1 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across all reported holdings
This quarter, reporting holders marked down their private portfolios by 5.6% ($ weighted) with an average mark-down of 2.5% (equal weighted). The period saw three companies decline for every two advancing companies.
Tarana experienced the most significant mark-up, followed by Cava, Sonoma Bio and D2iQ. Biotechnology, HealthTech and Aerospace & Defense saw the largest mark-ups across sectors.
Bolt Threads experienced the most significant mark-down, while Color Genomics, Heal and Nuro also experienced notable mark-downs. Among the sectors, AgTech, Crypto & Blockchain and EdTech saw the largest mark-downs.
| Companies | ZX Index Value vs. Fund Marks |
|---|---|
| Color Genomics | +223.28% |
| Figma | +139.67% |
| MasterClass | +125.07% |
| Intercom | +98.92% |
| Sila Nano | +92.31% |
| goPuff | +90.63% |
| Canva | +75.30% |
| Convoy | +60.30% |
| Everly Health | +57.64% |
| Nuro | +51.45% |
| Dataminr | +36.58% |
| Chime | +30.73% |
| Figure Technologies | +30.70% |
| 6Sense | +27.69% |
| Cross River | +24.05% |
| Patreon | +18.55% |
| Carta | +18.01% |
| Relativity Space | +17.06% |
| Redwood Materials | +13.58% |
| Tekion | +11.76% |
| Highspot | +10.00% |
| Scale AI | +9.23% |
| Databricks | +8.15% |
| SpaceX | +6.58% |
| BYJU’s | +5.68% |
| GupShup | +5.37% |
| Stripe | +4.81% |
| Circle | +2.57% |
| Flexport | +2.33% |
| Airtable | +0.58% |
| ThoughtSpot | -4.32% |
| Instacart | -5.48% |
| Harness | -5.99% |
| Talkdesk | -6.05% |
| Algolia | -6.22% |
| ServiceTitan | -9.85% |
| -12.20% | |
| Discord | -12.81% |
| Rapyd | -25.63% |
| VideoAmp | -26.06% |
| Rappi | -26.60% |
| Astranis | -26.92% |
| Shipbob | -27.38% |
| Cohesity | -31.08% |
| Epic Games | -31.93% |
| MNTN | -34.96% |
| Arctic Wolf | -36.06% |
| Celonis | -36.45% |
| Bytedance | -40.25% |
| Farmers Business Network | -48.98% |
| SambaNova | -55.90% |
| Diamond Foundry | -61.29% |
| Better.com | -88.89% |
The difference between Fund Marks and ZX Index Values remains considerable with 96% of ZX Index companies showing a deviation of 5% or more versus Fund Marks. Among the companies, Color Genomics, Figma and MasterClass had the highest variance in reported marks versus ZX Index Values. Better.com, Diamond Foundry and SambaNova had the lowest variance in reported marks versus ZX Index Values.
| Company | Normalized Std Dev3 | $ Weighted Avg | Max | Min |
|---|---|---|---|---|
| Rapyd | .28 | $60.72 | $74.28 | $39.37 |
| Saluda Medical | .17 | $10.32 | $11.61 | $8.06 |
| Grammarly | .17 | $19.94 | $26.21 | $18.00 |
| Unqork | .16 | $7.51 | $8.49 | $5.89 |
| Waymo | .16 | $86.96 | $91.72 | $38.14 |
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, Rapyd ($39.37 - $74.28) saw the highest share price variance across funds followed by Saluda Medical ($8.06 - $11.61) and Grammarly ($18.00 - $26.21).
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 reversal in ten quarters while Instacart saw its first positive reversal in two years. Fanatics saw their first negative reversal in ten quarters.
This report is based on data reported by 270+ funds and $47 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.
The “ZX Index Value” is derived by applying proprietary weightings to the order flow data collected for the stated period (both bids and asks), based on the order type (firm order or indication of interest) and whether the order has been executed, with greater weight given to more recent orders.
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