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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
-5.17%
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
$4.59B
AUM Growth
+$56.9M
Cap. Flow
+$503M
Cap. Flow %
10.96%
Top 10 Hldgs %
76.34%
Holding
31
New
5
Increased
4
Reduced
5
Closed
4

Top Buys

Rank Stock Value
1
CPNG icon
Coupang
CPNG
+$197M
2
EXE
Expand Energy Corp
EXE
+$146M
3
MELI icon
Mercado Libre
MELI
+$119M
4
CVNA icon
Carvana
CVNA
+$112M
5
NVDA icon
NVIDIA
NVDA
+$106M

Top Sells

Rank Stock Value
1
XYZ
Block Inc
XYZ
+$108M
2
DUOL icon
Duolingo
DUOL
+$99.2M
3
FLNC icon
Fluence Energy
FLNC
+$65.9M
4
GLBE icon
Global E Online
GLBE
+$19.4M
5
GEMI
Gemini Space Station
GEMI
+$12.6M

Sector Composition

Rank Sector Weight
1 Technology 45.09%
2 Consumer Discretionary 41.43%
3 Financials 7.45%
4 Energy 5.35%
5 Healthcare 0.69%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GEMI
26
Gemini Space Station
GEMI
$555M
$8.04M 0.18%
810,000
-810,000
-50% -$12.6M
GTM
27
ZoomInfo Technologies
GTM
$1.16B
$6.81M 0.15%
670,000
– –
FLNC icon
28
Fluence Energy
FLNC
$1.62B
– –
-6,100,265
Closed -$65.9M
ARX
29
Accelerant Holdings
ARX
$4.25B
– –
-336,361
Closed -$5.01M
STUB
30
StubHub Holdings
STUB
$2.55B
– –
-425,531
Closed -$7.17M
PTRN
31
Pattern Group Inc
PTRN
$3.7B
– –
-489,700
Closed -$6.71M
1
2

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Marc Stad's Q4 2025 Portfolio in Review

As of Q4 2025, Marc Stad held 31 positions worth $4.59B, up 1.3% from $4.53B the previous quarter. Its ten largest holdings account for 76% of the portfolio.

Marc Stad deployed $503M of net new capital in Q4 2025, opening 5 new positions and adding to 4 existing holdings. Its largest new stake was Expand Energy Corp: 1,319,618 shares worth $146M.

By sector, the portfolio is most concentrated in Technology at 45% of assets, down from 52% a quarter earlier, followed by Consumer Discretionary and Financials.

On the sell side, the largest reduction was Block Inc, an estimated $108M trimmed.

  • Marc Stad's largest Q4 2025 buy was Expand Energy Corp: 1,319,618 shares worth $146M.
  • Marc Stad added most to Coupang in Q4 2025, an estimated $197M increase.
  • Marc Stad's biggest Q4 2025 reduction was Block Inc, cutting an estimated $108M.
  • Marc Stad fully exited Fluence Energy in Q4 2025, selling an estimated $65.9M.
  • Marc Stad's ten largest holdings make up 76% of its $4.59B portfolio in Q4 2025.
  • Marc Stad opened 5 new positions and closed 4 in Q4 2025.
  • Marc Stad's portfolio value rose 1.3% quarter-over-quarter to $4.59B.

Based on Dragoneer Investment Group's 13F filing for Q4 2025, filed 17 Feb 2026.