Marc Andreessen Q1 2026 Portfolio — NAVN Position Increased, DMRA Newly Added

AH Capital Management LLC, led by Marc Andreessen, disclosed a portfolio of 16 holdings worth $1.3 billion in assets under management (AUM) in its Q1 2026 13F filing. The largest position was NAVN, accounting for 28.9% of the portfolio ($374 million), while the firm made a new $32 million purchase of DMRA. Meanwhile, OMDA was trimmed by 33% and Heritage Comm Corp's entire stake was sold off.

Top 5 Holdings — Q1 2026

• NAVN: $374M (28.9%)
• FIG: $338M (26.2%)
• META: $122M (9.4%)
• RVMD: $90M (6.9%)
• NAUT: $68M (5.3%)

Key Trading Moves This Quarter

AH Capital Management's top 10 holdings account for the vast majority of its portfolio, reflecting a highly concentrated strategy. NAVN (28.9%) and FIG (26.2%) are the top two positions, together representing more than half of total assets, followed by META at 9.4% ($122 million). Smaller mid-tier positions — RVMD (6.9%), NAUT (5.3%), and XYZ (4.7%) — round out the rest of the top holdings, underscoring the fund's continued focus on concentrated bets in a handful of names.

• NAVN: Position increased +4% ($374M) — reinforcing its status as the largest holding in the portfolio
• DMRA: New purchase of $32M — the largest new addition this quarter
• Heritage Comm Corp: Fully liquidated $129,074 → $0 — a small position closed out

The most notable move this quarter was the 4% increase in NAVN, reinforcing its position as the fund's largest holding. Meanwhile, OMDA was cut by 33% to $29 million, and FIG was trimmed slightly by 1%. Four new positions were established: DMRA ($32 million), AKTS ($7 million), BTGO ($5 million), and IP Strategy Holdings Inc ($21,843). Heritage Comm Corp was fully exited, with its $129,074 stake sold off entirely and removed from the portfolio.

Outlook

AH Capital Management continues to maintain a highly concentrated strategy, with more than 55% of assets held in its top two positions, NAVN and FIG. The expanded NAVN stake alongside several new small-cap additions suggests sustained interest in newly initiated positions, and the fund's portfolio is likely to remain volatile and concentrated in a small number of names in coming quarters.