TriplePoint Venture Growth BDC (TPVG)
Market Price (1/19/2026): $6.585 | Market Cap: $265.5 MilSector: Financials | Industry: Asset Management & Custody Banks
TriplePoint Venture Growth BDC (TPVG)
Market Price (1/19/2026): $6.585Market Cap: $265.5 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 29%, Dividend Yield is 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 25% | Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -84% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 169% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 82% | Weak revenue growthRev Chg QQuarterly Revenue Change % is -36% | |
| Low stock price volatilityVol 12M is 32% | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -93%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -93% | |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Venture Capital, and Private Credit. | Key risksTPVG key risks include [1] deteriorating portfolio credit quality leading to high non-accrual rates and investment losses, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 29%, Dividend Yield is 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 25% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 82% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets. Themes include Venture Capital, and Private Credit. |
| Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -84% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 169% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -36% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -93%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -93% |
| Key risksTPVG key risks include [1] deteriorating portfolio credit quality leading to high non-accrual rates and investment losses, Show more. |
Why The Stock Moved
Qualitative Assessment
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1. Strategic Focus on High-Growth Sectors and Increased Debt Commitments.TriplePoint Venture Growth BDC reported its highest debt commitments since 2022 during its third-quarter 2025 earnings announcement on November 5, 2025. The company highlighted a strategic emphasis on artificial intelligence (AI) and other high-potential sectors, indicating a focus on future growth prospects.
2. Consistent Shareholder Distributions.The company maintained shareholder confidence by declaring regular and supplemental quarterly distributions for the fourth quarter of 2025 on October 14, 2025. This included a regular distribution of $0.23 per share and a supplemental distribution of $0.02 per share, providing consistent income for investors.
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Stock Movement Drivers
Fundamental Drivers
The 25.0% change in TPVG stock from 10/31/2025 to 1/18/2026 was primarily driven by a 52.7% change in the company's P/E Multiple.| 10312025 | 1182026 | Change | |
|---|---|---|---|
| Stock Price ($) | 5.26 | 6.58 | 25.05% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 53.50 | 44.08 | -17.61% |
| Net Income Margin (%) | 77.22% | 76.93% | -0.37% |
| P/E Multiple | 5.12 | 7.82 | 52.68% |
| Shares Outstanding (Mil) | 40.23 | 40.33 | -0.23% |
| Cumulative Contribution | 25.04% |
Market Drivers
10/31/2025 to 1/18/2026| Return | Correlation | |
|---|---|---|
| TPVG | 25.0% | |
| Market (SPY) | 1.4% | -2.4% |
| Sector (XLF) | 4.0% | 10.2% |
Fundamental Drivers
The 3.1% change in TPVG stock from 7/31/2025 to 1/18/2026 was primarily driven by a 12.3% change in the company's P/E Multiple.| 7312025 | 1182026 | Change | |
|---|---|---|---|
| Stock Price ($) | 6.38 | 6.58 | 3.12% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 50.00 | 44.08 | -11.83% |
| Net Income Margin (%) | 73.51% | 76.93% | 4.65% |
| P/E Multiple | 6.97 | 7.82 | 12.29% |
| Shares Outstanding (Mil) | 40.14 | 40.33 | -0.47% |
| Cumulative Contribution | 3.11% |
Market Drivers
7/31/2025 to 1/18/2026| Return | Correlation | |
|---|---|---|
| TPVG | 3.1% | |
| Market (SPY) | 9.7% | 10.2% |
| Sector (XLF) | 4.3% | 22.4% |
Fundamental Drivers
The -4.3% change in TPVG stock from 1/31/2025 to 1/18/2026 was primarily driven by a -70.3% change in the company's P/E Multiple.| 1312025 | 1182026 | Change | |
|---|---|---|---|
| Stock Price ($) | 6.87 | 6.58 | -4.27% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 24.23 | 44.08 | 81.93% |
| Net Income Margin (%) | 43.07% | 76.93% | 78.60% |
| P/E Multiple | 26.31 | 7.82 | -70.26% |
| Shares Outstanding (Mil) | 39.95 | 40.33 | -0.93% |
| Cumulative Contribution | -4.27% |
Market Drivers
1/31/2025 to 1/18/2026| Return | Correlation | |
|---|---|---|
| TPVG | -4.3% | |
| Market (SPY) | 15.9% | 45.1% |
| Sector (XLF) | 6.9% | 47.0% |
Fundamental Drivers
The -10.7% change in TPVG stock from 1/31/2023 to 1/18/2026 was primarily driven by a -82.3% change in the company's P/E Multiple.| 1312023 | 1182026 | Change | |
|---|---|---|---|
| Stock Price ($) | 7.37 | 6.58 | -10.70% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 15.81 | 44.08 | 178.88% |
| Net Income Margin (%) | 35.28% | 76.93% | 118.04% |
| P/E Multiple | 44.09 | 7.82 | -82.25% |
| Shares Outstanding (Mil) | 33.37 | 40.33 | -20.83% |
| Cumulative Contribution | -14.57% |
Market Drivers
1/31/2023 to 1/18/2026| Return | Correlation | |
|---|---|---|
| TPVG | -10.7% | |
| Market (SPY) | 76.5% | 37.4% |
| Sector (XLF) | 55.7% | 41.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TPVG Return | 51% | -35% | 20% | -20% | 4% | 3% | 1% |
| Peers Return | � | � | � | � | � | � | � |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| TPVG Win Rate | 83% | 33% | 58% | 25% | 50% | 100% | |
| Peers Win Rate | � | � | � | � | � | � | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| TPVG Max Drawdown | -2% | -37% | -2% | -32% | -20% | -2% | |
| Peers Max Drawdown | � | � | � | � | � | � | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | 0% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTS, SLRC, DHIL, GEG, BLKS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/16/2026 (YTD)
How Low Can It Go
| Event | TPVG | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -45.1% | -25.4% |
| % Gain to Breakeven | 82.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -79.9% | -33.9% |
| % Gain to Breakeven | 397.2% | 51.3% |
| Time to Breakeven | 324 days | 148 days |
| 2018 Correction | ||
| % Loss | -23.6% | -19.8% |
| % Gain to Breakeven | 30.9% | 24.7% |
| Time to Breakeven | 97 days | 120 days |
Compare to VRTS, SLRC, DHIL, GEG, BLKS
In The Past
TriplePoint Venture Growth BDC's stock fell -45.1% during the 2022 Inflation Shock from a high on 11/22/2021. A -45.1% loss requires a 82.1% gain to breakeven.
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It's like a publicly traded version of a venture capital firm (e.g., Andreessen Horowitz or Sequoia Capital), but primarily focused on providing debt to growth-stage private companies.
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- Venture Debt Financing: Provides senior secured loans and other debt capital solutions to venture growth stage companies.
- Equity Investments: Makes direct equity investments, often through warrants, alongside its debt financing in portfolio companies.
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TriplePoint Venture Growth BDC (TPVG) is a Business Development Company (BDC) that provides debt financing and equity investments to venture-backed growth companies. Therefore, it primarily sells its financing services to other companies, which are its portfolio companies.
Based on their latest financial disclosures (as of December 31, 2023), some of TPVG's major customers (portfolio companies with significant investment value) include:
- Marqeta, Inc. (Symbol: MQ)
- Indigo Ag, Inc.
- Udemy, Inc. (Symbol: UDMY)
- ZipRecruiter, Inc. (Symbol: ZIP)
- Talkdesk, Inc.
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- TriplePoint Advisers LLC
- TriplePoint Administrative Services LLC
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```htmlJames P. Labe, Chief Executive Officer and Chairman of the Board
James P. Labe is recognized as a pioneer in the venture capital lending and leasing sector of the commercial finance industry, with over 25 years of experience. He founded and served as Chief Executive Officer of Comdisco Ventures, a division of Comdisco, Inc., where he managed over $3 billion in loan and lease transactions for more than 870 venture capital-backed companies, generating over $500 million in cumulative pre-tax profits over 15 years. Prior to Comdisco, Mr. Labe was employed by Equitec Financial Group. He is also a co-founder of TriplePoint Capital LLC (2003), TriplePoint Ventures LLC (2006), and TriplePoint Advisers LLC (2013).
Mike L. Wilhelms, Chief Financial Officer
Mike L. Wilhelms was appointed as Chief Financial Officer in December 2024. He brings over three decades of financial expertise with experience spanning the business development company (BDC), asset management, specialty finance, and public accounting sectors. Mr. Wilhelms previously held roles at Sabal Capital Holding Company, LLC, Crescent Capital Group LP, and as an audit manager at KPMG. His prior experience also includes serving as President & Chief Executive Officer of National Corrective Group, Inc. (2010-2013), Chief Financial Officer of Crescent Capital BDC, Inc. (2015-2019), and Chief Financial Officer, Controller & Senior VP of Triad Financial Corp. (2002-2008). He also serves as CFO for TriplePoint Capital LLC and several affiliated entities.
Sajal K. Srivastava, President and Chief Investment Officer
Sajal K. Srivastava provides extensive investment and operating leadership experience, coupled with a background in venture lending, leasing, and technology finance. He is a co-founder of TriplePoint Capital LLC, TriplePoint Ventures LLC, and TriplePoint Advisers LLC. Since 2006, Mr. Srivastava has been a voting member of TriplePoint Capital's Investment Committee and has overseen its investment analysis, operations, and finance groups. Before co-founding TriplePoint Capital, he worked alongside Mr. Labe at Comdisco Ventures as the head of their Investment and Credit Analyst team, where he structured and managed over $200 million in transactions. Earlier in his career, Mr. Srivastava was part of Prudential Securities' Technology Investment Banking Group.
Steven P. Bird, Independent Director
Steven P. Bird is a recognized veteran in the Silicon Valley venture capital community, with a career spanning two decades in venture capital investing and debt financing. He is a co-founder and General Partner of Focus Ventures, established in 1997, where he concentrates on investments in privately held, expansion-stage technology companies, specifically in enterprise software and internet services. Prior to co-founding Focus Ventures, Mr. Bird served as a Managing Director at Comdisco Ventures Inc. from 1994 to 1996, engaging in debt and equity capital investments for emerging growth companies. He was also a General Partner at First Century Partners from 1984 to 1992.
Steven Levinson, Chief Compliance Officer
Steven Levinson serves as the Chief Compliance Officer for TriplePoint Venture Growth BDC Corp. since 2023, and also holds the same role at TriplePoint Capital LLC since 2022. His previous experience includes Compliance Director at Stone Tower Capital LLC from 2008 to 2011, Chief Audit Executive at IDT Corp. from 2003 to 2006, Chief Compliance Officer at Alcentra Capital Corp. from 2014 to 2020, and Vice President at Bear Stearns FoF Asset Management from 1994 to 1998.
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TriplePoint Venture Growth BDC (TPVG) faces several key risks, primarily stemming from the nature of its investment portfolio and its impact on financial performance.- Credit Quality and Non-Accrual Rates: A primary risk for TPVG is the credit quality of its debt investments in venture-backed growth companies, leading to above-average non-accruals and investment losses. The company has suffered significant income declines and an increase in investment losses from underperforming debt investments. Its ability to manage its non-accrual rate is a major determinant of future net profitability. As of Q4 2024, 20% of TPVG's investment portfolio at cost was fair value marked at 85% or below of par, indicating potential for further deterioration.
- Dividend Sustainability and Net Investment Income (NII) Coverage: TPVG has demonstrated challenges in consistently covering its dividend with net investment income, resulting in multiple dividend cuts. The company's net investment income has missed consensus estimates, and total investment income has been declining. This poor dividend coverage and an unsustainably high trailing twelve months (TTM) dividend payout ratio raise questions about the long-term sustainability of its distributions and are a significant concern for investors.
- Net Asset Value (NAV) Decline: TPVG has a poor long-term net asset value (NAV) growth record, with its NAV per share declining significantly from $14.01 in Q4 2021 to $8.61 in Q4 2024. Shares trade at a substantial discount to NAV, reflecting market concerns about the company's ability to maintain or grow its asset base. This ongoing erosion of NAV is a direct consequence of underperforming investments and income generation challenges.
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TriplePoint Venture Growth BDC (TPVG) primarily provides debt financing, often accompanied by warrants and direct equity investments, to venture capital-backed companies in their venture growth stage. The company focuses on high-growth sectors such as technology, life sciences, and other innovative industries.
The addressable markets for TPVG's main products and services are primarily within the venture debt and broader venture capital markets.
Venture Debt Market
- The global venture debt market reached an aggregate deal value of $83.4 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 14% since 2018. This market is projected to grow to $97.2 billion by 2033, with a CAGR of 13.2% from 2025.
- In the United States, the venture debt market saw varying figures for 2024, with reported aggregate deal values of $49 billion and $53.3 billion in investments. The U.S. venture debt market is projected to reach $27.83 billion in 2025, with traditional venture debt accounting for approximately $23.94 billion of that total.
- The European venture debt market reached almost $20 billion in 2024.
Venture Capital Market
While TPVG's primary focus is venture debt, it also makes direct equity investments, operating within the larger venture capital ecosystem.
- Global venture capital funding reached $126.3 billion in the first quarter of 2025. The global venture capital investment market is projected to grow to $362.74 billion in 2025 and further expand to $758.89 billion by 2029, reflecting a CAGR of 20.3%.
- The United States venture capital market size was approximately $1.31 trillion in 2025 and is forecast to reach $1.46 trillion by 2030, with a CAGR of 2.14% over 2025-2030. The U.S. accounted for over two-thirds of total global VC funding in Q1 2025.
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Expected Drivers of Future Revenue Growth for TriplePoint Venture Growth BDC (TPVG)
Over the next 2-3 years, TriplePoint Venture Growth BDC (TPVG) is expected to drive future revenue growth through the following key strategies:
- Expansion of Debt Investment Portfolio: TPVG's revenue is primarily generated from interest income on its debt investments, and the company is focused on increasing the scale and income-generating assets of its portfolio. In Q3 2025, TPVG reported its highest level of debt commitments and fundings since 2022, and it targets new fundings in the range of $25 million to $50 million for Q4 2025, with potential to exceed this.
- Strategic Focus on High-Growth Sectors, particularly AI: The company is strategically emphasizing investments in AI-driven sectors and other venture growth stage companies. Leadership has highlighted the transformative potential of AI as a significant macro tailwind for the broader technology sector, influencing TPVG's investment allocation.
- Increased Portfolio Diversification: TPVG is actively pursuing portfolio diversification to enhance the durability of its income-generating assets. As of Q3 2025, the company had added 19 new portfolio companies year-to-date as part of its strategy to diversify its investments across attractive sectors like AI and software.
- Optimized Portfolio Yield Management: TPVG's revenue is heavily influenced by the interest rates and the weighted average yield of its debt investment portfolio. While facing some recent decreases in yields, the company maintains a focus on increasing net investment income and managing its portfolio to achieve a competitive annualized portfolio yield on debt investments, which was 13.2% in Q3 2025.
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Share Repurchases
- In Q2 2025, the company's sponsor, TriplePoint Capital LLC (TPC), announced a discretionary share purchase program to acquire up to $14 million of TriplePoint Venture Growth BDC's outstanding common stock in the open market.
- For the periods covered by the Q1 2025 and Q1 2024 Quarterly Reports on Form 10-Q, the company did not repurchase any shares of its common stock.
Share Issuance
- In 2022, TriplePoint Venture Growth BDC raised $55.3 million in net proceeds from a public issuance of 4,161,807 shares of common stock.
- As of December 31, 2023, $28.3 million in shares remained available for sale under the company's At-The-Market (ATM) Program, which allows for the issuance of up to an aggregate of $50.0 million in common stock.
- During the first three months of 2024, the company issued 93,330 shares of common stock under its dividend reinvestment plan, resulting in $0.8 million in cash paid for these shares.
Inbound Investments
- In January 2025, TriplePoint Venture Growth BDC entered into a note purchase agreement for the issuance of $50 million in aggregate principal amount of senior unsecured investment grade notes due February 2028. The net proceeds are intended to prepay unsecured notes due in March 2025.
- In 2022, the company raised $125.0 million in aggregate principal amount from the private issuance of 5.00% fixed rate, institutional notes due 2027.
Outbound Investments
- For the year ended December 31, 2024, the company closed $175.0 million of new debt commitments and funded $135.1 million in debt investments and $0.7 million in direct equity investments.
- For the year ended December 31, 2023, TriplePoint Venture Growth BDC closed $31.5 million of new debt commitments and funded $125.3 million in debt investments, acquired warrant investments valued at $2.6 million, and made $0.2 million in direct equity investments.
- Year-to-date through Q2 2025 (as of August 6, 2025), the company closed $236.6 million of new debt commitments and funded $106.2 million in debt investments and $1.1 million in direct equity investments.
Capital Expenditures
- TriplePoint Venture Growth BDC's cash flow for capital expenditures for the trailing twelve months ended June 2025 was $0.00 million.
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Peer Comparisons for TriplePoint Venture Growth BDC
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.35 |
| Mkt Cap | 0.5 |
| Rev LTM | 100 |
| Op Inc LTM | 44 |
| FCF LTM | 1 |
| FCF 3Y Avg | 59 |
| CFO LTM | 1 |
| CFO 3Y Avg | 59 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.9% |
| Rev Chg 3Y Avg | 65.1% |
| Rev Chg Q | -2.0% |
| QoQ Delta Rev Chg LTM | -0.6% |
| Op Mgn LTM | 20.5% |
| Op Mgn 3Y Avg | 18.9% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 2.6% |
| CFO/Rev 3Y Avg | 13.6% |
| FCF/Rev LTM | 2.6% |
| FCF/Rev 3Y Avg | 12.9% |
Price Behavior
| Market Price | $6.58 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 03/06/2014 | |
| Distance from 52W High | -5.2% | |
| 50 Days | 200 Days | |
| DMA Price | $6.21 | $5.99 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 6.0% | 9.8% |
| 3M | 1YR | |
| Volatility | 26.7% | 31.8% |
| Downside Capture | -2.73 | 87.09 |
| Upside Capture | 106.60 | 74.71 |
| Correlation (SPY) | 0.7% | 44.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.43 | -0.11 | 0.31 | 0.27 | 0.71 | 0.79 |
| Up Beta | 0.05 | -1.83 | -0.75 | -0.43 | 0.65 | 0.58 |
| Down Beta | -1.02 | -0.83 | 0.10 | -0.48 | 0.78 | 0.87 |
| Up Capture | 159% | 166% | 112% | 68% | 58% | 51% |
| Bmk +ve Days | 11 | 23 | 37 | 72 | 143 | 431 |
| Stock +ve Days | 15 | 28 | 39 | 68 | 130 | 389 |
| Down Capture | 54% | -24% | 35% | 94% | 83% | 100% |
| Bmk -ve Days | 11 | 18 | 27 | 55 | 108 | 320 |
| Stock -ve Days | 6 | 12 | 22 | 50 | 108 | 329 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| TPVG vs. Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| TPVG | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 1.9% | 14.0% | 19.8% | 70.5% | 3.8% | 10.2% | -1.0% |
| Annualized Volatility | 31.7% | 19.0% | 19.3% | 20.0% | 15.3% | 16.7% | 34.5% |
| Sharpe Ratio | 0.09 | 0.56 | 0.81 | 2.56 | 0.04 | 0.41 | 0.07 |
| Correlation With Other Assets | 46.7% | 44.2% | -0.4% | 24.7% | 43.9% | 5.7% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, Bitcoin = BTCUSD
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Based On 5-Year Data
| TPVG vs. Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| TPVG | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -0.6% | 13.9% | 14.1% | 19.4% | 11.1% | 6.1% | 20.0% |
| Annualized Volatility | 30.3% | 18.8% | 17.1% | 15.6% | 18.7% | 18.8% | 48.1% |
| Sharpe Ratio | 0.02 | 0.61 | 0.66 | 1.00 | 0.47 | 0.23 | 0.45 |
| Correlation With Other Assets | 41.2% | 41.7% | 6.1% | 14.0% | 42.7% | 13.9% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| TPVG vs. Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| TPVG | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 7.5% | 13.8% | 15.5% | 14.8% | 7.6% | 5.9% | 70.8% |
| Annualized Volatility | 67.4% | 22.3% | 18.0% | 14.8% | 17.6% | 20.8% | 55.7% |
| Sharpe Ratio | 0.30 | 0.57 | 0.75 | 0.83 | 0.35 | 0.25 | 0.91 |
| Correlation With Other Assets | 29.1% | 26.2% | -1.3% | 14.5% | 28.6% | 13.6% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/05/2025 | 10-Q (09/30/2025) |
| 06/30/2025 | 08/06/2025 | 10-Q (06/30/2025) |
| 03/31/2025 | 05/07/2025 | 10-Q (03/31/2025) |
| 12/31/2024 | 03/05/2025 | 10-K (12/31/2024) |
| 09/30/2024 | 11/06/2024 | 10-Q (09/30/2024) |
| 06/30/2024 | 08/07/2024 | 10-Q (06/30/2024) |
| 03/31/2024 | 05/01/2024 | 10-Q (03/31/2024) |
| 12/31/2023 | 03/06/2024 | 10-K (12/31/2023) |
| 09/30/2023 | 11/01/2023 | 10-Q (09/30/2023) |
| 06/30/2023 | 08/02/2023 | 10-Q (06/30/2023) |
| 03/31/2023 | 05/03/2023 | 10-Q (03/31/2023) |
| 12/31/2022 | 03/01/2023 | 10-K (12/31/2022) |
| 09/30/2022 | 11/02/2022 | 10-Q (09/30/2022) |
| 06/30/2022 | 08/03/2022 | 10-Q (06/30/2022) |
| 03/31/2022 | 05/04/2022 | 10-Q (03/31/2022) |
| 12/31/2021 | 03/02/2022 | 10-K (12/31/2021) |
External Quote Links
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