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Marc Stad Dragoneer Investment Group

AUM $2.83B
1-Year Est. Return 12.55%
 

Marc Stad is the founder of Dragoneer Investment Group, a growth-oriented firm active in public and private technology investing. Dragoneer is known for long-term ownership of high-quality growth businesses and for participation in major technology financings. Stad’s public filings are closely watched for large-cap and growth-equity technology exposure.

This Fund
S&P 500
This Quarter Est. Return
+1.86%
1 Year Est. Return
+12.55%
3 Year Est. Return
+77.31%
5 Year Est. Return
+22.68%
10 Year Est. Return
+767.49%
AUM
$4.53B
AUM Growth
-$370M
Cap. Flow
-$481M
Cap. Flow %
-10.63%
Top 10 Hldgs %
80.33%
Holding
29
New
9
Increased
2
Reduced
7
Closed
3

Top Buys

Rank Stock Value
1
DUOL icon
Duolingo
DUOL
+$404M
2
KLAR
Klarna Group
KLAR
+$355M
3
MELI icon
Mercado Libre
MELI
+$248M
4
CVNA icon
Carvana
CVNA
+$243M
5
GLBE icon
Global E Online
GLBE
+$62.5M

Top Sells

Rank Stock Value
1
FLUT icon
Flutter Entertainment
FLUT
+$481M
2
INSP icon
Inspire Medical Systems
INSP
+$306M
3
DDOG icon
Datadog
DDOG
+$273M
4
PDD icon
Pinduoduo
PDD
+$201M
5
XYZ
Block Inc
XYZ
+$201M

Sector Composition

Rank Sector Weight
1 Technology 51.94%
2 Consumer Discretionary 36.16%
3 Financials 9.73%
4 Utilities 1.45%
5 Healthcare 0.56%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARX
26
Accelerant Holdings
ARX
$4.25B
$5.01M 0.11%
+336,361
New +$7.88M
INSP icon
27
Inspire Medical Systems
INSP
$1.8B
– –
-2,354,411
Closed -$306M
FLUT icon
28
Flutter Entertainment
FLUT
$17.8B
– –
-1,683,408
Closed -$481M
HNGE
29
Hinge Health
HNGE
$7.14B
– –
-69,283
Closed -$3.59M
1
2

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Marc Stad's Q3 2025 Portfolio in Review

As of Q3 2025, Marc Stad held 29 positions worth $4.53B, down 7.6% from $4.9B the previous quarter. Its ten largest holdings account for 80% of the portfolio.

Marc Stad withdrew a net $481M in Q3 2025, closing 3 positions and reducing 7 holdings. Its most notable exit was Flutter Entertainment, an estimated $481M position sold in full.

By sector, the portfolio is most concentrated in Technology at 52% of assets, down from 53% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Marc Stad opened a new position in Klarna Group worth $304M.

  • Marc Stad's largest Q3 2025 buy was Klarna Group: 8,283,616 shares worth $304M.
  • Marc Stad added most to Duolingo in Q3 2025, an estimated $404M increase.
  • Marc Stad's biggest Q3 2025 reduction was Datadog, cutting an estimated $273M.
  • Marc Stad fully exited Flutter Entertainment in Q3 2025, selling an estimated $481M.
  • Marc Stad's ten largest holdings make up 80% of its $4.53B portfolio in Q3 2025.
  • Marc Stad opened 9 new positions and closed 3 in Q3 2025.
  • Marc Stad's portfolio value fell 7.6% quarter-over-quarter to $4.53B.

Based on Dragoneer Investment Group's 13F filing for Q3 2025, filed 14 Nov 2025.