Setter30 Performance

On this page, you can compare any Setter30 cohort against the S&P 500 over the same period. Based on the page's calculations, certain Setter30 cohorts have outperformed the S&P 500 on an estimated mark-to-market basis. The Setter30 is not an investable basket, and many Setter30 companies may not be purchasable or saleable at the marks shown. These figures reflect estimated company-level valuation marks from funding rounds, secondary indications, public-market values after listing, and SetterVC estimates, not realized investor returns. Valuation marks are estimates, may be erroneous, and may differ materially from executable secondary-sale prices. Past performance does not guarantee future performance.

MOIC, or Multiple on Invested Capital, is terminal value divided by entry value. A 3x MOIC means $1 grew to $3 on paper. On this page, MOIC describes hypothetical valuation change, not actual investor profit. It assumes entry at the Setter30 starting valuation and exit at the current or terminal valuation mark. It is not a target, recommendation, or indication that shares could actually be bought or sold at those prices. Valuation marks are estimates, may be erroneous, and may differ materially from executable secondary-sale prices. Past performance does not guarantee future performance.

CAGR, or Compound Annual Growth Rate, expresses total valuation change as an annualized percentage. This makes different cohorts comparable regardless of holding period. It is calculated as terminal value divided by initial value, raised to the power of one divided by years held, minus one. On this page, CAGR is based on hypothetical valuation marks, not realized investor returns. Valuation marks are estimates, may be erroneous, and may differ materially from executable secondary-sale prices. Past performance does not guarantee future performance.

Value-weighted performance weights each company by its entry valuation, so larger companies move the basket more. This is closer to how a position-sized basket would behave. Equal-weighted performance gives every company the same weight, showing the typical company experience rather than being dominated by the biggest names. The charts let you toggle between the two. In both cases, the figures are hypothetical valuation-mark calculations, not realized investor returns. Valuation marks are estimates, may be erroneous, and may differ materially from executable secondary-sale prices. Past performance does not guarantee future performance.

The S&P 500 is rebased to the same starting value, 1.0x, as the selected Setter30 cohort on the same date. This compares the hypothetical growth of one dollar in the Setter30 valuation-mark basket against one dollar in the S&P 500 over the identical period. Rebasing removes the effect of the index's prior performance and answers a single question: starting on the same day, which would have grown more? The Setter30 is not an investable basket, and many Setter30 companies may not be purchasable or saleable at the marks shown. Valuation marks are estimates, may be erroneous, and may differ materially from executable secondary-sale prices. Past performance does not guarantee future performance.

These are paper, mark-to-market figures, not realized investor returns. A private company's valuation may reflect its most recent funding round, secondary indications, or SetterVC estimates, not a price at which an investor actually bought or sold. Valuation marks are estimates, may be erroneous, and may differ materially from executable secondary-sale prices. Pre-IPO shares are illiquid and may be impossible to exit at the marked value. Transaction costs, minimum sizes, transfer restrictions, share class differences, company approval rights, and seller availability all affect what could actually be realized. Past performance does not guarantee future performance.

Earlier cohorts generally had lower entry valuations and longer holding periods, which gave private valuations more time to compound. Later cohorts often entered at elevated 2021 valuations, compressing the multiple available even for companies that performed well. These are hypothetical valuation-mark multiples, not realized investor returns. Valuation marks are estimates, may be erroneous, and may differ materially from executable secondary-sale prices. Past performance does not guarantee future performance.

Private-company valuations are tracked using disclosed funding rounds, available market data, secondary indications, and SetterVC estimates. Once a company goes public, its public-market value from SetterVC's public-stocks dataset may be used. SetterVC does not independently verify every mark, and figures may be incomplete, stale, erroneous, or revised. Private-company valuation marks may differ materially from executable secondary-sale prices.

Pre-IPO secondary positions are illiquid, so there is no guaranteed exit at any given price. The MOIC figures shown assume you could enter at the Setter30 valuation mark and exit at the current or terminal valuation mark, which may not be achievable in practice. Transaction costs, minimum sizes, transfer restrictions, share class differences, company approval rights, and the availability of buyers or sellers all affect what could actually be realized.

The inaugural Q3 2020 cohort has delivered one of the highest aggregate MOICs of any Setter30 cohort, reflecting its longer holding period and the private-market environment of 2020 and 2021. These MOIC figures are hypothetical calculations based on company-level valuation marks rather than realized investor returns. The Setter30 is not an investable basket, pre-IPO shares are illiquid, and private-company valuation marks are estimates that may be erroneous or differ materially from executable secondary-sale prices. Past performance does not guarantee future performance. Cohort-level MOIC figures are shown on the S&P comparison chart; select any starting quarter to see the basket multiple.

The largest paper gains have generally come from companies in the earliest cohorts that compounded over several years. The inaugural Q3 2020 edition included names like Airbnb, DoorDash, Robinhood, SpaceX, and Stripe. You can hover over any cohort on the charts to see individual trajectories. These are hypothetical valuation-mark gains, not realized investor returns. Valuation marks are estimates, may be erroneous, and may differ materially from executable secondary-sale prices. Past performance does not guarantee future performance.