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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
-7.43%
1 Year Est. Return
-7.36%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.33B
AUM Growth
+$24.1M
Cap. Flow
-$121M
Cap. Flow %
-9.1%
Top 10 Hldgs %
74.51%
Holding
170
New
29
Increased
62
Reduced
35
Closed
20

Top Buys

Rank Stock Value
1
COIN icon
Coinbase
COIN
+$435M
2
IOT icon
Samsara
IOT
+$64.3M
3
IEUR icon
iShares Core MSCI Europe ETF
IEUR
+$59.1M
4
ABNB icon
Airbnb
ABNB
+$39.8M
5
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$35M

Top Sells

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$251M
2
OKTA icon
Okta
OKTA
+$19.4M
3
VOO icon
Vanguard S&P 500 ETF
VOO
+$7.11M
4
NU icon
Nu Holdings
NU
+$6.21M
5
HOOD icon
Robinhood
HOOD
+$3.18M

Sector Composition

Rank Sector Weight
1 Financials 48.83%
2 Technology 13.58%
3 Communication Services 5.54%
4 Consumer Discretionary 4.45%
5 Healthcare 1.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MS icon
51
Morgan Stanley
MS
$338B
$911K 0.07%
5,130
-45
-0.9% -$7.51K
SPY icon
52
State Street SPDR S&P 500 ETF Trust
SPY
$807B
$845K 0.06%
1,239
– –
ORCL icon
53
Oracle
ORCL
$419B
$844K 0.06%
4,329
+263
+6% +$62.6K
AON icon
54
Aon
AON
$75.6B
$815K 0.06%
2,310
+6
+0.3% +$2.1K
MU icon
55
Micron Technology
MU
$981B
$765K 0.06%
2,682
+279
+12% +$64K
AMD icon
56
Advanced Micro Devices
AMD
$774B
$756K 0.06%
3,530
-1,388
-28% -$312K
GEV icon
57
GE Vernova
GEV
$269B
$749K 0.06%
1,146
+176
+18% +$107K
IAUM icon
58
iShares Gold Trust Micro
IAUM
$6.92B
$734K 0.06%
+17,077
New +$707K
XOM icon
59
ExxonMobil
XOM
$657B
$731K 0.05%
6,074
+112
+2% +$13K
JNJ icon
60
Johnson & Johnson
JNJ
$626B
$728K 0.05%
3,519
-54
-2% -$10.7K
CFLT
61
DELISTED
Confluent
CFLT
$712K 0.05%
23,532
-7,800
-25% -$191K
COF icon
62
Capital One
COF
$134B
$686K 0.05%
2,831
+57
+2% +$12.7K
WFC icon
63
Wells Fargo
WFC
$264B
$644K 0.05%
6,908
+324
+5% +$28.1K
RTX icon
64
RTX Corp
RTX
$302B
$627K 0.05%
3,418
-99
-3% -$17.2K
C icon
65
Citigroup
C
$228B
$624K 0.05%
5,351
-84
-2% -$8.72K
UNH icon
66
UnitedHealth
UNH
$365B
$620K 0.05%
1,879
-10
-0.5% -$3.39K
MAR icon
67
Marriott International
MAR
$91.1B
$605K 0.05%
1,951
+22
+1% +$6.29K
UI icon
68
Ubiquiti
UI
$34.7B
$585K 0.04%
1,058
– –
ABBV icon
69
AbbVie
ABBV
$442B
$583K 0.04%
2,551
+41
+2% +$9.34K
COST icon
70
Costco
COST
$419B
$563K 0.04%
653
-3
-0.5% -$2.72K
V icon
71
Visa
V
$677B
$562K 0.04%
1,602
+51
+3% +$17.4K
CRM icon
72
Salesforce
CRM
$162B
$561K 0.04%
2,117
-8
-0.4% -$1.99K
HSBC icon
73
HSBC
HSBC
$355B
$536K 0.04%
6,810
+758
+13% +$54.2K
ASML icon
74
ASML
ASML
$691B
$511K 0.04%
478
– –
CAT icon
75
Caterpillar
CAT
$388B
$492K 0.04%
858
+36
+4% +$20K
1 2
3
4 5

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FLII
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IA
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FFM
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a16z Perennial Management's Q4 2025 Portfolio in Review

As of Q4 2025, a16z Perennial Management held 170 positions worth $1.33B, up 1.8% from $1.31B the previous quarter. Its ten largest holdings account for 75% of the portfolio.

a16z Perennial Management withdrew a net $121M in Q4 2025, closing 20 positions and reducing 35 holdings. Its most notable exit was Vanguard S&P 500 ETF, an estimated $7.11M position sold in full.

By sector, the portfolio is most concentrated in Financials at 49% of assets, up from 25% a quarter earlier, followed by Technology and Communication Services.

Against the trend, a16z Perennial Management opened a new position in Coinbase worth $330M.

  • a16z Perennial Management's largest Q4 2025 buy was Coinbase: 1,461,157 shares worth $330M.
  • a16z Perennial Management added most to Broadcom in Q4 2025, an estimated $28.8M increase.
  • a16z Perennial Management's biggest Q4 2025 reduction was iShares Core S&P 500 ETF, cutting an estimated $251M.
  • a16z Perennial Management fully exited Vanguard S&P 500 ETF in Q4 2025, selling an estimated $7.11M.
  • a16z Perennial Management's ten largest holdings make up 75% of its $1.33B portfolio in Q4 2025.
  • a16z Perennial Management opened 29 new positions and closed 20 in Q4 2025.
  • a16z Perennial Management's portfolio value rose 1.8% quarter-over-quarter to $1.33B.

Based on a16z Perennial Management's 13F filing for Q4 2025, filed 10 Feb 2026.