Dragoneer Investment Group, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Dragoneer Investment Group, LLC reported 26 stock positions worth $4.5 billion. Its top holding was Duolingo (DUOL) at 11.2% of the portfolio, followed by Block (XYZ, 10.5%) and Coupang (CPNG, 10.4%). Compared with Q2 2025, it opened 9 new positions, sold out of 3, added to 2 and reduced 7. The biggest buy was Duolingo (DUOL, shares +324%) and the biggest sale an exit from Flutter Entertainment PLC-Di (FLUT).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0001602189
- Portfolio Value
- $4.5B (Q3 2025)
- SEC Filing
- 0001193125-25-281469 ↗ filed Nov 14, 2025
Holdings Value
Holdings 26 stocks · $4.5B
| DUOL Duolingo | 11.23% | 1,580,787 | $508.8M | Add +324.4% |
| XYZ Block Inc. | 10.45% | 6,549,747 | $473.4M | Reduce -29.1% |
| CPNG Coupang Inc. | 10.43% | 14,665,691 | $472.2M | Reduce -29.8% |
| GLBE Global-E Online Ltd. | 9.39% | 11,887,078 | $425.1M | Add +18.2% |
| NVDA Nvidia Corp. | 8.56% | 2,078,387 | $387.8M | Reduce -34.8% |
| DAY Dayforce Inc. | 7.22% | 4,749,842 | $327.2M | No change |
| KLAR Klarna Group PLC | 6.70% | 8,283,616 | $303.6M | New |
| CVNA Carvana Co. | 5.66% | 678,921 | $256.1M | New |
| PDD PDD Holdings Inc. | 5.36% | 1,835,428 | $242.6M | Reduce -48.1% |
| MELI MercadoLibre Inc. | 5.33% | 103,379 | $241.6M | New |
| SAIL Sailpoint Inc. | 3.90% | 8,000,000 | $176.6M | No change |
| CHYM Chime Financial Inc. Class A | 3.81% | 8,548,884 | $172.4M | No change |
| TTAN Servicetitan Inc. Class A | 2.23% | 1,000,885 | $100.9M | Reduce -17.0% |
| CCC CCC Intelligent Solutions Ho | 1.85% | 9,196,301 | $83.8M | No change |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.75% | 4,954,299 | $79.3M | Reduce -50.0% |
| FLNC Fluence Energy Inc. | 1.45% | 6,100,265 | $65.9M | New |
| JAMF Jamf Holding Corp. filed as JAMF HLDG CORP | 1.02% | 4,328,286 | $46.3M | No change |
| GEMI Gemini Space Station Inc. Class A | 0.86% | 1,620,000 | $38.8M | New |
| DDOG Datadog Inc. Class A | 0.85% | 271,800 | $38.7M | Reduce -87.9% |
| OSCR Oscar Health Inc. Class A | 0.56% | 1,346,154 | $25.5M | No change |
| FIG Figma Inc. Class A | 0.49% | 431,165 | $22.4M | New |
| ROOT Root Inc./Oh Class A | 0.30% | 154,320 | $13.8M | No change |
| GTM Zoominfo Technologies Inc. | 0.16% | 670,000 | $7.3M | No change |
| STUB Stubhub Holdings Inc. Class A | 0.16% | 425,531 | $7.2M | New |
| PTRN Pattern Group Inc. Class A | 0.15% | 489,700 | $6.7M | New |
| ARX Accelerant Holdings Class A | 0.11% | 336,361 | $5.0M | New |
Portfolio Sells Q2 2025 → Q3 2025
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −9.82 |
| INSP Inspire Medical Systems Inc. | Sold out | 0.00% | −6.24 |
| DDOG Datadog Inc. Class A | Reduce -87.9% | 0.85% | −5.33 |
| XYZ Block Inc. | Reduce -29.1% | 10.45% | −2.35 |
| CPNG Coupang Inc. | Reduce -29.8% | 10.43% | −2.35 |
| PDD PDD Holdings Inc. | Reduce -48.1% | 5.36% | −2.20 |
| NVDA Nvidia Corp. | Reduce -34.8% | 8.56% | −1.72 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -50.0% | 1.75% | −1.02 |
| TTAN Servicetitan Inc. Class A | Reduce -17.0% | 2.23% | −0.41 |
| HNGE Hinge Health Inc. Class A | Sold out | 0.00% | −0.07 |
Portfolio Buys Q2 2025 → Q3 2025
| DUOL Duolingo | Add +324.4% | 11.23% | +8.12 |
| KLAR Klarna Group PLC | New | 6.70% | +6.70 |
| CVNA Carvana Co. | New | 5.66% | +5.66 |
| MELI MercadoLibre Inc. | New | 5.33% | +5.33 |
| GLBE Global-E Online Ltd. | Add +18.2% | 9.39% | +2.50 |
| FLNC Fluence Energy Inc. | New | 1.45% | +1.45 |
| GEMI Gemini Space Station Inc. Class A | New | 0.86% | +0.86 |
| FIG Figma Inc. Class A | New | 0.49% | +0.49 |
| STUB Stubhub Holdings Inc. Class A | New | 0.16% | +0.16 |
| PTRN Pattern Group Inc. Class A | New | 0.15% | +0.15 |
| ARX Accelerant Holdings Class A | New | 0.11% | +0.11 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 12 | $2.8B | SPCX, AMD, AMZN, INIO, KLAR |
| Q1 2026 | 17 | $3.0B | NVDA, CPNG, META, CVNA, GLBE |
| Q4 2025 | 27 | $4.6B | CPNG, NVDA, GLBE, CVNA, DAY |
| Q3 2025 | 26 | $4.5B | DUOL, XYZ, CPNG, GLBE, NVDA |
| Q2 2025 | 20 | $4.9B | XYZ, CPNG, NVDA, FLUT, PDD |
| Q1 2025 | 22 | $4.8B | CPNG, PDD, XYZ, INTU, DUOL |
| Q4 2024 | 23 | $5.7B | GLBE, RBLX, PDD, CPNG, TEAM |
| Q3 2024 | 24 | $5.8B | GLBE, TEAM, RBLX, PDD, DAY |
| Q2 2024 | 33 | $5.2B | GLBE, TEAM, RBLX, CPNG, PDD |
| Q1 2024 | 29 | $4.3B | GLBE, GTM, RBLX, CPNG, FLUT |