a16z Perennial Management, L.P.

MENLO PARK, CA

$1.2bn in 61 US stocks at the end of 30 June 2026. The top 10 are 78.5% of the money. It changed about 21.2% of the portfolio this quarter.

Value

$1.2bn

Stocks

Top 10 share

78.5%

Turnover

21.2%

What changed this quarter

New

Bought for the first time this quarter.

Tidal Trust IRPAR
1.3% of the fund
World Gold TRGLDM
1.3% of the fund
IsharesIEMG
0.8% of the fund
Ishares TRTIP
0.6% of the fund
FigmaFIG
0.6% of the fund
Flexshares TRGUNR
0.6% of the fund
Graniteshares Gold TRBAR
0.6% of the fund
Ishares TRMBB
0.5% of the fund
Ishares TRSHV
0.5% of the fund
Ishares TRIVE
0.4% of the fund
IsharesEMXC
0.3% of the fund
Dimensional ETF TrustDFIV
0.2% of the fund
WealthfrontWLTH
0.2% of the fund
Schwab Strategic TRSCHP
0.1% of the fund
Ishares TRIWM
<0.1% of the fund
Vanguard Intl Equity Index FVWO
<0.1% of the fund
Berkshire Hathaway INC DELBRK-A
<0.1% of the fund
RedditRDDT
<0.1% of the fund
IntelINTC
<0.1% of the fund

Added

Bought more of a stock they already held.

Nu HoldingsNU
15.6% of the fund
+4%
Vanguard Index FDSVOO
8.2% of the fund
+113%
Ishares TRAGG
4.9% of the fund
+92%
Vanguard Tax-Managed FDSVEA
3.8% of the fund
+77%
Ishares TRIVV
3.1% of the fund
+15%
Ishares TRGOVT
0.8% of the fund
+323%
Omada HealthOMDA
0.6% of the fund
+74%
RobloxRBLX
0.5% of the fund
+4%
DigitalOcean HoldingsDOCN
0.3% of the fund
+13%
State STR Spdr S&P 500 ETF TSPY
0.1% of the fund
+52%

Cut

Sold some of their stake.

SamsaraIOT
14.0% of the fund
-11%
BroadcomAVGO
4.1% of the fund
-5%
Robinhood MarketsHOOD
3.8% of the fund
-5%
Meta PlatformsMETA
2.3% of the fund
-7%
American ExpressAXP
1.6% of the fund
-49%
OktaOKTA
1.1% of the fund
-69%
Janus Detroit STR TRJAAA
0.9% of the fund
-8%
Revolution MedicinesRVMD
0.8% of the fund
-51%
Affirm HoldingsAFRM
0.6% of the fund
-5%
CrowdStrike HoldingsCRWD
0.3% of the fund
-27%
Amazon.comAMZN
0.2% of the fund
-60%
AppleAAPL
0.2% of the fund
-74%
MaplebearCART
0.1% of the fund
-23%
AlphabetGOOGL
0.1% of the fund
-71%
AlphabetGOOG
<0.1% of the fund
-80%
NvidiaNVDA
<0.1% of the fund
-91%
MicrosoftMSFT
<0.1% of the fund
-87%
DoorDashDASH
<0.1% of the fund
-10%
NetflixNFLX
<0.1% of the fund
-61%

Sold out

Sold their entire stake.

Holdings

Coinbase GlobalCOIN
Share
17.4%
Value
$215m
Shares
1,473,831
Held
Nu HoldingsNU
Share
15.6%
Value
$193m
Shares
14,444,100
+4%
SamsaraIOT
Share
14.0%
Value
$173m
Shares
5,344,484
-11%
Vanguard Index FDSVOO
Share
8.2%
Value
$101m
Shares
147,401
+113%
Ishares TRAGG
Share
4.9%
Value
$61m
Shares
615,315
+92%
BroadcomAVGO
Share
4.1%
Value
$51m
Shares
135,798
-5%
Vanguard Tax-Managed FDSVEA
Share
3.8%
Value
$47m
Shares
667,483
+77%
Robinhood MarketsHOOD
Share
3.8%
Value
$47m
Shares
469,215
-5%
AirbnbABNB
Share
3.4%
Value
$42m
Shares
294,893
Held
Ishares TRIVV
Share
3.1%
Value
$39m
Shares
51,895
+15%
Meta PlatformsMETA
Share
2.3%
Value
$29m
Shares
51,051
-7%
American ExpressAXP
Share
1.6%
Value
$20m
Shares
59,779
-49%
Vanguard Index FDSVTI
Share
1.3%
Value
$17m
Shares
44,683
Held
Tidal Trust IRPAR
Share
1.3%
Value
$16m
Shares
726,729
New
World Gold TRGLDM
Share
1.3%
Value
$16m
Shares
198,110
New
OktaOKTA
Share
1.1%
Value
$14m
Shares
103,080
-69%
Janus Detroit STR TRJAAA
Share
0.9%
Value
$11m
Shares
217,155
-8%
Ishares TRGOVT
Share
0.8%
Value
$10m
Shares
459,986
+323%
IsharesIEMG
Share
0.8%
Value
$10m
Shares
118,984
New
Revolution MedicinesRVMD
Share
0.8%
Value
$10m
Shares
51,490
-51%
Affirm HoldingsAFRM
Share
0.6%
Value
$8m
Shares
98,020
-5%
Ishares TRTIP
Share
0.6%
Value
$8m
Shares
69,075
New
FigmaFIG
Share
0.6%
Value
$7m
Shares
407,253
New
Omada HealthOMDA
Share
0.6%
Value
$7m
Shares
334,071
+74%
Flexshares TRGUNR
Share
0.6%
Value
$7m
Shares
147,066
New
Graniteshares Gold TRBAR
Share
0.6%
Value
$7m
Shares
181,946
New
Ishares TRMBB
Share
0.5%
Value
$7m
Shares
69,775
New
Walt DisneyDIS
Share
0.5%
Value
$7m
Shares
67,804
Held
Ishares TRSHV
Share
0.5%
Value
$6m
Shares
58,374
New
RobloxRBLX
Share
0.5%
Value
$6m
Shares
118,226
+4%
Ishares TRIVE
Share
0.4%
Value
$4m
Shares
19,804
New
IsharesEMXC
Share
0.3%
Value
$4m
Shares
39,825
New
DigitalOcean HoldingsDOCN
Share
0.3%
Value
$3m
Shares
20,952
+13%
CrowdStrike HoldingsCRWD
Share
0.3%
Value
$3m
Shares
4,168
-27%
Dimensional ETF TrustDFIV
Share
0.2%
Value
$2m
Shares
45,008
New
WealthfrontWLTH
Share
0.2%
Value
$2m
Shares
258,624
New
Amazon.comAMZN
Share
0.2%
Value
$2m
Shares
9,690
-60%
PinterestPINS
Share
0.2%
Value
$2m
Shares
99,833
Held
AppleAAPL
Share
0.2%
Value
$2m
Shares
6,790
-74%
Bitwise Bitcoin ETF TRBITB
Share
0.1%
Value
$2m
Shares
50,502
Held
MaplebearCART
Share
0.1%
Value
$2m
Shares
31,862
-23%
Schwab Strategic TRSCHP
Share
0.1%
Value
$1m
Shares
56,000
New
AlphabetGOOGL
Share
0.1%
Value
$1m
Shares
4,015
-71%
State STR Spdr S&P 500 ETF TSPY
Share
0.1%
Value
$1m
Shares
1,880
+52%
Dimensional ETF TrustDFAC
Share
<0.1%
Value
$1m
Shares
26,550
Held
Ishares TRIWM
Share
<0.1%
Value
$976,463
Shares
3,250
New
Vanguard Intl Equity Index FVWO
Share
<0.1%
Value
$881,472
Shares
14,768
New
AlphabetGOOG
Share
<0.1%
Value
$860,712
Shares
2,436
-80%
Berkshire Hathaway INC DELBRK-A
Share
<0.1%
Value
$748,850
Shares
1
New
Ishares Gold Trust MicroIAUM
Share
<0.1%
Value
$683,251
Shares
17,077
Held
NvidiaNVDA
Share
<0.1%
Value
$640,288
Shares
3,200
-91%
MicrosoftMSFT
Share
<0.1%
Value
$551,357
Shares
1,486
-87%
DoorDashDASH
Share
<0.1%
Value
$494,540
Shares
2,680
-10%
Wave Life SciencesWVE
Share
<0.1%
Value
$450,966
Shares
77,619
Held
RedditRDDT
Share
<0.1%
Value
$429,890
Shares
2,471
New
NetflixNFLX
Share
<0.1%
Value
$409,836
Shares
5,740
-61%
IntelINTC
Share
<0.1%
Value
$352,755
Shares
2,600
New
Ishares TRCMF
Share
<0.1%
Value
$271,484
Shares
4,710
Held
Bitwise Ethereum ETFETHW
Share
<0.1%
Value
$250,382
Shares
22,197
Held
InvivydIVVD
Share
<0.1%
Value
$69,678
Shares
79,869
Held
Rocket PharmaceuticalsRCKT
Share
<0.1%
Value
$38,766
Shares
11,335
Held

Company	Share of fund	Value	Shares	Change
Coinbase GlobalCOIN	17.4%	$215m	1,473,831	Held
Nu HoldingsNU	15.6%	$193m	14,444,100	+4%
SamsaraIOT	14.0%	$173m	5,344,484	-11%
Vanguard Index FDSVOO	8.2%	$101m	147,401	+113%
Ishares TRAGG	4.9%	$61m	615,315	+92%
BroadcomAVGO	4.1%	$51m	135,798	-5%
Vanguard Tax-Managed FDSVEA	3.8%	$47m	667,483	+77%
Robinhood MarketsHOOD	3.8%	$47m	469,215	-5%
AirbnbABNB	3.4%	$42m	294,893	Held
Ishares TRIVV	3.1%	$39m	51,895	+15%
Meta PlatformsMETA	2.3%	$29m	51,051	-7%
American ExpressAXP	1.6%	$20m	59,779	-49%
Vanguard Index FDSVTI	1.3%	$17m	44,683	Held
Tidal Trust IRPAR	1.3%	$16m	726,729	New
World Gold TRGLDM	1.3%	$16m	198,110	New
OktaOKTA	1.1%	$14m	103,080	-69%
Janus Detroit STR TRJAAA	0.9%	$11m	217,155	-8%
Ishares TRGOVT	0.8%	$10m	459,986	+323%
IsharesIEMG	0.8%	$10m	118,984	New
Revolution MedicinesRVMD	0.8%	$10m	51,490	-51%
Affirm HoldingsAFRM	0.6%	$8m	98,020	-5%
Ishares TRTIP	0.6%	$8m	69,075	New
FigmaFIG	0.6%	$7m	407,253	New
Omada HealthOMDA	0.6%	$7m	334,071	+74%
Flexshares TRGUNR	0.6%	$7m	147,066	New
Graniteshares Gold TRBAR	0.6%	$7m	181,946	New
Ishares TRMBB	0.5%	$7m	69,775	New
Walt DisneyDIS	0.5%	$7m	67,804	Held
Ishares TRSHV	0.5%	$6m	58,374	New
RobloxRBLX	0.5%	$6m	118,226	+4%
Ishares TRIVE	0.4%	$4m	19,804	New
IsharesEMXC	0.3%	$4m	39,825	New
DigitalOcean HoldingsDOCN	0.3%	$3m	20,952	+13%
CrowdStrike HoldingsCRWD	0.3%	$3m	4,168	-27%
Dimensional ETF TrustDFIV	0.2%	$2m	45,008	New
WealthfrontWLTH	0.2%	$2m	258,624	New
Amazon.comAMZN	0.2%	$2m	9,690	-60%
PinterestPINS	0.2%	$2m	99,833	Held
AppleAAPL	0.2%	$2m	6,790	-74%
Bitwise Bitcoin ETF TRBITB	0.1%	$2m	50,502	Held
MaplebearCART	0.1%	$2m	31,862	-23%
Schwab Strategic TRSCHP	0.1%	$1m	56,000	New
AlphabetGOOGL	0.1%	$1m	4,015	-71%
State STR Spdr S&P 500 ETF TSPY	0.1%	$1m	1,880	+52%
Dimensional ETF TrustDFAC	<0.1%	$1m	26,550	Held
Ishares TRIWM	<0.1%	$976,463	3,250	New
Vanguard Intl Equity Index FVWO	<0.1%	$881,472	14,768	New
AlphabetGOOG	<0.1%	$860,712	2,436	-80%
Berkshire Hathaway INC DELBRK-A	<0.1%	$748,850	1	New
Ishares Gold Trust MicroIAUM	<0.1%	$683,251	17,077	Held
NvidiaNVDA	<0.1%	$640,288	3,200	-91%
MicrosoftMSFT	<0.1%	$551,357	1,486	-87%
DoorDashDASH	<0.1%	$494,540	2,680	-10%
Wave Life SciencesWVE	<0.1%	$450,966	77,619	Held
RedditRDDT	<0.1%	$429,890	2,471	New
NetflixNFLX	<0.1%	$409,836	5,740	-61%
IntelINTC	<0.1%	$352,755	2,600	New
Ishares TRCMF	<0.1%	$271,484	4,710	Held
Bitwise Ethereum ETFETHW	<0.1%	$250,382	22,197	Held
InvivydIVVD	<0.1%	$69,678	79,869	Held
Rocket PharmaceuticalsRCKT	<0.1%	$38,766	11,335	Held

Options (2)

Samsara
Type
Put
Value
$470,220
Contracts
1,567,400
Coinbase Global
Type
Put
Value
$175,934
Contracts
145,400

Company	Type	Value	Contracts
Samsara	Put	$470,220	1,567,400
Coinbase Global	Put	$175,934	145,400

Over time and by industry

Value over time

Jun '25

Dec '25

Jun '26

Value is up 2.2% since 30 June 2025.

Where the money is

Financial services39.3%

Technology21.2%

Retail & consumer3.6%

Media & telecom3.3%

Health care1.4%

Everyday goods0.1%

Other31.0%

From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.