Table of Contents

Executive Summary

ZX Market Snapshot: September, 2021:

  • For the sixth consecutive month, ZX offers exceeded bids - this month by 150%.
  • September transaction premiums ranged from 3.0% to 44.3% to July average reported holding values.

Reported Holdings: Quarter Ending July 31st, 2021

  • Reporting holders marked down their private portfolios 0.8% despite a 2:1 advance-decline ratio. A large markdown in Grab largely drove the depreciation.
  • Sentiment up:
  • Sentiment down:

Heat Map: July 31st, 2021 Reporting Period

-0.8%

Appreciation/Depreciation of All Reported Holdings1

4.6%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Resilience
225.1%
Exscientia
65.7%
Bolt Threads
63.4%
goPuff
55.6%
Bird
50.1%
Reddit
45.5%
Rivian
41.5%
Sonder
31.9%
Loadsmart
20.7%
Nubank
17.6%
Tula Tech
17.3%
Blink Health
17.0%
HashiCorp
15.8%
Farmers Business Network
13.5%
Tempus Labs
12.5%
OneTrust
12.5%
Rubicon Global
12.0%
Bytedance
11.9%
MOD Pizza
11.0%
BYJU's
10.5%
Deep Instinct
10.2%
Databricks
9.7%
Rappi
7.8%
Waymo
6.8%
Optoro
6.7%
ClearMotion
5.6%
AvidXchange
4.7%
Zero Mass Water
4.5%
Aurora Innovation
3.8%
Sweetgreen
3.8%
Talkdesk
2.8%
Newsela
2.7%
Mythic AI
2.0%
Allbirds
1.6%
Fanatics
1.2%
Essence Group
1.2%
Rent the Runway
0.7%
Lookout
0.6%
GitLab
0.6%
Prosetta Bio
0.0%
Stripe
0.0%
Nuro
0.0%
Dataminr
0.0%
SambaNova
0.0%
ABL Space
0.0%
Tenstorrent
0.0%
Boundless Bio
0.0%
Enevate
0.0%
dMed
0.0%
BETA Technologies
0.0%
Diamond Foundry
0.0%
Blaize
0.0%
Astranis
0.0%
Xsight Labs
0.0%
SpaceX
0.0%
Instacart
0.0%
Epic Games
0.0%
Illumio
0.0%
Rad Power
0.0%
Druva
0.0%
Starry
0.0%
MasterClass
0.0%
Castle Creek
0.0%
Sila Nano
0.0%
Cazoo
-0.1%
Tanium
-1.3%
AgBiome
-5.3%
Convoy
-5.9%
Smule
-6.1%
JumpCloud
-6.7%
JUUL
-7.3%
Lime
-7.4%
Grand Rounds
-11.1%
Ant Financial
-13.2%
WeWork
-13.4%
Grab
-19.1%
Malwarebytes
-23.5%
Tory Burch
-26.1%
Delphix
-43.0%
Magic Leap
-74.4%

1 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across all reported holdings

Analysis

Positive Trend Reversal3 (# = consecutive prior qtrs marked down or flat)
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Positive Trend Reversal3 (# = consecutive prior qtrs marked down or flat)
Sweetgreen
6
Blink Health
4
Tanium
4
Bolt Threads
3
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Grab
6
Delphix
4
Farmers Business Network
4
Tory Burch
4

3 Positive Trend Reversal reflects an individual holding marked up after consecutive quarterly periods marked down or flat
4 Negative Trend Reversal reflects an individual holding marked down after consecutive quarterly periods marked up or flat

Highest Variance in Reported Marks5
CompanyNormalized Std Dev5$ Weighted AvgMaxMin
Rivian.33$52.14$71.03$36.85
Bytedance.17$128.91$168.12$114.35
Fanatics.10$32.89$34.88$27.62
Rent the Runway.10$19.97$21.86$17.76
Ant Financial.10$2.51$7.05$2.50

5 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.

ZX Firm Bids at Greatest Premium to Latest Reported Median Holding Value6
Tanium
+28.0%
SpaceX
+11.9%
MasterClass
+0.4%
ZX Firm Offers at Greatest Discount to Latest Reported Median Holding Value6
There were no ZX Firm Offers at a discount to July's median holding values

6 Premium and Discount agnostic to share class

ZX Market Snapshot: September, 2021

For the sixth consecutive month, ZX ask tickets exceeded bid tickets - this month by 150%. September transaction premiums ranged from 3.0% to 44.3% to July average reported holding values.

This month, there were three ZX Firm Bids at a premium and no ZX Firm Offers at a discount to July’s median holding values.

Reported Holdings Commentary: Quarter Ending July 31st, 2021

Reporting holders marked down their private portfolios 0.8% this reporting period despite two companies advancing for every decliner. A large markdown in Grab largely drove the depreciation. However, the average markup across holdings was 4.6%.

Resilience was marked-up highest (225%) and Exscientia, Bolt Threads and goPuff rounded out the largest markups. Magic Leap, Delphix, and Tory Burch saw the largest markdowns this quarter.

Sweetgreen saw its first positive reversal in six quarters, while Grab saw its first negative reversal in six quarters.

Rivian ($36.85-$71.03) saw the highest share price variance across funds.

What is a ZX Firm Order?

ZX Firm Orders are unique to ZX. A ZX Firm Order (Offer or Bid) is a form of contract accepted on ZX, that allows a buyer or seller to contractually commit themselves to trading at the terms of an order ticket should a bona fide counterparty be presented, or pay a fee set to 10% of the notional value of the transaction should they fail to transact. Zanbato developed the concept of a Firm Order for private stock trading to solve for frequent frustration that parties often hold themselves out as buyers or sellers, but then pull out of transactions when counterparties are presented.

Disclaimer

This report is based on data reported by 200+ funds. 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.

Zanbato Securities LLC (“Zanbato”) prepares and disseminates market information about venture-backed private company securities, and the current bids and offers for those securities listed on the ATS operated by Zanbato (“ZX”). The information provided in this report has been prepared by sales, trading, or other non-research functions. Pricing indications and macro commentary are provided for factual information purposes only. This report is not intended to assess the individual merits of a particular investment or strategy, does not constitute a recommendation to buy or sell any financial instrument or to participate in any trading strategy and should not be construed as such. This report does not constitute investment advice. Certain information in this report has been obtained from third party sources and, while such information was believed by Zanbato to be reliable, it has not been independently verified by Zanbato and Zanbato shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with any use of, or reliance on, such third party information. Furthermore, the information contained in this report may not be current due to, among other things, changes in the financial markets or economic environment. Zanbato does not, and has no obligation to, update any such information contained in this report. Any prices or quotations contained herein are indicative only, do not represent firm quotes as to either price or size and should not be used for valuation purposes.

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