Baron Capital

Q1 2015 13F · by Ron Baron, CEO

As of: Mar 31, 2015
Filed: May 15, 2015
US stock: $25.8B · prev $24.9B
Positions: 359 · prev 361
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%

Moves328 since the prior filing

+5.9 pp in · −6.4 pp out

New 27 +2.50 pp
Added 130 +3.45 pp
Trimmed 142 −4.00 pp
Exited 29 −2.40 pp

The book

Diversified · behaves like 101 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.6 years per position

Low
Moderate
High

Top 5 positions12% of US stock

IT Gartner, Inc. trimmed−0.20 pp trimmed−0.202.8%
FDS Factset Research Systems trimmed+0.19 pp trimmed+0.192.3%
CSGP CoStar Group Inc added+0.10 pp added+0.102.2%
IDXX Idexx Laboratories Inc trimmed+0.01 pp trimmed+0.012.2%
ACGL Arch Capital Group Ltd added+0.02 pp added+0.022.2%

Positions359 in this filing · 29 exited


ITGartner, Inc.	2.83%	8,715,419	$731M	trimmed−3%	−0.20 pp	8 q
FDSFactset Research Systems	2.28%	3,700,993	$589M	trimmed−0%	+0.19 pp	8 q
CSGPCoStar Group Inc	2.23%	2,918,228	$577M	added+1%	+0.10 pp	8 q
IDXXIdexx Laboratories Inc	2.16%	3,614,135	$558M	trimmed−0%	+0.01 pp	8 q
ACGLArch Capital Group Ltd	2.16%	9,053,051	$558M	added0%	+0.02 pp	8 q
MTNVail Resorts, Inc.	2.15%	5,376,563	$556M	held	—	8 q
unresolvedItc Hldgs Corp	2.14%	14,797,865	$554M	trimmed−1%	−0.27 pp	8 q
DKSDick's Sporting Goods, Inc.	1.89%	8,587,637	$489M	trimmed−4%	+0.12 pp	8 q
MTDMettler-Toledo International	1.72%	1,353,550	$445M	trimmed−0%	+0.08 pp	8 q
UAAUnder Armour, Inc.	1.71%	5,476,255	$442M	added0%	+0.22 pp	8 q
MIDDMiddleby Corp	1.67%	4,204,484	$432M	trimmed−1%	−0.01 pp	8 q
HHyatt Hotels Corporation	1.55%	6,772,210	$401M	added0%	−0.08 pp	8 q
UNFIUnited Natural Foods Inc	1.48%	4,953,870	$382M	added0%	−0.05 pp	8 q
GWRGenesee & Wyoming Inc.	1.44%	3,854,715	$372M	trimmed−1%	+0.04 pp	8 q
CHHChoice Hotels Intnl.	1.39%	5,603,525	$359M	trimmed−0%	+0.13 pp	8 q
unresolvedSBA Comms Corp	1.34%	2,962,192	$347M	trimmed−9%	−0.11 pp	8 q
GLPIGaming and Leisure Properties, Inc.	1.33%	9,294,194	$343M	trimmed−0%	+0.23 pp	6 q
BKDBrookdale Senior Living, Inc.	1.32%	9,009,009	$340M	trimmed−4%	−0.05 pp	8 q
SSNCSS&C Technologies Inc	1.16%	4,811,561	$300M	added+8%	+0.12 pp	8 q
AKXAnsys Inc	1.15%	3,372,740	$297M	added0%	+0.04 pp	8 q
KMXCarMax Inc.	1.13%	4,223,895	$291M	trimmed−1%	0.00 pp	8 q
VRSKVerisk Analytics, Inc.	1.12%	4,068,066	$290M	trimmed−1%	+0.07 pp	8 q
BFAMBright Horizons Family Solutions Inc.	1.10%	5,525,179	$283M	added0%	+0.06 pp	8 q
SCHWThe Charles Schwab Corporation	1.08%	9,162,036	$279M	added+9%	+0.06 pp	8 q
GWREGuidewire Software, Inc.	1.06%	5,203,778	$274M	added+4%	+0.04 pp	8 q
MANUManchester United PLC	1.00%	16,205,374	$258M	added+1%	−0.03 pp	8 q
MMSMAXIMUS, Inc.	0.98%	3,809,235	$254M	trimmed−0%	+0.14 pp	8 q
AL1Sumisho Air Lease Corp	0.93%	6,391,133	$241M	trimmed−13%	−0.07 pp	8 q
THSTreehouse Foods, Inc.	0.92%	2,809,039	$239M	added0%	−0.04 pp	8 q
unresolvedFinancial Engines	0.89%	5,479,879	$229M	trimmed−0%	+0.09 pp	8 q
FLTCorpay, Inc.	0.89%	1,524,410	$230M	trimmed−3%	−0.05 pp	8 q
TSLATesla, Inc.	0.89%	1,214,331	$229M	added+5%	−0.14 pp	5 q
CYHCommunity Health Systems, Inc.	0.88%	4,359,320	$228M	trimmed−0%	−0.07 pp	8 q
ILMNIllumina Inc	0.88%	1,219,938	$226M	trimmed−13%	−0.16 pp	8 q
unresolvedColfax Corp	0.83%	4,520,417	$216M	trimmed−7%	−0.18 pp	8 q
CBRECbre Group, Inc.	0.82%	5,457,659	$211M	trimmed−1%	+0.06 pp	8 q
CSTECaesarstone Ltd.	0.82%	3,510,242	$213M	added+1%	−0.01 pp	8 q
EQIXEquinix, Inc.	0.79%	872,105	$203M	new	+0.79 pp	new
TDGTransDigm Group Incorporated	0.74%	875,000	$191M	held	—	8 q
GNRCGenerac Holdings Inc	0.73%	3,851,244	$188M	added0%	+0.01 pp	8 q
TRGPTarga Resources Corp.	0.73%	1,970,589	$189M	trimmed−16%	−0.27 pp	8 q
unresolvedAdvent Software Inc	0.72%	4,208,369	$186M	trimmed−15%	+0.11 pp	8 q
unresolvedThe Carlyle Group	0.72%	6,882,817	$187M	added+3%	−0.01 pp	8 q
PRIPrimerica, Inc.	0.71%	3,602,096	$183M	added0%	−0.07 pp	8 q
FASTFastenal Co	0.68%	4,272,673	$177M	trimmed−1%	−0.14 pp	8 q
CHDChurch & Dwight Co., Inc.	0.64%	1,944,390	$166M	trimmed0%	+0.03 pp	8 q
DEIDouglas Emmett, Inc.	0.64%	5,573,993	$166M	added+1%	+0.01 pp	8 q
BERYBerry Global Group, Inc.	0.63%	4,500,000	$163M	held	—	8 q
VACMarriott Vacations Worldwide Corporation	0.61%	1,959,666	$159M	trimmed−7%	−0.02 pp	8 q
MSCIMSCI, Inc.	0.60%	2,549,717	$156M	trimmed−0%	+0.12 pp	8 q
DOORMasonite International Corp	0.60%	2,309,454	$155M	added+9%	+0.08 pp	4 q
WSTWest Pharmaceutical Services, Inc.	0.59%	2,538,387	$153M	added+2%	+0.06 pp	8 q
unresolvedPinnacle Entertainment Inc.	0.58%	4,125,475	$149M	added+1%	+0.21 pp	8 q
AYIAcuity Inc.	0.54%	825,000	$139M	held	—	8 q
BNFTBenefitfocus, Inc.	0.53%	3,755,553	$138M	added+9%	+0.08 pp	6 q
BAHBooz Allen Hamilton Holding Corporation	0.53%	4,760,741	$138M	held	—	8 q
unresolvedLasalle Hotel Pptys	0.53%	3,512,300	$136M	trimmed−3%	−0.06 pp	8 q
CPRTCopart Inc	0.51%	3,488,279	$131M	trimmed−1%	0.00 pp	8 q
CNSCohen & Steers Inc.	0.50%	3,124,481	$128M	held	—	8 q
INOVInovalon Holdings Inc - A	0.50%	4,305,163	$130M	new	+0.50 pp	new
unresolvedNord Anglia Education Inc	0.50%	5,633,792	$128M	added0%	+0.07 pp	4 q
unresolvedUltimate Software Group Inc	0.48%	729,034	$124M	held	—	8 q
MORNMorningstar, Inc.	0.47%	1,628,176	$122M	trimmed−0%	+0.05 pp	8 q
PENNPENN Entertainment, Inc.	0.47%	7,773,895	$122M	added0%	+0.04 pp	8 q
unresolvedWaste Connections Inc	0.47%	2,500,000	$120M	held	—	8 q
ALXAlexander's Inc.	0.45%	257,228	$117M	trimmed−1%	0.00 pp	8 q
AREAlexandria Real Estate Equities, Inc.	0.44%	1,156,039	$113M	added0%	+0.03 pp	8 q
unresolvedFEI Company	0.44%	1,500,515	$115M	held	—	8 q
OAKOaktree Capital Group, LLC	0.42%	2,089,112	$108M	added+13%	+0.04 pp	8 q
TECHBio-Techne Corp.	0.41%	1,053,220	$106M	held	—	2 q
TREXTrex Company, Inc.	0.41%	1,955,462	$107M	added+1%	+0.08 pp	5 q
ICLRIcon Plc	0.40%	1,469,024	$104M	held	—	8 q
unresolvedMattress Firm Hldg Corp	0.38%	1,423,000	$99M	added0%	+0.05 pp	8 q
SAMBoston Beer Company	0.37%	355,030	$95M	added+8%	−0.01 pp	8 q
unresolvedDigitalglobe Inc	0.36%	2,750,100	$94M	trimmed−2%	+0.01 pp	8 q
unresolvedInterval Leisure Group Inc	0.36%	3,502,857	$92M	trimmed−0%	+0.07 pp	8 q
unresolvedPanera Bread Co	0.36%	586,350	$94M	added0%	−0.05 pp	8 q
IRDMIridium Communications Inc.	0.34%	9,113,171	$88M	trimmed−1%	−0.02 pp	4 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.34%	1,616,935	$87M	added+19%	+0.09 pp	8 q
unresolvedGlobe Specialty Metals Inc	0.33%	4,573,600	$87M	added+14%	+0.05 pp	8 q
unresolvedHomeaway Inc	0.33%	2,844,673	$86M	trimmed−22%	−0.10 pp	8 q
unresolvedMadison Square Garden Co	0.33%	1,000,000	$85M	trimmed−11%	−0.01 pp	8 q
DXCMDexCom, Inc.	0.32%	1,338,407	$83M	trimmed−0%	+0.02 pp	8 q
unresolvedDiamond Resorts Intl Inc	0.32%	2,482,075	$83M	added+11%	+0.07 pp	7 q
unresolvedOn Assignment Inc	0.32%	2,187,056	$84M	held	—	8 q
unresolvedTowers Watson & Co.	0.32%	634,836	$84M	added+67%	+0.15 pp	4 q
EWEdwards Lifesciences Corp	0.31%	570,988	$81M	trimmed−1%	+0.02 pp	8 q
WEXWEX Inc.	0.31%	745,696	$80M	added+15%	+0.05 pp	8 q
CLBCore Laboratories Inc.	0.31%	756,092	$79M	trimmed−36%	−0.26 pp	8 q
unresolvedHilton Worldwide Hldgs Inc	0.30%	2,628,440	$78M	added+41%	+0.11 pp	2 q
PSXPPhillips 66 Partners LP	0.30%	1,106,954	$78M	trimmed−9%	−0.04 pp	7 q
ACIWACI Worldwide, Inc.	0.29%	3,500,000	$76M	trimmed−13%	−0.03 pp	8 q
unresolvedPriceline Grp Inc	0.29%	65,394	$76M	trimmed−16%	−0.07 pp	8 q
DPLODiplomat Pharmacy, Inc.	0.28%	2,079,375	$72M	added×27.7	+0.27 pp	2 q
unresolvedNielsen Holdings N V	0.28%	1,610,606	$72M	trimmed−11%	−0.05 pp	8 q
CGNXCognex Corp	0.27%	1,400,000	$69M	held	—	8 q
WYNTravel + Leisure Co.	0.27%	764,938	$69M	added+5%	+0.02 pp	8 q
CSUSonida Senior Living, Inc.	0.26%	2,578,315	$67M	added+2%	+0.01 pp	8 q
unresolvedCooper Cos Inc/The	0.26%	352,815	$66M	trimmed−1%	+0.03 pp	5 q
unresolvedIconix Brand Group Inc	0.26%	2,000,000	$67M	held	—	8 q
LKQLKQ Corporation	0.26%	2,594,604	$66M	trimmed−31%	−0.16 pp	8 q
WYNNWynn Resorts Ltd	0.26%	524,690	$66M	trimmed−11%	−0.09 pp	8 q
MHKMohawk Industries, Inc.	0.25%	341,019	$63M	held	—	8 q
SSTKShutterstock, Inc.	0.25%	931,620	$64M	added+2%	0.00 pp	8 q
JLLJones Lang LaSalle, Inc.	0.24%	364,613	$62M	trimmed−21%	−0.04 pp	8 q
MGMMgm Resorts International	0.24%	2,959,675	$62M	new	+0.24 pp	new
PEGAPegasystems Inc	0.24%	2,806,503	$61M	trimmed−9%	−0.02 pp	8 q
FGAAmerican Campus Communities	0.23%	1,377,909	$59M	added+4%	+0.01 pp	8 q
APAMArtisan Partners Asset Management Inc.	0.23%	1,305,682	$59M	trimmed−4%	−0.04 pp	8 q
CLHClean Harbors, Inc	0.23%	1,050,000	$60M	held	—	8 q
HDHome Depot, Inc.	0.23%	518,516	$59M	trimmed−5%	0.00 pp	6 q
unresolvedPall Corp	0.23%	594,622	$60M	trimmed−13%	−0.05 pp	8 q
SLGSL Green Realty Corp.	0.23%	459,069	$59M	added+2%	+0.01 pp	8 q
VMIValmont Industries, Inc.	0.23%	489,085	$60M	held	—	8 q
CTLTCatalent, Inc.	0.22%	1,850,000	$58M	added+85%	+0.11 pp	3 q
HSICHenry Schein Inc	0.22%	408,263	$57M	trimmed−0%	0.00 pp	8 q
CAKECheesecake Factory (The)	0.21%	1,100,000	$54M	trimmed−19%	−0.06 pp	8 q
NDSNNordson Corp	0.21%	684,082	$54M	trimmed−9%	−0.02 pp	8 q
TOLToll Brothers, Inc.	0.21%	1,411,495	$56M	added+40%	+0.07 pp	8 q
BIPBrookfield Infrastructure Partners L.P.	0.21%	1,171,357	$53M	added+79%	+0.10 pp	8 q
unresolvedMobileye Nv	0.21%	1,303,505	$55M	added+69%	+0.08 pp	3 q
CXOConcho Resources Inc.	0.20%	442,989	$51M	trimmed−62%	−0.27 pp	8 q
unresolvedLinkedin Corp Cl A	0.20%	206,448	$52M	trimmed−2%	+0.01 pp	8 q
unresolvedPlatform Specialty Prods Cor	0.20%	2,000,000	$51M	held	—	5 q
ROPRoper Technologies, Inc.	0.20%	295,619	$51M	trimmed−0%	+0.01 pp	8 q
BJRIBJ's Restaurants, Inc.	0.19%	950,000	$48M	held	—	8 q
unresolvedCepheid	0.19%	860,003	$49M	trimmed−3%	0.00 pp	8 q
TCSThe Container Store Group, Inc.	0.19%	2,547,105	$49M	added+44%	+0.05 pp	6 q
HPHelmerich & Payne, Inc.	0.19%	709,529	$48M	trimmed−55%	−0.24 pp	8 q
HHCThe Howard Hughes Corporation	0.19%	316,993	$49M	added+62%	+0.09 pp	8 q
UHSUniversal Health Services, Inc. Class B	0.19%	413,187	$49M	trimmed−0%	+0.01 pp	8 q
WABWabtec Inc.	0.19%	503,844	$48M	trimmed−0%	+0.01 pp	7 q
unresolvedScorpio Tankers Inc	0.19%	5,127,004	$48M	added0%	+0.01 pp	8 q
unresolvedBrookfield Asset Mgmt Inc	0.18%	882,422	$47M	added+48%	+0.06 pp	8 q
CHEFThe Chef's Warehouse Inc	0.18%	2,093,960	$47M	held	—	8 q
DFRGDel Frisco's Restaurant Group, Inc.	0.18%	2,273,000	$46M	added+1%	−0.03 pp	7 q
unresolvedLiberty Media Corp Delaware	0.18%	1,230,882	$47M	trimmed−10%	−0.01 pp	3 q
MSMMSC Industrial Direct Co., Inc. Class A	0.18%	648,615	$47M	trimmed−0%	−0.03 pp	8 q
MCMoelis & Company	0.18%	1,522,774	$46M	added+3%	−0.03 pp	4 q
TSCOTractor Supply Co	0.18%	534,706	$45M	trimmed−0%	+0.01 pp	8 q
unresolvedValero Energy Partners LP	0.18%	940,500	$46M	added+32%	+0.06 pp	6 q
VRSNVeriSign Inc	0.18%	683,422	$46M	trimmed−0%	+0.02 pp	8 q
ZGZillow Group Inc Class A	0.18%	476,593	$48M	new	+0.18 pp	new
unresolvedAirgas Inc	0.17%	420,658	$45M	trimmed−4%	−0.03 pp	8 q
BABAAlibaba Group Holding Limited	0.17%	542,810	$45M	added+40%	+0.01 pp	3 q
AMTAmerican Tower Corporation	0.17%	463,379	$44M	added+38%	+0.04 pp	8 q
unresolvedForest City Enterprises Inc	0.17%	1,767,951	$45M	added+27%	+0.05 pp	8 q
HQYHealthEquity, Inc	0.17%	1,781,184	$45M	added+2%	−0.01 pp	3 q
unresolvedStarwood HOTELS&RESORTS Wrld	0.17%	528,563	$44M	trimmed−42%	−0.12 pp	8 q
unresolvedTumi Holdings Inc.	0.17%	1,820,000	$45M	trimmed−11%	−0.02 pp	8 q
AATAmerican Assets Trust, Inc.	0.16%	951,700	$41M	trimmed−1%	+0.01 pp	8 q
CHSPChesapeake Lodging Trust	0.16%	1,250,000	$42M	trimmed−19%	−0.07 pp	8 q
unresolvedFlotek Industries Inc DEL	0.16%	2,800,553	$41M	added+39%	+0.01 pp	7 q
unresolvedFoundation Medicine	0.16%	843,768	$41M	added×9.0	+0.15 pp	6 q
RXNZurn Elkay Water Solutions Corporation	0.16%	1,540,115	$41M	trimmed−40%	−0.13 pp	8 q
IEXIDEX Corporation	0.15%	498,096	$38M	trimmed−0%	−0.01 pp	3 q
LSTRLandstar System Inc	0.15%	593,300	$39M	held	—	8 q
PAGPenske Automotive Group, Inc.	0.15%	750,000	$39M	held	—	8 q
SRCLStericycle Inc	0.15%	275,317	$39M	trimmed−0%	0.00 pp	8 q
FOSLFossil Group, Inc.	0.14%	425,000	$35M	trimmed−29%	−0.13 pp	7 q
KWKennedy-wilson Holdings, Inc.	0.14%	1,433,620	$37M	held	—	8 q
LOWLowe's Companies Inc.	0.14%	489,492	$36M	trimmed−2%	0.00 pp	8 q
unresolvedRally Software Dev Corp	0.14%	2,300,000	$36M	held	—	6 q
SPGSimon Property Group, Inc.	0.14%	189,557	$37M	held	—	8 q
ESNTEssent Group LTD	0.14%	1,480,950	$35M	trimmed−43%	−0.13 pp	6 q
CMDCantel Medical Corporation	0.13%	700,000	$33M	added+16%	+0.03 pp	2 q
PRAHPRA Health Sciences, Inc.	0.13%	1,184,473	$34M	held	—	2 q
unresolvedStrategic Hotels & Resorts Inc	0.13%	2,610,437	$32M	added+20%	+0.01 pp	8 q
SHOSunstone Hotel Investors, Inc.	0.13%	1,948,013	$32M	trimmed−1%	0.00 pp	8 q
TIFTiffany & Co.	0.13%	387,859	$34M	trimmed−6%	−0.05 pp	8 q
unresolvedAcxiom Corp	0.12%	1,675,424	$31M	trimmed−2%	−0.02 pp	8 q
CERNCerner Corp	0.12%	417,460	$31M	trimmed−1%	+0.01 pp	8 q
unresolvedClubcorp Holdings Inc	0.12%	1,654,376	$32M	added+66%	+0.05 pp	6 q
TROWT Rowe Price Group Inc	0.12%	398,170	$32M	trimmed−1%	−0.02 pp	8 q
unresolvedQuintiles Transnatio Hldgs I	0.12%	465,743	$31M	added+9%	+0.02 pp	8 q
SHLXShell Midstream Partners, L.P.	0.12%	772,989	$30M	trimmed−7%	−0.02 pp	2 q
unresolvedSpectranetics Corp	0.12%	862,579	$30M	added×3.2	+0.08 pp	6 q
unresolvedTerraform Pwr Inc	0.12%	879,811	$32M	added+14%	+0.02 pp	3 q
unresolvedExamworks Group Inc	0.11%	666,000	$28M	added+45%	+0.03 pp	3 q
unresolvedGeneral Growth Pptys Inc New	0.11%	976,367	$29M	added+19%	+0.02 pp	2 q
unresolvedIHS Inc 'A'	0.11%	260,430	$30M	trimmed−16%	−0.03 pp	8 q
LVSLas Vegas Sands Corp.	0.11%	496,927	$27M	added+26%	+0.02 pp	8 q
MNROMonro, Inc.	0.11%	450,000	$29M	added+13%	+0.02 pp	2 q
RLRalph Lauren Corporation	0.11%	209,479	$28M	trimmed−26%	−0.10 pp	8 q
SUMSummit Materials, Inc. Class A	0.11%	1,250,000	$28M	new	+0.11 pp	new
unresolvedAuspex Pharmaceuticals Inc	0.10%	250,000	$25M	new	+0.10 pp	new
BXPBXP, Inc.	0.10%	185,973	$26M	added+6%	+0.01 pp	8 q
EPAYBottomline Technologies Inc	0.10%	978,750	$27M	held	—	8 q
SCORcomScore, Inc.	0.10%	500,000	$26M	trimmed−46%	−0.07 pp	5 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.10%	285,000	$27M	added+4%	0.00 pp	8 q
GGGGraco Inc	0.10%	350,000	$25M	held	—	8 q
RBCRBC Bearings Incorporated	0.10%	350,000	$27M	added+36%	+0.03 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.10%	1,100,000	$26M	added+22%	+0.02 pp	8 q
AMZNAmazon.Com Inc	0.09%	61,111	$23M	added+8%	+0.02 pp	8 q
AVBAvalonBay Communities, Inc.	0.09%	129,980	$23M	added+7%	+0.01 pp	2 q
unresolvedDominion Midstream Partners	0.09%	529,311	$22M	trimmed−22%	−0.02 pp	2 q
METAMeta Platforms, Inc. Class A	0.09%	275,162	$23M	trimmed−1%	0.00 pp	8 q
FRCBFirst Republic Bk CA	0.09%	401,870	$23M	trimmed−0%	+0.01 pp	8 q
HALHalliburton Company	0.09%	700,000	$22M	added×13.7	+0.08 pp	8 q
SYNHSyneos Health, Inc. Class A	0.09%	730,400	$24M	trimmed−0%	+0.01 pp	2 q
Iridium Communications Iconvertible	0.09%	66,300	$24M	new	+0.09 pp	new
KNKnowles Corporation	0.09%	1,250,000	$24M	added+25%	0.00 pp	4 q
PLDPrologis, Inc.	0.09%	530,162	$23M	held	—	2 q
TALTAL Education Group	0.09%	715,764	$24M	added+21%	+0.02 pp	5 q
VNOVornado Realty Trust	0.09%	201,177	$23M	added+7%	0.00 pp	8 q
unresolvedWestern Refng Logistics LP	0.09%	804,839	$23M	trimmed−24%	−0.04 pp	6 q
WLKPWestlake Chemical Partners LP	0.09%	898,375	$24M	added+3%	−0.01 pp	3 q
ACADAcadia Pharmaceuticals Inc.	0.08%	607,100	$20M	added+22%	+0.02 pp	5 q
BLDRBuilders FirstSource, Inc.	0.08%	3,145,518	$21M	added+2%	−0.01 pp	8 q
EFIIElectronics for Imaging	0.08%	500,000	$21M	new	+0.08 pp	new
TILEInterface Inc	0.08%	1,000,000	$21M	trimmed−10%	+0.01 pp	8 q
NOVNOV Inc.	0.08%	445,596	$21M	added×175.2	+0.08 pp	8 q
unresolvedColumbia Pipeline Partners L	0.07%	655,761	$18M	new	+0.07 pp	new
FETForum Energy Technologies, Inc.	0.07%	873,142	$17M	trimmed−19%	−0.02 pp	8 q
unresolvedGrubhub Inc	0.07%	418,864	$19M	added+2%	+0.01 pp	4 q
LBRDKLiberty Broadband Corporation Class C	0.07%	307,720	$17M	held	—	2 q
PBFXPbf Logistics LP	0.07%	803,800	$18M	trimmed−3%	0.00 pp	4 q
RHTRed Hat Inc	0.07%	241,575	$18M	trimmed−20%	−0.01 pp	8 q
unresolvedBonanza Creek Energy Inc	0.06%	645,348	$16M	added+3%	0.00 pp	8 q
unresolvedKeyw Holding Corp	0.06%	2,037,182	$17M	added+4%	−0.02 pp	8 q
unresolvedLiberty Media Corp Delaware	0.06%	400,000	$15M	trimmed−37%	−0.03 pp	8 q
unresolvedReceptos Inc	0.06%	91,088	$15M	new	+0.06 pp	new
unresolvedSfx Entmt Inc	0.06%	3,750,000	$15M	held	—	6 q
WBCWabco Holdings Inc.	0.06%	127,505	$16M	new	+0.06 pp	new
CTRPTrip.com Group Limited	0.05%	210,222	$12M	new	+0.05 pp	new
FEYEFireEye, Inc.	0.05%	297,902	$12M	added×14.0	+0.05 pp	6 q
FELEFranklin Electric Co Inc	0.05%	350,000	$13M	held	—	3 q
unresolvedLumber Liquidators Hldgs Inc	0.05%	400,000	$12M	trimmed−84%	−0.60 pp	8 q
MAMastercard Incorporated	0.05%	139,864	$12M	added+70%	+0.02 pp	8 q
unresolvedPerfect World Co Ltd	0.05%	730,000	$14M	trimmed−3%	0.00 pp	5 q
unresolvedRyanair Holdings PLC ADR	0.05%	193,559	$13M	trimmed−1%	−0.01 pp	8 q
unresolvedSmart & Final Stores Inc	0.05%	674,406	$12M	new	+0.05 pp	new
SUNEQSunedison Inc	0.05%	517,701	$12M	added+6%	+0.01 pp	5 q
TWTRTwitter, Inc.	0.05%	273,954	$14M	trimmed−11%	+0.01 pp	6 q
unresolvedWuxi Pharmatech Adr	0.05%	341,500	$13M	added+36%	+0.02 pp	8 q
unresolvedWestern Gas Equity Partners	0.05%	203,626	$12M	trimmed−0%	0.00 pp	8 q
PRGOPerrigo Company PLC	0.05%	76,494	$13M	trimmed−3%	0.00 pp	4 q
AERIAerie Pharmaceuticals, Inc.	0.04%	330,451	$10M	added×8.3	+0.04 pp	3 q
AAPLApple Inc.	0.04%	76,907	$10M	held	—	8 q
ENVEnvestnet, Inc.	0.04%	183,152	$10M	added+2%	0.00 pp	6 q
unresolvedIpc The Hospitalist Co Inc	0.04%	240,438	$11M	trimmed−8%	−0.01 pp	8 q
NFLXNetFlix Inc	0.04%	24,646	$10M	trimmed−1%	+0.01 pp	7 q
MLNXMellanox Technologies Ltd	0.04%	216,720	$10M	trimmed−4%	0.00 pp	7 q
ALXNAlexion Pharmaceuticals Inc	0.03%	41,163	$7M	added×2.2	+0.02 pp	5 q
1885807DAthenahealth Inc	0.03%	75,403	$9M	trimmed−20%	−0.02 pp	5 q
unresolvedEducation Realty Trust, Inc.	0.03%	246,577	$9M	new	+0.03 pp	new
FWMFairway Group Hldgs Corp Cl A Com Stk (De)	0.03%	1,250,000	$8M	added+25%	+0.02 pp	8 q
unresolvedGol Linhas Aereas Intlg S A	0.03%	2,740,575	$7M	trimmed−39%	−0.07 pp	4 q
unresolvedGoogle Inc.	0.03%	12,835	$7M	trimmed−3%	0.00 pp	8 q
GOOGAlphabet Inc. Class C	0.03%	15,924	$9M	trimmed−1%	0.00 pp	4 q
LBRDALiberty Broadband Corporation Class A	0.03%	153,860	$9M	held	—	2 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.03%	222,727	$7M	trimmed−1%	+0.01 pp	3 q
37MMrc Global Inc	0.03%	609,730	$7M	trimmed−58%	−0.06 pp	8 q
MDSOMedidata Solutions, Inc.	0.03%	147,353	$7M	trimmed−22%	−0.01 pp	6 q
NCMINational CineMedia, Inc.	0.03%	500,000	$8M	held	—	8 q
PCRXPacira BioSciences, Inc.	0.03%	82,380	$7M	added+23%	+0.01 pp	6 q
unresolvedPrecision Castparts Corp	0.03%	33,423	$7M	trimmed−53%	−0.04 pp	8 q
unresolvedRestoration Hardware Hldgs I	0.03%	67,558	$7M	trimmed−12%	0.00 pp	6 q
CRMSalesforce, Inc.	0.03%	121,889	$8M	trimmed−14%	0.00 pp	8 q
SBUXStarbucks Corp	0.03%	70,994	$7M	held	—	8 q
VVISA Inc.	0.03%	102,984	$7M	held	—	8 q
WDAYWorkday, Inc. Class A	0.03%	77,021	$7M	trimmed−16%	0.00 pp	5 q
GLNGGolar LNG Ltd	0.03%	215,222	$7M	added+40%	+0.01 pp	8 q
ATRAGBXAtara Biotherapeutics Inc	0.02%	120,844	$5M	new	+0.02 pp	new
DHID.R. Horton Inc.	0.02%	204,420	$6M	trimmed−84%	−0.11 pp	3 q
ECLEcolab, Inc.	0.02%	55,355	$6M	trimmed−72%	−0.06 pp	8 q
MANHManhattan Associates Inc	0.02%	109,512	$6M	held	—	3 q
ORLYO'Reilly Automotive, Inc.	0.02%	27,564	$6M	trimmed−4%	0.00 pp	8 q
RHIRobert Half Inc.	0.02%	77,600	$5M	held	—	8 q
SSLSasol Limited	0.02%	120,000	$4M	new	+0.02 pp	new
unresolvedSirona Dental Systems Inc	0.02%	67,403	$6M	held	—	8 q
SQMSociedad Quimica y Minera de Chile SA	0.02%	250,000	$5M	trimmed−64%	−0.05 pp	8 q
SXCPSunCoke Energy Partners, L.P.	0.02%	300,000	$6M	trimmed−56%	−0.05 pp	8 q
unresolvedWhiteWave Foods Co	0.02%	97,904	$4M	held	—	3 q
ASMLASML Holding NV	0.02%	41,028	$4M	held	—	7 q
AAgilent Technologies Inc.	0.01%	33,900	$1M	held	—	8 q
ALGNAlign Technology Inc	0.01%	27,500	$1M	held	—	8 q
AMBRAmber Road Inc	0.01%	304,300	$3M	added+84%	0.00 pp	4 q
APCAnadarko Petroleum Corp	0.01%	18,839	$2M	added+55%	+0.01 pp	8 q
unresolvedBarracuda Networks Inc	0.01%	52,100	$2M	trimmed−7%	0.00 pp	6 q
BIIBBiogen Inc.	0.01%	9,144	$4M	held	—	5 q
BIOSOption Care Health, Inc.	0.01%	372,500	$2M	added+8%	0.00 pp	6 q
BOOTBoot Barn Holdings, Inc.	0.01%	60,000	$1M	held	—	2 q
CMECME Group Inc.	0.01%	39,853	$4M	added+2%	0.00 pp	8 q
CTRACoterra Energy Inc.	0.01%	66,200	$2M	added+11%	0.00 pp	6 q
CHUYChuy's Holdings, Inc.	0.01%	85,000	$2M	new	+0.01 pp	new
COHRCoherent Corp.	0.01%	22,660	$1M	held	—	8 q
COSTCostco Wholesale Corp	0.01%	15,765	$2M	trimmed−1%	0.00 pp	8 q
EOGEOG Resources, Inc.	0.01%	14,968	$1M	added+26%	+0.01 pp	7 q
ETEnergy Transfer LP	0.01%	26,300	$2M	added+22%	+0.01 pp	2 q
ESPREsperion Therapeutics Inc Ne	0.01%	24,500	$2M	trimmed−30%	0.00 pp	3 q
unresolvedFidelity National Financial	0.01%	150,000	$2M	new	+0.01 pp	new
FRGIFiesta Restaurant Group, Inc.	0.01%	35,000	$2M	held	—	4 q
GPORGulfport Energy Corporation	0.01%	51,736	$2M	added+7%	0.00 pp	8 q
HABTThe Habit Restaurants, Inc. - Class A	0.01%	58,296	$3M	added×3.9	+0.01 pp	2 q
INGNInogen Inc	0.01%	65,600	$2M	held	—	5 q
XENTIntersect ENT, Inc	0.01%	88,536	$2M	trimmed−10%	0.00 pp	3 q
LPIVital Energy Inc	0.01%	157,200	$2M	new	+0.01 pp	new
MPCMarathon Petroleum Corporation	0.01%	13,478	$1M	added+2%	+0.01 pp	8 q
MRCYMercury Systems Inc.	0.01%	88,000	$1M	new	+0.01 pp	new
unresolvedMonsanto Co	0.01%	31,973	$4M	trimmed−42%	−0.02 pp	8 q
NEOGNeogen Corp	0.01%	152,000	$1M	trimmed−66%	−0.08 pp	8 q
unresolvedNewfield Expl Co	0.01%	84,100	$3M	new	+0.01 pp	new
NBLNoble Energy, Inc.	0.01%	30,749	$2M	added+31%	+0.01 pp	8 q
PEParsley Energy Inc	0.01%	179,200	$3M	added+8%	0.00 pp	4 q
QLYSQualys, Inc.	0.01%	40,400	$2M	trimmed−78%	−0.02 pp	5 q
unresolvedRsp Permian Inc	0.01%	72,900	$2M	added+1%	0.00 pp	5 q
REGNRegeneron Pharmaceuticals Inc	0.01%	7,490	$3M	held	—	5 q
REXRRexford Industrial Realty, Inc.	0.01%	150,000	$2M	added×2.0	+0.01 pp	2 q
SMSM Energy Company	0.01%	53,048	$3M	added+11%	0.00 pp	8 q
SEMGSemgroup Corp-class A	0.01%	25,600	$2M	added+66%	+0.01 pp	2 q
SIENSientra, Inc.	0.01%	80,500	$2M	added+18%	+0.01 pp	2 q
SUSuncor Energy, Inc.	0.01%	46,000	$1M	held	—	7 q
SUNSunoco LP	0.01%	56,217	$3M	trimmed−52%	−0.01 pp	2 q
unresolvedSuperior Energy Services Inc	0.01%	90,457	$2M	added+22%	0.00 pp	8 q
unresolvedTallgrass Energy Partners LP	0.01%	44,275	$2M	trimmed−51%	−0.01 pp	8 q
TXMDTherapeuticsMD, Inc.	0.01%	234,500	$1M	held	—	5 q
unresolvedUnilife Corp	0.01%	701,891	$3M	added×4.7	+0.01 pp	2 q
VRNSVaronis Systems, Inc.	0.01%	72,700	$2M	trimmed−2%	0.00 pp	5 q
VMWVMware, Inc	0.01%	33,793	$3M	added+17%	0.00 pp	5 q
unresolvedWhole Foods Market	0.01%	56,249	$3M	trimmed−4%	0.00 pp	8 q
YUMYum! Brands, Inc.	0.01%	42,526	$3M	trimmed−1%	0.00 pp	8 q
CHKPCheck Point Software Technologies Ltd	0.01%	37,424	$3M	added0%	0.00 pp	8 q
AACHAac Holdings Inc	0.00%	35,000	$1M	trimmed−30%	−0.01 pp	2 q
ARAntero Resources Corporation	0.00%	17,100	$604,000	trimmed−28%	0.00 pp	6 q
ATLSAtlas Energy Grp,llc Com Units Repstg Ltd (De)	0.00%	137,076	$824,000	new	0.00 pp	new
BIDUBaidu, Inc.	0.00%	1,037	$216,000	held	—	8 q
unresolvedC&J Energy Svcs Inc	0.00%	100,200	$1M	new	0.00 pp	new
CHRWC.H. Robinson Worldwide, Inc.	0.00%	2,610	$191,000	held	—	8 q
CERSCerus Corp	0.00%	133,400	$556,000	added×4.7	0.00 pp	2 q
unresolvedCoupons.com, Inc.	0.00%	70,000	$822,000	added+8%	0.00 pp	5 q
unresolvedDiamond Foods Inc	0.00%	43	$1,000	trimmed−98%	0.00 pp	2 q
DISCKDiscovery Inc-c	0.00%	7,379	$217,000	trimmed−99%	−0.17 pp	8 q
STAYExtended Stay America, Inc. Paired Share	0.00%	41,572	$812,000	held	—	6 q
FLSFlowserve Corporation	0.00%	11,500	$650,000	added+2%	0.00 pp	6 q
GRFSGrifois, S.A.	0.00%	37,800	$1M	held	—	8 q
IBNICICI Bank Limited	0.00%	13,495	$140,000	held	—	8 q
unresolvedInventure Foods Inc	0.00%	85,000	$951,000	trimmed−15%	−0.01 pp	3 q
MTSIMACOM Technology Solutions Holdings, Inc	0.00%	32,500	$1M	new	0.00 pp	new
MEOHMethanex Corp	0.00%	18,800	$1M	new	0.00 pp	new
NNBRNN Inc	0.00%	51,500	$1M	new	0.00 pp	new
unresolvedNovadaq Technologies Inc	0.00%	57,600	$935,000	held	—	6 q
OASOasis Petroleum Inc	0.00%	72,438	$1M	added+7%	0.00 pp	8 q
OISOil States International, Inc.	0.00%	16,931	$673,000	added+10%	0.00 pp	8 q
PRIMPrimoris Services Corporation	0.00%	35,702	$614,000	trimmed−52%	−0.01 pp	8 q
unresolvedQunar ADR	0.00%	4,770	$197,000	added+15%	0.00 pp	6 q
RVNCRevance Therapeutics, Inc.	0.00%	30,000	$622,000	trimmed−30%	0.00 pp	5 q
RNETRigNet, Inc.	0.00%	20,490	$586,000	added+15%	0.00 pp	8 q
unresolvedRose Rock Midstream L P	0.00%	17,142	$814,000	added+1%	0.00 pp	8 q
SFMSprouts Farmers Market, Inc.	0.00%	17,038	$600,000	held	—	7 q
SYTSyngenta Ag-adr	0.00%	11,600	$787,000	held	—	8 q
unresolvedTesco Corp	0.00%	55,400	$630,000	trimmed−42%	0.00 pp	4 q
unresolvedTesoro Logistics LP	0.00%	11,728	$631,000	added+2%	0.00 pp	8 q
UFIUNIFI, Inc. New	0.00%	33,000	$1M	new	0.00 pp	new
unresolvedWestern Gas Partners LP	0.00%	9,537	$628,000	added+2%	0.00 pp	8 q
unresolvedWhiting Pete Corp New	0.00%	12,958	$400,000	added+1%	0.00 pp	2 q
unresolvedZoes Kitchen Inc	0.00%	23,000	$766,000	added+53%	0.00 pp	4 q
MMYTMakeMyTrip Limited	0.00%	3,006	$66,000	added+15%	0.00 pp	5 q
SDLPSeadrill Partners LLC	0.00%	4,853	$57,000	trimmed−88%	0.00 pp	8 q
unresolvedEquinix Inc	—	−905,462	—	exited	−0.82 pp	—
unresolvedDevry Ed Group Inc	—	−2,432,590	—	exited	−0.46 pp	—
unresolvedMwi Veterinary Supply Inc	—	−315,300	—	exited	−0.21 pp	—
DISCADiscovery, Inc. Series A	—	−1,084,642	—	exited	−0.15 pp	—
unresolvedBrookfield Residential Pptys	—	−1,137,331	—	exited	−0.11 pp	—
BXMTBlackstone Mortgage Trust, Inc. (NEW)	—	−789,778	—	exited	−0.09 pp	—
unresolvedEducation Realty Trust, Inc.	—	−575,377	—	exited	−0.08 pp	—
SXCSuncoke Energy Inc	—	−1,035,817	—	exited	−0.08 pp	—
unresolvedZillow	—	−192,040	—	exited	−0.08 pp	—
CONECyrusOne Inc	—	−621,361	—	exited	−0.07 pp	—
HCSGHealthcare Services Group	—	−400,000	—	exited	−0.05 pp	—
CSLTCastlight Health, Inc.	—	−828,286	—	exited	−0.04 pp	—
unresolvedDreamWorks Animation SKG Inc.	—	−500,000	—	exited	−0.04 pp	—
SKTTanger Inc.	—	−264,026	—	exited	−0.04 pp	—
unresolvedSolarCity Corp	—	−135,680	—	exited	−0.03 pp	—
unresolvedAtlas Energy LP	—	−131,752	—	exited	−0.02 pp	—
unresolvedE2OPEN Inc	—	−201,800	—	exited	−0.01 pp	—
unresolvedJuno Therapeutics Inc	—	−35,000	—	exited	−0.01 pp	—
unresolvedPolypore International Inc	—	−34,563	—	exited	−0.01 pp	—
GTLSChart Inds Inc	—	−16,294	—	exited	0.00 pp	—
FCXFreeport-McMoran Inc.	—	−13,337	—	exited	0.00 pp	—
unresolvedIntrawest Resorts Holdings, In	—	−91,100	—	exited	0.00 pp	—
IWPiShares Russell Mid-Cap Growth ETF	—	−3,327	—	exited	0.00 pp	—
unresolvedLiberty Tax Inc	—	−12,000	—	exited	0.00 pp	—
unresolvedLifelock Inc	—	−25,000	—	exited	0.00 pp	—
unresolvedPandora Media Inc	—	−102	—	exited	0.00 pp	—
PKOHPark-Ohio Holdings Corp	—	−12,000	—	exited	0.00 pp	—
POWIPower Integrations Inc	—	−13,500	—	exited	0.00 pp	—
NBISNebius Group N.V. Class A	—	−3,138	—	exited	0.00 pp	—