ShawSpring Partners Portfolio in 2026: Top Holdings & Recent Changes
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ShawSpring Partners continues to showcase its disciplined approach to high-conviction tech investing under fund manager Dennis Hong. Their $531.1M portfolio for Q4 2025 reflects active portfolio management with significant trims in core positions alongside strategic additions like CoStar Group and a brand-new stake in Alibaba, signaling confidence in select growth opportunities despite broader reductions.
Portfolio Overview: Extreme Concentration with Calculated Adjustments
Portfolio Highlights (Q4’2025): - Market Value: $531.1M - Top 10 Holdings: 94.9% - Portfolio Size: 11 +0 - Average Holding Period: 6 quarters - Turnover: 36.4%
ShawSpring Partners maintains an ultra-concentrated portfolio, with the top 10 holdings commanding 94.9% of assets across just 11 total positions. This structure underscores a high-conviction strategy focused on software and tech-enabled businesses, where fund manager Dennis Hong allocates heavily to names he knows deeply. The 36.4% turnover rate indicates proactive management, balancing profit-taking with new opportunities in a volatile market.
The average holding period of 6 quarters suggests a medium-term horizon, allowing positions to compound while enabling timely exits from underperformers. With no change in portfolio size, ShawSpring demonstrates stability amid adjustments, prioritizing quality over expansion. Investors tracking this portfolio can glean insights into tech sector rotations, particularly in SaaS and fintech where concentrations exceed 10%.
This setup positions ShawSpring for asymmetric returns, as even small shifts in top holdings like OKTA or FOUR drive meaningful impact. The lack of diversification beyond tech-heavy names reflects a thesis-driven approach, betting on scalable software models in enterprise and consumer markets.
Top Holdings Breakdown: SaaS Reductions Meet Opportunistic Adds
The ShawSpring portfolio leads with Okta, Inc. (OKTA) at 14.4% after a Reduce 10.81% trim, followed closely by Shift4 Payments, Inc. (FOUR) at 13.6% with a Reduce 8.19% adjustment, showing profit-taking in payments and identity management. CoStar Group, Inc. (CSGP) stands out at 12.1% via an Add 6.87%, reinforcing real estate tech exposure, while a fresh Buy in Alibaba Group Holding Limited (BABA) at 10.4% marks a bold China tech entry.
Further down, Braze, Inc. (BRZE) holds 9.5% despite a sharp Reduce 20.30%, and Procore Technologies, Inc. (PCOR) at 9.3% saw the steepest cut at Reduce 36.77%, potentially signaling concerns over construction software growth. monday.com Ltd. (MNDY) resides at 7.1% post-Reduce 32.14%, while Formula One Group (FWONK) surged to 6.9% with an Add 70.94%, highlighting entertainment diversification.
Rounding out changes, Intuit Inc. (INTU) at 6.3% endured a massive Reduce 55.65%, and Blend Labs, Inc. (BLND) at 5.2% with Reduce 8.30%. These moves across all top 10 positions reveal a portfolio in flux, trimming high-flyers like INTU and PCOR to fund adds in undervalued plays like BABA and FWONK.
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What the Portfolio Reveals About ShawSpring's Strategy
ShawSpring's Q4 moves paint a picture of disciplined tech investing amid sector headwinds, emphasizing software-as-a-service (SaaS) leaders with scalable models. Key themes emerge:
- Tech Sector Dominance: Nearly all holdings are software-focused, from identity (OKTA) to payments (FOUR) and real estate data (CSGP), betting on recurring revenue resilience.
- Profit-Taking Discipline: Aggressive reductions in PCOR 36.77%, MNDY 32.14%, and INTU 55.65% suggest locking in gains after rallies.
- Opportunistic Global Bets: The BABA Buy and FWONK Add 70.94% indicate value hunting in beaten-down international names and unique assets.
- Risk Management via Concentration: 94.9% in top 10 allows deep research but demands precise timing, as seen in uniform changes across holdings.
- Growth Over Value: Focus on high-growth SaaS trumps dividends, aligning with a 6-quarter hold favoring compounding.
This reveals a strategy adaptive to macro shifts, trimming froth while adding conviction plays.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Okta, Inc. (OKTA) | $76.4M | 14.4% | Reduce 10.81% |
| Shift4 Payments, Inc. (FOUR) | $72.3M | 13.6% | Reduce 8.19% |
| CoStar Group, Inc. (CSGP) | $64.4M | 12.1% | Add 6.87% |
| Alibaba Group Holding Limited (BABA) | $55.4M | 10.4% | Buy |
| Braze, Inc. (BRZE) | $50.5M | 9.5% | Reduce 20.30% |
| Procore Technologies, Inc. (PCOR) | $49.6M | 9.3% | Reduce 36.77% |
| monday.com Ltd. (MNDY) | $37.5M | 7.1% | Reduce 32.14% |
| Formula One Group (FWONK) | $36.6M | 6.9% | Add 70.94% |
| Intuit Inc. (INTU) | $33.6M | 6.3% | Reduce 55.65% |
| Blend Labs, Inc. (BLND) | $27.4M | 5.2% | Reduce 8.30% |
This table highlights ShawSpring's razor-sharp focus, with the top holding OKTA at 14.4% and no position below 5.2% in the top 10, amplifying the impact of changes like the 55.65% slash in INTU. The pattern of reductions in six of ten positions (totaling over 100% in cuts) offset by adds in CSGP and FWONK shows reallocation toward perceived higher-upside names.
Such concentration—94.9% in 10 stocks—magnifies returns from winners like the new BABA stake but heightens volatility risks. With portfolio size stable at 11, this reflects confidence in the thesis, using turnover to refine rather than diversify.
Investment Lessons from ShawSpring Partners' Approach
ShawSpring's Q4 filing offers timeless principles for tech investors:
- Trim Winners Ruthlessly: Deep cuts in INTU 55.65% and PCOR 36.77% demonstrate selling strength to redeploy capital.
- Concentrate on Conviction: 94.9% top 10 weighting proves understanding businesses deeply justifies outsized bets.
- Hunt Global Value: The BABA Buy shows looking beyond U.S. tech for asymmetric opportunities.
- Monitor Position Sizing Actively: Every top holding changed, with 36.4% turnover keeping allocations optimal.
- Favor Scalable SaaS Models: Holdings like OKTA, BRZE, and MNDY prioritize recurring revenue over cyclical plays.
These lessons emphasize adaptability in growth investing.
Looking Ahead: What Comes Next?
ShawSpring's positioning sets up for continued tech selectivity, with trims freeing ~$100M+ in capital (inferred from reduction magnitudes) for deployment into undervalued SaaS or adjacent sectors. The BABA entry hints at China recovery plays, while FWONK's boost eyes entertainment tailwinds.
In 2026's uncertain rate environment, core holdings like CSGP and FOUR provide stability via enterprise demand. Watch for further adds in fintech or proptech if valuations dip, leveraging the stable 11-position size. This portfolio is primed for outperformance if tech growth reaccelerates.
FAQ about ShawSpring Partners Portfolio
Q: What are the biggest changes in ShawSpring's Q4 2025 13F filing?
A: Notable moves include Reduce 55.65% in INTU, Reduce 36.77% in PCOR, Add 70.94% in FWONK, and a new Buy in BABA, reflecting profit-taking and opportunistic bets.
Q: Why is ShawSpring's portfolio so concentrated?
A: With 94.9% in the top 10 across 11 positions, the strategy relies on deep research into high-conviction SaaS names, allowing outsized returns from a few winners while maintaining a 6-quarter average hold.
Q: What sectors does ShawSpring focus on?
A: Primarily software and tech services, including identity (OKTA), payments (FOUR), marketing (BRZE), and real estate tech (CSGP), with emerging diversification via BABA.
Q: How can I track ShawSpring Partners' portfolio like a pro?
A: Use ValueSense's superinvestor tracker at https://valuesense.io/superinvestors/shawspring for real-time 13F updates. Note the 45-day reporting lag means Q4 data reflects end-2025 positions—combine with intrinsic value tools for your analysis.
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