Great investors · Marc Stad · Q1 2025
What Marc Stad bought and sold in Q1 2025
Dragoneer Investment Group 13F portfolio as of Mar 31, 2025: 22 positions worth $4.8 bn. Largest: CPNG, PDD, XYZ, INTU. Filed with the SEC on May 15, 2025.
The 13F is filed by Dragoneer Investment Group, not by Marc Stad personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- NewIntuitINTU+6.9 pp
- IncreasedBlockXYZ+3.9 pp
- IncreasedCoupangCPNG+2.0 pp
- IncreasedInspire Medical SystemsINSP+1.2 pp
- IncreasedDuolingoDUOL+1.0 pp
- IncreasedDayforceDAY+0.9 pp
Sells in Q1 2025
- ReducedRobloxRBLX−8.5 pp
- Sold outDoorDashDASH−3.1 pp
- ReducedDynatraceDT−2.7 pp
- ReducedAtlassianTEAM−2.6 pp
- ReducedGlobal-E OnlineGLBE−2.3 pp
- ReducedPDD HoldingsPDD−2.1 pp
- ReducedZoomInfo TechnologiesGTM−1.0 pp
- ReducedJamf HoldingJAMF−1.0 pp
- Sold outKanzhunBZ−1.0 pp
- Sold outProcore TechnologiesPCOR−0.8 pp
- ReducedOscar HealthOSCR−0.6 pp
17 companies with material moves, out of 18 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Dragoneer Investment Group's Q1 2025 13F lists 22 lines of US-listed securities worth $4.8 bn; the largest is CPNG at 11.9% of the portfolio. It was accepted by the SEC on May 15, 2025 at 6:30 AM ET.
Against the previous quarter, it opened 3 positions (INTU, SAIL and KRMN), closed 4 (DASH, BZ, PCOR and IBTA), added to 5 (XYZ, CPNG, INSP and DUOL and 1 more) and trimmed 8 (PDD, TEAM, GLBE and RBLX and 4 more). 6 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Coupang CPNG | 25.8 M | $565M | 11.9% | +26% |
| 2 | PDD Holdings PDD | 4.6 M | $540M | 11.4% | −18% |
| 3 | Block XYZ | 9.2 M | $502M | 10.6% | +80% |
| 4 | Intuit INTU | 646,123 | $397M | 8.35% | new |
| 5 | Duolingo DUOL | 1.3 M | $390M | 8.20% | +18% |
| 6 | Flutter Entertainment FLUT | 1.7 M | $373M | 7.85% | no change |
| 7 | Global-E Online GLBE | 8.3 M | $298M | 6.26% | −30% |
| 8 | Dayforce DAY | 4.7 M | $276M | 5.80% | +22% |
| 9 | Atlassian TEAM | 1.1 M | $236M | 4.96% | −39% |
| 10 | Inspire Medical Systems INSP | 1.3 M | $207M | 4.35% | +49% |
| 11 | ServiceTitan TTAN | 2.0 M | $195M | 4.10% | no change |
| 12 | SailPoint SAIL | 8.0 M | $150M | 3.16% | new |
| 13 | Jamf Holding JAMF | 8.8 M | $107M | 2.25% | −34% |
| 14 | Roblox RBLX | 1.8 M | $102M | 2.15% | −83% |
| 15 | Nu Holdings NU | 9.9 M | $101M | 2.13% | no change |
| 16 | Oscar Health OSCR | 6.9 M | $90.7M | 1.91% | −27% |
| 17 | CCC Intelligent Solutions Holdings CCC | 9.2 M | $83.0M | 1.75% | no change |
| 18 | Dynatrace DT | 1.2 M | $56.5M | 1.19% | −73% |
| 19 | Karman Holdings KRMN | 900,000 | $30.1M | 0.63% | new |
| 20 | Datadog DDOG | 271,800 | $27.0M | 0.57% | no change |
| 21 | ROOT ROOT | 154,320 | $20.6M | 0.43% | no change |
| 22 | ZoomInfo Technologies GTM | 670,000 | $6.7M | 0.14% | −89% |
Positions it closed (4)
- DoorDash DASHwas 3.13% · 1.1 M shares
- Kanzhun BZwas 0.97% · 4.0 M shares
- Procore Technologies PCORwas 0.83% · 633,824 shares
- Ibotta IBTAwas 0.28% · 250,000 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Dragoneer Investment Group's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.