Durable Capital

Q1 2021 13F · by Henry Ellenbogen, CIO

As of: Mar 31, 2021
Filed: May 17, 2021
US stock: $11.8B · prev $11.2B
Positions: 54 · 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%

Moves54 since the prior filing

+14.2 pp in · −12.9 pp out

New 8 +6.55 pp
Added 18 +7.63 pp
Trimmed 21 −9.33 pp
Exited 7 −3.61 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 40% a year, about 2.5 years per position

Low
Moderate
High

Top 5 positions25% of US stock

SAM Boston Beer Company added+1.02 pp added+1.026.2%
RDFN Redfin Corporation trimmed−0.64 pp trimmed−0.644.8%
JBHT JB Hunt Transport Services Inc added+2.04 pp added+2.044.7%
RH Rh trimmed+0.81 pp trimmed+0.814.6%
SHOP Shopify Inc. Class A subordinate voting shares added+0.14 pp added+0.144.5%

Positions54 in this filing · 7 exited


SAMBoston Beer Company	6.15%	602,876	$727M	added+4%	+1.02 pp	4 q
RDFNRedfin Corporation	4.84%	8,587,640	$572M	trimmed−4%	−0.64 pp	5 q
JBHTJB Hunt Transport Services Inc	4.69%	3,299,050	$554M	added+51%	+2.04 pp	4 q
RHRh	4.57%	905,277	$540M	trimmed−4%	+0.81 pp	4 q
SHOPShopify Inc. Class A subordinate voting shares	4.49%	479,750	$531M	added+11%	+0.14 pp	4 q
BKIBlack Knight, Inc.	4.44%	7,090,810	$525M	added+33%	+0.26 pp	5 q
INTUIntuit Inc	4.34%	1,340,946	$514M	added+13%	+0.33 pp	5 q
FSVFirstService Corporation	3.99%	3,187,445	$472M	added+5%	+0.29 pp	5 q
DASHDoorDash, Inc. Class A	3.47%	3,178,350	$410M	held	—	2 q
unresolvedIac/Interactivecorp	3.46%	1,893,952	$410M	trimmed−8%	−0.01 pp	3 q
VRMVroom, Inc.	3.15%	9,568,448	$373M	added+77%	+1.19 pp	4 q
IRIngersoll Rand Inc.	2.95%	7,087,501	$349M	added+44%	+0.96 pp	5 q
KWRQuaker Houghton	2.79%	1,355,459	$330M	trimmed−13%	−0.73 pp	5 q
MSCIMSCI, Inc.	2.76%	778,498	$326M	added+11%	−0.03 pp	5 q
STNEStoneCo Ltd. Class A	2.72%	5,260,000	$322M	held	—	3 q
AFRMAffirm Holdings, Inc. Class A	2.69%	4,663,868	$318M	new	+2.69 pp	new
WSTWest Pharmaceutical Services, Inc.	2.31%	968,625	$273M	held	—	5 q
TWLOTwilio Inc.	2.17%	752,035	$256M	trimmed−20%	−0.65 pp	5 q
BFAMBright Horizons Family Solutions Inc.	2.14%	1,478,558	$253M	trimmed−34%	−1.30 pp	5 q
COUPCoupa Software Incorporated	2.13%	988,933	$252M	trimmed−13%	−1.30 pp	5 q
BURLBurlington Stores, Inc.	2.00%	789,850	$236M	added+24%	+0.52 pp	5 q
FOURShift4 Payments, Inc.	2.00%	2,881,952	$236M	trimmed−2%	+0.03 pp	4 q
ROPRoper Technologies, Inc.	1.97%	577,656	$233M	added+3%	−0.18 pp	5 q
WIXWIX.com Ltd.	1.86%	786,229	$220M	added+34%	+0.56 pp	5 q
ABNBAirbnb, Inc. Class A	1.75%	1,100,000	$207M	held	—	2 q
WCNWaste Connections, Inc.	1.60%	1,753,717	$189M	held	—	5 q
GFLGFL Environmental Inc. Subordinate Voting Shares	1.59%	5,365,339	$188M	held	—	5 q
DAYDayforce, Inc.	1.32%	1,849,624	$156M	trimmed−2%	−0.47 pp	5 q
CPNGCoupang, Inc.	1.19%	2,857,142	$141M	new	+1.19 pp	new
RBCRBC Bearings Incorporated	1.19%	716,401	$141M	trimmed−26%	−0.36 pp	5 q
TTCToro Company (The)	1.16%	1,330,422	$137M	trimmed−15%	−0.16 pp	5 q
EYENational Vision Holdings, Inc.	1.14%	3,087,241	$135M	added+16%	+0.07 pp	5 q
XPXP Inc. Class A	1.14%	3,577,352	$135M	trimmed−19%	−0.41 pp	6 q
FTCHQFarfetch Limited A	1.00%	2,226,931	$118M	trimmed−32%	−0.85 pp	5 q
FTDRFrontdoor, Inc.	0.96%	2,108,363	$113M	new	+0.96 pp	new
DDOGDatadog, Inc. Class A	0.83%	1,175,360	$98M	trimmed−18%	−0.43 pp	5 q
DSGXDescartes Systems Group Inc	0.76%	1,476,125	$90M	added+2%	+0.01 pp	5 q
BILLBILL Holdings, Inc.	0.75%	613,653	$89M	added+13%	+0.09 pp	4 q
ACVAACV Auctions Inc.	0.70%	2,438,020	$82M	new	+0.70 pp	new
CARGCarGurus, Inc. Class A	0.69%	3,445,622	$82M	trimmed−29%	−0.67 pp	5 q
ACCDAccolade, Inc.	0.52%	1,356,841	$62M	added×2.1	+0.27 pp	3 q
IDXXIdexx Laboratories Inc	0.51%	122,950	$60M	trimmed−39%	−0.38 pp	5 q
SNOWSnowflake Inc.	0.44%	226,509	$52M	trimmed−62%	−1.03 pp	3 q
GSHDGoosehead Insurance, Inc. Class A	0.39%	435,828	$47M	trimmed−11%	−0.15 pp	5 q
EXKExact Sciences Corp	0.36%	320,456	$42M	trimmed−32%	−0.20 pp	5 q
ALHCAlignment Healthcare, Inc.	0.33%	1,839,069	$39M	new	+0.33 pp	new
NCNOnCino, Inc.	0.31%	550,000	$37M	added+16%	0.00 pp	3 q
XMQualtrics International Inc. Class A	0.28%	1,000,000	$33M	new	+0.28 pp	new
CABOCable One, Inc.	0.26%	16,763	$31M	trimmed−38%	−0.27 pp	5 q
unresolvedDuck Creek Technologies	0.22%	567,391	$26M	added+62%	+0.09 pp	3 q
MKTXMarketAxess Holdings Inc.	0.20%	46,683	$23M	new	+0.20 pp	new
MTNVail Resorts, Inc.	0.20%	80,753	$24M	new	+0.20 pp	new
unresolvedAbcam Plc ADR	0.08%	500,000	$10M	held	—	2 q
ROOTRoot, Inc. Class A	0.07%	687,347	$9M	trimmed−58%	−0.16 pp	2 q
DNBDun & Bradstreet Holdings, Inc.	—	−5,988,683	—	exited	−1.33 pp	—
unresolvedAtlassian Corp Plc	—	−390,949	—	exited	−0.81 pp	—
CIGIColliers International Group Inc. Subordinate Voting Shares	—	−623,064	—	exited	−0.49 pp	—
EBEventbrite, Inc. Class A	—	−2,978,237	—	exited	−0.48 pp	—
XYZBlock, Inc.	—	−226,972	—	exited	−0.44 pp	—
CMRCCommerce.com, Inc. Series 1	—	−57,660	—	exited	−0.03 pp	—
LINDLindblad Expeditions Holdings Inc.	—	−169,738	—	exited	−0.03 pp	—