# White Elm Capital, LLC

> Institutional holdings reported to the SEC as of Q4 2019 on Form 13F. CIK 1425294. Source: https://holderbook.com/funds/1425294-white-elm-capital-llc/

- Reported value: $117.8M
- Positions: 24
- Weight of the ten largest: 60.5%
- Filed: 2020-02-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TRANSDIGM GROUP INC | [TDG](https://holderbook.com/stocks/TDG/) | $8.9M | 15,900 | 7.6% | 5 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $8.7M | 29,000 | 7.3% | 5 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $8.1M | 42,900 | 6.8% | 5 |
| TEXAS PAC LD TR | [TPL](https://holderbook.com/stocks/TPL/) | $7.2M | 9,200 | 6.1% | 5 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $6.8M | 62,800 | 5.8% | 5 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $6.8M | 24,000 | 5.7% | 5 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $6.5M | 3,500 | 5.5% | 5 |
| ADVANCED DRAIN SYS INC DEL | [WMS](https://holderbook.com/stocks/WMS/) | $6.3M | 162,900 | 5.4% | 5 |
| AUTODESK INC | [ADSK](https://holderbook.com/stocks/ADSK/) | $6.3M | 34,400 | 5.4% | 5 |
| TRADEWEB MKTS INC | [TW](https://holderbook.com/stocks/TW/) | $5.9M | 126,301 | 5.0% | 3 |
| TRANSUNION | [TRU](https://holderbook.com/stocks/TRU/) | $5.6M | 65,500 | 4.8% | 5 |
| ATLASSIAN CORP PLC | [TEAMXXXX](https://holderbook.com/stocks/TEAMXXXX/) | $5.4M | 44,500 | 4.5% | 5 |
| FAIR ISAAC CORP | [FICO](https://holderbook.com/stocks/FICO/) | $5.2M | 13,800 | 4.4% | 2 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $4.8M | 14,600 | 4.1% | 3 |
| VAIL RESORTS INC | [MTN](https://holderbook.com/stocks/MTN/) | $4.5M | 18,594 | 3.8% | 5 |
| GUIDEWIRE SOFTWARE INC | [GWRE](https://holderbook.com/stocks/GWRE/) | $4.1M | 37,100 | 3.5% | 5 |
| HILTON WORLDWIDE HLDGS INC | [HLT](https://holderbook.com/stocks/HLT/) | $3.6M | 32,300 | 3.0% | 5 |
| BLACK KNIGHT INC | [BKI](https://holderbook.com/stocks/BKI/) | $3.5M | 53,800 | 2.9% | 5 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $2.8M | 10,900 | 2.4% | 5 |
| COSTAR GROUP INC | [CSGP](https://holderbook.com/stocks/CSGP/) | $2.2M | 3,700 | 1.9% | 2 |
| FLEETCOR TECHNOLOGIES INC | [FLT](https://holderbook.com/stocks/FLT/) | $2.1M | 7,400 | 1.8% | 5 |
| WIX COM LTD | [WIX](https://holderbook.com/stocks/WIX/) | $1.1M | 9,300 | 1.0% | 4 |
| YUM BRANDS INC | [YUM](https://holderbook.com/stocks/YUM/) | $1.1M | 11,200 | 1.0% | 2 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $558.0K | 1,900 | 0.5% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2019 | +11.7% | +8.5% | +3.2% | 100% |
| Q3 2019 | -1.8% | +1.3% | -3.1% | 100% |
| Q2 2019 | +4.5% | +3.7% | +0.7% | 100% |
| Q1 2019 | +19.8% | +13.0% | +6.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2019 | $117.8M | 24 |
| Q3 2019 | $387.1M | 31 |
| Q2 2019 | $407.0M | 27 |
| Q1 2019 | $379.8M | 28 |
| Q4 2018 | $359.2M | 31 |