Durable Capital

Q3 2025 13F · by Henry Ellenbogen, CIO

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $13.5B · prev $13.2B
Positions: 48 · prev 44
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%

Moves49 since the prior filing

+19.6 pp in · −21.5 pp out

New 10 +10.56 pp
Added 16 +9.09 pp
Trimmed 17 −12.99 pp
Exited 6 −8.54 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 74% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions27% of US stock

RBC RBC Bearings Incorporated held held7.3%
CPNG Coupang, Inc. added+0.32 pp added+0.325.9%
SHOP Shopify Inc. Class A subordinate voting shares held held5.0%
CIGI Colliers International Group Inc. Subordinate Voting Shares added+0.70 pp added+0.704.3%
XPO XPO, Inc. added+0.71 pp added+0.714.2%

Positions48 in this filing · 6 exited


RBCRBC Bearings Incorporated	7.29%	2,521,043	$984M	held	—	23 q
CPNGCoupang, Inc.	5.93%	24,833,189	$800M	added0%	+0.32 pp	7 q
SHOPShopify Inc. Class A subordinate voting shares	5.00%	4,543,835	$675M	held	—	8 q
CIGIColliers International Group Inc. Subordinate Voting Shares	4.28%	3,699,124	$578M	added+2%	+0.70 pp	11 q
XPOXPO, Inc.	4.15%	4,331,280	$560M	added+20%	+0.71 pp	4 q
APGAPi Group Corporation	3.79%	14,898,178	$512M	trimmed−7%	−0.32 pp	5 q
RBLXRoblox Corporation	3.62%	3,529,982	$489M	trimmed−23%	−0.04 pp	4 q
AYIAcuity Inc.	3.48%	1,363,619	$470M	added+9%	+0.66 pp	5 q
AFRMAffirm Holdings, Inc. Class A	3.39%	6,268,515	$458M	trimmed−15%	−0.48 pp	5 q
DASHDoorDash, Inc. Class A	3.37%	1,671,659	$455M	added+63%	+1.45 pp	4 q
FOURShift4 Payments, Inc.	3.23%	5,626,484	$435M	trimmed−16%	−1.77 pp	22 q
MELIMercado Libre, Inc	3.04%	175,436	$410M	added+19%	+0.11 pp	3 q
VEEVVeeva Systems Inc.	2.78%	1,258,853	$375M	added+29%	+0.65 pp	2 q
FSVFirstService Corporation	2.71%	2,216,720	$365M	added+13%	+0.11 pp	23 q
ENTGEntegris Inc	2.58%	3,765,035	$348M	added+23%	+0.71 pp	10 q
CVNACarvana Co.	2.49%	892,477	$337M	held	—	6 q
FLUTFlutter Entertainment plc	2.34%	1,243,988	$316M	added×3.7	+1.62 pp	3 q
WSTWest Pharmaceutical Services, Inc.	2.28%	1,172,583	$308M	added+13%	+0.56 pp	23 q
BKNGBooking Holdings Inc.	2.21%	55,319	$299M	added+48%	+0.57 pp	12 q
INTUIntuit Inc	2.21%	437,256	$299M	trimmed−44%	−2.46 pp	23 q
PRVAPrivia Health Group, Inc.	2.16%	11,691,685	$291M	added+2%	+0.16 pp	10 q
DUOLDuolingo, Inc. Class A	2.09%	874,919	$282M	trimmed−18%	−1.24 pp	17 q
FIGFigma, Inc.	2.06%	5,369,380	$279M	new	+2.06 pp	new
FERGFerguson Enterprises Inc.	1.81%	1,088,970	$245M	new	+1.81 pp	new
WRBYWarby Parker Inc.	1.79%	8,752,607	$241M	trimmed−9%	+0.20 pp	17 q
TOSTToast, Inc.	1.72%	6,360,898	$232M	trimmed−38%	−1.72 pp	17 q
ESABESAB Corporation	1.61%	1,945,854	$217M	added+40%	+0.35 pp	3 q
RKTRocket Companies, Inc.	1.58%	10,991,236	$213M	new	+1.58 pp	new
YOUClear Secure, Inc.	1.57%	6,366,367	$213M	trimmed−15%	0.00 pp	3 q
CBZCBIZ, Inc.	1.54%	3,925,067	$208M	new	+1.54 pp	new
OPCHOption Care Health, Inc.	1.53%	7,431,769	$206M	trimmed−10%	−0.50 pp	3 q
WIXWIX.com Ltd.	1.36%	1,031,844	$183M	new	+1.36 pp	new
HUBSHubspot, Inc.	1.13%	326,711	$153M	trimmed−46%	−1.40 pp	15 q
VSECVSE Corp	1.07%	865,017	$144M	held	—	6 q
APPApplovin Corporation Class A	1.00%	187,836	$135M	held	—	3 q
CLHClean Harbors, Inc	0.99%	573,666	$133M	new	+0.99 pp	new
FNDFloor & Decor Holdings, Inc.	0.90%	1,645,369	$121M	added+18%	+0.10 pp	2 q
GSHDGoosehead Insurance, Inc. Class A	0.85%	1,542,186	$115M	added×2.3	+0.31 pp	2 q
MASIMasimo Corporation	0.68%	620,619	$92M	trimmed−47%	−0.80 pp	3 q
TECHBio-Techne Corp.	0.58%	1,395,966	$78M	new	+0.58 pp	new
AURAurora Innovation, Inc. Class A	0.48%	12,044,163	$65M	trimmed−41%	−0.33 pp	9 q
RHRh	0.33%	221,434	$45M	trimmed−66%	−0.59 pp	22 q
BIRKBirkenstock Holding plc	0.30%	886,660	$40M	new	+0.30 pp	new
XMTRXometry, Inc. Class A	0.27%	669,274	$36M	new	+0.27 pp	new
ROPRoper Technologies, Inc.	0.21%	56,448	$28M	trimmed−83%	−1.21 pp	23 q
OMOutset Medical, Inc.	0.11%	1,023,706	$14M	trimmed−38%	−0.13 pp	3 q
VIAVia Transportation, Inc.	0.07%	200,000	$10M	new	+0.07 pp	new
SGSweetgreen, Inc.	0.04%	663,890	$5M	trimmed−69%	−0.20 pp	5 q
IWMiShares Russell 2000 ETF	—	−2,596,668	—	exited	−4.24 pp	—
DSGXDescartes Systems Group Inc	—	−2,253,704	—	exited	−1.73 pp	—
MOHMolina Healthcare, Inc.	—	−535,967	—	exited	−1.21 pp	—
EVHEvolent Health, Inc Class A	—	−6,423,293	—	exited	−0.55 pp	—
MNDYmonday.com Ltd.	—	−189,684	—	exited	−0.45 pp	—
PTCPtc, Inc	—	−278,710	—	exited	−0.36 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001798849-25-000015
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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