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a16z Perennial Management, L.P.

Q3 2025 · Filed 2025-11-05
Market Value
$631M
-41.0%
Holdings
145
+99
New Purchases
105
Added To
9
Closed
17
Reduced
5
Top 10 Concentration
84.3%
Turnover
84.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NU 35.84% 19.98% +15.85% $226M
HOOD 14.03% 0.00% +14.03% $89M
XHLF 11.11% 6.55% +4.57% $70M
META 3.99% 0.43% +3.56% $25M
AVGO 3.35% 0.00% +3.35% $21M
OKTA 8.69% 5.59% +3.10% $55M
EWJ 1.24% 0.00% +1.24% $8M
NVDA 1.22% 0.00% +1.22% $8M
VOO 1.13% 0.00% +1.13% $7M
BAR 1.10% 0.00% +1.10% $7M
GOOG 1.07% 0.00% +1.07% $7M
RBLX 2.49% 1.44% +1.05% $16M
AMZN 0.98% 0.20% +0.79% $6M
AAPL 0.77% 0.00% +0.77% $5M
VEA 0.46% 0.00% +0.46% $3M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
COIN 0.00% 50.13% -50.13% $0
ABNB 0.00% 6.40% -6.40% $0
USHY 0.00% 2.19% -2.19% $0
VTEB 0.00% 2.00% -2.00% $0
VTI 0.00% 0.49% -0.49% $0
AFRM 0.15% 0.56% -0.41% $969K
PINS 0.00% 0.33% -0.33% $0
GOOGL 0.00% 0.08% -0.08% $0
TEAM 0.00% 0.02% -0.02% $0
RVMD 0.00% 0.01% -0.01% $0
LYFT 0.00% 0.00% -0.00% $0
WEAV 0.00% 0.00% -0.00% $0
PGNY 0.00% 0.00% -0.00% $0
RBRK 0.00% 0.00% -0.00% $0
NET 0.00% 0.00% -0.00% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 57 $133M 21.0%
Large Cap 74 $418M 66.2%
Mid Cap 5 $2M 0.3%
Small Cap 8 $78M 12.3%
Micro Cap 1 $662K 0.1%

Portfolio Analytics

Avg Market Cap
$405.9B
Median Market Cap
$141.7B
Avg P/E
35.3
Median P/E
26.9
Avg Dividend Yield
0.01%
Avg Beta
1.03
# Stocks
132
# ETFs / Funds
13

Top Holdings (145 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NU 35.84% 14,135,100 $226M $16.01 $12M -1,450,100 -9.3%
2 HOOD 14.03% 618,867 $89M $143.18 +618,867 NEW
3 XHLF 11.11% 1,392,000 $70M $50.42 $111K
4 OKTA 8.69% 598,107 $55M $91.70 -$5M +234 +0.0%
5 META 3.99% 34,280 $25M $734.38 $21M +28,086 +453.4%
6 AVGO 3.35% 64,048 $21M $329.91 +64,048 NEW
7 RBLX 2.49% 113,532 $16M $138.52 $351K -32,623 -22.3%
8 IVV 2.35% 414,212 $15M $35.82 -$6M +381,112 +1151.4%
9 EWJ 1.24% 118,984 $8M $65.92 +118,984 NEW
10 NVDA 1.22% 41,235 $8M $186.58 +41,235 NEW
11 VOO 1.13% 21,672 $7M $328.17 +21,672 NEW
12 BAR 1.10% 181,946 $7M $38.06 +181,946 NEW
13 GOOG 1.07% 27,858 $7M $243.30 +27,858 NEW
14 AMZN 0.98% 28,324 $6M $219.57 $4M +18,804 +197.5%
15 MSFT 0.98% 11,978 $6M $517.95 -$3M -5,734 -32.4%
16 AAPL 0.77% 19,086 $5M $254.63 +19,086 NEW
17 DASH 0.65% 15,049 $4M $271.99 $743K +1,459 +10.7%
18 VEA 0.46% 48,840 $3M $59.92 +48,840 NEW
19 CRWD 0.42% 5,457 $3M $490.38 $416K +1,019 +23.0%
20 BRK-B 0.37% 4,595 $2M $502.74 $2M +4,585 +45850.0%
21 NFLX 0.28% 1,464 $2M $1,198.92 $1M +902 +160.5%
22 TSLA 0.27% 3,878 $2M $444.72 +3,878 NEW
23 PLTR 0.23% 7,921 $1M $182.42 +7,921 NEW
24 GE 0.19% 3,933 $1M $300.82 +3,933 NEW
25 JPM 0.19% 3,704 $1M $315.43 +3,704 NEW
26 ORCL 0.18% 4,066 $1M $281.24 +4,066 NEW
27 WMT 0.18% 10,830 $1M $103.06 +10,830 NEW
28 DFAC 0.16% 26,550 $1M $38.57 +26,550 NEW
29 GS 0.16% 1,276 $1M $796.35 +1,276 NEW
30 BITB 0.16% 15,961 $993K $62.22 $58K
31 AFRM 0.15% 13,260 $969K $73.08 -$5M -73,260 -84.7%
32 LLY 0.15% 1,201 $916K $763.00 +1,201 NEW
33 SPY 0.13% 1,239 $825K $666.18 +1,239 NEW
34 MS 0.13% 5,175 $823K $158.96 +5,175 NEW
35 AON 0.13% 2,304 $822K $356.58 +2,304 NEW
36 AMD 0.13% 4,918 $796K $161.79 +4,918 NEW
37 UI 0.11% 1,058 $699K $660.58 +1,058 NEW
38 XOM 0.11% 5,962 $672K $112.75 +5,962 NEW
39 JNJ 0.10% 3,573 $663K $185.42 +3,573 NEW
40 ETHW 0.10% 22,197 $662K $29.82 $261K
41 UNH 0.10% 1,889 $652K $345.30 +1,889 NEW
42 CFLT 0.10% 31,332 $620K $19.80 +31,332 NEW
43 COST 0.10% 656 $607K $925.63 +656 NEW
44 GEV 0.09% 970 $596K $614.90 +970 NEW
45 COF 0.09% 2,774 $590K $212.58 +2,774 NEW
46 RTX 0.09% 3,517 $588K $167.33 +3,517 NEW
47 ABBV 0.09% 2,510 $581K $231.54 +2,510 NEW
48 WVE 0.09% 77,619 $568K $7.32 $64K
49 WFC 0.09% 6,584 $552K $83.82 +6,584 NEW
50 C 0.09% 5,435 $552K $101.50 +5,435 NEW
51 V 0.08% 1,551 $529K $341.38 +1,551 NEW
52 HD 0.08% 1,292 $524K $405.19 +1,292 NEW
53 CRM 0.08% 2,125 $504K $237.00 +2,125 NEW
54 MAR 0.08% 1,929 $502K $260.44 +1,929 NEW
55 PG 0.08% 3,245 $499K $153.65 +3,245 NEW
56 ANET 0.07% 3,188 $465K $145.71 +3,188 NEW
57 ASML 0.07% 478 $463K $968.09 +478 NEW
58 ETN 0.07% 1,198 $448K $374.25 +1,198 NEW
59 HSBC 0.07% 6,052 $430K $70.98 +6,052 NEW
60 KO 0.07% 6,406 $425K $66.32 +6,406 NEW
61 PM 0.07% 2,536 $411K $162.20 +2,536 NEW
62 OPEN 0.06% 50,595 $403K $7.97 $376K
63 MU 0.06% 2,403 $402K $167.32 +2,403 NEW
64 GILD 0.06% 3,614 $401K $111.00 +3,614 NEW
65 BK 0.06% 3,647 $397K $108.96 +3,647 NEW
66 MA 0.06% 694 $395K $568.81 +694 NEW
67 CVX 0.06% 2,531 $393K $155.29 +2,531 NEW
68 CAT 0.06% 822 $392K $477.15 +822 NEW
69 KLAC 0.06% 347 $374K $1,078.60 +347 NEW
70 ADI 0.06% 1,515 $372K $245.70 +1,515 NEW
71 CART 0.06% 10,051 $369K $36.76 -$189K -2,300 -18.6%
72 INTU 0.06% 541 $369K $682.91 +541 NEW
73 CMCSA 0.06% 11,451 $360K $31.42 +11,451 NEW
74 FI 0.05% 2,650 $342K $128.93 +2,650 NEW
75 MUFG 0.05% 21,108 $336K $15.94 +21,108 NEW
76 NVS 0.05% 2,618 $336K $128.24 +2,618 NEW
77 HLT 0.05% 1,268 $329K $259.44 +1,268 NEW
78 ABT 0.05% 2,326 $312K $133.94 +2,326 NEW
79 AMAT 0.05% 1,487 $304K $204.74 +1,487 NEW
80 SAP 0.05% 1,133 $303K $267.21 +1,133 NEW
81 MRK 0.05% 3,462 $291K $83.93 +3,462 NEW
82 NVO 0.05% 5,176 $287K $55.49 +5,176 NEW
83 TXN 0.04% 1,525 $280K $183.73 +1,525 NEW
84 GM 0.04% 4,580 $279K $60.97 +4,580 NEW
85 PFE 0.04% 10,804 $275K $25.48 +10,804 NEW
86 MCD 0.04% 904 $275K $303.89 +904 NEW
87 BSX 0.04% 2,789 $272K $97.63 +2,789 NEW
88 HWM 0.04% 1,346 $264K $196.23 +1,346 NEW
89 DD 0.04% 3,361 $262K $77.90 +3,361 NEW
90 LOW 0.04% 1,039 $261K $251.31 +1,039 NEW
91 EBAY 0.04% 2,858 $260K $90.95 +2,858 NEW
92 ADBE 0.04% 735 $259K $352.75 +735 NEW
93 RDDT 0.04% 1,126 $259K $229.99 $89K
94 CL 0.04% 3,235 $259K $79.94 +3,235 NEW
95 UL 0.04% 4,264 $253K $59.28 +4,264 NEW
96 CDNS 0.04% 717 $252K $351.26 +717 NEW
97 AIG 0.04% 3,203 $252K $78.54 +3,203 NEW
98 SAN 0.04% 23,859 $250K $10.48 +23,859 NEW
99 PSX 0.04% 1,804 $245K $136.02 +1,804 NEW
100 TMUS 0.04% 1,019 $244K $239.38 +1,019 NEW

Options Breakdown

0 Calls $0 Call Value 6 Puts $37M Put Value

Top Puts

SymbolSharesValueStatus
NU 1,696,500 $27M NEW
HOOD 42,500 $6M NEW
SPY 5,000 $3M NEW
COIN $0 SOLD
ABNB $0 SOLD
RBLX $0 SOLD

New Positions

SymbolValue% Port
HOOD $89M 14.03%
AVGO $21M 3.35%
EWJ $8M 1.24%
NVDA $8M 1.22%
VOO $7M 1.13%
BAR $7M 1.10%
GOOG $7M 1.07%
AAPL $5M 0.77%
VEA $3M 0.46%
TSLA $2M 0.27%
PLTR $1M 0.23%
GE $1M 0.19%
JPM $1M 0.19%
ORCL $1M 0.18%
WMT $1M 0.18%

Sold Out Positions

SymbolValue% Port
NET —%
NOW —%
SNOW —%
PINS —%
WEAV —%
RBRK —%
LYFT —%
COIN —%
DIS —%
USHY —%
VTI —%
VTEB —%
ABNB —%
RVMD —%
GOOGL —%
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