Durable Capital

Q4 2020 13F · by Henry Ellenbogen, CIO

As of: Dec 31, 2020
Filed: Feb 16, 2021
US stock: $11.2B · prev $9.1B
Positions: 53 · prev 53
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%

Moves50 since the prior filing

+12.7 pp in · −13.5 pp out

New 6 +6.08 pp
Added 21 +6.63 pp
Trimmed 17 −9.76 pp
Exited 6 −3.79 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 49% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions23% of US stock

RDFN Redfin Corporation added+1.03 pp added+1.035.5%
SAM Boston Beer Company added+0.32 pp added+0.325.1%
SHOP Shopify Inc. Class A subordinate voting shares added+0.05 pp added+0.054.3%
BKI Black Knight, Inc. added+0.09 pp added+0.094.2%
INTU Intuit Inc added+0.67 pp added+0.674.0%

Positions53 in this filing · 6 exited


RDFNRedfin Corporation	5.48%	8,983,194	$617M	added+11%	+1.03 pp	4 q
SAMBoston Beer Company	5.13%	580,187	$577M	added+17%	+0.32 pp	3 q
SHOPShopify Inc. Class A subordinate voting shares	4.35%	431,869	$489M	added+13%	+0.05 pp	3 q
BKIBlack Knight, Inc.	4.18%	5,315,099	$470M	added+24%	+0.09 pp	4 q
INTUIntuit Inc	4.01%	1,186,870	$451M	added+28%	+0.67 pp	4 q
STNEStoneCo Ltd. Class A	3.92%	5,260,000	$441M	held	—	2 q
DASHDoorDash, Inc. Class A	3.84%	3,178,350	$431M	new	+3.84 pp	new
RHRh	3.76%	945,609	$423M	trimmed−22%	−1.32 pp	3 q
FSVFirstService Corporation	3.70%	3,046,257	$417M	added+1%	−0.69 pp	4 q
KWRQuaker Houghton	3.52%	1,561,810	$396M	held	—	4 q
unresolvedIac/Interactivecorp	3.47%	2,058,516	$390M	added+58%	+1.76 pp	2 q
BFAMBright Horizons Family Solutions Inc.	3.44%	2,236,644	$387M	trimmed−39%	−2.70 pp	4 q
COUPCoupa Software Incorporated	3.43%	1,137,583	$386M	added+7%	+0.23 pp	4 q
TWLOTwilio Inc.	2.82%	935,466	$317M	trimmed−21%	−0.42 pp	4 q
MSCIMSCI, Inc.	2.79%	703,957	$314M	added+11%	+0.30 pp	4 q
JBHTJB Hunt Transport Services Inc	2.65%	2,184,127	$298M	added+53%	+0.66 pp	3 q
WSTWest Pharmaceutical Services, Inc.	2.44%	968,625	$274M	trimmed−12%	−0.91 pp	4 q
ROPRoper Technologies, Inc.	2.15%	562,147	$242M	trimmed−13%	−0.66 pp	4 q
IRIngersoll Rand Inc.	1.99%	4,913,952	$224M	added+12%	+0.27 pp	4 q
FOURShift4 Payments, Inc.	1.97%	2,941,321	$222M	added+12%	+0.58 pp	3 q
VRMVroom, Inc.	1.96%	5,392,723	$221M	added+26%	−0.42 pp	3 q
FTCHQFarfetch Limited A	1.85%	3,252,000	$208M	trimmed−39%	+0.37 pp	4 q
DAYDayforce, Inc.	1.79%	1,884,982	$201M	held	—	4 q
WCNWaste Connections, Inc.	1.60%	1,753,717	$180M	trimmed−9%	−0.59 pp	4 q
RBCRBC Bearings Incorporated	1.55%	972,189	$174M	trimmed−7%	+0.16 pp	4 q
XPXP Inc. Class A	1.55%	4,407,964	$175M	trimmed−2%	−0.52 pp	5 q
BURLBurlington Stores, Inc.	1.48%	637,115	$167M	added+60%	+0.58 pp	4 q
SNOWSnowflake Inc.	1.47%	602,012	$165M	held	—	2 q
ABNBAirbnb, Inc. Class A	1.44%	1,100,000	$161M	new	+1.44 pp	new
GFLGFL Environmental Inc. Subordinate Voting Shares	1.39%	5,365,339	$157M	added+74%	+0.67 pp	4 q
CARGCarGurus, Inc. Class A	1.36%	4,834,795	$153M	trimmed−11%	+0.07 pp	4 q
DNBDun & Bradstreet Holdings, Inc.	1.33%	5,988,683	$149M	added+23%	−0.04 pp	2 q
TTCToro Company (The)	1.32%	1,570,859	$149M	added+32%	+0.22 pp	4 q
WIXWIX.com Ltd.	1.30%	586,281	$147M	trimmed−44%	−1.64 pp	4 q
DDOGDatadog, Inc. Class A	1.26%	1,436,833	$141M	held	—	4 q
EYENational Vision Holdings, Inc.	1.07%	2,657,241	$120M	held	—	4 q
IDXXIdexx Laboratories Inc	0.89%	199,946	$100M	trimmed−48%	−0.77 pp	4 q
unresolvedAtlassian Corp Plc	0.81%	390,949	$91M	trimmed−45%	−0.60 pp	4 q
DSGXDescartes Systems Group Inc	0.75%	1,446,425	$85M	added+6%	−0.11 pp	4 q
BILLBILL Holdings, Inc.	0.66%	544,153	$74M	trimmed−10%	−0.01 pp	3 q
EXKExact Sciences Corp	0.56%	471,182	$62M	trimmed−11%	−0.04 pp	4 q
GSHDGoosehead Insurance, Inc. Class A	0.54%	486,982	$61M	held	—	4 q
CABOCable One, Inc.	0.53%	26,999	$60M	held	—	4 q
CIGIColliers International Group Inc. Subordinate Voting Shares	0.49%	623,064	$56M	added+46%	+0.18 pp	2 q
EBEventbrite, Inc. Class A	0.48%	2,978,237	$54M	trimmed−34%	−0.06 pp	2 q
XYZBlock, Inc.	0.44%	226,972	$49M	new	+0.44 pp	new
NCNOnCino, Inc.	0.31%	475,000	$34M	added×2.7	+0.16 pp	2 q
ACCDAccolade, Inc.	0.25%	650,000	$28M	added×2.2	+0.12 pp	2 q
ROOTRoot, Inc. Class A	0.23%	1,652,576	$26M	new	+0.23 pp	new
unresolvedDuck Creek Technologies	0.13%	350,000	$15M	held	—	2 q
unresolvedAbcam Plc ADR	0.10%	500,000	$11M	new	+0.10 pp	new
CMRCCommerce.com, Inc. Series 1	0.03%	57,660	$4M	trimmed−65%	−0.12 pp	2 q
LINDLindblad Expeditions Holdings Inc.	0.03%	169,738	$3M	new	+0.03 pp	new
LIILennox International Inc.	—	−503,013	—	exited	−1.51 pp	—
MTNVail Resorts, Inc.	—	−489,512	—	exited	−1.15 pp	—
ODFLOld Dominion Freight Line	—	−242,926	—	exited	−0.48 pp	—
ANGIAngi Inc. Class A	—	−3,479,904	—	exited	−0.42 pp	—
CNNECannae Holdings, Inc.	—	−294,304	—	exited	−0.12 pp	—
ROLRollins, Inc.	—	−288,836	—	exited	−0.11 pp	—