Durable Capital

Q1 2023 13F · by Henry Ellenbogen, CIO

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $10.6B · prev $9.6B
Positions: 49 · prev 51
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%

Moves45 since the prior filing

+7.6 pp in · −8.2 pp out

New 4 +3.30 pp
Added 14 +4.27 pp
Trimmed 21 −5.15 pp
Exited 6 −3.04 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions31% of US stock

Positions49 in this filing · 6 exited


INTUIntuit Inc	7.00%	1,672,378	$746M	trimmed−5%	−0.09 pp	13 q
ROPRoper Technologies, Inc.	6.97%	1,684,142	$742M	held	—	13 q
MSCIMSCI, Inc.	6.47%	1,230,395	$689M	trimmed−10%	−0.16 pp	13 q
DUOLDuolingo, Inc. Class A	5.57%	4,156,738	$593M	held	—	7 q
FSVFirstService Corporation	5.18%	3,913,940	$552M	trimmed−2%	+0.09 pp	13 q
RBCRBC Bearings Incorporated	4.37%	1,999,000	$465M	added+8%	+0.33 pp	13 q
WSTWest Pharmaceutical Services, Inc.	4.04%	1,241,818	$430M	added+12%	+1.32 pp	13 q
HUBSHubspot, Inc.	3.98%	987,902	$424M	added0%	+1.02 pp	5 q
TEAMAtlassian Corporation Class A	3.47%	2,160,078	$370M	trimmed−20%	−0.15 pp	2 q
JBHTJB Hunt Transport Services Inc	3.45%	2,091,454	$367M	added+4%	−0.18 pp	12 q
MOHMolina Healthcare, Inc.	3.41%	1,358,192	$363M	added+10%	−0.85 pp	5 q
BKNGBooking Holdings Inc.	3.39%	136,131	$361M	added+86%	+1.86 pp	2 q
FOURShift4 Payments, Inc.	3.05%	4,290,972	$325M	trimmed−6%	+0.39 pp	12 q
DSGXDescartes Systems Group Inc	2.89%	3,820,189	$308M	trimmed−4%	+0.02 pp	13 q
WCNWaste Connections, Inc.	2.88%	2,205,428	$307M	held	—	13 q
YOUClear Secure, Inc.	2.82%	11,476,588	$300M	held	—	8 q
TDYTeledyne Technologies Incorporated	2.53%	601,187	$269M	added+21%	+0.47 pp	5 q
KWRQuaker Houghton	2.31%	1,243,574	$246M	trimmed−3%	+0.07 pp	13 q
unresolvedAbcam Plc ADR	2.21%	17,460,597	$235M	held	—	10 q
TTCToro Company (The)	2.13%	2,040,323	$227M	added+17%	+0.08 pp	5 q
TOSTToast, Inc.	1.97%	11,841,610	$210M	added+20%	+0.11 pp	7 q
SGRYSurgery Partners, Inc.	1.76%	5,449,469	$188M	trimmed−7%	+0.06 pp	6 q
ENOVEnovis Corporation	1.36%	2,714,032	$145M	held	—	4 q
CHEChemed Corporation	1.35%	267,191	$144M	added+38%	+0.32 pp	2 q
CWANClearwater Analytics Hds-a	1.32%	8,826,623	$141M	trimmed−9%	−0.57 pp	7 q
BFAMBright Horizons Family Solutions Inc.	1.31%	1,808,275	$139M	new	+1.31 pp	new
ACHCAcadia Healthcare Company, Inc.	1.27%	1,876,108	$136M	trimmed−3%	−0.39 pp	4 q
unresolvedAgilon Health Inc	1.23%	5,503,139	$131M	trimmed−38%	−0.25 pp	8 q
WRBYWarby Parker Inc.	1.10%	11,035,909	$117M	trimmed−5%	−0.54 pp	7 q
IRIngersoll Rand Inc.	1.06%	1,933,832	$113M	added+5%	+0.06 pp	13 q
CTLTCatalent, Inc.	0.91%	1,477,116	$97M	new	+0.91 pp	new
ONONOn Holding AG	0.86%	2,959,360	$92M	trimmed−57%	−0.38 pp	7 q
BSYBentley Systems, Incorporated Class B	0.63%	1,566,362	$67M	trimmed−30%	−0.23 pp	5 q
HUMHumana Inc.	0.63%	137,796	$67M	trimmed−33%	−0.46 pp	2 q
DDOGDatadog, Inc. Class A	0.56%	817,044	$59M	trimmed−71%	−1.57 pp	7 q
CPRTCopart Inc	0.55%	778,132	$59M	new	+0.55 pp	new
CIGIColliers International Group Inc. Subordinate Voting Shares	0.53%	536,050	$57M	new	+0.53 pp	new
EFXEquifax, Incorporated	0.49%	255,778	$52M	trimmed−23%	−0.18 pp	2 q
GSHDGoosehead Insurance, Inc. Class A	0.48%	969,925	$51M	held	—	13 q
IWMiShares Russell 2000 ETF	0.46%	276,718	$49M	held	—	2 q
XPXP Inc. Class A	0.40%	3,593,738	$43M	added+20%	−0.08 pp	14 q
RHRh	0.39%	171,102	$42M	added+9%	−0.05 pp	12 q
ALHCAlignment Healthcare, Inc.	0.32%	5,412,156	$34M	added+44%	−0.14 pp	9 q
PPLIPeople Incorporated	0.32%	670,678	$35M	trimmed−23%	−0.08 pp	8 q
CARGCarGurus, Inc. Class A	0.27%	1,542,553	$29M	trimmed−53%	−0.20 pp	2 q
ROLRollins, Inc.	0.15%	436,238	$16M	held	—	5 q
CPNGCoupang, Inc.	0.13%	872,438	$14M	trimmed−76%	−0.42 pp	9 q
EXFYExpensify, Inc. Class A	0.04%	547,526	$4M	trimmed−66%	−0.11 pp	6 q
UPWKUpwork Inc.	0.02%	196,592	$2M	held	—	8 q
EYENational Vision Holdings, Inc.	—	−3,073,624	—	exited	−1.24 pp	—
IDXXIdexx Laboratories Inc	—	−208,030	—	exited	−0.88 pp	—
MTNVail Resorts, Inc.	—	−167,106	—	exited	−0.41 pp	—
XMTRXometry, Inc. Class A	—	−607,780	—	exited	−0.20 pp	—
CFLTConfluent, Inc. Class A	—	−681,238	—	exited	−0.16 pp	—
RDFNRedfin Corporation	—	−3,449,175	—	exited	−0.15 pp	—