Great investors · Marc Stad · Q4 2025
What Marc Stad bought and sold in Q4 2025
Dragoneer Investment Group 13F portfolio as of Dec 31, 2025: 27 positions worth $4.6 bn. Largest: CPNG, NVDA, GLBE, CVNA. Filed with the SEC on Feb 17, 2026.
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 Q4 2025
- IncreasedCoupangCPNG+3.6 pp
- NewExpand EnergyEXE+3.2 pp
- IncreasedCarvanaCVNA+2.8 pp
- IncreasedMercadoLibreMELI+2.5 pp
- IncreasedNVIDIANVDA+2.3 pp
- NewComstock ResourcesCRK+2.2 pp
Sells in Q4 2025
- ReducedBlockXYZ−2.2 pp
- ReducedDuolingoDUOL−1.6 pp
- Sold outFluence EnergyFLNC−1.4 pp
9 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 Q4 2025 13F lists 27 lines of US-listed securities worth $4.6 bn; the largest is CPNG at 11.1% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 7:00 AM ET.
Against the previous quarter, it opened 5 positions (EXE, CRK, NAVN and MDLN and 1 more), closed 4 (FLNC, STUB, PTRN and ARX), added to 4 (CPNG, CVNA, MELI and NVDA) and trimmed 5 (XYZ, DUOL, GLBE and OSCR and 1 more). 13 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Coupang CPNG | 21.6 M | $509M | 11.1% | +47% |
| 2 | NVIDIA NVDA | 2.6 M | $494M | 10.8% | +27% |
| 3 | Global-E Online GLBE | 11.4 M | $447M | 9.74% | −4.4% |
| 4 | Carvana CVNA | 979,460 | $413M | 9.01% | +44% |
| 5 | Dayforce DAY | 4.7 M | $328M | 7.16% | no change |
| 6 | Block XYZ | 5.0 M | $324M | 7.07% | −24% |
| 7 | MercadoLibre MELI | 160,193 | $323M | 7.04% | +55% |
| 8 | Klarna Group KLAR | 8.3 M | $239M | 5.22% | no change |
| 9 | Chime Financial CHYM | 8.5 M | $215M | 4.69% | no change |
| 10 | PDD Holdings PDD | 1.8 M | $208M | 4.54% | no change |
| 11 | Duolingo DUOL | 1.2 M | $204M | 4.44% | −27% |
| 12 | SailPoint SAIL | 8.0 M | $162M | 3.53% | no change |
| 13 | Expand Energy EXE | 1.3 M | $146M | 3.18% | new |
| 14 | ServiceTitan TTAN | 1.0 M | $107M | 2.32% | no change |
| 15 | Comstock Resources CRK | 4.3 M | $99.6M | 2.17% | new |
| 16 | Nu Holdings NU | 5.0 M | $82.9M | 1.81% | no change |
| 17 | CCC Intelligent Solutions Holdings CCC | 9.2 M | $73.1M | 1.59% | no change |
| 18 | Jamf Holding JAMF | 4.3 M | $56.3M | 1.23% | no change |
| 19 | Datadog DDOG | 271,800 | $37.0M | 0.81% | no change |
| 20 | Navan NAVN | 2.1 M | $35.8M | 0.78% | new |
| 21 | Medline MDLN | 525,000 | $22.1M | 0.48% | new |
| 22 | Figma FIG | 431,165 | $16.1M | 0.35% | no change |
| 23 | ROOT ROOT | 154,320 | $11.1M | 0.24% | no change |
| 24 | Oscar Health OSCR | 657,435 | $9.4M | 0.21% | −51% |
| 25 | Wealthfront WLTH | 654,338 | $8.9M | 0.19% | new |
| 26 | Gemini Space Station GEMI | 810,000 | $8.0M | 0.18% | −50% |
| 27 | ZoomInfo Technologies GTM | 670,000 | $6.8M | 0.15% | no change |
Positions it closed (4)
- Fluence Energy FLNCwas 1.45% · 6.1 M shares
- Stubhub Holdings STUBwas 0.16% · 425,531 shares
- Pattern Group PTRNwas 0.15% · 489,700 shares
- Accelerant Holdings ARXwas 0.11% · 336,361 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.