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 6% ($ weighted) with an average mark-up of 6.9% (equal weighted). The period saw over two companies advancing for every declining company.
Anthropic experienced the most significant mark-up, followed by Phononic, Blaize and Tempus Labs. FoodTech, Semiconductors and Data & Analytics saw the largest mark-ups across sectors.
AgBiome experienced the most significant mark-down, as funds wrote off their positions, while Magic Leap, Mythical and BYJU's also experienced significant mark-downs. Among sectors, BioTech, CleanTech, and Gaming saw the largest mark-downs.
| Companies | ZX Index Value vs. Fund Marks |
|---|---|
| MasterClass | +138.50% |
| GOAT | +116.20% |
| Farmers Business Network | +78.50% |
| Sila Nano | +70.90% |
| Intercom | +51.60% |
| Liquid Death | +51.10% |
| Cybereason | +50.00% |
| Rappi | +49.50% |
| Figma | +48.20% |
| Lime | +41.30% |
| Flexport | +27.00% |
| 6Sense | +25.50% |
| Dataminr | +24.10% |
| Whoop | +23.60% |
| Stripe | +20.20% |
| Loadsmart | +18.10% |
| Chainalysis | +16.50% |
| Redwood Materials | +16.20% |
| Carta | +15.90% |
| Moloco | +15.80% |
| GupShup | +12.30% |
| Harness | +9.80% |
| Phenom | +9.30% |
| Diamond Foundry | +8.30% |
| Tekion | +4.70% |
| Circle | +4.40% |
| SpaceX | +3.00% |
| Algolia | +1.90% |
| Druva | +1.50% |
| Scale AI | -0.40% |
| Discord | -0.50% |
| Canva | -0.80% |
| CoreWeave | -2.80% |
| Cohesity | -2.90% |
| Benchling | -3.40% |
| Epic Games | -3.50% |
| Freenome | -7.90% |
| Databricks | -8.10% |
| Patreon | -9.00% |
| Shield AI | -10.20% |
| Lightmatter | -11.20% |
| Everly Health | -11.30% |
| Highspot | -11.60% |
| Cross River | -12.30% |
| Blockdaemon | -12.70% |
| Astranis | -19.30% |
| ThoughtSpot | -20.70% |
| Zipline | -22.50% |
| Fanatics | -25.60% |
| Talkdesk | -27.40% |
| Arctic Wolf | -28.30% |
| Relativity Space | -31.60% |
| Shipbob | -33.40% |
| Replit | -33.80% |
| Anthropic | -36.20% |
| Lookout | -38.20% |
| Bytedance | -38.60% |
| OneTrust | -41.00% |
| Axiom Space | -43.90% |
| Cart.com | -46.70% |
| Gusto | -48.40% |
| Chime | -48.60% |
| Snyk | -49.30% |
| Checkr | -50.20% |
| VideoAmp | -51.20% |
| MNTN | -52.80% |
| SambaNova | -58.00% |
| Tanium | -59.80% |
| Celonis | -60.00% |
| Illumio | -72.10% |
| PsiQuantum | -80.30% |
In March, 25% of ZX Index companies showed a difference of 10% or less compared to Fund Marks, and 44% of ZX Index companies showed a difference of 20% or less compared to Fund Marks. Among the companies, MasterClass, GOAT, Farmers Business Network and Sila Nano had the highest positive variance in reported marks versus ZX Index Values. PsiQuantum, Illumio, Celonis and Tanium had the highest negative variance in reported marks versus ZX Index Values.
| Company | Normalized Std Dev3 | $ Weighted Avg | Max | Min |
|---|---|---|---|---|
| Smule | 1.59 | $2.23 | $14.31 | $1.15 |
| Phononic | 1.10 | $0.85 | $5.52 | $0.54 |
| Farmers Business Network | .54 | $3.96 | $19.21 | $3.65 |
| BYJU’s | .41 | $172.40 | $210.12 | $40.47 |
| Lookout | .41 | $4.74 | $9.22 | $2.05 |
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 ($1.15 - $14.31) saw the highest share price variance across funds followed by Phononic ($0.54 - $5.52) and Farmers Business Network ($3.65 - $19.21).
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
MasterClass saw its first positive reversal in ten quarters while Exo Imaging saw its first positive reversal in nine quarters. Bytedance, Deep Instinct, Epic Games and VideoAmp all saw their first negative reversal in three quarters.
This report is based on data reported by 300+ funds and $51 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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