Ordinary retail mutual funds have become an unlikely window into one of the most valuable private companies in AI. Fidelity, Capital Group, and BlackRock all hold Anthropic as a private position, and the market values they report to regulators are the basis for the 22-fold gain calculation Bloomberg’s Eric Balchunas highlighted.
That gain, measured since June 2024, outpaces both the Nasdaq 100 and Nvidia by roughly 10 times over the same stretch. Fidelity carries the heaviest exposure among the three managers, followed by Capital Group and BlackRock.
Investors who cannot access private rounds directly still get a price trail: when a mutual fund holds a private company, it must periodically mark the position to an estimated fair value, creating a public reference for a company that has never traded on an exchange.
Balchunas noted that the weighting in these funds remains limited, meaning the headline gain does not translate into a proportional lift to a typical portfolio that holds any of these managers. How much exposure any individual fund carries is the number worth checking before reading too much into the headline figure.