Starting this month, we will be dividing Monthly Movers into two separate reports. The first report will focus on highlighting trends in institutional fund marks, while the second report will provide insights from secondary activity in the private markets. You can access the latter report through ZXData Monthly Movers: Secondary Markets.
1 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across all reported holdings
This quarter, reporting holders experienced a 0.9% decrease in the value of their private portfolios with an average mark-up of 1.0%. The period saw three companies decline for every two advancing companies.
GaN Systems experienced the most significant increase in value, followed by JUUL,Kardium, and Scorpion Therapeutics as other notable gainers. Manufacturing, Healthcare and Aerospace saw the largest appreciation in value across sectors.
Heal experienced the most substantial decrease in value, with Bolt Threads, Color Genomics, and Unqork also showing significant declines. Among the sectors, EdTech, Logistics and Payments experienced the most depreciation in value this reporting period.
| Companies | ZX Index Value vs. Mark |
|---|---|
| Redwood Materials | +79.90% |
| Canva | +71.01% |
| MasterClass | +58.22% |
| Figure Technologies | +43.71% |
| goPuff | +38.25% |
| Nuro | +30.76% |
| Chime | +29.17% |
| Patreon | +20.42% |
| Convoy | +19.84% |
| Grammarly | +12.56% |
| Highspot | +10.40% |
| Carta | +10.19% |
| Dataminr | +8.68% |
| Instacart | +8.15% |
| Stripe | +7.78% |
| Rapyd | -0.23% |
| SpaceX | -1.04% |
| Relativity Space | -2.14% |
| Scale AI | -3.01% |
| GupShup | -3.50% |
| Airtable | -5.33% |
| 6Sense | -5.96% |
| Flexport | -9.46% |
| -15.06% | |
| Algolia | -18.48% |
| BYJU's | -21.69% |
| Databricks | -23.01% |
| Discord | -23.74% |
| Celonis | -24.16% |
| Rappi | -25.77% |
| Harness | -26.76% |
| Checkr | -27.84% |
| Talkdesk | -29.98% |
| Bytedance | -32.34% |
| Circle | -32.68% |
| MNTN | -33.01% |
| ThoughtSpot | -33.15% |
| Color Genomics | -34.87% |
| Epic Games | -35.91% |
| ServiceTitan | -43.02% |
| Arctic Wolf | -47.73% |
| SambaNova | -48.86% |
| Farmers Business Network | -59.06% |
| Thrasio | -79.76% |
| Better.com | -87.33% |
The difference between institutional fund marks and ZX Index Values remains considerable, with roughly 90% of listed companies showing a deviation of 5% or more in their institutional fund marks compared to ZX Index Values. Among the companies, Redwood Materials, Canva, and MasterClass had the highest variance in reported marks versus ZX Index Values. Better.com, Thrasio, and Farmers Business Network had the lowest variance in reported marks versus ZX Index Values.
| Company | Normalized Std Dev3 | $ Weighted Avg | Max | Min |
|---|---|---|---|---|
| Redwood Materials | .48 | $37.60 | $78.00 | $29.50 |
| JUUL | .36 | $9.48 | $12.27 | $5.03 |
| Instacart | .27 | $29.15 | $48.48 | $23.92 |
| Rapyd | .27 | $59.64 | $72.51 | $39.37 |
| Unqork | .17 | $7.39 | $8.35 | $5.79 |
3 Normalized Standard Deviation is used to express the measure of spread across reported marks and allows for comparison between companies independent of their price per share based on a dollar-weighted average.
This period, Redwood Materials ($29.50 - $78.00) saw the highest share price variance across funds followed by JUUL ($5.03 - $12.27) and Instacart ($23.92 - $48.48).
4 Positive Trend Reversal reflects an individual holding marked up after consecutive quarterly periods marked down or flat
5 Negative Trend Reversal reflects an individual holding marked down after consecutive quarterly periods marked up or flat
Ant Financial saw its first positive reversals in two years while Enevate, JUUL and Kardium saw their first positive reversals in seven quarters. Waymo saw its first negative reversal in ten quarters.
This report is based on data reported by 270+ funds and $45 billion+ of value. Many holders of private company shares do not report their holding values and are thus not included in this report’s dataset. Further, many venture-backed private companies are not held by any reporting funds and are thus not included in this report. As such, this report should not be construed as providing a complete picture of shareholder sentiment or venture-backed private company performance. This report does not constitute investment advice or a "research report" as defined by FINRA Rules.
Zanbato, Inc. (“Zanbato”) prepares and disseminates market information about venture-backed private company securities, and the current bids and offers for those securities listed on the ATS operated by Zanbato (“ZX”). The information provided in this report has been prepared by sales, trading, or other non-research functions. Pricing indications and macro commentary are provided for factual information purposes only. This report is not intended to assess the individual merits of a particular investment or strategy, does not constitute a recommendation to buy or sell any financial instrument or to participate in any trading strategy and should not be construed as such. This report does not constitute investment advice. Certain information in this report has been obtained from third party sources and, while such information is believed by Zanbato to be reliable, it has not been independently verified by Zanbato and Zanbato shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with any use of, or reliance on, such third party information. Furthermore, the information contained in this report may not be current due to, among other things, changes in the financial markets or economic environment. Zanbato does not, and has no obligation to, update any such information contained in this report. Any prices or quotations contained herein are indicative only, do not represent firm quotes as to either price or size and should not be used for valuation purposes.
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