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a16z Perennial Management, L.P.

Q2 2025 · Filed 2025-08-01
Market Value
$1.1B
+42.9%
Holdings
46
+1
New Purchases
6
Added To
1
Closed
6
Reduced
6
Top 10 Concentration
97.0%
Turnover
26.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
COIN 50.13% 36.81% +13.32% $536M
USHY 2.19% 0.00% +2.19% $23M
VTI 0.49% 0.00% +0.49% $5M
DASH 0.31% 0.00% +0.31% $3M
RBLX 1.44% 1.33% +0.11% $15M
GOOGL 0.08% 0.00% +0.08% $869K
RVMD 0.01% 0.00% +0.01% $67K
CRWD 0.21% 0.21% +0.00% $2M
RBRK 0.00% 0.00% +0.00% $15K
NFLX 0.07% 0.07% +0.00% $753K
PGNY 0.00% 0.00% +0.00% $20K
NET 0.00% 0.00% +0.00% $8K
RDDT 0.02% 0.02% +0.00% $170K
SNOW 0.00% 0.00% +0.00% $6K

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MUB 0.00% 3.16% -3.16% $0
OKTA 5.59% 8.40% -2.82% $60M
XHLF 6.55% 9.36% -2.82% $70M
ABNB 6.40% 8.63% -2.24% $68M
NU 19.98% 21.81% -1.83% $214M
CART 0.05% 1.21% -1.16% $559K
VTEB 2.00% 2.89% -0.89% $21M
IVV 1.92% 2.68% -0.75% $21M
JBBB 0.00% 0.25% -0.25% $0
GOOG 0.00% 0.10% -0.10% $0
SPY 0.00% 0.09% -0.09% $0
PINS 0.33% 0.41% -0.08% $4M
AFRM 0.56% 0.63% -0.07% $6M
MSFT 0.82% 0.89% -0.06% $9M
META 0.43% 0.48% -0.05% $5M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 10 $43M 4.0%
Large Cap 23 $954M 89.2%
Mid Cap 4 $2M 0.1%
Small Cap 8 $71M 6.6%
Micro Cap 1 $401K 0.0%

Portfolio Analytics

Avg Market Cap
$473.7B
Median Market Cap
$34.2B
Avg P/E
35.6
Median P/E
29.7
Avg Dividend Yield
0.00%
Avg Beta
1.26
# Stocks
36
# ETFs / Funds
10

Top Holdings (46 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 COIN 50.13% 1,530,352 $536M $350.49 $261M -69,410 -4.3%
2 NU 19.98% 15,585,200 $214M $13.72 $51M -357,300 -2.2%
3 XHLF 6.55% 1,392,000 $70M $50.34 -$21K
4 ABNB 6.40% 517,105 $68M $132.34 $4M -23,700 -4.4%
5 OKTA 5.59% 597,873 $60M $99.97 -$3M
6 USHY 2.19% 226,366 $23M $103.47 +226,366 NEW
7 VTEB 2.00% 435,683 $21M $49.03 -$257K
8 IVV 1.92% 33,100 $21M $620.90 $525K
9 RBLX 1.44% 146,155 $15M $105.20 $5M -24,598 -14.4%
10 MSFT 0.82% 17,712 $9M $497.41 $2M
11 AFRM 0.56% 86,520 $6M $69.14 $1M -17,700 -17.0%
12 VTI 0.49% 17,160 $5M $303.93 +17,160 NEW
13 META 0.43% 6,194 $5M $738.09 $1M
14 PINS 0.33% 98,473 $4M $35.86 $479K
15 DASH 0.31% 13,590 $3M $246.51 +13,590 NEW
16 CRWD 0.21% 4,438 $2M $509.31 $696K
17 AMZN 0.20% 9,520 $2M $219.39 $277K
18 BITB 0.09% 15,961 $935K $58.59 $219K
19 GOOGL 0.08% 4,920 $869K $176.73 +4,920 NEW
20 NFLX 0.07% 562 $753K $1,339.13 $229K
21 CART 0.05% 12,351 $559K $45.24 -$9M -215,488 -94.6%
22 WVE 0.05% 77,619 $505K $6.50 -$123K
23 ETHW 0.04% 22,197 $401K $18.06 $110K
24 TEAM 0.02% 1,117 $227K $203.09 -$10K
25 WDAY 0.02% 896 $215K $240.00 $6K
26 RDDT 0.02% 1,126 $170K $150.57 $51K
27 RVMD 0.01% 1,823 $67K $36.79 +1,823 NEW
28 ADGI 0.01% 79,869 $57K $0.71 $9K
29 LYFT —% 2,244 $35K $15.76 $9K
30 RCKT —% 11,335 $28K $2.45 -$48K
31 OPEN —% 50,595 $27K $0.53 -$25K
32 WEAV —% 3,221 $27K $8.32 -$9K
33 ADV —% 18,867 $25K $1.32 -$4K
34 PGNY —% 908 $20K $22.00 $7K +342 +60.4%
35 RBRK —% 171 $15K $89.59 +171 NEW
36 NET —% 40 $8K $195.83 $3K
37 SNOW —% 28 $6K $223.79 $2K
38 NOW —% 6 $6K $1,028.00 $1K
39 BRK-B —% 10 $5K $485.80 -$468
40 DIS —% 22 $3K $124.00 $557
41 SPY —% -$693K -1,239 -100.0% SOLD
42 MUB —% -$24M -226,366 -100.0% SOLD
43 CRM —% -$8K -28 -100.0% SOLD
44 JBBB —% -$2M -37,700 -100.0% SOLD
45 DOCN —% -$103K -3,088 -100.0% SOLD
46 GOOG —% -$764K -4,920 -100.0% SOLD

Options Breakdown

0 Calls $0 Call Value 3 Puts $96M Put Value

Top Puts

SymbolSharesValueStatus
COIN 238,500 $84M
ABNB 84,900 $11M
RBLX 7,000 $736K

New Positions

SymbolValue% Port
USHY $23M 2.19%
VTI $5M 0.49%
DASH $3M 0.31%
GOOGL $869K 0.08%
RVMD $67K 0.01%
RBRK $15K —%

Sold Out Positions

SymbolValue% Port
CRM —%
DOCN —%
MUB —%
JBBB —%
SPY —%
GOOG —%
View SEC EDGAR Filings for a16z Perennial Management, L.P. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms