Sapphire Ventures, L.l.c. 13F Holdings Overview (4 Positions)

Sapphire Ventures, L.l.c.'s disclosed holdings carry a Herfindahl concentration index of 0.401 — mathematically equivalent to about 2 equally-sized positions, well below its 4 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.90), suggesting a disciplined, rules-based approach to how much capital goes into each idea.

Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 48.4 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.

Sector classification currently covers about 2% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.