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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Constructive on secular innovation platforms amid collapsing AI inference costs and multiomics breakthroughs, funding high-conviction additions in Cloudflare, Rocket Lab, and Securitize through exits in legacy and acquired positions."
During the third quarter of 2026, performance across ARK's actively managed ETFs diverged sharply, with four out of six strategies outperforming broad-based global equity benchmarks. The flagship ARK Innovation ETF (ARKK) returned 10.39% net of fees, outpacing the S&P 500 Index return of 2.30% and MSCI World Index return of 1.88%. ARKK's year-to-date net return stood at 15.75% net of fees. The Genomic Revolution ETF (ARKG) led performance with a 28.92% quarterly net return (87.49% YTD net), driven by re-ratings across spatial biology and single-cell platforms. Conversely, the Autonomous Technology and Robotics ETF (ARKQ) and Space & Defense Innovation ETF (ARKX) declined -8.35% and -6.52% net of fees, respectively, held back by near-term margin compressions and launch cadence realignments. ARK's macroeconomic thesis asserts that official government metrics significantly overstate underlying inflation, masking powerful technological deflationary undercurrents. As artificial intelligence inference costs collapse by over 99% annually, unit volume adoption is accelerating exponentially. The investment team argues that the macroeconomic regime echoes the transition into the durable bull market of the 1980s and 1990s, where initial fears over rates, deficits, and technological dislocation ultimately unlocked a multi-decade productivity boom. ARK projects that the convergence of artificial intelligence, multiomics sequencing, robotics, public blockchains, and energy storage will elevate real GDP growth above historical bands, sustaining an innovation super cycle across equities positioned on the right side of disruption. Portfolio activity reflected focused capital reallocation toward high-conviction secular platforms. New additions included Cloudflare, Securitize, Scribe Therapeutics, Freenome, and private prediction market operator Kalshi. Capital was harvested through complete exits in Alibaba, Teledyne Technologies, Figma, Deere & Co, and Roblox, as well as liquidity generated from M&A takeouts of Iridium Communications, AtaiBeckley, and Fox's acquisition of Roku. High-conviction core long allocations remain concentrated in autonomous mobility, accelerated computing infrastructure, digital asset rails, and next-generation gene-editing therapeutics.
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