Baillie Gifford

Q1 2025 13F

As of: Mar 31, 2025
Filed: May 7, 2025
US stock: $114.6B · prev $130.1B
Positions: 265 · prev 271
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%

Moves270 since the prior filing

+4.5 pp in · −4.6 pp out

New 15 +0.96 pp
Added 46 +3.53 pp
Trimmed 188 −3.88 pp
Exited 21 −0.68 pp

The book

Focused · behaves like 38 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.3 years per position

Low
Moderate
High

Top 5 positions27% of US stock

Positions265 in this filing · 21 exited


MELIMercado Libre, Inc	6.44%	3,784,477	$7.4B	trimmed−12%	+0.83 pp	48 q
AMZNAmazon.Com Inc	5.78%	34,831,430	$6.6B	trimmed−3%	−0.30 pp	48 q
SPOTSpotify Technology S.A.	5.20%	10,838,982	$6.0B	trimmed−18%	+0.68 pp	28 q
SHOPShopify Inc. Class A subordinate voting shares	4.66%	55,877,748	$5.3B	trimmed−7%	−0.22 pp	31 q
SESea Limited	4.50%	39,525,842	$5.2B	trimmed−3%	+1.16 pp	30 q
NVDANvidia Corp	4.44%	46,893,508	$5.1B	trimmed−11%	−1.02 pp	37 q
PDDPDD Holdings Inc.	4.14%	40,047,278	$4.7B	added+5%	+1.30 pp	27 q
NFLXNetFlix Inc	3.28%	4,034,633	$3.8B	trimmed−10%	+0.21 pp	41 q
CPNGCoupang, Inc.	2.97%	155,258,559	$3.4B	trimmed−4%	+0.25 pp	17 q
METAMeta Platforms, Inc. Class A	2.95%	5,872,957	$3.4B	trimmed−0%	+0.30 pp	48 q
NETCloudflare, Inc. Class A, par value $0.001 per share	2.70%	27,425,821	$3.1B	trimmed−14%	+0.06 pp	20 q
NUNu Holdings Ltd.	2.37%	265,160,474	$2.7B	added+18%	+0.58 pp	14 q
MSFTMicrosoft Corp	2.30%	7,021,856	$2.6B	trimmed−5%	−0.09 pp	48 q
DASHDoorDash, Inc. Class A	1.91%	11,950,266	$2.2B	trimmed−9%	+0.21 pp	18 q
RACEFerrari N.V.	1.71%	4,623,463	$2.0B	trimmed−16%	−0.10 pp	37 q
TEAMAtlassian Corporation Class A	1.61%	8,694,755	$1.8B	added+7%	+0.09 pp	11 q
TTDThe Trade Desk, Inc.	1.50%	31,413,946	$1.7B	trimmed−11%	−1.68 pp	27 q
RBLXRoblox Corporation	1.40%	27,478,545	$1.6B	trimmed−2%	+0.15 pp	13 q
ISRGIntuitive Surgical Inc.	1.37%	3,174,667	$1.6B	trimmed−16%	−0.15 pp	48 q
APPApplovin Corporation Class A	1.22%	5,270,355	$1.4B	added+29%	+0.20 pp	3 q
IOTSamsara Inc.	1.18%	35,277,488	$1.4B	added+7%	+0.07 pp	9 q
WDAYWorkday, Inc. Class A	1.15%	5,623,652	$1.3B	trimmed−11%	−0.11 pp	48 q
DDOGDatadog, Inc. Class A	1.06%	12,274,655	$1.2B	added+13%	−0.14 pp	19 q
ELVElevance Health, Inc.	0.87%	2,303,038	$1.0B	trimmed−7%	+0.16 pp	42 q
ALNYAlnylam Pharmaceuticals, Inc.	0.86%	3,657,607	$988M	trimmed−9%	+0.13 pp	48 q
ONCBeOne Medicines Ltd.	0.86%	3,630,710	$988M	trimmed−1%	+0.34 pp	37 q
DXCMDexCom, Inc.	0.85%	14,179,830	$968M	trimmed−3%	−0.02 pp	48 q
MAMastercard Incorporated	0.78%	1,631,605	$894M	trimmed−9%	+0.05 pp	48 q
SCIService Corporation International	0.72%	10,235,684	$821M	trimmed−7%	+0.04 pp	27 q
RYAAYRyanair Holdings plc	0.70%	19,048,110	$807M	trimmed−12%	−0.03 pp	38 q
DUOLDuolingo, Inc. Class A	0.67%	2,477,752	$769M	trimmed−10%	−0.01 pp	15 q
BNTXBioNTech SE	0.65%	8,159,682	$743M	trimmed−1%	−0.07 pp	17 q
PBRPetroleo Brasileiro S.a.-petrobras	0.65%	51,748,747	$742M	trimmed−7%	+0.10 pp	34 q
MRNAModerna, Inc.	0.62%	24,948,558	$707M	trimmed−36%	−0.62 pp	26 q
ESTCElastic N.V.	0.61%	7,843,557	$699M	trimmed−12%	−0.07 pp	11 q
ENPHEnphase Energy, Inc.	0.60%	11,052,357	$686M	added+32%	+0.16 pp	15 q
XYZBlock, Inc.	0.60%	12,553,165	$682M	added+12%	−0.13 pp	11 q
CSGPCoStar Group Inc	0.58%	8,436,199	$668M	added+7%	+0.14 pp	35 q
RIVNRivian Automotive, Inc. Class A	0.53%	48,542,887	$604M	trimmed−2%	+0.02 pp	14 q
PODDInsulet Corporation	0.52%	2,250,755	$591M	trimmed−4%	+0.05 pp	6 q
MLMMartin Marietta Materials	0.52%	1,255,116	$600M	trimmed−34%	−0.24 pp	48 q
AZOAutoZone, Inc.	0.50%	151,612	$578M	trimmed−7%	+0.10 pp	12 q
AURAurora Innovation, Inc. Class A	0.46%	78,635,013	$529M	trimmed−3%	+0.07 pp	14 q
WIXWIX.com Ltd.	0.46%	3,227,099	$527M	trimmed−43%	−0.47 pp	38 q
WSOWatsco, Inc.	0.45%	1,019,100	$518M	trimmed−7%	+0.05 pp	48 q
ELFe.l.f. Beauty, Inc.	0.44%	7,939,144	$498M	trimmed−1%	−0.33 pp	4 q
MMYTMakeMyTrip Limited	0.44%	5,155,202	$505M	added+40%	+0.12 pp	33 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.43%	5,260,033	$488M	added+17%	+0.10 pp	5 q
GOOGAlphabet Inc. Class C	0.42%	3,105,472	$485M	trimmed−6%	−0.07 pp	44 q
TSLATesla, Inc.	0.40%	1,762,022	$457M	trimmed−76%	−1.90 pp	48 q
TXNTexas Instruments Incorporated	0.38%	2,393,554	$430M	trimmed−7%	+0.01 pp	12 q
SNOWSnowflake Inc.	0.37%	2,928,696	$428M	added+8%	+0.05 pp	19 q
AFRMAffirm Holdings, Inc. Class A	0.36%	9,003,471	$407M	trimmed−4%	−0.08 pp	17 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.36%	4,268,594	$417M	trimmed−1%	+0.08 pp	8 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.36%	2,495,073	$414M	added+28%	+0.06 pp	37 q
RPRXRoyalty Pharma plc Class A	0.36%	13,402,284	$417M	trimmed−5%	+0.08 pp	13 q
CBRECbre Group, Inc.	0.35%	3,074,246	$402M	trimmed−21%	−0.04 pp	20 q
SPGIS&P Global Inc.	0.35%	796,189	$405M	trimmed−7%	+0.02 pp	20 q
MKLMarkel Group Inc.	0.34%	210,484	$394M	trimmed−7%	+0.04 pp	48 q
SQMSociedad Quimica y Minera de Chile SA	0.32%	9,371,786	$372M	added×6.9	+0.28 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.32%	707,792	$371M	trimmed−7%	+0.03 pp	15 q
AJGArthur J. Gallagher & Co.	0.31%	1,036,663	$358M	trimmed−36%	−0.05 pp	30 q
MCOMoody's Corporation	0.31%	758,516	$353M	trimmed−6%	+0.02 pp	48 q
PAYCPaycom Software, Inc.	0.30%	1,584,493	$346M	added×20.2	+0.29 pp	4 q
CRMSalesforce, Inc.	0.28%	1,197,896	$321M	new	+0.28 pp	new
JOBYJoby Aviation, Inc.	0.28%	53,877,308	$324M	trimmed−2%	−0.06 pp	15 q
SGSweetgreen, Inc.	0.26%	11,707,090	$293M	added+3%	−0.02 pp	11 q
BAPCredicorp LTD	0.26%	1,617,353	$301M	trimmed−0%	+0.03 pp	48 q
TMETencent Music Entertainment Group	0.25%	20,176,398	$291M	trimmed−4%	+0.07 pp	26 q
WMSAdvanced Drainage Systems, Inc.	0.24%	2,492,319	$271M	trimmed−7%	0.00 pp	10 q
DKNGDraftKings Inc. Class A	0.24%	8,390,236	$279M	added+26%	+0.05 pp	2 q
SYMSymbotic Inc. Class A	0.24%	13,706,465	$277M	trimmed−1%	−0.01 pp	5 q
ODDODDITY Tech Ltd. Class A	0.24%	6,255,326	$271M	added+5%	+0.05 pp	7 q
CPACopa Holdings, S.A.	0.24%	2,988,263	$276M	trimmed−2%	+0.03 pp	48 q
PINSPinterest, Inc. Class A	0.23%	8,407,556	$261M	trimmed−6%	+0.03 pp	18 q
BNBrookfield Corporation	0.22%	4,816,082	$252M	added+31%	+0.06 pp	8 q
TMOThermo Fisher Scientific, Inc.	0.22%	509,377	$253M	trimmed−5%	0.00 pp	30 q
AVAVAeroVironment, Inc.	0.21%	1,980,150	$236M	trimmed−7%	−0.04 pp	48 q
DOCSDoximity, Inc.	0.21%	4,123,174	$239M	trimmed−17%	+0.01 pp	11 q
HDBHDFC Bank Limited	0.21%	3,562,073	$237M	trimmed−1%	+0.03 pp	41 q
ILMNIllumina Inc	0.21%	3,010,792	$239M	trimmed−0%	−0.10 pp	48 q
YETIYETI Holdings, Inc.	0.21%	7,232,651	$239M	trimmed−6%	−0.02 pp	8 q
BROSDutch Bros Inc.	0.20%	3,800,684	$235M	trimmed−38%	−0.05 pp	3 q
GRABGrab Holdings Limited Class A	0.20%	50,443,998	$229M	added+7%	+0.03 pp	4 q
DEDeere & Company	0.19%	456,367	$214M	trimmed−10%	+0.02 pp	21 q
GHGuardant Health, Inc.	0.19%	5,061,011	$216M	trimmed−7%	+0.06 pp	6 q
ONON Semiconductor Corp	0.19%	5,382,186	$219M	new	+0.19 pp	new
ADSKAutodesk Inc	0.18%	778,173	$204M	trimmed−16%	−0.03 pp	10 q
ETNEaton Corporation, plc	0.18%	746,590	$203M	trimmed−6%	−0.02 pp	10 q
BLDRBuilders FirstSource, Inc.	0.17%	1,560,975	$195M	trimmed−6%	−0.01 pp	3 q
CHWYChewy, Inc.	0.17%	5,980,689	$194M	trimmed−64%	−0.26 pp	24 q
ECLEcolab, Inc.	0.17%	762,060	$193M	trimmed−20%	0.00 pp	33 q
FASTFastenal Co	0.17%	2,445,409	$190M	trimmed−5%	+0.03 pp	47 q
MBLYMobileye Global Inc. Class A	0.17%	13,783,833	$198M	trimmed−5%	−0.05 pp	10 q
WWayfair Inc.	0.17%	5,907,930	$189M	trimmed−4%	−0.04 pp	39 q
ENTGEntegris Inc	0.16%	2,114,909	$185M	trimmed−7%	−0.01 pp	10 q
YMMFull Truck Alliance Co. Ltd.	0.16%	14,729,137	$188M	trimmed−2%	+0.03 pp	16 q
INSPInspire Medical Systems, Inc.	0.16%	1,159,754	$185M	trimmed−8%	−0.02 pp	18 q
PENPenumbra, Inc.	0.16%	688,995	$184M	trimmed−6%	+0.03 pp	31 q
SNSharkNinja, Inc.	0.16%	2,250,868	$188M	trimmed−7%	−0.02 pp	4 q
AAPLApple Inc.	0.15%	785,534	$174M	trimmed−4%	−0.01 pp	48 q
IBNICICI Bank Limited	0.15%	5,594,714	$176M	trimmed−8%	+0.01 pp	48 q
LINELineage, Inc.	0.15%	2,954,723	$173M	trimmed−5%	+0.01 pp	3 q
RELYRemitly Global, Inc.	0.15%	8,450,654	$176M	trimmed−10%	−0.01 pp	10 q
ROKURoku, Inc. Class A	0.15%	2,489,007	$175M	trimmed−6%	0.00 pp	25 q
UBERUber Technologies, Inc.	0.15%	2,299,369	$168M	new	+0.15 pp	new
DNLIDenali Therapeutics Inc.	0.14%	12,090,040	$164M	trimmed−2%	−0.05 pp	30 q
PGProcter & Gamble Company	0.14%	970,577	$165M	added+3%	+0.02 pp	40 q
SITESiteOne Landscape Supply, Inc.	0.14%	1,343,678	$163M	trimmed−18%	−0.03 pp	32 q
FIXComfort Systems USA, Inc.	0.13%	445,915	$144M	trimmed−26%	−0.07 pp	7 q
NYTNew York Times Co.	0.13%	3,018,477	$150M	added+19%	+0.03 pp	9 q
WSCWillScot Holdings Corporation Class A	0.13%	5,229,918	$145M	new	+0.13 pp	new
XYLXylem Inc	0.13%	1,269,337	$152M	trimmed−23%	−0.02 pp	33 q
FNDFloor & Decor Holdings, Inc.	0.12%	1,720,794	$138M	trimmed−6%	−0.02 pp	10 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.12%	7,372,932	$140M	trimmed−8%	−0.04 pp	3 q
GOOGLAlphabet Inc. Class A	0.11%	795,825	$123M	trimmed−4%	−0.01 pp	39 q
CMECME Group Inc.	0.11%	454,643	$121M	added+15%	+0.04 pp	3 q
ENSGThe Ensign Group, Inc.	0.11%	945,592	$122M	trimmed−4%	+0.01 pp	3 q
RXRXRecursion Pharmaceuticals, Inc. Class A	0.11%	24,393,015	$129M	trimmed−2%	−0.02 pp	16 q
FNFabrinet	0.11%	644,557	$127M	added+17%	+0.02 pp	7 q
ADIAnalog Devices, Inc.	0.10%	583,320	$118M	trimmed−81%	−0.40 pp	48 q
BCBrunswick Corporation	0.09%	1,921,588	$103M	trimmed−6%	−0.01 pp	5 q
LMNDLemonade, Inc.	0.09%	3,167,845	$100M	trimmed−6%	−0.01 pp	19 q
PEPPepsiCo, Inc.	0.09%	705,022	$106M	trimmed−1%	+0.01 pp	48 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.08%	6,801,133	$89M	trimmed−2%	+0.02 pp	28 q
AXONAxon Enterprise, Inc.	0.07%	144,104	$76M	trimmed−16%	−0.01 pp	26 q
BCHBanco de Chile	0.07%	3,152,335	$84M	trimmed−3%	+0.01 pp	4 q
CPCanadian Pacific Kansas City Limited	0.07%	1,164,566	$82M	trimmed−3%	0.00 pp	8 q
INTUIntuit Inc	0.07%	129,759	$80M	added+32%	+0.02 pp	14 q
NEOGNeogen Corp	0.07%	9,158,876	$79M	trimmed−6%	−0.02 pp	6 q
RDDTReddit, Inc.	0.07%	750,000	$79M	new	+0.07 pp	new
SBUXStarbucks Corp	0.07%	796,031	$78M	added+8%	+0.02 pp	15 q
TFIITFI International Inc.	0.07%	1,066,750	$83M	trimmed−3%	−0.04 pp	2 q
BBDBanco Bradesco S.A.	0.06%	29,880,816	$67M	trimmed−3%	+0.01 pp	34 q
CSCOCisco Systems, Inc. (DE)	0.06%	1,067,032	$66M	trimmed−2%	+0.01 pp	20 q
BZKANZHUN LIMITED American Depository Shares	0.06%	3,709,515	$71M	new	+0.06 pp	new
SPTSprout Social, Inc Class A	0.06%	3,023,523	$66M	trimmed−13%	−0.02 pp	18 q
VRTXVertex Pharmaceuticals Inc	0.06%	134,465	$65M	trimmed−10%	+0.01 pp	4 q
MNDYmonday.com Ltd.	0.06%	301,506	$73M	trimmed−3%	0.00 pp	5 q
KOCoca-Cola Company	0.05%	818,008	$59M	trimmed−4%	+0.01 pp	45 q
COURCoursera, Inc.	0.05%	7,965,247	$53M	trimmed−10%	−0.01 pp	17 q
INFYInfosys Limited	0.05%	2,886,016	$53M	trimmed−1%	0.00 pp	45 q
ITUBItau Unibanco Holding S.A.	0.05%	10,215,409	$56M	added0%	+0.01 pp	48 q
ZZillow Group, Inc. Class C	0.05%	807,329	$55M	trimmed−18%	−0.01 pp	39 q
EWEdwards Lifesciences Corp	0.04%	581,441	$42M	trimmed−18%	0.00 pp	26 q
HDHome Depot, Inc.	0.04%	137,553	$50M	trimmed−0%	0.00 pp	7 q
MKTXMarketAxess Holdings Inc.	0.04%	221,240	$48M	trimmed−27%	−0.01 pp	48 q
MCDMcDonald's Corporation	0.04%	144,028	$45M	trimmed−3%	+0.01 pp	48 q
SVVSavers Value Village, Inc.	0.04%	6,509,978	$45M	added+76%	+0.01 pp	4 q
MDTMedtronic plc	0.04%	505,128	$45M	trimmed−2%	+0.01 pp	18 q
CYBRCyberark Software LTD/ISRAEL	0.04%	118,801	$40M	trimmed−4%	+0.01 pp	21 q
APPNAppian Corporation Class A	0.03%	1,076,198	$31M	trimmed−2%	0.00 pp	25 q
CXCemex S.A.B. de C.V.	0.03%	6,150,122	$35M	trimmed−81%	−0.11 pp	48 q
CGNXCognex Corp	0.03%	1,215,625	$36M	trimmed−4%	0.00 pp	10 q
EXKExact Sciences Corp	0.03%	832,568	$36M	trimmed−18%	−0.01 pp	31 q
RAMPLiveRamp Holdings, Inc.	0.03%	1,312,023	$34M	trimmed−7%	0.00 pp	22 q
LULufax Holding Ltd.	0.03%	10,281,698	$31M	trimmed−30%	0.00 pp	6 q
MPMP Materials Corp.	0.03%	1,304,856	$32M	trimmed−12%	+0.01 pp	14 q
TROWT Rowe Price Group Inc	0.03%	431,453	$40M	trimmed−0%	−0.01 pp	21 q
TWSTTwist Bioscience Corporation	0.03%	732,007	$29M	trimmed−6%	0.00 pp	11 q
UPWKUpwork Inc.	0.03%	2,250,827	$29M	trimmed−20%	−0.01 pp	24 q
WRBYWarby Parker Inc.	0.03%	1,827,764	$33M	trimmed−15%	−0.01 pp	15 q
FROGJFrog Ltd.	0.03%	1,061,158	$34M	trimmed−11%	0.00 pp	17 q
ABCLAbCellera Biologics Inc.	0.02%	11,195,832	$25M	trimmed−9%	−0.01 pp	17 q
ALBAlbemarle Corporation	0.02%	397,700	$29M	trimmed−81%	−0.12 pp	33 q
AMSCAmerican Superconductor Corp	0.02%	1,518,890	$28M	trimmed−8%	−0.01 pp	19 q
AMPLAmplitude, Inc. Class A	0.02%	1,991,397	$20M	new	+0.02 pp	new
BKNGBooking Holdings Inc.	0.02%	4,449	$20M	trimmed−17%	0.00 pp	20 q
CFLTConfluent, Inc. Class A	0.02%	969,306	$23M	added×2.1	+0.01 pp	5 q
ERIIEnergy Recovery, Inc.	0.02%	1,099,276	$17M	trimmed−2%	+0.01 pp	3 q
ESEversource Energy	0.02%	417,379	$26M	trimmed−8%	0.00 pp	37 q
DNAGinkgo Bioworks Holdings, Inc.	0.02%	3,350,891	$19M	trimmed−0%	−0.01 pp	15 q
HSYThe Hershey Company	0.02%	144,657	$25M	trimmed−21%	0.00 pp	12 q
IPGPIPG Photonics Corporation	0.02%	369,873	$23M	trimmed−2%	0.00 pp	48 q
JMIAJumia Technologies AG	0.02%	8,629,656	$19M	trimmed−2%	−0.01 pp	24 q
BEKEKE Holdings Inc.	0.02%	1,266,623	$25M	trimmed−4%	0.00 pp	19 q
MRSHMarsh	0.02%	97,682	$24M	trimmed−10%	0.00 pp	3 q
PAYXPaychex Inc	0.02%	179,557	$28M	trimmed−1%	0.00 pp	2 q
PRCTPROCEPT BioRobotics Corporation	0.02%	313,884	$18M	new	+0.02 pp	new
PGNYProgyny, Inc.	0.02%	1,276,167	$29M	trimmed−4%	0.00 pp	18 q
SDGRSchrodinger, Inc.	0.02%	994,819	$20M	trimmed−6%	0.00 pp	18 q
TMDXTransMedics Group, Inc.	0.02%	259,677	$17M	trimmed−4%	+0.01 pp	17 q
TRUPTrupanion, Inc.	0.02%	678,036	$25M	trimmed−3%	−0.01 pp	35 q
WABWabtec Inc.	0.02%	107,472	$19M	trimmed−30%	0.00 pp	9 q
XMTRXometry, Inc. Class A	0.02%	728,281	$18M	added+3%	0.00 pp	2 q
DLODLocal Limited Class A	0.02%	2,602,563	$22M	trimmed−0%	0.00 pp	16 q
NVCRNovoCure Limited	0.02%	1,136,980	$20M	trimmed−2%	−0.01 pp	30 q
AEHRAehr Test Systems	0.01%	2,003,067	$15M	trimmed−1%	−0.02 pp	7 q
AMTAmerican Tower Corporation	0.01%	70,099	$15M	trimmed−8%	0.00 pp	15 q
ARCCAres Capital Corporation	0.01%	753,649	$17M	added+28%	0.00 pp	20 q
BEAMBeam Therapeutics Inc.	0.01%	302,734	$6M	trimmed−2%	0.00 pp	18 q
BLBlackLine, Inc.	0.01%	268,024	$13M	trimmed−10%	0.00 pp	29 q
BXSLBlackstone Secured Lending Fund	0.01%	505,229	$16M	added+24%	0.00 pp	4 q
BEPCBrookfield Renewable Corporation Class A Exchangeable Subordinate Voting Shares	0.01%	562,266	$16M	trimmed−15%	0.00 pp	2 q
CDNSCadence Design Systems	0.01%	42,817	$11M	new	+0.01 pp	new
CSLCarlisle Companies, Inc.	0.01%	33,394	$11M	trimmed−11%	0.00 pp	5 q
KMXCarMax Inc.	0.01%	126,428	$10M	trimmed−24%	0.00 pp	12 q
CRWDCrowdStrike Holdings, Inc. Class A	0.01%	28,038	$10M	trimmed−24%	0.00 pp	3 q
96669EURDmrc LLC	0.01%	476,543	$6M	trimmed−3%	0.00 pp	39 q
EOGEOG Resources, Inc.	0.01%	104,519	$13M	added+11%	0.00 pp	8 q
EICEagle Point Income Company	0.01%	569,544	$9M	new	+0.01 pp	new
EVEREverQuote, Inc. Class A	0.01%	221,286	$6M	trimmed−7%	+0.01 pp	22 q
FTSFortis Inc.	0.01%	285,991	$13M	added+18%	0.00 pp	20 q
GBDCGolub Capital BDC, Inc.	0.01%	548,319	$8M	added+31%	+0.01 pp	15 q
GGGGraco Inc	0.01%	104,413	$9M	trimmed−23%	0.00 pp	6 q
IBPInstalled Building Products, Inc.	0.01%	36,482	$6M	trimmed−24%	0.00 pp	6 q
MSAMine Safety Incorporated	0.01%	97,761	$14M	trimmed−10%	0.00 pp	6 q
MNSTMonster Beverage Corporation	0.01%	267,890	$16M	trimmed−12%	0.00 pp	3 q
NKENike, Inc.	0.01%	128,970	$8M	trimmed−28%	0.00 pp	18 q
OSCROscar Health, Inc.	0.01%	822,088	$11M	held	—	17 q
OBDCBlue Owl Capital Corporation	0.01%	551,430	$8M	new	+0.01 pp	new
PYPLPayPal Holdings, Inc.	0.01%	125,296	$8M	trimmed−25%	0.00 pp	7 q
PGRProgressive Corporation	0.01%	55,010	$16M	trimmed−19%	0.00 pp	12 q
PLDPrologis, Inc.	0.01%	55,578	$6M	trimmed−12%	0.00 pp	17 q
QSQuantumScape Corporation Class A	0.01%	1,878,989	$8M	trimmed−1%	0.00 pp	18 q
RXSTRxSight, Inc.	0.01%	392,231	$10M	trimmed−2%	0.00 pp	5 q
SANASana Biotechnology, Inc.	0.01%	10,191,476	$17M	trimmed−0%	0.00 pp	17 q
TSLXSixth Street Specialty Lending, Inc.	0.01%	373,254	$8M	added+22%	0.00 pp	15 q
SKYTSkyWater Technology	0.01%	1,627,329	$12M	trimmed−2%	−0.01 pp	6 q
SNPSSynopsys Inc	0.01%	23,177	$10M	new	+0.01 pp	new
TJXTJX Companies, Inc. (The)	0.01%	94,684	$12M	trimmed−23%	0.00 pp	48 q
TNDMTandem Diabetes Care, Inc.	0.01%	732,574	$14M	trimmed−2%	−0.01 pp	27 q
VECOVeeco Instruments Inc	0.01%	756,312	$15M	trimmed−3%	−0.01 pp	38 q
WECWEC Energy Group, Inc.	0.01%	91,849	$10M	added+54%	+0.01 pp	36 q
ZGZillow Group Inc Class A	0.01%	92,289	$6M	added0%	0.00 pp	41 q
AMBAAmbarella, Inc.	0.01%	289,923	$15M	trimmed−12%	−0.01 pp	33 q
BURBurford Capital Limited	0.01%	946,037	$12M	trimmed−36%	0.00 pp	16 q
Albemarle Corpconvertible	0.00%	120,000	$4M	held	—	5 q
BUDAnheuser-Busch INBEV SA/NV	0.00%	100	$6,156	held	—	6 q
CLLSCellectis S.A.	0.00%	139,047	$172,418	trimmed−52%	0.00 pp	16 q
CNPCenterPoint Energy, Inc.	0.00%	70,923	$3M	held	—	5 q
CRLCharles River Laboratories International, Inc.	0.00%	49	$7,375	trimmed−100%	−0.01 pp	12 q
CDXSCodexis, Inc.	0.00%	1,699,644	$5M	added0%	−0.01 pp	41 q
EDConsolidated Edison, Inc.	0.00%	19,093	$2M	held	—	36 q
DLRDigital Realty Trust, Inc.	0.00%	7,632	$1M	added+15%	0.00 pp	14 q
DCBODocebo Inc.	0.00%	100,016	$3M	trimmed−58%	−0.01 pp	17 q
EIXEdison International	0.00%	18,900	$1M	held	—	2 q
VMRKVivmark Residential	0.00%	16,312	$1M	added+10%	0.00 pp	8 q
EXCExelon Corporation	0.00%	86,030	$4M	held	—	36 q
FCNFTI Consulting, Inc.	0.00%	6,729	$1M	trimmed−78%	0.00 pp	12 q
FRPTFreshpet, Inc.	0.00%	13,040	$1M	trimmed−73%	−0.01 pp	16 q
GMABGenmab A/S	0.00%	54	$1,057	held	—	6 q
DOCHealthpeak Properties, Inc.	0.00%	48,045	$971,470	added+26%	0.00 pp	5 q
HUBBHubbell Incorporated	0.00%	43	$14,229	new	0.00 pp	new
LILi Auto Inc.	0.00%	112	$2,822	held	—	6 q
MTLSMaterialise NV	0.00%	83,119	$408,945	held	—	14 q
MEDPMedpace Holdings, Inc.	0.00%	4,302	$1M	trimmed−70%	0.00 pp	4 q
MDBMongoDB, Inc. Class A	0.00%	17,867	$3M	trimmed−40%	−0.01 pp	18 q
NEENextEra Energy, Inc.	0.00%	21,348	$2M	held	—	20 q
NVONovo-Nordisk A/S	0.00%	176	$12,221	added×3.3	0.00 pp	5 q
PMPhilip Morris International Inc.	0.00%	11,922	$2M	held	—	3 q
QTRXQuanterix Corporation	0.00%	600,812	$4M	trimmed−5%	−0.01 pp	17 q
RIORio Tinto plc	0.00%	319	$19,166	held	—	12 q
SEDGSolarEdge Technologies, Inc.	0.00%	125,898	$2M	added+18%	0.00 pp	18 q
SOThe Southern Company	0.00%	24,639	$2M	held	—	5 q
STNStantec, Inc.	0.00%	403	$33,399	added+4%	0.00 pp	3 q
SUISun Communities, Inc	0.00%	37,713	$5M	trimmed−8%	0.00 pp	6 q
TERTeradyne, Inc.	0.00%	312	$25,771	held	—	48 q
TTEKTetra Tech Inc	0.00%	925	$27,056	new	0.00 pp	new
TTENTotalenergies SE -spon ADR	0.00%	58	$3,752	held	—	2 q
unresolvedUnilever Spn.Adr 1:1	0.00%	414	$24,654	added+4%	0.00 pp	5 q
URIUnited Rentals, Inc.	0.00%	22	$13,787	new	0.00 pp	new
VEEVVeeva Systems Inc.	0.00%	42	$9,728	trimmed−62%	0.00 pp	18 q
CRHCRH Public Limited Company	0.00%	342	$30,086	trimmed−10%	0.00 pp	7 q
NYAXNayax Ltd.	0.00%	27,985	$958,766	trimmed−45%	0.00 pp	5 q
AMDAdvanced Micro Devices	—	−6,350,514	—	exited	−0.59 pp	—
UPSUnited Parcel Service, Inc. Class B	—	−593,605	—	exited	−0.06 pp	—
STAAStaar Surgical Co	—	−1,153,886	—	exited	−0.02 pp	—
ABNBAirbnb, Inc. Class A	—	−76,904	—	exited	−0.01 pp	—
ADAPYAdaptimmune Theraptcs	—	−11,819,095	—	exited	0.00 pp	—
BANDBandwidth Inc. Class A	—	−27,017	—	exited	0.00 pp	—
unresolvedBolt Projects Holdings Inc.	—	−2,465,807	—	exited	0.00 pp	—
CALXCalix, Inc.	—	−13,308	—	exited	0.00 pp	—
GOOSCanada Goose Holdings Inc.	—	−115,141	—	exited	0.00 pp	—
CDLXCardlytics, Inc.	—	−50,413	—	exited	0.00 pp	—
CARGCarGurus, Inc. Class A	—	−21,315	—	exited	0.00 pp	—
EXFYExpensify, Inc. Class A	—	−74,307	—	exited	0.00 pp	—
HRHealthcare Realty Trust Incorporated	—	−19,628	—	exited	0.00 pp	—
NOVTNovanta Inc.	—	−5,006	—	exited	0.00 pp	—
unresolvedNucana Plc ADR	—	−36,704	—	exited	0.00 pp	—
REXRRexford Industrial Realty, Inc.	—	−9,245	—	exited	0.00 pp	—
SCLXScilex Holding Company	—	−523	—	exited	0.00 pp	—
SPIRSpire Global, Inc.	—	−13,259	—	exited	0.00 pp	—
unresolvedSutro Biopharma	—	−48,791	—	exited	0.00 pp	—
VRNSVaronis Systems, Inc.	—	−16,715	—	exited	0.00 pp	—
XNCRXencor, Inc.	—	−20,898	—	exited	0.00 pp	—