Durable Capital

Q2 2022 13F · by Henry Ellenbogen, CIO

As of: Jun 30, 2022
Filed: Aug 12, 2022
US stock: $8.7B · prev $11.4B
Positions: 53 · prev 59
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

+18.6 pp in · −16.1 pp out

New 4 +3.02 pp
Added 28 +15.56 pp
Trimmed 19 −9.15 pp
Exited 10 −6.93 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 68% a year, about 1.5 years per position

Low
Moderate
High

Top 5 positions31% of US stock

MSCI MSCI, Inc. added+1.81 pp added+1.817.1%
INTU Intuit Inc added+0.87 pp added+0.876.9%
ROP Roper Technologies, Inc. added+0.83 pp added+0.836.6%
unresolved Atlassian Corp Plc added+1.77 pp added+1.775.6%
FSV FirstService Corporation added+0.78 pp added+0.785.1%

Positions53 in this filing · 10 exited


MSCIMSCI, Inc.	7.14%	1,507,918	$621M	added+25%	+1.81 pp	10 q
INTUIntuit Inc	6.87%	1,553,465	$599M	added+9%	+0.87 pp	10 q
ROPRoper Technologies, Inc.	6.62%	1,461,019	$577M	added+5%	+0.83 pp	10 q
unresolvedAtlassian Corp Plc	5.58%	2,591,520	$486M	added+75%	+1.77 pp	2 q
FSVFirstService Corporation	5.09%	3,660,794	$444M	added+8%	+0.78 pp	10 q
JBHTJB Hunt Transport Services Inc	4.58%	2,535,391	$399M	trimmed−22%	−1.14 pp	9 q
DUOLDuolingo, Inc. Class A	3.80%	3,776,894	$331M	added+16%	+1.09 pp	4 q
RBCRBC Bearings Incorporated	3.71%	1,747,198	$323M	added+9%	+0.98 pp	10 q
WSTWest Pharmaceutical Services, Inc.	3.45%	994,036	$301M	added+33%	+0.75 pp	10 q
DDOGDatadog, Inc. Class A	3.44%	3,144,519	$299M	added+24%	+0.07 pp	4 q
MOHMolina Healthcare, Inc.	2.95%	920,393	$257M	added+43%	+1.07 pp	2 q
WCNWaste Connections, Inc.	2.75%	1,929,733	$239M	added+10%	+0.59 pp	10 q
DSGXDescartes Systems Group Inc	2.72%	3,819,658	$237M	added+48%	+1.06 pp	10 q
HUBSHubspot, Inc.	2.65%	768,865	$231M	added+29%	+0.16 pp	2 q
YOUClear Secure, Inc.	2.64%	11,476,588	$230M	added+7%	+0.10 pp	5 q
IRIngersoll Rand Inc.	2.22%	4,593,000	$193M	trimmed−7%	+0.04 pp	10 q
KWRQuaker Houghton	2.21%	1,288,333	$193M	trimmed−9%	+0.07 pp	10 q
TDYTeledyne Technologies Incorporated	2.06%	478,681	$180M	added+61%	+0.83 pp	2 q
CFLTConfluent, Inc. Class A	1.94%	7,262,459	$169M	trimmed−1%	−0.70 pp	5 q
ENOVEnovis Corporation	1.93%	3,057,030	$168M	new	+1.93 pp	new
WRBYWarby Parker Inc.	1.91%	14,808,493	$167M	held	—	4 q
unresolvedAgilon Health Inc	1.76%	7,036,921	$154M	added×2.4	+1.09 pp	5 q
ONONOn Holding AG	1.42%	7,005,090	$124M	trimmed−36%	−1.02 pp	4 q
CWANClearwater Analytics Hds-a	1.34%	9,675,988	$116M	added+8%	−0.31 pp	4 q
EYENational Vision Holdings, Inc.	1.32%	4,189,497	$115M	added+23%	+0.02 pp	10 q
TTCToro Company (The)	1.30%	1,499,591	$114M	trimmed−15%	−0.02 pp	2 q
FOURShift4 Payments, Inc.	1.20%	3,170,633	$105M	added+38%	−0.05 pp	9 q
TOSTToast, Inc.	1.18%	7,943,291	$103M	added×7.6	+0.98 pp	4 q
RHRh	1.15%	471,900	$100M	trimmed−30%	−0.79 pp	9 q
BKIBlack Knight, Inc.	1.12%	1,488,174	$97M	trimmed−64%	−1.00 pp	10 q
XPXP Inc. Class A	1.11%	5,398,948	$97M	added+20%	−0.08 pp	11 q
PPLIPeople Incorporated	0.93%	1,066,277	$81M	added+49%	+0.30 pp	5 q
MTNVail Resorts, Inc.	0.93%	369,681	$81M	trimmed−42%	−0.53 pp	6 q
ALHCAlignment Healthcare, Inc.	0.87%	6,623,343	$76M	added+12%	+0.29 pp	6 q
BSYBentley Systems, Incorporated Class B	0.85%	2,227,383	$74M	added×9.7	+0.76 pp	2 q
DOCSDoximity, Inc.	0.72%	1,789,546	$62M	added+9%	−0.03 pp	5 q
RDFNRedfin Corporation	0.71%	7,514,585	$62M	added0%	−0.48 pp	10 q
DASHDoorDash, Inc. Class A	0.62%	841,420	$54M	trimmed−24%	−0.52 pp	7 q
SGRYSurgery Partners, Inc.	0.56%	1,694,280	$49M	trimmed−12%	−0.37 pp	3 q
EXFYExpensify, Inc. Class A	0.54%	2,652,266	$47M	added+28%	+0.22 pp	3 q
SHOPShopify Inc. Class A subordinate voting shares	0.53%	1,474,410	$46M	trimmed−65%	−1.94 pp	9 q
GSHDGoosehead Insurance, Inc. Class A	0.47%	891,776	$41M	trimmed−4%	−0.17 pp	10 q
IDXXIdexx Laboratories Inc	0.46%	113,166	$40M	new	+0.46 pp	new
ROLRollins, Inc.	0.46%	1,153,922	$40M	trimmed−35%	−0.08 pp	2 q
ACHCAcadia Healthcare Company, Inc.	0.44%	560,841	$38M	new	+0.44 pp	new
CPNGCoupang, Inc.	0.40%	2,748,752	$35M	trimmed−13%	−0.09 pp	6 q
XMTRXometry, Inc. Class A	0.36%	912,009	$31M	trimmed−17%	0.00 pp	5 q
UPWKUpwork Inc.	0.27%	1,157,818	$24M	added+31%	+0.09 pp	5 q
SGSweetgreen, Inc.	0.22%	1,654,983	$19M	trimmed−37%	−0.51 pp	3 q
LINDLindblad Expeditions Holdings Inc.	0.19%	1,996,540	$16M	new	+0.19 pp	new
SRADSportradar Group AG Class A	0.19%	2,069,597	$16M	trimmed−37%	−0.29 pp	4 q
unresolvedAbcam Plc ADR	0.08%	500,000	$7M	held	—	7 q
BFAMBright Horizons Family Solutions Inc.	0.03%	29,785	$3M	trimmed−70%	−0.09 pp	10 q
SPYState Street SPDR S&P 500 ETF Trust	—	−459,911	—	exited	−1.82 pp	—
unresolvedColfax Corp	—	−4,241,017	—	exited	−1.48 pp	—
COUPCoupa Software Incorporated	—	−1,263,662	—	exited	−1.13 pp	—
IWMiShares Russell 2000 ETF	—	−489,142	—	exited	−0.88 pp	—
BURLBurlington Stores, Inc.	—	−341,165	—	exited	−0.55 pp	—
SAMBoston Beer Company	—	−142,550	—	exited	−0.49 pp	—
PTONPeloton Interactive, Inc. Class A	—	−1,686,335	—	exited	−0.39 pp	—
DAYDayforce, Inc.	—	−183,567	—	exited	−0.11 pp	—
AFRMAffirm Holdings, Inc. Class A	—	−181,240	—	exited	−0.07 pp	—
unresolvedCazoo Group Ltd	—	−587,351	—	exited	−0.01 pp	—