a16z Perennial Management portfolio

What changed this quarter

147 positions with a change (18 new, 10 added to, 20 trimmed, 99 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Bondbloxx ETF Trust−5.7 ppof portfolioSold out
  5.8% → —
• Vanguard S&P 500 ETF+113%more sharesIncreased
  3.4% → 8.2%
• iShares Core U.s. Aggregate ETF+92%more sharesIncreased
  2.7% → 4.9%
• Okta−69%fewer sharesReduced
  2.2% → 1.1%
• Samsara−11%fewer sharesReduced
  15.8% → 14.0%
• Vanguard Ftse Developed ETF+77%more sharesIncreased
  2.0% → 3.8%
• American Express−49%fewer sharesReduced
  2.9% → 1.6%
• Tidal Trust I+1.3 ppof portfolioNew
  — → 1.3%
• SPDR Gold Minishares Trust ETF+1.3 ppof portfolioNew
  — → 1.3%
• Revolution Medicines−51%fewer sharesReduced
  0.8% → 0.8%
• Ishares+0.8 ppof portfolioNew
  — → 0.8%
• iShares US Treasury Bond ETF+323%more sharesIncreased
  0.2% → 0.8%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• Coinbase GlobalCOIN17.4%
• Nu HoldingsNU15.6%
• SamsaraIOT14.0%
• Vanguard S&P 500 ETFVOO8.2%
• iShares Core U.s. Aggregate ETFAGG4.9%
• BroadcomAVGO4.1%
• Vanguard Ftse Developed ETFVEA3.8%
• Robinhood MarketsHOOD3.8%
• AirbnbABNB3.4%
• iShares Core S&P 500 ETFIVV3.1%
• Meta PlatformsMETA2.3%
• American ExpressAXP1.6%
• Vanguard Index FundsVTI1.3%
• Tidal Trust IRPAR1.3%
• SPDR Gold Minishares Trust ETFGLDM1.3%
• OktaOKTA1.1%
• Janus Henderson AAA CLO ETFJAAA0.9%
• iShares US Treasury Bond ETFGOVT0.8%
• IsharesIEMG0.8%
• Revolution MedicinesRVMD0.8%
• Affirm HoldingsAFRM0.6%
• iShares Tips Bond ETFTIP0.6%
• FigmaFIG0.6%
• Omada HealthOMDA0.6%
• Flexshares TrGUNR0.6%
• Graniteshares Gold Trust ETFBAR0.6%
• iShares MBS ETFMBB0.5%
• Walt DisneyDIS0.5%
• iShares 0-1 Year Treasury BO ETFSHV0.5%
• RobloxRBLX0.5%
• iShares S&P 500 Value ETFIVE0.4%
• IsharesEMXC0.3%
• DigitalOcean HoldingsDOCN0.3%
• CrowdStrike HoldingsCRWD0.3%
• Dimensional ETF TrustDFIV0.2%
• WealthfrontWLTH0.2%
• Amazon.comAMZN0.2%
• AlphabetGOOGL · GOOG0.2%
• PinterestPINS0.2%
• AppleAAPL0.2%
• Bitwise Bitcoin ETFBITB0.1%
• MaplebearCART0.1%
• Schwab U.s. Tips ETFSCHP0.1%
• State Str Spdr S&P 500 ETF TSPY0.1%
• Dimensional ETF TrustDFAC0.1%
• iShares Russell 2000 ETFIWM0.1%
• Vanguard International Equity Index FVWO0.1%
• Berkshire HathawayBRK/A0.1%
• Ishares Gold Trust MicroIAUM0.1%
• NVIDIANVDA0.1%
• MicrosoftMSFTunder 0.1%
• DoorDashDASHunder 0.1%
• Wave Life Sciencesunder 0.1%
• RedditRDDTunder 0.1%
• NetflixNFLXunder 0.1%
• IntelINTCunder 0.1%
• iShares California Muni Bond ETFCMFunder 0.1%
• Bitwise Ethereum ETFETHWunder 0.1%
• InvivydIVVDunder 0.1%
• Rocket PharmaceuticalsRCKTunder 0.1%