Baillie Gifford

Q2 2025 13F

As of: Jun 30, 2025
Filed: Aug 6, 2025
US stock: $133.9B · prev $114.6B
Positions: 264 · prev 265
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%

Moves269 since the prior filing

+6.0 pp in · −6.1 pp out

New 19 +1.75 pp
Added 55 +4.27 pp
Trimmed 175 −4.02 pp
Exited 20 −2.09 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.6 years per position

Low
Moderate
High

Top 5 positions29% of US stock

MELI Mercado Libre, Inc trimmed+0.40 pp trimmed+0.406.8%
NVDA Nvidia Corp added+1.35 pp added+1.355.8%
SPOT Spotify Technology S.A. trimmed+0.32 pp trimmed+0.325.5%
AMZN Amazon.Com Inc trimmed−0.32 pp trimmed−0.325.5%
SE Sea Limited added+0.47 pp added+0.475.0%

Positions264 in this filing · 20 exited


MELIMercado Libre, Inc	6.84%	3,505,672	$9.2B	trimmed−7%	+0.40 pp	49 q
NVDANvidia Corp	5.79%	49,063,121	$7.8B	added+5%	+1.35 pp	38 q
SPOTSpotify Technology S.A.	5.52%	9,628,910	$7.4B	trimmed−11%	+0.32 pp	29 q
AMZNAmazon.Com Inc	5.46%	33,294,360	$7.3B	trimmed−4%	−0.32 pp	49 q
SESea Limited	4.97%	41,623,294	$6.7B	added+5%	+0.47 pp	31 q
NFLXNetFlix Inc	3.90%	3,903,505	$5.2B	trimmed−3%	+0.62 pp	42 q
NETCloudflare, Inc. Class A, par value $0.001 per share	3.73%	25,525,131	$5.0B	trimmed−7%	+1.03 pp	21 q
CPNGCoupang, Inc.	3.60%	160,899,909	$4.8B	added+4%	+0.63 pp	18 q
SHOPShopify Inc. Class A subordinate voting shares	3.25%	37,748,072	$4.4B	trimmed−32%	−1.41 pp	32 q
METAMeta Platforms, Inc. Class A	3.01%	5,453,213	$4.0B	trimmed−7%	+0.06 pp	49 q
PDDPDD Holdings Inc.	2.69%	34,372,712	$3.6B	trimmed−14%	−1.45 pp	28 q
NUNu Holdings Ltd.	2.67%	260,981,788	$3.6B	trimmed−2%	+0.30 pp	15 q
MSFTMicrosoft Corp	2.24%	6,029,276	$3.0B	trimmed−14%	−0.06 pp	49 q
RBLXRoblox Corporation	2.07%	26,378,405	$2.8B	trimmed−4%	+0.67 pp	14 q
APPApplovin Corporation Class A	1.67%	6,400,229	$2.2B	added+21%	+0.45 pp	4 q
DASHDoorDash, Inc. Class A	1.65%	8,988,826	$2.2B	trimmed−25%	−0.26 pp	19 q
TTDThe Trade Desk, Inc.	1.65%	30,702,638	$2.2B	trimmed−2%	+0.15 pp	28 q
RACEFerrari N.V.	1.55%	4,256,100	$2.1B	trimmed−8%	−0.16 pp	38 q
IOTSamsara Inc.	1.30%	43,893,738	$1.7B	added+24%	+0.12 pp	10 q
TEAMAtlassian Corporation Class A	1.29%	8,527,513	$1.7B	trimmed−2%	−0.32 pp	12 q
ISRGIntuitive Surgical Inc.	1.26%	3,114,665	$1.7B	trimmed−2%	−0.11 pp	49 q
DDOGDatadog, Inc. Class A	1.20%	11,957,462	$1.6B	trimmed−3%	+0.14 pp	20 q
DXCMDexCom, Inc.	1.09%	16,705,195	$1.5B	added+18%	+0.24 pp	49 q
ALNYAlnylam Pharmaceuticals, Inc.	0.74%	3,031,891	$989M	trimmed−17%	−0.12 pp	49 q
RDDTReddit, Inc.	0.73%	6,482,328	$976M	added×8.6	+0.66 pp	2 q
ELFe.l.f. Beauty, Inc.	0.72%	7,770,771	$967M	trimmed−2%	+0.28 pp	5 q
RYAAYRyanair Holdings plc	0.68%	15,820,053	$912M	trimmed−17%	−0.02 pp	39 q
DUOLDuolingo, Inc. Class A	0.67%	2,198,891	$902M	trimmed−11%	0.00 pp	16 q
MAMastercard Incorporated	0.67%	1,591,049	$894M	trimmed−2%	−0.11 pp	49 q
ELVElevance Health, Inc.	0.65%	2,237,022	$870M	trimmed−3%	−0.22 pp	43 q
BNTXBioNTech SE	0.64%	8,038,872	$856M	trimmed−1%	−0.01 pp	18 q
SCIService Corporation International	0.61%	10,000,054	$814M	trimmed−2%	−0.11 pp	28 q
XYZBlock, Inc.	0.61%	12,012,644	$816M	trimmed−4%	+0.01 pp	12 q
TEMTempus AI, Inc. Class A	0.57%	12,094,029	$768M	new	+0.57 pp	new
CSGPCoStar Group Inc	0.51%	8,540,369	$687M	added+1%	−0.07 pp	36 q
PODDInsulet Corporation	0.50%	2,135,068	$671M	trimmed−5%	−0.02 pp	7 q
MLMMartin Marietta Materials	0.50%	1,230,943	$676M	trimmed−2%	−0.02 pp	49 q
RIVNRivian Automotive, Inc. Class A	0.49%	47,584,480	$654M	trimmed−2%	−0.04 pp	15 q
SNOWSnowflake Inc.	0.48%	2,848,124	$637M	trimmed−3%	+0.11 pp	20 q
RPRXRoyalty Pharma plc Class A	0.48%	18,020,455	$649M	added+34%	+0.12 pp	14 q
MRNAModerna, Inc.	0.46%	22,094,124	$610M	trimmed−11%	−0.16 pp	27 q
JOBYJoby Aviation, Inc.	0.42%	52,824,729	$557M	trimmed−2%	+0.14 pp	16 q
MMYTMakeMyTrip Limited	0.42%	5,716,130	$560M	added+11%	−0.02 pp	34 q
AVAVAeroVironment, Inc.	0.41%	1,938,698	$552M	trimmed−2%	+0.20 pp	49 q
AZOAutoZone, Inc.	0.41%	148,109	$550M	trimmed−2%	−0.09 pp	13 q
TSLATesla, Inc.	0.40%	1,700,116	$540M	trimmed−4%	0.00 pp	49 q
AFRMAffirm Holdings, Inc. Class A	0.39%	7,532,410	$521M	trimmed−16%	+0.03 pp	18 q
GOOGAlphabet Inc. Class C	0.39%	2,969,828	$527M	trimmed−4%	−0.03 pp	45 q
SYMSymbotic Inc. Class A	0.39%	13,440,113	$522M	trimmed−2%	+0.15 pp	6 q
PBRPetroleo Brasileiro S.a.-petrobras	0.38%	40,397,064	$505M	trimmed−22%	−0.27 pp	35 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.38%	2,265,239	$513M	trimmed−9%	+0.02 pp	38 q
TXNTexas Instruments Incorporated	0.36%	2,335,618	$485M	trimmed−2%	−0.02 pp	13 q
WIXWIX.com Ltd.	0.35%	2,983,935	$473M	trimmed−8%	−0.11 pp	39 q
ODDODDITY Tech Ltd. Class A	0.34%	6,117,671	$462M	trimmed−2%	+0.10 pp	8 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.33%	4,257,335	$438M	trimmed−0%	−0.03 pp	9 q
KSPIJoint Stock Company Kaspi.kz American Depository Shares	0.32%	5,031,214	$427M	trimmed−4%	−0.11 pp	6 q
WSOWatsco, Inc.	0.32%	976,344	$431M	trimmed−4%	−0.13 pp	49 q
CBRECbre Group, Inc.	0.31%	2,997,219	$420M	trimmed−3%	−0.04 pp	21 q
AURAurora Innovation, Inc. Class A	0.30%	76,600,315	$401M	trimmed−3%	−0.16 pp	15 q
MKLMarkel Group Inc.	0.30%	201,623	$403M	trimmed−4%	−0.04 pp	49 q
SPGIS&P Global Inc.	0.30%	773,670	$408M	trimmed−3%	−0.05 pp	21 q
UBERUber Technologies, Inc.	0.30%	4,278,756	$399M	added+86%	+0.15 pp	2 q
DGDollar General Corp.	0.29%	3,355,848	$384M	new	+0.29 pp	new
WDAYWorkday, Inc. Class A	0.29%	1,606,807	$386M	trimmed−71%	−0.86 pp	49 q
MCOMoody's Corporation	0.28%	736,778	$370M	trimmed−3%	−0.03 pp	49 q
ENPHEnphase Energy, Inc.	0.27%	8,977,315	$356M	trimmed−19%	−0.33 pp	16 q
PAYCPaycom Software, Inc.	0.27%	1,549,695	$359M	trimmed−2%	−0.03 pp	5 q
BAPCredicorp LTD	0.27%	1,636,721	$366M	added+1%	+0.01 pp	49 q
DKNGDraftKings Inc. Class A	0.25%	7,931,263	$340M	trimmed−5%	+0.01 pp	3 q
CRMSalesforce, Inc.	0.24%	1,163,119	$317M	trimmed−3%	−0.04 pp	2 q
SQMSociedad Quimica y Minera de Chile SA	0.24%	9,230,909	$326M	trimmed−2%	−0.08 pp	3 q
TMETencent Music Entertainment Group	0.24%	16,813,324	$328M	trimmed−17%	−0.01 pp	27 q
CPACopa Holdings, S.A.	0.24%	2,903,095	$319M	trimmed−3%	0.00 pp	49 q
BNBrookfield Corporation	0.22%	4,764,393	$295M	trimmed−1%	0.00 pp	9 q
AJGArthur J. Gallagher & Co.	0.22%	940,528	$301M	trimmed−9%	−0.09 pp	31 q
WWayfair Inc.	0.22%	5,664,163	$290M	trimmed−4%	+0.05 pp	40 q
FTAIFTAI Aviation Ltd.	0.22%	2,569,289	$296M	new	+0.22 pp	new
WMSAdvanced Drainage Systems, Inc.	0.21%	2,472,510	$284M	trimmed−1%	−0.03 pp	11 q
DEDeere & Company	0.21%	553,898	$282M	added+21%	+0.02 pp	22 q
ONON Semiconductor Corp	0.21%	5,335,777	$280M	trimmed−1%	+0.02 pp	2 q
PINSPinterest, Inc. Class A	0.21%	8,009,740	$287M	trimmed−5%	−0.02 pp	19 q
HDBHDFC Bank Limited	0.20%	3,453,709	$265M	trimmed−3%	−0.01 pp	42 q
GHGuardant Health, Inc.	0.19%	4,809,786	$250M	trimmed−5%	0.00 pp	7 q
ETNEaton Corporation, plc	0.19%	725,199	$259M	trimmed−3%	+0.01 pp	11 q
CHWYChewy, Inc.	0.18%	5,696,990	$243M	trimmed−5%	+0.01 pp	25 q
DOCSDoximity, Inc.	0.18%	3,934,031	$241M	trimmed−5%	−0.03 pp	12 q
BROSDutch Bros Inc.	0.18%	3,621,656	$248M	trimmed−5%	−0.02 pp	4 q
MBLYMobileye Global Inc. Class A	0.18%	13,537,373	$243M	trimmed−2%	+0.01 pp	11 q
PENPenumbra, Inc.	0.18%	922,127	$237M	added+34%	+0.02 pp	32 q
GRABGrab Holdings Limited Class A	0.18%	48,131,916	$242M	trimmed−5%	−0.02 pp	5 q
ADSKAutodesk Inc	0.17%	741,833	$230M	trimmed−5%	−0.01 pp	11 q
FIXComfort Systems USA, Inc.	0.17%	432,542	$232M	trimmed−3%	+0.04 pp	8 q
ENSGThe Ensign Group, Inc.	0.17%	1,436,574	$222M	added+52%	+0.06 pp	4 q
MSCIMSCI, Inc.	0.16%	360,514	$208M	new	+0.16 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.16%	691,852	$216M	trimmed−2%	−0.16 pp	16 q
SNSharkNinja, Inc.	0.16%	2,153,588	$213M	trimmed−4%	0.00 pp	5 q
ECLEcolab, Inc.	0.15%	728,342	$196M	trimmed−4%	−0.02 pp	34 q
TMOThermo Fisher Scientific, Inc.	0.15%	504,676	$205M	trimmed−1%	−0.07 pp	31 q
EPAMEpam Systems, Inc.	0.14%	1,072,313	$190M	new	+0.14 pp	new
SGSweetgreen, Inc.	0.14%	12,997,690	$193M	added+11%	−0.12 pp	12 q
BLDRBuilders FirstSource, Inc.	0.13%	1,524,282	$178M	trimmed−2%	−0.04 pp	4 q
YMMFull Truck Alliance Co. Ltd.	0.13%	14,486,413	$171M	trimmed−2%	−0.03 pp	17 q
IBNICICI Bank Limited	0.13%	5,265,942	$177M	trimmed−6%	−0.02 pp	49 q
NYTNew York Times Co.	0.13%	3,225,252	$181M	added+7%	0.00 pp	10 q
FNFabrinet	0.13%	589,171	$174M	trimmed−9%	+0.02 pp	8 q
DNLIDenali Therapeutics Inc.	0.12%	11,955,323	$167M	trimmed−1%	−0.02 pp	31 q
ENTGEntegris Inc	0.12%	2,058,007	$166M	trimmed−3%	−0.04 pp	11 q
ILMNIllumina Inc	0.12%	1,741,153	$166M	trimmed−42%	−0.09 pp	49 q
MEDPMedpace Holdings, Inc.	0.12%	522,293	$164M	added×121.4	+0.12 pp	5 q
RKLBRocket Lab Corporation	0.12%	4,391,122	$157M	new	+0.12 pp	new
AAPLApple Inc.	0.11%	721,726	$148M	trimmed−8%	−0.04 pp	49 q
INSPInspire Medical Systems, Inc.	0.11%	1,113,888	$145M	trimmed−4%	−0.05 pp	19 q
PGProcter & Gamble Company	0.11%	945,395	$151M	trimmed−3%	−0.03 pp	41 q
RELYRemitly Global, Inc.	0.11%	8,033,147	$151M	trimmed−5%	−0.04 pp	11 q
GOOGLAlphabet Inc. Class A	0.10%	770,160	$136M	trimmed−3%	−0.01 pp	40 q
ADIAnalog Devices, Inc.	0.10%	571,160	$136M	trimmed−2%	0.00 pp	49 q
CMECME Group Inc.	0.10%	470,637	$130M	added+4%	−0.01 pp	4 q
FNDFloor & Decor Holdings, Inc.	0.10%	1,683,949	$128M	trimmed−2%	−0.02 pp	11 q
LMNDLemonade, Inc.	0.10%	3,110,282	$136M	trimmed−2%	+0.01 pp	20 q
LINELineage, Inc.	0.10%	2,955,958	$129M	added0%	−0.05 pp	4 q
WSCWillScot Holdings Corporation Class A	0.10%	5,109,735	$140M	trimmed−2%	−0.03 pp	2 q
FASTFastenal Co	0.09%	2,775,081	$117M	trimmed−43%	−0.08 pp	48 q
RXRXRecursion Pharmaceuticals, Inc. Class A	0.09%	24,173,815	$122M	trimmed−1%	−0.02 pp	17 q
AXONAxon Enterprise, Inc.	0.08%	128,250	$106M	trimmed−11%	+0.01 pp	27 q
BCHBanco de Chile	0.08%	3,649,920	$111M	added+16%	+0.01 pp	5 q
BCBrunswick Corporation	0.08%	1,893,167	$105M	trimmed−1%	−0.01 pp	6 q
INTUIntuit Inc	0.08%	139,505	$110M	added+8%	+0.01 pp	15 q
BBDBanco Bradesco S.A.	0.07%	28,652,167	$89M	trimmed−4%	+0.01 pp	35 q
CPCanadian Pacific Kansas City Limited	0.07%	1,122,284	$89M	trimmed−4%	0.00 pp	9 q
PEPPepsiCo, Inc.	0.07%	684,006	$90M	trimmed−3%	−0.02 pp	49 q
PONYPony AI Inc.	0.07%	7,137,437	$94M	new	+0.07 pp	new
SVVSavers Value Village, Inc.	0.07%	9,572,853	$98M	added+47%	+0.03 pp	5 q
TFIITFI International Inc.	0.07%	1,051,089	$94M	trimmed−1%	0.00 pp	3 q
VRTXVertex Pharmaceuticals Inc	0.07%	212,479	$95M	added+58%	+0.01 pp	5 q
MNDYmonday.com Ltd.	0.07%	299,430	$94M	trimmed−1%	+0.01 pp	6 q
PBR.APetroleo Brasileiro S.A.-Petrobras	0.06%	6,530,941	$75M	trimmed−4%	−0.02 pp	29 q
YETIYETI Holdings, Inc.	0.06%	2,690,733	$85M	trimmed−63%	−0.15 pp	9 q
CSCOCisco Systems, Inc. (DE)	0.05%	1,055,185	$73M	trimmed−1%	−0.01 pp	21 q
COURCoursera, Inc.	0.05%	7,577,646	$66M	trimmed−5%	0.00 pp	18 q
JKHYHenry (Jack) & Associates	0.05%	346,095	$62M	new	+0.05 pp	new
ITUBItau Unibanco Holding S.A.	0.05%	10,148,531	$69M	trimmed−1%	0.00 pp	49 q
SBUXStarbucks Corp	0.05%	715,874	$66M	trimmed−10%	−0.02 pp	16 q
ACNAccenture PLC	0.05%	234,565	$70M	new	+0.05 pp	new
AMSCAmerican Superconductor Corp	0.04%	1,452,679	$53M	trimmed−4%	+0.02 pp	20 q
KOCoca-Cola Company	0.04%	782,221	$55M	trimmed−4%	−0.01 pp	46 q
HDHome Depot, Inc.	0.04%	132,304	$49M	trimmed−4%	0.00 pp	8 q
INFYInfosys Limited	0.04%	2,867,601	$53M	trimmed−1%	−0.01 pp	46 q
BZKANZHUN LIMITED American Depository Shares	0.04%	3,185,137	$57M	trimmed−14%	−0.02 pp	2 q
TROWT Rowe Price Group Inc	0.04%	506,947	$49M	added+18%	+0.01 pp	22 q
PRCTPROCEPT BioRobotics Corporation	0.04%	876,363	$50M	added×2.8	+0.02 pp	2 q
ZZillow Group, Inc. Class C	0.04%	670,254	$47M	trimmed−17%	−0.01 pp	40 q
CYBRCyberark Software LTD/ISRAEL	0.04%	117,918	$48M	trimmed−1%	0.00 pp	22 q
ABCLAbCellera Biologics Inc.	0.03%	10,360,004	$36M	trimmed−7%	+0.01 pp	18 q
CRCLCircle Internet Group, Inc.	0.03%	189,085	$34M	new	+0.03 pp	new
CGNXCognex Corp	0.03%	1,168,992	$37M	trimmed−4%	0.00 pp	11 q
EWEdwards Lifesciences Corp	0.03%	582,598	$46M	added0%	−0.01 pp	27 q
EXKExact Sciences Corp	0.03%	780,016	$41M	trimmed−6%	0.00 pp	32 q
DNAGinkgo Bioworks Holdings, Inc.	0.03%	3,276,051	$37M	trimmed−2%	+0.01 pp	16 q
RAMPLiveRamp Holdings, Inc.	0.03%	1,037,266	$34M	trimmed−21%	0.00 pp	23 q
MPMP Materials Corp.	0.03%	1,317,974	$44M	added+1%	0.00 pp	15 q
MKTXMarketAxess Holdings Inc.	0.03%	186,689	$42M	trimmed−16%	−0.01 pp	49 q
MCDMcDonald's Corporation	0.03%	136,286	$40M	trimmed−5%	−0.01 pp	49 q
PAYXPaychex Inc	0.03%	318,223	$46M	added+77%	+0.01 pp	3 q
TMDXTransMedics Group, Inc.	0.03%	262,961	$35M	added+1%	+0.01 pp	18 q
WRBYWarby Parker Inc.	0.03%	1,801,620	$40M	trimmed−1%	0.00 pp	16 q
XMTRXometry, Inc. Class A	0.03%	1,296,313	$44M	added+78%	+0.01 pp	3 q
MDTMedtronic plc	0.03%	492,854	$43M	trimmed−2%	−0.01 pp	19 q
FROGJFrog Ltd.	0.03%	973,397	$43M	trimmed−8%	0.00 pp	18 q
AEHRAehr Test Systems	0.02%	1,989,413	$26M	trimmed−1%	+0.01 pp	8 q
ALBAlbemarle Corporation	0.02%	390,158	$24M	trimmed−2%	0.00 pp	34 q
AMPLAmplitude, Inc. Class A	0.02%	1,978,568	$25M	trimmed−1%	0.00 pp	2 q
APPNAppian Corporation Class A	0.02%	1,006,201	$30M	trimmed−7%	−0.01 pp	26 q
ALABAstera Labs, Inc.	0.02%	233,227	$21M	new	+0.02 pp	new
BKNGBooking Holdings Inc.	0.02%	4,449	$26M	held	—	21 q
CHYMChime Financial, Inc. Class A	0.02%	678,717	$23M	new	+0.02 pp	new
CFLTConfluent, Inc. Class A	0.02%	962,726	$24M	trimmed−1%	0.00 pp	6 q
IPGPIPG Photonics Corporation	0.02%	411,007	$28M	added+11%	0.00 pp	49 q
LULufax Holding Ltd.	0.02%	9,287,204	$26M	trimmed−10%	−0.01 pp	7 q
MRSHMarsh	0.02%	92,648	$20M	trimmed−5%	0.00 pp	4 q
PGNYProgyny, Inc.	0.02%	1,267,134	$28M	trimmed−1%	0.00 pp	19 q
SANASana Biotechnology, Inc.	0.02%	10,064,728	$27M	trimmed−1%	+0.01 pp	18 q
TNDMTandem Diabetes Care, Inc.	0.02%	1,125,728	$21M	added+54%	+0.01 pp	28 q
TTEKTetra Tech Inc	0.02%	587,870	$21M	added×635.5	+0.02 pp	2 q
TRUPTrupanion, Inc.	0.02%	599,110	$33M	trimmed−12%	0.00 pp	36 q
TWSTTwist Bioscience Corporation	0.02%	775,687	$29M	added+6%	−0.01 pp	12 q
UPWKUpwork Inc.	0.02%	1,757,900	$24M	trimmed−22%	−0.01 pp	25 q
WABWabtec Inc.	0.02%	101,924	$21M	trimmed−5%	0.00 pp	10 q
DLODLocal Limited Class A	0.02%	2,699,607	$31M	added+4%	0.00 pp	17 q
NVCRNovoCure Limited	0.02%	1,128,652	$20M	trimmed−1%	0.00 pp	31 q
AMTAmerican Tower Corporation	0.01%	67,818	$15M	trimmed−3%	0.00 pp	16 q
BLBlackLine, Inc.	0.01%	193,739	$11M	trimmed−28%	0.00 pp	30 q
BEPCBrookfield Renewable Corporation Class A Exchangeable Subordinate Voting Shares	0.01%	544,881	$18M	trimmed−3%	0.00 pp	3 q
CDNSCadence Design Systems	0.01%	40,721	$13M	trimmed−5%	0.00 pp	2 q
CSLCarlisle Companies, Inc.	0.01%	31,556	$12M	trimmed−6%	0.00 pp	6 q
KMXCarMax Inc.	0.01%	126,439	$8M	added0%	0.00 pp	13 q
CRWDCrowdStrike Holdings, Inc. Class A	0.01%	28,040	$14M	added0%	0.00 pp	4 q
EOGEOG Resources, Inc.	0.01%	127,328	$15M	added+22%	0.00 pp	9 q
EICEagle Point Income Company	0.01%	553,305	$8M	trimmed−3%	0.00 pp	2 q
ESEversource Energy	0.01%	199,110	$13M	trimmed−52%	−0.01 pp	38 q
FTSFortis Inc.	0.01%	222,674	$11M	trimmed−22%	0.00 pp	21 q
GGGGraco Inc	0.01%	104,425	$9M	added0%	0.00 pp	7 q
HSYThe Hershey Company	0.01%	101,388	$17M	trimmed−30%	−0.01 pp	13 q
BEKEKE Holdings Inc.	0.01%	423,790	$8M	trimmed−67%	−0.01 pp	20 q
MSAMine Safety Incorporated	0.01%	93,073	$16M	trimmed−5%	0.00 pp	7 q
MNSTMonster Beverage Corporation	0.01%	267,928	$17M	added0%	0.00 pp	4 q
NKENike, Inc.	0.01%	128,984	$9M	added0%	0.00 pp	19 q
OSCROscar Health, Inc.	0.01%	822,088	$18M	held	—	18 q
PYPLPayPal Holdings, Inc.	0.01%	125,296	$9M	held	—	8 q
PGRProgressive Corporation	0.01%	55,014	$15M	added0%	0.00 pp	13 q
QSQuantumScape Corporation Class A	0.01%	1,869,646	$13M	trimmed−1%	0.00 pp	19 q
SDGRSchrodinger, Inc.	0.01%	985,660	$20M	trimmed−1%	−0.01 pp	19 q
SKYTSkyWater Technology	0.01%	1,627,329	$16M	held	—	7 q
SPTSprout Social, Inc Class A	0.01%	526,655	$11M	trimmed−83%	−0.05 pp	19 q
SNPSSynopsys Inc	0.01%	22,038	$11M	trimmed−5%	0.00 pp	2 q
TJXTJX Companies, Inc. (The)	0.01%	101,881	$13M	added+8%	0.00 pp	49 q
VECOVeeco Instruments Inc	0.01%	750,006	$15M	trimmed−1%	0.00 pp	39 q
WECWEC Energy Group, Inc.	0.01%	85,886	$9M	trimmed−6%	0.00 pp	37 q
AMBAAmbarella, Inc.	0.01%	259,380	$17M	trimmed−11%	0.00 pp	34 q
BURBurford Capital Limited	0.01%	789,152	$9M	trimmed−17%	0.00 pp	17 q
KRNTKornit Digital Ltd.	0.01%	970,890	$19M	new	+0.01 pp	new
ABNBAirbnb, Inc. Class A	0.00%	30,762	$4M	new	0.00 pp	new
Albemarle Corpconvertible	0.00%	120,000	$4M	held	—	6 q
BUDAnheuser-Busch INBEV SA/NV	0.00%	113	$7,765	added+13%	0.00 pp	7 q
BEAMBeam Therapeutics Inc.	0.00%	300,137	$5M	trimmed−1%	−0.01 pp	19 q
BSLKBolt Projects Hldgs Inc	0.00%	123,290	$347,678	new	0.00 pp	new
Cable One Incconvertible	0.00%	4,888,000	$4M	new	0.00 pp	new
CNPCenterPoint Energy, Inc.	0.00%	58,164	$2M	trimmed−18%	0.00 pp	6 q
CDXSCodexis, Inc.	0.00%	1,685,664	$4M	trimmed−1%	0.00 pp	42 q
EDConsolidated Edison, Inc.	0.00%	19,093	$2M	held	—	37 q
96669EURDmrc LLC	0.00%	474,190	$6M	trimmed−0%	−0.01 pp	40 q
DLRDigital Realty Trust, Inc.	0.00%	6,474	$1M	trimmed−15%	0.00 pp	15 q
DCBODocebo Inc.	0.00%	13,359	$386,427	trimmed−87%	0.00 pp	18 q
EIXEdison International	0.00%	18,900	$975,240	held	—	3 q
VMRKVivmark Residential	0.00%	17,275	$1M	added+6%	0.00 pp	9 q
EXCExelon Corporation	0.00%	86,030	$4M	held	—	37 q
FCNFTI Consulting, Inc.	0.00%	6,735	$1M	added0%	0.00 pp	13 q
FRPTFreshpet, Inc.	0.00%	13,052	$887,014	added0%	0.00 pp	17 q
GMABGenmab A/S	0.00%	12	$248	trimmed−78%	0.00 pp	7 q
DOCHealthpeak Properties, Inc.	0.00%	51,493	$901,642	added+7%	0.00 pp	6 q
HUBBHubbell Incorporated	0.00%	43	$17,562	held	—	2 q
LILi Auto Inc.	0.00%	112	$3,036	held	—	7 q
MDBMongoDB, Inc. Class A	0.00%	17,871	$4M	added0%	0.00 pp	19 q
NEENextEra Energy, Inc.	0.00%	31,967	$2M	added+50%	0.00 pp	21 q
NVONovo-Nordisk A/S	0.00%	130	$8,973	trimmed−26%	0.00 pp	6 q
PMPhilip Morris International Inc.	0.00%	15,921	$3M	added+34%	0.00 pp	4 q
PLDPrologis, Inc.	0.00%	53,205	$6M	trimmed−4%	−0.01 pp	18 q
QTRXQuanterix Corporation	0.00%	600,812	$4M	held	—	18 q
RIORio Tinto plc	0.00%	200	$11,666	trimmed−37%	0.00 pp	13 q
RXSTRxSight, Inc.	0.00%	468,945	$6M	added+20%	−0.01 pp	6 q
SOThe Southern Company	0.00%	21,972	$2M	trimmed−11%	0.00 pp	6 q
STNStantec, Inc.	0.00%	403	$43,761	held	—	4 q
SUISun Communities, Inc	0.00%	38,083	$5M	added+1%	0.00 pp	7 q
TERTeradyne, Inc.	0.00%	312	$28,055	held	—	49 q
TTENTotalenergies SE -spon ADR	0.00%	128	$7,858	added×2.2	0.00 pp	3 q
unresolvedUnilever Spn.Adr 1:1	0.00%	335	$20,492	trimmed−19%	0.00 pp	6 q
URIUnited Rentals, Inc.	0.00%	22	$16,575	held	—	2 q
VEEVVeeva Systems Inc.	0.00%	42	$12,095	held	—	19 q
XYLXylem Inc	0.00%	1,826	$236,211	trimmed−100%	−0.13 pp	34 q
ZGZillow Group Inc Class A	0.00%	91,491	$6M	trimmed−1%	−0.01 pp	42 q
TBBBBBB Foods Inc.	0.00%	87,229	$2M	new	0.00 pp	new
CRHCRH Public Limited Company	0.00%	238	$21,849	trimmed−30%	0.00 pp	8 q
UBSUBS Group AG	0.00%	172	$5,817	new	0.00 pp	new
NYAXNayax Ltd.	0.00%	8,235	$413,973	trimmed−71%	0.00 pp	6 q
AERAercap Holdings N.V.	0.00%	16,737	$2M	new	0.00 pp	new
ONCBeOne Medicines Ltd.	—	−3,630,710	—	exited	−0.86 pp	—
ESTCElastic N.V.	—	−7,843,557	—	exited	−0.61 pp	—
ROKURoku, Inc. Class A	—	−2,489,007	—	exited	−0.15 pp	—
SITESiteOne Landscape Supply, Inc.	—	−1,343,678	—	exited	−0.14 pp	—
NCLHNorwegian Cruise Line Holdings Ltd.	—	−7,372,932	—	exited	−0.12 pp	—
NEOGNeogen Corp	—	−9,158,876	—	exited	−0.07 pp	—
CXCemex S.A.B. de C.V.	—	−6,150,122	—	exited	−0.03 pp	—
ERIIEnergy Recovery, Inc.	—	−1,099,276	—	exited	−0.02 pp	—
JMIAJumia Technologies AG	—	−8,629,656	—	exited	−0.02 pp	—
ARCCAres Capital Corporation	—	−753,649	—	exited	−0.01 pp	—
BXSLBlackstone Secured Lending Fund	—	−505,229	—	exited	−0.01 pp	—
EVEREverQuote, Inc. Class A	—	−221,286	—	exited	−0.01 pp	—
GBDCGolub Capital BDC, Inc.	—	−548,319	—	exited	−0.01 pp	—
IBPInstalled Building Products, Inc.	—	−36,482	—	exited	−0.01 pp	—
OBDCBlue Owl Capital Corporation	—	−551,430	—	exited	−0.01 pp	—
TSLXSixth Street Specialty Lending, Inc.	—	−373,254	—	exited	−0.01 pp	—
CLLSCellectis S.A.	—	−139,047	—	exited	0.00 pp	—
CRLCharles River Laboratories International, Inc.	—	−49	—	exited	0.00 pp	—
MTLSMaterialise NV	—	−83,119	—	exited	0.00 pp	—
SEDGSolarEdge Technologies, Inc.	—	−125,898	—	exited	0.00 pp	—