Investment Strategy
The SharesPost 100 Fund seeks capital appreciation by focusing on investments in late-stage, venture-backed private companies. As compared to startups and earlier-stage venture companies, these companies have more established product lines and customer bases, and typically have displayed revenue growth. The SharesPost 100 Fund’s strategy is to participate in the potential appreciation of these dynamic pre-lPO companies.
Investment Process
The SharesPost 100 Fund investment management team monitors the investment performance of venture capital firms and analyzes their portfolio companies with a proprietary process. From this analysis, we publish the SharesPost 100 List, a proprietary list that we believe to be the top 100 companies in the venture asset class.
Total Return Information As of 3/31/2021
| Q1 2021 | YTD | 1 Year | 3 Year | 5 Year | Ann ITD* | |
|---|---|---|---|---|---|---|
| A Share | 12.28% | 12.28% | 36.87% | 15.42% | 10.57% | 11.01% |
| A Share w/Load | 5.81% | 5.81% | 29.02% | 13.17% | 9.26% | 10.07% |
| I Share | 12.35% | 12.35% | 37.22% | 15.69% | - | 14.78% |
| L Share | 12.20% | 12.20% | 36.53% | - | - | 13.88% |
| L Share w/Load | 7.43% | 7.43% | 30.74% | - | - | 12.18% |
| Russell 2000 | 12.70% | 12.70% | 94.85% | 14.76% | 16.35% | 10.96% |
*Class A inception date 3/25/14, Class I inception date 11/17/17, Class L inception date 5/11/18.
Returns vary per share class. Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. For performance as of the most recent month-end, please call 1-800-834-8707. Some of the Fund’s fees were waived or expenses reimbursed; otherwise, returns would have been lower. The Fund’s total expenses are 3.00%, 3.25%, and 2.75% for the Class A, L, and I shares respectively. The Fund’s advisor has contractually agreed to waive fees and/or reimburse expenses such that total expenses do not exceed 2.50%, 2.75%, and 2.25% for the Class A, L, and I shares respectively. The agreement with the Advisor is in place through December 9, 2022. Net expenses are applicable to investors. Performance results with load reflect the deduction of the 5.75% maximum front end sales charge for Class A Shares and 4.25% for the Class L Shares.
The Russell 2000 is an index measuring the performance of approximately 2,000 smallest-cap American companies in the Russell 3000 Index, which is made up of 3,000 of the largest U.S. stocks. It is a market-cap weighted index. It is not possible to invest in an index.
SharesPost 100 Fund Top 10 Holdings As of 04/12/2021*
Represents 30.85% of Fund holdings as of April 12, 2021. Holdings are subject to change. Not a recommendation to buy, sell, or hold any particular security. To view the Fund’s complete holdings, visit sp100fund.com/portfolio.
Aerospace
SpaceX
Founded in 2002|Total Funding $5.24B
Space Exploration Technologies (“SpaceX”) was founded to design, manufacture, and launch advanced rockets and spacecrafts with the ultimate goal of enabling people to live on other planets. Headquartered in Hawthorne, CA, the company was founded by Elon Musk in 2002. Though its interplanetary goals are yet to be achieved, the company currently generates revenue through commercial and government contracts. These contracts make use of SpaceX rockets for a range of objectives, including launching satellites into orbit and resupplying the International Space Station. In 2010, SpaceX demonstrated its ability of returning a spacecraft from low Earth orbit. In 2012, the company delivered cargo to and from the International Space Station via its Dragon spacecraft. Through March 2018, SpaceX has secured 100 missions to its manifest, representing over $12 billion on contract.
Finance/Payments
Marqeta
Founded in 2010|Total Funding $378,773,579
Marqeta is an open-API platform to modernize card issueing for enterprises. The platform provides the tools and infrastructure to build configurable payment cards, simplifying the managing of payment programs for companies. According to the company, Marqeta gives clients complete control of all transactions and allows for each transaction to beapproved in real-time based on client’s business guidelines. The companies’ clients list includes Square, Inc., Affirm and Alipay.
Analytics/Big Data
Dataminr
Founded in 2009|Total Funding $607,451,640
Dataminr transforms real-time data from Twitter and other public sources into actionable signals, identifying the most relevant information for clients in finance, public sector, news, security and crisis management. DataMinr provides solutions for Corporate Security, Finance, Public Sector, and News Media companies to help discover high-impact events instantly and critical breaking information long before it’s in the news. The company was founded in 2009 by Ted Bailey, Jeff Kinsey, and Sam Hendel and is currently headquartered in New York. Dataminr’s competitive advantage is the company’s access to Twitter’s firehouse API, which provides access to all tweets posted in real-time.
Enterprise Software
Trax
Founded in 2010|Total Funding $385,500,000
Developer of an image recognition platform designed to deliver accurate and reliable performance analysis for consumer goods companies. The company's platform turns retail shelf images into real-time actionable insights, enabling manufacturers and retailers globally to control performance gaps, identify category opportunities and immediately increase revenue at all points of sale.
Aerospace
Axiom Space
Founded in 2016|Total Funding $119,000,000
Operator of a human spaceflight services company, providing countries, companies and individuals access to the International Space Station (ISS).
Advertising
PubMatic
Founded in 2006|Total Funding $65,260,411
PubMatic is the marketing automation software platform company that powers the programmatic advertising strategy of premium publishers. Through workflow automation, real time analytics and yield management, PubMatic enables publishers to make smarter, faster decisions that drive revenue and streamline operations. The company’s software solution provides a global roster of comScore publishers with a single view into their advertiser relationships across multiple screens, channels and formats.
Education
Udemy
Founded in 2010|Total Funding $193,210,367
Udemy is a global marketplace for teaching and learning online. Their course content and instructor community are constantly growing, with more than 40,000 courses taught by 20,000 instructors. They offer students the ability to learn as they go and succeed on their own terms, while instructors have a way to share their knowledge with the world. For companies, Udemy offers a subscription to their best business courses as well as an easy-to-use platform to create proprietary courses.
Healthcare/Biotech
23andMe
Founded in 2006|Total Funding $869,000,000
23andMe was founded in April 2006 by Anne Wojcicki and Linda Avery. The company offers consumer genetic testing and supports genetic research. The consumer genetics and research platform give customers interactive, web-based access to their genetic profile. They regularly increase the capabilities of the platform giving users more insight into their DNA. In addition to ancestry insights, 23andMe provides users insights into their personal genetic health traits. The company has taken strategic steps to begin leveraging its genetic database to develop novel drugs, exemplified by the investment by and partnership with pharmaceutical company GSK in 2018. According to the company, 23andMe has millions of customers worldwide, and approximately 85% have consented to participate in research. 23andMe is located in Mountain View, CA.
Adtech
NextRoll (AdRoll)
Founded in 2007|Total Funding $90,463,895
Formerly known as AdRoll, NextRoll is a marketing and data technology company with a mission to accelerate growth for companies.
Healthcare/BioTech
Crossover Health
Founded in 2010|Total Funding $281,500,000
Crossover Health platform provides personalized employee experiences for a healthy motivated workforce. The platform offers a new care delivery model for employers and integrates health and wellness benefits with tech-enabled services, leading to increases in access to care, decrease in spend and deliver health services to employees near and far.
Important Disclosure
AS OF DECEMBER 9TH, 2020, LIBERTY STREET ADVISORS, INC. REPLACED SP INVESTMENTS MANAGEMENT, LLC (“SPIM”) AS THE ADVISER TO THE FUND. THE FUND’S PORTFOLIO MANAGERS HAVE NOT CHANGED.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about the SharesPost 100 Fund (the "Fund"), please download here. Read the prospectus carefully before investing.
Investment in the Fund involves substantial risk. The Fund is not suitable for investors who cannot bear the risk of loss of all or part of their investment. The Fund is appropriate only for investors who can tolerate a high degree of risk and do not require a liquid investment. The Fund has no history of public trading and investors should not expect to sell shares other than through the Fund's repurchase policy regardless of how the Fund performs. The Fund does not intend to list its shares on any exchange and does not expect a secondary market to develop.
All investing involves risk including the possible loss of principal. Shares in the Fund are highly illiquid, and can be sold by shareholders only in the quarterly repurchase program of the Fund. Due to transfer restrictions and the illiquid nature of the Fund’s investments, you may not be able to sell your shares when, or in the amount that, you desire. The Fund intends to primarily invest in securities of private, late-stage, venture-backed growth companies. There are significant potential risks relating to investing in such securities. Because most of the securities in which the Fund invests are not publicly traded, the Fund’s investments will be valued by Liberty Street Advisors, Inc. (the “Investment Adviser”) pursuant to fair valuation procedures and methodologies adopted by the Board of Trustees. While the Fund and the Investment Adviser will use good faith efforts to determine the fair value of the Fund’s securities, value will be based on the parameters set forth by the prospectus. As a consequence, the value of the securities, and therefore the Fund’s Net Asset Value (NAV), may vary. There are significant potential risks associated with investing in venture capital and private equity-backed companies with complex capital structures. The Fund focuses its investments in a limited number of securities, which could subject it to greater risk than that of a larger, more varied portfolio. There is a greater focus in technology securities that could adversely affect the Fund’s performance. The Fund is a “non-diversified” investment company, and as such, the Fund may invest a greater percentage of its assets in the securities of a single issuer than investment companies that are “diversified.” The Fund’s quarterly repurchase policy may require the Fund to liquidate portfolio holdings earlier than the Investment Adviser would otherwise do so and may also result in an increase in the Fund’s expense ratio. This is not a complete enumeration of the Fund’s risks. Please read the Fund prospectus for other risk factors related to the Fund.
Companies that may be referenced on this website are privately-held companies. Shares of these privately-held companies do not trade on any national securities exchange, and there is no guarantee that the shares of these companies will ever be traded on any national securities exchange.
The Fund is distributed by FORESIDE FUND SERVICES, LLC