By: Manisha Sethi Jun. 06, 2018

According to Crosslink Capital Inc’s SEC 13F filings on May 15, 2018, its portfolio value is $498.49 million. The top 10 holdings of the firm account for 62.89% of its portfolio value.  The largest share of Crosslink Capital’s holdings (71.28%) belong to the technology sector. Coupa Software Inc. (COUP) is the firm’s single largest holding, with 10,16,374 shares and a market value of $46.36 million. Crosslink Capital Inc, founded in 1989 by Michael Stark and Sy Kaufman, is based in San Francisco. It is a private equity and venture capital firm specializing in seed, early, mid-, late venture, special situation investments, and growth equity in private and public companies as well as in small- to mid-cap public equities and public growth companies. The firm also focuses on bridge financings, invests in public equity markets, and manages hedge funds for its clients.

Raltin’s analysis has found that 45 (58.44%) new stock buys of Crosslink Capital Inc have outperformed the S&P 500, of which 25 have outperformed the S&P 500 by more than 20%. Only 19 (24.68%) new buys out of 77 (between Q1 2014 & Q1 2018) have underperformed the S&P 500 by more than 20%. Raltin’s detailed methodology for analyzing stock performance is given here. The below table shows the total number of new stock purchases according to their S&P outperformance categories.

S&P outperformance categoryNumber of new stock purchasesTotal new purchases (%)
>20%2532.47
10-20%1519.48
0-10%56.49
-10-0%79.09
-20 to -10%67.79
<-20%1924.68
Total Stocks77

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Crosslink Capital Inc. bought four new stocks in the recent quarter from the following sectors: consumer discretionary, communications, and information technology. MercadoLibre, Inc. (MELI) accounts for 5.74% of the company’s portfolio value. The following table shows the number of shares of the new buys along with their holding value.

StocksNo. of sharesHolding value ($1,000)
MercadoLibre, Inc. (MELI)80,24028,597
GoDaddy Inc. (GDDY)239,44614,707
InterActive Corp. (IAC)66,29010,366
Mulesoft, Inc. (MULE)116,7455,134

The following table shows the portfolio value of the investor for the 5 quarters starting from Q1 2017 to Q1 2016 with the top 3 holdings in each period that outperformed the S&P 500 IRR.  Several new picks by the investor like Mulesoft, Inc. (MULE), Box, Inc. (BOX), and Carbonite, Inc. (CARB) have performed exceedingly well.

PeriodTotal portfolio value ($Mn)Top holdings (ticker, % of IRR difference from S&P 500)
Q1 2017624.422Mulesoft, Inc. (MULE, 69.4), Electronic Arts Inc. (EA, 23.89)
Q4 2016624.001Box, Inc. (BOX, 33.11), Coupa Software Incorporated (COUP, 5.46)
Q3 2016554.741Applied Materials, Inc. (AMAT, 56.83), Everbridge, Inc. (EVBG, 40.7), KLA-Tencor Corp. (KLAC, 36.04)
Q2 2016555.901Zillow Group, Inc. (ZG, 17.83)
Q1 2016602.268Carbonite, Inc. (CARB, 140.0)