a16z Capital Management, L.L.C.
Long book
$1.29B
Q1 2026
Positions
16
Top-10 weight
96%
concentration
Last quarter
+37.8%
SPY +14.8%
Turnover
29%
of book per quarter
Strategy in plain words
auto-generated from filingsa16z Capital Management, L.L.C. is a concentrated fundamental stock-picker, specialised in technology (69% of the long book), running a $1.29B US long book across 16 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: NAVAN INC-CL A, FIGMA INC-CL A, META PLATFORMS INC-CLASS A, REVOLUTION MEDICINES INC, NAUTILUS BIOTECHNOLOGY INC.
Over the last 9 quarters its long book ran on average 5.2pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-6.1%
Q2 2024
+17.7%
Q3 2024
+17.8%
Q4 2024
-11.4%
Q1 2025
+17.9%
Q2 2025
+42.4%
Q3 2025
-8.4%
Q4 2025
-20.7%
Q1 2026
+37.8%
Sector allocation
Technology 69%
Healthcare 30%
Financials 0%
Consumer staples 0%
Long book by quarter
What does a16z Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NAVN NAVAN INC-CL A | Technology | 28.2M | $373.6M | 28.9% | +3.8% |
| FIG FIGMA INC-CL A | Technology | 16.0M | $338.5M | 26.2% | -1.4% |
| META META PLATFORMS INC-CLASS A | Technology | 212.5K | $121.6M | 9.4% | Held |
| RVMD REVOLUTION MEDICINES INC | Healthcare | 921.1K | $89.6M | 6.9% | Held |
| NAUT NAUTILUS BIOTECHNOLOGY INC | Healthcare | 17.7M | $68.5M | 5.3% | Held |
| XYZ BLOCK INC | Technology | 1.0M | $61.2M | 4.7% | Held |
| BIOA BIOAGE LABS INC | Healthcare | 3.2M | $56.5M | 4.4% | Held |
| MAZE MAZE THERAPEUTICS INC | Healthcare | 1.7M | $50.8M | 3.9% | Held |
| ERAS ERASCA INC | Healthcare | 2.9M | $46.3M | 3.6% | Held |
| DMRA DAMORA THERAPEUTICS INC | Healthcare | 1.2M | $32.0M | 2.5% | New |
| OMDA OMADA HEALTH INC | Healthcare | 2.3M | $29.0M | 2.2% | -33.3% |
| CAMP CAMP4 THERAPEUTICS CORP | Healthcare | 2.1M | $9.4M | 0.7% | Held |
| AKTS AKTIS ONCOLOGY INC | Healthcare | 415.0K | $7.4M | 0.6% | New |
| BTGO BITGO HOLDINGS INC-CL A | Financials | 666.4K | $5.5M | 0.4% | New |
| DNA GINKGO BIOWORKS HOLDINGS INC | Healthcare | 108.6K | $666K | 0.1% | Held |
| IPST IP STRATEGY HOLDINGS INC | Consumer staples | 82.7K | $22K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 16 | $1.29B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 13 | $1.58B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 11 | $1.39B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 10 | $312.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 13 | $700.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 12 | $745.3M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 13 | $1.14B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 13 | $1.17B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 13 | $1.38B | canonical | SEC ↗ |