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 up their private portfolios by 0.9% ($ weighted) with an average mark-down of 2.6% (equal weighted). This is the first time in five months funds have marked-up ($ weighted) their portfolios. The period saw nearly one company advancing for every declining company.
Zipline experienced the most significant mark-up, followed by ThoughtSpot, Tarana and Snorkel AI. PropTech, Logistics & Transportation and AI & Machine Learning saw the largest mark-ups across sectors.
Bolt Threads experienced the most significant mark-down, while Binx Health, Cybereason and Wine.com also experienced notable mark-downs. Among the sectors, EdTech, CleanTech and Crypto & Blockchain saw the largest mark-downs.
|Companies||ZX Index Value vs. Fund Marks|
The variance between Fund Marks and ZX Index Values has reduced compared to previous months, with 86% of ZX Index companies now showing a deviation of 5% or greater when compared to Fund Marks, down from 96% last month. Among the companies, Stash, Sila Nano and Convoy had the highest variance in reported marks versus ZX Index Values. ConsenSys, GoFundMe and Zocdoc had the lowest variance in reported marks versus ZX Index Values.
|Company||Normalized Std Dev3||$ Weighted Avg||Max||Min|
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.
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
GroundTruth saw its first positive reversal in nine quarters while Instacart saw its first positive reversal in two years. Tempus Labs saw its first negative reversal in nineteen quarters while HaulHub saw its first negative reversal in fifteen 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.
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.