Durable Capital

Q1 2024 13F · by Henry Ellenbogen, CIO

As of: Mar 31, 2024
Filed: May 15, 2024
US stock: $12.9B · prev $12.7B
Positions: 53 · 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

+10.7 pp in · −9.8 pp out

New 3 +3.92 pp
Added 16 +6.74 pp
Trimmed 31 −9.09 pp
Exited 2 −0.67 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions53 in this filing · 2 exited


INTUIntuit Inc	7.18%	1,426,264	$927M	trimmed−1%	+0.09 pp	17 q
DUOLDuolingo, Inc. Class A	5.31%	3,105,148	$685M	trimmed−3%	−0.41 pp	11 q
HUBSHubspot, Inc.	5.30%	1,091,362	$684M	trimmed−3%	+0.14 pp	9 q
ROPRoper Technologies, Inc.	5.19%	1,194,835	$670M	trimmed−5%	−0.21 pp	17 q
JBHTJB Hunt Transport Services Inc	4.97%	3,222,501	$642M	trimmed−3%	−0.27 pp	16 q
RBCRBC Bearings Incorporated	4.91%	2,346,200	$634M	trimmed−6%	−0.70 pp	17 q
BFAMBright Horizons Family Solutions Inc.	4.39%	4,995,579	$566M	trimmed−6%	+0.44 pp	5 q
FSVFirstService Corporation	3.90%	3,036,434	$503M	added+6%	+0.25 pp	17 q
BKNGBooking Holdings Inc.	3.53%	125,729	$456M	trimmed−7%	−0.27 pp	6 q
WSTWest Pharmaceutical Services, Inc.	3.16%	1,031,053	$408M	trimmed−9%	−0.01 pp	17 q
TEAMAtlassian Corporation Class A	3.15%	2,083,614	$407M	trimmed−7%	−1.05 pp	6 q
TOSTToast, Inc.	3.08%	15,943,931	$397M	added+17%	+1.12 pp	11 q
CHEChemed Corporation	2.84%	570,219	$366M	added+13%	+0.51 pp	6 q
MOHMolina Healthcare, Inc.	2.76%	868,500	$357M	trimmed−27%	−0.63 pp	9 q
DSGXDescartes Systems Group Inc	2.58%	3,634,837	$333M	trimmed−6%	+0.02 pp	17 q
FOURShift4 Payments, Inc.	2.44%	4,768,807	$315M	held	—	16 q
MSCIMSCI, Inc.	2.43%	559,077	$313M	trimmed−4%	−0.18 pp	17 q
SSNCSS&C Technologies Inc	2.36%	4,741,483	$305M	added+33%	+0.64 pp	4 q
CPRTCopart Inc	1.96%	4,375,101	$253M	added+55%	+0.87 pp	5 q
CIGIColliers International Group Inc. Subordinate Voting Shares	1.91%	2,019,290	$247M	added+53%	+0.60 pp	5 q
RHRh	1.75%	647,296	$225M	added+7%	+0.36 pp	16 q
VEEVVeeva Systems Inc.	1.69%	941,262	$218M	added0%	+0.27 pp	3 q
AVTRAvantor, Inc.	1.68%	8,499,352	$217M	new	+1.68 pp	new
BIRKBirkenstock Holding plc	1.48%	4,051,201	$191M	trimmed−13%	−0.31 pp	2 q
PRVAPrivia Health Group, Inc.	1.38%	9,090,909	$178M	held	—	4 q
CPNGCoupang, Inc.	1.28%	9,264,645	$165M	new	+1.28 pp	new
ROLRollins, Inc.	1.23%	3,439,434	$159M	added+10%	+0.15 pp	9 q
PTCPtc, Inc	1.15%	782,773	$148M	added+10%	+0.17 pp	2 q
IRIngersoll Rand Inc.	1.11%	1,507,562	$143M	trimmed−22%	−0.07 pp	17 q
SGRYSurgery Partners, Inc.	1.11%	4,784,463	$143M	trimmed−13%	−0.27 pp	10 q
GGGGraco Inc	1.06%	1,468,593	$137M	added+11%	+0.15 pp	2 q
WCNWaste Connections, Inc.	1.05%	790,242	$136M	trimmed−26%	−0.21 pp	17 q
PCTYPaylocity Holding Corporation	0.96%	717,243	$123M	new	+0.96 pp	new
DDOGDatadog, Inc. Class A	0.95%	997,079	$123M	added+84%	+0.43 pp	11 q
DOCSDoximity, Inc.	0.93%	4,454,478	$120M	added×2.2	+0.49 pp	2 q
ACHCAcadia Healthcare Company, Inc.	0.86%	1,396,367	$111M	trimmed−19%	−0.20 pp	8 q
ENTGEntegris Inc	0.79%	728,893	$102M	added+86%	+0.42 pp	4 q
TDYTeledyne Technologies Incorporated	0.73%	219,630	$94M	trimmed−62%	−1.29 pp	9 q
SHOPShopify Inc. Class A subordinate voting shares	0.66%	1,101,256	$85M	added+76%	+0.28 pp	2 q
SAIASaia, Inc.	0.62%	137,681	$81M	trimmed−8%	+0.10 pp	3 q
YOUClear Secure, Inc.	0.57%	3,443,634	$73M	trimmed−47%	−0.49 pp	12 q
ITGartner, Inc.	0.55%	148,882	$71M	trimmed−51%	−0.54 pp	4 q
TTCToro Company (The)	0.55%	768,420	$70M	trimmed−37%	−0.37 pp	9 q
LFSTLifeStance Health Group, Inc.	0.50%	10,354,962	$64M	added+36%	+0.03 pp	4 q
AURAurora Innovation, Inc. Class A	0.44%	19,970,914	$56M	held	—	3 q
WRBYWarby Parker Inc.	0.44%	4,153,374	$57M	trimmed−35%	−0.27 pp	11 q
DASHDoorDash, Inc. Class A	0.31%	290,644	$40M	trimmed−10%	+0.06 pp	2 q
ODFLOld Dominion Freight Line	0.26%	150,312	$33M	trimmed−30%	−0.08 pp	4 q
PPLIPeople Incorporated	0.25%	601,567	$32M	trimmed−52%	−0.27 pp	12 q
IWMiShares Russell 2000 ETF	0.11%	66,096	$14M	trimmed−91%	−1.04 pp	6 q
GSHDGoosehead Insurance, Inc. Class A	0.10%	199,058	$13M	trimmed−33%	−0.08 pp	17 q
SPYState Street SPDR S&P 500 ETF Trust	0.06%	14,306	$7M	trimmed−91%	−0.56 pp	2 q
unresolvedAgilon Health Inc	0.05%	976,133	$6M	trimmed−53%	−0.16 pp	12 q
GWREGuidewire Software, Inc.	—	−630,256	—	exited	−0.54 pp	—
CWANClearwater Analytics Hds-a	—	−796,686	—	exited	−0.13 pp	—