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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
COP icon
126
ConocoPhillips
COP
$151B
$234K 0.02%
2,505
+37
+1% +$3.35K
PSX icon
127
Phillips 66
PSX
$89.5B
$234K 0.02%
1,815
+11
+0.6% +$1.48K
ACN icon
128
Accenture
ACN
$110B
$231K 0.02%
862
-63
-7% -$16K
CDNS icon
129
Cadence Design Systems
CDNS
$90.2B
$228K 0.02%
730
+13
+2% +$4.24K
SPGI icon
130
S&P Global
SPGI
$120B
$223K 0.02%
+426
New +$211K
LRCX icon
131
Lam Research
LRCX
$390B
$221K 0.02%
+1,290
New +$201K
EXPD icon
132
Expeditors International
EXPD
$23B
$217K 0.02%
+1,458
New +$198K
AMT icon
133
American Tower
AMT
$79B
$217K 0.02%
1,237
+119
+11% +$21.7K
DUK icon
134
Duke Energy
DUK
$96.1B
$216K 0.02%
1,847
-29
-2% -$3.54K
PEP icon
135
PepsiCo
PEP
$189B
$215K 0.02%
+1,498
New +$220K
BTI icon
136
British American Tobacco
BTI
$122B
$214K 0.02%
3,786
– –
TMUS icon
137
T-Mobile US
TMUS
$192B
$214K 0.02%
1,054
+35
+3% +$7.42K
MFG icon
138
Mizuho Financial
MFG
$127B
$209K 0.02%
28,598
+10,779
+60% +$73.7K
STLD icon
139
Steel Dynamics
STLD
$37.8B
$209K 0.02%
+1,233
New +$196K
ING icon
140
ING
ING
$101B
$209K 0.02%
+7,452
New +$192K
SPG icon
141
Simon Property Group
SPG
$71.2B
$208K 0.02%
1,123
– –
CBOE icon
142
Cboe Global Markets
CBOE
$29.5B
$202K 0.02%
+803
New +$200K
FE icon
143
FirstEnergy
FE
$27.1B
$201K 0.02%
4,496
+64
+1% +$2.94K
TMO icon
144
Thermo Fisher Scientific
TMO
$224B
$200K 0.02%
+346
New +$196K
IVVD icon
145
Invivyd
IVVD
$203M
$197K 0.01%
79,869
– –
HLN icon
146
Haleon
HLN
$43.7B
$102K 0.01%
10,097
– –
ICL icon
147
ICL Group
ICL
$6.89B
$73.6K 0.01%
12,896
– –
LYG icon
148
Lloyds Banking Group
LYG
$88.5B
$65.4K ﹤0.01%
+12,345
New +$59.8K
RCKT icon
149
Rocket Pharmaceuticals
RCKT
$382M
$39.8K ﹤0.01%
11,335
– –
ADV icon
150
Advantage Solutions
ADV
$387M
$16.6K ﹤0.01%
755
– –
3 4 5
6
7

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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.