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. The SharesPost 100 List defines the SharesPost 100 Fund’s primary investible universe.
Total Return Information
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Annualized Total Return: 1/1/2015 - 12/31/2020 (5 Year)
(Inception Date: 3/25/14) Annualized Total Return:
1/1/2015 - 12/31/2020 (5 Year)Returns based on Purchase
Without Any Sales Charge (NAV)7.78% Returns Based on Purchase With
Maximum Sales Charge of 5.75% (POP)6.51% Fund Benchmark Russell 2000 Index 13.26% -
Annualized Total Return: Inception - 12/31/2020
(Inception Date: 3/25/14) Annualized Total Return:
Inception - 12/31/2020Returns based on Purchase
Without Any Sales Charge (NAV)9.54% Returns Based on Purchase With
Maximum Sales Charge of 5.75% (POP)8.58% Fund Benchmark Russell 2000 Index 9.43% -
Cumulative Total Return: 1/1/2020 - 12/31/2020 (1 Year)
(Inception Date: 3/25/14) Cumulative Total Return:
1/1/2020 - 12/31/2020 (1 Year)Returns based on Purchase
Without Any Sales Charge (NAV)23.69% Returns Based on Purchase With
Maximum Sales Charge of 5.75% (POP)16.57% Fund Benchmark Russell 2000 Index 19.96% -
Cumulative Total Return: Inception - 12/31/2020
(Inception Date: 3/25/14) Cumulative Total Return:
Inception - 12/31/2020Returns based on Purchase
Without Any Sales Charge (NAV)85.29% Returns Based on Purchase With
Maximum Sales Charge of 5.75% (POP)74.64% Fund Benchmark Russell 2000 Index 84.10%
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 3.32%, 3.57%, and 3.07% 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.
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Annualized Total Return: 1/1/2015 - 12/31/2020 (5 Year)
(Inception Date: 11/17/17) Annualized Total Return:
1/1/2015 - 12/31/2020 (5 Year)Returns based on Purchase
Without Any Sales Charge (NAV)N/A Fund Benchmark Russell 2000 Index N/A -
Annualized Total Return: Inception - 12/31/2020
(Inception Date: 11/17/17) Annualized Total Return:
Inception - 12/31/2020Returns based on Purchase
Without Any Sales Charge (NAV)11.79% Fund Benchmark Russell 2000 Index 10.90% -
Cumulative Total Return: 1/1/2020 - 12/31/2020 (1 Year)
(Inception Date: 11/17/17) Cumulative Total Return:
1/1/2020 - 12/31/2020 (1 Year)Returns based on Purchase
Without Any Sales Charge (NAV)23.97% Fund Benchmark Russell 2000 Index 19.96% -
Cumulative Total Return: Inception - 12/31/2020
(Inception Date: 11/17/17) Cumulative Total Return:
Inception - 12/31/2020Returns based on Purchase
Without Any Sales Charge (NAV)41.60% Fund Benchmark Russell 2000 Index 38.11%
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 3.32%, 3.57%, and 3.07% 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.
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Annualized Total Return: 1/1/2015 - 12/31/2020 (5 Year)
(Inception Date: 5/11/18) Annualized Total Return:
1/1/2015 - 12/31/2020 (5 Year)Returns based on Purchase
Without Any Sales Charge (NAV)N/A Returns Based on Purchase With
Maximum Sales Charge of 4.25% (POP)N/A Fund Benchmark Russell 2000 Index N/A -
Annualized Total Return: Inception - 12/31/2020
(Inception Date: 5/11/18) Annualized Total Return:
Inception - 12/31/2020Returns based on Purchase
Without Any Sales Charge (NAV)10.35% Returns Based on Purchase With
Maximum Sales Charge of 4.25% (POP)8.55% Fund Benchmark Russell 2000 Index 9.65% -
Cumulative Total Return: 1/1/2020 - 12/31/2020 (1 Year)
(Inception Date: 5/11/18) Cumulative Total Return:
1/1/2020 - 12/31/2020 (1 Year)Returns based on Purchase
Without Any Sales Charge (NAV)23.36% Returns Based on Purchase With
Maximum Sales Charge of 4.25% (POP)18.13% Fund Benchmark Russell 2000 Index 19.96% -
Cumulative Total Return: Inception - 12/31/2020
(Inception Date: 5/11/18) Cumulative Total Return:
Inception - 12/31/2020Returns based on Purchase
Without Any Sales Charge (NAV)29.71% Returns Based on Purchase With
Maximum Sales Charge of 4.25% (POP)24.19% Fund Benchmark Russell 2000 Index 27.54%
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 3.32%, 3.57%, and 3.07% 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.
SharesPost 100 Fund Top 10 Holdings As of 12/31/2020*
Represents 37.88% of Fund holdings as of December 31, 2020. 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.
Clean Technology
ChargePoint
Founded in 2007|Total Funding $670,075,930
ChargePoint designs, builds, and supports all aspects of its of electric vehicle charging network including charging stations, hardware, energy management software, and the associated mobile application. Headquartered in Campbell, CA, the company was founded in 2007 by Dave Baxter, Harjinder Bhade, and Richard Lowenthal with the goal of transforming transportation and energy use by helping more people choose to drive electric. ChargePoint offers a number of products designed to serve a broad array of clients including apartment communities, stadium and entertainment venues, cities, parking operators, general workplaces, and individual homes. As of December 2018, the company has over 57 thousand total charging spots spread over 10 countries.
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
Palantir
Founded in 2004|Total Funding $2.79B
Palantir Technologies is a data analytics software company founded by former Peter Thiel, along with Alex Karp (current CEO), Joe Lonsdale, and Stephen Cohen in 2004. Palantir develops data analytics software that addresses fraud prevention, counter-terrorism, and other intelligence tasks for businesses and central governments. The company has over 2200 employees spread across 21 offices worldwide. Palantir’s key products include Palantir Gotham – primarily designed for the governments and Palantir Foundry – focused on industrial and enterprise clients. The company has been making efforts to shift its revenue mix from government to enterprise clients as it prepares towards a public offering in 2019 / early 2020.
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.
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.
Healthcare/Biotech
23andMe
Founded in 2006|Total Funding $791,607,056
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.
Security
Tanium
Founded in 2007|Total Funding $470,943,489
Tanium is transforming IT security and systems management. It is the industry’s only platform capable of delivering 15-seconds visibility and control over millions of geographically distributed endpoints, from laptops to desktops to virtual machines to ATMs. Instead of relying on data that is hours, days or weeks old, Tanium technology provided security and IT teams accurate and complete data that is only seconds old with the unique ability to make changes across the enterprise in seconds, as well.
Consumer Web
Nextdoor
Founded in 2010|Total Funding $447,898,077
Nextdoor is the free and private social network for neighborhoods. Using Nextdoor's platform, available on the Web and mobile devices, neighbors create private neighborhood websites where they get to know one another, ask questions, exchange local advice and recommendations, and organize virtual neighborhood watches to reduce crime.
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.
Important Disclosure
AS OF DECEMBER 8TH, 2020, LIBERTY STREET ADVISORS, INC. REPLACED SP INVESTMENTS MANAGEMENT, LLC (“SPIM”) AS THE ADVISER TO THE FUND. THE FUND’S INVESTMENT OBJECTIVES, INVESTMENT STRATEGY, AND POLICIES 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 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” or "LSA") 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 NAV, may vary. Due to transfer restrictions and the illiquid nature of the Fund’s investments, you may not be able to sell your investments when you wish to do so. 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. If the Fund does not have at least 500 Members for an entire taxable year, you could receive an adverse tax treatment. 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, its investment strategy and your investment in the Fund, and other additional details.
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.
LSA is the investment adviser to the Fund and is a SEC registered investment adviser. Prospective investors should review the conflicts of interest described in the section entitled “Conflicts of Interest” in the Prospectus prior to making an investment in the Fund.
The Fund is distributed by FORESIDE FUND SERVICES, LLC
*The Fund is subject to a Fundamental Concentration Policy pursuant to which no more than 25% of the value of its assets may be invested in companies in a particular industry or group of industries. Further, holdings in companies that represent more than 5% of value of Fund’s total assets may not exceed more than 50% of the value of Fund’s assets. 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.”