Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Durable Capital Partners
quality_growth
D
Reliability improving可靠性走强
leaderboard rank榜单排名 #42
Book持仓规模
$9.7B
long US listed only仅美股多头
Positions持仓数
37
97% resolved已解析
Top-10 concentration前十集中度
59%
% of book占组合%
Turnover换手
LOW
19.5% per quarter每季
Median excess中位超额
-30%
buys vs SPY, since filing买入相对SPY，自申报起 · n 189
Hit rate胜率
35%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Consumer Discretionary (Equal-Weight) — added DASH (+6.6pp of book this quarter)核心倾向：非必需消费（等权） — 本季度加仓 DASH（占组合 +6.6pp）
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+6.6pp
9.8% of book held占组合持有
· 2 names标的
· US Sectors (EW)
DASH
E-CommerceE-Commerce
+6.2pp
9.9% of book held占组合持有
· 3 names标的
· Software
MELI
MarketplacesMarketplaces
+6.2pp
7.4% of book held占组合持有
· 2 names标的
· E-commerce
MELI
Industrial Distribution & Capital Goods工业分销与资本品
+6.1pp
6.1% of book held占组合持有
· 2 names标的
· Industrials
FERG
AIT
Technology (Equal-Weight)信息技术（等权）
+6.0pp
6.0% of book held占组合持有
· 1 names标的
· US Sectors (EW)
Q
WasteWaste
+3.1pp
3.1% of book held占组合持有
· 1 names标的
· Environmental Sustainability
CLH
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 12 scored quarters已评分季度 · 17% positive为正 · recent-4 median近4季中位 -8% vs all-time对全期 -26%
Median excess by quarter各季度中位超额: ▃▁▃▃▅▆▅▆▄▅█▇ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 17 | -43% | 29% | -5% |
| 2023-09-30 | 12 | -79% | 8% | +4% |
| 2023-12-31 | 19 | -52% | 21% | -5% |
| 2024-03-31 | 15 | -53% | 20% | -7% |
| 2024-06-30 | 16 | -25% | 38% | +20% |
| 2024-09-30 | 20 | -14% | 50% | +2% |
| 2024-12-31 | 13 | -26% | 38% | -6% |
| 2025-03-31 | 20 | -13% | 45% | +0% |
| 2025-06-30 | 17 | -40% | 18% | -5% |
| 2025-09-30 | 15 | -19% | 33% | -2% |
| 2025-12-31 | 10 | +5% | 70% | -6% |
| 2026-03-31 | 15 | +4% | 60% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Industrials
36.0%
▲ +7.6pp
Unclassified
30.4%
▼ -7.9pp
Technology
12.7%
▲ +1.8pp
Health Care
5.0%
▼ -0.4pp
Information Technology
3.8%
▲ +1.4pp
Financials
3.5%
▼ -1.6pp
Consumer Cyclical
3.2%
▼ -1.4pp
Healthcare
2.4%
▼ -0.8pp
Basic Materials
1.6%
▲ +1.6pp
Consumer Discretionary
1.4%
▼ -0.3pp
Theme categories主题类别
US Sectors (EW) 19.9%
Industrials 6.1%
Financials 5.4%
Semiconductors 1.2%
Rotating into (QoQ)轮入（环比）
Industrials +7.6pp
Technology +1.8pp
Basic Materials +1.6pp
Rotating out of (QoQ)轮出（环比）
Financials -1.6pp
Consumer Cyclical -1.4pp
Healthcare -0.8pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Industrials 36% · Unclassified 30% · Technology 13% |
| 2025-12-31 | Unclassified 38% · Industrials 28% · Technology 11% |
| 2025-09-30 | Unclassified 43% · Industrials 23% · Technology 7% |
| 2025-06-30 | Unclassified 43% · Industrials 21% · Technology 7% |
| 2025-03-31 | Unclassified 41% · Industrials 20% · Consumer Discretionary 8% |
| 2024-12-31 | Unclassified 45% · Industrials 17% · Consumer Discretionary 12% |
| 2024-09-30 | Unclassified 35% · Industrials 16% · Consumer Discretionary 14% |
| 2024-06-30 | Unclassified 31% · Industrials 20% · Consumer Discretionary 13% |
| 2024-03-31 | Unclassified 29% · Industrials 22% · Consumer Discretionary 12% |
| 2023-12-31 | Unclassified 28% · Industrials 21% · Technology 12% |
| 2023-09-30 | Unclassified 26% · Industrials 22% · Consumer Discretionary 12% |
| 2023-06-30 | Unclassified 31% · Industrials 21% · Consumer Discretionary 10% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。36 positions shown项持仓 · resolved已解析 36/37 (97%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  RBC |
Rbc Bearings Inc | 12.7% | $1.2B | hold | -3% | — | 70 · HIGH | Industrials | — | +2% |
| 2 | DASH |
Doordash Inc | 6.6% | $642M | add | +20% | 3q | 84 · HIGH | Technology | Consumer Discretionary (Equal-Weight) | +16% |
| 3 | MELI |
Mercadolibre Inc | 6.2% | $607M | add | +14% | 5q | 88 · HIGH | — | E-Commerce, Marketplaces | +19% |
| 4 |  APG |
Api Group Corp | 6.2% | $599M | hold | -2% | — | 67 · MODERATE | Industrials | — | -7% |
| 5 | Q |
Qnity Electronics Inc | 6.0% | $587M | add | +82% | 2q | 76 · HIGH | Technology | Technology (Equal-Weight) | -13% |
| 6 |  XPO |
Xpo Inc | 5.9% | $571M | trim | -26% | — | 65 · MODERATE | Industrials | Trucking | -2% |
| 7 | FERG |
Ferguson Enterprises Inc | 5.3% | $511M | add | +40% | 3q | 79 · HIGH | — | Industrial Distribution & Capital Goods | — |
| 8 |  MDLN |
Medline Inc | 3.3% | $323M | hold | +5% | — | 63 · MODERATE | — | — | — |
| 9 |  CVNA |
Carvana Co | 3.2% | $313M | hold | +8% | — | 62 · MODERATE | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | +4% |
| 10 | CLH |
Clean Harbors Inc | 3.1% | $301M | add | +26% | 3q | 76 · HIGH | Industrials | Waste | +1% |
| 11 |  ULS |
Ul Solutions Inc | 2.9% | $282M | add | +28% | 2q | 55 · MODERATE | Industrials | — | -13% |
| 12 |  RKT |
Rocket Cos Inc | 2.8% | $275M | add | +10% | 3q | 59 · MODERATE | — | — | — |
| 13 |  FOUR |
Shift4 Pmts Inc | 2.8% | $270M | hold | -7% | — | 43 · LOW | Financials | Payments & Fintech | +21% |
| 14 |  VSEC |
Vse Corp | 2.7% | $259M | add | +60% | 1q | 37 · LOW | Industrials | — | +15% |
| 15 |  AFRM |
Affirm Hldgs Inc | 2.7% | $259M | add | +54% | 1q | 36 · LOW | — | Payments & Fintech | +20% |
| 16 |  IWM |
Ishares Tr | 2.6% | $255M | add | +962% | 2q | 40 · LOW | — | — | +5% |
| 17 |  PRVA |
Privia Health Group Inc | 2.6% | $249M | hold | +0% | — | 29 · LOW | Health Care | Telemedicine | +20% |
| 18 |  CPNG |
Coupang Inc | 2.5% | $243M | trim | -47% | — | 28 · LOW | — | E-Commerce, Grocery | +3% |
| 19 |  OPCH |
Option Care Health Inc | 2.5% | $242M | hold | +0% | — | 28 · LOW | Health Care | — | +11% |
| 20 |  TECH |
Bio-Techne Corp | 2.4% | $233M | add | +113% | 3q | 42 · LOW | Healthcare | Health Care (Equal-Weight) | +64% |
| 21 |  CRH |
Crh Plc | 1.6% | $155M | new | — | 1q | 21 · LOW | Basic Materials | Materials (Equal-Weight) | -1% |
| 22 |  YOU |
Clear Secure Inc | 1.5% | $144M | trim | -14% | — | 25 · LOW | Information Technology | Identity | -9% |
| 23 |  WRBY |
Warby Parker Inc | 1.4% | $135M | trim | -12% | — | 24 · LOW | Consumer Discretionary | DTC | +7% |
| 24 |  SHOP |
Shopify Inc | 1.2% | $115M | trim | -52% | — | 23 · LOW | — | H-SaaS, E-Commerce, H-SaaS | — |
| 25 |  ENTG |
Entegris Inc | 1.2% | $114M | new | — | 1q | 27 · LOW | Information Technology | Semiconductor Equipment (WFE) | -0% |
| 26 |  FN |
Fabrinet | 1.2% | $113M | new | — | 1q | 16 · LOW | Information Technology | — | -38% |
| 27 |  AYI |
Acuity Inc | 1.0% | $100M | trim | -56% | — | 20 · LOW | Industrials | — | +17% |
| 28 |  CIGI |
Colliers Intl Group Inc | 0.9% | $89M | trim | -75% | — | 19 · LOW | — | — | — |
| 29 | AIT |
Applied Indl Technologies In | 0.8% | $79M | new | — | 1q | 13 · LOW | Industrials | Industrial Distribution & Capital Goods | +7% |
| 30 |  FLS |
Flowserve Corp | 0.7% | $70M | new | — | 1q | 12 · LOW | Industrials | — | +4% |
| 31 |  GSHD |
Goosehead Ins Inc | 0.7% | $67M | hold | +0% | — | 16 · LOW | Financials | — | +35% |
| 32 |  ANDG |
Andersen Group Inc | 0.5% | $45M | hold | +0% | — | 15 · LOW | — | — | — |
| 33 |  RBLX |
Roblox Corp | 0.4% | $37M | trim | -44% | — | 14 · LOW | — | Gaming, Applications, Gaming | +24% |
| 34 |  AUR |
Aurora Innovation Inc | 0.1% | $6M | trim | -78% | — | 13 · LOW | — | Self-Driving, Next-Gen, AV & Mobility | — |
| 35 |  ESAB |
Esab Corporation | 0.0% | $3M | new | — | 1q | 17 · LOW | Industrials | — | -4% |
| 36 |  XMTR |
Xometry Inc | 0.0% | $2M | new | — | 1q | 16 · LOW | — | 3D Printing | — |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (18)
| DASH add |
6.6% | +16% |
| MELI add |
6.2% | +19% |
| Q add |
6.0% | -13% |
| FERG add |
5.3% | — |
| CLH add |
3.1% | +1% |
| ULS add |
2.9% | -13% |
| RKT add |
2.8% | — |
| VSEC add |
2.7% | +15% |
| AFRM add |
2.7% | +20% |
| IWM add |
2.6% | +5% |
| TECH add |
2.4% | +64% |
| CRH new |
1.6% | -1% |
| ENTG new |
1.2% | -0% |
| FN new |
1.2% | -38% |
| AIT new |
0.8% | +7% |
| FLS new |
0.7% | +4% |
| ESAB new |
0.0% | -4% |
| XMTR new |
0.0% | — |
Rotated out of轮出 (17)
| XPO trim |
-26% | -2% |
| CPNG trim |
-47% | +3% |
| YOU trim |
-14% | -9% |
| WRBY trim |
-12% | +7% |
| SHOP trim |
-52% | — |
| AYI trim |
-56% | +17% |
| CIGI trim |
-75% | — |
| RBLX trim |
-44% | +24% |
| AUR trim |
-78% | — |
 APP exit |
-100% | -15% |
 BKNG exit |
-100% | +19% |
 CBZ exit |
-100% | +47% |
 DUOL exit |
-100% | +14% |
 FSV exit |
-100% | +15% |
 TOST exit |
-100% | +30% |
 TWLO exit |
-100% | +3% |
 VEEV exit |
-100% | +20% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。