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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
CPNG icon
1
Coupang
CPNG
$29.6B
$509M 11.1%
21,576,556
+6,910,865
+47% +$197M
NVDA icon
2
NVIDIA
NVDA
$5.2T
$494M 10.77%
2,648,387
+570,000
+27% +$106M
GLBE icon
3
Global E Online
GLBE
$6.81B
$447M 9.74%
11,365,028
-522,050
-4% -$19.4M
CVNA icon
4
Carvana
CVNA
$76.9B
$413M 9.01%
4,897,300
+1,502,695
+44% +$112M
DAY
5
DELISTED
Dayforce
DAY
$328M 7.16%
4,749,842
– –
XYZ
6
Block Inc
XYZ
$49.4B
$324M 7.07%
4,978,155
-1,571,592
-24% -$108M
MELI icon
7
Mercado Libre
MELI
$97.5B
$323M 7.04%
160,193
+56,814
+55% +$119M
KLAR
8
Klarna Group
KLAR
$5.42B
$239M 5.22%
8,283,616
– –
CHYM
9
Chime Financial
CHYM
$12.4B
$215M 4.69%
8,548,884
– –
PDD icon
10
Pinduoduo
PDD
$126B
$208M 4.54%
1,835,428
– –
DUOL icon
11
Duolingo
DUOL
$6.84B
$204M 4.44%
1,159,887
-420,900
-27% -$99.2M
SAIL
12
SailPoint Inc
SAIL
$10.6B
$162M 3.53%
8,000,000
– –
EXE
13
Expand Energy Corp
EXE
$22.2B
$146M 3.18%
+1,319,618
New +$146M
TTAN
14
ServiceTitan Inc
TTAN
$9.05B
$107M 2.32%
1,000,885
– –
CRK icon
15
Comstock Resources
CRK
$4.18B
$99.6M 2.17%
+4,298,202
New +$94.7M
NU icon
16
Nu Holdings
NU
$70.4B
$82.9M 1.81%
4,954,299
– –
CCC
17
CCC Intelligent Solutions
CCC
$4.39B
$73.1M 1.59%
9,196,301
– –
JAMF
18
DELISTED
Jamf
JAMF
$56.3M 1.23%
4,328,286
– –
DDOG icon
19
Datadog
DDOG
$84.6B
$37M 0.81%
271,800
– –
NAVN
20
Navan Inc
NAVN
$7.42B
$35.8M 0.78%
+2,095,507
New +$33.3M
MDLN
21
Medline Inc
MDLN
$30.1B
$22.1M 0.48%
+525,000
New +$22.2M
FIG
22
Figma
FIG
$14.4B
$16.1M 0.35%
431,165
– –
ROOT icon
23
Root
ROOT
$864M
$11.1M 0.24%
154,320
– –
OSCR icon
24
Oscar Health
OSCR
$9.89B
$9.45M 0.21%
657,435
-688,719
-51% -$11.9M
WLTH
25
Wealthfront Corp
WLTH
$1.38B
$8.89M 0.19%
+654,338
New +$8.69M
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.