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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
+8.68%
1 Year Est. Return
-7.36%
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.31B
AUM Growth
+$1.53M
Cap. Flow
+$193M
Cap. Flow %
14.79%
Top 10 Hldgs %
85.5%
Holding
170
New
118
Increased
9
Reduced
5
Closed
29

Top Buys

Rank Stock Value
1
IVV icon
iShares Core S&P 500 ETF
IVV
+$245M
2
HOOD icon
Robinhood
HOOD
+$67.5M
3
META icon
Meta Platforms (Facebook)
META
+$20.9M
4
AVGO icon
Broadcom
AVGO
+$19.6M
5
VOO icon
Vanguard S&P 500 ETF
VOO
+$12.8M

Top Sells

Rank Stock Value
1
COIN icon
Coinbase
COIN
+$536M
2
ABNB icon
Airbnb
ABNB
+$68.4M
3
USHY icon
iShares Broad USD High Yield Corporate Bond ETF
USHY
+$23.4M
4
VTEB icon
Vanguard Tax-Exempt Bond Index Fund
VTEB
+$21.4M
5
NU icon
Nu Holdings
NU
+$20.2M

Sector Composition

Rank Sector Weight
1 Financials 25.04%
2 Technology 8.27%
3 Communication Services 3.85%
4 Consumer Discretionary 1.17%
5 Healthcare 0.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
QCOM icon
126
Qualcomm
QCOM
$171B
$201K 0.02%
+1,207
New +$191K
MFG icon
127
Mizuho Financial
MFG
$127B
$119K 0.01%
+17,819
New +$111K
HLN icon
128
Haleon
HLN
$43.7B
$90.6K 0.01%
+10,097
New +$97.2K
IVVD icon
129
Invivyd
IVVD
$203M
$87.9K 0.01%
79,869
– –
ICL icon
130
ICL Group
ICL
$6.89B
$80.2K 0.01%
+12,896
New +$82.8K
RCKT icon
131
Rocket Pharmaceuticals
RCKT
$384M
$37K ﹤0.01%
11,335
– –
ADV icon
132
Advantage Solutions
ADV
$387M
$28.9K ﹤0.01%
755
– –
ABNB icon
133
Airbnb
ABNB
$111B
– –
-517,105
Closed -$68.4M
ABNB icon
134
PUT
Airbnb
ABNB
$111B
– –
-84,900
Closed -$11.2M
COIN icon
135
Coinbase
COIN
$39.2B
– –
-1,530,352
Closed -$536M
COIN icon
136
PUT
Coinbase
COIN
$39.2B
– –
-238,500
Closed -$83.6M
CRIS icon
137
Curis
CRIS
$4.83M
– –
-333
Closed -$15.4K
DIS icon
138
Walt Disney
DIS
$179B
– –
-22
Closed -$2.73K
GOOGL icon
139
Alphabet (Google) Class A
GOOGL
$4.2T
– –
-4,920
Closed -$869K
LYFT icon
140
Lyft
LYFT
$6.64B
– –
-2,244
Closed -$35.4K
NET icon
141
Cloudflare
NET
$109B
– –
-40
Closed -$7.83K
NOW icon
142
ServiceNow
NOW
$132B
– –
-30
Closed -$6.17K
PGNY icon
143
Progyny
PGNY
$2.04B
– –
-908
Closed -$20K
PINS icon
144
Pinterest
PINS
$13.4B
– –
-98,473
Closed -$3.53M
RBLX icon
145
PUT
Roblox
RBLX
$25.9B
– –
-7,000
Closed -$736K
ROOT icon
146
Root
ROOT
$799M
– –
-10
Closed -$1.28K
RVMD icon
147
Revolution Medicines
RVMD
$44.1B
– –
-1,823
Closed -$67.1K
SNOW icon
148
Snowflake
SNOW
$116B
– –
-28
Closed -$6.27K
TEAM icon
149
Atlassian
TEAM
$39.1B
– –
-1,117
Closed -$227K
USHY icon
150
iShares Broad USD High Yield Corporate Bond ETF
USHY
$29.1B
– –
-226,366
Closed -$23.4M
3 4 5
6
7

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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
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FFM
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a16z Perennial Management's Q3 2025 Portfolio in Review

As of Q3 2025, a16z Perennial Management held 170 positions worth $1.31B, up 0.12% from $1.31B the previous quarter. Its ten largest holdings account for 85% of the portfolio.

a16z Perennial Management deployed $193M of net new capital in Q3 2025, opening 118 new positions and adding to 9 existing holdings. Its largest new stake was Robinhood: 618,867 shares worth $88.6M.

By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 58% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was Nu Holdings, an estimated $20.2M trimmed.

  • a16z Perennial Management's largest Q3 2025 buy was Robinhood: 618,867 shares worth $88.6M.
  • a16z Perennial Management added most to iShares Core S&P 500 ETF in Q3 2025, an estimated $245M increase.
  • a16z Perennial Management's biggest Q3 2025 reduction was Nu Holdings, cutting an estimated $20.2M.
  • a16z Perennial Management fully exited Coinbase in Q3 2025, selling an estimated $536M.
  • a16z Perennial Management's ten largest holdings make up 85% of its $1.31B portfolio in Q3 2025.
  • a16z Perennial Management opened 118 new positions and closed 29 in Q3 2025.
  • a16z Perennial Management's portfolio value rose 0.12% quarter-over-quarter to $1.31B.

Based on a16z Perennial Management's 13F filing for Q3 2025, filed 5 Nov 2025.