Durable Capital

Q3 2021 13F · by Henry Ellenbogen, CIO

As of: Sep 30, 2021
Filed: Nov 15, 2021
US stock: $13.2B · prev $13.6B
Positions: 65 · prev 57
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%

Moves61 since the prior filing

+17.8 pp in · −18.5 pp out

New 11 +10.83 pp
Added 12 +6.92 pp
Trimmed 35 −15.67 pp
Exited 3 −2.79 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 70% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions24% of US stock

SHOP Shopify Inc. Class A subordinate voting shares trimmed−0.76 pp trimmed−0.765.5%
INTU Intuit Inc trimmed+0.17 pp trimmed+0.175.2%
FSV FirstService Corporation trimmed+0.34 pp trimmed+0.344.5%
JBHT JB Hunt Transport Services Inc trimmed+0.12 pp trimmed+0.124.2%
MSCI MSCI, Inc. held held4.1%

Positions65 in this filing · 3 exited


SHOPShopify Inc. Class A subordinate voting shares	5.51%	536,829	$728M	trimmed−8%	−0.76 pp	6 q
INTUIntuit Inc	5.20%	1,273,292	$687M	trimmed−8%	+0.17 pp	7 q
FSVFirstService Corporation	4.47%	3,266,607	$590M	trimmed−0%	+0.34 pp	7 q
JBHTJB Hunt Transport Services Inc	4.24%	3,347,189	$560M	trimmed−2%	+0.12 pp	6 q
MSCIMSCI, Inc.	4.10%	889,942	$541M	held	—	7 q
RHRh	3.98%	788,117	$526M	trimmed−7%	−0.28 pp	6 q
RDFNRedfin Corporation	3.40%	8,946,046	$448M	trimmed−2%	−0.89 pp	7 q
DASHDoorDash, Inc. Class A	3.35%	2,145,077	$442M	trimmed−33%	−0.83 pp	4 q
BKIBlack Knight, Inc.	3.26%	5,976,562	$430M	trimmed−13%	−0.70 pp	7 q
WRBYWarby Parker Inc.	3.17%	7,887,525	$418M	new	+3.17 pp	new
MTNVail Resorts, Inc.	2.88%	1,136,419	$380M	added+99%	+1.54 pp	3 q
WSTWest Pharmaceutical Services, Inc.	2.76%	859,210	$365M	trimmed−10%	+0.24 pp	7 q
KWRQuaker Houghton	2.69%	1,495,780	$356M	added+2%	+0.13 pp	7 q
TWLOTwilio Inc.	2.68%	1,108,360	$354M	added+61%	+0.68 pp	7 q
CFLTConfluent, Inc. Class A	2.65%	6,005,057	$350M	added+11%	+0.89 pp	2 q
ROPRoper Technologies, Inc.	2.60%	768,829	$343M	held	—	7 q
YOUClear Secure, Inc.	2.59%	8,566,942	$342M	held	—	2 q
DAYDayforce, Inc.	2.45%	2,867,439	$323M	added+56%	+1.15 pp	7 q
RBCRBC Bearings Incorporated	2.27%	1,409,069	$299M	added×2.2	+1.32 pp	7 q
AFRMAffirm Holdings, Inc. Class A	2.18%	2,413,663	$288M	trimmed−48%	−0.14 pp	3 q
IRIngersoll Rand Inc.	2.07%	5,425,313	$273M	trimmed−28%	−0.63 pp	7 q
FOURShift4 Payments, Inc.	1.84%	3,134,819	$243M	added+15%	−0.05 pp	6 q
COUPCoupa Software Incorporated	1.80%	1,082,766	$237M	trimmed−21%	−0.85 pp	7 q
SAMBoston Beer Company	1.79%	463,899	$236M	trimmed−19%	−2.51 pp	6 q
CPNGCoupang, Inc.	1.79%	8,476,833	$236M	added×3.0	+0.91 pp	3 q
unresolvedColfax Corp	1.67%	4,814,239	$221M	new	+1.67 pp	new
XPXP Inc. Class A	1.64%	5,398,511	$217M	added+80%	+0.68 pp	8 q
PPLIPeople Incorporated	1.44%	1,457,772	$190M	trimmed−11%	−0.42 pp	2 q
WCNWaste Connections, Inc.	1.44%	1,512,779	$191M	trimmed−5%	+0.04 pp	7 q
ONONOn Holding AG	1.42%	6,465,000	$187M	new	+1.42 pp	new
CWANClearwater Analytics Hds-a	1.34%	7,037,371	$176M	new	+1.34 pp	new
TOSTToast, Inc.	1.31%	3,650,355	$173M	new	+1.31 pp	new
unresolvedAgilon Health Inc	1.27%	6,446,363	$168M	added+4%	−0.53 pp	2 q
DUOLDuolingo, Inc. Class A	0.98%	794,981	$129M	new	+0.98 pp	new
EYENational Vision Holdings, Inc.	0.96%	2,235,741	$127M	trimmed−22%	−0.13 pp	7 q
GSHDGoosehead Insurance, Inc. Class A	0.95%	826,404	$126M	trimmed−5%	+0.13 pp	7 q
WIXWIX.com Ltd.	0.94%	630,689	$124M	trimmed−18%	−0.70 pp	7 q
DSGXDescartes Systems Group Inc	0.84%	1,360,249	$111M	trimmed−5%	+0.11 pp	7 q
UPWKUpwork Inc.	0.80%	2,347,652	$106M	added+57%	+0.16 pp	2 q
VRMVroom, Inc.	0.70%	4,188,509	$92M	trimmed−31%	−1.17 pp	6 q
BURLBurlington Stores, Inc.	0.69%	322,921	$92M	trimmed−50%	−0.84 pp	7 q
XMTRXometry, Inc. Class A	0.62%	1,445,516	$82M	held	—	2 q
FTCHQFarfetch Limited A	0.61%	2,141,032	$80M	added+39%	+0.04 pp	7 q
DOCSDoximity, Inc.	0.46%	750,000	$61M	held	—	2 q
SOFISoFi Technologies, Inc.	0.43%	3,597,334	$57M	trimmed−70%	−1.28 pp	2 q
ACCDAccolade, Inc.	0.40%	1,250,329	$53M	trimmed−5%	−0.13 pp	5 q
4KSVimeo Inc	0.38%	1,723,541	$51M	trimmed−36%	−0.60 pp	2 q
MNDYmonday.com Ltd.	0.37%	150,000	$49M	held	—	2 q
BFAMBright Horizons Family Solutions Inc.	0.31%	294,277	$41M	trimmed−57%	−0.44 pp	7 q
unresolvedCazoo Group Ltd	0.29%	5,127,547	$38M	new	+0.29 pp	new
DNUTKrispy Kreme, Inc.	0.26%	2,421,191	$34M	new	+0.26 pp	new
XMQualtrics International Inc. Class A	0.26%	798,577	$34M	trimmed−20%	−0.02 pp	3 q
ACVAACV Auctions Inc.	0.23%	1,688,020	$30M	trimmed−31%	−0.23 pp	3 q
SRADSportradar Group AG Class A	0.17%	1,000,000	$23M	new	+0.17 pp	new
ALHCAlignment Healthcare, Inc.	0.15%	1,229,776	$20M	trimmed−33%	−0.16 pp	3 q
BILLBILL Holdings, Inc.	0.15%	76,388	$20M	trimmed−69%	−0.19 pp	6 q
LFSTLifeStance Health Group, Inc.	0.15%	1,325,747	$19M	trimmed−12%	−0.16 pp	2 q
IDXXIdexx Laboratories Inc	0.12%	25,402	$16M	trimmed−79%	−0.44 pp	7 q
unresolvedWheels Up Experience Inc	0.12%	2,500,000	$16M	new	+0.12 pp	new
CARGCarGurus, Inc. Class A	0.10%	419,423	$13M	trimmed−81%	−0.33 pp	7 q
DDOGDatadog, Inc. Class A	0.10%	92,737	$13M	new	+0.10 pp	new
unresolvedAbcam Plc ADR	0.08%	500,000	$10M	held	—	4 q
GFLGFL Environmental Inc. Subordinate Voting Shares	0.07%	264,194	$10M	trimmed−93%	−0.77 pp	7 q
LTCHLatch Inc	0.05%	583,764	$7M	trimmed−77%	−0.17 pp	2 q
TTCToro Company (The)	0.00%	1,247	$121,000	trimmed−100%	−1.05 pp	7 q
ABNBAirbnb, Inc. Class A	—	−1,100,000	—	exited	−1.24 pp	—
STNEStoneCo Ltd. Class A	—	−1,964,819	—	exited	−0.97 pp	—
FTDRFrontdoor, Inc.	—	−1,589,842	—	exited	−0.58 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 5 unresolved
Accession: 0001798849-21-000008
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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