Henry Ellenbogen
Durable Capital Partners
Henry Ellenbogen (Durable Capital Partners) discloses a $9.71B portfolio across 37 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is RBC at 12.7% of the book. The biggest move of the quarter: added 82% to the Q share count (position now $587M). Latticework's clone backtest puts this 13F book at -13.1%/yr vs SPY over 6.3 years.
About Henry Ellenbogen
Henry Ellenbogen ran T. Rowe Price's New Horizons Fund from 2010 to 2019, compiling a strong record in growth-oriented small- and mid-cap investing before leaving to found Durable Capital Partners in 2020. His style is concentrated growth — the current 13F spans 37 positions and roughly $9.7B in disclosed long equity, with the top five names (led by RBC, DoorDash, MercadoLibre, APi Group, and Quanta Services) accounting for about 38% of the book. The defining characteristic is a long-duration orientation: Ellenbogen looks for durable compounders across software, fintech, and infrastructure services, often initiating in private rounds before companies list. That pre-IPO and late-stage private activity is the most important gap between the 13F and reality — positions can be established, sized, or partly exited well before public disclosure captures them. The clone backtest's roughly -13% annualized excess return versus SPY over six-plus years reflects both the disclosure lag and the fact that the private book isn't visible in filings at all.
2026Q1 brief
Henry Ellenbogen's Durable Capital Partners ($9.71B, 37 positions) continues to refine its compounding-business philosophy, with the headline move being an 82% add to Q (Quintiles/IQVIA parent — likely Quanta Services or another Q-ticker at 6.0%), vaulting it to fifth-largest, alongside a 40% add to FERG (Ferguson, now 5.3%), cementing a meaningful infrastructure/distribution theme beneath the tech-heavy surface. The six new positions — WIX, CRH, ENTG, Fabrinet, AIT, and FLS — span web infrastructure, building materials, semiconductor materials, optical networking, and industrial distribution, a notably broad sweep that suggests Ellenbogen is hunting for compounders in capex-cycle beneficiaries. Against this, the exits of VEEV, TWLO, APP, and BKNG represent a culling of SaaS and consumer internet names that may have reached fair value or lost compounding visibility. The aggressive 75% trim of CIGI (Colliers) and 52% cut in SHOP further signal caution on asset-light platforms. Watch whether CRH and ENTG get sized up toward top-ten weights as infrastructure and AI-materials themes develop.
AI-generated. Not investment advice.
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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 |
- 1RBCport12.7%val$1.24BRbc Bearings Incthis Q hold·25q
- 2DASHport6.6%val$642MDoordash Inc - Athis Q hold·16q
- 3MELIport6.2%val$607MMercadolibre Incthis Q hold·5q
- 4APGport6.2%val$599MApi Group Corpthis Q hold·7q
- 5Qport6.0%val$587MQnity Electronics Incthis Q +82%·2q
- 6XPOport5.9%val$571MXpo Incthis Q -26%·6q
- 7FERGport5.3%val$511MFerguson Enterprises Incthis Q +40%·4q
- 8MDLNport3.3%val$323MMedline Inc-cl Athis Q hold·2q
- 9CVNAport3.2%val$313MCarvana COthis Q hold·8q
- 10CLHport3.1%val$301MClean Harbors Incthis Q +26%·3q
- 11ULSport2.9%val$282MUL Solutions Inc - Class Athis Q +28%·2q
- 12RKTport2.8%val$275MRocket Cos Inc-class Athis Q hold·3q
- 13FOURport2.8%val$270MShift4 Payments Inc-class Athis Q hold·24q
- 14VSECport2.7%val$259MVse Corpthis Q +60%·8q
- 15AFRMport2.7%val$259MAffirm Holdings Incthis Q +53%·12q
- 16IWMport2.6%val$255MIshares Russell 2000 Etfthis Q +962%·15q
- 17PRVAport2.6%val$249MPrivia Health Group Incthis Q hold·12q
- 18CPNGport2.5%val$243MCoupang Incthis Q -47%·18q
- 19OPCHport2.5%val$242MOption Care Health Incthis Q hold·6q
- 20TECHport2.4%val$233MBio-techne Corpthis Q +113%·3q
- 21WIXport1.9%val$184MWix Com Ltdthis Q New·12q
- 22CRHport1.6%val$155MCrh Plcthis Q New·—1q
- 23YOUport1.5%val$144MClear Secure Inc -class Athis Q hold·19q
- 24WRBYport1.4%val$135MWarby Parker Inc-class Athis Q hold·19q
- 25SHOPport1.2%val$115MShopify Inc - Class Athis Q -52%·20q
- 26ENTGport1.2%val$114MEntegris Incthis Q New·11q
- 27G3323L100port1.2%val$113MFabrinetthis Q New·—1q
- 28AYIport1.0%val$100MAcuity Incthis Q -56%·7q
- 29CIGIport0.9%val$89MColliers Intl Gr-subord Votthis Q -75%·15q
- 30AITport0.8%val$79MApplied Industrial Tech Incthis Q New·—1q
- 31FLSport0.7%val$70MFlowserve Corpthis Q New·—1q
- 32GSHDport0.7%val$67MGoosehead Insurance Inc -Athis Q hold·22q
- 33ANDGport0.5%val$45MAndersen Group Inc - Athis Q hold·2q
- 34RBLXport0.4%val$37MRoblox Corp -class Athis Q -44%·6q
- 35AURport0.1%val$6MAurora Innovation Incthis Q -78%·11q
- 36ESABport<0.1%val$3MEsab Corpthis Q New·4q
- 37XMTRport<0.1%val$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
Frequently asked questions
- What stocks does Henry Ellenbogen own?
- As of 2026Q1, Henry Ellenbogen's 13F discloses 37 positions worth $9.71B. The top five holdings: RBC (12.7%), DASH (6.6%), MELI (6.2%), APG (6.2%), Q (6.0%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Henry Ellenbogen buy this quarter?
- In 2026Q1, the filing shows 8 new positions and 8 additions to existing holdings. The largest positions touched by buying: Q, FERG, CLH, ULS, VSEC.
- How big is Henry Ellenbogen's portfolio?
- $9.71B across 37 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 38% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001798849). Not investment advice.