Baron Capital

Q1 2018 13F · by Ron Baron, CEO

As of: Mar 31, 2018
Filed: Mar 20, 2018
US stock: $21.7B · prev $21.7B
Positions: 352 · prev 319
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%

Moves335 since the prior filing

+5.3 pp in · −5.8 pp out

New 61 +2.57 pp
Added 98 +2.74 pp
Trimmed 148 −3.48 pp
Exited 28 −2.29 pp

The book

Diversified · behaves like 65 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 19% a year, about 5.2 years per position

Low
Moderate
High

Top 5 positions20% of US stock

MTN Vail Resorts, Inc. trimmed+0.06 pp trimmed+0.065.1%
CSGP CoStar Group Inc trimmed+0.63 pp trimmed+0.634.2%
IDXX Idexx Laboratories Inc trimmed+0.55 pp trimmed+0.553.9%
IT Gartner, Inc. trimmed−0.25 pp trimmed−0.253.8%
ACGL Arch Capital Group Ltd trimmed−0.35 pp trimmed−0.353.2%

Positions352 in this filing · 28 exited


MTNVail Resorts, Inc.	5.07%	4,974,631	$1.1B	trimmed−3%	+0.06 pp	20 q
CSGPCoStar Group Inc	4.22%	2,530,041	$918M	trimmed−4%	+0.63 pp	20 q
IDXXIdexx Laboratories Inc	3.94%	4,471,606	$856M	trimmed−5%	+0.55 pp	20 q
ITGartner, Inc.	3.75%	6,932,476	$815M	trimmed−2%	−0.25 pp	20 q
ACGLArch Capital Group Ltd	3.18%	8,071,122	$691M	trimmed−4%	−0.35 pp	20 q
FDSFactset Research Systems	2.67%	2,905,347	$579M	trimmed−3%	0.00 pp	20 q
GWREGuidewire Software, Inc.	2.39%	6,426,048	$519M	added+3%	+0.26 pp	20 q
TSLATesla, Inc.	2.03%	1,657,488	$441M	added+3%	−0.28 pp	17 q
AKXAnsys Inc	1.80%	2,501,833	$392M	trimmed−4%	+0.02 pp	20 q
CHHChoice Hotels Intnl.	1.79%	4,847,282	$389M	added0%	+0.06 pp	20 q
HHyatt Hotels Corporation	1.66%	4,722,351	$360M	added+6%	+0.15 pp	20 q
GLPIGaming and Leisure Properties, Inc.	1.60%	10,401,848	$348M	trimmed−0%	−0.17 pp	18 q
BFAMBright Horizons Family Solutions Inc.	1.59%	3,461,414	$345M	trimmed−10%	−0.07 pp	20 q
SSNCSS&C Technologies Inc	1.59%	6,423,877	$345M	trimmed−4%	+0.35 pp	20 q
MTDMettler-Toledo International	1.58%	598,681	$344M	trimmed−3%	−0.18 pp	20 q
SCHWThe Charles Schwab Corporation	1.56%	6,507,760	$340M	trimmed−0%	+0.02 pp	20 q
MSCIMSCI, Inc.	1.53%	2,228,644	$333M	trimmed−0%	+0.23 pp	20 q
VACMarriott Vacations Worldwide Corporation	1.32%	2,160,400	$288M	trimmed−0%	−0.03 pp	20 q
BABAAlibaba Group Holding Limited	1.25%	1,484,078	$272M	trimmed−5%	0.00 pp	15 q
MANUManchester United PLC	1.25%	14,108,265	$271M	trimmed−1%	−0.06 pp	20 q
PRIPrimerica, Inc.	1.15%	2,581,081	$249M	trimmed−4%	−0.11 pp	20 q
RRRRed Rock Resorts, Inc. Class A	1.07%	7,946,758	$233M	trimmed−2%	−0.19 pp	8 q
TECHBio-Techne Corp.	1.06%	1,520,323	$230M	added0%	+0.15 pp	14 q
DEIDouglas Emmett, Inc.	1.03%	6,085,623	$224M	trimmed−0%	−0.12 pp	20 q
SBACSBA Communications Corp	0.96%	1,222,873	$209M	trimmed−11%	−0.08 pp	6 q
unresolved2U Inc	0.95%	2,454,541	$206M	trimmed0%	+0.22 pp	4 q
MMSMAXIMUS, Inc.	0.85%	2,783,233	$186M	trimmed−8%	−0.15 pp	20 q
PENNPENN Entertainment, Inc.	0.78%	6,481,736	$170M	added+13%	−0.05 pp	20 q
unresolvedFinancial Engines	0.72%	4,486,047	$157M	trimmed−1%	+0.09 pp	20 q
VRSKVerisk Analytics, Inc.	0.72%	1,510,160	$157M	trimmed−0%	+0.05 pp	20 q
WSTWest Pharmaceutical Services, Inc.	0.69%	1,708,284	$151M	trimmed−5%	−0.13 pp	20 q
unresolvedOn Assignment Inc	0.68%	1,810,100	$148M	trimmed−5%	+0.11 pp	20 q
WIXWIX.com Ltd.	0.67%	1,818,087	$145M	added+10%	+0.23 pp	6 q
GTTGTT Communications, Inc.	0.65%	2,500,000	$142M	held	—	4 q
MORNMorningstar, Inc.	0.65%	1,475,522	$141M	trimmed−2%	−0.02 pp	20 q
WCNWaste Connections, Inc.	0.64%	1,950,000	$140M	trimmed−3%	−0.01 pp	7 q
ZGZillow Group Inc Class A	0.64%	2,575,376	$139M	trimmed0%	+0.16 pp	13 q
unresolvedPinnacle Entmt Inc New	0.60%	4,294,916	$129M	trimmed−11%	−0.13 pp	7 q
unresolvedUltimate Software Group Inc	0.59%	530,376	$129M	added0%	+0.06 pp	20 q
AREAlexandria Real Estate Equities, Inc.	0.57%	995,830	$124M	trimmed−1%	−0.04 pp	20 q
BIDUBaidu, Inc.	0.56%	548,957	$123M	trimmed−32%	−0.31 pp	20 q
EQIXEquinix, Inc.	0.56%	290,274	$121M	trimmed−2%	−0.06 pp	13 q
SITESiteOne Landscape Supply, Inc.	0.56%	1,584,206	$122M	trimmed−4%	−0.03 pp	8 q
TDGTransDigm Group Incorporated	0.56%	400,000	$123M	trimmed−16%	−0.04 pp	20 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.53%	2,645,176	$116M	added+3%	+0.06 pp	20 q
TREXTrex Company, Inc.	0.53%	1,054,704	$115M	trimmed−10%	−0.06 pp	17 q
CNSCohen & Steers Inc.	0.50%	2,672,616	$109M	trimmed−1%	−0.09 pp	20 q
AMZNAmazon.Com Inc	0.49%	73,947	$107M	added+48%	+0.22 pp	20 q
FLTCorpay, Inc.	0.48%	517,707	$105M	trimmed−13%	−0.05 pp	20 q
IRDMIridium Communications Inc.	0.48%	9,237,593	$104M	trimmed−1%	−0.15 pp	16 q
BNFTBenefitfocus, Inc.	0.47%	4,173,603	$102M	added+1%	−0.05 pp	18 q
AL1Sumisho Air Lease Corp	0.46%	2,361,182	$101M	trimmed−0%	−0.07 pp	20 q
ILMNIllumina Inc	0.46%	420,580	$99M	added+1%	+0.04 pp	20 q
NBISNebius Group N.V. Class A	0.46%	2,526,277	$100M	added+6%	+0.10 pp	9 q
PAGSPagSeguro Digital Ltd.	0.45%	2,567,064	$98M	new	+0.45 pp	new
CGNXCognex Corp	0.44%	1,850,000	$96M	trimmed−3%	−0.10 pp	20 q
MCMoelis & Company	0.44%	1,895,615	$96M	trimmed−0%	+0.02 pp	16 q
SUMSummit Materials, Inc. Class A	0.44%	3,181,761	$96M	added+4%	−0.01 pp	13 q
ICLRIcon Plc	0.44%	804,200	$95M	held	—	20 q
PBRPetroleo Brasileiro S.a.-petrobras	0.43%	6,674,235	$94M	added+38%	+0.20 pp	2 q
YPFYPF Sociedad Anonima	0.43%	4,305,552	$93M	added+6%	0.00 pp	7 q
TALTAL Education Group	0.41%	2,394,823	$89M	trimmed−9%	+0.05 pp	17 q
CBRECbre Group, Inc.	0.40%	1,860,557	$88M	trimmed−32%	−0.14 pp	20 q
JBTMJBT Marel Corporation	0.40%	773,300	$88M	held	—	5 q
CISNCision Ltd	0.38%	7,046,447	$82M	added+4%	+0.01 pp	4 q
SFLYShutterfly, Inc.	0.37%	1,000,000	$81M	added+33%	+0.20 pp	3 q
VRSNVeriSign Inc	0.37%	683,819	$81M	trimmed−0%	+0.01 pp	20 q
CWHCamping World Holdings, Inc.	0.36%	2,409,500	$78M	trimmed−0%	−0.14 pp	6 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.36%	848,734	$78M	added+17%	+0.05 pp	20 q
PRAHPRA Health Sciences, Inc.	0.36%	954,364	$79M	held	—	14 q
TDOCTeladoc Health, Inc.	0.36%	1,938,000	$78M	added0%	+0.05 pp	5 q
OAKOaktree Capital Group, LLC	0.35%	1,931,845	$77M	trimmed−1%	−0.03 pp	20 q
UNVRUnivar Solutions Inc.	0.35%	2,750,000	$76M	held	—	7 q
BKNGBooking Holdings Inc.	0.34%	35,528	$74M	new	+0.34 pp	new
FASTFastenal Co	0.34%	1,339,752	$73M	trimmed−0%	0.00 pp	20 q
HQYHealthEquity, Inc	0.34%	1,203,771	$73M	held	—	15 q
LFUSLittelfuse Inc	0.34%	355,175	$74M	added+1%	+0.02 pp	9 q
WTWWillis Towers Watson Public Limited Company	0.34%	481,772	$73M	trimmed−6%	−0.01 pp	9 q
ALXAlexander's Inc.	0.33%	188,064	$72M	trimmed−11%	−0.06 pp	20 q
BMABanco Macro S.A.	0.33%	659,293	$71M	added+5%	−0.01 pp	4 q
KNSLKinsale Capital Group, Inc.	0.33%	1,393,563	$72M	added+2%	+0.05 pp	6 q
MIDDMiddleby Corp	0.33%	579,971	$72M	trimmed−29%	−0.18 pp	20 q
PEGAPegasystems Inc	0.33%	1,198,271	$73M	trimmed−0%	+0.07 pp	20 q
ROPRoper Technologies, Inc.	0.33%	254,228	$71M	added0%	+0.03 pp	20 q
WPWorldpay, Inc.	0.33%	880,829	$72M	new	+0.33 pp	new
AZPNAspen Technology Inc	0.32%	883,000	$70M	trimmed−0%	+0.05 pp	11 q
unresolvedThe Carlyle Group	0.32%	3,258,535	$70M	trimmed−0%	−0.02 pp	20 q
WEXWEX Inc.	0.32%	450,000	$70M	held	—	20 q
INXNInterxion Holding NV	0.32%	1,123,855	$70M	trimmed−13%	−0.03 pp	10 q
ALTRAltair Engineering Inc. Class A	0.30%	2,100,528	$66M	held	—	2 q
AMTAmerican Tower Corporation	0.30%	441,456	$64M	added0%	+0.01 pp	20 q
IEXIDEX Corporation	0.30%	455,663	$65M	trimmed−0%	+0.02 pp	15 q
TRUTransUnion	0.30%	1,165,871	$66M	added+27%	+0.07 pp	4 q
CHDChurch & Dwight Co., Inc.	0.28%	1,215,968	$61M	trimmed−18%	−0.06 pp	20 q
CPACopa Holdings, S.A.	0.28%	474,459	$61M	trimmed−5%	−0.03 pp	11 q
MKTXMarketAxess Holdings Inc.	0.27%	274,675	$60M	added+4%	+0.02 pp	11 q
CMDCantel Medical Corporation	0.26%	515,000	$57M	held	—	14 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.26%	2,671,358	$57M	added+16%	+0.02 pp	2 q
UAAUnder Armour, Inc.	0.26%	3,395,761	$56M	trimmed−9%	+0.01 pp	20 q
MSGSMadison Square Garden Sports Corp.	0.25%	225,000	$55M	held	—	10 q
MRCYMercury Systems Inc.	0.25%	1,102,000	$53M	trimmed−9%	−0.04 pp	13 q
QLYSQualys, Inc.	0.25%	750,000	$55M	trimmed−5%	+0.03 pp	17 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.25%	1,038,195	$55M	added+10%	+0.02 pp	20 q
BECNBeacon Roofing Supply, Inc.	0.24%	987,019	$52M	trimmed−17%	−0.11 pp	3 q
FNDFloor & Decor Holdings, Inc.	0.24%	1,020,922	$53M	added+27%	+0.06 pp	4 q
VMCVulcan Materials Company(Holding Company)	0.24%	462,462	$53M	added+20%	+0.01 pp	7 q
unresolvedAcxiom Corp	0.23%	2,158,061	$49M	trimmed−20%	−0.11 pp	20 q
TTDThe Trade Desk, Inc.	0.23%	1,011,626	$50M	added+5%	+0.03 pp	6 q
FRCBFirst Republic Bk CA	0.22%	506,738	$47M	trimmed−8%	0.00 pp	20 q
IBPInstalled Building Products, Inc.	0.22%	800,000	$48M	added×2.7	+0.11 pp	2 q
PRTYParty City Holdco Inc.	0.22%	3,095,000	$48M	held	—	12 q
PFGCPerformance Food Group Company	0.22%	1,572,000	$47M	trimmed−4%	−0.03 pp	10 q
TFXTeleflex Incorporated	0.22%	190,065	$48M	added0%	0.00 pp	8 q
CAKECheesecake Factory (The)	0.21%	925,000	$45M	held	—	20 q
HDHome Depot, Inc.	0.21%	261,196	$47M	trimmed−8%	−0.04 pp	18 q
HLIHoulihan Lokey, Inc.	0.21%	1,019,189	$45M	added×2.8	+0.13 pp	2 q
WINGWingstop Inc	0.21%	960,000	$45M	trimmed−7%	+0.02 pp	12 q
BERYBerry Global Group, Inc.	0.20%	800,000	$44M	held	—	20 q
BYDBoyd Gaming Corporation	0.20%	1,346,388	$43M	trimmed−4%	−0.03 pp	5 q
EXPEExpedia Group, Inc.	0.20%	398,978	$44M	trimmed−7%	−0.04 pp	8 q
DOORMasonite International Corp	0.20%	699,939	$43M	trimmed−57%	−0.35 pp	16 q
unresolvedHudson Ltd	0.20%	2,785,000	$44M	new	+0.20 pp	new
AYIAcuity Inc.	0.19%	300,000	$42M	trimmed−34%	−0.18 pp	20 q
unresolvedCooper Cos Inc/The	0.19%	183,628	$42M	trimmed−17%	−0.03 pp	17 q
MGMMgm Resorts International	0.18%	1,116,570	$39M	added+14%	+0.03 pp	13 q
NEOGNeogen Corp	0.18%	592,794	$40M	trimmed0%	+0.01 pp	20 q
TROWT Rowe Price Group Inc	0.18%	356,726	$39M	trimmed−0%	+0.01 pp	20 q
VEEVVeeva Systems Inc.	0.18%	536,762	$39M	added+27%	+0.07 pp	4 q
ZZillow Group, Inc. Class C	0.18%	731,466	$39M	trimmed−1%	+0.04 pp	11 q
GCPNGcp Applied Technologies	0.17%	1,250,000	$36M	held	—	3 q
RBCRBC Bearings Incorporated	0.17%	300,000	$37M	held	—	14 q
ROLRollins, Inc.	0.17%	709,346	$36M	added+6%	+0.03 pp	7 q
AOSA.O. Smith Corporation	0.17%	565,579	$36M	added+5%	+0.02 pp	6 q
BWXTBWX Technologies, Inc.	0.16%	550,419	$35M	trimmed−0%	+0.01 pp	5 q
GLIBAGci Liberty Inc - Class A	0.16%	667,318	$35M	new	+0.16 pp	new
TREELendingTree, Inc.	0.16%	103,699	$34M	added+5%	+0.01 pp	2 q
MHKMohawk Industries, Inc.	0.16%	153,373	$36M	trimmed−37%	−0.15 pp	20 q
MOMOHello Group Inc.	0.16%	908,466	$34M	new	+0.16 pp	new
NDSNNordson Corp	0.16%	250,000	$34M	held	—	20 q
TTCToro Company (The)	0.16%	556,444	$35M	added0%	−0.01 pp	3 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.15%	536,076	$32M	added+3%	+0.02 pp	3 q
WATWaters Corp	0.15%	168,468	$33M	new	+0.15 pp	new
ESNTEssent Group LTD	0.15%	785,661	$33M	added+4%	0.00 pp	7 q
GOOGAlphabet Inc. Class C	0.14%	29,572	$31M	added+13%	+0.01 pp	16 q
DKSDick's Sporting Goods, Inc.	0.14%	879,265	$31M	trimmed−13%	+0.01 pp	20 q
SG7Sage Therapeutics Inc	0.14%	183,263	$30M	added×2.1	+0.07 pp	12 q
ALGNAlign Technology Inc	0.13%	116,483	$29M	trimmed−0%	+0.01 pp	20 q
COLDAmericold Realty Trust, Inc.	0.13%	1,528,439	$29M	new	+0.13 pp	new
CDWCDW Corporation	0.12%	371,391	$26M	added+1%	0.00 pp	4 q
unresolvedEmerald Expositions Events Inc	0.12%	1,350,000	$26M	added+26%	+0.02 pp	4 q
LBRDKLiberty Broadband Corporation Class C	0.12%	300,000	$26M	held	—	14 q
REVGREV Group, Inc.	0.12%	1,250,000	$26M	held	—	5 q
TIFTiffany & Co.	0.12%	266,867	$26M	trimmed−0%	−0.01 pp	20 q
WYNTravel + Leisure Co.	0.12%	223,337	$26M	trimmed−4%	0.00 pp	5 q
OECOrion S.A.	0.12%	1,000,000	$27M	new	+0.12 pp	new
unresolvedBrookfield Asset Mgmt Inc	0.11%	629,724	$25M	trimmed−13%	−0.03 pp	20 q
CBOECboe Global Markets, Inc.	0.11%	210,601	$24M	added+3%	−0.01 pp	5 q
STAYExtended Stay America, Inc. Paired Share	0.11%	1,249,339	$25M	added+70%	+0.05 pp	4 q
HLTHilton Worldwide Holdings Inc.	0.11%	301,342	$24M	trimmed−16%	−0.02 pp	6 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.11%	750,000	$23M	held	—	8 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.11%	935,208	$25M	added0%	−0.02 pp	8 q
MAMastercard Incorporated	0.11%	132,176	$23M	added+8%	+0.02 pp	20 q
SSLSasol Limited	0.11%	711,981	$24M	added+15%	+0.01 pp	13 q
SHWThe Sherwin-Williams Company	0.11%	59,609	$23M	trimmed−17%	−0.03 pp	6 q
YEXTYext, Inc.	0.11%	1,879,163	$24M	added+7%	+0.01 pp	4 q
BJRIBJ's Restaurants, Inc.	0.10%	500,000	$22M	held	—	20 q
DXCMDexCom, Inc.	0.10%	301,000	$22M	held	—	20 q
HGVHilton Grand Vacations Inc.	0.10%	496,889	$21M	trimmed−7%	0.00 pp	5 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.10%	570,000	$22M	trimmed−56%	−0.17 pp	6 q
MLMMartin Marietta Materials	0.10%	109,360	$23M	held	—	9 q
PLNTPlanet Fitness, Inc.	0.10%	600,000	$23M	new	+0.10 pp	new
SLGSL Green Realty Corp.	0.10%	216,476	$21M	added+6%	0.00 pp	20 q
AATAmerican Assets Trust, Inc.	0.09%	592,000	$20M	held	—	20 q
AAPLApple Inc.	0.09%	119,935	$20M	added×2.6	+0.05 pp	20 q
CXOConcho Resources Inc.	0.09%	129,630	$19M	added+1%	0.00 pp	20 q
DNLIDenali Therapeutics Inc.	0.08%	913,525	$18M	added+86%	+0.04 pp	2 q
METAMeta Platforms, Inc. Class A	0.08%	113,498	$18M	trimmed−13%	−0.03 pp	20 q
LENLennar Corporation Class A	0.08%	311,809	$18M	trimmed−20%	−0.03 pp	2 q
MSGNMSG Networks Inc.	0.08%	750,000	$17M	held	—	10 q
MSFTMicrosoft Corp	0.08%	183,448	$17M	added+91%	+0.04 pp	2 q
VVISA Inc.	0.08%	149,606	$18M	trimmed−10%	−0.01 pp	20 q
KMXCarMax Inc.	0.07%	261,871	$16M	trimmed−39%	−0.06 pp	20 q
DLRDigital Realty Trust, Inc.	0.07%	152,047	$16M	added×2.2	+0.03 pp	4 q
INVHInvitation Homes Inc.	0.07%	637,618	$15M	trimmed−2%	0.00 pp	5 q
MARMarriott International Class A	0.07%	105,590	$14M	trimmed−28%	−0.02 pp	6 q
PBFXPbf Logistics LP	0.07%	800,000	$15M	held	—	16 q
PLDPrologis, Inc.	0.07%	249,285	$16M	trimmed−5%	−0.01 pp	6 q
8INSyneos Health, Inc. Class A	0.07%	400,000	$14M	new	+0.07 pp	new
2663134DBitauto Holdings Ltd-adr	0.06%	586,415	$12M	trimmed−68%	−0.21 pp	5 q
EXPEagle Materials, Inc.	0.06%	129,546	$13M	new	+0.06 pp	new
MASMasco Corporation	0.06%	302,057	$12M	trimmed−25%	−0.02 pp	6 q
unresolvedSun Hydraulics Corp	0.06%	250,000	$13M	added×10.0	+0.05 pp	4 q
WBCWabco Holdings Inc.	0.06%	103,482	$14M	trimmed−0%	−0.01 pp	13 q
RCLRoyal Caribbean Group	0.06%	118,240	$14M	added+12%	0.00 pp	11 q
AIYActivision Blizzard Inc	0.05%	146,732	$10M	new	+0.05 pp	new
ARGXargenx SE	0.05%	148,511	$12M	trimmed−1%	+0.01 pp	2 q
ISRGIntuitive Surgical Inc.	0.05%	28,439	$12M	added+3%	0.00 pp	6 q
PKPark Hotels & Resorts Inc.	0.05%	414,861	$11M	added×2.2	+0.02 pp	5 q
RAVNRaven Industries Inc	0.05%	317,000	$11M	new	+0.05 pp	new
VRNSVaronis Systems, Inc.	0.05%	168,111	$10M	trimmed−6%	+0.01 pp	17 q
VRTXVertex Pharmaceuticals Inc	0.05%	62,137	$10M	added+43%	+0.02 pp	3 q
CMECME Group Inc.	0.04%	50,271	$8M	added+18%	+0.01 pp	20 q
EAElectronic Arts Inc	0.04%	73,249	$9M	added×2.1	+0.02 pp	5 q
EPAMEpam Systems, Inc.	0.04%	72,306	$8M	added+34%	+0.01 pp	10 q
LBRDALiberty Broadband Corporation Class A	0.04%	100,000	$8M	held	—	14 q
REXRRexford Industrial Realty, Inc.	0.04%	301,459	$9M	trimmed−34%	−0.02 pp	14 q
unresolvedTpi Composites Inc	0.04%	412,600	$9M	trimmed−0%	0.00 pp	6 q
WLKPWestlake Chemical Partners LP	0.04%	350,000	$8M	held	—	15 q
MLNXMellanox Technologies Ltd	0.04%	116,011	$8M	added+7%	+0.01 pp	19 q
ADBEAdobe Inc.	0.03%	25,604	$6M	added+6%	+0.01 pp	2 q
BXPBXP, Inc.	0.03%	47,467	$6M	trimmed−19%	−0.01 pp	3 q
CTRPTrip.com Group Limited	0.03%	144,838	$7M	trimmed−87%	−0.19 pp	13 q
DBXDropbox, Inc. Class A	0.03%	200,000	$6M	new	+0.03 pp	new
unresolvedEllie Mae	0.03%	79,528	$7M	added+14%	0.00 pp	2 q
unresolvedEncana Corp	0.03%	509,489	$6M	added+13%	0.00 pp	9 q
ENVEnvestnet, Inc.	0.03%	98,410	$6M	trimmed−10%	0.00 pp	18 q
GDSGDS Holdings Limited	0.03%	200,000	$5M	new	+0.03 pp	new
MYGNMyriad Genetics Inc	0.03%	240,000	$7M	added+30%	0.00 pp	7 q
NFLXNetFlix Inc	0.03%	22,853	$7M	trimmed−23%	0.00 pp	19 q
NOVTNovanta Inc.	0.03%	138,900	$7M	trimmed−14%	−0.01 pp	4 q
RHTRed Hat Inc	0.03%	44,781	$7M	trimmed−22%	0.00 pp	20 q
RHIRobert Half Inc.	0.03%	108,670	$6M	trimmed−1%	0.00 pp	20 q
NOWServicenow, Inc.	0.03%	44,885	$7M	trimmed−22%	0.00 pp	11 q
SIENSientra, Inc.	0.03%	588,100	$6M	added+20%	0.00 pp	9 q
ASMLASML Holding NV	0.03%	37,381	$7M	added+12%	0.00 pp	19 q
ADMSAdamas Pharmaceuticals, Inc.	0.02%	222,566	$5M	added+81%	0.00 pp	7 q
ALEXAlexander & Baldwin, Inc.	0.02%	200,000	$5M	added+6%	0.00 pp	3 q
GOOGLAlphabet Inc. Class A	0.02%	3,724	$4M	trimmed−3%	0.00 pp	11 q
AXGNAxogen, Inc.	0.02%	132,038	$5M	trimmed−40%	−0.01 pp	3 q
BIIBBiogen Inc.	0.02%	17,193	$5M	added+16%	0.00 pp	17 q
CERSCerus Corp	0.02%	941,000	$5M	trimmed−12%	0.00 pp	14 q
COHRCoherent Corp.	0.02%	23,300	$4M	added+43%	0.00 pp	20 q
EWEdwards Lifesciences Corp	0.02%	37,161	$5M	trimmed−0%	0.00 pp	20 q
ESEESCO Technologies, Inc.	0.02%	71,600	$4M	held	—	11 q
unresolvedFlexion Therapeutics Inc	0.02%	176,300	$4M	trimmed−22%	−0.01 pp	8 q
FSCTForeScout Technologies, Inc.	0.02%	145,000	$5M	added+12%	0.00 pp	2 q
FORForestar Group Inc.	0.02%	225,165	$5M	new	+0.02 pp	new
unresolvedGemphire Therapeutics Inc	0.02%	510,649	$3M	added+33%	+0.01 pp	3 q
unresolvedKeyw Holding Corp	0.02%	631,294	$5M	trimmed−16%	0.00 pp	20 q
LM05Liberty Media Corp-liberty-a	0.02%	165,000	$5M	added+88%	+0.01 pp	8 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.02%	494,000	$3M	held	—	4 q
NBLXNoble Midstream Partners LP	0.02%	70,372	$3M	trimmed−58%	−0.02 pp	6 q
PEParsley Energy Inc	0.02%	141,700	$4M	trimmed−1%	0.00 pp	16 q
PFPTProofpoint, Inc.	0.02%	31,716	$4M	trimmed−4%	+0.01 pp	5 q
unresolvedRsp Permian Inc	0.02%	101,400	$5M	trimmed−6%	0.00 pp	17 q
SPGIS&P Global Inc.	0.02%	25,054	$5M	new	+0.02 pp	new
CRMSalesforce, Inc.	0.02%	32,720	$4M	trimmed−21%	0.00 pp	20 q
SPLKSplunk Inc	0.02%	53,720	$5M	added+10%	0.00 pp	6 q
STMPStamps.com, Inc.	0.02%	16,468	$3M	new	+0.02 pp	new
TCOTaubman Centers Inc.	0.02%	80,717	$5M	new	+0.02 pp	new
TXMDTherapeuticsMD, Inc.	0.02%	1,000,000	$5M	held	—	17 q
GLNGGolar LNG Ltd	0.02%	170,435	$5M	trimmed−1%	0.00 pp	20 q
XLRNAcceleron Pharma Inc.	0.01%	56,815	$2M	added+5%	0.00 pp	4 q
AAgilent Technologies Inc.	0.01%	28,808	$2M	added+3%	0.00 pp	20 q
unresolvedAndeavor	0.01%	19,700	$2M	trimmed−2%	0.00 pp	4 q
AZTAAzenta, Inc.	0.01%	115,000	$3M	new	+0.01 pp	new
WHDCactus, Inc.	0.01%	70,000	$2M	new	+0.01 pp	new
unresolvedCommerceHub, Inc., Series C	0.01%	88,900	$2M	trimmed−61%	−0.01 pp	5 q
EOGEOG Resources, Inc.	0.01%	14,768	$2M	trimmed−1%	0.00 pp	19 q
EBSEmergent Biosolutions, Inc.	0.01%	45,000	$2M	held	—	2 q
ETEnergy Transfer LP	0.01%	83,500	$1M	trimmed−2%	0.00 pp	14 q
ESPREsperion Therapeutics Inc Ne	0.01%	24,900	$2M	added+93%	+0.01 pp	2 q
MRAMEverspin Technologies, Inc	0.01%	415,000	$3M	held	—	6 q
unresolvedFlotek Industries Inc DEL	0.01%	333,539	$2M	trimmed−2%	0.00 pp	19 q
unresolvedFoundation Medicine	0.01%	29,058	$2M	trimmed−67%	−0.02 pp	18 q
HDBHDFC Bank Limited	0.01%	14,014	$1M	added×2.1	+0.01 pp	5 q
HALHalliburton Company	0.01%	48,296	$2M	trimmed−1%	0.00 pp	20 q
INGNInogen Inc	0.01%	17,000	$2M	held	—	17 q
XENTIntersect ENT, Inc	0.01%	72,000	$3M	new	+0.01 pp	new
JDJD.com, Inc.	0.01%	40,203	$2M	added×2.2	+0.01 pp	5 q
MANHManhattan Associates Inc	0.01%	54,450	$2M	trimmed−5%	0.00 pp	15 q
NVRONNevro Corp	0.01%	30,300	$3M	added+42%	0.00 pp	9 q
QADAQad Inc-a	0.01%	50,000	$2M	held	—	5 q
QUOTQuotient Technology Inc	0.01%	180,000	$2M	held	—	11 q
RYAAYRyanair Holdings plc	0.01%	22,275	$3M	held	—	10 q
unresolvedSanchez Prodtn Partner	0.01%	108,800	$1M	held	—	6 q
SNAPSnap Inc.	0.01%	189,217	$3M	added×3.3	+0.01 pp	5 q
SONYSony Group Corporation	0.01%	42,500	$2M	trimmed−25%	0.00 pp	7 q
SUSuncor Energy, Inc.	0.01%	59,500	$2M	added+83%	0.00 pp	19 q
SYFSynchrony Financial	0.01%	85,623	$3M	added+11%	0.00 pp	6 q
TRHCTabula Rasa HealthCare, Inc.	0.01%	55,000	$2M	new	+0.01 pp	new
TTWOTake-Two Interactive Software Inc	0.01%	15,699	$2M	added×2.1	+0.01 pp	4 q
TRGPTarga Resources Corp.	0.01%	26,300	$1M	trimmed−9%	0.00 pp	9 q
VLOValero Energy Corporation	0.01%	12,600	$1M	trimmed−2%	0.00 pp	10 q
WPXWPX Energy, Inc.	0.01%	107,500	$2M	trimmed−2%	0.00 pp	6 q
ZLABZai Lab Limited	0.01%	68,000	$1M	new	+0.01 pp	new
ZSZscaler, Inc.	0.01%	70,000	$2M	new	+0.01 pp	new
ICHRIchor Holdings	0.01%	120,000	$3M	trimmed−29%	−0.01 pp	6 q
GLOBGlobant S.a.	0.01%	22,747	$1M	added+63%	+0.01 pp	8 q
KRNTKornit Digital Ltd.	0.01%	178,000	$2M	trimmed−24%	−0.01 pp	9 q
CMPRCimpress PLC (Ireland)	0.01%	15,000	$2M	added+3%	0.00 pp	6 q
ABBVAbbvie Inc.	0.00%	681	$64,000	new	0.00 pp	new
AERIAerie Pharmaceuticals, Inc.	0.00%	14,769	$801,000	added×2.0	0.00 pp	15 q
AMHAmerican Homes 4 Rent	0.00%	2,113	$42,000	trimmed−99%	−0.04 pp	4 q
ANABAnaptysBio, Inc.	0.00%	6,652	$692,000	new	0.00 pp	new
APAMArtisan Partners Asset Management Inc.	0.00%	14,970	$499,000	trimmed−6%	0.00 pp	20 q
AVBAvalonBay Communities, Inc.	0.00%	324	$53,000	new	0.00 pp	new
BRK.ABerkshire Hathaway Inc.	0.00%	1	$299,000	held	—	7 q
BBBlackBerry Limited	0.00%	80,000	$920,000	new	0.00 pp	new
BLQADBlackrock Inc	0.00%	196	$106,000	new	0.00 pp	new
CLDRCloudera, Inc.	0.00%	32,413	$699,000	added+30%	0.00 pp	4 q
CYHCommunity Health Systems, Inc.	0.00%	100	$0	held	—	20 q
COSTCostco Wholesale Corp	0.00%	227	$43,000	new	0.00 pp	new
CCICrown Castle Inc.	0.00%	824	$90,000	new	0.00 pp	new
CONECyrusOne Inc	0.00%	124	$6,000	new	0.00 pp	new
unresolvedDct Industrial Trust Inc	0.00%	683	$38,000	new	0.00 pp	new
DHRDanaher Corporation	0.00%	849	$83,000	new	0.00 pp	new
DVNDevon Energy Corporation	0.00%	17,700	$563,000	new	0.00 pp	new
DREDuke Realty Corp.	0.00%	1,577	$42,000	new	0.00 pp	new
EQTEqt Corp	0.00%	20,834	$990,000	trimmed−1%	−0.01 pp	2 q
ELSEquity Lifestyle Properties, Inc.	0.00%	488	$43,000	new	0.00 pp	new
VMRKVivmark Residential	0.00%	633	$39,000	trimmed−100%	−0.06 pp	5 q
ESSEssex Property Trust, Inc	0.00%	89	$21,000	new	0.00 pp	new
FPHFive Point Holdings, LLC Class A	0.00%	23,105	$329,000	new	0.00 pp	new
unresolvedGGP, Inc.	0.00%	1,157	$24,000	new	0.00 pp	new
GSGoldman Sachs Group Inc.	0.00%	800	$201,000	held	—	7 q
HEI.AHeico Corp Cl A	0.00%	8,710	$618,000	new	0.00 pp	new
HSTHost Hotels & Resorts, Inc.	0.00%	4,175	$78,000	new	0.00 pp	new
unresolvedHudson Pac Pptys Inc	0.00%	1,666	$54,000	trimmed−99%	−0.03 pp	5 q
ITWIllinois Tool Works Inc.	0.00%	389	$61,000	new	0.00 pp	new
KWKennedy-wilson Holdings, Inc.	0.00%	4,522	$79,000	new	0.00 pp	new
KRCKilroy Realty Corp.	0.00%	770	$55,000	new	0.00 pp	new
LAMRLamar Advertising Co	0.00%	395	$25,000	new	0.00 pp	new
ELThe Estee Lauder Companies Inc. Class A	0.00%	211	$32,000	new	0.00 pp	new
LBRTLiberty Energy Inc.	0.00%	15,000	$253,000	new	0.00 pp	new
MPLXMplx LP	0.00%	26,900	$889,000	trimmed−1%	0.00 pp	10 q
MTSIMACOM Technology Solutions Holdings, Inc	0.00%	52,000	$863,000	trimmed−97%	−0.22 pp	13 q
unresolvedMonsanto Co	0.00%	7,792	$909,000	trimmed−35%	−0.01 pp	20 q
NCSMNCS Multistage Holdings, Inc.	0.00%	68,100	$1M	held	—	4 q
unresolvedNewfield Expl Co	0.00%	15,100	$369,000	trimmed−2%	0.00 pp	13 q
OKTAOkta, Inc. Class A	0.00%	18,540	$739,000	added+19%	0.00 pp	4 q
PEBPebblebrook Hotel Trust	0.00%	1,170	$40,000	new	0.00 pp	new
PGProcter & Gamble Company	0.00%	1,796	$142,000	held	—	7 q
QADBQad Inc-b	0.00%	29,661	$929,000	trimmed−7%	0.00 pp	8 q
QCOMQualcomm Inc	0.00%	4,000	$222,000	held	—	7 q
RYNRayonier Inc.	0.00%	1,303	$46,000	new	0.00 pp	new
ROKRockwell Automation, Inc.	0.00%	194	$34,000	new	0.00 pp	new
WTTRSelect Water Solutions, Inc.	0.00%	32,300	$408,000	added×2.1	0.00 pp	2 q
SPGSimon Property Group, Inc.	0.00%	269	$42,000	new	0.00 pp	new
unresolvedSmart & Final Stores Inc	0.00%	40,000	$222,000	trimmed−65%	0.00 pp	13 q
SJMThe J.M. Smucker Company	0.00%	251	$31,000	held	—	7 q
SFMSprouts Farmers Market, Inc.	0.00%	30,000	$704,000	held	—	4 q
SHOSunstone Hotel Investors, Inc.	0.00%	2,499	$38,000	new	0.00 pp	new
TXNTexas Instruments Incorporated	0.00%	282	$29,000	new	0.00 pp	new
SLCAU.s. Silica Holdings, Inc.	0.00%	31,100	$794,000	trimmed−2%	0.00 pp	8 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.00%	36,000	$517,000	trimmed−24%	0.00 pp	8 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	548	$117,000	new	0.00 pp	new
unresolvedValero Energy Partners LP	0.00%	19,600	$694,000	trimmed−97%	−0.16 pp	18 q
VNOVornado Realty Trust	0.00%	807	$54,000	new	0.00 pp	new
WYWeyerhaeuser Company	0.00%	1,605	$56,000	new	0.00 pp	new
ACNAccenture PLC	0.00%	450	$69,000	new	0.00 pp	new
0VQJLTe Connectivity Ltd	0.00%	1,084	$108,000	new	0.00 pp	new
unresolvedPriceline Grp Inc	—	−41,948	—	exited	−0.34 pp	—
unresolvedVantiv Inc	—	−856,830	—	exited	−0.29 pp	—
LSXMKLiberty Media Cor-siriusxm C	—	−1,100,000	—	exited	−0.20 pp	—
MICMacquarie Infrastructure Hol	—	−624,519	—	exited	−0.18 pp	—
MFSWelbilt Inc	—	−1,600,000	—	exited	−0.17 pp	—
unresolvedLiberty Ventures	—	−476,086	—	exited	−0.12 pp	—
WABWabtec Inc.	—	−316,798	—	exited	−0.12 pp	—
BSACBanco Santander-Chile	—	−701,417	—	exited	−0.10 pp	—
EFIIElectronics for Imaging	—	−750,000	—	exited	−0.10 pp	—
unresolvedDominion Midstream Partners	—	−649,739	—	exited	−0.09 pp	—
HSICHenry Schein Inc	—	−290,199	—	exited	−0.09 pp	—
SQMSociedad Quimica y Minera de Chile SA	—	−329,632	—	exited	−0.09 pp	—
ACIWACI Worldwide, Inc.	—	−600,000	—	exited	−0.06 pp	—
CHEFThe Chef's Warehouse Inc	—	−600,000	—	exited	−0.06 pp	—
QTSQts Realty Trust, Inc.	—	−180,518	—	exited	−0.05 pp	—
HCSGHealthcare Services Group	—	−172,818	—	exited	−0.04 pp	—
unresolvedGeneral Communications Inc	—	−150,000	—	exited	−0.03 pp	—
INOVInovalon Holdings Inc - A	—	−374,266	—	exited	−0.03 pp	—
TOLToll Brothers, Inc.	—	−115,706	—	exited	−0.03 pp	—
unresolvedScorpio Tankers Inc	—	−2,000,000	—	exited	−0.03 pp	—
PIImpinj, Inc.	—	−155,000	—	exited	−0.02 pp	—
CSTECaesarstone Ltd.	—	−148,310	—	exited	−0.02 pp	—
PDFSPDF Solutions Inc	—	−160,500	—	exited	−0.01 pp	—
REGNRegeneron Pharmaceuticals Inc	—	−6,673	—	exited	−0.01 pp	—
SUPNSupernus Pharmaceuticals, Inc.	—	−66,561	—	exited	−0.01 pp	—
MDBMongoDB, Inc. Class A	—	−10,000	—	exited	0.00 pp	—
HTTHigh Templar Tech Limited	—	−187	—	exited	0.00 pp	—
CHKPCheck Point Software Technologies Ltd	—	−6,500	—	exited	0.00 pp	—