Dragoneer Investment Group, LLC

Dragoneer Investment Group's $3.00 billion March 2026 13F reflects the most aggressive single-quarter portfolio reconstruction in this filing cycle — a $1.58 billion AUM contraction from $4.59 billion to $3.00 billion that was not a drawdown from market losses alone but was substantially driven by deliberate, simultaneous reductions across eleven positions that the manager decided were no longer core to the growth-equity thesis. The portfolio's largest new deployment was Meta Platforms, established as a brand-new $408 million position with 712,800 shares in a single quarter — the largest new-entry trade in the filing and a clear bet on the social-media-and-advertising platform's AI-driven earnings trajectory. Nvidia, already the portfolio's largest position at $493 million, was increased by 40.8% through an addition of 1.08 million shares, pushing the position to $650 million and 21.7% of assets despite Nvidia's own stock appreciation through Q1 — the manager was buying into strength in the most direct AI-exposure name in the market. Coupang was increased by 29.1% at a net $59 million capital deployment, and Carvana was increased by 27.9% at a modest net addition, turning the portfolio's two largest pre-existing consumer-discretionary positions into even larger weighted bets. These four increases — Meta as a new entry, Nvidia substantially increased, Coupang added to, Carvana added to — collectively deployed approximately $565 million in new capital into a technology-and-consumer-discretionary complex that represents 63.9% of the current book. At the same time, eleven positions were liquidated entirely: Dayforce, MercadoLibre, PDD Holdings, Duolingo, Expand Energy, Comstock Resources, Jamf, Navan, Medline, and Figma. These exits freed approximately $1.44 billion in capital that was redeployed into the four increases plus organic growth. The remaining reductions were concentrated in fintech names that had represented a prior-cycle focus — Block was reduced by 41.4%, Chime by 49.6%, Klarna by 29.9%, and Global-E by 2.2% — trimming a fintech overlay that had been meaningful in prior quarters. The net result is a $3.00 billion portfolio that is 63.9% concentrated in four names (NVDA, CPNG, META, CVNA) with a silicon-AI-ecommerce-consumer-discretionary thesis more pronounced than any other filing in the current cohort.