Hedge fund T. Rowe Price former manager adds to bets in health care
A fast-growing hedge fund tacked toward health-care and industrial stocks during the second quarter, according to securities filings released this week. Durable Capital Partners is a relatively new firm by Henry Ellenbogen, who helmed T. Rowe Price’s New Horizons Fund for most of the last decade. That mutual fund regularly ranked among the best in its category during Ellenbogen’s tenure, according to Morningstar . Ellenbogen started Durable in 2019, and the hedge fund now has more than $11 billion in equity assets alone, according to FactSet. In the second quarter, the fund added to several health-care and industrial stocks, according to security filings and data compiled by Verity’s InsiderScore. Durable slightly increased its positions in West Pharmaceutical Services and Molina Healthcare , while adding a new stake in Privia Health Group worth more than $100 million. West has been a big winner this year, with shares rising nearly 70%, though the securities filings do not show exactly when Durable bought the additional stock. On the industrials side, Durable increased its stakes in JB Hunt Transport and RBC Bearings by 27.3% and 10.2%, respectively, according to Verity and securities filings. The fund also made modest downward adjustments to some of its top holdings. Durable sold about 14% of its stake in Intuit , which is still its second-largest holding, and about 15% of its position in property management company FirstService Corp. Other notable moves for the fund include a new stake worth more than $120 million in software provider SS & C Technologies and more than doubling its stake in retailer RH . Durable also sold nearly half its stake in MSCI . Since the second quarter ended June 30, Durable has disclosed three more groups of transactions. That includes buying additional stock in child care provider Bright Horizons while trimming positions in Duolingo and Clear Secure .