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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
PG icon
76
Procter & Gamble
PG
$338B
$477K 0.04%
3,327
+82
+3% +$12.1K
KO icon
77
Coca-Cola
KO
$372B
$474K 0.04%
6,787
+381
+6% +$26.6K
ETHW
78
Bitwise Ethereum ETF
ETHW
$197M
$472K 0.04%
22,197
– –
KLAC icon
79
KLA
KLAC
$262B
$453K 0.03%
3,730
+260
+7% +$30.5K
GILD icon
80
Gilead Sciences
GILD
$168B
$447K 0.03%
3,640
+26
+0.7% +$3.16K
HD icon
81
Home Depot
HD
$353B
$443K 0.03%
1,287
-5
-0.4% -$1.83K
AMAT icon
82
Applied Materials
AMAT
$417B
$438K 0.03%
1,705
+218
+15% +$52.3K
ANET icon
83
Arista Networks
ANET
$250B
$429K 0.03%
3,276
+88
+3% +$12.1K
MA icon
84
Mastercard
MA
$492B
$413K 0.03%
724
+30
+4% +$16.8K
BNY
85
Bank of New York Mellon
BNY
$109B
$412K 0.03%
3,547
-100
-3% -$11.1K
PM icon
86
Philip Morris
PM
$290B
$408K 0.03%
2,546
+10
+0.4% +$1.55K
CRCL
87
Circle Internet Group
CRCL
$18.1B
$399K 0.03%
+5,027
New +$520K
ADI icon
88
Analog Devices
ADI
$188B
$398K 0.03%
1,469
-46
-3% -$11.6K
ETN icon
89
Eaton
ETN
$178B
$394K 0.03%
1,238
+40
+3% +$14.2K
CVX icon
90
Chevron
CVX
$386B
$392K 0.03%
2,575
+44
+2% +$6.7K
HLT icon
91
Hilton Worldwide
HLT
$70.8B
$390K 0.03%
1,356
+88
+7% +$24K
MRK icon
92
Merck
MRK
$322B
$380K 0.03%
3,612
+150
+4% +$14.1K
GM icon
93
General Motors
GM
$78.4B
$377K 0.03%
4,636
+56
+1% +$3.95K
SAP icon
94
SAP
SAP
$242B
$375K 0.03%
1,544
+411
+36% +$105K
AZN icon
95
AstraZeneca
AZN
$246B
$366K 0.03%
1,993
– –
INTU icon
96
Intuit
INTU
$92B
$364K 0.03%
550
+9
+2% +$5.95K
NVS icon
97
Novartis
NVS
$294B
$361K 0.03%
2,618
– –
SAN icon
98
Banco Santander
SAN
$210B
$352K 0.03%
30,021
+6,162
+26% +$65.4K
WDC icon
99
Western Digital
WDC
$151B
$346K 0.03%
2,011
+157
+8% +$23.8K
MUFG icon
100
Mitsubishi UFJ Financial
MUFG
$249B
$335K 0.03%
21,108
– –
2 3
4
5 6

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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.