Durable Capital

Q3 2020 13F · by Henry Ellenbogen, CIO

As of: Sep 30, 2020
Filed: Nov 13, 2020
US stock: $9.1B · prev $8.0B
Positions: 53 · prev 43
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves54 since the prior filing

+18.3 pp in · −18.3 pp out

New 11 +9.30 pp
Added 14 +8.99 pp
Trimmed 28 −12.35 pp
Exited 1 −5.97 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 67% a year, about 1.5 years per position

Low
Moderate
High

Top 5 positions25% of US stock

BFAM Bright Horizons Family Solutions Inc. trimmed−0.08 pp trimmed−0.086.1%
RH Rh added+2.52 pp added+2.525.1%
SAM Boston Beer Company added+2.36 pp added+2.364.8%
RDFN Redfin Corporation trimmed−0.30 pp trimmed−0.304.5%
FSV FirstService Corporation added+0.74 pp added+0.744.4%

Positions53 in this filing · 1 exited


BFAMBright Horizons Family Solutions Inc.	6.14%	3,670,748	$558M	trimmed−14%	−0.08 pp	3 q
RHRh	5.08%	1,207,104	$462M	added+46%	+2.52 pp	2 q
SAMBoston Beer Company	4.81%	494,770	$437M	added+35%	+2.36 pp	2 q
RDFNRedfin Corporation	4.45%	8,102,895	$405M	trimmed−11%	−0.30 pp	3 q
FSVFirstService Corporation	4.39%	3,027,108	$399M	added+4%	+0.74 pp	3 q
SHOPShopify Inc. Class A subordinate voting shares	4.30%	382,104	$391M	added+64%	+1.55 pp	2 q
BKIBlack Knight, Inc.	4.09%	4,273,745	$372M	added+11%	+0.61 pp	3 q
WSTWest Pharmaceutical Services, Inc.	3.35%	1,106,118	$304M	trimmed−11%	−0.16 pp	3 q
INTUIntuit Inc	3.34%	929,704	$303M	added+4%	+0.03 pp	3 q
TWLOTwilio Inc.	3.24%	1,190,625	$294M	trimmed−5%	−0.20 pp	3 q
COUPCoupa Software Incorporated	3.20%	1,059,187	$290M	added+6%	−0.25 pp	3 q
KWRQuaker Houghton	3.09%	1,561,810	$281M	added+4%	−0.40 pp	3 q
STNEStoneCo Ltd. Class A	3.06%	5,260,000	$278M	new	+3.06 pp	new
WIXWIX.com Ltd.	2.94%	1,049,219	$267M	trimmed−41%	−2.73 pp	3 q
ROPRoper Technologies, Inc.	2.81%	645,699	$255M	trimmed−1%	−0.35 pp	3 q
MSCIMSCI, Inc.	2.49%	633,312	$226M	trimmed−6%	−0.32 pp	3 q
VRMVroom, Inc.	2.38%	4,271,569	$216M	trimmed−21%	−1.03 pp	2 q
WCNWaste Connections, Inc.	2.19%	1,917,856	$199M	added+1%	−0.04 pp	3 q
XPXP Inc. Class A	2.07%	4,511,947	$188M	trimmed−25%	−1.07 pp	4 q
JBHTJB Hunt Transport Services Inc	1.99%	1,431,787	$181M	added+45%	+0.51 pp	2 q
IRIngersoll Rand Inc.	1.72%	4,379,303	$156M	trimmed−18%	−0.16 pp	3 q
DAYDayforce, Inc.	1.71%	1,884,982	$156M	added+15%	+0.09 pp	3 q
unresolvedIac/Interactivecorp	1.71%	1,299,891	$156M	new	+1.71 pp	new
IDXXIdexx Laboratories Inc	1.66%	383,058	$151M	trimmed−16%	−0.21 pp	3 q
DDOGDatadog, Inc. Class A	1.62%	1,436,833	$147M	trimmed−36%	−0.82 pp	3 q
SNOWSnowflake Inc.	1.60%	602,012	$146M	new	+1.60 pp	new
LIILennox International Inc.	1.51%	503,013	$137M	trimmed−43%	−1.04 pp	3 q
FTCHQFarfetch Limited A	1.48%	5,334,823	$134M	trimmed−7%	+0.25 pp	3 q
unresolvedAtlassian Corp Plc	1.41%	704,502	$128M	trimmed−25%	−0.69 pp	3 q
RBCRBC Bearings Incorporated	1.39%	1,040,637	$126M	trimmed−0%	−0.35 pp	3 q
FOURShift4 Payments, Inc.	1.39%	2,618,069	$127M	added+97%	+0.80 pp	2 q
DNBDun & Bradstreet Holdings, Inc.	1.37%	4,863,636	$125M	new	+1.37 pp	new
CARGCarGurus, Inc. Class A	1.29%	5,423,275	$117M	trimmed−18%	−0.81 pp	3 q
MTNVail Resorts, Inc.	1.15%	489,512	$105M	trimmed−25%	−0.33 pp	3 q
EYENational Vision Holdings, Inc.	1.12%	2,657,241	$102M	trimmed−6%	+0.05 pp	3 q
TTCToro Company (The)	1.10%	1,189,765	$100M	trimmed−15%	−0.05 pp	3 q
BURLBurlington Stores, Inc.	0.90%	398,669	$82M	trimmed−5%	−0.13 pp	3 q
DSGXDescartes Systems Group Inc	0.86%	1,365,335	$78M	trimmed−5%	−0.09 pp	3 q
GFLGFL Environmental Inc. Subordinate Voting Shares	0.72%	3,091,604	$66M	trimmed−11%	−0.10 pp	3 q
BILLBILL Holdings, Inc.	0.67%	602,768	$60M	added×2.4	+0.39 pp	2 q
EXKExact Sciences Corp	0.60%	531,358	$54M	trimmed−54%	−0.66 pp	3 q
CABOCable One, Inc.	0.56%	26,999	$51M	added+25%	+0.08 pp	3 q
EBEventbrite, Inc. Class A	0.54%	4,519,597	$49M	new	+0.54 pp	new
ODFLOld Dominion Freight Line	0.48%	242,926	$44M	trimmed−21%	−0.17 pp	3 q
GSHDGoosehead Insurance, Inc. Class A	0.46%	486,982	$42M	trimmed−5%	−0.02 pp	3 q
ANGIAngi Inc. Class A	0.42%	3,479,904	$39M	trimmed−32%	−0.35 pp	3 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.31%	426,284	$28M	new	+0.31 pp	new
unresolvedDuck Creek Technologies	0.17%	350,000	$16M	new	+0.17 pp	new
CMRCCommerce.com, Inc. Series 1	0.15%	166,250	$14M	new	+0.15 pp	new
NCNOnCino, Inc.	0.15%	175,000	$14M	new	+0.15 pp	new
ACCDAccolade, Inc.	0.13%	300,000	$12M	new	+0.13 pp	new
CNNECannae Holdings, Inc.	0.12%	294,304	$11M	trimmed−73%	−0.43 pp	2 q
ROLRollins, Inc.	0.11%	192,557	$10M	new	+0.11 pp	new
IACIIac / Interactivecorp (De) Com Stk	—	−1,483,303	—	exited	−5.97 pp	—