Key points
- Durable Capital Partners disclosed a 10.6% stake in Goosehead Insurance (GSHD), about $174 million.
- Its last public filing, from March 31, showed 6.6%. The buying in between generated no disclosure.
- The fund added $9.1 million on July 24 and 27 at $57.75 to $62, days after Goosehead raised guidance.
Durable Capital Partners turned up in Goosehead Insurance's (GSHD) ownership filings for the first time on Tuesday evening in two documents signed the same day. Together they say the Bethesda fund holds 2,534,004 Class A shares, worth about $174 million at Tuesday's close of $68.85.
The first is a Form 3, and it's the reason the second one exists. A Form 3 is what you file when you first become an insider of a company, and for an outside investor that means crossing 10% ownership. Durable's lists an event date of July 24 and a holding of 2,380,281 shares.
That number's worth setting beside another one. Goosehead told the SEC in its quarterly report filed July 23 that it had 23,802,805 Class A shares outstanding as of July 20. Ten percent of that is 2,380,280.5. Durable reported 2,380,281.
The second document is a Form 4, which insiders file after they trade. It shows seven purchases across Friday and Monday totaling 153,723 shares at $57.75 to $62.00, roughly $9.1 million. That's what carried the stake from exactly ten percent up to 10.6%.
The four months nobody could see
The most recent public look at this stake before Tuesday came from Durable's 13F for the first quarter, which listed 1,562,969 Goosehead shares as of March 31 and valued them then at $66.7 million. Against the Class A count above that works out to 6.6% of the company.
Go back one more quarter and the share count is identical. Our hedge fund tracker has Durable reporting the same 1,562,969 shares on December 31, valued then at $115.1 million. By March 31 that same stake was worth $66.7 million. That's a decline of about 42%, and the fund held every share through it before adding another 52% on top.
So somewhere between April and late July the fund bought around 817,000 more shares and none of it produced a filing at the time. All of that is routine. Form 4s apply to insiders, and an outside fund becomes one only at 10%. A 13F lands once a quarter, 45 days after the quarter closes. A fund can therefore travel from 6.6% to 10% of a company while the public record stays completely quiet, and the first trace shows up at the moment it crosses. We've gone through that quarterly lag in more detail in our guide to what a 13F filing does and does not include.
Durable is run by Henry Ellenbogen, who managed the New Horizons fund at T. Rowe Price before starting the firm in 2019. The Form 3 notes that the shares sit with Durable Capital Master Fund and that Ellenbogen is chief investment officer of the adviser holding sole voting and investment power over them. The footnote then has each of them disclaim beneficial ownership of the reported securities, except to the extent of any pecuniary interest therein. That line's on a great many ownership filings and it is legal housekeeping.
What the stock was doing while they bought
The dates matter here, because they put the purchases on one particular side of the news. Goosehead reported second-quarter results after the close on Wednesday, July 22. Revenue rose 21% to $113.4 million. Net income came in at $17.0 million against $8.3 million a year earlier. Adjusted earnings were $0.64 a share and adjusted EBITDA grew 30% to $37.9 million. Written premiums placed rose 14% to $1.34 billion. Policies in force reached about 2.1 million, and the company lifted its full-year revenue growth range to between 12% and 19%.
The same evening it announced a change at the top. Mark Miller retires as chief executive on December 31, and Mark Jones, Jr., currently president and chief operating officer, succeeds him on January 1, 2027. Miller stays on the board. The company described the handover as the result of long-term succession planning.
Goosehead closed at $51.40 the day of that report and at $68.85 on Tuesday, a gain of 34% across four sessions, with 11% of it coming on Tuesday alone. Durable paid $57.75 to $62.00. The fund was buying after the print, at prices well above where the stock had been sitting before it.
What the filings leave out
Both documents leave out considerably more than they include. A Form 3 gives a date and a share count. A Form 4 gives prices and sizes and a signature. Neither one carries a price target, a thesis, or any hint about how long the shares get held, and a stake this size can be sold far faster than it was assembled.
What did change on Tuesday is the visibility of whatever comes next. Durable's an insider of Goosehead now, so any further trades have to be reported within two business days instead of waiting on a quarterly form. Its second-quarter 13F, due in mid-August, will fill in part of the gap between March and June.
If you're wondering whether any of this is worth acting on, we've looked at that question directly in whether copying hedge funds, Congress or insiders actually works. Goosehead's filings as they arrive are on its GSHD stock and filings page.
Prices are as of the July 28, 2026 close. This article is for informational purposes only and is not investment advice.
