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DH

Dennis Hong ShawSpring Partners

AUM $232M
1-Year Est. Return 27.09%
 

Dennis Hong is the founder of ShawSpring Partners, a concentrated investment firm focused on high-quality growth businesses, often in technology-enabled industries. The portfolio typically features a limited number of positions held with a multi-year horizon. Hong’s firm is followed by investors who track small, research-intensive growth managers.

This Fund
S&P 500
This Quarter Est. Return
-9.35%
1 Year Est. Return
-27.09%
3 Year Est. Return
-3.53%
5 Year Est. Return
-58.38%
10 Year Est. Return
–
AUM
$673M
AUM Growth
-$120M
Cap. Flow
-$45.3M
Cap. Flow %
-6.73%
Top 10 Hldgs %
96.62%
Holding
11
New
1
Increased
5
Reduced
5
Closed
–

Top Buys

Rank Stock Value
1
FOUR icon
Shift4
FOUR
+$43.9M
2
FWONK icon
Liberty Media Series C
FWONK
+$22.1M
3
MNDY icon
monday.com
MNDY
+$21.4M
4
VERX icon
Vertex
VERX
+$10.7M
5
OKTA icon
Okta
OKTA
+$3.38M

Top Sells

Rank Stock Value
1
CSGP icon
CoStar Group
CSGP
+$40.7M
2
NCNO icon
nCino
NCNO
+$39M
3
PCOR icon
Procore
PCOR
+$33.8M
4
BRZE icon
Braze
BRZE
+$19M
5
INTU icon
Intuit
INTU
+$17.6M

Sector Composition

Rank Sector Weight
1 Technology 85.38%
2 Real Estate 11.24%
3 Communication Services 3.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FOUR icon
1
Shift4
FOUR
$3.78B
$96.9M 14.4%
1,251,374
+472,652
+61% +$43.9M
OKTA icon
2
Okta
OKTA
$23.5B
$90.8M 13.5%
990,486
+36,193
+4% +$3.38M
PCOR icon
3
Procore
PCOR
$9.65B
$78.6M 11.69%
1,077,913
-483,700
-31% -$33.8M
INTU icon
4
Intuit
INTU
$100B
$78.1M 11.61%
114,369
-24,454
-18% -$17.6M
CSGP icon
5
CoStar Group
CSGP
$13.1B
$75.6M 11.24%
896,034
-460,026
-34% -$40.7M
MNDY icon
6
monday.com
MNDY
$3.84B
$72.5M 10.78%
374,221
+93,009
+33% +$21.4M
BRZE icon
7
Braze
BRZE
$3.5B
$52.6M 7.82%
1,848,244
-671,356
-27% -$19M
NCNO icon
8
nCino
NCNO
$2.26B
$42.1M 6.26%
1,553,659
-1,334,107
-46% -$39M
BLND icon
9
Blend Labs
BLND
$360M
$35.9M 5.34%
9,840,605
+929,566
+10% +$3.34M
VERX icon
10
Vertex
VERX
$2.19B
$26.8M 3.99%
1,081,446
+369,001
+52% +$10.7M
FWONK icon
11
Liberty Media Series C
FWONK
$26.3B
$22.7M 3.38%
+217,523
New +$22.1M

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OPOWM
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Dennis Hong's Q3 2025 Portfolio in Review

As of Q3 2025, Dennis Hong held 11 positions worth $673M, down 15% from $792M the previous quarter. Its ten largest holdings account for 97% of the portfolio.

Dennis Hong withdrew a net $45.3M in Q3 2025, reducing 5 holdings. Its largest reduction was CoStar Group, cutting an estimated $40.7M.

By sector, the portfolio is most concentrated in Technology at 85% of assets, down from 86% a quarter earlier, followed by Real Estate and Communication Services.

Against the trend, Dennis Hong opened a new position in Liberty Media Series C worth $22.7M.

  • Dennis Hong's largest Q3 2025 buy was Liberty Media Series C: 217,523 shares worth $22.7M.
  • Dennis Hong added most to Shift4 in Q3 2025, an estimated $43.9M increase.
  • Dennis Hong's biggest Q3 2025 reduction was CoStar Group, cutting an estimated $40.7M.
  • Dennis Hong's ten largest holdings make up 97% of its $673M portfolio in Q3 2025.
  • Dennis Hong opened 1 new position and closed 0 in Q3 2025.
  • Dennis Hong's portfolio value fell 15% quarter-over-quarter to $673M.

Based on ShawSpring Partners's 13F filing for Q3 2025, filed 13 Nov 2025.