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 4.9% decrease in the value of their private portfolios with an average mark-down of 2.5%. The period saw more than two companies decline for every advancing company.
GaN Systems experienced the most significant appreciation, followed by Sonoma Bio and Redwood Materials as other notable gainers. CleanTech, Renewable Energy and Semiconductor saw the largest appreciation in value across sectors.
Mythic AI saw the largest decline in value as funds wrote off their investments, while Bolt Threads and Cybereason also experienced notable decreases. Among the sectors, Healthcare, Delivery Service and Hardware experienced the most depreciation in value this reporting period.
| Companies | ZX Index Value vs. Fund Marks |
|---|---|
| Cybereason | +493.48% |
| Figma | +139.91% |
| MasterClass | +105.32% |
| Intercom | +70.62% |
| Everly Health | +40.78% |
| Convoy | +40.31% |
| Benchling | +39.00% |
| Figure Technologies | +30.70% |
| Carta | +25.91% |
| 6Sense | +25.27% |
| Sila Nano | +25.11% |
| Cross River | +24.05% |
| Canva | +19.93% |
| Patreon | +17.39% |
| Scale AI | +14.05% |
| Highspot | +10.00% |
| Relativity Space | +9.04% |
| Stripe | +5.18% |
| Talkdesk | +3.34% |
| SpaceX | +1.43% |
| Circle | +1.09% |
| Flexport | +0.52% |
| Deep Instinct | 0.00% |
| Dataminr | -0.71% |
| GupShup | -3.77% |
| BYJU’s | -5.09% |
| Redwood Materials | -5.28% |
| Algolia | -6.04% |
| Celonis | -6.86% |
| VideoAmp | -7.24% |
| Databricks | -10.32% |
| -12.60% | |
| Tanium | -14.11% |
| Discord | -18.48% |
| Fanatics | -19.52% |
| Rapyd | -19.88% |
| Harness | -20.97% |
| Lookout | -23.60% |
| Rappi | -25.43% |
| ThoughtSpot | -26.17% |
| MNTN | -27.32% |
| Instacart | -29.08% |
| Bytedance | -30.32% |
| Cohesity | -31.97% |
| Nuro | -32.28% |
| Epic Games | -39.65% |
| Checkr | -41.33% |
| Snyk | -42.44% |
| Arctic Wolf | -44.82% |
| Delphix | -46.04% |
| Illumio | -46.97% |
| Gusto | -46.98% |
| SambaNova | -54.04% |
| Farmers Business Network | -56.38% |
| Newsela | -58.71% |
| Chime | -60.43% |
| Diamond Foundry | -61.60% |
| Better.com | -87.22% |
On average, the ZX Index Values for June indicated a 1.5% premium compared to Institutional Fund Marks. The difference between Institutional Fund Marks and ZX Index Values remains considerable with roughly 95% of listed companies showing a deviation of 5% or more. Among the companies, Cybereason, Figma, and MasterClass had the highest variance in reported marks versus ZX Index Values. Better.com, Diamond Foundry, and Chime had the lowest variance in reported marks versus ZX Index Values.
| Company | Normalized Std Dev3 | $ Weighted Avg | Max | Min |
|---|---|---|---|---|
| Smule | 1.85 | $1.91 | $13.98 | $0.85 |
| Phononic | .82 | $0.93 | $4.78 | $0.68 |
| Blaize | .33 | $1.21 | $1.57 | $0.75 |
| Rapyd | .31 | $56.33 | $74.28 | $39.37 |
| Lookout | .28 | $4.88 | $8.02 | $2.52 |
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, Smule ($0.85 - $13.98) saw the highest share price variance across funds followed by Phononic ($0.68 - $4.78) and Blaize ($0.75 - $1.57).
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
Enevate saw its first positive reversals in two years while Algolia, Newsela, and Redwood Materials saw their first positive reversals in six quarters. Interestingly, Redwood Materials also saw its first negative reversal in five quarters from a different holder. KoBold Metals saw its first negative reversal in one year.
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.
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