Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Durable Capital Partners
quality_growth
D
Reliability improving可靠性走强
leaderboard rank榜单排名 #40WATCH观察
Book持仓规模
$10.3B
long US listed only仅美股多头
Positions持仓数
36
97% resolved已解析
Top-10 concentration前十集中度
59%
% of book占组合%
Turnover换手
LOW
19.8% per quarter每季
Median excess中位超额
-30%
buys vs SPY, since filing买入相对SPY，自披露起 · n 230
Hit rate胜率
24%
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: Industrial Distribution & Capital Goods — added FERG (+6.9pp of book this quarter)核心倾向：工业分销与资本品 — 本季度加仓 FERG（占组合 +6.9pp）
Industrial Distribution & Capital Goods工业分销与资本品
+6.9pp
7.4% of book held占组合持有
· 2 names标的
· Industrials
FERG
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+4.3pp
11.8% of book held占组合持有
· 2 names标的
· US Sectors (EW)
CVNA
PaaSPaaS
+3.7pp
3.7% of book held占组合持有
· 1 names标的
· Cloud Computing
TWLO
CRMCRM
+3.7pp
3.7% of book held占组合持有
· 1 names标的
· Software
TWLO
CollaborationCollaboration
+3.7pp
3.7% of book held占组合持有
· 1 names标的
· Software
TWLO
EnterpriseEnterprise
+3.7pp
3.7% of book held占组合持有
· 1 names标的
· Telecommunications
TWLO
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新披露的描述性解读——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，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 13 scored quarters已评分季度 · 8% positive为正 · recent-4 median近4季中位 -5% vs all-time对全期 -33%
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 | 18 | -86% | 11% | -5% |
| 2023-09-30 | 14 | -86% | 14% | +5% |
| 2023-12-31 | 22 | -68% | 18% | -11% |
| 2024-03-31 | 17 | -53% | 18% | -5% |
| 2024-06-30 | 17 | -23% | 29% | +18% |
| 2024-09-30 | 21 | -36% | 19% | -2% |
| 2024-12-31 | 15 | -31% | 13% | -6% |
| 2025-03-31 | 24 | -33% | 29% | +0% |
| 2025-06-30 | 19 | -40% | 16% | -14% |
| 2025-09-30 | 19 | -20% | 26% | -4% |
| 2025-12-31 | 15 | -2% | 40% | -18% |
| 2026-03-31 | 17 | +2% | 53% | +7% |
| 2026-06-30 | 12 | -7% | 17% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Industrials
38.9%
▼ -2.4pp
Technology
30.6%
▲ +3.8pp
Financial
9.0%
▲ +0.0pp
Consumer Cyclical
7.4%
▲ +2.7pp
Healthcare
6.0%
▼ -4.8pp
Unclassified
5.4%
▼ -0.5pp
Basic Materials
2.8%
▲ +1.2pp
Theme categories主题类别
US Sectors (EW) 22.6%
Industrials 7.4%
Financials 5.6%
Semiconductors 0.5%
Rotating into (QoQ)轮入（环比）
Technology +3.8pp
Consumer Cyclical +2.7pp
Basic Materials +1.2pp
Rotating out of (QoQ)轮出（环比）
Healthcare -4.8pp
Industrials -2.4pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Industrials 39% · Technology 31% · Financial 9% |
| 2026-03-31 | Industrials 41% · Technology 27% · Healthcare 11% |
| 2025-12-31 | Industrials 33% · Technology 29% · Financial 12% |
| 2025-09-30 | Technology 32% · Industrials 26% · Unclassified 12% |
| 2025-06-30 | Technology 30% · Industrials 21% · Unclassified 15% |
| 2025-03-31 | Technology 26% · Industrials 21% · Consumer Cyclical 17% |
| 2024-12-31 | Technology 27% · Consumer Cyclical 21% · Industrials 17% |
| 2024-09-30 | Consumer Cyclical 22% · Unclassified 19% · Technology 19% |
| 2024-06-30 | Technology 23% · Industrials 21% · Consumer Cyclical 19% |
| 2024-03-31 | Industrials 23% · Technology 23% · Consumer Cyclical 17% |
| 2023-12-31 | Technology 24% · Industrials 22% · Consumer Cyclical 17% |
| 2023-09-30 | Industrials 24% · Technology 20% · Healthcare 19% |
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.截至披露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。35 positions shown项持仓 · resolved已解析 35/36 (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自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 |  RBC |
Rbc Bearings Inc | 10.7% | $1.1B | trim | -25% | — | 70 · HIGH | Industrials | — | -12% |
| 2 |  DASH |
Doordash Inc | 7.5% | $767M | hold | -3% | — | 69 · MODERATE | Technology | Consumer Discretionary (Equal-Weight) | -3% |
| 3 |  Q |
Qnity Electronics Inc | 7.2% | $744M | trim | -10% | — | 68 · MODERATE | Technology | Technology (Equal-Weight) | -9% |
| 4 | FERG |
Ferguson Enterprises Inc | 6.9% | $707M | add | +36% | 4q | 87 · HIGH | Industrials | Industrial Distribution & Capital Goods | -8% |
| 5 |  MELI |
Mercadolibre Inc | 5.1% | $524M | trim | -12% | — | 66 · MODERATE | Technology | E-Commerce, Marketplaces | +8% |
| 6 |  APG |
Api Group Corp | 5.0% | $514M | trim | -18% | — | 65 · MODERATE | Industrials | — | -15% |
| 7 |  XPO |
Xpo Inc | 4.8% | $498M | trim | -17% | — | 64 · MODERATE | Industrials | Trucking | -13% |
| 8 | CVNA |
Carvana Co | 4.3% | $442M | add | +575% | 1q | 68 · MODERATE | Consumer Cyclical | Consumer Discretionary (Equal-Weight) | +3% |
| 9 |  MAIR |
Madison Air Solutions Corp | 3.9% | $398M | new | — | 1q | 67 · MODERATE | — | — | -11% |
| 10 | TWLO |
Twilio Inc | 3.7% | $381M | new | — | 1q | 76 · HIGH | Technology | PaaS, CRM, Collaboration | +3% |
| 11 |  AFRM |
Affirm Hldgs Inc | 3.5% | $361M | trim | -22% | — | 45 · MODERATE | Financial | Payments & Fintech | -0% |
| 12 |  FN |
Fabrinet | 3.3% | $339M | add | +179% | 2q | 54 · MODERATE | Technology | — | -35% |
| 13 |  PRVA |
Privia Health Group Inc | 2.9% | $299M | hold | -4% | — | 43 · LOW | Healthcare | Telemedicine | -4% |
| 14 |  ULS |
Ul Solutions Inc | 2.9% | $299M | trim | -11% | — | 43 · LOW | Industrials | — | -6% |
| 15 |  CRH |
Crh Plc | 2.8% | $285M | add | +80% | 2q | 41 · LOW | Basic Materials | Materials (Equal-Weight) | -7% |
| 16 |  SHOP |
Shopify Inc | 2.6% | $267M | add | +140% | 1q | 35 · LOW | Technology | H-SaaS, E-Commerce, H-SaaS | -13% |
| 17 |  CLH |
Clean Harbors Inc | 2.6% | $267M | trim | -15% | — | 30 · LOW | Industrials | Waste | +1% |
| 18 |  RKT |
Rocket Cos Inc | 2.5% | $260M | trim | -15% | — | 28 · LOW | Financial | — | -6% |
| 19 |  VSEC |
Vse Corp | 2.2% | $224M | trim | -30% | — | 27 · LOW | Industrials | — | -21% |
| 20 |  FLS |
Flowserve Corp | 2.1% | $216M | add | +206% | 2q | 36 · LOW | Industrials | — | -7% |
| 21 |  FOUR |
Shift4 Pmts Inc | 2.1% | $215M | trim | -28% | — | 25 · LOW | Financial | Payments & Fintech | +4% |
| 22 |  WRBY |
Warby Parker Inc | 1.9% | $194M | hold | +0% | — | 24 · LOW | Consumer Cyclical | DTC | -2% |
| 23 |  OPCH |
Option Care Health Inc | 1.3% | $129M | trim | -31% | — | 23 · LOW | Healthcare | — | +2% |
| 24 |  MDLN |
Medline Inc | 1.0% | $104M | trim | -64% | — | 22 · LOW | Healthcare | — | +0% |
| 25 |  XMTR |
Xometry Inc | 0.9% | $98M | add | +1732% | 2q | 31 · LOW | Industrials | 3D Printing | — |
| 26 |  GSHD |
Goosehead Ins Inc | 0.9% | $89M | add | +18% | 1q | 25 · LOW | Financial | — | -10% |
| 27 |  AUR |
Aurora Innovation Inc | 0.7% | $74M | add | +633% | 1q | 24 · LOW | Consumer Cyclical | Self-Driving, Next-Gen, AV & Mobility | -7% |
| 28 |  CPNG |
Coupang Inc | 0.7% | $67M | trim | -70% | — | 18 · LOW | Technology | E-Commerce, Grocery | -2% |
| 29 |  ANDG |
Andersen Group Inc | 0.6% | $63M | hold | +0% | — | 17 · LOW | — | — | +11% |
| 30 |  AIT |
Applied Indl Technologies In | 0.5% | $55M | trim | -45% | — | 16 · LOW | Industrials | Industrial Distribution & Capital Goods | -10% |
| 31 |  ENTG |
Entegris Inc | 0.5% | $53M | trim | -70% | — | 15 · LOW | Technology | Semiconductor Equipment (WFE) | -20% |
| 32 |  ROL |
Rollins Inc | 0.5% | $49M | new | — | 1q | 19 · LOW | Consumer Cyclical | Industrials (Equal-Weight) | -3% |
| 33 |  AGL |
Agilon Health Inc | 0.5% | $47M | new | — | 1q | 18 · LOW | Healthcare | — | -6% |
| 34 |  TECH |
Bio-Techne Corp | 0.3% | $35M | trim | -89% | — | 12 · LOW | Healthcare | Health Care (Equal-Weight) | +1% |
| 35 |  AYI |
Acuity Inc | 0.2% | $26M | trim | -81% | — | 11 · LOW | Industrials | — | -10% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，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 (13)
| FERG add |
6.9% | -8% |
| CVNA add |
4.3% | +3% |
| MAIR new |
3.9% | -11% |
| TWLO new |
3.7% | +3% |
| FN add |
3.3% | -35% |
| CRH add |
2.8% | -7% |
| SHOP add |
2.6% | -13% |
| FLS add |
2.1% | -7% |
| XMTR add |
0.9% | — |
| GSHD add |
0.9% | -10% |
| AUR add |
0.7% | -7% |
| ROL new |
0.5% | -3% |
| AGL new |
0.5% | -6% |
Rotated out of轮出 (23)
| RBC trim |
-25% | -12% |
| Q trim |
-10% | -9% |
| MELI trim |
-12% | +8% |
| APG trim |
-18% | -15% |
| XPO trim |
-17% | -13% |
| AFRM trim |
-22% | -0% |
| ULS trim |
-11% | -6% |
| CLH trim |
-15% | +1% |
| RKT trim |
-15% | -6% |
| VSEC trim |
-30% | -21% |
| FOUR trim |
-28% | +4% |
| OPCH trim |
-31% | +2% |
| MDLN trim |
-64% | +0% |
| CPNG trim |
-70% | -2% |
| AIT trim |
-45% | -10% |
| ENTG trim |
-70% | -20% |
| TECH trim |
-89% | +1% |
| AYI trim |
-81% | -10% |
 CIGI exit |
-100% | -9% |
 ESAB exit |
-100% | -13% |
 IWM exit |
-100% | -4% |
 RBLX exit |
-100% | +37% |
 YOU exit |
-100% | -2% |
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，以披露日为锚，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, reported long positions from managers with at least $100M in Section 13(f) securities. 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——衡量披露日之后持仓的表现，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。