Baron Capital

Q3 2013 13F · by Ron Baron, CEO

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $21.8B · prev $19.2B
Positions: 317 · prev 306
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%

Moves263 since the prior filing

+4.3 pp in · −4.0 pp out

New 21 +1.72 pp
Added 138 +2.54 pp
Trimmed 94 −2.99 pp
Exited 10 −0.98 pp

The book

Diversified · behaves like 106 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 8.8 years per position

Low
Moderate
High

Top 5 positions11% of US stock

ACGL Arch Capital Group Ltd added−0.19 pp added−0.192.4%
IT Gartner, Inc. added−0.16 pp added−0.162.3%
unresolved Itc Hldgs Corp added−0.20 pp added−0.202.2%
DKS Dick's Sporting Goods, Inc. added+0.01 pp added+0.012.1%
PENN PENN Entertainment, Inc. added−0.10 pp added−0.102.0%

Positions317 in this filing · 10 exited


ACGLArch Capital Group Ltd	2.36%	9,538,863	$516M	added0%	−0.19 pp	2 q
ITGartner, Inc.	2.34%	8,497,572	$510M	added+1%	−0.16 pp	2 q
unresolvedItc Hldgs Corp	2.23%	5,179,363	$486M	added+1%	−0.20 pp	2 q
DKSDick's Sporting Goods, Inc.	2.07%	8,462,412	$452M	added+7%	+0.01 pp	2 q
PENNPENN Entertainment, Inc.	2.00%	7,873,726	$436M	added+3%	−0.10 pp	2 q
FDSFactset Research Systems	1.85%	3,694,261	$403M	added+2%	−0.07 pp	2 q
MTNVail Resorts, Inc.	1.71%	5,375,886	$373M	added0%	−0.01 pp	2 q
GWRGenesee & Wyoming Inc.	1.68%	3,940,679	$366M	added+3%	0.00 pp	2 q
IDXXIdexx Laboratories Inc	1.68%	3,688,385	$368M	added+3%	0.00 pp	2 q
LKQLKQ Corporation	1.58%	10,854,571	$346M	added0%	+0.13 pp	2 q
unresolvedSBA Comms Corp	1.54%	4,186,471	$337M	trimmed−6%	−0.17 pp	2 q
CSGPCoStar Group Inc	1.52%	1,975,161	$332M	added+2%	+0.22 pp	2 q
MTDMettler-Toledo International	1.51%	1,372,691	$330M	trimmed−2%	+0.04 pp	2 q
UNFIUnited Natural Foods Inc	1.51%	4,895,651	$329M	added+3%	+0.17 pp	2 q
AKXAnsys Inc	1.50%	3,789,324	$328M	added+1%	+0.07 pp	2 q
CLBCore Laboratories Inc.	1.36%	1,748,915	$296M	added0%	−0.02 pp	2 q
VRSKVerisk Analytics, Inc.	1.34%	4,512,593	$293M	added+1%	−0.05 pp	2 q
CYHCommunity Health Systems, Inc.	1.32%	6,966,119	$289M	added+32%	+0.03 pp	2 q
unresolvedColfax Corp	1.28%	4,945,893	$279M	added+4%	−0.01 pp	2 q
UAAUnder Armour, Inc.	1.28%	3,514,146	$279M	added+2%	+0.20 pp	2 q
MIDDMiddleby Corp	1.24%	1,299,878	$272M	added+3%	+0.13 pp	2 q
HHyatt Hotels Corporation	1.23%	6,262,514	$269M	added+6%	−0.02 pp	2 q
CHHChoice Hotels Intnl.	1.12%	5,664,598	$245M	added+1%	−0.03 pp	2 q
unresolvedLumber Liquidators Hldgs Inc	1.10%	2,257,245	$241M	trimmed−0%	+0.18 pp	2 q
FASTFastenal Co	1.00%	4,331,536	$218M	added+2%	−0.01 pp	2 q
FLTCorpay, Inc.	0.95%	1,888,517	$208M	added+2%	+0.16 pp	2 q
GNRCGenerac Holdings Inc	0.94%	4,799,188	$205M	added+3%	+0.04 pp	2 q
HPHelmerich & Payne, Inc.	0.89%	2,821,802	$195M	added+3%	0.00 pp	2 q
unresolvedFinancial Engines	0.87%	3,198,912	$190M	added+3%	+0.13 pp	2 q
unresolvedLiberty Media Corp Delaware	0.87%	1,297,360	$191M	trimmed−0%	+0.01 pp	2 q
CXOConcho Resources Inc.	0.85%	1,710,499	$186M	added+16%	+0.21 pp	2 q
MSCIMSCI, Inc.	0.85%	4,601,095	$185M	trimmed−10%	−0.04 pp	2 q
ILMNIllumina Inc	0.82%	2,216,345	$179M	added+2%	−0.02 pp	2 q
MMSMAXIMUS, Inc.	0.82%	3,983,570	$179M	added+3%	+0.07 pp	2 q
SCHWThe Charles Schwab Corporation	0.80%	8,302,792	$176M	trimmed−1%	−0.13 pp	2 q
TRGPTarga Resources Corp.	0.79%	2,367,798	$173M	trimmed−3%	−0.03 pp	2 q
CPRTCopart Inc	0.77%	5,305,876	$169M	added+3%	−0.06 pp	2 q
GWREGuidewire Software, Inc.	0.77%	3,571,711	$168M	added+13%	+0.08 pp	2 q
KMXCarMax Inc.	0.76%	3,417,676	$166M	added+6%	−0.01 pp	2 q
WYNNWynn Resorts Ltd	0.76%	1,051,975	$166M	added+8%	+0.11 pp	2 q
BAHBooz Allen Hamilton Holding Corporation	0.72%	8,144,695	$157M	trimmed−2%	−0.04 pp	2 q
unresolvedEquinix Inc	0.72%	855,350	$157M	trimmed−6%	−0.15 pp	2 q
THSTreehouse Foods, Inc.	0.71%	2,317,374	$155M	added+33%	+0.12 pp	2 q
CSTECaesarstone Ltd.	0.71%	3,400,716	$155M	added+1%	+0.23 pp	2 q
EWEdwards Lifesciences Corp	0.70%	2,180,836	$152M	added+10%	+0.01 pp	2 q
unresolvedAdvent Software Inc	0.69%	4,714,194	$150M	added+9%	−0.10 pp	2 q
RPRealPage, Inc.	0.68%	6,375,461	$148M	added+3%	+0.09 pp	2 q
BFAMBright Horizons Family Solutions Inc.	0.67%	4,062,241	$146M	added+23%	+0.07 pp	2 q
unresolvedPinnacle Entertainment Inc.	0.67%	5,800,400	$145M	added+9%	+0.12 pp	2 q
SSNCSS&C Technologies Inc	0.67%	3,863,337	$147M	trimmed−0%	+0.01 pp	2 q
unresolvedFEI Company	0.66%	1,650,515	$145M	trimmed−0%	+0.03 pp	2 q
CBRECbre Group, Inc.	0.65%	6,109,235	$141M	added+11%	−0.02 pp	2 q
TDGTransDigm Group Incorporated	0.64%	1,000,000	$139M	held	—	2 q
BKDBrookdale Senior Living, Inc.	0.63%	5,217,797	$137M	added+9%	−0.03 pp	2 q
PRIPrimerica, Inc.	0.63%	3,427,566	$138M	added+6%	0.00 pp	2 q
MORNMorningstar, Inc.	0.61%	1,693,170	$134M	added+2%	−0.06 pp	2 q
CHDChurch & Dwight Co., Inc.	0.59%	2,127,530	$128M	added+2%	−0.08 pp	2 q
DISCADiscovery, Inc. Series A	0.59%	1,525,527	$129M	added0%	−0.02 pp	2 q
unresolvedThe Carlyle Group	0.57%	4,808,999	$124M	added+4%	−0.05 pp	2 q
DEIDouglas Emmett, Inc.	0.54%	5,038,389	$118M	added+4%	−0.09 pp	2 q
unresolvedDevry Ed Group Inc	0.52%	3,710,331	$113M	trimmed−14%	−0.18 pp	2 q
unresolvedPriceline Grp Inc	0.52%	112,818	$114M	trimmed−0%	+0.03 pp	2 q
RLRalph Lauren Corporation	0.52%	691,724	$114M	trimmed−0%	−0.11 pp	2 q
unresolvedWaste Connections Inc	0.52%	2,500,000	$114M	held	—	2 q
CNSCohen & Steers Inc.	0.51%	3,165,253	$112M	added+8%	−0.01 pp	2 q
unresolvedConcur Technologies Inc	0.51%	1,011,200	$112M	held	—	2 q
unresolvedLasalle Hotel Pptys	0.51%	3,870,035	$110M	added+1%	+0.02 pp	2 q
BERYBerry Global Group, Inc.	0.49%	5,313,533	$106M	added+20%	−0.02 pp	2 q
unresolvedUltimate Software Group Inc	0.49%	731,205	$108M	trimmed−10%	0.00 pp	2 q
CHRWC.H. Robinson Worldwide, Inc.	0.47%	1,721,425	$103M	added+25%	+0.07 pp	2 q
FOSLFossil Group, Inc.	0.47%	874,900	$102M	new	+0.47 pp	new
unresolvedHomeaway Inc	0.47%	3,687,864	$103M	trimmed−4%	−0.18 pp	2 q
OAKOaktree Capital Group, LLC	0.44%	1,819,697	$95M	added+8%	−0.02 pp	2 q
unresolvedPanera Bread Co	0.44%	600,587	$95M	trimmed−0%	−0.14 pp	2 q
ACIWACI Worldwide, Inc.	0.43%	1,750,000	$95M	held	—	2 q
EVEaton Vance Corp	0.43%	2,429,892	$94M	trimmed−7%	−0.08 pp	2 q
AYIAcuity Inc.	0.42%	1,000,000	$92M	held	—	2 q
CLHClean Harbors, Inc	0.42%	1,578,708	$93M	added+2%	+0.01 pp	2 q
unresolvedIHS Inc 'A'	0.41%	788,700	$90M	added+4%	0.00 pp	2 q
unresolvedSeacor Holdings Inc.	0.41%	1,001,642	$91M	trimmed−0%	−0.02 pp	2 q
MANUManchester United PLC	0.40%	5,020,264	$87M	added+13%	+0.03 pp	2 q
unresolvedNielsen Holdings N V	0.40%	2,379,563	$87M	trimmed−0%	−0.02 pp	2 q
unresolvedInterval Leisure Group Inc	0.39%	3,575,454	$84M	added+5%	+0.04 pp	2 q
unresolvedTechne Corp	0.39%	1,053,380	$84M	trimmed−0%	+0.01 pp	2 q
unresolvedAdvisory Brd Co	0.38%	1,404,659	$84M	added+11%	+0.02 pp	2 q
unresolvedIconix Brand Group Inc	0.38%	2,500,000	$83M	trimmed−7%	−0.03 pp	2 q
PEGAPegasystems Inc	0.38%	2,062,177	$82M	trimmed−0%	+0.02 pp	2 q
SAMBoston Beer Company	0.37%	329,484	$80M	added+4%	+0.09 pp	2 q
ALXAlexander's Inc.	0.36%	275,058	$79M	trimmed−1%	−0.06 pp	2 q
CGNXCognex Corp	0.36%	2,500,000	$78M	trimmed−26%	−0.04 pp	2 q
unresolvedMadison Square Garden Co	0.36%	1,350,000	$78M	held	—	2 q
AL1Sumisho Air Lease Corp	0.35%	2,760,209	$76M	trimmed−8%	−0.08 pp	2 q
unresolvedDigitalglobe Inc	0.34%	2,339,546	$74M	added+14%	+0.01 pp	2 q
CAKECheesecake Factory (The)	0.33%	1,650,000	$73M	held	—	2 q
AREAlexandria Real Estate Equities, Inc.	0.32%	1,078,961	$69M	added+2%	−0.04 pp	2 q
VMIValmont Industries, Inc.	0.32%	495,375	$69M	held	—	2 q
CRRCarbo Ceramics Inc.	0.31%	681,458	$68M	trimmed−32%	−0.04 pp	2 q
unresolvedRyanair Holdings PLC ADR	0.31%	1,339,877	$67M	added+25%	+0.02 pp	2 q
unresolvedDreamWorks Animation SKG Inc.	0.30%	2,307,119	$66M	new	+0.30 pp	new
unresolvedAcxiom Corp	0.28%	2,165,248	$61M	added+37%	+0.09 pp	2 q
APAMArtisan Partners Asset Management Inc.	0.28%	1,171,913	$61M	added+8%	0.00 pp	2 q
unresolvedGlobe Specialty Metals Inc	0.28%	4,000,000	$62M	held	—	2 q
unresolvedLinkedin Corp Cl A	0.28%	247,891	$61M	added+1%	+0.05 pp	2 q
SLGSL Green Realty Corp.	0.28%	681,900	$61M	trimmed−16%	−0.09 pp	2 q
WSTWest Pharmaceutical Services, Inc.	0.28%	1,505,930	$62M	added×2.3	+0.16 pp	2 q
unresolvedPall Corp	0.26%	747,603	$58M	added+16%	+0.04 pp	2 q
RXNZurn Elkay Water Solutions Corporation	0.26%	2,682,403	$56M	trimmed−0%	+0.02 pp	2 q
WEXWEX Inc.	0.26%	650,000	$57M	held	—	2 q
unresolvedEmeritus Corp	0.25%	2,906,957	$54M	added+15%	−0.05 pp	2 q
MSMMSC Industrial Direct Co., Inc. Class A	0.25%	660,050	$54M	trimmed−0%	−0.02 pp	2 q
MASIMasimo Corporation	0.25%	2,043,344	$54M	trimmed−0%	+0.02 pp	2 q
NDSNNordson Corp	0.25%	750,000	$55M	held	—	2 q
CHEFThe Chef's Warehouse Inc	0.24%	2,292,250	$53M	added+31%	+0.08 pp	2 q
unresolvedSusser Petroleum Partners LP	0.24%	1,748,369	$53M	trimmed−0%	−0.03 pp	2 q
ICLRIcon Plc	0.24%	1,280,000	$52M	added+25%	+0.05 pp	2 q
FGAAmerican Campus Communities	0.23%	1,449,724	$50M	added+9%	−0.05 pp	2 q
unresolvedAngie's List	0.23%	2,259,000	$51M	added×6.4	+0.18 pp	2 q
FWMFairway Group Hldgs Corp Cl A Com Stk (De)	0.23%	1,985,188	$51M	added+25%	+0.03 pp	2 q
unresolvedAirgas Inc	0.22%	462,112	$49M	trimmed−13%	−0.04 pp	2 q
CHSPChesapeake Lodging Trust	0.22%	2,000,000	$47M	held	—	2 q
unresolvedMattress Firm Hldg Corp	0.22%	1,500,000	$48M	held	—	2 q
unresolvedPolypore International Inc	0.22%	1,174,731	$48M	trimmed−18%	−0.08 pp	2 q
ROPRoper Technologies, Inc.	0.22%	358,938	$48M	trimmed−0%	−0.01 pp	2 q
HSICHenry Schein Inc	0.22%	459,545	$48M	added0%	−0.01 pp	2 q
unresolvedSusser Hldgs Corp	0.22%	900,000	$48M	added+20%	+0.03 pp	2 q
PODDInsulet Corporation	0.21%	1,281,000	$46M	trimmed−0%	0.00 pp	2 q
unresolvedStarwood HOTELS&RESORTS Wrld	0.21%	677,852	$45M	added+39%	+0.05 pp	2 q
unresolvedScorpio Tankers Inc	0.21%	4,692,504	$46M	added+3%	0.00 pp	2 q
BJRIBJ's Restaurants, Inc.	0.20%	1,500,000	$43M	trimmed−14%	−0.14 pp	2 q
COHRCoherent Corp.	0.20%	708,767	$44M	held	—	2 q
FETForum Energy Technologies, Inc.	0.20%	1,628,342	$44M	added0%	−0.06 pp	2 q
37MMrc Global Inc	0.20%	1,609,064	$43M	added+10%	−0.01 pp	2 q
OASOasis Petroleum Inc	0.20%	903,270	$44M	added+1%	+0.02 pp	2 q
SRCLStericycle Inc	0.20%	374,176	$43M	trimmed−0%	−0.02 pp	2 q
TIFTiffany & Co.	0.20%	566,897	$43M	trimmed−0%	−0.02 pp	2 q
TSCOTractor Supply Co	0.20%	655,734	$44M	trimmed−0%	0.00 pp	2 q
ZQKQuicksilver,inc.	0.19%	6,000,000	$42M	trimmed−8%	−0.03 pp	2 q
SHOSunstone Hotel Investors, Inc.	0.19%	3,208,450	$41M	added+16%	+0.02 pp	2 q
unresolvedTumi Holdings Inc.	0.19%	2,071,850	$42M	added+15%	−0.04 pp	2 q
DXCMDexCom, Inc.	0.18%	1,369,154	$39M	trimmed−1%	+0.02 pp	2 q
SMSM Energy Company	0.18%	497,748	$38M	held	—	2 q
WYNTravel + Leisure Co.	0.18%	636,800	$39M	added+62%	+0.06 pp	2 q
unresolvedDiamond Resorts Intl Inc	0.17%	1,964,287	$37M	new	+0.17 pp	new
NCMINational CineMedia, Inc.	0.17%	2,000,000	$38M	held	—	2 q
unresolvedOn Assignment Inc	0.17%	1,097,250	$36M	added+10%	+0.03 pp	2 q
PSXPPhillips 66 Partners LP	0.17%	1,209,993	$37M	new	+0.17 pp	new
EPAYBottomline Technologies Inc	0.16%	1,238,050	$35M	added+55%	+0.06 pp	2 q
unresolvedCepheid	0.16%	882,500	$34M	added×6.6	+0.14 pp	2 q
DVADaVita Inc.	0.16%	600,000	$34M	new	+0.16 pp	new
ISRGIntuitive Surgical Inc.	0.16%	95,060	$36M	trimmed−30%	−0.20 pp	2 q
LVSLas Vegas Sands Corp.	0.16%	511,414	$34M	added+26%	+0.05 pp	2 q
VRSNVeriSign Inc	0.16%	699,434	$36M	trimmed−0%	0.00 pp	2 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.16%	1,124,390	$35M	added+51%	+0.04 pp	2 q
CSUSonida Senior Living, Inc.	0.15%	1,519,148	$32M	added+51%	+0.02 pp	2 q
DFRGDel Frisco's Restaurant Group, Inc.	0.15%	1,600,000	$32M	new	+0.15 pp	new
GGGGraco Inc	0.15%	450,000	$33M	trimmed−37%	−0.08 pp	2 q
LSTRLandstar System Inc	0.15%	594,600	$33M	held	—	2 q
MPLXMplx LP	0.15%	906,874	$33M	trimmed−1%	−0.03 pp	2 q
PAGPenske Automotive Group, Inc.	0.15%	750,000	$32M	held	—	2 q
TROWT Rowe Price Group Inc	0.15%	465,806	$34M	added+1%	−0.03 pp	2 q
unresolvedStarz	0.15%	1,180,865	$33M	trimmed−0%	+0.01 pp	2 q
AATAmerican Assets Trust, Inc.	0.14%	991,236	$30M	added+3%	−0.01 pp	2 q
TILEInterface Inc	0.14%	1,495,500	$30M	held	—	2 q
JLLJones Lang LaSalle, Inc.	0.14%	353,200	$31M	added+40%	+0.02 pp	2 q
unresolvedKeyw Holding Corp	0.14%	2,250,000	$30M	trimmed−25%	−0.07 pp	2 q
MGMistras Group Inc.	0.14%	1,850,000	$31M	held	—	2 q
SSTKShutterstock, Inc.	0.14%	416,525	$30M	added×3.8	+0.11 pp	2 q
unresolvedTesoro Logistics LP	0.14%	513,799	$30M	trimmed−13%	−0.05 pp	2 q
UHSUniversal Health Services, Inc. Class B	0.14%	405,540	$30M	added+35%	+0.03 pp	2 q
unresolvedBonanza Creek Energy Inc	0.12%	521,294	$25M	held	—	2 q
unresolvedCovance Inc	0.12%	300,000	$26M	held	—	2 q
ECLEcolab, Inc.	0.12%	258,631	$26M	trimmed−3%	0.00 pp	2 q
unresolvedPly Gem Holdings Inc	0.12%	1,948,560	$27M	trimmed−26%	−0.16 pp	2 q
PRLBProto Labs, Inc.	0.12%	350,000	$27M	held	—	2 q
unresolvedVitacost Com Inc	0.12%	3,000,000	$26M	trimmed−1%	−0.01 pp	2 q
unresolvedPerrigo Co	0.11%	203,294	$25M	trimmed−36%	−0.09 pp	2 q
8TGThermon Group Holdings Inc	0.11%	1,003,000	$23M	held	—	2 q
CERNCerner Corp	0.10%	409,183	$22M	trimmed−1%	0.00 pp	2 q
unresolvedEndologix Inc	0.10%	1,288,000	$21M	held	—	2 q
FRCBFirst Republic Bk CA	0.10%	451,916	$21M	held	—	2 q
unresolvedForestar Group Inc.	0.10%	1,059,850	$23M	added+22%	+0.01 pp	2 q
KWKennedy-wilson Holdings, Inc.	0.10%	1,161,700	$22M	added+18%	+0.01 pp	2 q
LOWLowe's Companies Inc.	0.10%	456,000	$22M	added+5%	+0.01 pp	2 q
VACMarriott Vacations Worldwide Corporation	0.10%	497,252	$22M	added+3%	−0.01 pp	2 q
unresolvedBravo Brio Restaurant Group	0.09%	1,250,000	$19M	held	—	2 q
unresolvedBrookfield Asset Mgmt Inc	0.09%	515,466	$19M	trimmed−7%	−0.01 pp	2 q
DISCKDiscovery Inc-c	0.09%	244,760	$19M	trimmed−4%	0.00 pp	2 q
unresolvedPrecision Castparts Corp	0.09%	82,330	$19M	trimmed−0%	−0.01 pp	2 q
SFMSprouts Farmers Market, Inc.	0.09%	424,484	$19M	new	+0.09 pp	new
SWKStanley Black & Decker, Inc.	0.09%	218,250	$20M	added+15%	+0.01 pp	2 q
ACTGAcacia Research Corporation	0.08%	750,000	$17M	trimmed−25%	−0.04 pp	2 q
MNManning & Napier, Inc.	0.08%	1,050,149	$18M	trimmed−2%	−0.02 pp	2 q
OISOil States International, Inc.	0.08%	158,481	$16M	trimmed−1%	0.00 pp	2 q
SXCSuncoke Energy Inc	0.08%	1,012,717	$17M	held	—	2 q
SSWSeaspan Corp	0.08%	734,231	$18M	held	—	2 q
unresolvedBrookfield Residential Pptys	0.07%	710,731	$16M	added+82%	+0.03 pp	2 q
CTXSCitrix Systems Inc	0.07%	213,546	$15M	added+3%	0.00 pp	2 q
DNRDenbury Resources, Inc.	0.07%	810,674	$15M	added0%	0.00 pp	2 q
unresolvedLeucadia National	0.07%	528,997	$14M	trimmed−0%	0.00 pp	2 q
MRCYMercury Systems Inc.	0.07%	1,500,000	$15M	trimmed−14%	−0.01 pp	2 q
unresolvedQuintiles Transnatio Hldgs I	0.07%	326,729	$15M	added+18%	+0.01 pp	2 q
unresolvedForest City Enterprises Inc	0.06%	664,119	$13M	added×9.0	+0.05 pp	2 q
unresolvedHalcon Res Corp	0.06%	2,814,722	$12M	trimmed−56%	−0.13 pp	2 q
NEOGNeogen Corp	0.06%	216,700	$13M	held	—	2 q
unresolvedStrategic Hotels & Resorts Inc	0.06%	1,548,850	$13M	added+17%	0.00 pp	2 q
SXCPSunCoke Energy Partners, L.P.	0.06%	555,377	$13M	added+43%	+0.02 pp	2 q
TTEKTetra Tech Inc	0.06%	522,200	$14M	trimmed−19%	−0.02 pp	2 q
BIPBrookfield Infrastructure Partners L.P.	0.06%	320,200	$12M	added+21%	+0.01 pp	2 q
AMZNAmazon.Com Inc	0.05%	34,644	$11M	trimmed−0%	0.00 pp	2 q
unresolvedAthlon Energy Inc	0.05%	322,718	$11M	new	+0.05 pp	new
unresolvedGoogle Inc.	0.05%	13,369	$12M	trimmed−0%	−0.01 pp	2 q
LULUlululemon athletica inc.	0.05%	156,479	$11M	trimmed−1%	0.00 pp	2 q
RHTRed Hat Inc	0.05%	234,762	$11M	added+6%	−0.01 pp	2 q
SFLYShutterfly, Inc.	0.05%	179,500	$10M	trimmed−1%	0.00 pp	2 q
unresolvedAshford Hospitality Trust Inc	0.04%	776,300	$10M	held	—	2 q
CMECME Group Inc.	0.04%	122,697	$9M	added+7%	−0.01 pp	2 q
METAMeta Platforms, Inc. Class A	0.04%	166,670	$8M	added+4%	+0.02 pp	2 q
unresolvedIpc The Hospitalist Co Inc	0.04%	150,000	$8M	trimmed−0%	0.00 pp	2 q
unresolvedMicros Sys Inc	0.04%	189,375	$9M	trimmed−66%	−0.08 pp	2 q
MHKMohawk Industries, Inc.	0.04%	65,414	$9M	trimmed−0%	0.00 pp	2 q
TPHTri Pointe Homes, Inc.	0.04%	560,000	$8M	added+4%	−0.01 pp	2 q
VNOVornado Realty Trust	0.04%	92,537	$8M	added+7%	0.00 pp	2 q
unresolvedZillow	0.04%	112,460	$9M	trimmed−79%	−0.11 pp	2 q
GLNGGolar LNG Ltd	0.04%	240,057	$9M	trimmed−10%	0.00 pp	2 q
AMTAmerican Tower Corporation	0.03%	100,396	$7M	added+96%	+0.01 pp	2 q
AAPLApple Inc.	0.03%	11,983	$6M	added+1%	+0.01 pp	2 q
BCCBoise Cascade Company	0.03%	236,419	$6M	trimmed−36%	−0.02 pp	2 q
BLDRBuilders FirstSource, Inc.	0.03%	1,169,630	$7M	held	—	2 q
CONECyrusOne Inc	0.03%	369,522	$7M	added+14%	0.00 pp	2 q
ORLYO'Reilly Automotive, Inc.	0.03%	53,225	$7M	trimmed−1%	0.00 pp	2 q
CRMSalesforce, Inc.	0.03%	140,500	$7M	trimmed−12%	0.00 pp	2 q
unresolvedSirona Dental Systems Inc	0.03%	90,300	$6M	added×5.4	+0.02 pp	2 q
DATATableau Software, Inc.	0.03%	100,000	$7M	trimmed−1%	0.00 pp	2 q
unresolvedVca Inc	0.03%	200,000	$5M	held	—	2 q
unresolvedWestern Gas Equity Partners	0.03%	180,888	$7M	trimmed−12%	−0.01 pp	2 q
unresolvedXoom Corporation	0.03%	215,500	$7M	trimmed−29%	−0.01 pp	2 q
unresolvedSodastream International Ltd	0.03%	99,000	$6M	added×5.0	+0.02 pp	2 q
unresolvedFranks Intl N V	0.03%	225,000	$7M	new	+0.03 pp	new
unresolvedGolar Lng Partners LP	0.03%	174,892	$6M	trimmed−79%	−0.12 pp	2 q
EBAYeBay Inc	0.02%	62,551	$3M	added+11%	0.00 pp	2 q
unresolvedEducation Realty Trust, Inc.	0.02%	485,588	$4M	added+23%	0.00 pp	2 q
FTNTFortinet, Inc.	0.02%	170,500	$3M	trimmed−43%	−0.01 pp	2 q
GRPNGroupon, Inc.	0.02%	446,500	$5M	new	+0.02 pp	new
unresolvedImperva Inc	0.02%	102,500	$4M	trimmed−17%	−0.01 pp	2 q
unresolvedIntercontinental Exchange Ange	0.02%	25,500	$5M	added+10%	0.00 pp	2 q
unresolvedLifelock Inc	0.02%	258,000	$4M	new	+0.02 pp	new
MAMastercard Incorporated	0.02%	5,969	$4M	held	—	2 q
unresolvedMonsanto Co	0.02%	43,902	$5M	added+13%	0.00 pp	2 q
NFLXNetFlix Inc	0.02%	15,500	$5M	new	+0.02 pp	new
OCOwens Corning	0.02%	129,100	$5M	added+37%	0.00 pp	2 q
unresolvedPandora Media Inc	0.02%	181,500	$5M	new	+0.02 pp	new
unresolvedRose Rock Midstream L P	0.02%	115,415	$4M	held	—	2 q
SBUXStarbucks Corp	0.02%	49,932	$4M	held	—	2 q
VVISA Inc.	0.02%	26,466	$5M	held	—	2 q
unresolvedWhole Foods Market	0.02%	75,802	$4M	trimmed−51%	−0.02 pp	2 q
MLNXMellanox Technologies Ltd	0.02%	113,571	$4M	new	+0.02 pp	new
ASMLASML Holding NV	0.02%	41,662	$4M	new	+0.02 pp	new
AAgilent Technologies Inc.	0.01%	26,000	$1M	held	—	2 q
ALGNAlign Technology Inc	0.01%	29,800	$1M	held	—	2 q
BXPBXP, Inc.	0.01%	11,000	$1M	added+53%	+0.01 pp	2 q
COSTCostco Wholesale Corp	0.01%	14,396	$2M	held	—	2 q
HHCThe Howard Hughes Corporation	0.01%	19,364	$2M	added+92%	0.00 pp	2 q
unresolvedNq Mobile Inc - ADR	0.01%	140,000	$3M	trimmed−10%	0.00 pp	2 q
OMCOmnicom Group Inc.	0.01%	26,167	$2M	trimmed−1%	0.00 pp	2 q
RHIRobert Half Inc.	0.01%	81,004	$3M	held	—	2 q
SPGSimon Property Group, Inc.	0.01%	7,800	$1M	added+66%	+0.01 pp	2 q
TOLToll Brothers, Inc.	0.01%	98,000	$3M	held	—	2 q
VNETVNET Group, Inc.	0.01%	80,000	$1M	held	—	2 q
WABWabtec Inc.	0.01%	50,870	$3M	new	+0.01 pp	new
YUMYum! Brands, Inc.	0.01%	44,385	$3M	held	—	2 q
SINASina Corp	0.01%	37,000	$3M	held	—	2 q
CHKPCheck Point Software Technologies Ltd	0.01%	21,361	$1M	held	—	2 q
NBISNebius Group N.V. Class A	0.01%	37,433	$1M	added+17%	+0.01 pp	2 q
SDLPSeadrill Partners LLC	0.01%	41,574	$1M	held	—	2 q
APCAnadarko Petroleum Corp	0.00%	3,839	$357,000	trimmed−6%	0.00 pp	2 q
unresolvedAtlas Energy LP	0.00%	7,426	$406,000	held	—	2 q
BIDUBaidu, Inc.	0.00%	573	$89,000	added+10%	0.00 pp	2 q
GTLSChart Inds Inc	0.00%	4,494	$553,000	trimmed−15%	0.00 pp	2 q
unresolvedCobalt Intl Energy Inc	0.00%	10,795	$268,000	held	—	2 q
unresolvedCredit Suisse Group Spon ADR	0.00%	25,000	$764,000	added+39%	0.00 pp	2 q
unresolvedCytec Inds Inc	0.00%	1,584	$129,000	trimmed−21%	0.00 pp	2 q
EOGEOG Resources, Inc.	0.00%	1,584	$268,000	new	0.00 pp	new
EVTCEvertec, Inc.	0.00%	5,397	$120,000	held	—	2 q
unresolvedFlotek Industries Inc DEL	0.00%	9,700	$223,000	new	0.00 pp	new
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.00%	4,000	$388,000	added+43%	0.00 pp	2 q
FCXFreeport-McMoran Inc.	0.00%	4,537	$150,000	held	—	2 q
GRFSGrifois, S.A.	0.00%	27,000	$818,000	held	—	2 q
GPORGulfport Energy Corporation	0.00%	5,008	$322,000	added+85%	0.00 pp	2 q
HALHalliburton Company	0.00%	13,596	$655,000	held	—	2 q
IBNICICI Bank Limited	0.00%	2,117	$65,000	trimmed−94%	−0.01 pp	2 q
unresolvedKodiak Oil & Gas Corp	0.00%	42,302	$510,000	trimmed−5%	0.00 pp	2 q
MPCMarathon Petroleum Corporation	0.00%	2,901	$187,000	added+18%	0.00 pp	2 q
NOVNOV Inc.	0.00%	5,743	$449,000	trimmed−23%	0.00 pp	2 q
unresolvedNew Oriental Ed & Tech Grp I	0.00%	3,236	$81,000	held	—	2 q
NBLNoble Energy, Inc.	0.00%	9,649	$647,000	held	—	2 q
PRIMPrimoris Services Corporation	0.00%	19,902	$507,000	added+9%	0.00 pp	2 q
RNETRigNet, Inc.	0.00%	7,790	$282,000	held	—	2 q
PRKSUnited Parks & Resorts Inc.	0.00%	11,200	$332,000	held	—	2 q
SQMSociedad Quimica y Minera de Chile SA	0.00%	6,500	$199,000	added+48%	0.00 pp	2 q
SW5Southwestern Energy Co	0.00%	6,957	$253,000	trimmed−32%	0.00 pp	2 q
SUSuncor Energy, Inc.	0.00%	18,000	$644,000	new	0.00 pp	new
unresolvedSuperior Energy Services Inc	0.00%	28,957	$725,000	held	—	2 q
SYTSyngenta Ag-adr	0.00%	12,000	$976,000	held	—	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.00%	23,000	$390,000	added+92%	0.00 pp	2 q
unresolvedTallgrass Energy Partners LP	0.00%	26,302	$613,000	held	—	2 q
unresolvedTesoro Corp	0.00%	5,790	$255,000	added+16%	0.00 pp	2 q
unresolvedWuxi Pharmatech Adr	0.00%	17,000	$466,000	added+55%	0.00 pp	2 q
unresolvedWestern Gas Partners LP	0.00%	5,837	$351,000	added+84%	0.00 pp	2 q
unresolvedYouku Inc ADR	0.00%	878	$24,000	held	—	2 q
BPY-UCADBrookfield Property Partners	0.00%	5,582	$108,000	held	—	2 q
unresolvedEnsco PLC	0.00%	3,558	$191,000	trimmed−43%	0.00 pp	2 q
GLREGreenlight Captial RE, LTD. Class A	0.00%	5,580	$159,000	held	—	2 q
HOLIHollysys Automation Technolo	0.00%	25,000	$374,000	added+4%	0.00 pp	2 q
RDWRRadware Ltd.	0.00%	50,000	$697,000	trimmed−86%	−0.03 pp	2 q
CSTMConstellium SE Class A	0.00%	39,000	$757,000	new	0.00 pp	new
unresolvedQiagen N.V	0.00%	20,000	$428,000	held	—	2 q
CPACopa Holdings, S.A.	0.00%	2,500	$347,000	new	0.00 pp	new
unresolvedFossil Inc	—	−873,205	—	exited	−0.47 pp	—
unresolvedAmeristar Casinos Inc	—	−2,920,871	—	exited	−0.40 pp	—
unresolvedCeres Inc	—	−1,590,400	—	exited	−0.03 pp	—
XONEExone CO/THE	—	−95,102	—	exited	−0.03 pp	—
IPIIntrepid Potash, Inc	—	−230,000	—	exited	−0.02 pp	—
unresolvedAsml Holding N V	—	−39,682	—	exited	−0.02 pp	—
unresolvedOpentable	—	−38,853	—	exited	−0.01 pp	—
EXPDExpeditors International of Washington, Inc.	—	−250	—	exited	0.00 pp	—
unresolvedTms International Corp-a	—	−7,875	—	exited	0.00 pp	—
VSIVitamin Shoppe Inc.	—	−13,000	—	exited	0.00 pp	—