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APM

a16z Perennial Management Portfolio holdings

AUM $1.24B
1-Year Est. Return 7.36%
This Fund
S&P 500
This Quarter Est. Return
-9.37%
1 Year Est. Return
-7.36%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$871M
AUM Growth
-$25.5M
Cap. Flow
+$107M
Cap. Flow %
12.3%
Top 10 Hldgs %
90.52%
Holding
60
New
11
Increased
6
Reduced
5
Closed
11

Top Buys

Rank Stock Value
1
XHLF icon
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF
XHLF
+$70M
2
MUB icon
iShares National Muni Bond ETF
MUB
+$24.1M
3
NU icon
Nu Holdings
NU
+$7.76M
4
MSFT icon
Microsoft
MSFT
+$7.22M
5
JBBB icon
Janus Henderson B-BBB CLO ETF
JBBB
+$1.85M

Top Sells

Rank Stock Value
1
CMF icon
iShares California Muni Bond ETF
CMF
+$23.9M
2
COIN icon
Coinbase
COIN
+$9.98M
3
RBLX icon
Roblox
RBLX
+$4.07M
4
LQD icon
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
+$2.12M
5
HYGH icon
iShares Interest Rate Hedged High Yield Bond ETF
HYGH
+$1.89M

Sector Composition

Rank Sector Weight
1 Financials 50.9%
2 Consumer Discretionary 8.67%
3 Technology 8.23%
4 Communication Services 2.07%
5 Healthcare 0.09%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ETHW
26
Bitwise Ethereum ETF
ETHW
$195M
$291K 0.03%
22,197
– –
TEAM icon
27
Atlassian
TEAM
$39.3B
$237K 0.03%
1,117
– –
WDAY icon
28
Workday
WDAY
$44.6B
$209K 0.02%
896
– –
RDDT icon
29
Reddit
RDDT
$30.4B
$118K 0.01%
1,126
+1,059
+1,581% +$175K
DOCN icon
30
DigitalOcean
DOCN
$14.9B
$103K 0.01%
3,088
– –
RCKT icon
31
Rocket Pharmaceuticals
RCKT
$379M
$75.6K 0.01%
11,335
– –
OPEN icon
32
Opendoor
OPEN
$3.4B
$51.6K 0.01%
52,282
+47,713
+1,044% +$62.7K
IVVD icon
33
Invivyd
IVVD
$203M
$48.3K 0.01%
79,869
– –
WEAV icon
34
Weave Communications
WEAV
$406M
$35.7K ﹤0.01%
+3,221
New +$46.2K
ADV icon
35
Advantage Solutions
ADV
$387M
$28.5K ﹤0.01%
755
– –
LYFT icon
36
Lyft
LYFT
$6.69B
$26.6K ﹤0.01%
2,244
– –
CRIS icon
37
Curis
CRIS
$4.62M
$14K ﹤0.01%
333
– –
PGNY icon
38
Progyny
PGNY
$2.05B
$12.6K ﹤0.01%
+566
New +$12.2K
CRM icon
39
Salesforce
CRM
$161B
$7.51K ﹤0.01%
28
– –
BRK.B icon
40
Berkshire Hathaway Class B
BRK.B
$1.11T
$5.33K ﹤0.01%
10
– –
NOW icon
41
ServiceNow
NOW
$131B
$4.78K ﹤0.01%
30
– –
NET icon
42
Cloudflare
NET
$109B
$4.51K ﹤0.01%
40
-1,000
-96% -$133K
SNOW icon
43
Snowflake
SNOW
$115B
$4.09K ﹤0.01%
28
– –
DIS icon
44
Walt Disney
DIS
$178B
$2.17K ﹤0.01%
22
– –
ROOT icon
45
Root
ROOT
$794M
$1.33K ﹤0.01%
10
– –
AFRM icon
46
PUT
Affirm
AFRM
$25.7B
– –
-50,000
Closed -$2.46M
CART icon
47
PUT
Maplebear
CART
$11.5B
– –
-373,300
Closed -$847K
CLOZ icon
48
Panagram BBB-B CLO ETF
CLOZ
$806M
– –
-18,898
Closed -$509K
CMF icon
49
iShares California Muni Bond ETF
CMF
$4.62B
– –
-226,366
Closed -$23.9M
HYG icon
50
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.9B
– –
-7,600
Closed -$598K
1
2
3

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NHAS
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FLII
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IC
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BCP
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SPC
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IA
Inspire Advisors Meridian, Idaho $1.23B AUM 18.62% 1-Year Est. Return
FFM
Fullerton Fund Management Singapore $1.25B AUM 76.88% 1-Year Est. Return

a16z Perennial Management's Q1 2025 Portfolio in Review

As of Q1 2025, a16z Perennial Management held 60 positions worth $871M, down 2.8% from $897M the previous quarter. Its ten largest holdings account for 91% of the portfolio.

a16z Perennial Management deployed $107M of net new capital in Q1 2025, opening 11 new positions and adding to 6 existing holdings. Its largest new stake was BondBloxx Bloomberg Six Month Target Duration US Treasury ETF: 1,392,000 shares worth $70.1M.

By sector, the portfolio is most concentrated in Financials at 51% of assets, down from 64% a quarter earlier, followed by Consumer Discretionary and Technology.

On the sell side, the largest reduction was Coinbase, an estimated $9.98M trimmed.

  • a16z Perennial Management's largest Q1 2025 buy was BondBloxx Bloomberg Six Month Target Duration US Treasury ETF: 1,392,000 shares worth $70.1M.
  • a16z Perennial Management added most to Nu Holdings in Q1 2025, an estimated $7.76M increase.
  • a16z Perennial Management's biggest Q1 2025 reduction was Coinbase, cutting an estimated $9.98M.
  • a16z Perennial Management fully exited iShares California Muni Bond ETF in Q1 2025, selling an estimated $23.9M.
  • a16z Perennial Management's ten largest holdings make up 91% of its $871M portfolio in Q1 2025.
  • a16z Perennial Management opened 11 new positions and closed 11 in Q1 2025.
  • a16z Perennial Management's portfolio value fell 2.8% quarter-over-quarter to $871M.

Based on a16z Perennial Management's 13F filing for Q1 2025, filed 6 May 2025.