Table of Contents

Executive Summary

ZX Market Snapshot: July, 2021:

  • For the fourth consecutive month, ask volume exceeded bid volume (this month by 83%).
  • ZX transactions priced from a 47.9% discount to a 50.9% premium to July average reported holding values.

Reported Holdings: Quarter Ending May 31st, 2021

  • Holders marked up their private portfolios 2.5%, the seventh consecutive month of appreciation.
  • Sentiment up:
  • Sentiment down:

Heat Map: May 31st, 2021 Reporting Period

2.5%

Appreciation/Depreciation of All Reported Holdings1

10.9%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Dataminr
180.3%
MasterClass
163.9%
Stripe
155.7%
Cazoo
106.2%
Fanatics
101.7%
Inscripta
65.7%
Epic Games
53.9%
Druva
49.9%
Bird
42.7%
Sonder
31.3%
WeWork
30.5%
Starry
17.5%
Adagio Therapeutics
12.7%
Sweetgreen
10.3%
AvidXchange
10.0%
Goop
5.9%
Vice Media
3.2%
Waymo
0.2%
PrognomIQ
0.0%
Reddit
0.0%
Rivian
0.0%
D2iQ
0.0%
Kardium
0.0%
Bombas
0.0%
EQRx
0.0%
Heal
0.0%
Aurora Innovation
0.0%
Faraday Pharma
0.0%
Enevate
0.0%
Rappi
0.0%
Blink Health
0.0%
Conformal Medical
0.0%
AgBiome
0.0%
Xsight Labs
0.0%
Bytedance
0.0%
SpaceX
0.0%
Instacart
0.0%
Rent the Runway
0.0%
Databricks
0.0%
Intarcia Therapeutics
0.0%
Aristea Therapeutics
0.0%
Resilience
0.0%
Scorpion Therapeutics
0.0%
Dragonfly Therapeutics
0.0%
Century Therapeutics
0.0%
Rad Power
0.0%
Element Bio
0.0%
Ambrx
0.0%
Castle Creek
0.0%
Sila Nano
0.0%
Freenome
0.0%
Lookout
-4.6%
Essence Group
-4.7%
Bolt Threads
-4.8%
MOD Pizza
-5.7%
Allbirds
-6.7%
Warby Parker
-7.3%
Lime
-7.4%
ThoughtWorks
-8.3%
Convoy
-19.6%
Atom Tickets
-20.3%
JUUL
-24.4%
dMed
-25.8%
Moda Operandi
-29.0%
SnapDeal
-37.6%
Tory Burch
-41.4%
Ant Financial
-48.0%
Magic Leap
-77.4%

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
5
WeWork
2
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Warby Parker
5
Didi Chuxing
3
Allbirds, Mod Pizza
3
Wheels Up, Lookout
3

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
Intarcia Therapeutics4.72$0.78$18.17$0.00
Ant Financial.21$2.83$7.05$2.74
Starry.20$1.58$1.68$0.57
JUUL.13$50.87$55.92$42.41
Sweetgreen.06$13.49$17.10$13.14

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
Databricks
+18.4%
SpaceX
+17.9%
ZX Firm Offers at Greatest Discount to Latest Reported Median Holding Value6
There were no ZX Firm Offers at a discount to April's median holding values

6 Premium and Discount agnostic to share class

ZX Market Snapshot: July, 2021

We’re excited to introduce a new chart to ZX Monthly Movers. Click to see bid/ask ratio for each month.

ZX saw more asks than bids in July, continuing a four month trend in which ask volume exceeded bid volume. Transactions priced from a 47.9% discount to a 50.9% premium to July average reported holding values.

On average, ZX Firm Buy Orders sit at a 18.2% premium to May’s median holding values, highlighted by bids in Databricks and SpaceX at 18.4% and 17.9% respectively. This marks the third consecutive month with no ZX Firm Offers at a discount to May’s median holding values.

Reported Holdings Commentary: Quarter Ending May 31st, 2021

This quarter, reporting holders marked up their private portfolios 2.5%, the seventh consecutive month of reported gains. May saw five companies marked-up 100% or more: Dataminr, MasterClass, Stripe, Cazoo and Fanatics.

Magic Leap, Ant Financial, Tory Burch, and SnapDeal saw the quarter’s largest mark-downs.

Sweetgreen saw its first positive reversal in five quarters, while Warby Parker saw its first negative reversal in five quarters.

Intarcia Therapeutics saw the highest pricing variance reported across funds. Some holders valued the company’s shares as high as $18.17 while others wrote-off their positions.

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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