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 7.0% ($ weighted) with an average mark-down of 12.1% (equal weighted). The period saw nearly four companies declining for every advancing company.
Bolt Threads experienced the most significant mark-up, followed by Enevate, Lime and Arctic Wolf. Media & Entertainment and AI & Machine Learning saw the only mark-ups across sectors.
AgBiome experienced the most significant mark-down, while Farmers Business Network, JUUL, Phononic and Rad Power also experienced notable mark-downs. Among the sectors, AgTech, FinTech, and EdTech saw the largest mark-downs.
| Companies | ZX Index Value vs. Fund Marks |
|---|---|
| Figma | +84.70% |
| Intercom | +83.80% |
| Algolia | +41.50% |
| 6Sense | +38.50% |
| Scale AI | +36.40% |
| Whoop | +23.10% |
| Stripe | +22.80% |
| Dataminr | +20.70% |
| Benchling | +18.20% |
| GupShup | +14.20% |
| Loadsmart | +11.40% |
| Phenom | +10.70% |
| Carta | +10.40% |
| Harness | +7.70% |
| Astera Labs | +7.70% |
| SpaceX | +7.40% |
| Gusto | +7.10% |
| Canva | +5.40% |
| Tekion | +4.50% |
| Circle | +4.50% |
| Druva | +4.00% |
| Discord | +2.70% |
| Cohesity | -0.10% |
| Cross River | -1.20% |
| Redwood Materials | -1.60% |
| Moloco | -3.90% |
| Diamond Foundry | -5.80% |
| Databricks | -7.80% |
| ThoughtSpot | -8.40% |
| -11.40% | |
| Chainalysis | -11.50% |
| Tanium | -12.40% |
| Fanatics | -18.30% |
| Relativity Space | -21.00% |
| OneTrust | -21.00% |
| Flexport | -22.40% |
| Highspot | -23.20% |
| Lookout | -26.80% |
| Lightmatter | -28.50% |
| Epic Games | -31.50% |
| Patreon | -31.80% |
| Celonis | -37.60% |
| Arctic Wolf | -41.80% |
| Bytedance | -46.20% |
| Snyk | -48.60% |
| Chime | -59.00% |
| VideoAmp | -59.20% |
| Cart.com | -59.60% |
| SambaNova | -60.20% |
| Illumio | -71.50% |
In December, the gap between Fund Marks and ZX Index Values remained significant, with 84% of ZX Index companies showing a difference of 5% or more compared to Fund Marks. Among the companies, Figma, Intercom and Algolia had the highest positive variance in reported marks versus ZX Index Values. Illumio, SambaNova and Cart.com had the highest negative variance in reported marks versus ZX Index Values.
| Company | Normalized Std Dev3 | $ Weighted Avg | Max | Min |
|---|---|---|---|---|
| Phononic | 2.98 | $0.24 | $4.16 | $0.07 |
| Smule | 1.24 | $2.71 | $14.18 | $1.67 |
| BYJU’s | .84 | $379.14 | $971.17 | $209.58 |
| Farmers Business Network | .44 | $4.64 | $19.21 | $4.35 |
| Rad Power | .39 | $0.57 | $0.85 | $0.35 |
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, Phononic ($0.07 - $4.16) saw the highest share price variance across funds followed by Smule ($1.67 - $14.18) and BYJU's ($2.09 - $971.17).
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
Bolt Threads, Bowery and Waymo all saw their first positive reversals in two years while Celonis saw its first positive reversal in seven quarters. Druva saw its first negative reversal in ten quarters while Lilac Solutions and Pine Labs saw their first negative reversal in seven 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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