Baron Capital

Q1 2016 13F · by Ron Baron, CEO

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $18.9B · prev $21.6B
Positions: 295 · prev 313
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%

Moves306 since the prior filing

+6.8 pp in · −7.6 pp out

New 23 +1.86 pp
Added 84 +4.99 pp
Trimmed 158 −1.81 pp
Exited 41 −5.81 pp

The book

Diversified · behaves like 77 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions16% of US stock

Positions295 in this filing · 41 exited


ITGartner, Inc.	3.84%	8,128,344	$726M	trimmed−3%	+0.32 pp	12 q
MTNVail Resorts, Inc.	3.65%	5,157,480	$690M	trimmed−4%	+0.47 pp	12 q
ACGLArch Capital Group Ltd	3.32%	8,833,523	$628M	trimmed−1%	+0.44 pp	12 q
CSGPCoStar Group Inc	2.91%	2,927,419	$551M	added+2%	+0.16 pp	12 q
FDSFactset Research Systems	2.74%	3,413,278	$517M	trimmed−4%	+0.06 pp	12 q
IDXXIdexx Laboratories Inc	2.74%	6,603,503	$517M	trimmed−4%	+0.41 pp	12 q
UAAUnder Armour, Inc.	2.24%	4,991,758	$423M	trimmed−4%	+0.30 pp	12 q
MIDDMiddleby Corp	1.85%	3,277,874	$350M	trimmed−16%	−0.11 pp	12 q
GLPIGaming and Leisure Properties, Inc.	1.81%	11,086,576	$343M	added+20%	+0.62 pp	10 q
BFAMBright Horizons Family Solutions Inc.	1.80%	5,253,530	$340M	trimmed−3%	+0.13 pp	12 q
TSLATesla, Inc.	1.72%	1,416,828	$326M	trimmed−3%	+0.09 pp	9 q
SSNCSS&C Technologies Inc	1.60%	4,767,673	$302M	trimmed−2%	+0.06 pp	12 q
MTDMettler-Toledo International	1.59%	869,894	$300M	trimmed−27%	−0.27 pp	12 q
GWREGuidewire Software, Inc.	1.51%	5,231,154	$285M	trimmed−1%	+0.04 pp	12 q
AKXAnsys Inc	1.46%	3,075,545	$275M	trimmed−5%	+0.07 pp	12 q
CHHChoice Hotels Intnl.	1.41%	4,930,319	$266M	trimmed−4%	+0.21 pp	12 q
HHyatt Hotels Corporation	1.21%	4,628,462	$229M	trimmed−27%	−0.17 pp	12 q
VRSKVerisk Analytics, Inc.	1.20%	2,849,298	$228M	trimmed−23%	−0.12 pp	12 q
MMSMAXIMUS, Inc.	1.19%	4,281,950	$225M	added+10%	+0.17 pp	12 q
INOVInovalon Holdings Inc - A	1.18%	12,001,546	$222M	added+22%	+0.40 pp	5 q
MANUManchester United PLC	1.16%	15,197,330	$219M	trimmed−4%	−0.14 pp	12 q
DKSDick's Sporting Goods, Inc.	1.15%	4,662,788	$218M	trimmed−22%	+0.17 pp	12 q
DEIDouglas Emmett, Inc.	1.14%	7,156,040	$215M	added+5%	+0.15 pp	12 q
unresolvedSBA Comms Corp	1.14%	2,144,163	$215M	trimmed−14%	−0.08 pp	12 q
ILMNIllumina Inc	1.05%	1,228,286	$199M	trimmed−13%	−0.20 pp	12 q
SCHWThe Charles Schwab Corporation	1.04%	6,993,446	$196M	trimmed−22%	−0.33 pp	12 q
MSCIMSCI, Inc.	1.00%	2,545,937	$189M	held	—	12 q
CHDChurch & Dwight Co., Inc.	0.90%	1,836,132	$169M	trimmed−0%	+0.18 pp	12 q
CBRECbre Group, Inc.	0.86%	5,616,783	$162M	trimmed−6%	−0.09 pp	12 q
FLTCorpay, Inc.	0.85%	1,073,822	$160M	trimmed−15%	+0.02 pp	12 q
WSTWest Pharmaceutical Services, Inc.	0.85%	2,310,171	$160M	trimmed−2%	+0.19 pp	12 q
PRIPrimerica, Inc.	0.84%	3,581,137	$159M	trimmed−0%	+0.05 pp	12 q
TECHBio-Techne Corp.	0.83%	1,658,440	$157M	added+11%	+0.21 pp	6 q
DOORMasonite International Corp	0.82%	2,380,027	$156M	trimmed−8%	+0.09 pp	8 q
TDGTransDigm Group Incorporated	0.82%	700,000	$154M	trimmed−7%	+0.03 pp	12 q
unresolvedFinancial Engines	0.81%	4,892,554	$154M	trimmed−1%	+0.04 pp	12 q
BNFTBenefitfocus, Inc.	0.77%	4,374,780	$146M	added+3%	+0.05 pp	10 q
EQIXEquinix, Inc.	0.77%	438,133	$145M	trimmed−33%	−0.15 pp	5 q
unresolvedPinnacle Entertainment Inc.	0.77%	4,150,381	$146M	added+1%	+0.18 pp	12 q
VACMarriott Vacations Worldwide Corporation	0.76%	2,131,987	$144M	added+1%	+0.20 pp	12 q
unresolvedNord Anglia Education Inc	0.76%	6,878,320	$144M	added+7%	+0.16 pp	8 q
unresolvedWaste Connections Inc	0.73%	2,150,000	$139M	held	—	12 q
MORNMorningstar, Inc.	0.72%	1,551,194	$137M	trimmed−5%	+0.11 pp	12 q
AYIAcuity Inc.	0.69%	600,000	$131M	trimmed−17%	−0.10 pp	12 q
KMXCarMax Inc.	0.69%	2,553,923	$131M	trimmed−22%	−0.13 pp	12 q
PENNPENN Entertainment, Inc.	0.69%	7,817,941	$130M	added+2%	+0.12 pp	12 q
unresolvedUltimate Software Group Inc	0.69%	673,888	$130M	trimmed−0%	+0.08 pp	12 q
unresolvedPanera Bread Co	0.68%	627,069	$128M	added+1%	+0.12 pp	12 q
FASTFastenal Co	0.66%	2,528,171	$124M	trimmed−26%	+0.01 pp	12 q
CNSCohen & Steers Inc.	0.62%	2,995,940	$117M	added+1%	+0.20 pp	12 q
THSTreehouse Foods, Inc.	0.60%	1,303,209	$113M	trimmed−29%	−0.07 pp	12 q
CSTECaesarstone Ltd.	0.60%	3,292,245	$113M	trimmed−13%	−0.16 pp	12 q
AREAlexandria Real Estate Equities, Inc.	0.59%	1,219,650	$111M	trimmed−2%	+0.07 pp	12 q
BAHBooz Allen Hamilton Holding Corporation	0.59%	3,671,034	$111M	trimmed−11%	0.00 pp	12 q
OAKOaktree Capital Group, LLC	0.55%	2,103,407	$104M	held	—	12 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.55%	1,866,005	$103M	trimmed−21%	−0.09 pp	12 q
AL1Sumisho Air Lease Corp	0.54%	3,205,948	$103M	trimmed−37%	−0.25 pp	12 q
ALXAlexander's Inc.	0.49%	242,096	$92M	trimmed−0%	+0.06 pp	12 q
unresolvedThe Carlyle Group	0.49%	5,493,555	$93M	trimmed−19%	0.00 pp	12 q
TREXTrex Company, Inc.	0.48%	1,885,400	$90M	trimmed−1%	+0.15 pp	9 q
unresolvedOn Assignment Inc	0.46%	2,377,515	$88M	added+1%	−0.03 pp	12 q
ZGZillow Group Inc Class A	0.45%	3,302,845	$84M	added+90%	+0.24 pp	5 q
unresolvedMobileye Nv	0.45%	2,258,174	$84M	trimmed−31%	−0.19 pp	7 q
MCMoelis & Company	0.43%	2,867,028	$81M	added0%	+0.04 pp	8 q
MHKMohawk Industries, Inc.	0.41%	404,319	$77M	added+17%	+0.11 pp	12 q
unresolvedSmart & Final Stores Inc	0.41%	4,820,325	$78M	added+11%	+0.04 pp	5 q
WTWWillis Towers Watson Public Limited Company	0.41%	647,098	$77M	new	+0.41 pp	new
unresolvedFEI Company	0.40%	850,000	$76M	trimmed−24%	−0.02 pp	12 q
DXCMDexCom, Inc.	0.39%	1,092,441	$74M	added0%	−0.02 pp	12 q
IRDMIridium Communications Inc.	0.38%	9,045,571	$71M	held	—	8 q
unresolvedPress Ganey Holdings Inc	0.38%	2,394,820	$72M	added+16%	+0.08 pp	4 q
ICLRIcon Plc	0.37%	931,953	$70M	trimmed−14%	−0.02 pp	12 q
HSICHenry Schein Inc	0.35%	378,727	$65M	trimmed−4%	+0.06 pp	12 q
SPGSimon Property Group, Inc.	0.32%	292,032	$61M	trimmed−2%	+0.05 pp	12 q
VRSNVeriSign Inc	0.32%	692,135	$61M	added+9%	+0.06 pp	12 q
unresolvedHilton Worldwide Hldgs Inc	0.31%	2,628,105	$59M	trimmed−35%	−0.09 pp	6 q
SYNHSyneos Health, Inc. Class A	0.31%	1,432,428	$59M	trimmed−0%	−0.01 pp	6 q
MGMMgm Resorts International	0.31%	2,757,711	$59M	trimmed−21%	−0.06 pp	5 q
PEGAPegasystems Inc	0.31%	2,278,245	$58M	trimmed−1%	+0.02 pp	12 q
unresolvedPriceline Grp Inc	0.31%	46,164	$60M	trimmed−23%	−0.04 pp	12 q
INXNInterxion Holding NV	0.30%	1,628,422	$56M	added×2.4	+0.20 pp	2 q
JLLJones Lang LaSalle, Inc.	0.29%	474,185	$56M	trimmed−14%	−0.12 pp	12 q
BERYBerry Global Group, Inc.	0.28%	1,450,000	$52M	trimmed−28%	−0.06 pp	12 q
BKDBrookdale Senior Living, Inc.	0.28%	3,365,679	$53M	added+79%	+0.12 pp	12 q
EFIIElectronics for Imaging	0.28%	1,250,000	$53M	added+14%	+0.04 pp	5 q
BABAAlibaba Group Holding Limited	0.27%	643,747	$51M	added+14%	+0.06 pp	7 q
CAKECheesecake Factory (The)	0.27%	950,000	$50M	held	—	12 q
unresolvedBrookfield Asset Mgmt Inc	0.26%	1,388,551	$48M	trimmed−4%	+0.05 pp	12 q
CMDCantel Medical Corporation	0.26%	700,000	$50M	held	—	6 q
MSGSMadison Square Garden Sports Corp.	0.26%	300,000	$50M	trimmed−10%	+0.01 pp	2 q
PRAHPRA Health Sciences, Inc.	0.26%	1,165,523	$50M	trimmed−5%	0.00 pp	6 q
WEXWEX Inc.	0.26%	600,000	$50M	trimmed−14%	−0.03 pp	12 q
AMTAmerican Tower Corporation	0.25%	452,483	$46M	trimmed−0%	+0.05 pp	12 q
EWEdwards Lifesciences Corp	0.25%	528,665	$47M	trimmed−20%	+0.01 pp	12 q
KWKennedy-wilson Holdings, Inc.	0.25%	2,182,605	$48M	added+8%	+0.02 pp	12 q
MICMacquarie Infrastructure Hol	0.25%	686,668	$46M	new	+0.25 pp	new
unresolvedMattress Firm Hldg Corp	0.25%	1,100,000	$47M	trimmed−19%	−0.03 pp	12 q
ROPRoper Technologies, Inc.	0.25%	254,187	$46M	trimmed−12%	0.00 pp	12 q
CGNXCognex Corp	0.24%	1,150,000	$45M	trimmed−23%	+0.01 pp	12 q
unresolvedLiberty Media Corp Delaware	0.24%	1,200,000	$46M	held	—	7 q
PFGCPerformance Food Group Company	0.24%	1,911,447	$45M	added+8%	+0.05 pp	2 q
SUMSummit Materials, Inc. Class A	0.24%	2,350,000	$46M	trimmed−37%	−0.11 pp	5 q
RCLRoyal Caribbean Group	0.24%	542,183	$45M	added+3%	−0.01 pp	3 q
BJRIBJ's Restaurants, Inc.	0.23%	1,050,000	$44M	held	—	12 q
unresolvedGeneral Growth Pptys Inc New	0.23%	1,434,891	$43M	trimmed−2%	+0.05 pp	6 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.23%	1,675,000	$44M	added+34%	+0.10 pp	12 q
TOLToll Brothers, Inc.	0.23%	1,482,039	$44M	added+4%	+0.01 pp	12 q
TSCOTractor Supply Co	0.23%	474,012	$43M	trimmed−6%	+0.03 pp	12 q
ACIWACI Worldwide, Inc.	0.22%	2,000,000	$42M	trimmed−17%	−0.02 pp	12 q
unresolvedCooper Cos Inc/The	0.22%	270,063	$42M	added+11%	+0.07 pp	9 q
DLRDigital Realty Trust, Inc.	0.22%	466,668	$41M	new	+0.22 pp	new
HQYHealthEquity, Inc	0.22%	1,659,231	$41M	trimmed−1%	+0.03 pp	7 q
HDHome Depot, Inc.	0.22%	309,047	$41M	trimmed−21%	−0.02 pp	10 q
NDSNNordson Corp	0.22%	553,319	$42M	trimmed−8%	+0.04 pp	12 q
unresolvedValero Energy Partners LP	0.22%	896,700	$42M	trimmed−14%	−0.03 pp	10 q
WABWabtec Inc.	0.22%	533,768	$42M	added+18%	+0.07 pp	11 q
WYNTravel + Leisure Co.	0.22%	555,834	$42M	trimmed−18%	−0.01 pp	12 q
NLSNNielsen Holdings PLC	0.22%	790,948	$42M	trimmed−12%	+0.03 pp	3 q
unresolvedAcxiom Corp	0.21%	1,807,780	$39M	added+7%	+0.05 pp	12 q
AVBAvalonBay Communities, Inc.	0.21%	211,726	$40M	trimmed−20%	−0.01 pp	6 q
CHEFThe Chef's Warehouse Inc	0.21%	2,000,000	$41M	held	—	12 q
CTRPTrip.com Group Limited	0.21%	912,216	$40M	added+18%	+0.04 pp	5 q
HMHCHoughton Mifflin Harcourt Company	0.21%	1,980,200	$39M	added+13%	+0.03 pp	4 q
RBCRBC Bearings Incorporated	0.21%	552,000	$40M	added+10%	+0.06 pp	6 q
AMZNAmazon.Com Inc	0.20%	63,073	$37M	added0%	0.00 pp	12 q
AATAmerican Assets Trust, Inc.	0.20%	945,000	$38M	trimmed−1%	+0.03 pp	12 q
CTLTCatalent, Inc.	0.20%	1,450,000	$39M	trimmed−17%	0.00 pp	7 q
CFMSConformis, Inc.	0.20%	3,465,919	$37M	added+17%	−0.04 pp	3 q
DPLODiplomat Pharmacy, Inc.	0.20%	1,403,819	$38M	trimmed−40%	−0.17 pp	6 q
IEXIDEX Corporation	0.20%	453,915	$38M	added+6%	+0.05 pp	7 q
MLMMartin Marietta Materials	0.20%	236,328	$38M	new	+0.20 pp	new
FGAAmerican Campus Communities	0.19%	759,218	$36M	new	+0.19 pp	new
APAMArtisan Partners Asset Management Inc.	0.19%	1,167,354	$36M	trimmed−38%	−0.12 pp	12 q
BXPBXP, Inc.	0.19%	284,053	$36M	trimmed−24%	−0.03 pp	12 q
VMRKVivmark Residential	0.19%	474,649	$36M	trimmed−20%	−0.03 pp	2 q
TALTAL Education Group	0.19%	720,222	$36M	trimmed−10%	+0.02 pp	9 q
VIRTVirtu Financial, Inc. Class A	0.19%	1,618,165	$36M	added+22%	+0.05 pp	4 q
FRCBFirst Republic Bk CA	0.18%	502,397	$33M	added+4%	+0.03 pp	12 q
PRTYParty City Holdco Inc.	0.18%	2,270,000	$34M	added+11%	+0.06 pp	4 q
unresolvedQuintiles Transnatio Hldgs I	0.18%	516,806	$34M	added+2%	+0.02 pp	12 q
AZPNAspen Technology Inc	0.17%	898,400	$32M	added+1%	+0.01 pp	3 q
METAMeta Platforms, Inc. Class A	0.17%	283,349	$32M	trimmed−1%	+0.03 pp	12 q
LOWLowe's Companies Inc.	0.17%	422,394	$32M	trimmed−23%	−0.02 pp	12 q
MKTXMarketAxess Holdings Inc.	0.17%	260,975	$33M	added×5.3	+0.14 pp	3 q
unresolvedClubcorp Holdings Inc	0.16%	2,146,361	$30M	trimmed−49%	−0.20 pp	10 q
MNROMonro, Inc.	0.16%	429,538	$31M	trimmed−5%	+0.02 pp	6 q
1885807DAthenahealth Inc	0.15%	208,817	$29M	added×3.3	+0.10 pp	9 q
unresolvedExamworks Group Inc	0.15%	974,200	$29M	added+22%	+0.05 pp	7 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.15%	300,000	$29M	held	—	12 q
HCSGHealthcare Services Group	0.15%	750,000	$28M	held	—	4 q
CHSPChesapeake Lodging Trust	0.14%	1,000,000	$26M	trimmed−22%	−0.01 pp	12 q
TROWT Rowe Price Group Inc	0.14%	370,978	$27M	trimmed−3%	+0.01 pp	12 q
SLGSL Green Realty Corp.	0.14%	278,243	$27M	trimmed−50%	−0.15 pp	12 q
unresolvedSpectranetics Corp	0.14%	1,772,488	$26M	trimmed−1%	+0.01 pp	10 q
GSMFerroglobe PLC	0.14%	3,000,000	$26M	trimmed−8%	−0.02 pp	2 q
SCORcomScore, Inc.	0.13%	837,337	$25M	added+64%	+0.03 pp	9 q
unresolvedInterval Leisure Group Inc	0.13%	1,677,505	$24M	trimmed−29%	−0.04 pp	12 q
TIFTiffany & Co.	0.13%	341,466	$25M	trimmed−2%	+0.01 pp	12 q
UHSUniversal Health Services, Inc. Class B	0.13%	197,664	$25M	trimmed−27%	−0.02 pp	12 q
unresolvedVantiv Inc	0.13%	471,651	$25M	new	+0.13 pp	new
CXOConcho Resources Inc.	0.12%	224,161	$23M	trimmed−31%	−0.02 pp	12 q
NEOGNeogen Corp	0.12%	444,596	$22M	held	—	12 q
GOOGAlphabet Inc. Class C	0.11%	28,628	$21M	trimmed−13%	−0.01 pp	8 q
unresolvedQihoo 360 Technology Co. ADR	0.11%	265,000	$20M	trimmed−6%	+0.02 pp	4 q
unresolvedScorpio Tankers Inc	0.11%	3,714,904	$22M	trimmed−28%	−0.08 pp	12 q
Iridium Communications Iconvertible	0.10%	66,300	$20M	held	—	5 q
LFUSLittelfuse Inc	0.10%	152,800	$19M	new	+0.10 pp	new
unresolvedAirgas Inc	0.09%	120,011	$17M	trimmed−52%	−0.07 pp	12 q
DFRGDel Frisco's Restaurant Group, Inc.	0.09%	998,441	$17M	trimmed−43%	−0.04 pp	11 q
unresolvedDigitalglobe Inc	0.09%	1,017,700	$18M	trimmed−33%	−0.02 pp	12 q
LBRDKLiberty Broadband Corporation Class C	0.09%	300,000	$17M	held	—	6 q
MSGNMSG Networks Inc.	0.09%	1,000,000	$17M	held	—	2 q
PBFXPbf Logistics LP	0.09%	870,000	$16M	added+9%	+0.01 pp	8 q
WINGWingstop Inc	0.09%	726,000	$16M	added×10.4	+0.08 pp	4 q
CPACopa Holdings, S.A.	0.09%	250,000	$17M	trimmed−7%	+0.03 pp	3 q
GOOGLAlphabet Inc. Class A	0.08%	20,259	$15M	trimmed−17%	−0.01 pp	3 q
unresolvedDominion Midstream Partners	0.08%	459,611	$16M	trimmed−17%	0.00 pp	6 q
unresolvedFlotek Industries Inc DEL	0.08%	2,114,252	$15M	trimmed−21%	−0.06 pp	11 q
UNFIUnited Natural Foods Inc	0.08%	377,000	$15M	trimmed−88%	−0.48 pp	12 q
ZZillow Group, Inc. Class C	0.08%	656,407	$16M	trimmed−66%	−0.13 pp	3 q
PRGOPerrigo Company PLC	0.08%	113,215	$14M	trimmed−57%	−0.10 pp	2 q
AUAngloGold Ashanti plc	0.07%	900,100	$12M	new	+0.07 pp	new
HHCThe Howard Hughes Corporation	0.07%	123,586	$13M	trimmed−64%	−0.11 pp	12 q
MAMastercard Incorporated	0.07%	132,486	$13M	trimmed−29%	−0.01 pp	12 q
SQMSociedad Quimica y Minera de Chile SA	0.07%	680,000	$14M	new	+0.07 pp	new
VVISA Inc.	0.07%	173,131	$13M	added+57%	+0.03 pp	12 q
NBISNebius Group N.V. Class A	0.07%	893,000	$14M	new	+0.07 pp	new
CDKCDK Global, Inc.	0.06%	223,681	$10M	trimmed−2%	+0.01 pp	4 q
unresolvedLiberty Media Corp Delaware	0.06%	300,000	$12M	held	—	12 q
SSLSasol Limited	0.06%	371,500	$11M	held	—	5 q
unresolvedTerraform Global Inc	0.06%	4,473,702	$11M	trimmed−16%	−0.07 pp	3 q
WBCWabco Holdings Inc.	0.06%	100,092	$11M	trimmed−2%	+0.01 pp	5 q
FEYEFireEye, Inc.	0.05%	508,872	$9M	added+24%	+0.01 pp	10 q
HABTThe Habit Restaurants, Inc. - Class A	0.05%	526,000	$10M	added×15.0	+0.05 pp	3 q
LBRDALiberty Broadband Corporation Class A	0.05%	150,000	$9M	held	—	6 q
RHTRed Hat Inc	0.05%	138,720	$10M	trimmed−10%	−0.01 pp	12 q
WLKPWestlake Chemical Partners LP	0.05%	484,747	$10M	trimmed−10%	−0.01 pp	7 q
MLNXMellanox Technologies Ltd	0.05%	170,774	$9M	trimmed−8%	+0.01 pp	11 q
ALXNAlexion Pharmaceuticals Inc	0.04%	55,950	$8M	trimmed−9%	−0.01 pp	9 q
AAPLApple Inc.	0.04%	69,380	$8M	trimmed−1%	+0.01 pp	12 q
BMYBristol-Myers Squibb Co.	0.04%	112,848	$7M	new	+0.04 pp	new
CRMSalesforce, Inc.	0.04%	92,401	$7M	trimmed−17%	0.00 pp	12 q
NOWServicenow, Inc.	0.04%	118,362	$7M	added+62%	+0.01 pp	3 q
SBUXStarbucks Corp	0.04%	126,435	$8M	trimmed−8%	0.00 pp	12 q
ACTAllergan PLC	0.04%	27,278	$7M	added×2.3	+0.02 pp	2 q
BAPCredicorp LTD	0.04%	52,381	$7M	new	+0.04 pp	new
NFLXNetFlix Inc	0.03%	62,509	$6M	trimmed−25%	−0.01 pp	11 q
unresolvedNewfield Expl Co	0.03%	145,400	$5M	added+29%	+0.01 pp	5 q
PEParsley Energy Inc	0.03%	266,400	$6M	added+9%	+0.01 pp	8 q
unresolvedRsp Permian Inc	0.03%	175,500	$5M	added+16%	+0.01 pp	9 q
SRCLStericycle Inc	0.03%	51,229	$6M	trimmed−54%	−0.03 pp	12 q
TEGPTallgrass Energy GP, LP	0.03%	295,861	$5M	trimmed−53%	−0.02 pp	4 q
BIIBBiogen Inc.	0.02%	16,047	$4M	added+57%	+0.01 pp	9 q
SAMBoston Beer Company	0.02%	21,212	$4M	trimmed−94%	−0.32 pp	12 q
CMECME Group Inc.	0.02%	44,501	$4M	trimmed−1%	0.00 pp	12 q
HALHalliburton Company	0.02%	94,096	$3M	added+18%	+0.01 pp	12 q
LINDLindblad Expeditions Holdings Inc.	0.02%	395,188	$4M	trimmed−9%	0.00 pp	3 q
MANHManhattan Associates Inc	0.02%	70,800	$4M	held	—	7 q
unresolvedManitowoc Foodservice Inc	0.02%	300,000	$4M	new	+0.02 pp	new
NBLNoble Energy, Inc.	0.02%	101,549	$3M	added+17%	+0.01 pp	12 q
ORLYO'Reilly Automotive, Inc.	0.02%	14,701	$4M	trimmed−16%	0.00 pp	12 q
RLRalph Lauren Corporation	0.02%	40,702	$4M	trimmed−64%	−0.04 pp	12 q
RICEEqt Re Merger Sub Inc	0.02%	239,100	$3M	new	+0.02 pp	new
RHIRobert Half Inc.	0.02%	77,600	$4M	held	—	12 q
SLBSLB Limited	0.02%	38,900	$3M	added+37%	+0.01 pp	2 q
VLOValero Energy Corporation	0.02%	47,800	$3M	added+26%	+0.01 pp	2 q
unresolvedWhiteWave Foods Co	0.02%	85,150	$3M	added+19%	+0.01 pp	7 q
YUMYum! Brands, Inc.	0.02%	52,582	$4M	added+4%	0.00 pp	12 q
ASMLASML Holding NV	0.02%	36,618	$4M	trimmed−1%	0.00 pp	11 q
CLBCore Laboratories Inc.	0.02%	38,820	$4M	trimmed−86%	−0.12 pp	12 q
ALGNAlign Technology Inc	0.01%	27,500	$2M	held	—	12 q
COSTCostco Wholesale Corp	0.01%	14,983	$2M	trimmed−1%	0.00 pp	12 q
EOGEOG Resources, Inc.	0.01%	24,568	$2M	trimmed−8%	0.00 pp	11 q
unresolvedEducation Realty Trust, Inc.	0.01%	33,000	$1M	trimmed−18%	0.00 pp	2 q
unresolvedEncana Corp	0.01%	293,800	$2M	new	+0.01 pp	new
ETEnergy Transfer LP	0.01%	338,100	$2M	added+75%	0.00 pp	6 q
ENVEnvestnet, Inc.	0.01%	70,725	$2M	trimmed−16%	0.00 pp	10 q
GRFSGrifois, S.A.	0.01%	75,000	$1M	added+7%	0.00 pp	12 q
HPHelmerich & Payne, Inc.	0.01%	23,850	$1M	trimmed−25%	0.00 pp	12 q
MPLXMplx LP	0.01%	32,300	$959,000	added+37%	+0.01 pp	2 q
MTSIMACOM Technology Solutions Holdings, Inc	0.01%	40,000	$2M	held	—	5 q
MPCMarathon Petroleum Corporation	0.01%	62,456	$2M	added+18%	0.00 pp	12 q
unresolvedMemorial Resource Dev Corp	0.01%	227,400	$2M	added×2.5	0.00 pp	2 q
MRCYMercury Systems Inc.	0.01%	70,303	$1M	trimmed−26%	0.00 pp	5 q
unresolvedMonsanto Co	0.01%	31,677	$3M	trimmed−1%	0.00 pp	12 q
OISOil States International, Inc.	0.01%	44,031	$1M	added+13%	+0.01 pp	12 q
PRIMPrimoris Services Corporation	0.01%	74,702	$2M	added+13%	0.00 pp	12 q
QLYSQualys, Inc.	0.01%	40,000	$1M	trimmed−71%	−0.01 pp	9 q
REGNRegeneron Pharmaceuticals Inc	0.01%	5,011	$2M	trimmed−33%	−0.01 pp	9 q
RYAAYRyanair Holdings plc	0.01%	24,325	$2M	trimmed−82%	−0.04 pp	2 q
SEDGSolarEdge Technologies, Inc.	0.01%	79,200	$2M	new	+0.01 pp	new
SUSuncor Energy, Inc.	0.01%	43,000	$1M	trimmed−7%	0.00 pp	11 q
unresolvedTallgrass Energy Partners LP	0.01%	65,940	$3M	added+40%	0.00 pp	12 q
TRGPTarga Resources Corp.	0.01%	59,200	$2M	new	+0.01 pp	new
TWTRTwitter, Inc.	0.01%	157,777	$3M	added0%	−0.01 pp	10 q
GLNGGolar LNG Ltd	0.01%	107,535	$2M	added+58%	+0.01 pp	12 q
CHKPCheck Point Software Technologies Ltd	0.01%	29,464	$3M	trimmed−13%	0.00 pp	12 q
AERIAerie Pharmaceuticals, Inc.	0.00%	4,248	$52,000	added+74%	0.00 pp	7 q
AAgilent Technologies Inc.	0.00%	23,000	$917,000	held	—	12 q
AEMAgnico Eagle Mines Ltd.	0.00%	20,000	$723,000	new	0.00 pp	new
AMBRAmber Road Inc	0.00%	54,400	$294,000	held	—	8 q
BIDUBaidu, Inc.	0.00%	1,517	$290,000	held	—	12 q
CHRWC.H. Robinson Worldwide, Inc.	0.00%	2,080	$154,000	held	—	12 q
unresolvedCepheid	0.00%	12,000	$400,000	trimmed−16%	0.00 pp	12 q
CERSCerus Corp	0.00%	63,000	$374,000	trimmed−43%	0.00 pp	6 q
COHRCoherent Corp.	0.00%	4,660	$428,000	held	—	12 q
CYHCommunity Health Systems, Inc.	0.00%	100	$2,000	trimmed−100%	−0.20 pp	12 q
unresolvedEasterly Govt Pptys Inc	0.00%	25,000	$463,000	new	0.00 pp	new
EPAMEpam Systems, Inc.	0.00%	3,485	$260,000	added+63%	0.00 pp	2 q
ESEESCO Technologies, Inc.	0.00%	19,000	$741,000	added+6%	0.00 pp	3 q
FRGIFiesta Restaurant Group, Inc.	0.00%	8,000	$262,000	trimmed−36%	0.00 pp	8 q
unresolvedFoundation Medicine	0.00%	20,700	$376,000	trimmed−9%	0.00 pp	10 q
GKOSGlaukos Corporation	0.00%	23,925	$403,000	trimmed−42%	0.00 pp	4 q
INGNInogen Inc	0.00%	14,000	$630,000	added×2.8	0.00 pp	9 q
unresolvedKeyw Holding Corp	0.00%	72,319	$480,000	added+53%	0.00 pp	12 q
unresolvedKrispy Kreme Doughnuts Inc	0.00%	37,000	$577,000	trimmed−33%	0.00 pp	3 q
NEOSNeos Therapeutics, Inc	0.00%	15,000	$162,000	added+50%	0.00 pp	3 q
NVRONNevro Corp	0.00%	2,500	$141,000	new	0.00 pp	new
unresolvedNovadaq Technologies Inc	0.00%	31,500	$349,000	trimmed−17%	0.00 pp	10 q
PCRXPacira BioSciences, Inc.	0.00%	16,211	$859,000	added+25%	0.00 pp	3 q
QUOTQuotient Technology Inc	0.00%	25,000	$265,000	trimmed−38%	0.00 pp	3 q
RXNZurn Elkay Water Solutions Corporation	0.00%	19,699	$398,000	held	—	12 q
REXRRexford Industrial Realty, Inc.	0.00%	5,000	$91,000	trimmed−89%	0.00 pp	6 q
SG7Sage Therapeutics Inc	0.00%	6,404	$205,000	held	—	4 q
SHLXShell Midstream Partners, L.P.	0.00%	11,479	$420,000	trimmed−98%	−0.11 pp	6 q
SIENSientra, Inc.	0.00%	19,800	$135,000	new	0.00 pp	new
SUNSunoco LP	0.00%	1,317	$44,000	held	—	6 q
unresolvedTerraform Pwr Inc	0.00%	82,910	$717,000	added+13%	0.00 pp	7 q
T8STesaro Inc	0.00%	2,000	$88,000	new	0.00 pp	new
TXMDTherapeuticsMD, Inc.	0.00%	51,400	$329,000	added+59%	0.00 pp	9 q
VRNSVaronis Systems, Inc.	0.00%	10,300	$188,000	trimmed−39%	0.00 pp	9 q
VMWVMware, Inc	0.00%	15,430	$807,000	trimmed−13%	0.00 pp	9 q
unresolvedWestern Gas Equity Partners	0.00%	21,376	$762,000	trimmed−86%	−0.03 pp	12 q
unresolvedZoes Kitchen Inc	0.00%	4,000	$156,000	trimmed−67%	0.00 pp	8 q
KRNTKornit Digital Ltd.	0.00%	14,000	$139,000	new	0.00 pp	new
unresolvedItc Hldgs Corp	—	−12,971,289	—	exited	−2.36 pp	—
unresolvedTowers Watson & Co.	—	−762,284	—	exited	−0.45 pp	—
GWRGenesee & Wyoming Inc.	—	−1,165,413	—	exited	−0.29 pp	—
unresolvedDiamond Resorts Intl Inc	—	−1,996,266	—	exited	−0.24 pp	—
BLDRBuilders FirstSource, Inc.	—	−4,489,186	—	exited	−0.23 pp	—
unresolvedLinkedin Corp Cl A	—	−205,898	—	exited	−0.21 pp	—
unresolvedForest City Enterprises Inc	—	−1,807,038	—	exited	−0.18 pp	—
GNRCGenerac Holdings Inc	—	−1,131,393	—	exited	−0.16 pp	—
BIPBrookfield Infrastructure Partners L.P.	—	−841,058	—	exited	−0.15 pp	—
ESNTEssent Group LTD	—	−1,515,950	—	exited	−0.15 pp	—
CSUSonida Senior Living, Inc.	—	−1,417,712	—	exited	−0.14 pp	—
unresolvedIHS Inc 'A'	—	−259,600	—	exited	−0.14 pp	—
unresolvedStarwood HOTELS&RESORTS Wrld	—	−444,044	—	exited	−0.14 pp	—
ACADAcadia Pharmaceuticals Inc.	—	−638,000	—	exited	−0.11 pp	—
unresolvedLasalle Hotel Pptys	—	−985,100	—	exited	−0.11 pp	—
unresolvedColfax Corp	—	−827,273	—	exited	−0.09 pp	—
unresolvedPlatform Specialty Prods Cor	—	−1,500,000	—	exited	−0.09 pp	—
PAGPenske Automotive Group, Inc.	—	−400,000	—	exited	−0.08 pp	—
unresolvedSoufun Holdings Ltd ADR	—	−2,420,000	—	exited	−0.08 pp	—
CERNCerner Corp	—	−249,852	—	exited	−0.07 pp	—
unresolvedColumbia Pipeline Partners L	—	−901,843	—	exited	−0.07 pp	—
TCSThe Container Store Group, Inc.	—	−1,548,828	—	exited	−0.06 pp	—
TILEInterface Inc	—	−500,000	—	exited	−0.04 pp	—
unresolvedJuno Therapeutics Inc	—	−200,000	—	exited	−0.04 pp	—
unresolvedIconix Brand Group Inc	—	−1,000,000	—	exited	−0.03 pp	—
JMEINJumei International-adr	—	−700,000	—	exited	−0.03 pp	—
IWMiShares Russell 2000 ETF	—	−42,835	—	exited	−0.02 pp	—
unresolvedRestoration Hardware Hldgs I	—	−57,492	—	exited	−0.02 pp	—
HESHess Corporation	—	−33,800	—	exited	−0.01 pp	—
LKQLKQ Corporation	—	−44,400	—	exited	−0.01 pp	—
unresolvedWestern Refng Logistics LP	—	−65,789	—	exited	−0.01 pp	—
AMNAMN Healthcare Services	—	−6,400	—	exited	0.00 pp	—
BOOTBoot Barn Holdings, Inc.	—	−13,000	—	exited	0.00 pp	—
ESPREsperion Therapeutics Inc Ne	—	−12,200	—	exited	0.00 pp	—
unresolvedGrubhub Inc	—	−44,233	—	exited	0.00 pp	—
IBNICICI Bank Limited	—	−17,613	—	exited	0.00 pp	—
JDJD.com, Inc.	—	−2,733	—	exited	0.00 pp	—
LULUlululemon athletica inc.	—	−17,000	—	exited	0.00 pp	—
MEOHMethanex Corp	—	−24,700	—	exited	0.00 pp	—
NNBRNN Inc	—	−27,600	—	exited	0.00 pp	—
unresolvedQunar ADR	—	−2,792	—	exited	0.00 pp	—