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 1.70% ($ weighted) with an average mark-down of 1.10% (equal weighted). The period saw nearly two companies declining for every advancing company.
Canva experienced the most significant mark-up, followed by Enevate, BETA Technologies and Databricks. AI & Machine Learning, Media & Entertainment and Aerospace & Defense saw the largest mark-ups across sectors.
Heal experienced the most significant mark-down, while Bolt Threads, BYJU's and Bowery also experienced notable mark-downs. Among the sectors, AgTech, EdTech, and Data & Analytics saw the largest mark-downs.
| Companies | ZX Index Value vs. Fund Marks |
|---|---|
| Intercom | +146.80% |
| MasterClass | +127.70% |
| Asapp | +126.90% |
| Figma | +85.10% |
| Convoy | +46.00% |
| Tipalti | +28.70% |
| Scale AI | +27.40% |
| BYJU’s | +25.70% |
| Whoop | +24.20% |
| goPuff | +20.90% |
| Cross River | +20.00% |
| 6Sense | +18.70% |
| GupShup | +18.60% |
| Stripe | +12.50% |
| Algolia | +9.80% |
| Dataminr | +8.60% |
| Phenom | +8.50% |
| Chime | +3.70% |
| Carta | +3.60% |
| SpaceX | +3.00% |
| Circle | +1.30% |
| Redwood Materials | +0.70% |
| Canva | -1.90% |
| ThoughtSpot | -2.20% |
| Databricks | -2.30% |
| Discord | -2.40% |
| Talkdesk | -3.40% |
| Druva | -6.50% |
| Airtable | -11.20% |
| ServiceTitan | -12.80% |
| -13.60% | |
| VideoAmp | -14.00% |
| Flexport | -14.00% |
| Relativity Space | -14.70% |
| Cohesity | -18.00% |
| Fanatics | -18.70% |
| Astranis | -19.10% |
| Celonis | -19.80% |
| Diamond Foundry | -20.90% |
| Epic Games | -23.50% |
| Patreon | -27.50% |
| Highspot | -29.20% |
| Arctic Wolf | -33.90% |
| Astera Labs | -35.10% |
| MNTN | -37.20% |
| Bytedance | -40.70% |
| Farmers Business Network | -53.70% |
| SambaNova | -63.40% |
| Thrasio | -82.10% |
In October, the difference between Fund Marks and ZX Index Values decreased, with 80% of ZX Index companies exhibiting a variation of 5% or greater compared to Fund Marks. Among the companies, Intercom, MasterClass and Asapp had the highest positive variance in reported marks versus ZX Index Values. Thrasio, SambaNova and Farmers Business Network had the highest negative variance in reported marks versus ZX Index Values.
| Company | Normalized Std Dev3 | $ Weighted Avg | Max | Min |
|---|---|---|---|---|
| Rad Power | .54 | $1.54 | $2.52 | $0.66 |
| JUUL | .28 | $8.12 | $11.09 | $6.27 |
| Rapyd | .25 | $57.15 | $68.44 | $39.37 |
| Grammarly | .23 | $20.93 | $29.57 | $18.25 |
| Unqork | .17 | $7.17 | $8.12 | $5.60 |
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, Rad Power ($0.66 - $2.52) saw the highest share price variance across funds followed by JUUL ($6.27 - $11.09) and Rapyd ($39.37 - $68.44).
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
Instacart saw its first positive reversal in nine quarters while Insitro and Waymo saw their first positive reversals in eight quarters. Druva saw its first negative reversal in three years while Diamond Foundry and Resilience saw their first negative reversal in two years.
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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