What if you had copied Durable Capital Partners?
Henry Ellenbogen
The verdict
Copying Durable Capital Partners's 13F filings from Feb 2020 would have turned $10,000 into $11,504, less than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,576 over the same days. The copy returned +2.1% a year against +14.3% for the S&P 500, 12 points a year behind. Its worst fall was 52.2%, from Nov 16, 2021 to Jun 16, 2022. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 14, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Durable Capital Partners$11,504
- S&P 500$24,576
- Bought their first portfolio and never traded$22,260
If you had bought their first portfolio and never traded, you would have ended at $22,260, so following every move cost $10,756.
- $10,000 copied
- $11,504
- +15.0%, +2.1% a year
- In the S&P 500
- $24,576
- +145.8%, +14.3% a year
- No trading
- $22,260
- Bought their first portfolio and never traded
- Worst fall
- −52.2%
- Nov 16, 2021 to Jun 16, 2022
- Trades
- 324
- 180 buys, 144 sales over 28 filings; about 78% of the copy traded a year
The moves that made the most
- RBCRbc Bearings+$717
Held since May 2020, the stock up 335%
- DUOLDuolingo+$615
Held from Nov 2021 to May 2026
Held from May 2020 to Aug 2025, the stock up 73%
- INTUIntuit+$377
Held from May 2020 to Feb 2026, the stock up 39%
- BKNGBooking+$291
Held from Feb 2023 to May 2026, the stock up 57%
- AFRMAffirm+$289
Held since May 2021
The moves that cost the most
- SAMBoston Beer−$516
Held from Aug 2020 to Aug 2022, the stock down 54%
- CPNGCoupang−$452
Held since May 2021, the stock down 63%
- WRBYWarby Parker−$337
Held since Nov 2021, the stock down 48%
- DASHDoordash−$310
Held since Feb 2021, the stock down 70%
Held from Feb 2020 to May 2024
- WIXWix.com−$265
Held since May 2020, the stock down 87%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +22.0% | +12.8% | +9.2 |
| 2021 | +8.2% | +28.7% | −20.6 |
| 2022 | −40.3% | −18.2% | −22.1 |
| 2023 | +35.7% | +26.2% | +9.6 |
| 2024 | +13.6% | +24.9% | −11.3 |
| 2025 | +3.2% | +17.7% | −14.5 |
| 2026to Nov 2026 | −8.3% | +11.5% | −19.8 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.