Durable Capital

Q4 2024 13F · by Henry Ellenbogen, CIO

As of: Dec 31, 2024
Filed: Feb 14, 2025
US stock: $12.3B · prev $13.7B
Positions: 46 · prev 48
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%

Moves55 since the prior filing

+19.3 pp in · −19.2 pp out

New 7 +5.21 pp
Added 14 +14.04 pp
Trimmed 25 −11.22 pp
Exited 9 −8.01 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 61% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions28% of US stock

RBC RBC Bearings Incorporated added+0.76 pp added+0.766.4%
DUOL Duolingo, Inc. Class A trimmed−0.12 pp trimmed−0.126.1%
HUBS Hubspot, Inc. trimmed+1.52 pp trimmed+1.525.5%
CPNG Coupang, Inc. added+0.60 pp added+0.605.1%
TOST Toast, Inc. trimmed+1.22 pp trimmed+1.224.6%

Positions46 in this filing · 9 exited


RBCRBC Bearings Incorporated	6.42%	2,631,346	$787M	added+2%	+0.76 pp	20 q
DUOLDuolingo, Inc. Class A	6.13%	2,319,294	$752M	trimmed−23%	−0.12 pp	14 q
HUBSHubspot, Inc.	5.49%	965,324	$673M	trimmed−5%	+1.52 pp	12 q
CPNGCoupang, Inc.	5.13%	28,636,287	$629M	added+14%	+0.60 pp	4 q
TOSTToast, Inc.	4.59%	15,444,158	$563M	trimmed−5%	+1.22 pp	14 q
FOURShift4 Payments, Inc.	4.34%	5,130,841	$532M	trimmed−16%	+0.39 pp	19 q
INTUIntuit Inc	4.31%	840,533	$528M	trimmed−40%	−2.09 pp	20 q
BKNGBooking Holdings Inc.	3.82%	94,296	$469M	trimmed−23%	+0.05 pp	9 q
FSVFirstService Corporation	3.80%	2,574,268	$466M	trimmed−24%	−0.71 pp	20 q
CVNACarvana Co.	3.60%	2,168,232	$441M	added+6%	+1.00 pp	3 q
SHOPShopify Inc. Class A subordinate voting shares	3.43%	3,950,348	$420M	added+87%	+2.19 pp	5 q
TEAMAtlassian Corporation Class A	3.13%	1,575,546	$383M	added×6.0	+2.82 pp	9 q
CIGIColliers International Group Inc. Subordinate Voting Shares	2.93%	2,644,327	$360M	added+4%	+0.11 pp	8 q
AFRMAffirm Holdings, Inc. Class A	2.91%	5,858,283	$357M	added+97%	+2.02 pp	2 q
ROPRoper Technologies, Inc.	2.72%	641,644	$334M	trimmed−43%	−1.87 pp	20 q
DSGXDescartes Systems Group Inc	2.70%	2,915,564	$331M	trimmed−16%	+0.10 pp	20 q
AYIAcuity Inc.	2.59%	1,088,477	$318M	added×2.6	+1.74 pp	2 q
ONONOn Holding AG	2.45%	5,481,302	$300M	trimmed−2%	+0.39 pp	2 q
RBLXRoblox Corporation	2.01%	4,261,329	$247M	new	+2.01 pp	new
RHRh	1.98%	616,931	$243M	trimmed−8%	+0.35 pp	19 q
PRVAPrivia Health Group, Inc.	1.83%	11,487,843	$225M	added+3%	+0.35 pp	7 q
WRBYWarby Parker Inc.	1.78%	9,017,825	$218M	added+10%	+0.80 pp	14 q
WSTWest Pharmaceutical Services, Inc.	1.70%	637,398	$209M	trimmed−41%	−0.68 pp	20 q
ENTGEntegris Inc	1.64%	2,033,219	$201M	added+17%	+0.20 pp	7 q
IWMiShares Russell 2000 ETF	1.55%	860,027	$190M	trimmed−27%	−0.36 pp	2 q
APGAPi Group Corporation	1.47%	5,007,539	$180M	added×3.0	+1.07 pp	2 q
ODFLOld Dominion Freight Line	1.43%	996,514	$176M	trimmed−17%	−0.32 pp	7 q
DOCSDoximity, Inc.	1.26%	2,889,675	$154M	trimmed−63%	−1.23 pp	5 q
BFAMBright Horizons Family Solutions Inc.	1.18%	1,306,714	$145M	trimmed−70%	−3.23 pp	8 q
MOHMolina Healthcare, Inc.	1.14%	478,706	$139M	trimmed−54%	−1.50 pp	12 q
CPRTCopart Inc	1.00%	2,143,957	$123M	trimmed−49%	−0.62 pp	8 q
SGSweetgreen, Inc.	0.91%	3,494,933	$112M	trimmed−13%	−0.13 pp	2 q
BIRKBirkenstock Holding plc	0.91%	1,962,084	$111M	trimmed−33%	−0.15 pp	5 q
MNDYmonday.com Ltd.	0.90%	467,602	$110M	trimmed−57%	−1.31 pp	3 q
AVTRAvantor, Inc.	0.83%	4,809,948	$101M	trimmed−40%	−0.68 pp	4 q
WIXWIX.com Ltd.	0.73%	418,733	$90M	new	+0.73 pp	new
AURAurora Innovation, Inc. Class A	0.66%	12,757,155	$80M	added+8%	+0.15 pp	6 q
PTCPtc, Inc	0.66%	440,842	$81M	trimmed−35%	−0.23 pp	5 q
CHWYChewy, Inc.	0.64%	2,360,417	$79M	new	+0.64 pp	new
TTANServiceTitan, Inc. Class A	0.62%	741,403	$76M	new	+0.62 pp	new
XPOXPO, Inc.	0.62%	578,903	$76M	new	+0.62 pp	new
LFSTLifeStance Health Group, Inc.	0.57%	9,508,826	$70M	trimmed−9%	+0.04 pp	7 q
VSECVSE Corp	0.47%	609,583	$58M	added+55%	+0.23 pp	3 q
ALHCAlignment Healthcare, Inc.	0.42%	4,586,110	$52M	trimmed−16%	−0.05 pp	3 q
DASHDoorDash, Inc. Class A	0.31%	227,553	$38M	new	+0.31 pp	new
PCORProcore Technologies, Inc.	0.28%	450,100	$34M	new	+0.28 pp	new
VEEVVeeva Systems Inc.	—	−1,244,664	—	exited	−1.91 pp	—
SSNCSS&C Technologies Inc	—	−3,263,508	—	exited	−1.77 pp	—
ACHCAcadia Healthcare Company, Inc.	—	−2,255,059	—	exited	−1.05 pp	—
TTCToro Company (The)	—	−1,348,433	—	exited	−0.86 pp	—
MSCIMSCI, Inc.	—	−180,610	—	exited	−0.77 pp	—
FNDFloor & Decor Holdings, Inc.	—	−724,851	—	exited	−0.66 pp	—
OPCHOption Care Health, Inc.	—	−2,396,385	—	exited	−0.55 pp	—
YOUClear Secure, Inc.	—	−1,326,241	—	exited	−0.32 pp	—
OSOneStream, Inc. Class A	—	−500,000	—	exited	−0.12 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001798849-25-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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