Just noticed that Gilder Gagnon Howe trimmed their Duolingo position again in Q4 2025. They sold off 66k shares for around $15.65 million, bringing their total stake down to about 506k shares. The thing is, they've been steadily taking profits on this one since the 2021 IPO when they originally grabbed over a million shares.

Duolingo's had a rough ride lately - it peaked near $545 last year but has cratered to around $112 now, down almost 74% just this past year. The fund's quarterly position value dropped $95 million, though that includes both the sale and the stock price hit. At this point, Duolingo only makes up 0.94% of their assets under management, so it's no longer a major holding.

What's interesting is the timing - the fund clearly saw the momentum shift and decided to keep reducing exposure. They're still holding half a million shares, but compared to where they started back in 2021, they've clearly been playing it smart with this one. The market's definitely been punishing software stocks as AI uncertainty keeps building.