Baron Capital

Q4 2016 13F · by Ron Baron, CEO

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $17.8B · prev $18.9B
Positions: 321 · prev 308
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%

Moves302 since the prior filing

+5.0 pp in · −5.4 pp out

New 38 +2.66 pp
Added 78 +2.33 pp
Trimmed 161 −2.78 pp
Exited 25 −2.58 pp

The book

Diversified · behaves like 65 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

MTN Vail Resorts, Inc. added+0.47 pp added+0.474.8%
IT Gartner, Inc. trimmed+0.65 pp trimmed+0.654.3%
ACGL Arch Capital Group Ltd trimmed+0.57 pp trimmed+0.574.3%
IDXX Idexx Laboratories Inc trimmed−0.12 pp trimmed−0.123.8%
CSGP CoStar Group Inc added−0.14 pp added−0.143.2%

Positions321 in this filing · 25 exited


MTNVail Resorts, Inc.	4.78%	5,266,892	$850M	added+2%	+0.47 pp	15 q
ITGartner, Inc.	4.27%	7,502,738	$758M	trimmed−3%	+0.65 pp	15 q
ACGLArch Capital Group Ltd	4.26%	8,765,845	$756M	trimmed−0%	+0.57 pp	15 q
IDXXIdexx Laboratories Inc	3.76%	5,690,887	$667M	trimmed−12%	−0.12 pp	15 q
CSGPCoStar Group Inc	3.18%	2,997,945	$565M	added+4%	−0.14 pp	15 q
FDSFactset Research Systems	2.96%	3,216,917	$526M	trimmed−5%	+0.05 pp	15 q
GLPIGaming and Leisure Properties, Inc.	2.16%	12,555,853	$384M	trimmed−12%	−0.37 pp	13 q
TSLATesla, Inc.	1.90%	1,577,529	$337M	added+1%	+0.22 pp	12 q
BFAMBright Horizons Family Solutions Inc.	1.85%	4,687,889	$328M	trimmed−8%	+0.05 pp	15 q
MTDMettler-Toledo International	1.70%	721,363	$302M	trimmed−5%	+0.02 pp	15 q
CHHChoice Hotels Intnl.	1.55%	4,912,119	$275M	trimmed−0%	+0.37 pp	15 q
AKXAnsys Inc	1.52%	2,920,322	$270M	trimmed−3%	+0.04 pp	15 q
SCHWThe Charles Schwab Corporation	1.47%	6,616,406	$261M	trimmed−1%	+0.35 pp	15 q
HHyatt Hotels Corporation	1.42%	4,559,942	$252M	trimmed−1%	+0.22 pp	15 q
GWREGuidewire Software, Inc.	1.39%	5,001,845	$247M	trimmed−1%	−0.22 pp	15 q
DEIDouglas Emmett, Inc.	1.31%	6,347,994	$232M	trimmed−6%	0.00 pp	15 q
SSNCSS&C Technologies Inc	1.30%	8,066,616	$231M	trimmed−10%	−0.23 pp	15 q
MMSMAXIMUS, Inc.	1.24%	3,955,605	$221M	trimmed−10%	−0.07 pp	15 q
MIDDMiddleby Corp	1.18%	1,630,491	$210M	trimmed−15%	−0.08 pp	15 q
MANUManchester United PLC	1.17%	14,622,085	$208M	trimmed−2%	−0.17 pp	15 q
PRIPrimerica, Inc.	1.14%	2,930,705	$203M	trimmed−11%	+0.21 pp	15 q
VRSKVerisk Analytics, Inc.	1.11%	2,426,128	$197M	trimmed−8%	−0.02 pp	15 q
MSCIMSCI, Inc.	1.05%	2,361,984	$186M	trimmed−7%	−0.08 pp	15 q
VACMarriott Vacations Worldwide Corporation	1.04%	2,174,007	$184M	trimmed−1%	+0.18 pp	15 q
WSTWest Pharmaceutical Services, Inc.	1.02%	2,138,775	$181M	trimmed−5%	+0.13 pp	15 q
SBACSBA Communications Corp	1.00%	1,724,009	$178M	new	+1.00 pp	new
UAAUnder Armour, Inc.	0.94%	5,730,639	$166M	trimmed−21%	−0.55 pp	15 q
TECHBio-Techne Corp.	0.93%	1,600,092	$165M	trimmed−2%	−0.02 pp	9 q
unresolvedNord Anglia Education Inc	0.90%	6,851,485	$160M	trimmed−1%	+0.10 pp	11 q
unresolvedFinancial Engines	0.89%	4,304,384	$158M	added0%	+0.21 pp	15 q
TDGTransDigm Group Incorporated	0.88%	625,000	$156M	trimmed−7%	−0.15 pp	15 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.88%	6,229,353	$157M	added+21%	−0.04 pp	3 q
DOORMasonite International Corp	0.78%	2,106,379	$139M	trimmed−8%	+0.02 pp	11 q
FLTCorpay, Inc.	0.76%	948,446	$134M	trimmed−8%	−0.18 pp	15 q
CBRECbre Group, Inc.	0.73%	4,096,978	$129M	trimmed−9%	+0.06 pp	15 q
CHDChurch & Dwight Co., Inc.	0.72%	2,881,950	$127M	trimmed−11%	−0.10 pp	15 q
BNFTBenefitfocus, Inc.	0.71%	4,251,416	$126M	trimmed−1%	−0.20 pp	13 q
unresolvedPanera Bread Co	0.71%	614,131	$126M	trimmed−2%	+0.06 pp	15 q
AREAlexandria Real Estate Equities, Inc.	0.70%	1,112,696	$124M	trimmed−4%	+0.03 pp	15 q
EQIXEquinix, Inc.	0.68%	335,725	$120M	added+4%	+0.06 pp	8 q
unresolvedUltimate Software Group Inc	0.66%	646,235	$118M	trimmed−4%	−0.07 pp	15 q
WCNWaste Connections, Inc.	0.66%	1,500,000	$118M	trimmed−6%	+0.03 pp	2 q
DKSDick's Sporting Goods, Inc.	0.64%	2,142,071	$114M	trimmed−19%	−0.15 pp	15 q
MORNMorningstar, Inc.	0.64%	1,556,884	$115M	trimmed−0%	−0.02 pp	15 q
BABAAlibaba Group Holding Limited	0.63%	1,269,948	$112M	added+10%	−0.02 pp	10 q
IRDMIridium Communications Inc.	0.63%	9,373,818	$112M	added+1%	+0.23 pp	11 q
ZGZillow Group Inc Class A	0.59%	2,891,722	$105M	trimmed−15%	−0.03 pp	8 q
AYIAcuity Inc.	0.58%	450,000	$104M	held	—	15 q
CNSCohen & Steers Inc.	0.56%	2,936,379	$99M	trimmed−2%	−0.12 pp	15 q
ALXAlexander's Inc.	0.53%	218,742	$93M	trimmed−2%	+0.04 pp	15 q
unresolvedOn Assignment Inc	0.53%	2,135,800	$94M	trimmed−10%	+0.07 pp	15 q
PENNPENN Entertainment, Inc.	0.52%	6,747,296	$93M	trimmed−6%	+0.01 pp	15 q
RRRRed Rock Resorts, Inc. Class A	0.51%	3,900,959	$90M	added+1%	+0.03 pp	3 q
FASTFastenal Co	0.49%	1,856,067	$87M	trimmed−13%	+0.02 pp	15 q
AL1Sumisho Air Lease Corp	0.48%	2,479,260	$85M	trimmed−12%	+0.06 pp	15 q
unresolvedThe Carlyle Group	0.48%	5,555,740	$85M	trimmed−0%	+0.02 pp	15 q
CSTECaesarstone Ltd.	0.48%	2,991,314	$86M	trimmed−5%	−0.15 pp	15 q
CGNXCognex Corp	0.47%	1,300,000	$83M	held	—	15 q
TREXTrex Company, Inc.	0.47%	1,303,495	$84M	trimmed−13%	0.00 pp	12 q
OAKOaktree Capital Group, LLC	0.43%	2,035,819	$76M	trimmed−2%	−0.04 pp	15 q
THSTreehouse Foods, Inc.	0.41%	1,012,120	$73M	trimmed−21%	−0.18 pp	15 q
KMXCarMax Inc.	0.39%	1,066,632	$69M	trimmed−23%	0.00 pp	15 q
SYNHSyneos Health, Inc. Class A	0.39%	1,300,000	$68M	held	—	9 q
AZPNAspen Technology Inc	0.38%	1,247,800	$68M	trimmed−0%	+0.07 pp	6 q
unresolvedPinnacle Entmt Inc New	0.38%	4,637,119	$67M	trimmed−2%	+0.07 pp	2 q
MHKMohawk Industries, Inc.	0.37%	329,947	$66M	added0%	+0.02 pp	15 q
ICLRIcon Plc	0.37%	879,550	$66M	trimmed−5%	−0.01 pp	15 q
MCMoelis & Company	0.36%	1,895,730	$64M	trimmed−26%	0.00 pp	11 q
MGMMgm Resorts International	0.35%	2,163,349	$62M	trimmed−19%	−0.02 pp	8 q
unresolvedPriceline Grp Inc	0.35%	41,982	$62M	trimmed−2%	+0.01 pp	15 q
WTWWillis Towers Watson Public Limited Company	0.35%	512,641	$63M	trimmed−11%	−0.05 pp	4 q
INXNInterxion Holding NV	0.34%	1,700,028	$60M	added+1%	+0.02 pp	5 q
ILMNIllumina Inc	0.33%	456,447	$58M	trimmed−54%	−0.62 pp	15 q
BAHBooz Allen Hamilton Holding Corporation	0.32%	1,575,240	$57M	trimmed−39%	−0.11 pp	15 q
PRAHPRA Health Sciences, Inc.	0.32%	1,043,389	$58M	trimmed−7%	−0.01 pp	9 q
SITESiteOne Landscape Supply, Inc.	0.32%	1,619,095	$56M	added+90%	+0.16 pp	3 q
unresolvedAcxiom Corp	0.31%	2,071,823	$56M	added+9%	+0.04 pp	15 q
EFIIElectronics for Imaging	0.31%	1,250,000	$55M	held	—	8 q
HSICHenry Schein Inc	0.31%	359,595	$55M	trimmed−5%	−0.02 pp	15 q
SUMSummit Materials, Inc. Class A	0.31%	2,350,000	$56M	trimmed−1%	+0.08 pp	8 q
HQYHealthEquity, Inc	0.30%	1,313,864	$53M	trimmed−6%	+0.02 pp	10 q
LFUSLittelfuse Inc	0.30%	350,765	$53M	trimmed−8%	+0.04 pp	4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.30%	1,845,194	$53M	added+2%	+0.01 pp	15 q
FRCBFirst Republic Bk CA	0.29%	552,814	$51M	added+1%	+0.07 pp	15 q
INOVInovalon Holdings Inc - A	0.29%	4,932,506	$51M	trimmed−61%	−0.70 pp	8 q
RBCRBC Bearings Incorporated	0.29%	552,200	$51M	added0%	+0.07 pp	9 q
unresolvedSmart & Final Stores Inc	0.29%	3,683,761	$52M	trimmed−24%	−0.04 pp	8 q
VRSNVeriSign Inc	0.29%	682,566	$52M	held	—	15 q
DXCMDexCom, Inc.	0.28%	839,027	$50M	trimmed−1%	−0.12 pp	15 q
UNVRUnivar Solutions Inc.	0.28%	1,725,000	$49M	added+15%	+0.11 pp	2 q
WEXWEX Inc.	0.28%	450,000	$50M	held	—	15 q
RHIRobert Half Inc.	0.27%	966,792	$47M	trimmed−5%	+0.07 pp	15 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.27%	1,143,371	$49M	trimmed−6%	+0.03 pp	15 q
CPACopa Holdings, S.A.	0.27%	524,280	$48M	added+2%	+0.03 pp	6 q
AMTAmerican Tower Corporation	0.26%	442,763	$47M	trimmed−4%	−0.02 pp	15 q
unresolvedCooper Cos Inc/The	0.26%	264,731	$46M	held	—	12 q
ROPRoper Technologies, Inc.	0.26%	253,718	$46M	held	—	15 q
CMDCantel Medical Corporation	0.25%	575,000	$45M	trimmed−10%	−0.01 pp	9 q
CTRPTrip.com Group Limited	0.25%	1,096,330	$44M	added+1%	−0.02 pp	8 q
HLTHilton Worldwide Holdings Inc.	0.25%	1,640,050	$45M	new	+0.25 pp	new
WABWabtec Inc.	0.25%	534,184	$44M	added0%	+0.02 pp	14 q
AMZNAmazon.Com Inc	0.24%	56,481	$42M	trimmed−26%	−0.10 pp	15 q
MSGSMadison Square Garden Sports Corp.	0.24%	250,000	$43M	held	—	5 q
PEGAPegasystems Inc	0.24%	1,201,430	$43M	trimmed−24%	−0.01 pp	15 q
PFGCPerformance Food Group Company	0.24%	1,786,850	$43M	trimmed−7%	−0.01 pp	5 q
HDHome Depot, Inc.	0.23%	308,610	$41M	added+41%	+0.08 pp	13 q
IEXIDEX Corporation	0.23%	454,928	$41M	held	—	10 q
LSXMKLiberty Media Cor-siriusxm C	0.23%	1,200,000	$41M	held	—	3 q
MKTXMarketAxess Holdings Inc.	0.23%	279,173	$41M	trimmed−1%	−0.02 pp	6 q
unresolvedVantiv Inc	0.23%	682,980	$41M	added+7%	+0.04 pp	4 q
AATAmerican Assets Trust, Inc.	0.22%	927,000	$40M	trimmed−1%	0.00 pp	15 q
BERYBerry Global Group, Inc.	0.22%	800,000	$39M	trimmed−20%	−0.01 pp	15 q
unresolvedSpectranetics Corp	0.21%	1,540,500	$38M	added+1%	+0.01 pp	13 q
unresolvedValero Energy Partners LP	0.21%	851,200	$38M	trimmed−0%	+0.01 pp	13 q
MICMacquarie Infrastructure Hol	0.20%	445,312	$36M	trimmed−27%	−0.07 pp	4 q
TALTAL Education Group	0.20%	517,569	$36M	trimmed−9%	−0.01 pp	12 q
NBISNebius Group N.V. Class A	0.20%	1,740,516	$35M	added+9%	+0.02 pp	4 q
BIDUBaidu, Inc.	0.19%	209,116	$34M	added+70%	+0.07 pp	15 q
CAKECheesecake Factory (The)	0.19%	550,000	$33M	trimmed−42%	−0.06 pp	15 q
NDSNNordson Corp	0.19%	300,000	$34M	trimmed−33%	−0.05 pp	15 q
NLSNNielsen Holdings PLC	0.19%	803,623	$34M	held	—	6 q
unresolvedBrookfield Asset Mgmt Inc	0.18%	966,676	$32M	trimmed−16%	−0.04 pp	15 q
CWHCamping World Holdings, Inc.	0.18%	1,000,000	$33M	new	+0.18 pp	new
EXPEExpedia Group, Inc.	0.18%	282,210	$32M	added+35%	+0.05 pp	3 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.18%	1,266,313	$32M	trimmed−38%	−0.10 pp	3 q
PRTYParty City Holdco Inc.	0.18%	2,275,000	$32M	added0%	−0.03 pp	7 q
BJRIBJ's Restaurants, Inc.	0.17%	750,000	$29M	trimmed−29%	−0.03 pp	15 q
NEOGNeogen Corp	0.17%	444,596	$29M	held	—	15 q
SQMSociedad Quimica y Minera de Chile SA	0.17%	1,056,627	$30M	added+2%	+0.02 pp	4 q
unresolvedClubcorp Holdings Inc	0.16%	1,967,409	$28M	trimmed−16%	−0.02 pp	13 q
CXOConcho Resources Inc.	0.16%	209,109	$28M	trimmed−1%	+0.01 pp	15 q
VMCVulcan Materials Company(Holding Company)	0.16%	229,992	$29M	added0%	+0.02 pp	2 q
ZZillow Group, Inc. Class C	0.16%	765,884	$28M	trimmed−6%	+0.01 pp	6 q
ACIWACI Worldwide, Inc.	0.15%	1,466,300	$27M	trimmed−27%	−0.06 pp	15 q
FGAAmerican Campus Communities	0.15%	536,942	$27M	trimmed−10%	−0.01 pp	4 q
BATSBats Global Markets, Inc.	0.15%	800,291	$27M	held	—	3 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.15%	358,614	$27M	added+7%	−0.01 pp	15 q
MLMMartin Marietta Materials	0.15%	117,152	$26M	trimmed−8%	+0.03 pp	4 q
SHWThe Sherwin-Williams Company	0.15%	100,267	$27M	new	+0.15 pp	new
WINGWingstop Inc	0.15%	911,000	$27M	added+20%	+0.03 pp	7 q
unresolvedManitowoc Foodservice Inc	0.14%	1,250,000	$24M	held	—	4 q
SPGSimon Property Group, Inc.	0.14%	135,336	$24M	trimmed−10%	−0.03 pp	15 q
YPFYPF Sociedad Anonima	0.14%	1,485,236	$25M	added+19%	+0.02 pp	2 q
BSACBanco Santander-Chile	0.13%	1,036,598	$23M	new	+0.13 pp	new
CHEFThe Chef's Warehouse Inc	0.13%	1,500,000	$24M	trimmed−11%	+0.03 pp	15 q
unresolvedDigitalglobe Inc	0.13%	784,000	$22M	added+2%	+0.02 pp	15 q
unresolvedFlotek Industries Inc DEL	0.13%	2,477,852	$23M	added+2%	−0.06 pp	14 q
LBRDKLiberty Broadband Corporation Class C	0.13%	300,000	$22M	held	—	9 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.13%	750,000	$23M	held	—	3 q
TSCOTractor Supply Co	0.13%	297,612	$23M	trimmed−0%	+0.02 pp	15 q
unresolvedMobileye Nv	0.13%	609,669	$23M	added+2%	0.00 pp	10 q
AUAngloGold Ashanti plc	0.12%	2,049,176	$22M	added+71%	+0.02 pp	4 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.12%	544,000	$22M	new	+0.12 pp	new
MSGNMSG Networks Inc.	0.12%	1,000,000	$22M	held	—	5 q
TROWT Rowe Price Group Inc	0.12%	275,314	$21M	held	—	15 q
PLDPrologis, Inc.	0.12%	392,497	$21M	new	+0.12 pp	new
ROLRollins, Inc.	0.12%	624,901	$21M	added+10%	+0.03 pp	2 q
TIFTiffany & Co.	0.12%	277,144	$21M	held	—	15 q
GOOGAlphabet Inc. Class C	0.11%	24,920	$19M	trimmed−0%	+0.01 pp	11 q
HCSGHealthcare Services Group	0.11%	500,000	$20M	trimmed−17%	−0.02 pp	7 q
MARMarriott International Class A	0.11%	227,120	$19M	new	+0.11 pp	new
MRCYMercury Systems Inc.	0.11%	649,700	$20M	added+1%	+0.03 pp	8 q
ESNTEssent Group LTD	0.11%	597,174	$19M	trimmed−1%	+0.02 pp	2 q
GKOSGlaukos Corporation	0.10%	530,365	$18M	added×4.6	+0.08 pp	7 q
MEDPMedpace Holdings, Inc.	0.10%	516,361	$19M	new	+0.10 pp	new
TFXTeleflex Incorporated	0.10%	111,702	$18M	added+7%	+0.01 pp	3 q
VNOVornado Realty Trust	0.10%	171,352	$18M	added+41%	+0.03 pp	2 q
unresolvedZoes Kitchen Inc	0.10%	764,000	$18M	added+51%	+0.04 pp	11 q
AAPAdvance Auto Parts Inc	0.09%	97,745	$17M	new	+0.09 pp	new
METAMeta Platforms, Inc. Class A	0.09%	132,717	$15M	trimmed−18%	−0.02 pp	15 q
LOWLowe's Companies Inc.	0.09%	217,322	$15M	trimmed−34%	−0.04 pp	15 q
REXRRexford Industrial Realty, Inc.	0.09%	659,530	$15M	added×2.4	+0.06 pp	9 q
unresolvedTerraform Global Inc	0.09%	3,909,612	$15M	trimmed−4%	0.00 pp	6 q
UHSUniversal Health Services, Inc. Class B	0.09%	156,224	$17M	trimmed−18%	−0.03 pp	15 q
CDKCDK Global, Inc.	0.08%	240,551	$14M	held	—	7 q
unresolvedDominion Midstream Partners	0.08%	460,000	$14M	added+15%	+0.03 pp	9 q
MASMasco Corporation	0.08%	459,487	$15M	new	+0.08 pp	new
MAMastercard Incorporated	0.08%	133,672	$14M	added+1%	+0.01 pp	15 q
PBFXPbf Logistics LP	0.08%	800,000	$15M	trimmed−8%	−0.01 pp	11 q
TOLToll Brothers, Inc.	0.08%	474,225	$15M	trimmed−58%	−0.10 pp	15 q
VVISA Inc.	0.08%	192,169	$15M	added+8%	0.00 pp	15 q
unresolvedScorpio Tankers Inc	0.08%	3,201,804	$15M	trimmed−8%	−0.01 pp	15 q
SSLSasol Limited	0.07%	410,415	$12M	added+37%	+0.03 pp	8 q
RCLRoyal Caribbean Group	0.07%	149,644	$12M	trimmed−14%	0.00 pp	6 q
LBRDALiberty Broadband Corporation Class A	0.06%	150,000	$11M	held	—	9 q
LM03Liberty Media Cor-siriusxm A	0.06%	300,000	$10M	held	—	3 q
unresolvedQuintiles Transnatio Hldgs I	0.06%	134,776	$10M	trimmed−55%	−0.07 pp	15 q
SLGSL Green Realty Corp.	0.06%	100,000	$11M	trimmed−33%	−0.03 pp	15 q
WBCWabco Holdings Inc.	0.06%	99,952	$11M	added0%	0.00 pp	8 q
unresolvedGeneral Growth Pptys Inc New	0.05%	342,331	$9M	trimmed−45%	−0.04 pp	9 q
JLLJones Lang LaSalle, Inc.	0.05%	86,400	$9M	trimmed−51%	−0.06 pp	15 q
AOSA.O. Smith Corporation	0.05%	184,962	$9M	new	+0.05 pp	new
VIRTVirtu Financial, Inc. Class A	0.05%	531,171	$8M	trimmed−59%	−0.05 pp	7 q
WLKPWestlake Chemical Partners LP	0.05%	388,564	$8M	trimmed−8%	0.00 pp	10 q
GSMFerroglobe PLC	0.05%	750,000	$8M	trimmed−57%	−0.03 pp	5 q
BXPBXP, Inc.	0.04%	59,583	$7M	trimmed−37%	−0.03 pp	15 q
unresolvedEncana Corp	0.04%	634,700	$7M	trimmed−4%	0.00 pp	4 q
ISRGIntuitive Surgical Inc.	0.04%	11,216	$7M	new	+0.04 pp	new
KWKennedy-wilson Holdings, Inc.	0.04%	308,080	$6M	trimmed−76%	−0.11 pp	15 q
KNSLKinsale Capital Group, Inc.	0.04%	211,000	$7M	new	+0.04 pp	new
NFLXNetFlix Inc	0.04%	60,354	$7M	trimmed−80%	−0.12 pp	14 q
PEParsley Energy Inc	0.04%	192,500	$7M	trimmed−16%	0.00 pp	11 q
unresolvedRsp Permian Inc	0.04%	161,800	$7M	added+3%	+0.01 pp	12 q
RHTRed Hat Inc	0.04%	105,535	$7M	trimmed−15%	−0.01 pp	15 q
MLNXMellanox Technologies Ltd	0.04%	162,442	$7M	trimmed−5%	0.00 pp	14 q
GOOGLAlphabet Inc. Class A	0.03%	7,754	$6M	trimmed−42%	−0.03 pp	6 q
AAPLApple Inc.	0.03%	50,750	$6M	trimmed−5%	0.00 pp	15 q
CMECME Group Inc.	0.03%	43,639	$5M	held	—	15 q
HSTMHealthStream Inc	0.03%	235,000	$6M	added+15%	0.00 pp	2 q
unresolvedNewfield Expl Co	0.03%	122,200	$5M	trimmed−10%	0.00 pp	8 q
SG7Sage Therapeutics Inc	0.03%	88,320	$5M	added+20%	+0.01 pp	7 q
CRMSalesforce, Inc.	0.03%	73,017	$5M	trimmed−11%	0.00 pp	15 q
NOWServicenow, Inc.	0.03%	76,419	$6M	trimmed−23%	−0.01 pp	6 q
SINASina Corp	0.03%	86,880	$5M	added+2%	0.00 pp	2 q
WIXWIX.com Ltd.	0.03%	100,500	$4M	new	+0.03 pp	new
EWEdwards Lifesciences Corp	0.02%	40,284	$4M	added×3.7	+0.01 pp	15 q
ETEnergy Transfer LP	0.02%	144,000	$3M	trimmed−7%	+0.01 pp	9 q
ENVEnvestnet, Inc.	0.02%	88,225	$3M	added+26%	+0.01 pp	13 q
HALHalliburton Company	0.02%	75,496	$4M	trimmed−7%	0.00 pp	15 q
INDAiShares MSCI India ETF	0.02%	100,919	$3M	new	+0.02 pp	new
MTSIMACOM Technology Solutions Holdings, Inc	0.02%	64,500	$3M	added+50%	+0.01 pp	8 q
MANHManhattan Associates Inc	0.02%	64,057	$3M	trimmed−9%	0.00 pp	10 q
unresolvedMonsanto Co	0.02%	37,998	$4M	held	—	15 q
ORLYO'Reilly Automotive, Inc.	0.02%	12,273	$3M	trimmed−10%	0.00 pp	15 q
RLRalph Lauren Corporation	0.02%	30,000	$3M	held	—	15 q
SLBSLB Limited	0.02%	36,800	$3M	trimmed−18%	0.00 pp	5 q
SBUXStarbucks Corp	0.02%	61,909	$3M	trimmed−28%	0.00 pp	15 q
TRGPTarga Resources Corp.	0.02%	62,600	$4M	trimmed−7%	0.00 pp	4 q
TTDThe Trade Desk, Inc.	0.02%	148,196	$4M	new	+0.02 pp	new
SLCAU.s. Silica Holdings, Inc.	0.02%	53,200	$3M	trimmed−6%	+0.01 pp	3 q
VLOValero Energy Corporation	0.02%	44,100	$3M	added+28%	+0.01 pp	5 q
WPXWPX Energy, Inc.	0.02%	198,000	$3M	new	+0.02 pp	new
ACTAllergan PLC	0.02%	14,572	$3M	trimmed−15%	0.00 pp	5 q
GLNGGolar LNG Ltd	0.02%	179,635	$4M	trimmed−5%	0.00 pp	15 q
ASMLASML Holding NV	0.02%	34,401	$4M	trimmed−4%	0.00 pp	14 q
unresolvedPatheon N V	0.02%	125,000	$4M	new	+0.02 pp	new
AAgilent Technologies Inc.	0.01%	28,000	$1M	held	—	15 q
ALXNAlexion Pharmaceuticals Inc	0.01%	20,470	$3M	trimmed−54%	−0.02 pp	12 q
ALGNAlign Technology Inc	0.01%	26,640	$3M	held	—	15 q
APCAnadarko Petroleum Corp	0.01%	25,100	$2M	trimmed−6%	0.00 pp	2 q
ARAntero Resources Corporation	0.01%	85,200	$2M	trimmed−6%	0.00 pp	3 q
APAMArtisan Partners Asset Management Inc.	0.01%	43,537	$1M	trimmed−13%	0.00 pp	15 q
BIIBBiogen Inc.	0.01%	6,625	$2M	added+1%	0.00 pp	12 q
BLBlackLine, Inc.	0.01%	37,818	$1M	new	+0.01 pp	new
CERSCerus Corp	0.01%	282,500	$1M	added×2.7	+0.01 pp	9 q
DLChina Distance Education Holdings Limited	0.01%	90,000	$1M	held	—	2 q
SCORcomScore, Inc.	0.01%	59,485	$2M	trimmed−88%	−0.07 pp	12 q
EOGEOG Resources, Inc.	0.01%	22,768	$2M	trimmed−7%	0.00 pp	14 q
unresolvedEducation Realty Trust, Inc.	0.01%	35,000	$1M	added+17%	0.00 pp	5 q
unresolvedEnergen Corp	0.01%	27,666	$2M	trimmed−7%	0.00 pp	3 q
EPAMEpam Systems, Inc.	0.01%	33,116	$2M	added0%	0.00 pp	5 q
ESEESCO Technologies, Inc.	0.01%	16,500	$935,000	trimmed−20%	0.00 pp	6 q
unresolvedFmc Technologies Inc	0.01%	36,000	$1M	trimmed−6%	0.00 pp	2 q
unresolvedFlexion Therapeutics Inc	0.01%	74,000	$1M	added+95%	+0.01 pp	3 q
FETForum Energy Technologies, Inc.	0.01%	73,900	$2M	trimmed−1%	0.00 pp	2 q
unresolvedFoundation Medicine	0.01%	68,500	$1M	trimmed−34%	0.00 pp	13 q
PIImpinj, Inc.	0.01%	36,000	$1M	new	+0.01 pp	new
INGNInogen Inc	0.01%	16,000	$1M	held	—	12 q
EWYiShares MSCI South Korea ETF	0.01%	20,500	$1M	new	+0.01 pp	new
unresolvedJones Energy Inc	0.01%	508,800	$3M	new	+0.01 pp	new
unresolvedKeyw Holding Corp	0.01%	95,000	$1M	added+10%	0.00 pp	15 q
KRAKraton Corporation	0.01%	54,700	$2M	added+12%	0.00 pp	3 q
LM05Liberty Media Corp-liberty-a	0.01%	30,000	$940,000	held	—	3 q
MPLXMplx LP	0.01%	34,200	$1M	trimmed−26%	0.00 pp	5 q
MYGNMyriad Genetics Inc	0.01%	80,000	$1M	added×2.0	+0.01 pp	2 q
NVRONNevro Corp	0.01%	16,300	$1M	added×2.4	+0.01 pp	4 q
NBLNoble Energy, Inc.	0.01%	29,549	$1M	trimmed−6%	0.00 pp	15 q
NBLXNoble Midstream Partners LP	0.01%	51,867	$2M	new	+0.01 pp	new
unresolvedNovadaq Technologies Inc	0.01%	185,600	$1M	added×2.6	+0.01 pp	13 q
QADBQad Inc-b	0.01%	35,000	$894,000	added×2.3	+0.01 pp	3 q
QLYSQualys, Inc.	0.01%	83,000	$3M	added+2%	−0.01 pp	12 q
REGNRegeneron Pharmaceuticals Inc	0.01%	4,969	$2M	added+1%	0.00 pp	12 q
RICEEqt Re Merger Sub Inc	0.01%	120,300	$3M	trimmed−40%	−0.02 pp	4 q
RYAAYRyanair Holdings plc	0.01%	16,075	$1M	trimmed−22%	0.00 pp	5 q
unresolvedSanchez Prodtn Partner	0.01%	125,000	$1M	new	+0.01 pp	new
SEMGSemgroup Corp-class A	0.01%	52,000	$2M	trimmed−6%	0.00 pp	3 q
SIENSientra, Inc.	0.01%	168,500	$1M	added+58%	0.00 pp	4 q
SONYSony Group Corporation	0.01%	41,000	$1M	added×2.3	+0.01 pp	2 q
SPLKSplunk Inc	0.01%	37,840	$2M	new	+0.01 pp	new
SUSuncor Energy, Inc.	0.01%	35,000	$1M	held	—	14 q
SYFSynchrony Financial	0.01%	56,348	$2M	new	+0.01 pp	new
unresolvedTallgrass Energy Partners LP	0.01%	43,540	$2M	trimmed−21%	0.00 pp	15 q
TXMDTherapeuticsMD, Inc.	0.01%	229,900	$1M	trimmed−50%	−0.01 pp	12 q
RAREUltragenyx Pharmaceutical Inc.	0.01%	29,041	$2M	new	+0.01 pp	new
VRNSVaronis Systems, Inc.	0.01%	63,100	$2M	added×2.0	0.00 pp	12 q
NBRNabors Industries Ltd.	0.01%	119,300	$2M	added+76%	+0.01 pp	2 q
CHKPCheck Point Software Technologies Ltd	0.01%	17,217	$1M	trimmed−1%	0.00 pp	15 q
CLBCore Laboratories Inc.	0.01%	17,150	$2M	trimmed−7%	0.00 pp	15 q
ADMSAdamas Pharmaceuticals, Inc.	0.00%	39,000	$659,000	added×2.7	0.00 pp	2 q
AERIAerie Pharmaceuticals, Inc.	0.00%	3,726	$141,000	held	—	10 q
AEMAgnico Eagle Mines Ltd.	0.00%	15,000	$630,000	held	—	4 q
AMBRAmber Road Inc	0.00%	96,700	$878,000	trimmed−23%	−0.01 pp	11 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$244,000	held	—	2 q
COHRCoherent Corp.	0.00%	6,100	$838,000	trimmed−21%	0.00 pp	15 q
CYHCommunity Health Systems, Inc.	0.00%	100	$1,000	held	—	15 q
MRAMEverspin Technologies, Inc	0.00%	94,000	$779,000	new	0.00 pp	new
FEYEFireEye, Inc.	0.00%	18,036	$215,000	trimmed−95%	−0.03 pp	13 q
GSGoldman Sachs Group Inc.	0.00%	800	$192,000	held	—	2 q
GRFSGrifois, S.A.	0.00%	40,000	$643,000	trimmed−47%	−0.01 pp	15 q
IWPiShares Russell Mid-Cap Growth ETF	0.00%	468	$46,000	new	0.00 pp	new
IWMiShares Russell 2000 ETF	0.00%	1,685	$227,000	new	0.00 pp	new
MGPIMGP Ingredients Inc	0.00%	17,000	$850,000	new	0.00 pp	new
NEOSNeos Therapeutics, Inc	0.00%	70,500	$412,000	added+15%	0.00 pp	6 q
PCRXPacira BioSciences, Inc.	0.00%	24,255	$783,000	added+11%	0.00 pp	6 q
PGProcter & Gamble Company	0.00%	1,796	$151,000	held	—	2 q
QCOMQualcomm Inc	0.00%	4,000	$261,000	held	—	2 q
unresolvedQuorum Health Corp	0.00%	25	$0	held	—	3 q
QUOTQuotient Technology Inc	0.00%	70,000	$752,000	added+75%	0.00 pp	6 q
SJMThe J.M. Smucker Company	0.00%	251	$32,000	held	—	2 q
unresolvedTpi Composites Inc	0.00%	29,000	$465,000	new	0.00 pp	new
TEGPTallgrass Energy GP, LP	0.00%	13,742	$368,000	trimmed−81%	−0.01 pp	7 q
unresolvedTerraform Pwr Inc	0.00%	40,910	$524,000	trimmed−51%	−0.01 pp	10 q
TRUETrueCar, Inc.	0.00%	70,000	$875,000	new	0.00 pp	new
WBWeibo Corporation	0.00%	8,503	$345,000	held	—	2 q
YUMCYum China Holdings, Inc.	0.00%	8,053	$210,000	new	0.00 pp	new
GLREGreenlight Captial RE, LTD. Class A	0.00%	4,529	$103,000	new	0.00 pp	new
ICHRIchor Holdings	0.00%	66,000	$714,000	new	0.00 pp	new
unresolvedLuxoft Holding	0.00%	1,361	$76,000	held	—	3 q
GLOBGlobant S.a.	0.00%	3,786	$126,000	held	—	3 q
KRNTKornit Digital Ltd.	0.00%	63,500	$803,000	added+72%	0.00 pp	4 q
CMPRCimpress PLC (Ireland)	0.00%	5,000	$458,000	new	0.00 pp	new
unresolvedSBA Comms Corp	—	−1,769,629	—	exited	−1.05 pp	—
unresolvedPress Ganey Holdings Inc	—	−1,500,606	—	exited	−0.32 pp	—
BKDBrookdale Senior Living, Inc.	—	−2,730,835	—	exited	−0.25 pp	—
DPLODiplomat Pharmacy, Inc.	—	−1,282,664	—	exited	−0.19 pp	—
unresolvedHilton Worldwide Hldgs Inc	—	−1,405,432	—	exited	−0.17 pp	—
Iridium Communications Iconvertible	—	−66,300	—	exited	−0.11 pp	—
MNROMonro, Inc.	—	−350,000	—	exited	−0.11 pp	—
DLRDigital Realty Trust, Inc.	—	−195,746	—	exited	−0.10 pp	—
unresolvedJuno Therapeutics Inc	—	−443,107	—	exited	−0.07 pp	—
AWIArmstrong World Industries, Inc.	—	−165,331	—	exited	−0.04 pp	—
HMHCHoughton Mifflin Harcourt Company	—	−500,000	—	exited	−0.04 pp	—
1885807DAthenahealth Inc	—	−41,360	—	exited	−0.03 pp	—
HABTThe Habit Restaurants, Inc. - Class A	—	−416,639	—	exited	−0.03 pp	—
YUMYum! Brands, Inc.	—	−47,235	—	exited	−0.02 pp	—
ABXBarrick Mining Corporation	—	−60,400	—	exited	−0.01 pp	—
BMYBristol-Myers Squibb Co.	—	−47,479	—	exited	−0.01 pp	—
MPCMarathon Petroleum Corporation	—	−49,556	—	exited	−0.01 pp	—
NEMNewmont Corporation	—	−26,400	—	exited	−0.01 pp	—
SEDGSolarEdge Technologies, Inc.	—	−76,200	—	exited	−0.01 pp	—
unresolvedCepheid	—	−3,400	—	exited	0.00 pp	—
unresolvedEasterly Govt Pptys Inc	—	−33,000	—	exited	0.00 pp	—
PODDInsulet Corporation	—	−5,032	—	exited	0.00 pp	—
OISOil States International, Inc.	—	−24,531	—	exited	0.00 pp	—
unresolvedSonic Corp	—	−21,500	—	exited	0.00 pp	—
T8STesaro Inc	—	−2,500	—	exited	0.00 pp	—