Duolingo, Inc.
US ˙ NasdaqGS ˙ US26603R1068

SecurityDUOL / Duolingo, Inc.
InstitutionDriehaus Capital Management Llc
Latest Disclosed Ownership0 shares
Latest Disclosed Value $ 0
Driehaus Capital Management Llc closes position in DUOL / Duolingo, Inc.

On November 14, 2025 - Driehaus Capital Management Llc filed a 13F-HR form disclosing ownership of 0 shares of Duolingo, Inc. (US:DUOL) valued at $0 USD as of September 30, 2025. The entity filed a previous 13F-HR on August 14, 2025 disclosing 47,208 shares of Duolingo, Inc.. The current value of the position is $0 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2025-11-14 2025-09-30 13F DUOLINGO COM 26603R106 0 -100.00 0
2025-08-14 2025-06-30 13F DUOLINGO COM 26603R106 47,208 47,208 19,356 0.1549
2024-11-14 2024-09-30 13F DUOLINGO COM 26603R106 0 -287,210 -100.00 0 -100.00
2024-08-15 2024-06-30 13F/A-1 DUOLINGO COM 26603R106 287,210 12,666 4.61 59,932 -1.03 0.5798
2024-08-14 2024-06-30 13F DUOLINGO COM 26603R106 287,210 12,666 59,932 0.5778
2024-05-15 2024-03-31 13F DUOLINGO COM 26603R106 274,544 40,978 17.54 60,559 14.29 0.6033
2024-02-14 2023-12-31 13F DUOLINGO COM 26603R106 233,566 4,644 2.03 52,984 39.54 0.6383
2023-11-14 2023-09-30 13F DUOLINGO COM 26603R106 228,922 91,395 66.46 37,971 93.16 0.4936
2023-08-14 2023-06-30 13F DUOLINGO COM 26603R106 137,527 78,244 131.98 19,658 132.56 0.2482
2023-05-15 2023-03-31 13F DUOLINGO COM 26603R106 59,283 59,283 8,453 0.1186
2023-02-14 2022-12-31 13F DUOLINGO COM 26603R106 0 -323,345 -100.00 0 -100.00
2022-11-14 2022-09-30 13F DUOLINGO COM 26603R106 323,345 85,960 36.21 30,792 48.16 0.4663
2022-08-15 2022-06-30 13F DUOLINGO COM 26603R106 237,385 237,385 20,783 0.3366
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.