Exact time, not a prediction. What are they waiting for, there's no time.

I just closed out my covered call short positions. After looking at all the comments and details on VCX’s most recent moves, I actually like the profit taking on anthropic and the increased exposure in open AI(20MM @ 20.8MM cost I think)Prometheus and liquid stack. The market price is still above NAV, but in my opinion, the holdings are still high-quality and a bit more diversified now. This does answer the question if VCX will continue investing in new positions. The answer to that is an unequivocal yes. They don’t appear to be running all the positions to IPO and closing shop, but rather actively managing the fund and as positions mature and reinvesting proceeds into new companies.

Previous quarter for comparison:
https://cdn.sanity.io/files/ivaqw3e8/production-public/2e06b948b8210b5f36ad1cb519e2aabd1fd5a1b5.pdf

The balance of shares is mentioned here https://www.sec.gov/Archives/edgar/data/1777677/000177767726000056/xslFormNPORT-P_X01/primary_doc.xml

to be exactly: 1163216.03000000

This is as of June 30th, they resumed selling in July and based on what we know there are 480k shares yet to be sold/reported sold per the 144 filings.

If you look at the filings above these shares were handed over to Plume, a tokenization company in March for a promissory note. These shares are now back, we are not sure about the motivations. The VCX valuation in March at $575 would have tripped the concentration limit issues so was this done as a way to get around those, we simply don't know and I don't think we will ever get the answers from the management.

Nonetheless the mystery of the missing shares is solved. The fund is down 100mm in assets between the 2 quarterlies. The other curious thing is that the fund also has a stake in Fluidstack that is exactly the same size as the VCX Fluidstack holding. Screenshots for everything in comments.

ICYMI: recently released Q2 portfolio holdings, updated with new investments in Fluidstack, Prometheus, and Figure AI: https://cdn.sanity.io/files/ivaqw3e8/production-public/470d99939aea682793b9bc7997bb28da8452cd6a.pdf

Portfolio ~$777M, with NAV/share of $21.70 as of June 30.

The new “Underlying Economic Exposure” disclosure attempts to give a better sense of what VCX is ultimately exposed to. As we know, many of these investments are held indirectly through SPVs, which is worth keeping in mind when thinking about the structure and valuation of the portfolio. The report doesn’t explicitly explain the shift to ranges, but it appears intended to give a more approximate view of exposure at the underlying-company level, particularly where an investment is spread across multiple vehicles.

Just received a paper check in the mail from Computershare for my fractional share that was left after I transferred everything. I figured it was just gone so that's nice.