Dennis Hong's Tech & Real Estate Focus: Top Holdings Analysis

Introduction

This analysis examines the investment strategy and holdings of Dennis Hong, managing director at ShawSpring Partners, as of December 31, 2025. The portfolio demonstrates a clear focus on specific sectors and individual stocks, with Technology and Real Estate being the dominant allocations.

Top Holdings by Value

The portfolio's largest positions, representing significant portions of the total value, are held in several prominent companies:

• OKTA INC (OKTA): Technology sector, accounts for 14.38% of the portfolio, with a substantial shareholding.
• SHIFT4 PMTS INC (FOUR): Technology sector, represents 13.62% of the portfolio.
• COSTAR GROUP INC (CSGP): Real Estate sector, holds 12.12% of the portfolio value.
• ALIBABA GROUP HLDG LTD (BABA): Consumer Cyclical sector, constitutes 10.44% of the portfolio.
• BRAZE INC (BRZE): Technology sector, makes up 9.51% of the portfolio.

Sector Concentration

The portfolio exhibits a strong concentration in the Technology sector, with several of its top holdings falling under this category. This sector allocation, driven by companies like OKTA, SHIFT4, and BRAZE, forms a significant part of the investment strategy. The Real Estate sector is also notably represented, primarily through the holding of COSTAR GROUP INC (CSGP). Other sectors, including Consumer Cyclical (ALIBABA) and Communication Services (Liberty Media), also have meaningful allocations, but to a lesser extent than Technology and Real Estate.

Recent Changes in Holdings

Several holdings show significant changes compared to the previous period, indicating active management:

• The position in ALIBABA GROUP HLDG LTD (BABA) saw a remarkable increase, with shares growing by 100% (equivalent to the entire previous holding). This suggests a major strategic decision to overweight this stock.
• Shares in OKTA INC (OKTA) decreased by 10.81%, while holdings in SHIFT4 PMTS INC (FOUR) and BRAZE INC (BRZE) also showed notable declines (-8.19% and -20.3%, respectively).
• Conversely, the position in PROCORE TECHNOLOGIES INC (PCOR) experienced a sharp reduction, with a 36.77% decrease in shares.
• Other changes include a moderate increase in COSTAR GROUP INC (CSGP) (6.87%) and a significant increase in Liberty Media (FWONK) (70.94%).

Investment Strategy Overview

The portfolio's strategy appears heavily tilted towards Technology and Real Estate sectors. The top holdings suggest a focus on companies within these sectors, particularly those involved in cloud services (like OKTA), payment solutions (like SHIFT4), and real estate technology (like COSTAR). The significant allocation to specific Technology stocks indicates a targeted approach, while the large position in ALIBABA suggests a willingness to overweight consumer-facing technology in China. The active management, evidenced by the substantial changes in several holdings, points to a dynamic investment style focused on capitalizing on specific opportunities within these sectors.