributed to fund performance after the company pre-announced fourth-quarter earnings that surpassed analysts' expectations. During the fourth-quarter earnings call in February, management highlighted strategic partnerships aimed at developing AI-ready cancer datasets and tumor analysis for diagnostics. |
| SHOP | Shares of Shopify detracted from the fund during the quarter as investors rotated out of high-growth software-as-a-service stocks on fears of AI disruption. The company reported strong fourth-quarter results, with revenue up 31% year-over-year and Gross Merchandise Value (GMV) up 31%, both surpassing Wall Street estimates. Management highlighted partnerships with OpenAI and Google Gemini and an expanding AI commerce strategy, including the launch of Agentic Storefronts designed to let merchants into AI-led shopping journeys, with AI channel orders growing significantly. |
| BLSH | Shares of Bullish contributed to fund performance this quarter after the company reported better-than-expected earnings, including a 284% surge in subscription/services revenue on a year-over-year basis. |
| AVAV | Shares of AeroVironment detracted from performance during the quarter after the company announced its mutual agreement with the US Government to a stop-work order on a previously awarded ~$1.7 billion contract for the BADGER phased-array antenna systems supporting the Satellite Communication Augmentation Resource (SCAR) program. The pause allows both parties to negotiate an amended agreement reflecting new program requirements, which is likely to be structured as a fixed-price contract. |
| ODD | Shares of Oddity Tech (ODD) were the largest detractor from IZRL's performance. The company disclosed that an algorithm change at Meta, its largest advertising partner, abruptly pushed it into lower-quality auctions, causing customer acquisition costs to spike and forcing first-quarter 2026 revenue guidance down ~30% year-over-year. Management then suspended full-year 2026 guidance, citing poor visibility of when ad economics would normalize, effectively breaking its prior high-growth, high-margin, AI-driven narrative. |
| TSEM | Shares of Tower Semiconductor (TSEM) were the largest contributor to IZRL's performance after the company announced record revenue and a substantial capital expenditure (CapEx) investment aimed at increasing capacity significantly. The company's plans to expand its 300mm capacity in Japan further highlight its response to strong customer demand in optical and photonics platforms. |
| VELO | Shares of Velo3D (VELO) were the largest detractor from PRNT's performance. The stock rallied early in the period but later gave back those gains against the backdrop of large ongoing losses and the company's stated need to raise additional capital. During the quarter, Velo3D reported results and a 2026 outlook that called for $60-70 million in revenue and a long-term plan to expand its installed base of 400 production systems significantly; it also highlighted the substantial investment required before the company can reach profitability. |
| PRLB | Shares of Proto Labs (PRLB) were the largest contributor to PRNT's performance after the company reported better than expected fourth quarter results and issued above consensus guidance for early 2026, driven by solid growth in its CNC (computer numerical control) machining segment. Management outlined a plan for continued mid single digit to high single digit sales growth and margin improvement. |
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