Dragoneer Investment Group, LLC

Hedge Fund • Long/Short

Dragoneer Investment Group, LLC is a Long/Short Hedge Fund based in San Francisco, CA led by Marc (Nmn) Stad, reporting $25.6B in AUM as of Q3 2025 with 40% Technology concentration and 80% concentrated in top 10 holdings.

PresidentMarc (Nmn) Stad

Portfolio Value: $4.5B
Positions: 26
Top Holding: DUOL at 11.23%
Last Reported: Q3 2025

Address1 Letterman Drive, Building D, Suite M-500, San Francisco, CA, 94129, United States

Top Holdings

Largest long holdings in Dragoneer Investment Group, LLC's portfolio (80.3% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Duolingo DUOL	Software - Application Technology	$508.8M	11.23%	+$388.9M Bought	3.45% 1.6M shares	Q2 2024 Held for 1y 5m
2 Block XYZ	Software - Infrastructure Technology	$473.4M	10.45%	-$194.0M Sold	1.07% 6.5M shares	Q1 2023 Held for 2y 8m
3 Coupang CPNG	Specialty Retail Consumer Cyclical	$472.2M	10.43%	-$200.5M Sold	0.80% 14.7M shares	Q3 2023 Held for 2y 2m
4 Global-E Online GLBE	Specialty Retail Consumer Cyclical	$425.1M	9.39%	+$65.5M Bought	7.00% 11.9M shares	Q2 2021 Held for 4y 5m
5 Nvidia NVDA	Semiconductors Technology	$387.8M	8.56%	-$206.8M Sold	0.01% 2.1M shares	Q2 2025 Held for 5 months
6 Dayforce DAY	Software - Application Technology	$327.2M	7.22%	—	3.01% 4.7M shares	Q2 2024 Held for 1y 5m
7 KLAR Klarna Group plc KLAR	Unknown Unknown	$303.6M	6.70%	+$303.6M New	2.19% 8.3M shares	Q3 2025 Held for 2 months
8 Carvana CVNA	Specialty Retail Consumer Cyclical	$256.1M	5.66%	+$256.1M New	0.49% 678.9K shares	Q3 2025 Held for 2 months
9 PDD PDD Holdings PDD	Unknown Unknown	$242.6M	5.36%	-$224.7M Sold	— 1.8M shares	Q2 2023 Held for 2y 5m
10 Mercado Libre MELI	Specialty Retail Consumer Cyclical	$241.6M	5.33%	+$241.6M Bought	0.20% 103.4K shares	Q3 2025 Held for 2 months

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Dragoneer Investment Group, LLC's latest filing

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GthenC

Market Value

$4.5B

Prior: $4.9B

Q/Q Change

-7.55%

-$370.1M

Net Flows % of MV

-18.58%

Turnover Ratio

39.42%

New Purchases

9 stocks

$789.4M

Added To

2 stocks

+$454.4M

Sold Out Of

4 stocks

$876.7M

Reduced Holdings

7 stocks

-$1.2B

Increased Positions

Position	Shares Δ	Change
1 KLAR Klarna Group plc KLAR	New	0 → 8.3M +$303.6M
2 Carvana CVNA	New	0 → 678.9K +$256.1M
3 CCC CCC Intelligent Solutions Holdings Inc. CCC	New	0 → 9.2M +$83.8M
4 Fluence Energy, Inc. FLNC	New	0 → 6.1M +$65.9M
5 GEMI Gemini Space Station, Inc. Class A Common Stock GEMI	New	0 → 1.6M +$38.8M

Decreased Positions

Position	Shares Δ	Change
1 Flutter Entertainment FLUT	Sold	1.7M → 0 −$481.1M
2 Inspire Medical Systems INSP	Sold	2.4M → 0 −$305.5M
3 CCC Intelligent Solutions Holdings Inc. CCCS	Sold	9.2M → 0 −$86.5M
4 Hinge Health, Inc. HNGE	Sold	69.3K → 0 −$3.6M
5 Datadog, Inc. DDOG	-87.94%	2.3M → 271.8K −$282.3M