Henry Ellenbogen
Durable Capital Partners
2026Q1 brief
Durable Capital's $9.71B compounding-growth portfolio saw its most aggressive move in the near-doubling of Q (Quanta Services) to 6.0% (+82%), now the fifth-largest position — a clear infrastructure/grid-buildout thesis that aligns with power demand driven by AI data centers. FERG (Ferguson Enterprises) was added +40% to 5.3%, reinforcing the infrastructure-distribution theme. Against this, six full exits — including APP (AppLovin, previously 1.0%), TWLO, VEEV, and BKNG — reflect a deliberate pruning of software and consumer internet names that may have hit valuation targets or disappointed on growth durability. CPNG trimmed nearly in half and SHOP cut 52% continues the reduction of international/e-commerce exposure. Six new small positions including WIX, CRH, ENTG, and FABRINET suggest Ellenbogen is seeding infrastructure-adjacent and semiconductor-supply-chain ideas. RBC (RBC Bearings) remains the top holding at 12.7%, a long-standing aerospace/defense compounder. Watch whether the infrastructure cluster — Q, FERG, CRH, CLH — continues to grow as a defined thematic sleeve in the next filing.
AI-generated. Not investment advice.
Holdings (37) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | RBC | 12.7% | $1.24B | |||
| 2 | DASH | 6.6% | $642M | |||
| 3 | MELI | 6.2% | $607M | |||
| 4 | APG | 6.2% | $599M | |||
| 5 | Q | 6.0% | $587M | |||
| 6 | XPO | 5.9% | $571M | |||
| 7 | FERG | 5.3% | $511M | |||
| 8 | MDLN | 3.3% | $323M | |||
| 9 | CVNA | 3.2% | $313M | |||
| 10 | CLH | 3.1% | $301M | |||
| 11 | ULS | 2.9% | $282M | |||
| 12 | RKT | 2.8% | $275M | |||
| 13 | FOUR | 2.8% | $270M | |||
| 14 | VSEC | 2.7% | $259M | |||
| 15 | AFRM | 2.7% | $259M | |||
| 16 | IWM | 2.6% | $255M | |||
| 17 | PRVA | 2.6% | $249M | |||
| 18 | CPNG | 2.5% | $243M | |||
| 19 | OPCH | 2.5% | $242M | |||
| 20 | TECH | 2.4% | $233M | |||
| 21 | WIX | 1.9% | $184M | |||
| 22 | CRH | 1.6% | $155M | |||
| 23 | YOU | 1.5% | $144M | |||
| 24 | WRBY | 1.4% | $135M | |||
| 25 | SHOP | 1.2% | $115M | |||
| 26 | ENTG | 1.2% | $114M | |||
| 27 | G3323L100 | 1.2% | $113M | |||
| 28 | AYI | 1.0% | $100M | |||
| 29 | CIGI | 0.9% | $89M | |||
| 30 | AIT | 0.8% | $79M | |||
| 31 | FLS | 0.7% | $70M | |||
| 32 | GSHD | 0.7% | $67M | |||
| 33 | ANDG | 0.5% | $45M | |||
| 34 | RBLX | 0.4% | $37M | |||
| 35 | AUR | 0.1% | $6M | |||
| 36 | ESAB | <0.1% | $3M | |||
| 37 | XMTR | <0.1% | $2M |
- 1RBC12.7%$1.24BRbc Bearings Incthis Q hold·25q
- 2DASH6.6%$642MDoordash Inc - Athis Q hold·16q
- 3MELI6.2%$607MMercadolibre Incthis Q hold·5q
- 4APG6.2%$599MApi Group Corpthis Q hold·7q
- 5Q6.0%$587MQnity Electronics Incthis Q +82%·2q
- 6XPO5.9%$571MXpo Incthis Q -26%·6q
- 7FERG5.3%$511MFerguson Enterprises Incthis Q +40%·4q
- 8MDLN3.3%$323MMedline Inc-cl Athis Q hold·2q
- 9CVNA3.2%$313MCarvana COthis Q hold·8q
- 10CLH3.1%$301MClean Harbors Incthis Q +26%·3q
- 11ULS2.9%$282MUL Solutions Inc - Class Athis Q +28%·2q
- 12RKT2.8%$275MRocket Cos Inc-class Athis Q hold·3q
- 13FOUR2.8%$270MShift4 Payments Inc-class Athis Q hold·24q
- 14VSEC2.7%$259MVse Corpthis Q +60%·8q
- 15AFRM2.7%$259MAffirm Holdings Incthis Q +53%·12q
- 16IWM2.6%$255MIshares Russell 2000 Etfthis Q +962%·15q
- 17PRVA2.6%$249MPrivia Health Group Incthis Q hold·12q
- 18CPNG2.5%$243MCoupang Incthis Q -47%·18q
- 19OPCH2.5%$242MOption Care Health Incthis Q hold·6q
- 20TECH2.4%$233MBio-techne Corpthis Q +113%·3q
- 21WIX1.9%$184MWix Com Ltdthis Q New·12q
- 22CRH1.6%$155MCrh Plcthis Q New·—1q
- 23YOU1.5%$144MClear Secure Inc -class Athis Q hold·19q
- 24WRBY1.4%$135MWarby Parker Inc-class Athis Q hold·19q
- 25SHOP1.2%$115MShopify Inc - Class Athis Q -52%·20q
- 26ENTG1.2%$114MEntegris Incthis Q New·11q
- 27G3323L1001.2%$113MFabrinetthis Q New·—1q
- 28AYI1.0%$100MAcuity Incthis Q -56%·7q
- 29CIGI0.9%$89MColliers Intl Gr-subord Votthis Q -75%·15q
- 30AIT0.8%$79MApplied Industrial Tech Incthis Q New·—1q
- 31FLS0.7%$70MFlowserve Corpthis Q New·—1q
- 32GSHD0.7%$67MGoosehead Insurance Inc -Athis Q hold·22q
- 33ANDG0.5%$45MAndersen Group Inc - Athis Q hold·2q
- 34RBLX0.4%$37MRoblox Corp -class Athis Q -44%·6q
- 35AUR0.1%$6MAurora Innovation Incthis Q -78%·11q
- 36ESAB<0.1%$3MEsab Corpthis Q New·4q
- 37XMTR<0.1%$2MXometry Inc-athis Q New·9q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| Q | Qnity Electronics Inc | ADD | 6.0% | +82% | $587M |
| XPO | Xpo Inc | TRIM | 5.9% | -26% | $571M |
| CPNG | Coupang Inc | TRIM | 2.5% | -47% | $243M |
| FERG | Ferguson Enterprises Inc | ADD | 5.3% | +40% | $511M |
| CIGI | Colliers Intl Gr-subord Vot | TRIM | 0.9% | -75% | $89M |
| SHOP | Shopify Inc - Class A | TRIM | 1.2% | -52% | $115M |
| CLH | Clean Harbors Inc | ADD | 3.1% | +26% | $301M |
| ULS | UL Solutions Inc - Class A | ADD | 2.9% | +28% | $282M |
| AYI | Acuity Inc | TRIM | 1.0% | -56% | $100M |
| VSEC | Vse Corp | ADD | 2.7% | +60% | $259M |
| AFRM | Affirm Holdings Inc | ADD | 2.7% | +53% | $259M |
| IWM | Ishares Russell 2000 Etf | ADD | 2.6% | +962% | $255M |
| TECH | Bio-techne Corp | ADD | 2.4% | +113% | $233M |
| VEEV | Veeva Systems Inc-class A | EXIT | 2.0% | -100% | $0 |
| WIX | Wix Com Ltd | NEW | 1.9% | +100% | $184M |
| CRH | Crh Plc | NEW | 1.6% | +100% | $155M |
| DSGX | Descartes Systems Grp/the | EXIT | 1.4% | -100% | $0 |
| H8088L103 | Sportradar Group AG | EXIT | 1.3% | -100% | $0 |
| TWLO | Twilio Inc - A | EXIT | 1.3% | -100% | $0 |
| ENTG | Entegris Inc | NEW | 1.2% | +100% | $114M |
| G3323L100 | Fabrinet | NEW | 1.2% | +100% | $113M |
| APP | Applovin Corp-class A | EXIT | 1.0% | -100% | $0 |
| BKNG | Booking Holdings Inc | EXIT | 0.9% | -100% | $0 |
| RBLX | Roblox Corp -class A | TRIM | 0.4% | -44% | $37M |
| AIT | Applied Industrial Tech Inc | NEW | 0.8% | +100% | $79M |
| CBZ | Cbiz Inc | EXIT | 0.8% | -100% | $0 |
| TOST | Toast Inc-class A | EXIT | 0.8% | -100% | $0 |
| FLS | Flowserve Corp | NEW | 0.7% | +100% | $70M |
| FSV | Firstservice Corp | EXIT | 0.6% | -100% | $0 |
| FIG | Figma Inc-cl A | EXIT | 0.6% | -100% | $0 |
| AUR | Aurora Innovation Inc | TRIM | 0.1% | -78% | $6M |
| DUOL | Duolingo | EXIT | 0.2% | -100% | $0 |
| ESAB | Esab Corp | NEW | <0.1% | +100% | $3M |
| XMTR | Xometry Inc-a | NEW | <0.1% | +100% | $2M |
- ADDQ6.0%Qnity Electronics IncΔ +82%·$587M
- TRIMXPO5.9%Xpo IncΔ -26%·$571M
- TRIMCPNG2.5%Coupang IncΔ -47%·$243M
- ADDFERG5.3%Ferguson Enterprises IncΔ +40%·$511M
- TRIMCIGI0.9%Colliers Intl Gr-subord VotΔ -75%·$89M
- TRIMSHOP1.2%Shopify Inc - Class AΔ -52%·$115M
- ADDCLH3.1%Clean Harbors IncΔ +26%·$301M
- ADDULS2.9%UL Solutions Inc - Class AΔ +28%·$282M
- TRIMAYI1.0%Acuity IncΔ -56%·$100M
- ADDVSEC2.7%Vse CorpΔ +60%·$259M
- ADDAFRM2.7%Affirm Holdings IncΔ +53%·$259M
- ADDIWM2.6%Ishares Russell 2000 EtfΔ +962%·$255M
- ADDTECH2.4%Bio-techne CorpΔ +113%·$233M
- EXITVEEV2.0%Veeva Systems Inc-class AΔ -100%·$0
- NEWWIX1.9%Wix Com LtdΔ +100%·$184M
- NEWCRH1.6%Crh PlcΔ +100%·$155M
- EXITDSGX1.4%Descartes Systems Grp/theΔ -100%·$0
- EXITH8088L1031.3%Sportradar Group AGΔ -100%·$0
- EXITTWLO1.3%Twilio Inc - AΔ -100%·$0
- NEWENTG1.2%Entegris IncΔ +100%·$114M
- NEWG3323L1001.2%FabrinetΔ +100%·$113M
- EXITAPP1.0%Applovin Corp-class AΔ -100%·$0
- EXITBKNG0.9%Booking Holdings IncΔ -100%·$0
- TRIMRBLX0.4%Roblox Corp -class AΔ -44%·$37M
- NEWAIT0.8%Applied Industrial Tech IncΔ +100%·$79M
- EXITCBZ0.8%Cbiz IncΔ -100%·$0
- EXITTOST0.8%Toast Inc-class AΔ -100%·$0
- NEWFLS0.7%Flowserve CorpΔ +100%·$70M
- EXITFSV0.6%Firstservice CorpΔ -100%·$0
- EXITFIG0.6%Figma Inc-cl AΔ -100%·$0
- TRIMAUR0.1%Aurora Innovation IncΔ -78%·$6M
- EXITDUOL0.2%DuolingoΔ -100%·$0
- NEWESAB<0.1%Esab CorpΔ +100%·$3M
- NEWXMTR<0.1%Xometry Inc-aΔ +100%·$2M
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001798849). Not investment advice.