Durable Capital

Q3 2022 13F · by Henry Ellenbogen, CIO

As of: Sep 30, 2022
Filed: Nov 14, 2022
US stock: $9.1B · prev $8.7B
Positions: 52 · 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%

Moves43 since the prior filing

+8.4 pp in · −9.1 pp out

New 0 0.00 pp
Added 22 +8.39 pp
Trimmed 20 −8.93 pp
Exited 1 −0.19 pp

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.2 years per position

Low
Moderate
High

Top 5 positions33% of US stock

MSCI MSCI, Inc. added+0.39 pp added+0.397.5%
INTU Intuit Inc added+0.39 pp added+0.397.3%
unresolved Atlassian Corp Plc added+0.93 pp added+0.936.5%
ROP Roper Technologies, Inc. added−0.21 pp added−0.216.4%
FSV FirstService Corporation added+0.02 pp added+0.025.1%

Positions52 in this filing · 1 exited


MSCIMSCI, Inc.	7.53%	1,624,439	$685M	added+8%	+0.39 pp	11 q
INTUIntuit Inc	7.26%	1,704,270	$660M	added+10%	+0.39 pp	11 q
unresolvedAtlassian Corp Plc	6.51%	2,812,701	$592M	added+9%	+0.93 pp	3 q
ROPRoper Technologies, Inc.	6.41%	1,620,297	$583M	added+11%	−0.21 pp	11 q
FSVFirstService Corporation	5.11%	3,908,039	$465M	added+7%	+0.02 pp	11 q
MOHMolina Healthcare, Inc.	4.10%	1,129,977	$373M	added+23%	+1.15 pp	3 q
DUOLDuolingo, Inc. Class A	3.95%	3,776,894	$360M	held	—	5 q
JBHTJB Hunt Transport Services Inc	3.94%	2,292,084	$359M	trimmed−10%	−0.64 pp	10 q
RBCRBC Bearings Incorporated	3.89%	1,702,253	$354M	trimmed−3%	+0.18 pp	11 q
DDOGDatadog, Inc. Class A	3.19%	3,267,227	$290M	added+4%	−0.25 pp	5 q
WSTWest Pharmaceutical Services, Inc.	3.19%	1,179,447	$290M	added+19%	−0.26 pp	11 q
WCNWaste Connections, Inc.	3.16%	2,129,652	$288M	added+10%	+0.41 pp	11 q
DSGXDescartes Systems Group Inc	2.97%	4,260,355	$271M	added+12%	+0.25 pp	11 q
YOUClear Secure, Inc.	2.88%	11,476,588	$262M	held	—	6 q
HUBSHubspot, Inc.	2.72%	917,522	$248M	added+19%	+0.07 pp	3 q
TOSTToast, Inc.	2.70%	14,705,314	$246M	added+85%	+1.52 pp	5 q
unresolvedAgilon Health Inc	2.43%	9,429,055	$221M	added+34%	+0.67 pp	6 q
WRBYWarby Parker Inc.	2.17%	14,808,493	$198M	held	—	5 q
FOURShift4 Payments, Inc.	2.10%	4,274,558	$191M	added+35%	+0.90 pp	10 q
KWRQuaker Houghton	2.04%	1,288,333	$186M	held	—	11 q
CWANClearwater Analytics Hds-a	1.79%	9,675,988	$162M	held	—	5 q
ONONOn Holding AG	1.47%	8,323,446	$134M	added+19%	+0.05 pp	5 q
RHRh	1.46%	538,246	$132M	added+14%	+0.31 pp	10 q
TDYTeledyne Technologies Incorporated	1.41%	380,905	$129M	trimmed−20%	−0.65 pp	3 q
CFLTConfluent, Inc. Class A	1.38%	5,277,220	$125M	trimmed−27%	−0.56 pp	6 q
ENOVEnovis Corporation	1.36%	2,679,207	$123M	trimmed−12%	−0.57 pp	2 q
ACHCAcadia Healthcare Company, Inc.	1.28%	1,483,908	$116M	added×2.6	+0.84 pp	2 q
EYENational Vision Holdings, Inc.	1.10%	3,073,624	$100M	trimmed−27%	−0.22 pp	11 q
TTCToro Company (The)	1.09%	1,141,749	$99M	trimmed−24%	−0.21 pp	3 q
CPNGCoupang, Inc.	1.07%	5,824,375	$97M	added×2.1	+0.67 pp	7 q
XPXP Inc. Class A	0.96%	4,612,865	$88M	trimmed−15%	−0.15 pp	12 q
IRIngersoll Rand Inc.	0.87%	1,836,144	$79M	trimmed−60%	−1.35 pp	11 q
BSYBentley Systems, Incorporated Class B	0.75%	2,227,383	$68M	held	—	3 q
IDXXIdexx Laboratories Inc	0.74%	207,714	$68M	added+84%	+0.28 pp	2 q
PPLIPeople Incorporated	0.65%	1,066,277	$59M	held	—	6 q
SGSweetgreen, Inc.	0.57%	2,802,281	$52M	added+69%	+0.35 pp	4 q
XMTRXometry, Inc. Class A	0.57%	912,009	$52M	held	—	6 q
SGRYSurgery Partners, Inc.	0.55%	2,134,229	$50M	added+26%	−0.01 pp	4 q
MTNVail Resorts, Inc.	0.55%	231,156	$50M	trimmed−37%	−0.38 pp	7 q
RDFNRedfin Corporation	0.43%	6,707,745	$39M	trimmed−11%	−0.28 pp	11 q
EXFYExpensify, Inc. Class A	0.42%	2,549,831	$38M	trimmed−4%	−0.12 pp	4 q
GSHDGoosehead Insurance, Inc. Class A	0.39%	998,625	$36M	added+12%	−0.08 pp	11 q
ROLRollins, Inc.	0.17%	436,238	$15M	trimmed−62%	−0.29 pp	3 q
UPWKUpwork Inc.	0.15%	974,665	$13M	trimmed−16%	−0.12 pp	6 q
ALHCAlignment Healthcare, Inc.	0.13%	1,017,404	$12M	trimmed−85%	−0.74 pp	7 q
BKIBlack Knight, Inc.	0.10%	146,604	$9M	trimmed−90%	−1.02 pp	11 q
DASHDoorDash, Inc. Class A	0.10%	192,264	$10M	trimmed−77%	−0.52 pp	8 q
unresolvedAbcam Plc ADR	0.08%	500,000	$7M	held	—	8 q
SHOPShopify Inc. Class A subordinate voting shares	0.06%	198,473	$5M	trimmed−87%	−0.47 pp	10 q
SRADSportradar Group AG Class A	0.06%	610,875	$5M	trimmed−70%	−0.13 pp	5 q
DOCSDoximity, Inc.	0.03%	78,515	$2M	trimmed−96%	−0.69 pp	6 q
BFAMBright Horizons Family Solutions Inc.	0.02%	29,785	$2M	held	—	11 q
LINDLindblad Expeditions Holdings Inc.	—	−1,996,540	—	exited	−0.19 pp	—