Baillie Gifford

Q4 2019 13F

As of: Dec 31, 2019
Filed: Feb 10, 2020
US stock: $103.5B · prev $87.9B
Positions: 226 · prev 225
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves194 since the prior filing

+4.4 pp in · −4.3 pp out

New 5 +0.07 pp
Added 111 +4.37 pp
Trimmed 74 −4.27 pp
Exited 4 −0.07 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 8.7 years per position

Low
Moderate
High

Top 5 positions33% of US stock

BABA Alibaba Group Holding Limited added+1.16 pp added+1.1610.6%
AMZN Amazon.Com Inc added−0.74 pp added−0.748.0%
ILMN Illumina Inc added−0.28 pp added−0.285.7%
TSLA Tesla, Inc. added+1.90 pp added+1.905.6%
GOOG Alphabet Inc. Class C added+0.06 pp added+0.063.3%

Positions226 in this filing · 4 exited


BABAAlibaba Group Holding Limited	10.60%	51,700,537	$11.0B	added+4%	+1.16 pp	22 q
AMZNAmazon.Com Inc	8.02%	4,493,110	$8.3B	added+1%	−0.74 pp	27 q
ILMNIllumina Inc	5.69%	17,739,707	$5.9B	added+3%	−0.28 pp	27 q
TSLATesla, Inc.	5.59%	13,826,979	$5.8B	added+3%	+1.90 pp	27 q
GOOGAlphabet Inc. Class C	3.25%	2,515,209	$3.4B	added+9%	+0.06 pp	23 q
SPOTSpotify Technology S.A.	3.14%	21,720,001	$3.2B	added+14%	+0.66 pp	7 q
METAMeta Platforms, Inc. Class A	3.06%	15,414,613	$3.2B	trimmed−3%	−0.15 pp	27 q
NFLXNetFlix Inc	2.52%	8,043,935	$2.6B	added+5%	+0.18 pp	20 q
MELIMercado Libre, Inc	2.43%	4,401,845	$2.5B	trimmed−5%	−0.47 pp	27 q
SHOPShopify Inc. Class A subordinate voting shares	2.32%	6,038,304	$2.4B	trimmed−0%	+0.17 pp	10 q
TALTAL Education Group	2.20%	47,235,605	$2.3B	added+2%	+0.40 pp	16 q
RACEFerrari N.V.	2.17%	13,551,433	$2.2B	trimmed−0%	−0.21 pp	16 q
NVDANvidia Corp	1.75%	7,711,347	$1.8B	added+3%	+0.27 pp	16 q
MAMastercard Incorporated	1.71%	5,934,001	$1.8B	trimmed−1%	−0.15 pp	27 q
TCOMTrip.com Group Limited	1.49%	45,951,406	$1.5B	trimmed−3%	−0.08 pp	27 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.46%	26,008,292	$1.5B	trimmed−1%	+0.07 pp	16 q
MCOMoody's Corporation	1.30%	5,645,037	$1.3B	trimmed−3%	−0.06 pp	27 q
ISRGIntuitive Surgical Inc.	1.24%	2,177,284	$1.3B	added+4%	−0.05 pp	27 q
ELVElevance Health, Inc.	1.21%	4,137,303	$1.2B	trimmed−3%	+0.04 pp	21 q
MKTXMarketAxess Holdings Inc.	1.11%	3,021,606	$1.1B	trimmed−22%	−0.34 pp	27 q
MSFTMicrosoft Corp	1.10%	7,211,031	$1.1B	added+26%	+0.20 pp	27 q
DXCMDexCom, Inc.	1.02%	4,815,299	$1.1B	trimmed−0%	+0.20 pp	27 q
ALNYAlnylam Pharmaceuticals, Inc.	0.91%	8,186,723	$943M	trimmed−1%	+0.16 pp	27 q
unresolvedAtlassian Corp Plc	0.88%	7,593,631	$914M	added+4%	−0.16 pp	15 q
CRMSalesforce, Inc.	0.85%	5,389,563	$877M	added+5%	−0.02 pp	27 q
WDAYWorkday, Inc. Class A	0.83%	5,203,257	$856M	added+4%	−0.14 pp	27 q
VVISA Inc.	0.79%	4,332,280	$814M	trimmed−26%	−0.36 pp	27 q
MLMMartin Marietta Materials	0.74%	2,726,348	$762M	trimmed−4%	−0.14 pp	27 q
TTDThe Trade Desk, Inc.	0.70%	2,787,125	$724M	added+2%	+0.12 pp	6 q
TMOThermo Fisher Scientific, Inc.	0.70%	2,221,756	$722M	trimmed−3%	−0.06 pp	9 q
RMDResMed Inc.	0.68%	4,558,736	$706M	trimmed−4%	−0.05 pp	14 q
NVCRNovoCure Limited	0.65%	8,008,982	$675M	trimmed−7%	−0.09 pp	9 q
NTESNetEase, inc.	0.64%	2,166,672	$664M	added+5%	+0.01 pp	14 q
BIDUBaidu, Inc.	0.63%	5,190,923	$656M	trimmed−46%	−0.49 pp	27 q
KEXKirby Corporation	0.63%	7,298,977	$653M	trimmed−4%	−0.08 pp	16 q
AJGArthur J. Gallagher & Co.	0.62%	6,766,642	$644M	trimmed−3%	−0.09 pp	9 q
PDDPDD Holdings Inc.	0.62%	16,954,048	$641M	added+3%	+0.02 pp	6 q
EOGEOG Resources, Inc.	0.61%	7,509,314	$629M	trimmed−6%	−0.06 pp	27 q
MKLMarkel Group Inc.	0.60%	542,601	$620M	trimmed−3%	−0.15 pp	27 q
IBNICICI Bank Limited	0.58%	39,562,520	$597M	trimmed−5%	0.00 pp	27 q
RYAAYRyanair Holdings plc	0.58%	6,797,503	$596M	trimmed−2%	+0.06 pp	17 q
TERTeradyne, Inc.	0.54%	8,184,036	$558M	trimmed−3%	−0.01 pp	27 q
WWayfair Inc.	0.54%	6,182,928	$559M	added+55%	+0.03 pp	18 q
CHGGChegg, Inc.	0.53%	14,494,521	$549M	added+20%	+0.12 pp	9 q
WATWaters Corp	0.53%	2,369,429	$554M	trimmed−4%	−0.09 pp	27 q
IONSIonis Pharmaceuticals, Inc.	0.51%	8,790,025	$531M	added+4%	−0.06 pp	17 q
MTDMettler-Toledo International	0.50%	652,526	$518M	added+4%	0.00 pp	27 q
SCIService Corporation International	0.50%	11,203,251	$516M	trimmed−4%	−0.13 pp	6 q
ZZillow Group, Inc. Class C	0.50%	11,303,348	$519M	trimmed−1%	+0.11 pp	18 q
unresolvedFiat Chrysler Automobiles NV s	0.50%	34,854,707	$516M	trimmed−6%	−0.04 pp	21 q
SGENSeagen Inc.	0.47%	4,256,629	$486M	trimmed−35%	−0.17 pp	27 q
WIXWIX.com Ltd.	0.47%	3,940,059	$482M	added+61%	+0.14 pp	17 q
unresolvedGrubhub Inc	0.46%	9,767,393	$475M	trimmed−2%	−0.18 pp	19 q
TDOCTeladoc Health, Inc.	0.46%	5,732,223	$480M	added+53%	+0.17 pp	12 q
ABMDAbiomed Inc	0.45%	2,719,881	$464M	added+1%	−0.09 pp	17 q
BRBroadridge Financial Solutions Inc	0.43%	3,594,423	$444M	trimmed−3%	−0.10 pp	3 q
RBARB Global, Inc.	0.43%	10,390,447	$446M	trimmed−2%	−0.05 pp	27 q
PBRPetroleo Brasileiro S.a.-petrobras	0.42%	27,529,606	$439M	added+2%	−0.02 pp	13 q
9990302DApache Corp	0.41%	16,673,705	$427M	trimmed−8%	−0.12 pp	27 q
TREELendingTree, Inc.	0.40%	1,351,051	$410M	trimmed−1%	−0.08 pp	16 q
FRCBFirst Republic Bk CA	0.39%	3,470,607	$408M	added+3%	+0.02 pp	27 q
NIONIO Inc.	0.39%	101,370,431	$408M	added+1%	+0.21 pp	6 q
BAPCredicorp LTD	0.39%	1,878,746	$400M	trimmed−1%	−0.06 pp	27 q
CMGChipotle Mexican Grill, Inc.	0.38%	466,672	$391M	trimmed−3%	−0.08 pp	6 q
PTONPeloton Interactive, Inc. Class A	0.38%	13,740,846	$390M	added×2.0	+0.18 pp	2 q
VALEVale S.a.	0.38%	29,678,200	$392M	added+17%	+0.05 pp	4 q
ITUBItau Unibanco Holding S.A.	0.37%	41,914,865	$384M	added+6%	−0.01 pp	27 q
AMTTd Ameritrade Holding Corp	0.35%	7,205,416	$358M	trimmed−5%	−0.05 pp	27 q
IBKRInteractive Brokers Group, Inc. Class A	0.33%	7,239,630	$338M	trimmed−2%	−0.12 pp	16 q
SITESiteOne Landscape Supply, Inc.	0.33%	3,817,917	$346M	trimmed−3%	0.00 pp	11 q
CPACopa Holdings, S.A.	0.33%	3,147,771	$340M	added0%	−0.02 pp	27 q
ALBAlbemarle Corporation	0.31%	4,441,007	$324M	added+4%	−0.03 pp	12 q
ROKURoku, Inc. Class A	0.31%	2,367,078	$317M	added+6%	+0.05 pp	4 q
SRCLStericycle Inc	0.31%	5,012,431	$320M	trimmed−5%	+0.01 pp	16 q
AXONAxon Enterprise, Inc.	0.30%	4,188,918	$307M	trimmed−2%	+0.02 pp	5 q
WABWabtec Inc.	0.29%	3,796,440	$295M	trimmed−4%	−0.03 pp	16 q
WUBA58.COM Inc	0.28%	4,445,209	$288M	trimmed−4%	+0.02 pp	11 q
WSOWatsco, Inc.	0.28%	1,602,471	$289M	added+6%	−0.01 pp	27 q
JEFJefferies Financial Group Inc.	0.27%	13,002,025	$278M	trimmed−3%	−0.01 pp	7 q
ATHMAutohome Inc.	0.25%	3,198,251	$256M	trimmed−3%	−0.06 pp	19 q
BBDBanco Bradesco S.A.	0.25%	28,939,290	$259M	added+2%	−0.01 pp	13 q
CSGPCoStar Group Inc	0.24%	410,532	$246M	added+4%	−0.03 pp	14 q
MYGNMyriad Genetics Inc	0.24%	8,965,178	$244M	trimmed−3%	−0.06 pp	26 q
HHCThe Howard Hughes Corporation	0.20%	1,609,058	$204M	trimmed−3%	−0.04 pp	24 q
GKOSGlaukos Corporation	0.19%	3,577,069	$195M	added+27%	−0.01 pp	9 q
GOOGLAlphabet Inc. Class A	0.18%	142,532	$191M	added+12%	0.00 pp	18 q
TMETencent Music Entertainment Group	0.18%	16,158,076	$190M	added0%	−0.05 pp	5 q
JDJD.com, Inc.	0.17%	5,001,092	$176M	added+9%	+0.02 pp	23 q
RDFNRedfin Corporation	0.16%	8,001,769	$169M	added+36%	+0.05 pp	10 q
ZGZillow Group Inc Class A	0.16%	3,611,583	$165M	added+3%	+0.04 pp	20 q
ZMZoom Communications, Inc. Class A	0.16%	2,463,345	$168M	added×8.2	+0.13 pp	3 q
CXCemex S.A.B. de C.V.	0.15%	41,165,977	$156M	added+1%	−0.03 pp	27 q
CHWYChewy, Inc.	0.15%	5,228,809	$152M	added+32%	+0.04 pp	3 q
HDBHDFC Bank Limited	0.15%	2,377,579	$151M	trimmed−7%	−0.02 pp	20 q
LYFTLyft, Inc. Class A	0.15%	3,684,762	$159M	added+5%	−0.01 pp	4 q
PENPenumbra, Inc.	0.15%	973,126	$160M	trimmed−11%	−0.02 pp	10 q
YEXTYext, Inc.	0.15%	10,586,492	$153M	added+10%	−0.02 pp	6 q
FTVFortive Corporation	0.14%	1,947,780	$149M	added+4%	−0.01 pp	14 q
APPNAppian Corporation Class A	0.13%	3,578,540	$137M	added+14%	−0.04 pp	4 q
DNLIDenali Therapeutics Inc.	0.13%	7,590,247	$132M	added+3%	0.00 pp	9 q
SFIXStitch Fix, Inc. Class A	0.12%	4,724,391	$121M	added+5%	+0.02 pp	9 q
ZLABZai Lab Limited	0.12%	3,039,700	$126M	trimmed−3%	0.00 pp	4 q
AIYActivision Blizzard Inc	0.11%	1,849,922	$110M	trimmed−3%	0.00 pp	13 q
HEI.AHeico Corp Cl A	0.11%	1,239,184	$111M	added+2%	−0.02 pp	11 q
DNOWDNOW Inc.	0.11%	10,519,170	$118M	trimmed−35%	−0.10 pp	23 q
PLANAnaplan, Inc.	0.09%	1,871,644	$98M	held	—	5 q
FASTFastenal Co	0.08%	2,145,502	$79M	trimmed−0%	0.00 pp	26 q
NEWRNew Relic, Inc.	0.08%	1,309,695	$86M	added+6%	−0.01 pp	9 q
SESea Limited	0.08%	2,043,646	$82M	added+5%	+0.01 pp	9 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.07%	4,743,773	$71M	added+3%	0.00 pp	7 q
STAAStaar Surgical Co	0.07%	1,942,929	$68M	added+2%	+0.01 pp	13 q
MMYTMakeMyTrip Limited	0.07%	3,306,787	$76M	added+3%	−0.01 pp	12 q
unresolvedBluebird Bio Inc	0.06%	695,608	$61M	trimmed−80%	−0.30 pp	20 q
KOCoca-Cola Company	0.06%	1,165,472	$65M	added+1%	−0.01 pp	24 q
CDXSCodexis, Inc.	0.06%	3,788,034	$61M	added+16%	+0.01 pp	20 q
EBEventbrite, Inc. Class A	0.06%	3,117,611	$63M	added+6%	0.00 pp	4 q
EXKExact Sciences Corp	0.06%	720,494	$67M	added+17%	0.00 pp	10 q
JMIAJumia Technologies AG	0.06%	9,242,106	$62M	added+3%	−0.02 pp	3 q
MRNAModerna, Inc.	0.06%	3,416,113	$67M	added+6%	0.00 pp	5 q
PCRXPacira BioSciences, Inc.	0.06%	1,387,445	$63M	added+20%	+0.01 pp	18 q
PGProcter & Gamble Company	0.06%	485,952	$61M	added0%	−0.01 pp	19 q
AVAVAeroVironment, Inc.	0.05%	817,695	$50M	added+3%	0.00 pp	27 q
ONCBeOne Medicines Ltd.	0.05%	288,675	$48M	trimmed−41%	−0.02 pp	16 q
PEPPepsiCo, Inc.	0.05%	369,340	$50M	added+2%	−0.01 pp	27 q
SPLKSplunk Inc	0.05%	353,377	$53M	added+4%	0.00 pp	25 q
TRUPTrupanion, Inc.	0.05%	1,377,130	$52M	added+2%	+0.01 pp	14 q
unresolved2U Inc	0.05%	1,959,877	$47M	added+7%	+0.02 pp	4 q
ADIAnalog Devices, Inc.	0.04%	309,220	$37M	added0%	0.00 pp	27 q
BZUNBaozun Inc.	0.04%	1,384,117	$46M	added+3%	−0.03 pp	12 q
CHRWC.H. Robinson Worldwide, Inc.	0.04%	522,563	$41M	trimmed−28%	−0.03 pp	26 q
IPGPIPG Photonics Corporation	0.04%	290,107	$42M	added+3%	0.00 pp	27 q
IRBTiRobot Corporation	0.04%	815,864	$41M	added+7%	−0.01 pp	27 q
RAMPLiveRamp Holdings, Inc.	0.04%	803,200	$39M	new	+0.04 pp	new
unresolvedNational Instrs Corp	0.04%	889,324	$38M	added+2%	0.00 pp	19 q
ORTXOrchard Therapeutics plc	0.04%	2,740,000	$38M	added×3.0	+0.03 pp	5 q
5RTRubius Therapeutics Inc	0.04%	4,251,470	$40M	added0%	0.00 pp	6 q
TJXTJX Companies, Inc. (The)	0.04%	713,166	$44M	trimmed−5%	−0.01 pp	27 q
TERPTerraForm Power, Inc	0.04%	2,377,153	$37M	added+6%	−0.01 pp	7 q
UPSUnited Parcel Service, Inc. Class B	0.04%	343,413	$40M	added+1%	−0.01 pp	27 q
unresolvedCyberArk Software Ltd	0.04%	348,623	$41M	added+4%	0.00 pp	7 q
AAPLApple Inc.	0.03%	94,972	$28M	added+2%	+0.01 pp	27 q
BMABanco Macro S.A.	0.03%	756,438	$27M	added0%	+0.01 pp	6 q
BLBlackLine, Inc.	0.03%	686,261	$35M	added+3%	−0.01 pp	8 q
KMXCarMax Inc.	0.03%	407,830	$36M	trimmed−10%	−0.02 pp	27 q
ELThe Estee Lauder Companies Inc. Class A	0.03%	164,334	$34M	trimmed−13%	−0.01 pp	17 q
MCDMcDonald's Corporation	0.03%	166,756	$33M	added+1%	−0.01 pp	27 q
TNDMTandem Diabetes Care, Inc.	0.03%	434,700	$26M	held	—	6 q
UBXGBUnity Biotechnology Inc	0.03%	3,803,014	$27M	held	—	7 q
AXPAmerican Express Company	0.02%	148,313	$18M	trimmed−33%	−0.01 pp	26 q
AXGNAxogen, Inc.	0.02%	1,031,717	$18M	added+4%	+0.01 pp	6 q
BNFTBenefitfocus, Inc.	0.02%	902,162	$20M	added+3%	0.00 pp	10 q
CFRCullen/Frost Bankers Inc.	0.02%	229,924	$22M	added+2%	0.00 pp	6 q
96669EURDmrc LLC	0.02%	722,487	$24M	added+37%	0.00 pp	18 q
DLBDolby Laboratories, Inc.Class A	0.02%	269,588	$19M	added+3%	0.00 pp	27 q
EVEREverQuote, Inc. Class A	0.02%	627,181	$22M	new	+0.02 pp	new
FTCHQFarfetch Limited A	0.02%	2,046,721	$21M	added+56%	+0.01 pp	3 q
FAROFaro Technologies Inc	0.02%	420,162	$21M	added+4%	0.00 pp	27 q
GGALGrupo Financiero Galicia SA	0.02%	1,024,111	$17M	added+2%	+0.01 pp	6 q
HEIHEICO Corporation	0.02%	226,236	$26M	trimmed−6%	−0.01 pp	26 q
INFYInfosys Limited	0.02%	1,601,807	$17M	added+14%	0.00 pp	24 q
Liberty Interactive LLCconvertible	0.02%	34,273,000	$22M	added+23%	0.00 pp	11 q
VECOVeeco Instruments Inc	0.02%	1,236,479	$18M	added+42%	+0.01 pp	17 q
XYLXylem Inc	0.02%	233,954	$18M	added+14%	0.00 pp	12 q
ZUOZuora, Inc.	0.02%	1,200,192	$17M	added+3%	0.00 pp	4 q
AMBAAmbarella, Inc.	0.02%	412,845	$25M	added+3%	−0.01 pp	12 q
SSYSStratasys Inc (ISRAEL)	0.02%	855,009	$17M	added+5%	0.00 pp	27 q
ALGNAlign Technology Inc	0.01%	45,125	$13M	trimmed−12%	0.00 pp	9 q
BXKBancolombia S.a.-spons ADR	0.01%	257,155	$14M	held	—	5 q
BGTBlackRock Floating Rate Income Trust	0.01%	787,770	$10M	held	—	25 q
BTIBritish American Tobacco p.l.c.	0.01%	219,600	$9M	trimmed−0%	0.00 pp	10 q
CEVACEVA Inc.	0.01%	441,175	$12M	added+5%	0.00 pp	12 q
ECLEcolab, Inc.	0.01%	63,346	$12M	trimmed−9%	−0.01 pp	12 q
HCMHUTCHMED (China) Limited	0.01%	217,911	$5M	held	—	15 q
VVRInvesco Senior Income Trust	0.01%	2,432,368	$10M	trimmed−26%	−0.01 pp	21 q
LINDLindblad Expeditions Holdings Inc.	0.01%	700,000	$11M	held	—	9 q
2051428DOmr Art Smgarp Eu Eq PEN-2	0.01%	316,052	$15M	trimmed−1%	0.00 pp	13 q
MTBM&T Bank Corp.	0.01%	87,482	$15M	trimmed−10%	−0.01 pp	27 q
37MMrc Global Inc	0.01%	650,000	$9M	held	—	6 q
XPHDXPioneer Floating Rate Fund	0.01%	541,036	$6M	held	—	25 q
SHWThe Sherwin-Williams Company	0.01%	19,584	$11M	held	—	26 q
WORKSlack Technologies, Inc.	0.01%	466,844	$10M	added+37%	0.00 pp	2 q
Sunpower Corpconvertible	0.01%	6,160,000	$5M	added+4%	0.00 pp	11 q
UPWKUpwork Inc.	0.01%	1,342,300	$14M	added+3%	−0.01 pp	3 q
VARVarian Medical Systems, Inc.	0.01%	67,021	$10M	trimmed−7%	0.00 pp	26 q
VRSKVerisk Analytics, Inc.	0.01%	69,061	$10M	trimmed−13%	0.00 pp	15 q
VIRVir Biotechnology, Inc.	0.01%	500,000	$6M	new	+0.01 pp	new
SINASina Corp	0.01%	131,550	$5M	held	—	16 q
ACTGAcacia Research Corporation	0.00%	365,820	$973,000	held	—	27 q
ADAPYAdaptimmune Theraptcs	0.00%	4,287,545	$5M	added+3%	−0.01 pp	16 q
ADROChinook Therapeutics Inc	0.00%	4,232,256	$5M	added+3%	0.00 pp	16 q
AGIOAgios Pharmaceuticals, Inc.	0.00%	1,709	$82,000	trimmed−100%	−0.04 pp	8 q
ALECAlector, Inc.	0.00%	2,072	$36,000	held	—	4 q
ABEVAmbev S.a.	0.00%	2,458	$11,000	trimmed−2%	0.00 pp	2 q
AEEAmeren Corporation	0.00%	7,100	$545,000	new	0.00 pp	new
NLYAnnaly Capital Management. Inc.	0.00%	17,762	$167,000	held	—	6 q
ARIApollo Commercial Real Estate Finance, Inc.	0.00%	12,100	$221,000	held	—	6 q
2663134DBitauto Holdings Ltd-adr	0.00%	16,750	$249,000	trimmed−69%	0.00 pp	7 q
unresolvedBlue Apron Holdings Inc	0.00%	148,506	$977,000	held	—	6 q
EDConsolidated Edison, Inc.	0.00%	8,820	$798,000	added+5%	0.00 pp	15 q
EWEdwards Lifesciences Corp	0.00%	1,256	$293,000	held	—	5 q
ESEversource Energy	0.00%	10,450	$889,000	added+5%	0.00 pp	16 q
EXCExelon Corporation	0.00%	15,550	$709,000	added+6%	0.00 pp	15 q
HCATHealth Catalyst, Inc	0.00%	2,492	$86,000	held	—	2 q
JTJianpu Technology Inc.	0.00%	2,085,056	$3M	held	—	8 q
KLDOKaleido Biosciences Inc	0.00%	440,000	$2M	held	—	4 q
KEPKorea Electric Power Corp	0.00%	97,300	$1M	added+1%	0.00 pp	14 q
MASIMasimo Corporation	0.00%	438	$69,000	held	—	2 q
MBTMobile TeleSystems Public Joint Stock Company	0.00%	21,100	$214,000	held	—	6 q
unresolvedNucana Plc ADR	0.00%	827,308	$5M	held	—	10 q
unresolvedNuveen Senior Income Fund	0.00%	376,702	$2M	held	—	25 q
unresolvedRestorbio Inc	0.00%	1,271,387	$2M	held	—	8 q
SG7Sage Therapeutics Inc	0.00%	490	$35,000	held	—	2 q
SLBSLB Limited	0.00%	99,477	$4M	trimmed−10%	0.00 pp	26 q
SVJTYSeverstal Pao SPNS/GDR	0.00%	10,286	$156,000	held	—	6 q
SWAVShockwave Medical, Inc.	0.00%	891	$39,000	held	—	2 q
SNAPSnap Inc.	0.00%	185,160	$3M	held	—	7 q
SOHUSohu.com Limited	0.00%	200,140	$2M	held	—	7 q
TRGPTarga Resources Corp.	0.00%	2,599	$106,000	held	—	6 q
unresolvedUxin ADR	0.00%	1,776,100	$4M	held	—	6 q
unresolvedVoya Prime Rate Trust	0.00%	764,400	$4M	held	—	21 q
WECWEC Energy Group, Inc.	0.00%	9,720	$896,000	added+5%	0.00 pp	15 q
WPMWheaton Precious Metals Corp.	0.00%	5,310	$158,000	held	—	2 q
WITWipro Limited	0.00%	198,489	$744,000	added+26%	0.00 pp	19 q
BCRHBlue Capital Reinsurance Hol	0.00%	618,438	$4M	held	—	25 q
STNEStoneCo Ltd. Class A	0.00%	110,200	$4M	new	0.00 pp	new
FOMXFoamix Pharmaceuticals Ltd	0.00%	219,400	$730,000	held	—	19 q
Tesla Energy Operationsconvertible	—	−38,386,000	—	exited	−0.04 pp	—
SPBSpectrum Brands Holdings, Inc.	—	−335,706	—	exited	−0.02 pp	—
EVHEvolent Health, Inc Class A	—	−1,084,001	—	exited	−0.01 pp	—
unresolvedAslan Pharmaceuticals ADR	—	−418,671	—	exited	0.00 pp	—