Firsthand Technology Value Fund, Inc.

Firsthand Technology Value Fund, Inc.

Firsthand Technology Value Fund, Inc. was founded in 1994 by Kevin Landis, a former semiconductor analyst who built the firm around value-based technology investing. Unlike venture capital funds, the fund invests largely in public equities and carries a closed-end fund structure, meaning shares trade on an exchange and can diverge from net asset value. The fund's strategy focuses on undervalued technology companies spanning semiconductors, enterprise software, digital health and technology hardware. It holds about 30 positions, with top holdings historically including Intel, Apple and Taiwan Semiconductor (per SEC filings). It does not engage in direct private equity or venture capital, though it may invest in small-cap public companies analogous to late-stage private firms. Geographically, the fund focuses primarily on US-listed companies with some exposure to Asian semiconductor firms. Firsthand Technology Value Fund's market capitalization is modest; as of mid-2025 its total net assets were estimated under $100 million (Altss estimate). The fund has historically traded at a discount to NAV, a common closed-end fund dynamic. Kevin Landis serves as CEO, CIO, and portfolio manager, with no publicly listed additional team members. The firm operates from a single San Jose office. The fund's structural differentiator is its closed-end structure combined with a pure technology value mandate — a rare combination among public funds. Unlike open-end tech funds, the manager is not forced to sell into redemptions, which allows longer holding periods. However, the discount or premium to NAV introduces an additional factor for allocators beyond portfolio performance.