a16z Perennial Management, L.P.

CIK 0002009275 · Q2 2026

13F Equity AUM

$1.2B

+2.7% QoQ

Positions

-88 QoQ

AUM Rank

#2,997

Top 24%

Skill Alpha (FF)

-21.0%/yr^ns

No Clear Edge

Rank #8,257 · Top 99%

vs S&P -18.2%/yr (unadj.)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 60.1%Top 10: 78.5%Top 20: 90.8%

COIN17.4%

NU15.6%

IOT14.0%

VOO8.2%

AGG4.9%

AVGO4.2%

VEA3.8%

HOOD3.8%

ABNB3.4%

IVV3.1%

Others (53)21.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services69.4%

Technology22.1%

Consumer Cyclical3.7%

Communication Services3.3%

Other1.5%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 63Median: 0.33%Avg: 1.59%

0–0.5%

33(3.5%)

0.5–1%

14(9.0%)

1–3%

6(9.0%)

3–5%

6(23.3%)

5%+

4(55.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 63vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New21Increased11Decreased21Exited110

New Positions

RPAR1.3%

+727K

GLDM1.3%

+198K

IEMG0.8%

+119K

TIP0.6%

+69K

FIG0.6%

+407K

GUNR0.6%

+147K

BAR0.6%

+182K

MBB0.5%

+70K

SHV0.5%

+58K

IVE0.4%

+20K

Increased

NU15.6%

+586K(+4%)

GOVT0.8%

+351K(+323%)

AGG4.9%

+294K(+92%)

VEA3.8%

+290K(+77%)

OMDA0.6%

+142K(+74%)

VOO8.2%

+78K(+113%)

IVV3.1%

+7K(+15%)

RBLX0.5%

+5K(+4%)

COIN17.4%

+3K(+0%)

DOCN0.3%

+2K(+13%)

Decreased

IOT14.0%

-645,392(-11%)

OKTA1.1%

-232,700(-69%)

AXP1.6%

-56,929(-49%)

RVMD0.8%

-52,724(-51%)

NVDA0.1%

-34,015(-91%)

HOOD3.8%

-25,137(-5%)

JAAA0.9%

-19,997(-8%)

AAPL0.2%

-19,030(-74%)

AMZN0.2%

-14,379(-60%)

GOOGL0.1%

-9,965(-71%)

Exited

-1,392,000

-4,623

-3,928

-10,657

-7,954

AIRBNB INC

-249,000

-1,273

JPM

-3,789

XOM

-6,074

LLY

-1,238

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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