a16z Perennial Management, L.P.

CIK 0002009275 · Q1 2026

13F Equity AUM

$1.2B

-9.5% QoQ

Positions

151

+8 QoQ

AUM Rank

#2,500

Top 20%

Skill Alpha (FF)

-21.4%/yr^ns

No Clear Edge

Rank #8,167 · Top 99%

vs S&P -12.9%/yr (unadj.)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 63.1%Top 10: 78.1%Top 20: 92.0%

COIN21.3%

NU16.5%

IOT15.8%

XHLF5.8%

AVGO3.7%

VOO3.4%

ABNB3.1%

AXP2.9%

HOOD2.8%

AGG2.6%

Others (141)21.9%

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

Sector Allocation

Financial Services63.7%

Technology25.1%

Communication Services4.2%

Consumer Cyclical4.0%

Other3.0%

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

Position Sizing

Positions: 151Median: 0.04%Avg: 0.66%

0–0.5%

130(7.4%)

0.5–1%

6(4.0%)

1–3%

8(18.9%)

3–5%

3(10.3%)

5%+

4(59.4%)

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

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Portfolio Overlap

Shared: 141Unique: 10vs 20 funds

1.9%Low

151

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

2.7%

BANK OF AMERICA CORP /DE/

2.9%

3.5%

4.6%

3.6%

VANGUARD CAPITAL MANAGEMENT LLC

3.4%

GEODE CAPITAL MANAGEMENT, LLC

3.2%

VANGUARD PORTFOLIO MANAGEMENT LLC

3.9%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New30Increased8Decreased41Exited21

New Positions

VOO3.4%

+69K

AGG2.6%

+321K

GOOGL0.3%

+14K

GOVT0.2%

+109K

AIRBNB INC0.1%

+249K

SAMSARA INC0.0%

+1.3M

OKTA INC0.0%

+236K

AZN0.0%

+2K

SNDK0.0%

+590

KMI0.0%

+7K

Increased

IOT15.8%

+3.7M(+163%)

AXP2.9%

+116K(+17114%)

NU16.5%

+110K(+1%)

OMDA0.2%

+35K(+22%)

AAPL0.5%

+900(+4%)

AMD0.1%

+200(+6%)

CRWD0.2%

+189(+3%)

JAAA1.0%

+103(+0%)

Decreased

DOCN0.1%

-261,000(-93%)

PINS0.1%

-148,640(-60%)

HOOD2.8%

-122,170(-20%)

COIN21.3%

-115,162(-7%)

ABNB3.1%

-80,475(-21%)

RVMD0.8%

-78,704(-43%)

VTI1.2%

-60,182(-57%)

OKTA2.2%

-58,130(-15%)

CART0.1%

-43,200(-51%)

GOOG0.3%

-15,487(-56%)

Exited

-853,180

-118,984

-181,946

-23,532

-2,551

-1,544

-3,986

-5,027

-862

-673

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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