Durable Capital

Q4 2022 13F · by Henry Ellenbogen, CIO

As of: Dec 31, 2022
Filed: Feb 14, 2023
US stock: $9.6B · prev $9.1B
Positions: 51 · prev 52
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%

Moves52 since the prior filing

+16.5 pp in · −17.6 pp out

New 7 +8.91 pp
Added 17 +7.57 pp
Trimmed 20 −10.11 pp
Exited 8 −7.45 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 58% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Positions51 in this filing · 8 exited


ROPRoper Technologies, Inc.	7.56%	1,684,142	$728M	added+4%	+1.15 pp	12 q
INTUIntuit Inc	7.09%	1,751,349	$682M	added+3%	−0.17 pp	12 q
MSCIMSCI, Inc.	6.63%	1,371,880	$638M	trimmed−16%	−0.90 pp	12 q
FSVFirstService Corporation	5.09%	3,993,742	$489M	added+2%	−0.02 pp	12 q
MOHMolina Healthcare, Inc.	4.26%	1,240,045	$409M	added+10%	+0.16 pp	4 q
RBCRBC Bearings Incorporated	4.04%	1,855,997	$389M	added+9%	+0.15 pp	12 q
JBHTJB Hunt Transport Services Inc	3.63%	2,002,843	$349M	trimmed−13%	−0.31 pp	11 q
TEAMAtlassian Corporation Class A	3.62%	2,705,654	$348M	new	+3.62 pp	new
YOUClear Secure, Inc.	3.27%	11,476,588	$315M	held	—	7 q
DUOLDuolingo, Inc. Class A	3.07%	4,156,738	$296M	added+10%	−0.88 pp	6 q
WCNWaste Connections, Inc.	3.04%	2,205,428	$292M	added+4%	−0.12 pp	12 q
HUBSHubspot, Inc.	2.96%	986,355	$285M	added+8%	+0.24 pp	4 q
DSGXDescartes Systems Group Inc	2.87%	3,960,768	$276M	trimmed−7%	−0.10 pp	12 q
unresolvedAbcam Plc ADR	2.82%	17,460,597	$272M	added×34.9	+2.74 pp	9 q
WSTWest Pharmaceutical Services, Inc.	2.72%	1,113,684	$262M	trimmed−6%	−0.47 pp	12 q
FOURShift4 Payments, Inc.	2.66%	4,576,010	$256M	added+7%	+0.56 pp	11 q
KWRQuaker Houghton	2.24%	1,288,333	$215M	held	—	12 q
DDOGDatadog, Inc. Class A	2.13%	2,791,380	$205M	trimmed−15%	−1.06 pp	6 q
TDYTeledyne Technologies Incorporated	2.06%	496,111	$198M	added+30%	+0.65 pp	4 q
TTCToro Company (The)	2.05%	1,742,218	$197M	added+53%	+0.96 pp	4 q
CWANClearwater Analytics Hds-a	1.89%	9,675,988	$181M	held	—	6 q
TOSTToast, Inc.	1.86%	9,900,873	$179M	trimmed−33%	−0.84 pp	6 q
SGRYSurgery Partners, Inc.	1.70%	5,853,995	$163M	added×2.7	+1.15 pp	5 q
ACHCAcadia Healthcare Company, Inc.	1.66%	1,941,595	$160M	added+31%	+0.38 pp	3 q
WRBYWarby Parker Inc.	1.64%	11,672,306	$157M	trimmed−21%	−0.53 pp	6 q
BKNGBooking Holdings Inc.	1.53%	73,046	$147M	new	+1.53 pp	new
ENOVEnovis Corporation	1.51%	2,714,032	$145M	added+1%	+0.15 pp	3 q
unresolvedAgilon Health Inc	1.48%	8,842,728	$143M	trimmed−6%	−0.95 pp	7 q
EYENational Vision Holdings, Inc.	1.24%	3,073,624	$119M	held	—	12 q
ONONOn Holding AG	1.24%	6,926,768	$119M	trimmed−17%	−0.23 pp	6 q
HUMHumana Inc.	1.09%	205,094	$105M	new	+1.09 pp	new
CHEChemed Corporation	1.03%	193,448	$99M	new	+1.03 pp	new
IRIngersoll Rand Inc.	1.00%	1,836,144	$96M	held	—	12 q
IDXXIdexx Laboratories Inc	0.88%	208,030	$85M	added0%	+0.14 pp	3 q
BSYBentley Systems, Incorporated Class B	0.86%	2,227,383	$82M	held	—	4 q
EFXEquifax, Incorporated	0.67%	331,615	$64M	new	+0.67 pp	new
CPNGCoupang, Inc.	0.55%	3,602,099	$53M	trimmed−38%	−0.52 pp	8 q
IWMiShares Russell 2000 ETF	0.50%	276,718	$48M	new	+0.50 pp	new
XPXP Inc. Class A	0.48%	3,007,035	$46M	trimmed−35%	−0.48 pp	13 q
CARGCarGurus, Inc. Class A	0.47%	3,253,457	$46M	new	+0.47 pp	new
ALHCAlignment Healthcare, Inc.	0.46%	3,767,644	$44M	added×3.7	+0.33 pp	8 q
RHRh	0.44%	157,108	$42M	trimmed−71%	−1.02 pp	11 q
MTNVail Resorts, Inc.	0.41%	167,106	$40M	trimmed−28%	−0.14 pp	8 q
PPLIPeople Incorporated	0.40%	874,113	$39M	trimmed−18%	−0.25 pp	7 q
GSHDGoosehead Insurance, Inc. Class A	0.35%	969,925	$33M	trimmed−3%	−0.04 pp	12 q
XMTRXometry, Inc. Class A	0.20%	607,780	$20M	trimmed−33%	−0.37 pp	7 q
ROLRollins, Inc.	0.17%	436,238	$16M	held	—	4 q
CFLTConfluent, Inc. Class A	0.16%	681,238	$15M	trimmed−87%	−1.22 pp	7 q
EXFYExpensify, Inc. Class A	0.15%	1,599,905	$14M	trimmed−37%	−0.27 pp	5 q
RDFNRedfin Corporation	0.15%	3,449,175	$15M	trimmed−49%	−0.28 pp	12 q
UPWKUpwork Inc.	0.02%	196,592	$2M	trimmed−80%	−0.13 pp	7 q
unresolvedAtlassian Corp Plc	—	−2,812,701	—	exited	−6.51 pp	—
SGSweetgreen, Inc.	—	−2,802,281	—	exited	−0.57 pp	—
BKIBlack Knight, Inc.	—	−146,604	—	exited	−0.10 pp	—
DASHDoorDash, Inc. Class A	—	−192,264	—	exited	−0.10 pp	—
SHOPShopify Inc. Class A subordinate voting shares	—	−198,473	—	exited	−0.06 pp	—
SRADSportradar Group AG Class A	—	−610,875	—	exited	−0.06 pp	—
DOCSDoximity, Inc.	—	−78,515	—	exited	−0.03 pp	—
BFAMBright Horizons Family Solutions Inc.	—	−29,785	—	exited	−0.02 pp	—