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Asset Manager ← All Institutions

a16z Perennial Management, L.P.

Q4 2025 · Filed 2026-02-10
Market Value
$1.3B
+99.4%
Holdings
151
+6
New Purchases
23
Added To
62
Closed
10
Reduced
34
Top 10 Concentration
78.8%
Turnover
21.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
COIN 26.24% 0.00% +26.24% $330M
IOT 4.68% 0.00% +4.68% $59M
VTI 4.35% 0.00% +4.35% $55M
IEUR 3.77% 0.00% +3.77% $47M
ABNB 3.45% 0.00% +3.45% $43M
VEA 1.87% 0.46% +1.41% $24M
RVMD 1.16% 0.00% +1.16% $15M
JAAA 0.95% 0.00% +0.95% $12M
AVGO 3.97% 3.35% +0.62% $50M
DIS 0.61% 0.00% +0.61% $8M
DOCN 0.54% 0.00% +0.54% $7M
PINS 0.51% 0.00% +0.51% $6M
AFRM 0.61% 0.15% +0.46% $8M
OMDA 0.20% 0.00% +0.20% $2M
IVV 2.46% 2.35% +0.11% $31M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NU 18.28% 35.84% -17.56% $230M
HOOD 5.34% 14.03% -8.69% $67M
OKTA 2.58% 8.69% -6.10% $33M
XHLF 5.56% 11.11% -5.56% $70M
RBLX 0.73% 2.49% -1.76% $9M
VOO 0.00% 1.13% -1.13% $0
META 3.14% 3.99% -0.85% $40M
NVDA 0.58% 1.22% -0.63% $7M
EWJ 0.64% 1.24% -0.61% $8M
MSFT 0.43% 0.98% -0.55% $5M
AMZN 0.44% 0.98% -0.54% $6M
BAR 0.61% 1.10% -0.48% $8M
DASH 0.25% 0.65% -0.40% $3M
GOOG 0.68% 1.07% -0.39% $9M
AAPL 0.54% 0.77% -0.23% $7M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 58 $265M 21.1%
Large Cap 79 $859M 68.2%
Mid Cap 6 $53M 4.2%
Small Cap 7 $82M 6.5%
Micro Cap 1 $472K 0.0%

Portfolio Analytics

Avg Market Cap
$365.7B
Median Market Cap
$130.8B
Avg P/E
35.0
Median P/E
25.8
Avg Dividend Yield
0.01%
Avg Beta
1.00
# Stocks
137
# ETFs / Funds
14

Top Holdings (151 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 COIN 26.24% 1,461,157 $330M $226.14 +1,461,157 NEW
2 NU 18.28% 13,748,400 $230M $16.74 $4M -386,700 -2.7%
3 XHLF 5.56% 1,392,000 $70M $50.25 -$237K
4 HOOD 5.34% 594,422 $67M $113.10 -$21M -24,445 -4.0%
5 IOT 4.68% 1,662,155 $59M $35.45 +1,662,155 NEW
6 VTI 4.35% 105,141 $55M $520.93 +105,141 NEW
7 AVGO 3.97% 144,449 $50M $346.10 $29M +80,401 +125.5%
8 IEUR 3.77% 853,180 $47M $55.58 +853,180 NEW
9 ABNB 3.45% 319,868 $43M $135.72 +319,868 NEW
10 META 3.14% 59,902 $40M $660.09 $14M +25,622 +74.7%
11 OKTA 2.58% 376,210 $33M $86.47 -$22M -221,897 -37.1%
12 IVV 2.46% 45,250 $31M $684.94 $16M -368,962 -89.1%
13 VEA 1.87% 377,596 $24M $62.47 $21M +328,756 +673.1%
14 RVMD 1.16% 182,918 $15M $79.65 +182,918 NEW
15 JAAA 0.95% 237,049 $12M $50.58 +237,049 NEW
16 RBLX 0.73% 113,547 $9M $81.03 -$7M +15 +0.0%
17 GOOG 0.68% 27,455 $9M $313.37 $2M -403 -1.4%
18 EWJ 0.64% 118,984 $8M $67.22 $155K
19 BAR 0.61% 181,946 $8M $42.49 $806K
20 DIS 0.61% 67,804 $8M $113.77 +67,804 NEW
21 AFRM 0.61% 103,220 $8M $74.43 $7M +89,960 +678.4%
22 NVDA 0.58% 39,429 $7M $186.50 -$340K -1,806 -4.4%
23 DOCN 0.54% 141,352 $7M $48.12 +141,352 NEW
24 AAPL 0.54% 24,920 $7M $271.86 $2M +5,834 +30.6%
25 PINS 0.51% 248,473 $6M $25.89 +248,473 NEW
26 AMZN 0.44% 24,069 $6M $230.82 -$663K -4,255 -15.0%
27 MSFT 0.43% 11,151 $5M $483.62 -$811K -827 -6.9%
28 DASH 0.25% 13,796 $3M $226.48 -$969K -1,253 -8.3%
29 CRWD 0.21% 5,547 $3M $468.76 -$76K +90 +1.6%
30 OMDA 0.20% 157,132 $2M $15.78 +157,132 NEW
31 BITB 0.19% 50,502 $2M $47.56 $1M +34,541 +216.4%
32 BRK-B 0.18% 4,624 $2M $502.70 $14K +29 +0.6%
33 CART 0.17% 46,840 $2M $44.98 $2M +36,789 +366.0%
34 TSLA 0.15% 4,315 $2M $449.72 $216K +437 +11.3%
35 PLTR 0.13% 9,156 $2M $177.75 $183K +1,235 +15.6%
36 NFLX 0.12% 15,820 $1M $93.76 -$272K +14,356 +980.6%
37 LLY 0.12% 1,377 $1M $1,074.68 $563K +176 +14.7%
38 WVE 0.10% 77,619 $1M $17.00 $751K
39 GE 0.10% 4,236 $1M $308.03 $122K +303 +7.7%
40 WMT 0.10% 11,302 $1M $111.41 $143K +472 +4.4%
41 JPM 0.10% 3,789 $1M $322.22 $53K +85 +2.3%
42 GS 0.10% 1,364 $1M $879.00 $183K +88 +6.9%
43 DFAC 0.08% 26,550 $1M $39.59 $27K
44 MS 0.07% 5,130 $911K $177.53 $88K -45 -0.9%
45 SPY 0.07% 1,239 $845K $681.92 $20K
46 ORCL 0.07% 4,329 $844K $194.91 -$300K +263 +6.5%
47 AON 0.06% 2,310 $815K $352.88 -$6K +6 +0.3%
48 MU 0.06% 2,682 $765K $285.41 $363K +279 +11.6%
49 AMD 0.06% 3,530 $756K $214.16 -$40K -1,388 -28.2%
50 GEV 0.06% 1,146 $749K $653.57 $153K +176 +18.1%
51 IAUM 0.06% 17,077 $734K $42.99 +17,077 NEW
52 XOM 0.06% 6,074 $731K $120.34 $59K +112 +1.9%
53 JNJ 0.06% 3,519 $728K $206.95 $66K -54 -1.5%
54 CFLT 0.06% 23,532 $712K $30.24 $91K -7,800 -24.9%
55 COF 0.05% 2,831 $686K $242.36 $96K +57 +2.0%
56 WFC 0.05% 6,908 $644K $93.20 $92K +324 +4.9%
57 RTX 0.05% 3,418 $627K $183.40 $38K -99 -2.8%
58 C 0.05% 5,351 $624K $116.69 $73K -84 -1.6%
59 UNH 0.05% 1,879 $620K $330.11 -$32K -10 -0.5%
60 MAR 0.05% 1,951 $605K $310.24 $103K +22 +1.1%
61 UI 0.05% 1,058 $585K $553.35 -$113K
62 ABBV 0.05% 2,551 $583K $228.49 $2K +41 +1.6%
63 COST 0.04% 653 $563K $862.34 -$44K -3 -0.5%
64 V 0.04% 1,602 $562K $350.71 $32K +51 +3.3%
65 CRM 0.04% 2,117 $561K $264.91 $57K -8 -0.4%
66 HSBC 0.04% 6,810 $536K $78.67 $106K +758 +12.5%
67 ASML 0.04% 478 $511K $1,069.86 $49K
68 CAT 0.04% 858 $492K $572.87 $99K +36 +4.4%
69 PG 0.04% 3,327 $477K $143.31 -$22K +82 +2.5%
70 KO 0.04% 6,787 $474K $69.91 $50K +381 +6.0%
71 ETHW 0.04% 22,197 $472K $21.27 -$190K
72 KLAC 0.04% 373 $453K $1,215.08 $79K +26 +7.5%
73 GILD 0.04% 3,640 $447K $122.74 $46K +26 +0.7%
74 HD 0.04% 1,287 $443K $344.10 -$81K -5 -0.4%
75 AMAT 0.03% 1,705 $438K $256.99 $134K +218 +14.7%
76 ANET 0.03% 3,276 $429K $131.03 -$35K +88 +2.8%
77 MA 0.03% 724 $413K $570.88 $19K +30 +4.3%
78 BK 0.03% 3,547 $412K $116.09 $14K -100 -2.7%
79 PM 0.03% 2,546 $408K $160.40 -$3K +10 +0.4%
80 CRCL 0.03% 5,027 $399K $79.30 +5,027 NEW
81 ADI 0.03% 1,469 $398K $271.20 $26K -46 -3.0%
82 ETN 0.03% 1,238 $394K $318.51 -$54K +40 +3.3%
83 CVX 0.03% 2,575 $392K $152.41 -$583 +44 +1.7%
84 HLT 0.03% 1,356 $390K $287.25 $61K +88 +6.9%
85 MRK 0.03% 3,612 $380K $105.26 $90K +150 +4.3%
86 GM 0.03% 4,636 $377K $81.32 $98K +56 +1.2%
87 SAP 0.03% 1,544 $375K $242.91 $72K +411 +36.3%
88 INTU 0.03% 550 $364K $662.42 -$5K +9 +1.7%
89 NVS 0.03% 2,618 $361K $137.87 $25K
90 SAN 0.03% 30,021 $352K $11.73 $102K +6,162 +25.8%
91 WDC 0.03% 2,011 $346K $172.27 $124K +157 +8.5%
92 MUFG 0.03% 21,108 $335K $15.86 -$2K
93 CMCSA 0.03% 10,959 $328K $29.89 -$32K -492 -4.3%
94 BBVA 0.02% 13,150 $307K $23.31 $83K +1,536 +13.2%
95 ABT 0.02% 2,320 $291K $125.29 -$21K -6 -0.3%
96 UBS 0.02% 6,159 $285K $46.31 $54K +511 +9.1%
97 TJX 0.02% 1,852 $284K $153.61 $50K +230 +14.2%
98 MCD 0.02% 905 $277K $305.63 $2K +1 +0.1%
99 HWM 0.02% 1,321 $271K $205.02 $7K -25 -1.9%
100 PWR 0.02% 637 $269K $422.06 $30K +61 +10.6%

Options Breakdown

0 Calls $0 Call Value 9 Puts $71M Put Value

Top Puts

SymbolSharesValueStatus
COIN 125,000 $28M NEW
IOT 615,500 $22M NEW
ABNB 60,100 $8M NEW
DOCN 138,200 $7M NEW
HOOD 22,100 $2M
CART 37,600 $2M NEW
OKTA 17,700 $2M NEW
SPY $0 SOLD
NU $0 SOLD

New Positions

SymbolValue% Port
COIN $330M 26.24%
IOT $59M 4.68%
VTI $55M 4.35%
IEUR $47M 3.77%
ABNB $43M 3.45%
RVMD $15M 1.16%
JAAA $12M 0.95%
DIS $8M 0.61%
DOCN $7M 0.54%
PINS $6M 0.51%
OMDA $2M 0.20%
IAUM $734K 0.06%
CRCL $399K 0.03%
CEG $236K 0.02%
SPGI $223K 0.02%

Sold Out Positions

SymbolValue% Port
SONY —%
DD —%
UL —%
KMI —%
NTAP —%
QCOM —%
OPEN —%
WDAY —%
VOO —%
FI —%
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