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 3.7% ($ weighted) with an average mark-down of 3.1% (equal weighted). The period saw five companies advancing for every four declining companies.
Accelerant experienced the most significant mark-up, followed by Bowery, Centrexion and Prosper Marketplace. Aerospace & Defense, AgTech and Crypto & Blockchain saw the largest mark-ups across sectors.
Adagio Medical experienced the most significant mark-down, while HoneyBook, Clear Labs and BYJU's also experienced significant mark-downs. Among sectors, EdTech, Gaming, and E-Commerce saw the largest mark-downs.
| Companies | ZX Index Value vs. Fund Marks |
|---|---|
| GOAT | +251.20% |
| MasterClass | +141.20% |
| Farmers Business Network | +100.90% |
| Sila Nano | +93.50% |
| Figma | +83.90% |
| Dialpad | +70.10% |
| Druva | +56.90% |
| Liquid Death | +51.40% |
| Locus Robotics | +48.60% |
| Notion | +28.10% |
| 6Sense | +23.00% |
| Whoop | +21.20% |
| Epirus | +17.00% |
| AnyRoad | +13.10% |
| Tekion | +13.00% |
| Klarna | +11.40% |
| Phenom | +10.70% |
| Carta | +10.10% |
| Highspot | +9.40% |
| Harness | +8.90% |
| Varo Money | +8.20% |
| GupShup | +8.00% |
| Moloco | +6.10% |
| Icertis | +6.10% |
| Stripe | +5.90% |
| Redwood Materials | +5.40% |
| Anduril | +4.90% |
| SpaceX | +4.30% |
| BigID | +3.80% |
| Airtable | +3.10% |
| Docker | +2.90% |
| Chainalysis | +1.60% |
| Canva | +0.20% |
| Moveworks | +0.00% |
| Cohesity | -0.10% |
| Vanta | -0.10% |
| Algolia | -2.80% |
| CoreWeave | -3.50% |
| Verkada | -4.60% |
| DataRobot | -4.80% |
| ServiceTitan | -5.00% |
| Circle | -5.00% |
| Netskope | -5.70% |
| Rubrik | -6.70% |
| Anthropic | -7.00% |
| Scale AI | -7.60% |
| Freenome | -8.90% |
| Databricks | -9.30% |
| Lambda Labs | -9.70% |
| Epic Games | -9.80% |
| Voyager Space | -10.00% |
| Collective Health | -10.70% |
| -11.00% | |
| Intercom | -11.50% |
| DailyPay | -12.10% |
| Astera Labs | -13.00% |
| Loadsmart | -16.00% |
| Anyscale | -17.30% |
| Upgrade | -18.00% |
| Lime | -18.40% |
| Deepgram | -18.60% |
| Discord | -19.70% |
| EasyPost | -19.80% |
| Cross River | -19.90% |
| EquipmentShare | -20.50% |
| Zipline | -21.00% |
| Relativity Space | -21.20% |
| Course Hero | -22.70% |
| Automation Anywhere | -22.80% |
| Somatus | -23.20% |
| Arctic Wolf | -24.00% |
| Patreon | -27.00% |
| Solugen | -27.30% |
| Omada Health | -27.70% |
| Fanatics | -29.30% |
| Checkr | -30.10% |
| Ripple | -30.20% |
| Flexport | -30.40% |
| Lyra Health | -30.60% |
| SecurityScorecard | -31.40% |
| Gusto | -33.50% |
| Dataminr | -35.70% |
| Project44 | -37.50% |
| Acronis | -38.70% |
| Benchling | -40.00% |
| Cerebras | -40.40% |
| Cart.com | -41.00% |
| Tanium | -41.10% |
| Bytedance | -41.20% |
| Yotpo | -41.80% |
| Celonis | -42.80% |
| Attentive | -45.20% |
| Lookout | -47.60% |
| Via Transportation | -48.10% |
| Turo | -50.10% |
| Snyk | -52.70% |
| GrubMarket | -55.00% |
| Cybereason | -55.90% |
| OwnBackup | -58.40% |
| Chime | -58.50% |
| SambaNova | -59.20% |
| Exabeam | -61.00% |
| Kraken | -64.20% |
| Illumio | -66.60% |
| GoFundMe | -66.90% |
| Outreach | -70.60% |
| Impossible Foods | -70.90% |
| ThoughtSpot | -71.30% |
| ConsenSys | -73.50% |
In February, 31% of ZX Index companies showed a difference of 10% or less compared to Fund Marks, and 48% of ZX Index companies showed a difference of 20% or less compared to Fund Marks. Among the companies, GOAT, MasterClass, Farmers Business Network and Sila Nano had the highest positive variance in reported marks versus ZX Index Values. ConsenSys, ThoughtSpot, Impossible Foods and Outreach had the highest negative variance in reported marks versus ZX Index Values.
| Company | Normalized Std Dev3 | $ Weighted Avg | Max | Min |
|---|---|---|---|---|
| Houzz | 1.34 | $1.52 | $5.00 | $0.07 |
| Farmers Business Network | 1.17 | $6.97 | $43.55 | $1.86 |
| GOAT | .73 | $1.42 | $3.95 | $1.00 |
| Lookout | .65 | $5.55 | $12.20 | $2.32 |
| Color Genomics | .64 | $20.79 | $64.58 | $14.42 |
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, Houzz ($0.07 - $5.00)) saw the highest share price variance across funds followed by Farmers Business Network ($1.86 - $43.55) and GOAT ($1.00 - $3.95).
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
Tanium, saw its first positive reversal in twelve quarters while Centrexion saw its first positive reversal in eleven quarters. Kardium and Verily saw their first negative reversal in fourteen quarters while Bytedance, Magic Leap and Freenome saw their first negative reversal in two years.
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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