Marc Andreessen and Ben Horowitz's Trades and Holdings in Q2 2026

Breaking down the stocks Marc Andreessen and Ben Horowitz (A16Z) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from A16Z's 13F filed on July 24, 2026.

Who are Marc Andreessen, Ben Horowitz and Andreessen Horowitz?

Andreessen Horowitz (a16z) is a prominent venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. The firm manages over $35 billion in assets across multiple funds and is renowned for its high-conviction bets on transformative technologies, often maintaining concentrated positions in early-stage to growth-stage companies while also allocating to select public equities through its growth and public market strategies. The overarching investment style emphasizes "software is eating the world," a philosophy coined by Andreessen, prioritizing disruptive innovations in areas like AI, biotech, crypto, consumer tech, and enterprise software. Andreessen and Horowitz focus on founder-led companies with massive market potential, strong network effects, and scalable business models, providing not just capital but extensive operational support through a large team of experts in talent, marketing, and policy. They advocate for long-term compounding through bold, contrarian theses—such as Andreessen's "It's Time to Build" manifesto urging investment in infrastructure and innovation amid societal challenges.

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A16Z on X
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Ben Horowitz on X
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

By the second quarter of 2026, Andreessen Horowitz's public markets portfolio reflected the firm's conviction that digital assets and disruptive innovation remain central pillars of the "software is eating the world" thesis, with core holdings in Bitwise Bitcoin ETF and Bitwise Ethereum ETF anchoring the book alongside biotech bets like Wave Life Sciences, Invivyd and Rocket Pharmaceuticals, and consumer-tech exposure via Disney and Pinterest. The quarter's rotation—adding Tidal Trust I, World Gold Tr, and newly public design software firm Figma Inc while jettisoning legacy blue-chip stakes in Berkshire Hathaway, Tesla, Walmart and Airbnb—signaled a16z's deepening tilt toward crypto infrastructure, gold as a macro hedge, and high-growth technology platforms over diversified conglomerates and mature consumer names.

New Investments

Tidal Trust I

Marc Andreessen and Ben Horowitz bought $16.18M of Tidal Trust I in Q2 2026. Over the past two quarters, the trust has been in a modest uptrend, with one of its larger series reporting a net increase in net assets from operations of about $338 million driven by approximately $333 million in net realized and unrealized gains in the most recent semi‑annual period. Market performance in the current quarter has been positive but not exceptional, as an illustrative strategy in the trust has produced roughly a 5.23% return over the last 90 days while its risk‑adjusted profile ranks only stronger than about 5% of global equities, suggesting that recent gains are more beta‑driven than peer‑beating alpha. Fundamentally, the trust is supported by improving results at portfolio companies such as Stran & Company, which in Q1 2026 increased sales by roughly 9% year over year to about $31.2 million and shifted from prior‑year losses to positive net income of approximately $0.7 million and EBITDA of around $1.0 million, a trend that can bolster valuations if sustained.

• Net increase in net assets from operations in a key series during the latest semi‑annual (two‑quarter) period was approximately $338.3 million, driven by about $333.5 million in net realized and unrealized gains..
• An example strategy in the trust delivered about 5.23% total return over the last 90 days, with an expected daily return of roughly 0.0904% and volatility around 1.3%..
• Stran & Company, a notable holding, reported Q1 2026 revenue of about $31.2 million (up from roughly $28.7 million a year earlier), EBITDA of around $1.0 million versus a prior‑year loss, and net income of approximately $0.7 million compared with a loss of about $0.4 million..

World Gold Tr

Marc Andreessen and Ben Horowitz bought $15.73M of World Gold Tr in Q2 2026. The position increases your direct exposure to physical gold at a time when the trust has delivered strong 12‑month absolute returns but has trailed high‑beta gold‑equity funds such as BlackRock’s World Gold Fund, which shows a one‑year total return of 194.17%. In the last two completed quarters, J.P. Morgan estimates average gold prices of 4,873 in Q1 2026 and 4,800 in Q2 2026, implying broadly flat to slightly negative performance for the trust as bullion consolidated at elevated levels after a strong run. This quarter, World Gold Council data indicate July prices were roughly unchanged (around 0% month‑on‑month), but J.P. Morgan still projects an upswing to average levels of 5,300 in Q3 and 6,000 in Q4 2026, so any move toward those targets would be a material positive catalyst for the trust’s value.

• Average quarterly gold price estimates: Q1 2026 4,873, Q2 2026 4,800, indicating a roughly -1.5% sequential decline in the trust’s underlying asset..
• Forward estimates: J.P. Morgan forecasts Q3 2026 average at 5,300 and Q4 2026 at 6,000, implying potential upside of about 10% and 25% versus the Q2 average if realized..
• Peer comparison: BlackRock World Gold Fund reports a one‑year total return of 194.17%, underscoring the higher beta of gold‑equity strategies relative to the trust’s direct bullion exposure..

iShares

Marc Andreessen and Ben Horowitz bought $9.86M of iShares in Q2 2026. Over the last twelve months, iShares' ETF franchise has seen robust growth, with global ETF and ETP inflows of $341 billion in Q4 2025 across asset classes, reinforcing the platform's scale, liquidity, and fee-bearing asset base. In the most recent quarter, Q1 2026, equity ETFs started exceptionally strong with over $100 billion of inflows in both January and February before momentum stalled in March amid heightened geopolitical risk in the Middle East, while fixed income ETF flows dominated toward the end of the quarter as investors sought safety, indicating that iShares is gaining share in lower-risk exposures even as risk-on demand pauses. Fund-level performance has been competitive or leading versus peers, with conservative products like the iShares $ Treasury Bond 0–1yr UCITS ETF returning 2.81% over 1 year and 2.88% over 6 months compared with 2.70% and 2.74% for a similar ultra-short bond fund, while higher-beta thematic strategies such as the MSCI Global Semiconductors UCITS ETF are up 81.5% in 2026 and 138.1% over 1 year, highlighting both defensive and growth avenues for value creation within the iShares lineup.

• Global ETF and ETP inflows into iShares products reached $341 billion in Q4 2025, sustaining a record quarterly pace across asset classes..
• Equity ETFs saw over $100 billion of inflows in both January and February of Q1 2026 before slowing in March, while fixed income ETFs gained share of flows toward the end of the quarter..
• The iShares $ Treasury Bond 0–1yr UCITS ETF delivered 2.81% 1-year and 2.88% 6-month returns compared with 2.70% and 2.74% for a peer ultra-short bond fund, indicating marginal outperformance versus competitors..

Figma Inc

Marc Andreessen and Ben Horowitz bought $7.37M of Figma Inc in Q2 2026. The purchase comes as the company delivers accelerating top-line growth, with Q4 2025 revenue of $303.8M (+40% YoY), Q1 2026 revenue of $333.4M (+46% YoY), and a current-quarter Q2 2026 print of $370.1M (+48% YoY) that beat guidance and Street estimates, reflecting strong seat expansion and early monetization of its AI design tools. Fundamentals are improving on some dimensions—GAAP net losses have narrowed from $226.6M in Q4 2025 to about $142M in Q1 2026 and $112.2M in the current quarter, and net dollar retention remains a very strong 136% with non-GAAP gross margin at roughly 85%—but heavy AI-related R&D, marketing around the Config conference, and higher stock-based compensation pushed total operating expenses up over 100% year-over-year and compressed adjusted operating margin from 16% to 10% sequentially. Despite consistent earnings and revenue beats, and a raised full-year revenue outlook to $1.463–$1.467B on the back of growing adoption of AI offerings like Make, MCP, Weave, Motion and Figma Agent, the stock is still down about 36.45% year-to-date and 68.88% over the past 12 months—significantly underperforming U.S. software peers at roughly -17.7%—as investors remain skeptical that the company can translate its high-growth, high-retention model into durable profitability.

• Q2 2026 revenue was $370.1M, up 48% year-over-year and above the prior guidance range of $348–$350M and consensus estimate of $351.6M.
• Adjusted operating margin declined from 16% in the previous quarter to 10% in Q2 2026 as total operating expenses rose to $426.9M, nearly doubling year-over-year.
• Shares have fallen 36.45% year-to-date and 68.88% over the last 12 months, versus the U.S. software sector at approximately -17.7% over one year.

Flexshares Tr

Marc Andreessen and Ben Horowitz bought $7.25M of Flexshares Tr in Q2 2026. Across the FlexShares Trust platform, performance over the past twelve months has been muted, with strategies like the Real Assets Allocation Index Fund delivering a 0.66% 1‑year NAV return versus 17.49% for the MSCI ACWI Index and the Credit‑Scored US Long Corporate Bond Index Fund posting a -2.50% 1‑year return as of June 30, 2026, underscoring underperformance versus broad equities. For the specific corporate bond ETF you added, the market price has edged down from roughly $48.47 in March 2026 to about $47.95 most recently, indicating that over the last two quarters performance has been slightly negative and the fund has been a modest detractor versus risk‑on equity peers despite continuing to deliver income. No major issuer‑specific corporate events or regulatory changes are evident in available recent fund documents for FlexShares Trust over the last two quarters, so current‑quarter value drivers are predominantly macro—if U.S. rates decline or credit spreads tighten further, this income‑oriented exposure should see price gains in addition to yield, whereas renewed rate volatility would cap upside.

• Real Assets Allocation Index Fund 1‑year NAV return 0.66% vs MSCI ACWI Index 17.49% over the same period..
• Credit‑Scored US Long Corporate Bond Index Fund 1‑year total return -2.50% as of 06/30/2026, with worst 3‑month period -16.79% and best 3‑month period 16.16% over its history..
• Your corporate bond ETF position was increased by 3.3% in Q4 2025 (from 217.8k to 225.0k shares), with the fund trading around $48.47 in March 2026 and approximately $47.95 currently..

Graniteshares Gold Tr

Marc Andreessen and Ben Horowitz bought $7.19M of Graniteshares Gold Tr in Q2 2026. Over the most recently reported quarter ended March 31, 2026, the trust continued to gain from the gold rally, with NAV per share rising to $45.39 and delivering a cumulative 40.01% total return at NAV and 41.33% at market price over the nine months since June 30, 2025, in line with a 40.18% increase in the underlying gold price highlighted in its latest 10‑Q. However, quarterly net income of $101.34M and diluted EPS of $2.87 were down roughly 38.6% and 42% year-over-year versus the prior-year quarter’s $165.07M and $4.97, indicating that the pace of gains has normalized after an exceptionally strong FY2025 even as NAV and assets under custody continue to expand. In the current trading quarter the shares have slipped about 10.6% over the last three months and 3.5% over the last month while still up roughly 27–56% over the past year within a $32.70–$54.63 52‑week range, a pattern consistent with short‑term profit‑taking after a major move, with the main ongoing catalyst for further upside being any renewed strength in gold prices given the trust’s fully physically‑backed structure.

• NAV per share increased from $32.42 on June 30, 2025 to $45.39 by March 31, 2026, driving a 40.01% total return at NAV and a 41.33% market-price return over the nine‑month period..
• Q3 2026 net income was $101.34M, down 38.6% from the prior-year quarter’s $165.07M, with diluted EPS declining from $4.97 to $2.87..
• The share price is down about 10.58% over the last three months and 3.53% over the last month but up between 27.66% and 56.22% over the past 12 months, within a $32.70–$54.63 52‑week trading range..

Dimensional Etf Trust

Marc Andreessen and Ben Horowitz bought $2.43M of Dimensional Etf Trust in Q2 2026. Across Dimensional ETF Trust’s core equity strategies, 1‑year total returns have been strong, with US Targeted Value posting a 34.5% price gain and US Equity Market delivering about 14.9%, both ahead of many broad US equity peers over the last 12 months. Over the last two quarters the trend has accelerated, as US Targeted Value has returned about 21.7% year‑to‑date and roughly 7.4% in the most recent three‑month period, while many other Dimensional ETFs rank highly on 3‑month fund‑flow and performance league tables, indicating the fund you added is benefiting from strong current‑quarter momentum and investor demand. From a fundamentals perspective the ETFs remain broadly diversified, factor‑tilted toward value and smaller‑cap stocks and offering cash yields in the roughly 0.9–1.3% range, and despite some pockets of higher volatility and only neutral risk‑adjusted returns in certain series, the combination of robust flows, recent performance and disciplined portfolio construction has supported valuation expansion across the trust’s product lineup.

• US Targeted Value ETF 1-year price return of 34.5% and year-to-date gain of 21.7% as of early August 2026.
• US Equity Market ETF 1-year total return around 14.9% with assets of about 18.4 billion dollars and dividend yield near 0.9%.
• Recent 3-month price performance of roughly 7.4% for US Targeted Value alongside strong net inflows into Dimensional ETFs, including a single-day asset gain of about $640 million.

Wealthfront Corp

Marc Andreessen and Ben Horowitz bought $2.31M of Wealthfront Corp in Q2 2026. Given the recent purchase, we view Wealthfront as a still‑growing digital wealth platform with fiscal 2026 revenue up 18% to $365.0 million but trailing 12‑month net income weakening to about -$55.2 million, highlighting the trade‑off between rapid top‑line expansion and GAAP profitability. In the current quarter (Q1 2027, ended April 30, 2026), the company delivered more moderate 7% year‑over‑year revenue growth to $90.5 million and net income of $12.8 million (EPS $0.07 vs. $0.09 consensus), as operating expenses and stock‑based compensation post‑IPO rose sharply even while platform assets climbed 19% year over year to $96.6 billion and funded clients increased 15% to 1.5 million. Compared with the prior quarter’s 16% revenue growth and stronger profitability, the near‑term trend shows decelerating earnings and margin compression as Wealthfront leans into product development and family‑oriented offerings—such as its newly launched tax‑efficient custodial account with $100 seed funding—which should support asset growth and long‑term valuation despite short‑term pressure on reported earnings.

• Q1 2027 revenue grew 7% year over year to $90.5 million, versus Q4 2026 revenue of $96.1 million with 16% year‑over‑year growth..
• Total platform assets reached $96.6 billion in Q1 2027, up 19% year over year, with funded clients increasing 15% to 1.5 million..
• Fiscal 2026 revenue was $365.0 million (up 18% from $308.9 million in 2025), while fiscal 2026 net income was a loss of -$42.1 million and trailing 12‑month net income stands at approximately -$55.2 million..

Schwab Strategic Trust

Marc Andreessen and Ben Horowitz bought $1.48M of Schwab Strategic Trust in Q2 2026. Over the past 12 months, the fund has delivered a robust total return of 23.13%, while its year‑to‑date gain of 14.18% substantially exceeds the large‑blend category’s 5.14%, signaling that it has been gaining relative performance versus peers rather than lagging. Across the last two quarters the trajectory has been steadily upward: Barchart data show the ETF up about 11.17% year‑to‑date by late May, with subsequent appreciation lifting YTD performance to 14.18% by mid‑August, indicating that the current quarter has extended the prior quarter’s strength rather than marking a reversal. Supported by broad U.S. equity market gains—such as the energy sector’s 41.7% trailing 12‑month return—and backed by Schwab’s record brokerage results, including quarterly net revenues of $7.1B (up 21% year‑over‑year) and GAAP EPS of $1.54 (up 42% year‑over‑year), the fund’s $43.26B asset base, 1.04% yield, and competitive three‑year annualized return of 21.29% versus the category’s 19.34% position it to benefit from continued investor demand for low‑cost broad‑market exposure.

• YTD total return 14.18% vs large-blend category 5.14%, reflecting roughly 9 percentage points of excess performance..
• Trailing 1-year return 23.13% vs category 27.72%, and 3-year annualized return 21.29% vs category 19.34%..
• Net assets of approximately $43.26B with yield around 1.04%, indicating a large, diversified portfolio delivering modest income..

Vanguard International Equity

Marc Andreessen and Ben Horowitz bought $881.47K of Vanguard International Equity in Q2 2026. The purchase adds to our exposure to broad developed and emerging ex‑US equities at a time when the strategy has delivered a strong 27.52% 1‑year return through Q1 2026, outpacing its spliced FTSE Global All Cap ex US benchmark at 25.47%. Returns over the last two quarters have remained positive, with a robust 4.51% gain in Q4 2025 followed by a more moderate but still constructive 1.75% in the most recent reported quarter (Q1 2026), and ETF performance of about 15.73% year‑to‑date through 10 August 2026 suggests gains have accelerated in the current quarter as international equities have recently outpaced U.S. large‑caps. Strategy assets have increased from roughly $120.7 billion at year‑end 2025 to about $132.8 billion as of 31 March 2026, and recent coverage of the fund’s 2026 outperformance versus the Vanguard S&P 500 ETF has highlighted improving investor sentiment toward international diversification, a potential catalyst for further value appreciation.

• Q4 2025 return 4.51% followed by Q1 2026 return 1.75%, both positive and contributing to a 27.52% 1‑year gain..
• The fund’s ETF share class is up approximately 15.73% year‑to‑date through 10 August 2026, compared with earlier‑year outperformance of about 10% versus the Vanguard S&P 500 ETF..
• Strategy assets increased from roughly $120.7 billion at year‑end 2025 to about $132.8 billion as of 31 March 2026, an asset growth of around 10% over one quarter..

Berkshire Hathaway

Marc Andreessen and Ben Horowitz bought $748.85K of Berkshire Hathaway in Q2 2026. Over the past two quarters, operating earnings have accelerated from $11.35 billion in Q1 2026 (up ~18% year over year) to $12.98 billion in Q2 (up 16% year over year), while net earnings more than doubled to about $25.7 billion this quarter, driven by strong rail, energy and industrial results despite softer insurance performance[31]. Even so, over the last 12 months the shares are only up roughly 6–7% with year‑to‑date gains of about 1–3%, lagging the S&P 500’s low‑teens return as investors digest the post‑Buffett leadership transition and earlier succession discount, although a recent rally to an eight‑month high and improving relative returns suggest momentum is turning[37][42]. The main near‑term upside drivers are Greg Abel’s pivot from hoarding to deploying cash—reducing the cash pile by roughly 8% from a record ~$397 billion, striking a $6.8 billion deal, becoming a net buyer of around $20 billion of equities, and restarting share repurchases now totaling more than $7.8 billion since March—which should support per‑share intrinsic value growth and narrow the valuation gap to peers[31][33][34][36][38][39][44][45].

• Q1 and Q2 2026 operating earnings rose ~18% and 16% year over year to $11.35 billion and $12.98 billion respectively; Q2 net earnings jumped to about $25.7 billion, more than doubling versus last year.
• Share price up roughly 5.05% over the last 3 months, 6.75% over 12 months, and about 1–3% year‑to‑date versus S&P 500 gains of roughly 11–14%, indicating continued relative underperformance[37].
• Cash and short‑term Treasuries peaked near $397.4 billion in Q1 and fell about 8% to roughly $365.5 billion in Q2 as management deployed capital, including more than $7.8 billion of share repurchases since March[34][36][38][41][44].

Ishares Gold Trust Micro

Marc Andreessen and Ben Horowitz bought $683.25K of Ishares Gold Trust Micro in Q2 2026. Over the last 12 months, the trust has delivered a total return of about 22.4% at NAV, modestly ahead of its gold benchmark and well above commodity‑focused ETF category and segment averages of roughly 5.3% and 20.1% respectively, underscoring its effectiveness as a physically‑backed gold vehicle with minimal tracking error. In the current quarter ended June 30, 2026, performance has turned sharply negative—NAV total return was -12.65% as the underlying gold price fell 12.64% from $4,608.35 to $4,026.05, driving an 11.84% drop in net assets from about $7.15 bn to $6.31 bn; based on the reported first‑half total return of -6.57%, this implies an inferred gain of roughly 7% in the prior quarter, so the product has shifted from early‑year strength to a year‑to‑date decline. Recent filings do not indicate structural changes or sponsor‑driven events that would independently re‑rate the vehicle, but net share creations of about 4.6% year‑to‑date signal continued institutional demand, and any recovery in gold prices—driven by shifts in interest‑rate expectations or macro risk appetite—would likely translate directly into renewed NAV and market‑price appreciation given the trust’s tight benchmark tracking.

• Q2 2026 NAV total return -12.65%, driven by a 12.64% drop in the gold price from $4,608.35 to $4,026.05..
• Net asset value fell 11.84% from $7,153,505,487 at March 31, 2026 to $6,306,659,686 at June 30, 2026..
• H1 2026 total return at NAV was -6.57% with net share creations increasing net assets by approximately 4.60% from year‑end, while the 1‑year total return remains positive at about 22.38%..

Reddit

Marc Andreessen and Ben Horowitz bought $429.89K of Reddit in Q2 2026. Over the last two reported quarters, the company has extended its high-growth, high-margin profile, with Q2 2026 revenue rising 61% year-over-year to $805 million, net income reaching $253 million at a 31% margin, and diluted EPS more than doubling to $1.25. Sequentially, revenue is up roughly 11% from Q4 2025’s $726 million and profitability remains robust (Q4 net margin 35% vs. Q2’s 31%), indicating the business is still gaining scale even as growth normalizes modestly from the prior quarter’s 70% year-over-year pace. Management is guiding Q3 revenue to $860–$870 million (implying 47–49% year-over-year growth) with an adjusted EBITDA margin of about 45%, alongside user growth to 514.6 million weekly actives and a previously announced $1 billion buyback, which together support a strengthening fundamental story that compares favorably to most ad-supported internet peers and provides clear catalysts for higher valuation as execution continues.

• Q2 2026 revenue $805 million, up 61% year-over-year; net income $253 million with 31% net margin; diluted EPS $1.25 vs. $0.45 a year ago..
• Q4 2025 revenue $726 million, up 70% year-over-year; net income $252 million at 35% margin; full-year 2025 revenue $2.2 billion, up 69% year-over-year..
• Q2 2026 WAUq 514.6 million, up 24% year-over-year; advertising revenue $762 million, up 64%; free cash flow $261 million and adjusted EBITDA $343 million (margin about 43%)..

Added, Trimmed, and Exited

Added

A16Z added meaningfully to several existing holdings, most notably Vanguard Index Funds (+78,209 shares, value up 143.9% to $100.83M), Vanguard Tax-Managed Funds (+290,480 shares, value up 96.5% to $47.46M), Nu Holdings (+585,800 shares to $192.97M), iShares (+351,139 shares, value up 320% to $10.48M), and Omada Health Inc (+141,605 shares, value up 210% to $7.33M). A small add was also made to a Coinbase put position.
What it means: The firm is leaning further into diversified index/ETF exposure (Vanguard) alongside conviction-building in newer growth names like Nu Holdings and Omada Health Inc, suggesting a barbell approach that pairs broad market beta with select high-growth fintech and digital health bets.

Trimmed

A16Z meaningfully cut several large-cap tech and financial positions this quarter, including Samsara (-645,392 shares, value down to $173.31M), American Express (-56,929 shares, -42.7% in value), Okta (-232,700 shares, -46.8% in value), and sharp reductions across mega-cap tech: NVIDIA (-90.1%), Microsoft (-86.6%), Apple (-70.0%), Alphabet (-64.3%), and Amazon (-53.9%). Robinhood shares were also trimmed (-25,137 shares) despite a 37.4% value increase, indicating price appreciation offset the reduction.
What it means: The broad-based trimming across the "Magnificent Seven" cohort suggests a deliberate rotation away from crowded, richly-valued mega-cap tech exposure, potentially to fund new bets in private/growth names like Figma Inc and Wealthfront Corp, while the Robinhood trim amid strong performance points to disciplined profit-taking rather than a loss of conviction.

Exited

A16Z fully liquidated 20 positions this quarter, led by Bondbloxx Etf Trust ($70.06M), Berkshire Hathaway (CL B, $2.22M), Tesla ($1.46M), Walmart ($1.32M), and an Airbnb put ($1.21M), alongside a broad swath of blue-chip and industrial names including Palantir, Eli Lilly &Co, JPMorgan Chase &Co, GE Aerospace, Goldman Sachs, ExxonMobil, Johnson &Johnson, GE Vernova, Morgan Stanley, Ubiquiti Inc, Micron, iShares Gold, AMD, and Aon.
What it means: The wholesale exit from a large, diversified basket of traditional blue-chip equities—paired with the initiation of a new, larger Berkshire Hathaway Class A stake—suggests a consolidation and repositioning of the portfolio's "value/defensive" sleeve, freeing up capital for the fresh gold, crypto-adjacent, and growth-stage bets seen in new positions this quarter.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.