Great investors · Marc Stad · Q3 2025
What Marc Stad bought and sold in Q3 2025
Dragoneer Investment Group 13F portfolio as of Sep 30, 2025: 26 positions worth $4.5 bn. Largest: DUOL, XYZ, CPNG, GLBE. Filed with the SEC on Nov 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 Q3 2025
- IncreasedDuolingoDUOL+7.9 pp
- NewCarvanaCVNA+5.2 pp
- NewMercadoLibreMELI+4.9 pp
- NewFluence EnergyFLNC+1.3 pp
- IncreasedGlobal-E OnlineGLBE+1.3 pp
Sells in Q3 2025
- Sold outFlutter EntertainmentFLUT−9.8 pp
- Sold outInspire Medical SystemsINSP−6.2 pp
- ReducedDatadogDDOG−5.8 pp
- ReducedPDD HoldingsPDD−4.6 pp
- ReducedNVIDIANVDA−4.2 pp
- ReducedCoupangCPNG−4.1 pp
- ReducedBlockXYZ−4.0 pp
- ReducedNu HoldingsNU−1.6 pp
13 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 Q3 2025 13F lists 26 lines of US-listed securities worth $4.5 bn; the largest is DUOL at 11.2% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 7:00 AM ET.
Against the previous quarter, it opened 9 positions (KLAR, CVNA, MELI and FLNC and 5 more), closed 3 (FLUT, INSP and HNGE), added to 2 (DUOL and GLBE) and trimmed 7 (CPNG, XYZ, NVDA and PDD and 3 more). 8 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Duolingo DUOL | 1.6 M | $509M | 11.2% | +324% |
| 2 | Block XYZ | 6.5 M | $473M | 10.5% | −29% |
| 3 | Coupang CPNG | 14.7 M | $472M | 10.4% | −30% |
| 4 | Global-E Online GLBE | 11.9 M | $425M | 9.39% | +18% |
| 5 | NVIDIA NVDA | 2.1 M | $388M | 8.56% | −35% |
| 6 | Dayforce DAY | 4.7 M | $327M | 7.23% | no change |
| 7 | Klarna Group KLAR | 8.3 M | $304M | 6.70% | new |
| 8 | Carvana CVNA | 678,921 | $256M | 5.66% | new |
| 9 | PDD Holdings PDD | 1.8 M | $243M | 5.36% | −48% |
| 10 | MercadoLibre MELI | 103,379 | $242M | 5.33% | new |
| 11 | SailPoint SAIL | 8.0 M | $177M | 3.90% | no change |
| 12 | Chime Financial CHYM | 8.5 M | $172M | 3.81% | no change |
| 13 | ServiceTitan TTAN | 1.0 M | $101M | 2.23% | −17% |
| 14 | CCC Intelligent Solutions Holdings CCC | 9.2 M | $83.8M | 1.85% | no change |
| 15 | Nu Holdings NU | 5.0 M | $79.3M | 1.75% | −50% |
| 16 | Fluence Energy FLNC | 6.1 M | $65.9M | 1.45% | new |
| 17 | Jamf Holding JAMF | 4.3 M | $46.3M | 1.02% | no change |
| 18 | Gemini Space Station GEMI | 1.6 M | $38.8M | 0.86% | new |
| 19 | Datadog DDOG | 271,800 | $38.7M | 0.85% | −88% |
| 20 | Oscar Health OSCR | 1.3 M | $25.5M | 0.56% | no change |
| 21 | Figma FIG | 431,165 | $22.4M | 0.49% | new |
| 22 | ROOT ROOT | 154,320 | $13.8M | 0.31% | no change |
| 23 | ZoomInfo Technologies GTM | 670,000 | $7.3M | 0.16% | no change |
| 24 | Stubhub Holdings STUB | 425,531 | $7.2M | 0.16% | new |
| 25 | Pattern Group PTRN | 489,700 | $6.7M | 0.15% | new |
| 26 | Accelerant Holdings ARX | 336,361 | $5.0M | 0.11% | new |
Positions it closed (3)
- Flutter Entertainment FLUTwas 9.82% · 1.7 M shares
- Inspire Medical Systems INSPwas 6.24% · 2.4 M shares
- Hinge Health HNGEwas 0.07% · 69,283 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.