Baron Capital

Q1 2014 13F · by Ron Baron, CEO

As of: Mar 31, 2014
Filed: May 15, 2014
US stock: $24.5B · prev $24.1B
Positions: 358 · prev 347
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%

Moves334 since the prior filing

+5.7 pp in · −5.8 pp out

New 36 +2.08 pp
Added 178 +3.63 pp
Trimmed 95 −4.64 pp
Exited 25 −1.12 pp

The book

Diversified · behaves like 110 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions11% of US stock

IT Gartner, Inc. added−0.10 pp added−0.102.6%
unresolved Itc Hldgs Corp added+0.28 pp added+0.282.3%
ACGL Arch Capital Group Ltd trimmed−0.14 pp trimmed−0.142.2%
DKS Dick's Sporting Goods, Inc. trimmed−0.16 pp trimmed−0.161.9%
IDXX Idexx Laboratories Inc added+0.20 pp added+0.201.8%

Positions358 in this filing · 25 exited


ITGartner, Inc.	2.60%	9,186,550	$638M	added0%	−0.10 pp	4 q
unresolvedItc Hldgs Corp	2.32%	15,218,535	$568M	added×3.0	+0.28 pp	4 q
ACGLArch Capital Group Ltd	2.22%	9,454,048	$544M	trimmed−1%	−0.14 pp	4 q
DKSDick's Sporting Goods, Inc.	1.91%	8,577,736	$468M	trimmed−0%	−0.16 pp	4 q
IDXXIdexx Laboratories Inc	1.84%	3,729,920	$453M	added0%	+0.20 pp	4 q
CSGPCoStar Group Inc	1.68%	2,208,587	$412M	added+10%	+0.15 pp	4 q
FDSFactset Research Systems	1.61%	3,671,020	$396M	trimmed−2%	−0.07 pp	4 q
GWRGenesee & Wyoming Inc.	1.59%	3,998,681	$389M	trimmed−0%	−0.01 pp	4 q
unresolvedColfax Corp	1.57%	5,387,826	$384M	added+5%	+0.22 pp	4 q
MTNVail Resorts, Inc.	1.53%	5,376,813	$375M	added0%	−0.15 pp	4 q
GLPIGaming and Leisure Properties, Inc.	1.51%	10,179,931	$371M	added+25%	−0.21 pp	2 q
UAAUnder Armour, Inc.	1.49%	3,193,166	$366M	trimmed−9%	+0.23 pp	4 q
HHyatt Hotels Corporation	1.46%	6,644,394	$358M	added+3%	+0.13 pp	4 q
MIDDMiddleby Corp	1.44%	1,336,453	$353M	trimmed−0%	+0.11 pp	4 q
UNFIUnited Natural Foods Inc	1.42%	4,924,537	$349M	added0%	−0.12 pp	4 q
CLBCore Laboratories Inc.	1.41%	1,743,811	$346M	added0%	+0.03 pp	4 q
unresolvedSBA Comms Corp	1.39%	3,762,193	$342M	trimmed−3%	−0.06 pp	4 q
MTDMettler-Toledo International	1.30%	1,356,967	$320M	added0%	−0.06 pp	4 q
HPHelmerich & Payne, Inc.	1.24%	2,822,761	$304M	added0%	+0.26 pp	4 q
AKXAnsys Inc	1.13%	3,615,232	$278M	trimmed−4%	−0.24 pp	4 q
GNRCGenerac Holdings Inc	1.10%	4,580,368	$270M	trimmed−5%	−0.03 pp	4 q
CHHChoice Hotels Intnl.	1.06%	5,672,441	$261M	added0%	−0.09 pp	4 q
VRSKVerisk Analytics, Inc.	1.04%	4,268,379	$256M	trimmed−2%	−0.15 pp	4 q
ILMNIllumina Inc	1.03%	1,705,740	$254M	trimmed−23%	+0.02 pp	4 q
TRGPTarga Resources Corp.	0.96%	2,365,614	$235M	trimmed−0%	+0.10 pp	4 q
WYNNWynn Resorts Ltd	0.96%	1,059,921	$235M	added0%	+0.11 pp	4 q
GWREGuidewire Software, Inc.	0.94%	4,707,227	$231M	added+5%	+0.03 pp	4 q
BFAMBright Horizons Family Solutions Inc.	0.90%	5,622,760	$220M	added+26%	+0.22 pp	4 q
CXOConcho Resources Inc.	0.90%	1,809,953	$222M	added+3%	+0.11 pp	4 q
unresolvedLumber Liquidators Hldgs Inc	0.89%	2,337,163	$219M	added0%	−0.10 pp	4 q
FASTFastenal Co	0.88%	4,397,084	$217M	added0%	+0.01 pp	4 q
SCHWThe Charles Schwab Corporation	0.87%	7,770,570	$212M	trimmed−4%	−0.01 pp	4 q
CYHCommunity Health Systems, Inc.	0.86%	5,392,684	$211M	trimmed−20%	−0.24 pp	4 q
THSTreehouse Foods, Inc.	0.86%	2,932,127	$211M	added+7%	+0.07 pp	4 q
FLTCorpay, Inc.	0.85%	1,818,604	$209M	trimmed−4%	−0.07 pp	4 q
LKQLKQ Corporation	0.84%	7,857,701	$207M	trimmed−27%	−0.62 pp	4 q
BKDBrookdale Senior Living, Inc.	0.82%	5,987,391	$201M	added+9%	+0.20 pp	4 q
CPRTCopart Inc	0.79%	5,306,549	$193M	added0%	−0.02 pp	4 q
AL1Sumisho Air Lease Corp	0.77%	5,044,944	$188M	added+83%	+0.41 pp	4 q
CSTECaesarstone Ltd.	0.77%	3,466,587	$189M	added+1%	+0.06 pp	4 q
KMXCarMax Inc.	0.75%	3,942,811	$185M	added+11%	+0.06 pp	4 q
TDGTransDigm Group Incorporated	0.75%	1,000,000	$185M	held	—	4 q
MMSMAXIMUS, Inc.	0.73%	3,995,670	$179M	added0%	0.00 pp	4 q
unresolvedThe Carlyle Group	0.69%	4,826,634	$170M	added0%	−0.02 pp	4 q
unresolvedFEI Company	0.69%	1,650,515	$170M	held	—	4 q
MSCIMSCI, Inc.	0.69%	3,923,670	$169M	trimmed−3%	−0.04 pp	4 q
PRIPrimerica, Inc.	0.69%	3,598,463	$170M	added+4%	+0.08 pp	4 q
MANUManchester United PLC	0.69%	9,768,995	$168M	added+52%	+0.28 pp	4 q
BAHBooz Allen Hamilton Holding Corporation	0.68%	7,622,455	$168M	held	—	4 q
unresolvedFinancial Engines	0.68%	3,311,218	$168M	added+4%	−0.24 pp	4 q
CBRECbre Group, Inc.	0.67%	6,001,941	$165M	trimmed−8%	−0.04 pp	4 q
SSNCSS&C Technologies Inc	0.63%	3,863,337	$155M	held	—	4 q
unresolvedAdvent Software Inc	0.59%	4,961,258	$146M	added+5%	−0.09 pp	4 q
CHDChurch & Dwight Co., Inc.	0.59%	2,105,285	$145M	added0%	+0.01 pp	4 q
DEIDouglas Emmett, Inc.	0.58%	5,223,596	$142M	added+1%	+0.08 pp	4 q
unresolvedEquinix Inc	0.57%	762,843	$141M	added+10%	+0.06 pp	4 q
unresolvedPinnacle Entertainment Inc.	0.57%	5,916,297	$140M	added0%	−0.07 pp	4 q
unresolvedHomeaway Inc	0.55%	3,602,871	$136M	trimmed−0%	−0.06 pp	4 q
unresolvedPriceline Grp Inc	0.54%	110,775	$132M	trimmed−1%	0.00 pp	4 q
MORNMorningstar, Inc.	0.53%	1,657,919	$131M	trimmed−1%	−0.01 pp	4 q
CNSCohen & Steers Inc.	0.52%	3,173,119	$126M	added0%	−0.01 pp	4 q
unresolvedLasalle Hotel Pptys	0.51%	3,986,726	$125M	added+3%	+0.01 pp	4 q
TCSThe Container Store Group, Inc.	0.50%	3,639,937	$124M	added×3.2	+0.28 pp	2 q
AYIAcuity Inc.	0.49%	900,000	$119M	held	—	4 q
unresolvedDevry Ed Group Inc	0.49%	2,811,650	$119M	trimmed−0%	+0.07 pp	4 q
APAMArtisan Partners Asset Management Inc.	0.47%	1,790,622	$115M	added+51%	+0.15 pp	4 q
BERYBerry Global Group, Inc.	0.47%	4,964,785	$115M	added0%	−0.02 pp	4 q
DISCADiscovery, Inc. Series A	0.47%	1,401,611	$116M	trimmed−8%	−0.10 pp	4 q
unresolvedAdvisory Brd Co	0.46%	1,745,775	$112M	added+4%	+0.02 pp	4 q
unresolvedDreamWorks Animation SKG Inc.	0.45%	4,173,825	$111M	trimmed−4%	−0.19 pp	3 q
unresolvedWaste Connections Inc	0.45%	2,500,000	$110M	held	—	4 q
OAKOaktree Capital Group, LLC	0.44%	1,861,617	$108M	added0%	−0.01 pp	4 q
unresolvedConcur Technologies Inc	0.43%	1,066,044	$106M	added+1%	−0.02 pp	4 q
unresolvedPanera Bread Co	0.43%	599,682	$106M	trimmed−0%	−0.01 pp	4 q
FOSLFossil Group, Inc.	0.42%	879,795	$103M	added+1%	−0.02 pp	3 q
ACIWACI Worldwide, Inc.	0.41%	1,680,700	$99M	trimmed−4%	−0.06 pp	4 q
EWEdwards Lifesciences Corp	0.41%	1,354,511	$100M	trimmed−12%	−0.01 pp	4 q
unresolvedUltimate Software Group Inc	0.41%	731,205	$100M	held	—	4 q
ALXAlexander's Inc.	0.39%	264,256	$95M	trimmed−0%	+0.03 pp	4 q
CRRCarbo Ceramics Inc.	0.39%	693,982	$96M	added+2%	+0.06 pp	4 q
unresolvedEmeritus Corp	0.39%	3,055,747	$96M	added+33%	+0.18 pp	4 q
unresolvedInterval Leisure Group Inc	0.39%	3,707,999	$97M	added+2%	−0.08 pp	4 q
unresolvedLiberty Media Corp Delaware	0.39%	733,452	$96M	trimmed−35%	−0.29 pp	4 q
PENNPENN Entertainment, Inc.	0.39%	7,724,763	$95M	trimmed−2%	−0.08 pp	4 q
unresolvedNielsen Holdings N V	0.39%	2,136,796	$95M	trimmed−3%	−0.03 pp	4 q
TSLATesla, Inc.	0.38%	444,484	$93M	new	+0.38 pp	new
unresolvedTechne Corp	0.37%	1,053,380	$90M	held	—	4 q
unresolvedAcxiom Corp	0.34%	2,453,458	$84M	added+6%	−0.02 pp	4 q
BNFTBenefitfocus, Inc.	0.34%	1,794,991	$84M	added+40%	+0.03 pp	2 q
unresolvedGlobe Specialty Metals Inc	0.34%	4,000,000	$83M	held	—	4 q
SAMBoston Beer Company	0.33%	330,101	$81M	added0%	0.00 pp	4 q
unresolvedStarwood HOTELS&RESORTS Wrld	0.33%	1,025,807	$82M	added+14%	+0.03 pp	4 q
WSTWest Pharmaceutical Services, Inc.	0.33%	1,820,884	$80M	trimmed−0%	−0.04 pp	4 q
CAKECheesecake Factory (The)	0.32%	1,650,000	$79M	held	—	4 q
unresolvedIconix Brand Group Inc	0.32%	2,000,000	$79M	trimmed−11%	−0.05 pp	4 q
AREAlexandria Real Estate Equities, Inc.	0.31%	1,065,639	$77M	added+9%	+0.05 pp	4 q
CLHClean Harbors, Inc	0.31%	1,405,803	$77M	trimmed−10%	−0.08 pp	4 q
unresolvedSeacor Holdings Inc.	0.31%	879,086	$76M	trimmed−12%	−0.07 pp	4 q
unresolvedDigitalglobe Inc	0.30%	2,580,600	$75M	added+10%	−0.10 pp	4 q
TROWT Rowe Price Group Inc	0.30%	907,875	$75M	added+98%	+0.14 pp	4 q
RXNZurn Elkay Water Solutions Corporation	0.30%	2,559,944	$74M	trimmed−5%	0.00 pp	4 q
VMIValmont Industries, Inc.	0.30%	494,105	$74M	held	—	4 q
1885807DAthenahealth Inc	0.29%	445,064	$71M	new	+0.29 pp	new
unresolvedMadison Square Garden Co	0.29%	1,250,000	$71M	trimmed−7%	−0.03 pp	4 q
unresolvedMattress Firm Hldg Corp	0.29%	1,506,500	$72M	added0%	+0.02 pp	4 q
PEGAPegasystems Inc	0.29%	1,996,677	$71M	trimmed−3%	−0.13 pp	4 q
RLRalph Lauren Corporation	0.29%	439,401	$71M	trimmed−36%	−0.21 pp	4 q
ICLRIcon Plc	0.28%	1,430,000	$68M	held	—	4 q
VACMarriott Vacations Worldwide Corporation	0.27%	1,196,302	$67M	added×2.2	+0.15 pp	4 q
unresolvedPall Corp	0.27%	751,098	$67M	added0%	+0.01 pp	4 q
RPRealPage, Inc.	0.27%	3,624,492	$66M	trimmed−43%	−0.34 pp	4 q
ESNTEssent Group LTD	0.27%	2,906,165	$65M	added0%	−0.02 pp	2 q
unresolvedPlatform Specialty Prods Cor	0.26%	3,333,333	$64M	new	+0.26 pp	new
WEXWEX Inc.	0.25%	650,000	$62M	held	—	4 q
WYNTravel + Leisure Co.	0.25%	825,302	$60M	added+1%	0.00 pp	4 q
EPAYBottomline Technologies Inc	0.24%	1,705,050	$60M	added+19%	+0.03 pp	4 q
CGNXCognex Corp	0.24%	1,750,000	$59M	trimmed−5%	−0.05 pp	4 q
EVEaton Vance Corp	0.24%	1,542,426	$59M	trimmed−29%	−0.15 pp	4 q
unresolvedIHS Inc 'A'	0.24%	484,422	$59M	added0%	0.00 pp	4 q
PSXPPhillips 66 Partners LP	0.24%	1,212,897	$59M	added0%	+0.05 pp	3 q
unresolvedSusser Hldgs Corp	0.24%	950,600	$59M	added+9%	0.00 pp	4 q
DFRGDel Frisco's Restaurant Group, Inc.	0.23%	2,061,500	$58M	trimmed−0%	+0.03 pp	3 q
DXCMDexCom, Inc.	0.23%	1,354,112	$56M	trimmed−0%	+0.03 pp	4 q
MSMMSC Industrial Direct Co., Inc. Class A	0.23%	649,825	$56M	trimmed−1%	+0.01 pp	4 q
NDSNNordson Corp	0.22%	750,000	$53M	held	—	4 q
HSICHenry Schein Inc	0.22%	455,571	$54M	added0%	0.00 pp	4 q
CSUSonida Senior Living, Inc.	0.21%	1,957,156	$51M	added+9%	+0.03 pp	4 q
CHEFThe Chef's Warehouse Inc	0.21%	2,392,450	$51M	held	—	4 q
CHSPChesapeake Lodging Trust	0.21%	2,019,000	$52M	added+1%	0.00 pp	4 q
unresolvedSusser Petroleum Partners LP	0.21%	1,484,219	$52M	held	—	4 q
unresolvedScorpio Tankers Inc	0.21%	5,078,104	$51M	added+8%	−0.02 pp	4 q
unresolvedAirgas Inc	0.20%	460,350	$49M	added0%	−0.01 pp	4 q
FGAAmerican Campus Communities	0.20%	1,302,071	$49M	added+8%	+0.04 pp	4 q
JLLJones Lang LaSalle, Inc.	0.20%	409,316	$49M	added+4%	+0.03 pp	4 q
SSTKShutterstock, Inc.	0.20%	688,943	$50M	added+4%	−0.03 pp	4 q
TIFTiffany & Co.	0.20%	564,449	$49M	added+1%	−0.02 pp	4 q
unresolvedCepheid	0.19%	889,830	$46M	added+1%	+0.02 pp	4 q
COHRCoherent Corp.	0.19%	715,627	$47M	added0%	−0.03 pp	4 q
FETForum Energy Technologies, Inc.	0.19%	1,545,142	$48M	added+1%	+0.01 pp	4 q
unresolvedHeartware Intl Inc	0.19%	500,000	$47M	new	+0.19 pp	new
LVSLas Vegas Sands Corp.	0.19%	564,394	$46M	added0%	+0.01 pp	4 q
unresolvedOn Assignment Inc	0.19%	1,197,250	$46M	added+9%	+0.03 pp	4 q
unresolvedRsp Permian Inc	0.19%	1,591,800	$46M	new	+0.19 pp	new
SHOSunstone Hotel Investors, Inc.	0.19%	3,316,128	$46M	added+4%	+0.01 pp	4 q
TSCOTractor Supply Co	0.19%	648,656	$46M	trimmed−0%	−0.02 pp	4 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.19%	1,479,608	$48M	added+1%	−0.03 pp	4 q
unresolvedFlotek Industries Inc DEL	0.18%	1,599,352	$45M	added+2%	+0.05 pp	3 q
SLGSL Green Realty Corp.	0.18%	450,425	$45M	trimmed−16%	−0.03 pp	4 q
unresolvedTumi Holdings Inc.	0.18%	1,900,000	$43M	held	—	4 q
HDHome Depot, Inc.	0.17%	519,788	$41M	added+16%	+0.02 pp	2 q
unresolvedLinkedin Corp Cl A	0.17%	227,470	$42M	trimmed−10%	−0.06 pp	4 q
ROPRoper Technologies, Inc.	0.17%	316,167	$42M	trimmed−0%	−0.01 pp	4 q
unresolvedDiamond Resorts Intl Inc	0.16%	2,370,575	$40M	held	—	3 q
unresolvedKeyw Holding Corp	0.15%	1,969,119	$37M	added+1%	+0.04 pp	4 q
MASIMasimo Corporation	0.15%	1,366,477	$37M	trimmed−0%	−0.02 pp	4 q
SMSM Energy Company	0.15%	500,648	$36M	added0%	−0.02 pp	4 q
VRSNVeriSign Inc	0.15%	701,729	$38M	added+1%	−0.02 pp	4 q
WABWabtec Inc.	0.15%	484,529	$38M	added+32%	+0.04 pp	3 q
unresolvedCooper Cos Inc/The	0.14%	245,624	$34M	new	+0.14 pp	new
GGGGraco Inc	0.14%	450,000	$34M	held	—	4 q
LSTRLandstar System Inc	0.14%	593,300	$35M	held	—	4 q
OASOasis Petroleum Inc	0.14%	827,919	$35M	trimmed−10%	−0.04 pp	4 q
UHSUniversal Health Services, Inc. Class B	0.14%	405,540	$33M	held	—	4 q
unresolvedWestern Refng Logistics LP	0.14%	1,063,939	$33M	added+2%	+0.03 pp	2 q
AATAmerican Assets Trust, Inc.	0.13%	930,000	$31M	trimmed−7%	0.00 pp	4 q
BJRIBJ's Restaurants, Inc.	0.13%	1,000,000	$33M	trimmed−20%	−0.03 pp	4 q
unresolvedCovance Inc	0.13%	300,000	$31M	held	—	4 q
PAGPenske Automotive Group, Inc.	0.13%	750,000	$32M	held	—	4 q
SRCLStericycle Inc	0.13%	280,863	$32M	trimmed−7%	−0.02 pp	4 q
unresolvedTesoro Logistics LP	0.13%	518,999	$31M	held	—	4 q
unresolvedBonanza Creek Energy Inc	0.12%	683,948	$30M	added+29%	+0.02 pp	4 q
SCORcomScore, Inc.	0.12%	906,416	$30M	new	+0.12 pp	new
TILEInterface Inc	0.12%	1,451,700	$30M	held	—	4 q
KWKennedy-wilson Holdings, Inc.	0.12%	1,314,471	$30M	held	—	4 q
37MMrc Global Inc	0.12%	1,118,071	$30M	trimmed−27%	−0.09 pp	4 q
NCMINational CineMedia, Inc.	0.12%	2,000,000	$30M	held	—	4 q
ZQKQuicksilver,inc.	0.12%	4,000,000	$30M	held	—	4 q
unresolvedRally Software Dev Corp	0.12%	2,133,989	$29M	added+4%	−0.04 pp	2 q
unresolvedValero Energy Partners LP	0.12%	722,400	$29M	trimmed−1%	+0.02 pp	2 q
unresolvedAngie's List	0.11%	2,152,550	$26M	added+3%	−0.02 pp	4 q
unresolvedAtlas Energy LP	0.11%	654,886	$28M	added×26.9	+0.11 pp	4 q
unresolvedBrookfield Residential Pptys	0.11%	1,281,400	$27M	added+31%	+0.01 pp	4 q
IMAXImax Corp	0.11%	987,000	$27M	trimmed−21%	−0.04 pp	2 q
MDSOMedidata Solutions, Inc.	0.11%	518,040	$28M	added×4.3	+0.08 pp	2 q
ECLEcolab, Inc.	0.10%	237,556	$26M	trimmed−2%	0.00 pp	4 q
FRCBFirst Republic Bk CA	0.10%	451,916	$24M	held	—	4 q
SXCSuncoke Energy Inc	0.10%	1,024,717	$23M	added+1%	0.00 pp	4 q
unresolvedBrookfield Asset Mgmt Inc	0.09%	565,736	$23M	added+1%	0.00 pp	4 q
CERNCerner Corp	0.09%	412,562	$23M	added+1%	0.00 pp	4 q
STAYExtended Stay America, Inc. Paired Share	0.09%	1,001,304	$23M	added×2.9	+0.05 pp	2 q
unresolvedForest City Enterprises Inc	0.09%	1,113,394	$21M	held	—	4 q
LOWLowe's Companies Inc.	0.09%	467,514	$23M	added+20%	+0.01 pp	4 q
unresolvedStrategic Hotels & Resorts Inc	0.09%	2,092,776	$21M	added+10%	+0.02 pp	4 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.08%	655,600	$19M	new	+0.08 pp	new
MGMistras Group Inc.	0.08%	850,000	$19M	held	—	4 q
NEOGNeogen Corp	0.08%	445,596	$20M	added+37%	+0.02 pp	4 q
unresolvedPrecision Castparts Corp	0.08%	77,662	$20M	added+2%	−0.01 pp	4 q
SPGSimon Property Group, Inc.	0.08%	118,877	$19M	added×12.0	+0.07 pp	4 q
AMTAmerican Tower Corporation	0.07%	204,479	$17M	added+31%	+0.02 pp	4 q
unresolvedCoupons.com, Inc.	0.07%	650,000	$16M	new	+0.07 pp	new
DISCKDiscovery Inc-c	0.07%	231,686	$18M	trimmed−1%	−0.01 pp	4 q
HHCThe Howard Hughes Corporation	0.07%	121,441	$17M	added+15%	+0.02 pp	4 q
OISOil States International, Inc.	0.07%	162,481	$16M	added0%	0.00 pp	4 q
unresolvedQuintiles Transnatio Hldgs I	0.07%	327,309	$17M	added+30%	+0.02 pp	4 q
SXCPSunCoke Energy Partners, L.P.	0.07%	580,307	$17M	added+3%	+0.01 pp	4 q
SKTTanger Inc.	0.07%	483,200	$17M	new	+0.07 pp	new
unresolvedZillow	0.07%	184,831	$16M	added+15%	+0.02 pp	4 q
BIPBrookfield Infrastructure Partners L.P.	0.07%	465,263	$18M	held	—	4 q
AMZNAmazon.Com Inc	0.06%	41,428	$14M	added+20%	0.00 pp	4 q
unresolvedGoogle Inc.	0.06%	13,826	$15M	added+4%	0.00 pp	4 q
OCOwens Corning	0.06%	362,630	$16M	added+24%	+0.01 pp	4 q
RHTRed Hat Inc	0.06%	290,394	$15M	added+26%	+0.01 pp	4 q
VNOVornado Realty Trust	0.06%	150,277	$15M	added+37%	+0.02 pp	4 q
ACADAcadia Pharmaceuticals Inc.	0.05%	492,442	$12M	new	+0.05 pp	new
unresolvedAthlon Energy Inc	0.05%	334,618	$12M	added0%	+0.01 pp	3 q
CONECyrusOne Inc	0.05%	629,641	$13M	added+10%	0.00 pp	4 q
FWMFairway Group Hldgs Corp Cl A Com Stk (De)	0.05%	1,750,000	$13M	trimmed−43%	−0.18 pp	4 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.05%	120,000	$11M	added+90%	+0.02 pp	4 q
unresolvedPerrigo Co	0.05%	77,865	$12M	trimmed−39%	−0.03 pp	4 q
unresolvedRyanair Holdings PLC ADR	0.05%	196,299	$12M	added0%	+0.01 pp	4 q
SFMSprouts Farmers Market, Inc.	0.05%	328,586	$12M	trimmed−13%	−0.01 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.05%	560,500	$11M	added+29%	+0.02 pp	4 q
BLDRBuilders FirstSource, Inc.	0.04%	1,047,356	$10M	added+14%	+0.01 pp	4 q
unresolvedEducation Realty Trust, Inc.	0.04%	1,016,888	$10M	added+63%	+0.02 pp	4 q
unresolvedFoundation Medicine	0.04%	275,114	$9M	added+1%	+0.01 pp	2 q
LULUlululemon athletica inc.	0.04%	168,241	$9M	added+68%	+0.02 pp	4 q
MHKMohawk Industries, Inc.	0.04%	67,328	$9M	added+2%	0.00 pp	4 q
unresolvedQihoo 360 Technology Co. ADR	0.04%	90,000	$9M	new	+0.04 pp	new
unresolvedSfx Entmt Inc	0.04%	1,250,000	$9M	trimmed−0%	−0.02 pp	2 q
TTEKTetra Tech Inc	0.04%	350,000	$10M	trimmed−18%	−0.01 pp	4 q
VNETVNET Group, Inc.	0.04%	337,900	$10M	added+22%	+0.01 pp	4 q
unresolvedVince Hldg Corp	0.04%	350,000	$9M	added+39%	+0.01 pp	2 q
unresolvedWestern Gas Equity Partners	0.04%	184,988	$9M	added+2%	+0.01 pp	4 q
NBISNebius Group N.V. Class A	0.04%	318,467	$10M	added×2.0	+0.01 pp	4 q
CTXSCitrix Systems Inc	0.03%	132,467	$8M	trimmed−38%	−0.03 pp	4 q
unresolvedClubcorp Holdings Inc	0.03%	434,216	$8M	added×4.7	+0.02 pp	2 q
ENVEnvestnet, Inc.	0.03%	176,280	$7M	added+5%	0.00 pp	2 q
METAMeta Platforms, Inc. Class A	0.03%	136,965	$8M	trimmed−18%	−0.01 pp	4 q
unresolvedIpc The Hospitalist Co Inc	0.03%	150,000	$7M	held	—	4 q
unresolvedImperva Inc	0.03%	143,690	$8M	trimmed−12%	0.00 pp	4 q
MCHXMarchex, Inc. Class B	0.03%	774,976	$8M	added×28.9	+0.03 pp	2 q
unresolvedMonsanto Co	0.03%	56,222	$6M	added+13%	+0.01 pp	4 q
unresolvedPandora Media Inc	0.03%	282,506	$9M	added+56%	+0.01 pp	3 q
unresolvedPerfect World Co Ltd	0.03%	415,000	$9M	new	+0.03 pp	new
unresolvedRestoration Hardware Hldgs I	0.03%	102,294	$8M	trimmed−82%	−0.13 pp	2 q
CRMSalesforce, Inc.	0.03%	132,559	$8M	added+6%	0.00 pp	4 q
SFLYShutterfly, Inc.	0.03%	181,966	$8M	added+25%	0.00 pp	4 q
unresolvedSirona Dental Systems Inc	0.03%	90,300	$7M	held	—	4 q
SQMSociedad Quimica y Minera de Chile SA	0.03%	240,700	$8M	added+60%	+0.01 pp	4 q
DATATableau Software, Inc.	0.03%	82,645	$6M	trimmed−17%	0.00 pp	4 q
TREXTrex Company, Inc.	0.03%	94,672	$7M	new	+0.03 pp	new
unresolvedVca Inc	0.03%	200,000	$6M	held	—	4 q
unresolvedWuxi Pharmatech Adr	0.03%	210,500	$8M	added+26%	0.00 pp	4 q
WDAYWorkday, Inc. Class A	0.03%	72,451	$7M	new	+0.03 pp	new
unresolvedXoom Corporation	0.03%	331,354	$6M	added+9%	0.00 pp	4 q
SINASina Corp	0.03%	137,638	$8M	trimmed−3%	−0.02 pp	4 q
GLNGGolar LNG Ltd	0.03%	195,240	$8M	trimmed−20%	−0.01 pp	4 q
MLNXMellanox Technologies Ltd	0.03%	191,209	$7M	trimmed−4%	0.00 pp	3 q
AAPLApple Inc.	0.02%	11,143	$6M	trimmed−4%	−0.01 pp	4 q
BCCBoise Cascade Company	0.02%	182,800	$5M	held	—	4 q
CHRWC.H. Robinson Worldwide, Inc.	0.02%	106,883	$6M	trimmed−92%	−0.31 pp	4 q
CMECME Group Inc.	0.02%	59,197	$4M	held	—	4 q
CSLTCastlight Health, Inc.	0.02%	286,211	$6M	new	+0.02 pp	new
CRTOCriteo S.A.	0.02%	113,300	$5M	trimmed−11%	0.00 pp	2 q
unresolvedIntercontinental Exchange Ange	0.02%	26,869	$5M	added+5%	0.00 pp	4 q
unresolvedIntrawest Resorts Holdings, In	0.02%	353,600	$5M	new	+0.02 pp	new
MPLXMplx LP	0.02%	82,500	$4M	held	—	4 q
MAMastercard Incorporated	0.02%	69,980	$5M	added+17%	0.00 pp	4 q
NFLXNetFlix Inc	0.02%	16,900	$6M	trimmed−1%	−0.01 pp	3 q
ORLYO'Reilly Automotive, Inc.	0.02%	38,038	$6M	trimmed−0%	0.00 pp	4 q
unresolvedQunar ADR	0.02%	157,368	$5M	trimmed−25%	0.00 pp	2 q
SPLKSplunk Inc	0.02%	64,160	$5M	new	+0.02 pp	new
SBUXStarbucks Corp	0.02%	71,689	$5M	added+44%	0.00 pp	4 q
TPHTri Pointe Homes, Inc.	0.02%	362,027	$6M	held	—	4 q
TOLToll Brothers, Inc.	0.02%	134,673	$5M	held	—	4 q
VVISA Inc.	0.02%	26,075	$6M	trimmed−1%	0.00 pp	4 q
YUMYum! Brands, Inc.	0.02%	53,541	$4M	added+21%	+0.01 pp	4 q
ASMLASML Holding NV	0.02%	41,662	$4M	held	—	3 q
unresolvedGolar Lng Partners LP	0.02%	169,250	$5M	trimmed−5%	0.00 pp	4 q
AAgilent Technologies Inc.	0.01%	26,000	$1M	held	—	4 q
ALXNAlexion Pharmaceuticals Inc	0.01%	10,218	$2M	new	+0.01 pp	new
ALGNAlign Technology Inc	0.01%	29,800	$2M	held	—	4 q
BIIBBiogen Inc.	0.01%	6,089	$2M	new	+0.01 pp	new
BXPBXP, Inc.	0.01%	13,300	$2M	added+8%	0.00 pp	4 q
COSTCostco Wholesale Corp	0.01%	16,700	$2M	added+16%	0.00 pp	4 q
EBAYeBay Inc	0.01%	59,451	$3M	trimmed−14%	−0.01 pp	4 q
GRFSGrifois, S.A.	0.01%	44,757	$2M	added+66%	+0.01 pp	4 q
GPORGulfport Energy Corporation	0.01%	20,036	$1M	added+28%	+0.01 pp	4 q
HALHalliburton Company	0.01%	24,696	$1M	added+26%	+0.01 pp	4 q
unresolvedIsis Pharmaceuticals	0.01%	45,251	$2M	new	+0.01 pp	new
REGNRegeneron Pharmaceuticals Inc	0.01%	6,084	$2M	new	+0.01 pp	new
RHIRobert Half Inc.	0.01%	81,004	$3M	held	—	4 q
unresolvedRose Rock Midstream L P	0.01%	35,742	$1M	trimmed−70%	−0.01 pp	4 q
unresolvedSuperior Energy Services Inc	0.01%	42,157	$1M	added+36%	+0.01 pp	4 q
unresolvedTallgrass Energy Partners LP	0.01%	53,003	$2M	added+32%	+0.01 pp	4 q
TWTRTwitter, Inc.	0.01%	40,479	$2M	trimmed−73%	−0.03 pp	2 q
VMWVMware, Inc	0.01%	20,617	$2M	new	+0.01 pp	new
unresolvedWhole Foods Market	0.01%	69,338	$4M	trimmed−0%	−0.01 pp	4 q
HOLIHollysys Automation Technolo	0.01%	130,300	$3M	trimmed−34%	−0.01 pp	4 q
CHKPCheck Point Software Technologies Ltd	0.01%	23,361	$2M	held	—	4 q
SDLPSeadrill Partners LLC	0.01%	50,996	$2M	added+14%	0.00 pp	4 q
APCAnadarko Petroleum Corp	0.00%	4,139	$351,000	held	—	4 q
ARAntero Resources Corporation	0.00%	9,600	$601,000	added+14%	0.00 pp	2 q
ASCMAAscent Capital Group, Inc. Series A	0.00%	10,900	$823,000	added×2.8	0.00 pp	2 q
ATROAstronics Corp	0.00%	8,800	$558,000	added×2.2	0.00 pp	2 q
BIDUBaidu, Inc.	0.00%	1,842	$281,000	added×3.2	0.00 pp	4 q
unresolvedBarracuda Networks Inc	0.00%	9,580	$325,000	added+2%	0.00 pp	2 q
BIOSOption Care Health, Inc.	0.00%	144,010	$1M	added×3.8	0.00 pp	2 q
CTRACoterra Energy Inc.	0.00%	10,200	$346,000	trimmed−24%	0.00 pp	2 q
GTLSChart Inds Inc	0.00%	10,294	$819,000	added+27%	0.00 pp	4 q
CHDNChurchill Downs Inc	0.00%	3,500	$320,000	added+8%	0.00 pp	2 q
unresolvedCobalt Intl Energy Inc	0.00%	24,895	$456,000	added+23%	0.00 pp	4 q
unresolvedCraft Brew Alliance Inc	0.00%	21,000	$321,000	added×3.0	0.00 pp	2 q
unresolvedCredit Suisse Group Spon ADR	0.00%	16,000	$518,000	trimmed−36%	0.00 pp	4 q
EOGEOG Resources, Inc.	0.00%	2,984	$585,000	added+20%	0.00 pp	3 q
EHTHeHealth, Inc.	0.00%	11,100	$564,000	added+84%	0.00 pp	2 q
EMREmerson Electric Co.	0.00%	415	$28,000	new	0.00 pp	new
ESEESCO Technologies, Inc.	0.00%	15,600	$549,000	new	0.00 pp	new
unresolvedE2OPEN Inc	0.00%	30,350	$715,000	added×2.7	0.00 pp	2 q
FEYEFireEye, Inc.	0.00%	4,943	$304,000	trimmed−3%	0.00 pp	2 q
FLSFlowserve Corporation	0.00%	8,400	$658,000	added+33%	0.00 pp	2 q
FCXFreeport-McMoran Inc.	0.00%	7,837	$259,000	held	—	4 q
IBNICICI Bank Limited	0.00%	4,094	$179,000	added+93%	0.00 pp	4 q
INGNInogen Inc	0.00%	39,500	$652,000	new	0.00 pp	new
unresolvedKodiak Oil & Gas Corp	0.00%	58,802	$714,000	added+14%	0.00 pp	4 q
MPCMarathon Petroleum Corporation	0.00%	7,678	$668,000	added+12%	0.00 pp	4 q
unresolvedMicros Sys Inc	0.00%	3,076	$163,000	held	—	4 q
NOVNOV Inc.	0.00%	6,563	$511,000	trimmed−7%	0.00 pp	4 q
NBLNoble Energy, Inc.	0.00%	9,749	$693,000	held	—	4 q
unresolvedNovadaq Technologies Inc	0.00%	19,280	$430,000	added+45%	0.00 pp	2 q
PDFSPDF Solutions Inc	0.00%	35,440	$644,000	added×3.8	0.00 pp	2 q
PCRXPacira BioSciences, Inc.	0.00%	17,100	$1M	added×2.6	0.00 pp	2 q
PKOHPark-Ohio Holdings Corp	0.00%	7,600	$427,000	added×3.2	0.00 pp	2 q
unresolvedPolypore International Inc	0.00%	23,383	$800,000	trimmed−97%	−0.14 pp	4 q
POWIPower Integrations Inc	0.00%	8,490	$558,000	added×2.1	0.00 pp	2 q
unresolvedPowersecure International Inc	0.00%	25,100	$588,000	new	0.00 pp	new
PRIMPrimoris Services Corporation	0.00%	36,202	$1M	added+53%	0.00 pp	4 q
PRLBProto Labs, Inc.	0.00%	585	$47,000	trimmed−99%	−0.03 pp	4 q
QIWQiwi Plc-sponsored ADR	0.00%	6,231	$216,000	new	0.00 pp	new
QLYSQualys, Inc.	0.00%	27,900	$709,000	new	0.00 pp	new
RVNCRevance Therapeutics, Inc.	0.00%	17,500	$551,000	new	0.00 pp	new
RNETRigNet, Inc.	0.00%	22,790	$1M	added+64%	0.00 pp	4 q
unresolvedSciquest Inc	0.00%	27,000	$729,000	added×3.6	0.00 pp	2 q
unresolvedSpectranetics Corp	0.00%	36,980	$1M	added×3.4	0.00 pp	2 q
SUSuncor Energy, Inc.	0.00%	25,000	$874,000	added+19%	0.00 pp	3 q
SUNEQSunedison Inc	0.00%	28,700	$541,000	new	0.00 pp	new
SYTSyngenta Ag-adr	0.00%	9,000	$682,000	trimmed−25%	0.00 pp	4 q
TALTAL Education Group	0.00%	9,424	$212,000	new	0.00 pp	new
unresolvedTesoro Corp	0.00%	3,877	$196,000	trimmed−55%	0.00 pp	4 q
TXMDTherapeuticsMD, Inc.	0.00%	84,000	$530,000	new	0.00 pp	new
VRNSVaronis Systems, Inc.	0.00%	7,000	$250,000	new	0.00 pp	new
unresolvedWestern Gas Partners LP	0.00%	7,837	$519,000	added+34%	0.00 pp	4 q
unresolvedYouku Inc ADR	0.00%	3,909	$110,000	added×3.1	0.00 pp	4 q
ACNAccenture PLC	0.00%	605	$48,000	new	0.00 pp	new
GLREGreenlight Captial RE, LTD. Class A	0.00%	9,837	$323,000	added+76%	0.00 pp	4 q
unresolvedSodastream International Ltd	0.00%	15,000	$661,000	trimmed−85%	−0.02 pp	4 q
unresolvedFranks Intl N V	0.00%	16,153	$400,000	trimmed−85%	−0.01 pp	3 q
MMYTMakeMyTrip Limited	0.00%	4,248	$115,000	new	0.00 pp	new
unresolvedPly Gem Holdings Inc	—	−1,957,340	—	exited	−0.15 pp	—
8TGThermon Group Holdings Inc	—	−1,000,000	—	exited	−0.11 pp	—
PODDInsulet Corporation	—	−650,000	—	exited	−0.10 pp	—
ISRGIntuitive Surgical Inc.	—	−60,000	—	exited	−0.10 pp	—
unresolvedEndologix Inc	—	−1,288,000	—	exited	−0.09 pp	—
unresolvedStarz	—	−778,260	—	exited	−0.09 pp	—
MNManning & Napier, Inc.	—	−1,027,529	—	exited	−0.08 pp	—
unresolvedBravo Brio Restaurant Group	—	−1,000,000	—	exited	−0.07 pp	—
unresolvedForestar Group Inc.	—	−808,572	—	exited	−0.07 pp	—
unresolvedZulily Inc	—	−390,238	—	exited	−0.07 pp	—
DNRDenbury Resources, Inc.	—	−745,599	—	exited	−0.05 pp	—
unresolvedLeucadia National	—	−422,370	—	exited	−0.05 pp	—
GRPNGroupon, Inc.	—	−752,000	—	exited	−0.04 pp	—
unresolvedVitacost Com Inc	—	−831,800	—	exited	−0.02 pp	—
CPACopa Holdings, S.A.	—	−37,000	—	exited	−0.02 pp	—
OMCOmnicom Group Inc.	—	−26,167	—	exited	−0.01 pp	—
PETXAratana Therapeutics, Inc.	—	−6,360	—	exited	0.00 pp	—
CECOCeco Environmental Corp	—	−10,530	—	exited	0.00 pp	—
FRGIFiesta Restaurant Group, Inc.	—	−1,100	—	exited	0.00 pp	—
IWMiShares Russell 2000 ETF	—	−249	—	exited	0.00 pp	—
unresolvedNew Oriental Ed & Tech Grp I	—	−3,236	—	exited	0.00 pp	—
unresolvedTextura Corp	—	−3,680	—	exited	0.00 pp	—
VEEVVeeva Systems Inc.	—	−12,396	—	exited	0.00 pp	—
unresolvedEnsco PLC	—	−3,558	—	exited	0.00 pp	—
unresolvedQiagen N.V	—	−10,200	—	exited	0.00 pp	—