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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
+54.47%
1 Year Est. Return
-7.36%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.31B
AUM Growth
+$434M
Cap. Flow
+$17.9M
Cap. Flow %
1.37%
Top 10 Hldgs %
91.74%
Holding
62
New
13
Increased
1
Reduced
9
Closed
10

Top Buys

Rank Stock Value
1
USHY icon
iShares Broad USD High Yield Corporate Bond ETF
USHY
+$8.3M
2
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$4.83M
3
DASH icon
DoorDash
DASH
+$2.73M
4
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$805K
5
RVMD icon
Revolution Medicines
RVMD
+$70K

Top Sells

Rank Stock Value
1
MUB icon
iShares National Muni Bond ETF
MUB
+$23.6M
2
COIN icon
Coinbase
COIN
+$16.2M
3
CART icon
Maplebear
CART
+$9.37M
4
NU icon
Nu Holdings
NU
+$4.28M
5
ABNB icon
Airbnb
ABNB
+$3M

Sector Composition

Rank Sector Weight
1 Financials 57.92%
2 Consumer Discretionary 5.7%
3 Technology 5.47%
4 Communication Services 1.94%
5 Healthcare 0.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ETHW
26
Bitwise Ethereum ETF
ETHW
$196M
$401K 0.03%
22,197
– –
TEAM icon
27
Atlassian
TEAM
$38.5B
$227K 0.02%
1,117
– –
WDAY icon
28
Workday
WDAY
$45.5B
$215K 0.02%
896
– –
RDDT icon
29
Reddit
RDDT
$30.5B
$170K 0.01%
1,126
– –
RVMD icon
30
Revolution Medicines
RVMD
$44.4B
$67.1K 0.01%
+1,823
New +$70K
IVVD icon
31
Invivyd
IVVD
$198M
$57.1K ﹤0.01%
79,869
– –
LYFT icon
32
Lyft
LYFT
$6.55B
$35.4K ﹤0.01%
2,244
– –
RCKT icon
33
Rocket Pharmaceuticals
RCKT
$397M
$27.8K ﹤0.01%
11,335
– –
OPEN icon
34
Opendoor
OPEN
$3.38B
$27K ﹤0.01%
52,282
– –
WEAV icon
35
Weave Communications
WEAV
$426M
$26.8K ﹤0.01%
3,221
– –
ADV icon
36
Advantage Solutions
ADV
$383M
$24.9K ﹤0.01%
755
– –
PGNY icon
37
Progyny
PGNY
$2.18B
$20K ﹤0.01%
908
+342
+60% +$7.5K
CRIS icon
38
Curis
CRIS
$7.13M
$15.4K ﹤0.01%
333
– –
RBRK icon
39
Rubrik
RBRK
$20.2B
$15.3K ﹤0.01%
+171
New +$13.5K
NET icon
40
Cloudflare
NET
$111B
$7.83K ﹤0.01%
40
– –
SNOW icon
41
Snowflake
SNOW
$116B
$6.27K ﹤0.01%
28
– –
NOW icon
42
ServiceNow
NOW
$132B
$6.17K ﹤0.01%
30
– –
BRK.B icon
43
Berkshire Hathaway Class B
BRK.B
$1.14T
$4.86K ﹤0.01%
10
– –
DIS icon
44
Walt Disney
DIS
$178B
$2.73K ﹤0.01%
22
– –
ROOT icon
45
Root
ROOT
$828M
$1.28K ﹤0.01%
10
– –
CRM icon
46
Salesforce
CRM
$162B
– –
-28
Closed -$7.51K
DOCN icon
47
DigitalOcean
DOCN
$15.3B
– –
-3,088
Closed -$103K
GOOG icon
48
Alphabet (Google) Class C
GOOG
$4.35T
– –
-4,920
Closed -$764K
JBBB icon
49
Janus Henderson B-BBB CLO ETF
JBBB
$1.43B
– –
-37,700
Closed -$1.86M
MUB icon
50
iShares National Muni Bond ETF
MUB
$45.8B
– –
-226,366
Closed -$23.6M
1
2
3

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FLII
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HTHT
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BCP
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SPC
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IA
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a16z Perennial Management's Q2 2025 Portfolio in Review

As of Q2 2025, a16z Perennial Management held 62 positions worth $1.31B, up 50% from $871M the previous quarter. Its ten largest holdings account for 92% of the portfolio.

a16z Perennial Management's Q2 2025 filing shows 13 new, 1 increased, 9 reduced and 10 closed positions. Its largest new stake was iShares Broad USD High Yield Corporate Bond ETF: 226,366 shares worth $23.4M. The largest sale was iShares National Muni Bond ETF, an estimated $23.6M.

By sector, the portfolio is most concentrated in Financials at 58% of assets, up from 51% a quarter earlier, followed by Consumer Discretionary and Technology.

  • a16z Perennial Management's largest Q2 2025 buy was iShares Broad USD High Yield Corporate Bond ETF: 226,366 shares worth $23.4M.
  • a16z Perennial Management added most to Progyny in Q2 2025, an estimated $7.5K increase.
  • a16z Perennial Management's biggest Q2 2025 reduction was Coinbase, cutting an estimated $16.2M.
  • a16z Perennial Management fully exited iShares National Muni Bond ETF in Q2 2025, selling an estimated $23.6M.
  • a16z Perennial Management's ten largest holdings make up 92% of its $1.31B portfolio in Q2 2025.
  • a16z Perennial Management opened 13 new positions and closed 10 in Q2 2025.
  • a16z Perennial Management's portfolio value rose 50% quarter-over-quarter to $1.31B.

Based on a16z Perennial Management's 13F filing for Q2 2025, filed 1 Aug 2025.