Great investors · Marc Stad · Q2 2025
What Marc Stad bought and sold in Q2 2025
Dragoneer Investment Group 13F portfolio as of Jun 30, 2025: 20 positions worth $4.9 bn. Largest: XYZ, CPNG, NVDA, FLUT. Filed with the SEC on Aug 14, 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 Q2 2025
- NewNVIDIANVDA+10.3 pp
- IncreasedDatadogDDOG+5.4 pp
- IncreasedInspire Medical SystemsINSP+2.8 pp
- IncreasedGlobal-E OnlineGLBE+1.2 pp
Sells in Q2 2025
- Sold outIntuitINTU−8.1 pp
- ReducedDuolingoDUOL−7.4 pp
- Sold outAtlassianTEAM−4.8 pp
- ReducedCoupangCPNG−3.0 pp
- ReducedPDD HoldingsPDD−2.2 pp
- Sold outRobloxRBLX−2.1 pp
- ReducedOscar HealthOSCR−1.9 pp
- ReducedServiceTitanTTAN−1.8 pp
- Sold outDynatraceDT−1.2 pp
- ReducedJamf HoldingJAMF−0.9 pp
- Sold outKarman HoldingsKRMN−0.6 pp
15 companies with material moves, out of 15 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 Q2 2025 13F lists 20 lines of US-listed securities worth $4.9 bn; the largest is XYZ at 12.8% of the portfolio. It was accepted by the SEC on Aug 14, 2025 at 7:00 AM ET.
Against the previous quarter, it opened 3 positions (NVDA, CHYM and HNGE), closed 5 (INTU, TEAM, RBLX and DT and 1 more), added to 3 (DDOG, INSP and GLBE) and trimmed 6 (CPNG, DUOL, PDD and TTAN and 2 more). 8 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Block XYZ | 9.2 M | $627M | 12.8% | no change |
| 2 | Coupang CPNG | 20.9 M | $626M | 12.8% | −19% |
| 3 | NVIDIA NVDA | 3.2 M | $504M | 10.3% | new |
| 4 | Flutter Entertainment FLUT | 1.7 M | $481M | 9.82% | no change |
| 5 | PDD Holdings PDD | 3.5 M | $370M | 7.55% | −23% |
| 6 | Global-E Online GLBE | 10.1 M | $337M | 6.88% | +20% |
| 7 | Inspire Medical Systems INSP | 2.4 M | $306M | 6.24% | +81% |
| 8 | Datadog DDOG | 2.3 M | $303M | 6.18% | +729% |
| 9 | Chime Financial CHYM | 8.5 M | $295M | 6.02% | new |
| 10 | Dayforce DAY | 4.7 M | $263M | 5.37% | no change |
| 11 | SailPoint SAIL | 8.0 M | $183M | 3.73% | no change |
| 12 | Duolingo DUOL | 372,441 | $153M | 3.12% | −70% |
| 13 | Nu Holdings NU | 9.9 M | $136M | 2.77% | no change |
| 14 | ServiceTitan TTAN | 1.2 M | $129M | 2.64% | −41% |
| 15 | CCC Intelligent Solutions Holdings CCC | 9.2 M | $86.5M | 1.77% | no change |
| 16 | Jamf Holding JAMF | 4.3 M | $41.2M | 0.84% | −51% |
| 17 | Oscar Health OSCR | 1.3 M | $28.9M | 0.59% | −81% |
| 18 | ROOT ROOT | 154,320 | $19.7M | 0.40% | no change |
| 19 | ZoomInfo Technologies GTM | 670,000 | $6.8M | 0.14% | no change |
| 20 | Hinge Health HNGE | 69,283 | $3.6M | 0.07% | new |
Positions it closed (5)
- Intuit INTUwas 8.35% · 646,123 shares
- Atlassian TEAMwas 4.96% · 1.1 M shares
- Roblox RBLXwas 2.15% · 1.8 M shares
- Dynatrace DTwas 1.19% · 1.2 M shares
- Karman Holdings KRMNwas 0.63% · 900,000 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.