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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
COIN icon
1
Coinbase
COIN
$38.6B
$330M 24.82%
+1,461,157
New +$435M
NU icon
2
Nu Holdings
NU
$69.2B
$230M 17.29%
13,748,400
-386,700
-3% -$6.21M
XHLF icon
3
BondBloxx Bloomberg Six Month Target Duration US Treasury ETF
XHLF
$1.94B
$69.9M 5.25%
1,392,000
– –
HOOD icon
4
Robinhood
HOOD
$77.8B
$67.2M 5.05%
594,422
-24,445
-4% -$3.18M
IOT icon
5
Samsara
IOT
$21.7B
$58.9M 4.43%
+1,662,155
New +$64.3M
VTI icon
6
Vanguard Morningstar Total Stock Market ETF
VTI
$660B
$54.8M 4.11%
+105,141
New +$35M
AVGO icon
7
Broadcom
AVGO
$1.85T
$50M 3.76%
144,449
+80,401
+126% +$28.8M
IEUR icon
8
iShares Core MSCI Europe ETF
IEUR
$8.97B
$47.4M 3.56%
+853,180
New +$59.1M
ABNB icon
9
Airbnb
ABNB
$89.9B
$43.4M 3.26%
+319,868
New +$39.8M
META icon
10
Meta Platforms (Facebook)
META
$1.42T
$39.5M 2.97%
59,902
+25,622
+75% +$17.1M
OKTA icon
11
Okta
OKTA
$24.7B
$32.5M 2.44%
376,210
-221,897
-37% -$19.4M
IVV icon
12
iShares Core S&P 500 ETF
IVV
$878B
$31M 2.33%
45,250
-368,962
-89% -$251M
COIN icon
13
PUT
Coinbase
COIN
$38.6B
$28.3M 2.12%
+125,000
New +$37.2M
VEA icon
14
Vanguard FTSE Developed Markets ETF
VEA
$229B
$23.6M 1.77%
377,596
+328,756
+673% +$20.1M
IOT icon
15
PUT
Samsara
IOT
$21.7B
$21.8M 1.64%
+615,500
New +$23.8M
RVMD icon
16
Revolution Medicines
RVMD
$39.9B
$14.6M 1.09%
+182,918
New +$12M
JAAA icon
17
Janus Henderson AAA CLO ETF
JAAA
$29B
$12M 0.9%
+237,049
New +$12M
RBLX icon
18
Roblox
RBLX
$25.4B
$9.2M 0.69%
113,547
+15
+0% +$1.59K
GOOG icon
19
Alphabet (Google) Class C
GOOG
$4.36T
$8.6M 0.65%
27,455
-403
-1% -$115K
ABNB icon
20
PUT
Airbnb
ABNB
$89.9B
$8.16M 0.61%
+60,100
New +$7.48M
EWJ icon
21
iShares MSCI Japan ETF
EWJ
$21.9B
$8M 0.6%
118,984
– –
BAR icon
22
GraniteShares Gold Shares
BAR
$1.36B
$7.73M 0.58%
181,946
– –
DIS icon
23
Walt Disney
DIS
$167B
$7.71M 0.58%
+67,804
New +$7.47M
AFRM icon
24
Affirm
AFRM
$23.9B
$7.68M 0.58%
103,220
+89,960
+678% +$6.47M
NVDA icon
25
NVIDIA
NVDA
$4.86T
$7.35M 0.55%
39,429
-1,806
-4% -$336K
1
2 3 4 5

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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.