ZX Market Snapshot: March 2023:
ZXData Reported Holdings: Three months ending January 31st, 2023
1 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across all reported holdings
3 Positive Trend Reversal reflects an individual holding marked up after consecutive quarterly periods marked down or flat
4 Negative Trend Reversal reflects an individual holding marked down after consecutive quarterly periods marked up or flat
| Company | Normalized Std Dev5 | $ Weighted Avg | Max | Min |
|---|---|---|---|---|
| Redwood Materials | .49 | $38.33 | $78.00 | $29.50 |
| Phononic | .38 | $0.60 | $1.15 | $0.50 |
| Blaize | .30 | $2.48 | $3.12 | $1.63 |
| Wasabi Technologies | .15 | $11.41 | $14.07 | $10.32 |
| Stripe | .15 | $24.80 | $26.87 | $18.49 |
5 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.
6 Premium and Discount agnostic to share class
Stripe
Flexport
OpenAI
Attentive
Epic Games
Databricks
SpaceX
Discord
Snyk
Rippling7 Companies that received the most ticket and profile view activity over the last 30 days
Stripe, Flexport and OpenAI were the three most active companies on ZX in March.
Bids represented 38% of submitted tickets on ZX in March, 7% above the 12-month average of 31%. March transactions priced from a 80.6% discount to a 73.5% premium to January average reported holding values.
On average, ZX Sell Orders were offered at a 30.9% discount to January’s median holding values, highlighted by offers in SambaNova, Farmers Business Network, Epic Games and Cybereason. On the buyside, Canva had the only bid which sits at a 45% premium to January’s median holding value.
This reporting quarter, holders experienced a 2.8% increase in the value of their private portfolios, marking the first period of appreciation in a year. The average mark-up during this period was 3.0%.
This reporting quarter, JUUL experienced the most significant increase in value, followed by KoBold Metals, Menlo Micro, and Smule as other notable gainers. Platforms, Manufacturing and Hardware saw the largest appreciation in value across sectors.
Mythic AI experienced the most substantial decrease in value, with X Holdings, Blaize, and Enevate also showing significant declines. Among the sectors, Renewable Energy, EdTech, and Privacy & Security experienced the most depreciation in value during this reporting period.
JUUL experienced its first positive reversals in thirteen quarters while Ant Financial and Smule experienced their first positive reversals in two years. Waymo experienced its first negative reversal in nine quarters, while Nuro and Farmers Business Network experienced their first negative reversals in eight and five quarters, respectively.
This reporting period, Redwood Materials ($29.50 - $78.00) saw the highest share price variance across funds followed by Phononic ($0.50 - $1.15) and Blaize ($1.63 - $3.12).
This report is based on data reported by 250+ funds and $40 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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