As of Q2 2025, Dennis Hong’s ShawSpring Partners demonstrates a highly concentrated technology portfolio with $792 million across just 10 positions. The fund maintains its signature focus on enterprise software, SaaS platforms, and fintech companies, with significant position adjustments revealing active portfolio management and conviction-based investing in high-growth technology businesses.

Dennis Hong’s Q2 2025 portfolio reveals a laser-focused investment philosophy centered on enterprise software companies with strong competitive moats. The portfolio’s composition demonstrates several key investment themes:

Vertical Software Dominance – Holdings in CoStar (real estate), Procore (construction), and nCino (banking) represent market leaders in specific verticals with high switching costs and network effects.

Cybersecurity Infrastructure – The major Okta investment reflects the critical importance of identity management in an increasingly digital world, where security becomes a competitive advantage.

Small Business Enablement – Intuit and Monday.com provide essential tools for small and medium businesses, benefiting from the continued digitization of traditionally offline operations.

Payment and Fintech Evolution – Despite some trimming, Shift4 Payments and Blend Labs maintain exposure to the ongoing transformation of financial services and payment processing.

The Q2 2025 rebalancing suggests Hong is actively managing risk while maintaining conviction in high-growth software businesses. The significant profit-taking in top performers like Monday.com and nCino, combined with new investments in Okta, demonstrates disciplined portfolio management.

Current market pricing appears attractive for several holdings, with the reported prices showing discounts to current market values for most positions. This suggests potential upside as markets recognize the value in these enterprise software leaders.

The concentrated nature of the portfolio reflects Hong’s high-conviction approach, betting on companies that can maintain competitive advantages through network effects, switching costs, and platform strategies. With 100% technology allocation, the portfolio offers pure-play exposure to software business models with recurring revenue and strong unit economics.

Digital Transformation Leaders: Every holding represents a company enabling digital transformation in their respective sectors, from construction project management to identity security.

Recurring Revenue Models: The portfolio emphasizes SaaS and subscription-based businesses with predictable, growing revenue streams and expanding customer relationships.

Market Leadership Positions: Each company holds strong competitive positions in their markets, often as the clear leader or strong number-two player with differentiated offerings.

Scalable Business Models: All holdings demonstrate software economics with high gross margins and the potential for significant operating leverage as they scale.