What if you had copied Dragoneer Investment Group?
Marc Stad
The verdict
Copying Dragoneer Investment Group's 13F filings from Feb 2020 would have turned $10,000 into $9,226, less than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned −1.2% a year against +14.4% for the S&P 500, 16 points a year behind. Its worst fall was 70.4%, from Feb 10, 2021 to Jan 5, 2023. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Dragoneer Investment Group$9,226
- S&P 500$24,639
- Bought their first portfolio and never traded$17,687
If you had bought their first portfolio and never traded, you would have ended at $17,687, so following every move cost $8,460.
- $10,000 copied
- $9,226
- −7.7%, −1.2% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $17,687
- Bought their first portfolio and never traded
- Worst fall
- −70.4%
- Feb 10, 2021 to Jan 5, 2023
- Trades
- 236
- 124 buys, 112 sales over 27 filings; about 96% of the copy traded a year
The moves that made the most
- DDOGDatadog+$1,893
Held from Feb 2020 to Aug 2026, the stock up 425%
- TWLOTwilio+$1,062
Held from Feb 2020 to May 2022
- RBLXRoblox+$926
Held from May 2021 to Aug 2025, the stock up 56%
Held from Feb 2020 to Nov 2023, the stock up 34%
- GLBEGlobal-E Online+$524
Held since Aug 2021
- TEAMAtlassian+$440
Held from Aug 2024 to Aug 2025, the stock up 14%
The moves that cost the most
- GTMZoominfo Technologies−$1,134
Held from Aug 2020 to Aug 2026, the stock down 91%
- PTONPeloton Interactive−$1,090
Held from Feb 2020 to Nov 2024, the stock down 82%
Held since Feb 2022
Held from Nov 2021 to Aug 2022, the stock down 68%
- KLARKlarna−$504
Held since Nov 2025, the stock down 61%
Held from Feb 2022 to Nov 2022, the stock down 47%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +66.6% | +13.1% | +53.5 |
| 2021 | −10.8% | +28.7% | −39.5 |
| 2022 | −57.7% | −18.2% | −39.5 |
| 2023 | +40.6% | +26.2% | +14.4 |
| 2024 | +23.0% | +24.9% | −1.9 |
| 2025 | +2.8% | +17.7% | −15.0 |
| 2026to Nov 2026 | −17.4% | +11.5% | −28.9 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.