Durable Capital

Q4 2025 13F · by Henry Ellenbogen, CIO

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $10.6B · prev $13.5B
Positions: 40 · 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%

Moves56 since the prior filing

+29.1 pp in · −29.1 pp out

New 8 +11.50 pp
Added 13 +17.57 pp
Trimmed 19 −12.65 pp
Exited 16 −16.42 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 90% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions34% of US stock

RBC RBC Bearings Incorporated trimmed+2.66 pp trimmed+2.669.9%
DASH DoorDash, Inc. Class A added+4.30 pp added+4.307.7%
MELI Mercado Libre, Inc added+2.83 pp added+2.835.9%
CPNG Coupang, Inc. trimmed−0.47 pp trimmed−0.475.5%
APG APi Group Corporation added+1.65 pp added+1.655.4%

Positions40 in this filing · 16 exited


RBCRBC Bearings Incorporated	9.95%	2,344,911	$1.1B	trimmed−7%	+2.66 pp	24 q
DASHDoorDash, Inc. Class A	7.67%	3,578,745	$811M	added×2.1	+4.30 pp	5 q
MELIMercado Libre, Inc	5.87%	307,932	$620M	added+76%	+2.83 pp	4 q
CPNGCoupang, Inc.	5.46%	24,452,985	$577M	trimmed−2%	−0.47 pp	8 q
APGAPi Group Corporation	5.44%	15,017,378	$575M	added+1%	+1.65 pp	6 q
XPOXPO, Inc.	5.08%	3,949,100	$537M	trimmed−9%	+0.93 pp	5 q
CIGIColliers International Group Inc. Subordinate Voting Shares	4.69%	3,369,760	$495M	trimmed−9%	+0.41 pp	12 q
FOURShift4 Payments, Inc.	3.94%	6,606,969	$416M	added+17%	+0.71 pp	23 q
CVNACarvana Co.	3.69%	925,045	$390M	added+4%	+1.20 pp	7 q
FERGFerguson Enterprises Inc.	3.29%	1,561,342	$348M	added+43%	+1.48 pp	2 q
RKTRocket Companies, Inc.	3.20%	17,470,197	$338M	added+59%	+1.62 pp	2 q
SHOPShopify Inc. Class A subordinate voting shares	3.11%	2,043,219	$329M	trimmed−55%	−1.89 pp	9 q
AYIAcuity Inc.	2.78%	815,322	$294M	trimmed−40%	−0.70 pp	6 q
MDLNMedline Inc. Class A	2.74%	6,900,000	$290M	new	+2.74 pp	new
OPCHOption Care Health, Inc.	2.71%	8,991,254	$286M	added+21%	+1.18 pp	4 q
PRVAPrivia Health Group, Inc.	2.71%	12,087,843	$287M	added+3%	+0.55 pp	11 q
AFRMAffirm Holdings, Inc. Class A	2.59%	3,681,173	$274M	trimmed−41%	−0.80 pp	6 q
QQnity Electronics, Inc.	2.16%	2,800,861	$229M	new	+2.16 pp	new
VEEVVeeva Systems Inc.	2.01%	951,896	$212M	trimmed−24%	−0.77 pp	3 q
ULSUL Solutions Inc.	1.91%	2,563,523	$202M	new	+1.91 pp	new
CLHClean Harbors, Inc	1.85%	834,763	$196M	added+46%	+0.86 pp	2 q
WRBYWarby Parker Inc.	1.51%	7,310,605	$159M	trimmed−16%	−0.28 pp	18 q
VSECVSE Corp	1.44%	879,228	$152M	added+2%	+0.37 pp	7 q
DSGXDescartes Systems Group Inc	1.42%	1,710,202	$150M	new	+1.42 pp	new
SRADSportradar Group AG Class A	1.34%	5,956,331	$142M	new	+1.34 pp	new
TWLOTwilio Inc.	1.29%	962,089	$137M	new	+1.29 pp	new
TECHBio-Techne Corp.	1.16%	2,088,891	$123M	added+50%	+0.58 pp	2 q
YOUClear Secure, Inc.	1.15%	3,461,549	$121M	trimmed−46%	−0.42 pp	4 q
GSHDGoosehead Insurance, Inc. Class A	1.09%	1,562,969	$115M	added+1%	+0.24 pp	3 q
APPApplovin Corporation Class A	1.04%	163,405	$110M	trimmed−13%	+0.04 pp	4 q
BKNGBooking Holdings Inc.	0.93%	18,274	$98M	trimmed−67%	−1.28 pp	13 q
RBLXRoblox Corporation	0.89%	1,162,730	$94M	trimmed−67%	−2.73 pp	5 q
CBZCBIZ, Inc.	0.78%	1,631,969	$82M	trimmed−58%	−0.76 pp	2 q
TOSTToast, Inc.	0.77%	2,299,023	$82M	trimmed−64%	−0.95 pp	18 q
FSVFirstService Corporation	0.64%	436,598	$68M	trimmed−80%	−2.07 pp	24 q
FIGFigma, Inc.	0.61%	1,727,263	$65M	trimmed−68%	−1.45 pp	2 q
ANDGAndersen Group Inc.	0.41%	1,670,485	$43M	new	+0.41 pp	new
AURAurora Innovation, Inc. Class A	0.25%	6,768,585	$26M	trimmed−44%	−0.23 pp	10 q
IWMiShares Russell 2000 ETF	0.23%	96,776	$24M	new	+0.23 pp	new
DUOLDuolingo, Inc. Class A	0.20%	119,181	$21M	trimmed−86%	−1.89 pp	18 q
ENTGEntegris Inc	—	−3,765,035	—	exited	−2.58 pp	—
FLUTFlutter Entertainment plc	—	−1,243,988	—	exited	−2.34 pp	—
WSTWest Pharmaceutical Services, Inc.	—	−1,172,583	—	exited	−2.28 pp	—
INTUIntuit Inc	—	−437,256	—	exited	−2.21 pp	—
ESABESAB Corporation	—	−1,945,854	—	exited	−1.61 pp	—
WIXWIX.com Ltd.	—	−1,031,844	—	exited	−1.36 pp	—
HUBSHubspot, Inc.	—	−326,711	—	exited	−1.13 pp	—
FNDFloor & Decor Holdings, Inc.	—	−1,645,369	—	exited	−0.90 pp	—
MASIMasimo Corporation	—	−620,619	—	exited	−0.68 pp	—
RHRh	—	−221,434	—	exited	−0.33 pp	—
BIRKBirkenstock Holding plc	—	−886,660	—	exited	−0.30 pp	—
XMTRXometry, Inc. Class A	—	−669,274	—	exited	−0.27 pp	—
ROPRoper Technologies, Inc.	—	−56,448	—	exited	−0.21 pp	—
OMOutset Medical, Inc.	—	−1,023,706	—	exited	−0.11 pp	—
VIAVia Transportation, Inc.	—	−200,000	—	exited	−0.07 pp	—
SGSweetgreen, Inc.	—	−663,890	—	exited	−0.04 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 0 unresolved
Accession: 0001798849-26-000003
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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