Data Collective IV GP, LLC — 13F Portfolio

Data Collective IV GP, LLC is a general‑partner entity of DCVC (formerly Data Collective), a deep‑technology venture capital firm headquartered in Palo Alto, California. The GP oversees DCVC’s fourth flagship fund and associated vehicles, investing in early‑stage and growth‑stage companies that apply advanced computation and engineering to large, technically complex problems. DCVC was co‑founded by Matt Ocko and Zack Bogue, who serve as Managing Partners across the platform. The firm is recognized for backing companies in domains such as artificial intelligence and machine learning, robotics and automation, space and aerospace, advanced manufacturing, climate and energy systems, and computational biology and life sciences, with complementary exposure to enterprise infrastructure and data‑intensive software. For U.S. regulatory purposes, Data Collective IV GP, LLC files with the Securities and Exchange Commission as an institutional investment manager under CIK #0001664974. Because it exercises investment discretion over portfolios that include U.S.-listed securities above the Section 13(f) reporting threshold, it submits quarterly Form 13F reports. These filings disclose the U.S.-listed long equity and certain equity‑like positions associated with DCVC Fund IV and related accounts. The vast majority of DCVC’s activity takes place in private markets—seed, Series A, and growth rounds in privately held companies. The 13F portfolio represents only the subset of Fund IV’s positions that have become publicly traded (typically after IPOs, direct listings, or de‑SPAC transactions), plus any additional U.S.‑listed positions taken to manage exposure or express specific views. As a result, Form 13F serves as a narrow but structured lens on how a predominantly private venture franchise interacts with public markets.

Data Collective IV GP, LLC reflects DCVC’s core deep‑tech venture strategy. The fund focuses on companies where hard science, engineering, and data‑intensive computation are central to the value proposition, often targeting sectors neglected by traditional venture investors because of technical complexity or long development cycles. Defining elements of the approach include: - Stage focus: Primarily early‑stage (seed and Series A) with follow‑on capital into later rounds for successful companies, and occasional growth‑stage entries where DCVC’s domain expertise can still create an edge. - Technical diligence: Heavy emphasis on understanding the underlying science and engineering—frequently involving academic founders, proprietary IP, and defensible technology stacks—alongside business‑model analysis. - Thematic orientation: Focus on verticals such as AI and ML, robotics and autonomy, space launch and satellite infrastructure, industrial and advanced manufacturing systems, climate and energy technologies, cybersecurity and infrastructure software, and computational biology, diagnostics, and therapeutics platforms. - High‑conviction, long‑horizon ownership: Portfolios are concentrated in a limited number of core positions, with the expectation that value realization can take many years and often occurs well after liquidity events. Within the U.S.-listed universe that appears in Form 13F, this philosophy manifests as: - Positions in former private portfolio companies that have listed on U.S. exchanges, where Fund IV continues to hold significant stakes post‑IPO or post‑SPAC. - Select liquid holdings in peer or ecosystem companies that mirror key themes (for example, enabling infrastructure or vertically integrated platforms) and occasionally serve as risk‑management or exposure tools. Because the underlying venture program is long‑term and event‑driven, turnover in the 13F sleeve is typically low. New positions appear as portfolio companies go public; reductions tend to occur gradually as DCVC manages liquidity and position sizing relative to conviction, governance constraints, and fund‑life considerations. For allocators, a detailed review of DCVC Fund IV’s 13F Portfolio Composition across reporting periods—number of issuers, concentration in top holdings, and sector mapping—provides the clearest factual view of how the deep‑tech thesis has translated into public‑equity exposure. When this holdings record is run through a Portfolio Simulator or Backtesting Service, it can be used to construct a synthetic Historical Track Record of the U.S.-listed sleeve, with the critical caveat that it captures only a small fraction of the fund’s privately held assets.

Data Collective IV GP, LLC represents the GP of a deep‑technology venture fund whose center of gravity lies in private markets, but whose maturing portfolio increasingly surfaces in public disclosures. Its 13F filings offer a structured, if partial, view of that transition—showing which portfolio companies have become publicly traded, how long positions are maintained post‑listing, and how concentrated the public‑equity tail of the fund remains. Over its 13F History, the public sleeve associated with DCVC Fund IV generally exhibits a small number of core holdings, sector clustering around deep‑tech verticals, and low turnover consistent with a long‑horizon venture approach. For allocators, analyzing changes in 13F Portfolio Composition—including the entry of new listings, staged reductions in legacy positions, and shifts in thematic emphasis—provides insight into both the fund’s realization cycle and its evolving risk profile. When embedded in a 13F‑aware analytical framework, this holdings history can be used to reconstruct a synthetic Historical Track Record for the fund’s U.S.-listed long‑equity component and to assess its risk‑adjusted characteristics through metrics such as Max Drawdown Depth and Sharpe Ratio. These data‑driven insights, while necessarily incomplete, help contextualize how DCVC’s deep‑tech bets have behaved once exposed to public‑market pricing. A central diagnostic question for further evaluation is how a concentrated, deep‑technology public portfolio of the type managed under Data Collective IV GP, LLC would perform under a regime characterized by higher real interest rates, changing risk appetite for hard‑tech and life‑sciences innovation, and more intense regulatory and geopolitical scrutiny of critical technologies—and how those conditions might affect both realized drawdowns and long‑run compounding implied by the reconstructed track record.

The risk characteristics of Data Collective IV GP, LLC’s portfolio, as glimpsed through its 13F filings, echo those of a concentrated, sector‑specialist venture strategy extended into public markets. Key dimensions include: - Concentration and idiosyncratic risk: The public book is typically composed of a limited number of meaningful positions, each tied to a specific deep‑tech company or theme. Outcomes are therefore highly sensitive to company‑specific developments—technical milestones, regulatory decisions, competitive dynamics, customer‑adoption curves, and capital‑market conditions for high‑growth issuers. - Sector and thematic risk: Overweights in AI, robotics, space, advanced manufacturing, and computational biology create exposure to technology, regulatory, and funding cycles in those verticals. Shifts in government policy (e.g., space or defense procurement), regulatory standards (especially in life sciences), or public sentiment toward complex technologies can translate rapidly into valuation volatility. - Style and valuation risk: Many DCVC‑backed companies have long product‑development cycles and reinvest heavily for growth, resulting in long‑duration cash‑flow profiles. In environments where discount rates rise or investor appetite for unprofitable or R&D‑intensive growth diminishes, such names can experience sharp multiple compression, even if long‑term fundamentals remain intact. - Liquidity and path risk: Newly listed deep‑tech companies often have narrower investor bases and more volatile trading than mature large caps. This raises liquidity and gap‑risk around earnings, trial results, technology demonstrations, or regulatory announcements, particularly when free float is constrained by insider or venture holdings. By reconstructing quarter‑by‑quarter 13F holdings for Data Collective IV GP, LLC (CIK #0001664974), an analyst can estimate path‑dependent risk metrics for the visible public‑equity sleeve. Performance Backtests Online built on this reconstruction can quantify volatility and downside behavior—captured by measures such as Max Drawdown Depth—and assess indicative risk‑adjusted outcomes via statistics like Sharpe Ratio. These analytics describe how a concentrated basket of deep‑tech, venture‑origin public equities would have behaved through different market regimes: AI‑driven rallies, risk‑off phases in high‑growth tech, rotations toward value or income, and periods of heightened regulatory or geopolitical scrutiny. They should not be interpreted as a complete view of DCVC Fund IV’s risk, because the majority of exposure remains in private companies, and any use of hedging, derivatives, or non‑U.S. securities is not captured by Form 13F.