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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
DD icon
151
DuPont de Nemours
DD
$19.5B
– –
-2,678
Closed -$262K
FISV
152
Fiserv Inc
FISV
$28B
– –
-2,650
Closed -$342K
KMI icon
153
Kinder Morgan
KMI
$70.1B
– –
-7,243
Closed -$205K
NTAP icon
154
NetApp
NTAP
$38.9B
– –
-1,768
Closed -$209K
NU icon
155
PUT
Nu Holdings
NU
$65.9B
– –
-1,696,500
Closed -$27.2M
OPEN icon
156
Opendoor
OPEN
$3.48B
– –
-52,282
Closed -$403K
QCOM icon
157
Qualcomm
QCOM
$171B
– –
-1,207
Closed -$201K
SONY icon
158
Sony
SONY
$139B
– –
-7,710
Closed -$222K
SPY icon
159
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$807B
– –
-5,000
Closed -$3.33M
VOO icon
160
Vanguard S&P 500 ETF
VOO
$1.03T
– –
-21,672
Closed -$7.11M
WDAY icon
161
Workday
WDAY
$44.8B
– –
-987
Closed -$238K
3 4 5 6
7

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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.