Baron Capital

Q2 2016 13F · by Ron Baron, CEO

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $18.8B · prev $18.9B
Positions: 301 · prev 295
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%

Moves280 since the prior filing

+5.0 pp in · −4.9 pp out

New 27 +2.56 pp
Added 87 +2.40 pp
Trimmed 145 −3.30 pp
Exited 21 −1.60 pp

The book

Diversified · behaves like 72 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.3 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions301 in this filing · 21 exited


ITGartner, Inc.	4.02%	7,758,108	$756M	trimmed−5%	+0.18 pp	13 q
MTNVail Resorts, Inc.	3.80%	5,176,522	$716M	added0%	+0.15 pp	13 q
CSGPCoStar Group Inc	3.37%	2,899,867	$634M	trimmed−1%	+0.46 pp	13 q
ACGLArch Capital Group Ltd	3.37%	8,805,218	$634M	trimmed−0%	+0.05 pp	13 q
IDXXIdexx Laboratories Inc	3.25%	6,584,973	$611M	trimmed−0%	+0.51 pp	13 q
FDSFactset Research Systems	2.92%	3,398,436	$549M	trimmed−0%	+0.18 pp	13 q
GLPIGaming and Leisure Properties, Inc.	2.68%	14,633,364	$505M	added+32%	+0.87 pp	11 q
BFAMBright Horizons Family Solutions Inc.	1.80%	5,100,727	$338M	trimmed−3%	0.00 pp	13 q
GWREGuidewire Software, Inc.	1.66%	5,070,041	$313M	trimmed−3%	+0.15 pp	13 q
TSLATesla, Inc.	1.63%	1,444,655	$307M	added+2%	−0.09 pp	10 q
MIDDMiddleby Corp	1.60%	2,605,017	$300M	trimmed−21%	−0.25 pp	13 q
MTDMettler-Toledo International	1.51%	777,177	$284M	trimmed−11%	−0.08 pp	13 q
UAAUnder Armour, Inc.	1.51%	7,098,146	$285M	trimmed−29%	−0.73 pp	13 q
AKXAnsys Inc	1.47%	3,054,194	$277M	trimmed−1%	+0.01 pp	13 q
SSNCSS&C Technologies Inc	1.42%	9,507,992	$267M	trimmed−0%	−0.18 pp	13 q
DEIDouglas Emmett, Inc.	1.31%	6,916,977	$246M	trimmed−3%	+0.17 pp	13 q
MMSMAXIMUS, Inc.	1.29%	4,388,579	$243M	added+2%	+0.10 pp	13 q
MANUManchester United PLC	1.28%	15,089,806	$240M	trimmed−1%	+0.12 pp	13 q
CHHChoice Hotels Intnl.	1.25%	4,930,319	$235M	held	—	13 q
INOVInovalon Holdings Inc - A	1.24%	12,986,923	$234M	added+8%	+0.06 pp	6 q
HHyatt Hotels Corporation	1.20%	4,592,412	$226M	trimmed−1%	−0.01 pp	13 q
VRSKVerisk Analytics, Inc.	1.16%	2,692,150	$218M	trimmed−6%	−0.04 pp	13 q
PRIPrimerica, Inc.	1.09%	3,580,845	$205M	trimmed−0%	+0.25 pp	13 q
MSCIMSCI, Inc.	1.04%	2,538,237	$196M	trimmed−0%	+0.04 pp	13 q
unresolvedSBA Comms Corp	1.02%	1,775,182	$192M	trimmed−17%	−0.12 pp	13 q
CHDChurch & Dwight Co., Inc.	1.00%	1,830,025	$188M	trimmed−0%	+0.10 pp	13 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.99%	5,113,695	$186M	new	+0.99 pp	new
TECHBio-Techne Corp.	0.98%	1,642,221	$185M	trimmed−1%	+0.15 pp	7 q
TDGTransDigm Group Incorporated	0.95%	675,000	$178M	trimmed−4%	+0.13 pp	13 q
WSTWest Pharmaceutical Services, Inc.	0.92%	2,274,371	$173M	trimmed−2%	+0.07 pp	13 q
SCHWThe Charles Schwab Corporation	0.91%	6,741,610	$171M	trimmed−4%	−0.13 pp	13 q
BNFTBenefitfocus, Inc.	0.87%	4,305,132	$164M	trimmed−2%	+0.10 pp	11 q
DOORMasonite International Corp	0.84%	2,399,265	$159M	added+1%	+0.02 pp	9 q
unresolvedWaste Connections Inc	0.82%	2,150,000	$155M	held	—	13 q
VACMarriott Vacations Worldwide Corporation	0.81%	2,213,552	$152M	added+4%	+0.05 pp	13 q
CBRECbre Group, Inc.	0.78%	5,518,695	$146M	trimmed−2%	−0.08 pp	13 q
FLTCorpay, Inc.	0.78%	1,026,146	$147M	trimmed−4%	−0.07 pp	13 q
unresolvedNord Anglia Education Inc	0.78%	6,914,214	$146M	added+1%	+0.02 pp	9 q
ILMNIllumina Inc	0.75%	1,001,656	$141M	trimmed−18%	−0.30 pp	13 q
unresolvedUltimate Software Group Inc	0.75%	673,548	$142M	trimmed−0%	+0.06 pp	13 q
unresolvedPanera Bread Co	0.71%	627,086	$133M	added0%	+0.03 pp	13 q
THSTreehouse Foods, Inc.	0.71%	1,302,103	$134M	trimmed−0%	+0.11 pp	13 q
EQIXEquinix, Inc.	0.70%	340,188	$132M	trimmed−22%	−0.07 pp	6 q
ZGZillow Group Inc Class A	0.69%	3,566,922	$131M	added+8%	+0.24 pp	6 q
MORNMorningstar, Inc.	0.68%	1,561,284	$128M	added+1%	−0.04 pp	13 q
AYIAcuity Inc.	0.66%	500,000	$124M	trimmed−17%	−0.03 pp	13 q
AREAlexandria Real Estate Equities, Inc.	0.64%	1,164,046	$121M	trimmed−5%	+0.05 pp	13 q
CNSCohen & Steers Inc.	0.64%	2,995,940	$121M	held	—	13 q
DKSDick's Sporting Goods, Inc.	0.63%	2,643,878	$119M	trimmed−43%	−0.52 pp	13 q
unresolvedFinancial Engines	0.60%	4,373,952	$113M	trimmed−11%	−0.21 pp	13 q
FASTFastenal Co	0.59%	2,509,041	$111M	trimmed−1%	−0.07 pp	13 q
BAHBooz Allen Hamilton Holding Corporation	0.57%	3,606,999	$107M	trimmed−2%	−0.02 pp	13 q
CSTECaesarstone Ltd.	0.57%	3,098,601	$108M	trimmed−6%	−0.03 pp	13 q
PENNPENN Entertainment, Inc.	0.55%	7,436,143	$104M	trimmed−5%	−0.14 pp	13 q
unresolvedPress Ganey Holdings Inc	0.54%	2,567,715	$101M	added+7%	+0.16 pp	5 q
ALXAlexander's Inc.	0.51%	232,982	$95M	trimmed−4%	+0.02 pp	13 q
unresolvedThe Carlyle Group	0.49%	5,724,610	$93M	added+4%	0.00 pp	13 q
OAKOaktree Capital Group, LLC	0.49%	2,079,934	$93M	trimmed−1%	−0.06 pp	13 q
unresolvedOn Assignment Inc	0.47%	2,374,015	$88M	trimmed−0%	+0.01 pp	13 q
TREXTrex Company, Inc.	0.45%	1,885,400	$85M	held	—	10 q
AL1Sumisho Air Lease Corp	0.44%	3,100,567	$83M	trimmed−3%	−0.10 pp	13 q
IRDMIridium Communications Inc.	0.43%	9,045,571	$80M	held	—	9 q
MGMMgm Resorts International	0.42%	3,488,887	$79M	added+27%	+0.11 pp	6 q
RRRRed Rock Resorts, Inc. Class A	0.42%	3,605,258	$79M	new	+0.42 pp	new
WTWWillis Towers Watson Public Limited Company	0.42%	637,833	$79M	trimmed−1%	+0.01 pp	2 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.41%	1,955,457	$78M	added+5%	−0.14 pp	13 q
unresolvedSmart & Final Stores Inc	0.40%	5,000,853	$74M	added+4%	−0.01 pp	6 q
KMXCarMax Inc.	0.39%	1,480,241	$73M	trimmed−42%	−0.30 pp	13 q
MHKMohawk Industries, Inc.	0.39%	384,849	$73M	trimmed−5%	−0.02 pp	13 q
DXCMDexCom, Inc.	0.38%	901,677	$72M	trimmed−17%	−0.01 pp	13 q
INXNInterxion Holding NV	0.37%	1,911,796	$71M	added+17%	+0.07 pp	3 q
HSICHenry Schein Inc	0.36%	378,609	$67M	trimmed−0%	+0.01 pp	13 q
BABAAlibaba Group Holding Limited	0.35%	816,738	$65M	added+27%	+0.08 pp	8 q
ICLRIcon Plc	0.35%	931,328	$65M	trimmed−0%	−0.02 pp	13 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.34%	2,373,714	$63M	new	+0.34 pp	new
MCMoelis & Company	0.34%	2,864,083	$64M	trimmed−0%	−0.09 pp	9 q
PEGAPegasystems Inc	0.32%	2,252,930	$61M	trimmed−1%	+0.01 pp	13 q
unresolvedPriceline Grp Inc	0.31%	46,030	$57M	trimmed−0%	0.00 pp	13 q
VRSNVeriSign Inc	0.31%	683,466	$59M	trimmed−1%	−0.01 pp	13 q
CGNXCognex Corp	0.30%	1,300,000	$56M	added+13%	+0.06 pp	13 q
AMZNAmazon.Com Inc	0.29%	76,872	$55M	added+22%	+0.09 pp	13 q
EFIIElectronics for Imaging	0.29%	1,250,000	$54M	held	—	6 q
AMTAmerican Tower Corporation	0.28%	468,141	$53M	added+3%	+0.03 pp	13 q
unresolvedPinnacle Entertainment Inc.	0.28%	4,739,823	$53M	added+14%	−0.49 pp	13 q
WEXWEX Inc.	0.28%	600,000	$53M	held	—	13 q
AZPNAspen Technology Inc	0.27%	1,251,600	$50M	added+39%	+0.10 pp	4 q
BKDBrookdale Senior Living, Inc.	0.27%	3,255,172	$50M	trimmed−3%	−0.01 pp	13 q
SYNHSyneos Health, Inc. Class A	0.27%	1,307,428	$50M	trimmed−9%	−0.04 pp	7 q
MICMacquarie Infrastructure Hol	0.27%	695,805	$52M	added+1%	+0.02 pp	2 q
PFGCPerformance Food Group Company	0.27%	1,911,447	$51M	held	—	3 q
SUMSummit Materials, Inc. Class A	0.26%	2,350,000	$48M	held	—	6 q
BERYBerry Global Group, Inc.	0.25%	1,200,000	$47M	trimmed−17%	−0.03 pp	13 q
unresolvedCooper Cos Inc/The	0.25%	270,131	$46M	added0%	+0.03 pp	10 q
DPLODiplomat Pharmacy, Inc.	0.25%	1,350,914	$47M	trimmed−4%	+0.05 pp	7 q
unresolvedHilton Worldwide Hldgs Inc	0.25%	2,101,138	$47M	trimmed−20%	−0.06 pp	7 q
PRAHPRA Health Sciences, Inc.	0.25%	1,119,823	$47M	trimmed−4%	−0.01 pp	7 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.25%	1,787,900	$47M	added+7%	+0.02 pp	13 q
BJRIBJ's Restaurants, Inc.	0.24%	1,050,000	$46M	held	—	13 q
CMDCantel Medical Corporation	0.24%	650,000	$45M	trimmed−7%	−0.02 pp	7 q
CAKECheesecake Factory (The)	0.24%	950,000	$46M	held	—	13 q
LFUSLittelfuse Inc	0.24%	378,930	$45M	added×2.5	+0.14 pp	2 q
SPGSimon Property Group, Inc.	0.24%	208,112	$45M	trimmed−29%	−0.08 pp	13 q
unresolvedMobileye Nv	0.24%	991,985	$46M	trimmed−56%	−0.21 pp	8 q
HQYHealthEquity, Inc	0.23%	1,397,607	$42M	trimmed−16%	+0.01 pp	8 q
MSGSMadison Square Garden Sports Corp.	0.23%	250,000	$43M	trimmed−17%	−0.03 pp	3 q
MKTXMarketAxess Holdings Inc.	0.23%	293,598	$43M	added+13%	+0.06 pp	4 q
ROPRoper Technologies, Inc.	0.23%	254,218	$43M	added0%	−0.02 pp	13 q
unresolvedAcxiom Corp	0.22%	1,911,225	$42M	added+6%	+0.01 pp	13 q
unresolvedBrookfield Asset Mgmt Inc	0.22%	1,224,261	$40M	trimmed−12%	−0.04 pp	13 q
DLRDigital Realty Trust, Inc.	0.22%	378,111	$41M	trimmed−19%	0.00 pp	2 q
TSCOTractor Supply Co	0.22%	457,352	$42M	trimmed−4%	−0.01 pp	13 q
NLSNNielsen Holdings PLC	0.22%	805,223	$42M	added+2%	0.00 pp	4 q
ACIWACI Worldwide, Inc.	0.21%	2,000,000	$39M	held	—	13 q
AATAmerican Assets Trust, Inc.	0.21%	939,000	$40M	trimmed−1%	+0.01 pp	13 q
FGAAmerican Campus Communities	0.21%	760,118	$40M	added0%	+0.02 pp	2 q
RBCRBC Bearings Incorporated	0.21%	552,000	$40M	held	—	7 q
unresolvedValero Energy Partners LP	0.21%	857,500	$40M	trimmed−4%	−0.01 pp	11 q
CTRPTrip.com Group Limited	0.20%	934,071	$38M	added+2%	−0.01 pp	6 q
FRCBFirst Republic Bk CA	0.20%	548,856	$38M	added+9%	+0.02 pp	13 q
IEXIDEX Corporation	0.20%	455,728	$37M	added0%	0.00 pp	8 q
KWKennedy-wilson Holdings, Inc.	0.20%	1,952,929	$37M	trimmed−11%	−0.05 pp	13 q
LSXMKLiberty Media Cor-siriusxm C	0.20%	1,200,000	$37M	new	+0.20 pp	new
NDSNNordson Corp	0.20%	450,000	$38M	trimmed−19%	−0.02 pp	13 q
TALTAL Education Group	0.20%	600,128	$37M	trimmed−17%	+0.01 pp	10 q
WABWabtec Inc.	0.20%	535,004	$38M	added0%	−0.02 pp	12 q
unresolvedGeneral Growth Pptys Inc New	0.18%	1,154,372	$34M	trimmed−20%	−0.05 pp	7 q
JLLJones Lang LaSalle, Inc.	0.18%	352,330	$34M	trimmed−26%	−0.11 pp	13 q
unresolvedSpectranetics Corp	0.18%	1,772,488	$33M	held	—	11 q
TOLToll Brothers, Inc.	0.18%	1,225,789	$33M	trimmed−17%	−0.05 pp	13 q
unresolvedVantiv Inc	0.18%	599,895	$34M	added+27%	+0.05 pp	2 q
CHEFThe Chef's Warehouse Inc	0.17%	2,000,000	$32M	held	—	13 q
HDHome Depot, Inc.	0.17%	253,002	$32M	trimmed−18%	−0.05 pp	11 q
HMHCHoughton Mifflin Harcourt Company	0.17%	2,000,000	$31M	added+1%	−0.04 pp	5 q
unresolvedMattress Firm Hldg Corp	0.17%	930,077	$31M	trimmed−15%	−0.08 pp	13 q
PRTYParty City Holdco Inc.	0.17%	2,265,000	$32M	trimmed−0%	−0.01 pp	5 q
unresolvedClubcorp Holdings Inc	0.16%	2,353,670	$31M	added+10%	0.00 pp	11 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.16%	325,000	$30M	added+8%	+0.01 pp	13 q
LOWLowe's Companies Inc.	0.16%	387,312	$31M	trimmed−8%	−0.01 pp	13 q
MLMMartin Marietta Materials	0.16%	156,232	$30M	trimmed−34%	−0.04 pp	2 q
VIRTVirtu Financial, Inc. Class A	0.16%	1,676,474	$30M	added+4%	−0.03 pp	5 q
ZZillow Group, Inc. Class C	0.16%	820,481	$30M	added+25%	+0.08 pp	4 q
APAMArtisan Partners Asset Management Inc.	0.15%	1,050,956	$29M	trimmed−10%	−0.04 pp	13 q
unresolvedFlotek Industries Inc DEL	0.15%	2,153,252	$28M	added+2%	+0.07 pp	12 q
NBISNebius Group N.V. Class A	0.15%	1,305,000	$29M	added+46%	+0.08 pp	2 q
BATSBats Global Markets, Inc.	0.14%	1,051,869	$27M	new	+0.14 pp	new
CXOConcho Resources Inc.	0.14%	213,144	$25M	trimmed−5%	+0.02 pp	13 q
unresolvedFEI Company	0.14%	250,000	$27M	trimmed−71%	−0.26 pp	13 q
TROWT Rowe Price Group Inc	0.14%	365,179	$27M	trimmed−2%	0.00 pp	13 q
UHSUniversal Health Services, Inc. Class B	0.14%	195,584	$26M	trimmed−1%	+0.01 pp	13 q
AUAngloGold Ashanti plc	0.13%	1,350,100	$24M	added+50%	+0.06 pp	2 q
HCSGHealthcare Services Group	0.13%	600,000	$25M	trimmed−20%	−0.02 pp	5 q
NEOGNeogen Corp	0.13%	444,596	$25M	held	—	13 q
unresolvedQuintiles Transnatio Hldgs I	0.13%	371,210	$24M	trimmed−28%	−0.05 pp	13 q
SITESiteOne Landscape Supply, Inc.	0.13%	736,129	$25M	new	+0.13 pp	new
CHSPChesapeake Lodging Trust	0.12%	1,000,000	$23M	held	—	13 q
MNROMonro, Inc.	0.12%	350,000	$22M	trimmed−19%	−0.04 pp	7 q
SQMSociedad Quimica y Minera de Chile SA	0.12%	890,000	$22M	added+31%	+0.05 pp	2 q
RCLRoyal Caribbean Group	0.12%	329,854	$22M	trimmed−39%	−0.12 pp	4 q
METAMeta Platforms, Inc. Class A	0.11%	175,481	$20M	trimmed−38%	−0.06 pp	13 q
unresolvedInterval Leisure Group Inc	0.11%	1,315,380	$21M	trimmed−22%	−0.02 pp	13 q
Iridium Communications Iconvertible	0.11%	66,300	$22M	held	—	6 q
unresolvedManitowoc Foodservice Inc	0.11%	1,150,000	$20M	added×3.8	+0.09 pp	2 q
PBFXPbf Logistics LP	0.11%	870,000	$20M	held	—	9 q
TIFTiffany & Co.	0.11%	341,466	$21M	held	—	13 q
WINGWingstop Inc	0.11%	770,000	$21M	added+6%	+0.02 pp	5 q
GOOGAlphabet Inc. Class C	0.10%	27,397	$19M	trimmed−4%	−0.01 pp	9 q
LBRDKLiberty Broadband Corporation Class C	0.10%	300,000	$18M	held	—	7 q
TFXTeleflex Incorporated	0.10%	104,581	$19M	new	+0.10 pp	new
GSMFerroglobe PLC	0.10%	2,280,000	$20M	trimmed−24%	−0.04 pp	3 q
unresolvedDigitalglobe Inc	0.09%	767,700	$16M	trimmed−25%	0.00 pp	13 q
HABTThe Habit Restaurants, Inc. - Class A	0.09%	1,023,000	$17M	added+94%	+0.04 pp	4 q
CPACopa Holdings, S.A.	0.09%	320,000	$17M	added+28%	0.00 pp	4 q
BXPBXP, Inc.	0.08%	111,072	$15M	trimmed−61%	−0.11 pp	13 q
MSGNMSG Networks Inc.	0.08%	1,000,000	$15M	held	—	3 q
MRCYMercury Systems Inc.	0.08%	570,303	$14M	added×8.1	+0.07 pp	6 q
SLGSL Green Realty Corp.	0.08%	150,000	$16M	trimmed−46%	−0.06 pp	13 q
unresolvedScorpio Tankers Inc	0.08%	3,714,904	$16M	held	—	13 q
1885807DAthenahealth Inc	0.07%	101,239	$14M	trimmed−52%	−0.08 pp	10 q
CDKCDK Global, Inc.	0.07%	241,151	$13M	added+8%	+0.01 pp	5 q
unresolvedDominion Midstream Partners	0.07%	436,011	$12M	trimmed−5%	−0.01 pp	7 q
unresolvedExamworks Group Inc	0.07%	400,000	$14M	trimmed−59%	−0.08 pp	8 q
unresolvedQihoo 360 Technology Co. ADR	0.07%	175,000	$13M	trimmed−34%	−0.04 pp	5 q
unresolvedTerraform Global Inc	0.07%	4,070,719	$13M	trimmed−9%	+0.01 pp	4 q
VVISA Inc.	0.07%	175,469	$13M	added+1%	0.00 pp	13 q
GOOGLAlphabet Inc. Class A	0.06%	15,401	$11M	trimmed−24%	−0.02 pp	4 q
SCORcomScore, Inc.	0.06%	509,751	$12M	trimmed−39%	−0.07 pp	10 q
MAMastercard Incorporated	0.06%	134,975	$12M	added+2%	−0.01 pp	13 q
FEYEFireEye, Inc.	0.05%	612,582	$10M	added+20%	0.00 pp	11 q
LBRDALiberty Broadband Corporation Class A	0.05%	150,000	$9M	held	—	7 q
LM03Liberty Media Cor-siriusxm A	0.05%	300,000	$9M	new	+0.05 pp	new
RHTRed Hat Inc	0.05%	133,392	$10M	trimmed−4%	0.00 pp	13 q
WBCWabco Holdings Inc.	0.05%	100,092	$9M	held	—	6 q
ALXNAlexion Pharmaceuticals Inc	0.04%	62,249	$7M	added+11%	0.00 pp	10 q
AWIArmstrong World Industries, Inc.	0.04%	168,374	$7M	new	+0.04 pp	new
BMYBristol-Myers Squibb Co.	0.04%	114,941	$8M	added+2%	0.00 pp	2 q
CTLTCatalent, Inc.	0.04%	365,000	$8M	trimmed−75%	−0.16 pp	8 q
SSLSasol Limited	0.04%	250,500	$7M	trimmed−33%	−0.02 pp	6 q
NOWServicenow, Inc.	0.04%	105,181	$7M	trimmed−11%	0.00 pp	4 q
WLKPWestlake Chemical Partners LP	0.04%	412,350	$8M	trimmed−15%	−0.01 pp	8 q
MLNXMellanox Technologies Ltd	0.04%	176,147	$8M	added+3%	−0.01 pp	12 q
AAPLApple Inc.	0.03%	57,675	$6M	trimmed−17%	−0.01 pp	13 q
BIIBBiogen Inc.	0.03%	19,621	$5M	added+22%	+0.01 pp	10 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.03%	300,000	$6M	new	+0.03 pp	new
NFLXNetFlix Inc	0.03%	62,578	$6M	added0%	0.00 pp	12 q
unresolvedNewfield Expl Co	0.03%	135,500	$6M	trimmed−7%	0.00 pp	6 q
PEParsley Energy Inc	0.03%	242,000	$7M	trimmed−9%	0.00 pp	9 q
unresolvedRsp Permian Inc	0.03%	157,400	$5M	trimmed−10%	0.00 pp	10 q
RICEEqt Re Merger Sub Inc	0.03%	223,800	$5M	trimmed−6%	+0.01 pp	2 q
RHIRobert Half Inc.	0.03%	144,952	$6M	added+87%	+0.01 pp	13 q
CRMSalesforce, Inc.	0.03%	77,354	$6M	trimmed−16%	−0.01 pp	13 q
SBUXStarbucks Corp	0.03%	105,224	$6M	trimmed−17%	−0.01 pp	13 q
TEGPTallgrass Energy GP, LP	0.03%	255,861	$6M	trimmed−14%	0.00 pp	5 q
CMECME Group Inc.	0.02%	44,256	$4M	trimmed−1%	0.00 pp	13 q
EWEdwards Lifesciences Corp	0.02%	30,903	$3M	trimmed−94%	−0.23 pp	13 q
unresolvedEncana Corp	0.02%	513,700	$4M	added+75%	+0.01 pp	2 q
EXPEExpedia Group, Inc.	0.02%	27,338	$3M	new	+0.02 pp	new
HALHalliburton Company	0.02%	81,396	$4M	trimmed−14%	0.00 pp	13 q
unresolvedJuno Therapeutics Inc	0.02%	100,525	$4M	new	+0.02 pp	new
MANHManhattan Associates Inc	0.02%	70,700	$5M	trimmed−0%	0.00 pp	8 q
unresolvedMonsanto Co	0.02%	38,443	$4M	added+21%	+0.01 pp	13 q
NBLNoble Energy, Inc.	0.02%	84,049	$3M	trimmed−17%	0.00 pp	13 q
ORLYO'Reilly Automotive, Inc.	0.02%	14,673	$4M	trimmed−0%	0.00 pp	13 q
RLRalph Lauren Corporation	0.02%	32,300	$3M	trimmed−21%	0.00 pp	13 q
SLBSLB Limited	0.02%	44,700	$4M	added+15%	0.00 pp	3 q
unresolvedTallgrass Energy Partners LP	0.02%	65,940	$3M	held	—	13 q
TRGPTarga Resources Corp.	0.02%	72,700	$3M	added+23%	+0.01 pp	2 q
unresolvedWhiteWave Foods Co	0.02%	85,150	$4M	held	—	8 q
YUMYum! Brands, Inc.	0.02%	52,265	$4M	trimmed−1%	0.00 pp	13 q
ACTAllergan PLC	0.02%	13,923	$3M	trimmed−49%	−0.02 pp	3 q
BAPCredicorp LTD	0.02%	20,381	$3M	trimmed−61%	−0.02 pp	2 q
ASMLASML Holding NV	0.02%	36,399	$4M	trimmed−1%	0.00 pp	12 q
AAgilent Technologies Inc.	0.01%	28,000	$1M	added+22%	+0.01 pp	13 q
AEMAgnico Eagle Mines Ltd.	0.01%	21,000	$1M	added+5%	+0.01 pp	2 q
ALGNAlign Technology Inc	0.01%	26,640	$2M	trimmed−3%	0.00 pp	13 q
AMBRAmber Road Inc	0.01%	125,000	$964,000	added×2.3	+0.01 pp	9 q
ARAntero Resources Corporation	0.01%	71,800	$2M	new	+0.01 pp	new
ABXBarrick Mining Corporation	0.01%	72,000	$2M	new	+0.01 pp	new
EOGEOG Resources, Inc.	0.01%	24,568	$2M	held	—	12 q
unresolvedEducation Realty Trust, Inc.	0.01%	30,000	$1M	trimmed−9%	0.00 pp	3 q
unresolvedEnergen Corp	0.01%	27,566	$1M	new	+0.01 pp	new
ETEnergy Transfer LP	0.01%	177,700	$3M	trimmed−47%	0.00 pp	7 q
ENVEnvestnet, Inc.	0.01%	66,725	$2M	trimmed−6%	0.00 pp	11 q
EPAMEpam Systems, Inc.	0.01%	33,311	$2M	added×9.6	+0.01 pp	3 q
GRFSGrifois, S.A.	0.01%	75,000	$1M	held	—	13 q
HPHelmerich & Payne, Inc.	0.01%	18,646	$1M	trimmed−22%	0.00 pp	13 q
KRAKraton Corporation	0.01%	45,700	$1M	new	+0.01 pp	new
LM05Liberty Media Corp-liberty-a	0.01%	75,000	$1M	new	+0.01 pp	new
LINDLindblad Expeditions Holdings Inc.	0.01%	117,300	$1M	trimmed−70%	−0.01 pp	4 q
MPLXMplx LP	0.01%	46,500	$2M	added+44%	0.00 pp	3 q
MTSIMACOM Technology Solutions Holdings, Inc	0.01%	40,000	$1M	held	—	6 q
MPCMarathon Petroleum Corporation	0.01%	44,356	$2M	trimmed−29%	0.00 pp	13 q
NEMNewmont Corporation	0.01%	26,400	$1M	new	+0.01 pp	new
OISOil States International, Inc.	0.01%	49,531	$2M	added+12%	0.00 pp	13 q
PCRXPacira BioSciences, Inc.	0.01%	56,351	$2M	added×3.5	+0.01 pp	4 q
QLYSQualys, Inc.	0.01%	40,000	$1M	held	—	10 q
REGNRegeneron Pharmaceuticals Inc	0.01%	4,987	$2M	trimmed−0%	0.00 pp	10 q
RYAAYRyanair Holdings plc	0.01%	22,575	$2M	trimmed−7%	0.00 pp	3 q
SG7Sage Therapeutics Inc	0.01%	46,876	$1M	added×7.3	+0.01 pp	5 q
SEMGSemgroup Corp-class A	0.01%	55,400	$2M	new	+0.01 pp	new
SEDGSolarEdge Technologies, Inc.	0.01%	107,700	$2M	added+36%	0.00 pp	2 q
SUSuncor Energy, Inc.	0.01%	43,000	$1M	held	—	12 q
TXMDTherapeuticsMD, Inc.	0.01%	224,796	$2M	added×4.4	+0.01 pp	10 q
SLCAU.s. Silica Holdings, Inc.	0.01%	56,600	$2M	new	+0.01 pp	new
VLOValero Energy Corporation	0.01%	29,400	$1M	trimmed−38%	−0.01 pp	3 q
GLNGGolar LNG Ltd	0.01%	172,235	$3M	added+60%	0.00 pp	13 q
CHKPCheck Point Software Technologies Ltd	0.01%	29,464	$2M	held	—	13 q
CLBCore Laboratories Inc.	0.01%	21,750	$3M	trimmed−44%	−0.01 pp	13 q
AERIAerie Pharmaceuticals, Inc.	0.00%	4,248	$75,000	held	—	8 q
ARAAmerican Renal Associates Holdings, Inc	0.00%	20,000	$579,000	new	0.00 pp	new
BIDUBaidu, Inc.	0.00%	1,517	$251,000	held	—	13 q
unresolvedCepheid	0.00%	8,500	$261,000	trimmed−29%	0.00 pp	13 q
CERSCerus Corp	0.00%	81,000	$505,000	added+29%	0.00 pp	7 q
COHRCoherent Corp.	0.00%	4,660	$428,000	held	—	13 q
CYHCommunity Health Systems, Inc.	0.00%	100	$1,000	held	—	13 q
unresolvedEasterly Govt Pptys Inc	0.00%	24,000	$474,000	trimmed−4%	0.00 pp	2 q
ESEESCO Technologies, Inc.	0.00%	19,000	$759,000	held	—	4 q
FRGIFiesta Restaurant Group, Inc.	0.00%	3,000	$65,000	trimmed−63%	0.00 pp	9 q
unresolvedFlexion Therapeutics Inc	0.00%	27,000	$404,000	new	0.00 pp	new
unresolvedFoundation Medicine	0.00%	25,000	$466,000	added+21%	0.00 pp	11 q
GKOSGlaukos Corporation	0.00%	23,925	$698,000	held	—	5 q
INGNInogen Inc	0.00%	12,000	$601,000	trimmed−14%	0.00 pp	10 q
unresolvedIsle of Capri Casinos Inc.	0.00%	29,000	$531,000	new	0.00 pp	new
unresolvedKeyw Holding Corp	0.00%	85,027	$845,000	added+18%	0.00 pp	13 q
NEOSNeos Therapeutics, Inc	0.00%	28,000	$260,000	added+87%	0.00 pp	4 q
NVRONNevro Corp	0.00%	5,500	$406,000	added×2.2	0.00 pp	2 q
unresolvedNovadaq Technologies Inc	0.00%	45,000	$443,000	added+43%	0.00 pp	11 q
PRIMPrimoris Services Corporation	0.00%	6,507	$123,000	trimmed−91%	−0.01 pp	13 q
QADBQad Inc-b	0.00%	11,000	$190,000	new	0.00 pp	new
unresolvedQuorum Health Corp	0.00%	25	$0	new	0.00 pp	new
QUOTQuotient Technology Inc	0.00%	32,000	$429,000	added+28%	0.00 pp	4 q
REXRRexford Industrial Realty, Inc.	0.00%	5,000	$105,000	held	—	7 q
SIENSientra, Inc.	0.00%	50,000	$329,000	added×2.5	0.00 pp	2 q
unresolvedTerraform Pwr Inc	0.00%	82,910	$904,000	held	—	8 q
T8STesaro Inc	0.00%	3,700	$311,000	added+85%	0.00 pp	2 q
TWTRTwitter, Inc.	0.00%	13,787	$233,000	trimmed−91%	−0.01 pp	11 q
VRNSVaronis Systems, Inc.	0.00%	15,300	$368,000	added+49%	0.00 pp	10 q
unresolvedWestern Gas Equity Partners	0.00%	21,376	$818,000	held	—	13 q
unresolvedZoes Kitchen Inc	0.00%	2,500	$91,000	trimmed−38%	0.00 pp	9 q
unresolvedLuxoft Holding	0.00%	870	$45,000	new	0.00 pp	new
GLOBGlobant S.a.	0.00%	1,885	$74,000	new	0.00 pp	new
KRNTKornit Digital Ltd.	0.00%	19,000	$185,000	added+36%	0.00 pp	2 q
unresolvedLiberty Media Corp Delaware	—	−1,200,000	—	exited	−0.24 pp	—
WYNTravel + Leisure Co.	—	−555,834	—	exited	−0.22 pp	—
AVBAvalonBay Communities, Inc.	—	−211,726	—	exited	−0.21 pp	—
CFMSConformis, Inc.	—	−3,465,919	—	exited	−0.20 pp	—
VMRKVivmark Residential	—	−474,649	—	exited	−0.19 pp	—
unresolvedAirgas Inc	—	−120,011	—	exited	−0.09 pp	—
DFRGDel Frisco's Restaurant Group, Inc.	—	−998,441	—	exited	−0.09 pp	—
UNFIUnited Natural Foods Inc	—	−377,000	—	exited	−0.08 pp	—
PRGOPerrigo Company PLC	—	−113,215	—	exited	−0.08 pp	—
HHCThe Howard Hughes Corporation	—	−123,586	—	exited	−0.07 pp	—
unresolvedLiberty Media Corp Delaware	—	−300,000	—	exited	−0.06 pp	—
SRCLStericycle Inc	—	−51,229	—	exited	−0.03 pp	—
SAMBoston Beer Company	—	−21,212	—	exited	−0.02 pp	—
COSTCostco Wholesale Corp	—	−14,983	—	exited	−0.01 pp	—
unresolvedMemorial Resource Dev Corp	—	−227,400	—	exited	−0.01 pp	—
CHRWC.H. Robinson Worldwide, Inc.	—	−2,080	—	exited	0.00 pp	—
unresolvedKrispy Kreme Doughnuts Inc	—	−37,000	—	exited	0.00 pp	—
RXNZurn Elkay Water Solutions Corporation	—	−19,699	—	exited	0.00 pp	—
SHLXShell Midstream Partners, L.P.	—	−11,479	—	exited	0.00 pp	—
SUNSunoco LP	—	−1,317	—	exited	0.00 pp	—
VMWVMware, Inc	—	−15,430	—	exited	0.00 pp	—