Durable Capital

Q2 2021 13F · by Henry Ellenbogen, CIO

As of: Jun 30, 2021
Filed: Aug 13, 2021
US stock: $13.6B · prev $11.8B
Positions: 57 · prev 54
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%

Moves58 since the prior filing

+17.7 pp in · −17.0 pp out

New 12 +13.19 pp
Added 12 +4.54 pp
Trimmed 25 −10.82 pp
Exited 9 −6.15 pp

The book

Focused · behaves like 34 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 50% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions24% of US stock

SHOP Shopify Inc. Class A subordinate voting shares added+1.78 pp added+1.786.3%
INTU Intuit Inc added+0.69 pp added+0.695.0%
SAM Boston Beer Company trimmed−1.85 pp trimmed−1.854.3%
RDFN Redfin Corporation added−0.55 pp added−0.554.3%
RH Rh trimmed−0.31 pp trimmed−0.314.3%

Positions57 in this filing · 9 exited


SHOPShopify Inc. Class A subordinate voting shares	6.27%	581,511	$850M	added+21%	+1.78 pp	5 q
INTUIntuit Inc	5.03%	1,390,768	$682M	added+4%	+0.69 pp	6 q
SAMBoston Beer Company	4.30%	570,973	$583M	trimmed−5%	−1.85 pp	5 q
RDFNRedfin Corporation	4.29%	9,163,912	$581M	added+7%	−0.55 pp	6 q
RHRh	4.26%	850,684	$578M	trimmed−6%	−0.31 pp	5 q
DASHDoorDash, Inc. Class A	4.18%	3,178,350	$567M	held	—	3 q
FSVFirstService Corporation	4.13%	3,271,113	$560M	added+3%	+0.14 pp	6 q
JBHTJB Hunt Transport Services Inc	4.12%	3,424,638	$558M	added+4%	−0.57 pp	5 q
BKIBlack Knight, Inc.	3.96%	6,885,837	$537M	trimmed−3%	−0.48 pp	6 q
MSCIMSCI, Inc.	3.50%	889,942	$474M	added+14%	+0.74 pp	6 q
IRIngersoll Rand Inc.	2.70%	7,487,246	$365M	added+6%	−0.25 pp	6 q
ROPRoper Technologies, Inc.	2.67%	768,829	$362M	added+33%	+0.70 pp	6 q
COUPCoupa Software Incorporated	2.65%	1,368,733	$359M	added+38%	+0.52 pp	6 q
KWRQuaker Houghton	2.56%	1,465,603	$348M	added+8%	−0.23 pp	6 q
WSTWest Pharmaceutical Services, Inc.	2.52%	951,263	$342M	trimmed−2%	+0.21 pp	6 q
YOUClear Secure, Inc.	2.43%	8,566,942	$330M	new	+2.43 pp	new
AFRMAffirm Holdings, Inc. Class A	2.32%	4,663,868	$314M	held	—	2 q
TWLOTwilio Inc.	2.00%	686,670	$271M	trimmed−9%	−0.17 pp	6 q
FOURShift4 Payments, Inc.	1.89%	2,729,570	$256M	trimmed−5%	−0.11 pp	5 q
VRMVroom, Inc.	1.87%	6,055,588	$253M	trimmed−37%	−1.28 pp	5 q
PPLIPeople Incorporated	1.86%	1,635,030	$252M	new	+1.86 pp	new
unresolvedAgilon Health Inc	1.80%	6,199,700	$244M	new	+1.80 pp	new
CFLTConfluent, Inc. Class A	1.76%	5,393,231	$238M	new	+1.76 pp	new
SOFISoFi Technologies, Inc.	1.71%	12,101,541	$232M	new	+1.71 pp	new
WIXWIX.com Ltd.	1.64%	767,428	$223M	trimmed−2%	−0.22 pp	6 q
BURLBurlington Stores, Inc.	1.53%	646,165	$208M	trimmed−18%	−0.47 pp	6 q
WCNWaste Connections, Inc.	1.40%	1,592,399	$190M	trimmed−9%	−0.20 pp	6 q
MTNVail Resorts, Inc.	1.34%	572,408	$181M	added×7.1	+1.14 pp	2 q
DAYDayforce, Inc.	1.30%	1,836,236	$176M	trimmed−1%	−0.02 pp	6 q
ABNBAirbnb, Inc. Class A	1.24%	1,100,000	$168M	held	—	3 q
EYENational Vision Holdings, Inc.	1.09%	2,879,036	$147M	trimmed−7%	−0.05 pp	6 q
TTCToro Company (The)	1.05%	1,290,509	$142M	trimmed−3%	−0.11 pp	6 q
4KSVimeo Inc	0.98%	2,699,377	$132M	new	+0.98 pp	new
STNEStoneCo Ltd. Class A	0.97%	1,964,819	$132M	trimmed−63%	−1.75 pp	4 q
XPXP Inc. Class A	0.96%	2,993,710	$130M	trimmed−16%	−0.18 pp	7 q
RBCRBC Bearings Incorporated	0.95%	648,237	$129M	trimmed−10%	−0.24 pp	6 q
XMTRXometry, Inc. Class A	0.91%	1,445,516	$123M	new	+0.91 pp	new
CPNGCoupang, Inc.	0.88%	2,857,142	$119M	held	—	2 q
GFLGFL Environmental Inc. Subordinate Voting Shares	0.84%	3,578,384	$114M	trimmed−33%	−0.75 pp	6 q
GSHDGoosehead Insurance, Inc. Class A	0.82%	869,899	$111M	added+100%	+0.43 pp	6 q
BFAMBright Horizons Family Solutions Inc.	0.75%	686,827	$101M	trimmed−54%	−1.39 pp	6 q
DSGXDescartes Systems Group Inc	0.73%	1,431,841	$99M	trimmed−3%	−0.03 pp	6 q
UPWKUpwork Inc.	0.64%	1,495,276	$87M	new	+0.64 pp	new
FTDRFrontdoor, Inc.	0.58%	1,589,842	$79M	trimmed−25%	−0.38 pp	2 q
FTCHQFarfetch Limited A	0.57%	1,544,820	$78M	trimmed−31%	−0.43 pp	6 q
IDXXIdexx Laboratories Inc	0.56%	119,261	$75M	trimmed−3%	+0.05 pp	6 q
ACCDAccolade, Inc.	0.53%	1,316,136	$71M	trimmed−3%	+0.01 pp	4 q
ACVAACV Auctions Inc.	0.46%	2,438,020	$62M	held	—	2 q
CARGCarGurus, Inc. Class A	0.43%	2,226,155	$58M	trimmed−35%	−0.26 pp	6 q
BILLBILL Holdings, Inc.	0.34%	248,364	$45M	trimmed−60%	−0.41 pp	5 q
DOCSDoximity, Inc.	0.32%	750,000	$44M	new	+0.32 pp	new
ALHCAlignment Healthcare, Inc.	0.31%	1,839,069	$43M	held	—	2 q
LFSTLifeStance Health Group, Inc.	0.31%	1,500,000	$42M	new	+0.31 pp	new
XMQualtrics International Inc. Class A	0.28%	1,000,000	$38M	held	—	2 q
MNDYmonday.com Ltd.	0.25%	150,000	$34M	new	+0.25 pp	new
LTCHLatch Inc	0.22%	2,500,000	$29M	new	+0.22 pp	new
unresolvedAbcam Plc ADR	0.07%	500,000	$10M	held	—	3 q
unresolvedIac/Interactivecorp	—	−1,893,952	—	exited	−3.46 pp	—
DDOGDatadog, Inc. Class A	—	−1,175,360	—	exited	−0.83 pp	—
SNOWSnowflake Inc.	—	−226,509	—	exited	−0.44 pp	—
EXKExact Sciences Corp	—	−320,456	—	exited	−0.36 pp	—
NCNOnCino, Inc.	—	−550,000	—	exited	−0.31 pp	—
CABOCable One, Inc.	—	−16,763	—	exited	−0.26 pp	—
unresolvedDuck Creek Technologies	—	−567,391	—	exited	−0.22 pp	—
MKTXMarketAxess Holdings Inc.	—	−46,683	—	exited	−0.20 pp	—
ROOTRoot, Inc. Class A	—	−687,347	—	exited	−0.07 pp	—