Baron Capital

Q2 2018 13F · by Ron Baron, CEO

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $22.9B · prev $21.7B
Positions: 362 · prev 352
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%

Moves309 since the prior filing

+3.3 pp in · −3.3 pp out

New 34 +1.02 pp
Added 131 +2.32 pp
Trimmed 120 −2.65 pp
Exited 24 −0.68 pp

The book

Diversified · behaves like 61 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.6 years per position

Low
Moderate
High

Top 5 positions21% of US stock

MTN Vail Resorts, Inc. trimmed+0.76 pp trimmed+0.765.8%
CSGP CoStar Group Inc trimmed+0.26 pp trimmed+0.264.5%
IDXX Idexx Laboratories Inc trimmed+0.22 pp trimmed+0.224.2%
IT Gartner, Inc. added+0.29 pp added+0.294.0%
ACGL Arch Capital Group Ltd trimmed−0.47 pp trimmed−0.472.7%

Positions362 in this filing · 24 exited


MTNVail Resorts, Inc.	5.83%	4,864,447	$1.3B	trimmed−2%	+0.76 pp	21 q
CSGPCoStar Group Inc	4.48%	2,483,028	$1.0B	trimmed−2%	+0.26 pp	21 q
IDXXIdexx Laboratories Inc	4.16%	4,365,540	$951M	trimmed−2%	+0.22 pp	21 q
ITGartner, Inc.	4.04%	6,948,471	$923M	added0%	+0.29 pp	21 q
ACGLArch Capital Group Ltd	2.71%	23,454,157	$621M	trimmed−3%	−0.47 pp	21 q
GWREGuidewire Software, Inc.	2.52%	6,488,205	$576M	added+1%	+0.13 pp	21 q
TSLATesla, Inc.	2.49%	1,662,723	$570M	added0%	+0.46 pp	18 q
FDSFactset Research Systems	2.48%	2,868,547	$568M	trimmed−1%	−0.19 pp	21 q
AKXAnsys Inc	1.90%	2,491,091	$434M	trimmed−0%	+0.10 pp	21 q
GLPIGaming and Leisure Properties, Inc.	1.63%	10,398,641	$372M	trimmed−0%	+0.03 pp	19 q
CHHChoice Hotels Intnl.	1.60%	4,827,001	$365M	trimmed−0%	−0.19 pp	21 q
HHyatt Hotels Corporation	1.60%	4,748,406	$366M	added+1%	−0.06 pp	21 q
MSCIMSCI, Inc.	1.59%	2,203,417	$365M	trimmed−1%	+0.06 pp	21 q
BFAMBright Horizons Family Solutions Inc.	1.45%	3,241,434	$332M	trimmed−6%	−0.14 pp	21 q
SSNCSS&C Technologies Inc	1.44%	6,353,871	$330M	trimmed−1%	−0.15 pp	21 q
SCHWThe Charles Schwab Corporation	1.44%	6,450,667	$330M	trimmed−1%	−0.12 pp	21 q
MTDMettler-Toledo International	1.42%	561,973	$325M	trimmed−6%	−0.16 pp	21 q
VACMarriott Vacations Worldwide Corporation	1.33%	2,699,545	$305M	added+25%	+0.01 pp	21 q
MANUManchester United PLC	1.26%	14,030,330	$289M	trimmed−1%	+0.01 pp	21 q
RRRRed Rock Resorts, Inc. Class A	1.19%	8,106,343	$272M	added+2%	+0.12 pp	9 q
BABAAlibaba Group Holding Limited	1.17%	1,444,352	$268M	trimmed−3%	−0.08 pp	16 q
PRIPrimerica, Inc.	1.10%	2,518,548	$251M	trimmed−2%	−0.05 pp	21 q
DEIDouglas Emmett, Inc.	1.07%	6,084,047	$244M	trimmed−0%	+0.04 pp	21 q
TECHBio-Techne Corp.	0.98%	1,510,434	$223M	trimmed−1%	−0.08 pp	15 q
PENNPENN Entertainment, Inc.	0.95%	6,442,330	$216M	trimmed−1%	+0.17 pp	21 q
WIXWIX.com Ltd.	0.94%	2,138,927	$215M	added+18%	+0.27 pp	7 q
unresolved2U Inc	0.92%	2,520,202	$211M	added+3%	−0.03 pp	5 q
SBACSBA Communications Corp	0.86%	1,190,128	$197M	trimmed−3%	−0.10 pp	7 q
MORNMorningstar, Inc.	0.82%	1,460,404	$187M	trimmed−1%	+0.17 pp	21 q
MMSMAXIMUS, Inc.	0.72%	2,648,827	$165M	trimmed−5%	−0.13 pp	21 q
WSTWest Pharmaceutical Services, Inc.	0.71%	1,639,686	$163M	trimmed−4%	+0.02 pp	21 q
VRSKVerisk Analytics, Inc.	0.69%	1,457,951	$157M	trimmed−3%	−0.03 pp	21 q
IRDMIridium Communications Inc.	0.65%	9,227,937	$149M	trimmed−0%	+0.17 pp	17 q
unresolvedPinnacle Entmt Inc New	0.62%	4,231,569	$143M	trimmed−1%	+0.02 pp	8 q
BNFTBenefitfocus, Inc.	0.61%	4,172,649	$140M	trimmed−0%	+0.14 pp	19 q
ZGZillow Group Inc Class A	0.61%	2,329,973	$139M	trimmed−10%	−0.03 pp	14 q
TDGTransDigm Group Incorporated	0.60%	400,000	$138M	held	—	21 q
unresolvedUltimate Software Group Inc	0.60%	530,376	$136M	held	—	21 q
AMZNAmazon.Com Inc	0.59%	78,871	$134M	added+7%	+0.10 pp	21 q
WCNWaste Connections, Inc.	0.59%	1,800,000	$136M	trimmed−8%	−0.05 pp	8 q
unresolvedOn Assignment Inc	0.58%	1,710,100	$134M	trimmed−6%	−0.10 pp	21 q
TREXTrex Company, Inc.	0.56%	2,056,167	$129M	trimmed−3%	+0.03 pp	18 q
AREAlexandria Real Estate Equities, Inc.	0.55%	995,671	$126M	trimmed−0%	−0.02 pp	21 q
EQIXEquinix, Inc.	0.55%	291,385	$125M	added0%	−0.01 pp	14 q
SITESiteOne Landscape Supply, Inc.	0.54%	1,461,257	$123M	trimmed−8%	−0.02 pp	9 q
ILMNIllumina Inc	0.52%	429,790	$120M	added+2%	+0.06 pp	21 q
BIDUBaidu, Inc.	0.51%	477,242	$116M	trimmed−13%	−0.05 pp	21 q
CNSCohen & Steers Inc.	0.49%	2,671,797	$111M	trimmed−0%	−0.01 pp	21 q
GTTGTT Communications, Inc.	0.49%	2,500,000	$113M	held	—	5 q
MCMoelis & Company	0.49%	1,895,615	$111M	held	—	17 q
TDOCTeladoc Health, Inc.	0.48%	1,897,000	$110M	trimmed−2%	+0.12 pp	6 q
ICLRIcon Plc	0.47%	804,200	$107M	held	—	21 q
CISNCision Ltd	0.46%	7,054,047	$105M	added0%	+0.08 pp	5 q
AL1Sumisho Air Lease Corp	0.43%	2,361,182	$99M	held	—	21 q
TTDThe Trade Desk, Inc.	0.43%	1,036,589	$97M	added+2%	+0.20 pp	7 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.42%	2,631,524	$96M	trimmed−1%	−0.11 pp	21 q
VRSNVeriSign Inc	0.41%	675,659	$93M	trimmed−1%	+0.04 pp	21 q
NBISNebius Group N.V. Class A	0.41%	2,615,677	$94M	added+4%	−0.05 pp	10 q
HQYHealthEquity, Inc	0.40%	1,203,771	$90M	held	—	16 q
SUMSummit Materials, Inc. Class A	0.40%	3,458,442	$91M	added+9%	−0.04 pp	14 q
PRAHPRA Health Sciences, Inc.	0.39%	954,364	$89M	held	—	15 q
SFLYShutterfly, Inc.	0.39%	1,000,000	$90M	held	—	4 q
FLTCorpay, Inc.	0.38%	407,707	$86M	trimmed−21%	−0.10 pp	21 q
unresolvedFinancial Engines	0.37%	1,900,519	$85M	trimmed−58%	−0.35 pp	21 q
TRUTransUnion	0.37%	1,168,450	$84M	added0%	+0.07 pp	5 q
WEXWEX Inc.	0.37%	450,000	$86M	held	—	21 q
CGNXCognex Corp	0.36%	1,850,000	$83M	held	—	21 q
CBRECbre Group, Inc.	0.35%	1,685,495	$80M	trimmed−9%	−0.05 pp	21 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.35%	903,734	$79M	added+6%	−0.01 pp	21 q
IBPInstalled Building Products, Inc.	0.35%	1,415,502	$80M	added+77%	+0.13 pp	3 q
LFUSLittelfuse Inc	0.35%	355,175	$81M	held	—	10 q
AZPNAspen Technology Inc	0.34%	831,000	$77M	trimmed−6%	+0.02 pp	12 q
JBTMJBT Marel Corporation	0.34%	873,300	$78M	added+13%	−0.06 pp	6 q
KNSLKinsale Capital Group, Inc.	0.34%	1,421,563	$78M	added+2%	+0.01 pp	7 q
OAKOaktree Capital Group, LLC	0.34%	1,926,888	$78M	trimmed−0%	−0.01 pp	21 q
BKNGBooking Holdings Inc.	0.32%	35,553	$72M	added0%	−0.02 pp	2 q
MOMOHello Group Inc.	0.32%	1,701,006	$74M	added+87%	+0.16 pp	2 q
UAAUnder Armour, Inc.	0.32%	3,239,761	$73M	trimmed−5%	+0.06 pp	21 q
UNVRUnivar Solutions Inc.	0.32%	2,750,000	$72M	held	—	8 q
PAGSPagSeguro Digital Ltd.	0.32%	2,629,234	$73M	added+2%	−0.13 pp	2 q
unresolvedAcxiom Corp	0.31%	2,345,821	$70M	added+9%	+0.08 pp	21 q
ALTRAltair Engineering Inc. Class A	0.31%	2,100,528	$72M	held	—	3 q
MSGSMadison Square Garden Sports Corp.	0.31%	225,167	$70M	added0%	+0.06 pp	11 q
ROPRoper Technologies, Inc.	0.31%	254,190	$70M	trimmed−0%	−0.02 pp	21 q
WPWorldpay, Inc.	0.31%	880,708	$72M	trimmed−0%	−0.02 pp	2 q
ALXAlexander's Inc.	0.30%	180,364	$69M	trimmed−4%	−0.03 pp	21 q
AMXNAmerica Movil-spn ADR Cl L	0.30%	4,139,193	$69M	new	+0.30 pp	new
unresolvedThe Carlyle Group	0.30%	3,257,075	$69M	trimmed−0%	−0.02 pp	21 q
FNDFloor & Decor Holdings, Inc.	0.30%	1,370,922	$68M	added+34%	+0.06 pp	5 q
PBRPetroleo Brasileiro S.a.-petrobras	0.30%	6,886,081	$69M	added+3%	−0.13 pp	3 q
PEGAPegasystems Inc	0.29%	1,198,271	$66M	held	—	21 q
AMTAmerican Tower Corporation	0.28%	441,456	$64M	held	—	21 q
FASTFastenal Co	0.28%	1,330,803	$64M	trimmed−1%	−0.06 pp	21 q
WTWWillis Towers Watson Public Limited Company	0.28%	427,000	$65M	trimmed−11%	−0.06 pp	10 q
HLIHoulihan Lokey, Inc.	0.27%	1,222,810	$63M	added+20%	+0.06 pp	3 q
IEXIDEX Corporation	0.27%	455,611	$62M	trimmed−0%	−0.03 pp	16 q
YPFYPF Sociedad Anonima	0.27%	4,588,504	$62M	added+7%	−0.16 pp	8 q
CHDChurch & Dwight Co., Inc.	0.26%	1,114,993	$59M	trimmed−8%	−0.02 pp	21 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.26%	835,997	$61M	added+56%	+0.11 pp	4 q
VMCVulcan Materials Company(Holding Company)	0.26%	462,462	$60M	held	—	8 q
CWHCamping World Holdings, Inc.	0.25%	2,307,757	$58M	trimmed−4%	−0.11 pp	7 q
QLYSQualys, Inc.	0.25%	690,000	$58M	trimmed−8%	0.00 pp	18 q
ALGNAlign Technology Inc	0.24%	161,653	$55M	added+39%	+0.11 pp	21 q
MKTXMarketAxess Holdings Inc.	0.24%	274,695	$54M	added0%	−0.03 pp	12 q
PFGCPerformance Food Group Company	0.24%	1,516,500	$56M	trimmed−4%	+0.02 pp	11 q
PRTYParty City Holdco Inc.	0.23%	3,440,000	$52M	added+11%	+0.01 pp	13 q
TFXTeleflex Incorporated	0.23%	195,733	$52M	added+3%	+0.01 pp	9 q
unresolvedHudson Ltd	0.23%	2,960,000	$52M	added+6%	+0.03 pp	2 q
CMDCantel Medical Corporation	0.22%	515,000	$51M	held	—	15 q
DAYDayforce, Inc.	0.22%	1,522,790	$51M	new	+0.22 pp	new
HDHome Depot, Inc.	0.22%	256,220	$50M	trimmed−2%	+0.01 pp	19 q
BYDBoyd Gaming Corporation	0.21%	1,402,607	$49M	added+4%	+0.01 pp	6 q
EXPEExpedia Group, Inc.	0.21%	395,666	$48M	trimmed−1%	+0.01 pp	9 q
FRCBFirst Republic Bk CA	0.21%	506,738	$49M	held	—	21 q
MRCYMercury Systems Inc.	0.21%	1,276,800	$49M	added+16%	−0.04 pp	14 q
NEOGNeogen Corp	0.21%	592,794	$48M	held	—	21 q
LBRDKLiberty Broadband Corporation Class C	0.20%	593,520	$45M	added+98%	+0.08 pp	15 q
VEEVVeeva Systems Inc.	0.20%	590,565	$45M	added+10%	+0.02 pp	5 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.20%	984,846	$47M	trimmed−5%	−0.05 pp	21 q
CAKECheesecake Factory (The)	0.19%	810,000	$45M	trimmed−12%	−0.02 pp	21 q
INXNInterxion Holding NV	0.19%	691,143	$43M	trimmed−39%	−0.13 pp	11 q
COLDAmericold Realty Trust, Inc.	0.18%	1,854,922	$41M	added+21%	+0.05 pp	2 q
TROWT Rowe Price Group Inc	0.18%	356,726	$41M	held	—	21 q
SG7Sage Therapeutics Inc	0.18%	269,543	$42M	added+47%	+0.04 pp	13 q
unresolvedCooper Cos Inc/The	0.17%	167,779	$40M	trimmed−9%	−0.02 pp	18 q
RBCRBC Bearings Incorporated	0.17%	300,000	$39M	held	—	15 q
TALTAL Education Group	0.17%	1,072,274	$39M	trimmed−55%	−0.24 pp	18 q
GOOGAlphabet Inc. Class C	0.16%	33,704	$38M	added+14%	+0.02 pp	17 q
BERYBerry Global Group, Inc.	0.16%	800,000	$37M	held	—	21 q
GCPNGcp Applied Technologies	0.16%	1,250,000	$36M	held	—	4 q
PLNTPlanet Fitness, Inc.	0.16%	822,000	$36M	added+37%	+0.06 pp	2 q
ROLRollins, Inc.	0.16%	709,346	$37M	held	—	8 q
WATWaters Corp	0.16%	186,019	$36M	added+10%	+0.01 pp	2 q
WINGWingstop Inc	0.16%	685,000	$36M	trimmed−29%	−0.05 pp	13 q
YEXTYext, Inc.	0.16%	1,879,163	$36M	held	—	5 q
ZZillow Group, Inc. Class C	0.16%	617,437	$36M	trimmed−16%	−0.02 pp	12 q
BWXTBWX Technologies, Inc.	0.15%	553,009	$34M	added0%	−0.01 pp	6 q
MGMMgm Resorts International	0.15%	1,221,157	$35M	added+9%	−0.03 pp	14 q
AOSA.O. Smith Corporation	0.15%	566,803	$34M	added0%	−0.02 pp	7 q
TIFTiffany & Co.	0.15%	266,867	$35M	held	—	21 q
TTCToro Company (The)	0.15%	556,384	$34M	trimmed−0%	−0.01 pp	4 q
BMABanco Macro S.A.	0.14%	552,149	$32M	trimmed−16%	−0.19 pp	5 q
BJRIBJ's Restaurants, Inc.	0.13%	500,000	$30M	held	—	21 q
CDWCDW Corporation	0.13%	373,691	$30M	added+1%	+0.01 pp	5 q
NDSNNordson Corp	0.13%	225,000	$29M	trimmed−10%	−0.03 pp	21 q
OECOrion S.A.	0.13%	1,000,000	$31M	held	—	2 q
DXCMDexCom, Inc.	0.12%	301,000	$29M	held	—	21 q
unresolvedEmerald Expositions Events Inc	0.12%	1,350,000	$28M	held	—	5 q
STAYExtended Stay America, Inc. Paired Share	0.12%	1,250,216	$27M	added0%	+0.01 pp	5 q
METAMeta Platforms, Inc. Class A	0.12%	142,037	$28M	added+25%	+0.04 pp	21 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.12%	750,000	$28M	held	—	9 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.12%	2,733,052	$28M	added+2%	−0.14 pp	3 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.12%	930,348	$28M	trimmed−1%	+0.01 pp	9 q
ESNTEssent Group LTD	0.12%	785,579	$28M	trimmed−0%	−0.03 pp	8 q
CPACopa Holdings, S.A.	0.12%	280,251	$27M	trimmed−41%	−0.16 pp	12 q
AAPLApple Inc.	0.11%	133,157	$25M	added+11%	+0.02 pp	21 q
unresolvedBrookfield Asset Mgmt Inc	0.11%	599,773	$24M	trimmed−5%	0.00 pp	21 q
DKSDick's Sporting Goods, Inc.	0.11%	744,665	$26M	trimmed−15%	−0.03 pp	21 q
EXPEagle Materials, Inc.	0.11%	238,919	$25M	added+84%	+0.05 pp	2 q
MLMMartin Marietta Materials	0.11%	109,468	$24M	added0%	+0.01 pp	10 q
MAMastercard Incorporated	0.11%	125,972	$25M	trimmed−5%	0.00 pp	21 q
RAVNRaven Industries Inc	0.11%	669,977	$26M	added×2.1	+0.06 pp	2 q
SSLSasol Limited	0.11%	711,981	$26M	held	—	14 q
SHWThe Sherwin-Williams Company	0.11%	59,654	$24M	added0%	0.00 pp	7 q
TSGIStars Group INC/THE	0.11%	716,840	$26M	new	+0.11 pp	new
AATAmerican Assets Trust, Inc.	0.10%	592,000	$23M	held	—	21 q
HLTHilton Worldwide Holdings Inc.	0.10%	299,237	$24M	trimmed−1%	−0.01 pp	7 q
TREELendingTree, Inc.	0.10%	106,460	$23M	added+3%	−0.06 pp	3 q
DOORMasonite International Corp	0.10%	304,036	$22M	trimmed−57%	−0.10 pp	17 q
MSFTMicrosoft Corp	0.10%	231,389	$23M	added+26%	+0.02 pp	3 q
MHKMohawk Industries, Inc.	0.10%	109,007	$23M	trimmed−29%	−0.06 pp	21 q
REVGREV Group, Inc.	0.10%	1,400,000	$24M	added+12%	−0.02 pp	6 q
BECNBeacon Roofing Supply, Inc.	0.09%	506,107	$22M	trimmed−49%	−0.15 pp	4 q
CBOECboe Global Markets, Inc.	0.09%	200,000	$21M	trimmed−5%	−0.02 pp	6 q
SLGSL Green Realty Corp.	0.09%	205,108	$21M	trimmed−5%	−0.01 pp	21 q
VVISA Inc.	0.09%	157,852	$21M	added+6%	+0.01 pp	21 q
KMXCarMax Inc.	0.08%	261,871	$19M	held	—	21 q
CXOConcho Resources Inc.	0.08%	134,753	$19M	added+4%	−0.01 pp	21 q
MASMasco Corporation	0.08%	517,817	$19M	added+71%	+0.02 pp	7 q
unresolvedSun Hydraulics Corp	0.08%	370,000	$18M	added+48%	+0.02 pp	5 q
AVLRAvalara, Inc.	0.07%	300,000	$16M	new	+0.07 pp	new
LEXEALiberty Expedia Holdings, Inc. Class A	0.07%	365,000	$16M	trimmed−36%	−0.03 pp	7 q
PLDPrologis, Inc.	0.07%	232,832	$15M	trimmed−7%	0.00 pp	7 q
WHWyndham Hotels & Resorts, Inc.	0.07%	272,071	$16M	new	+0.07 pp	new
RCLRoyal Caribbean Group	0.07%	160,717	$17M	added+36%	+0.01 pp	12 q
AIYActivision Blizzard Inc	0.06%	167,996	$13M	added+14%	+0.01 pp	2 q
AMHAmerican Homes 4 Rent	0.06%	608,258	$13M	added×287.9	+0.06 pp	5 q
ARGXargenx SE	0.06%	179,428	$15M	added+21%	+0.01 pp	3 q
DNLIDenali Therapeutics Inc.	0.06%	945,462	$14M	added+4%	−0.02 pp	3 q
DLRDigital Realty Trust, Inc.	0.06%	120,048	$13M	trimmed−21%	−0.01 pp	5 q
GDSGDS Holdings Limited	0.06%	329,171	$13M	added+65%	+0.03 pp	2 q
HGVHilton Grand Vacations Inc.	0.06%	415,167	$14M	trimmed−16%	−0.04 pp	6 q
ISRGIntuitive Surgical Inc.	0.06%	28,933	$14M	added+2%	+0.01 pp	7 q
INVHInvitation Homes Inc.	0.06%	637,979	$15M	added0%	−0.01 pp	6 q
MARMarriott International Class A	0.06%	108,689	$14M	added+3%	−0.01 pp	7 q
PKPark Hotels & Resorts Inc.	0.06%	414,861	$13M	held	—	6 q
VRTXVertex Pharmaceuticals Inc	0.06%	83,752	$14M	added+35%	+0.01 pp	4 q
EAElectronic Arts Inc	0.05%	83,767	$12M	added+14%	+0.01 pp	6 q
unresolvedTpi Composites Inc	0.05%	362,600	$11M	trimmed−12%	+0.01 pp	7 q
WYNTravel + Leisure Co.	0.05%	278,655	$12M	added+25%	−0.07 pp	6 q
MLNXMellanox Technologies Ltd	0.05%	144,855	$12M	added+25%	+0.01 pp	20 q
CMECME Group Inc.	0.04%	54,254	$9M	added+8%	0.00 pp	21 q
CTRPTrip.com Group Limited	0.04%	168,295	$8M	added+16%	+0.01 pp	14 q
EPAMEpam Systems, Inc.	0.04%	72,114	$9M	trimmed−0%	0.00 pp	11 q
MYGNMyriad Genetics Inc	0.04%	260,000	$10M	added+8%	+0.01 pp	8 q
NFLXNetFlix Inc	0.04%	22,834	$9M	trimmed−0%	+0.01 pp	20 q
NOVTNovanta Inc.	0.04%	128,900	$8M	trimmed−7%	+0.01 pp	5 q
SPLKSplunk Inc	0.04%	102,632	$10M	added+91%	+0.02 pp	7 q
VRNSVaronis Systems, Inc.	0.04%	130,804	$10M	trimmed−22%	−0.01 pp	18 q
ASMLASML Holding NV	0.04%	40,697	$8M	added+9%	+0.01 pp	20 q
ADBEAdobe Inc.	0.03%	29,354	$7M	added+15%	0.00 pp	3 q
AXGNAxogen, Inc.	0.03%	132,038	$7M	held	—	4 q
unresolvedEncana Corp	0.03%	540,953	$7M	added+6%	0.00 pp	10 q
unresolvedFlexion Therapeutics Inc	0.03%	226,300	$6M	added+28%	+0.01 pp	9 q
FBINFortune Brands Innovations, Inc.	0.03%	106,995	$6M	new	+0.03 pp	new
GLIBAGci Liberty Inc - Class A	0.03%	136,783	$6M	trimmed−80%	−0.13 pp	2 q
HEI.AHeico Corp Cl A	0.03%	104,984	$6M	added×12.1	+0.03 pp	2 q
LBRDALiberty Broadband Corporation Class A	0.03%	100,000	$8M	held	—	15 q
LM05Liberty Media Corp-liberty-a	0.03%	185,000	$7M	added+12%	+0.01 pp	9 q
MIDDMiddleby Corp	0.03%	69,773	$7M	trimmed−88%	−0.30 pp	21 q
RHTRed Hat Inc	0.03%	44,781	$6M	held	—	21 q
RHIRobert Half Inc.	0.03%	108,092	$7M	trimmed−1%	0.00 pp	21 q
NOWServicenow, Inc.	0.03%	36,883	$6M	trimmed−18%	0.00 pp	12 q
SIENSientra, Inc.	0.03%	378,100	$7M	trimmed−36%	0.00 pp	10 q
TXMDTherapeuticsMD, Inc.	0.03%	1,099,200	$7M	added+10%	+0.01 pp	18 q
GLNGGolar LNG Ltd	0.03%	237,735	$7M	added+39%	+0.01 pp	21 q
ADMSAdamas Pharmaceuticals, Inc.	0.02%	210,184	$5M	trimmed−6%	0.00 pp	8 q
ADAPYAdaptimmune Theraptcs	0.02%	345,369	$4M	new	+0.02 pp	new
ALEXAlexander & Baldwin, Inc.	0.02%	200,000	$5M	held	—	4 q
GOOGLAlphabet Inc. Class A	0.02%	3,730	$4M	added0%	0.00 pp	12 q
AZNNAstrazeneca Plc-spons ADR	0.02%	130,500	$5M	new	+0.02 pp	new
BXPBXP, Inc.	0.02%	42,136	$5M	trimmed−11%	−0.01 pp	4 q
AZTAAzenta, Inc.	0.02%	115,000	$4M	held	—	2 q
CDNACareDx, Inc.	0.02%	405,000	$5M	new	+0.02 pp	new
CERSCerus Corp	0.02%	801,000	$5M	trimmed−15%	0.00 pp	15 q
COHRCoherent Corp.	0.02%	29,300	$5M	added+26%	0.00 pp	21 q
DPZDomino's Pizza Inc.	0.02%	122,608	$5M	new	+0.02 pp	new
DBXDropbox, Inc. Class A	0.02%	142,129	$5M	trimmed−29%	−0.01 pp	2 q
EWEdwards Lifesciences Corp	0.02%	37,201	$5M	added0%	0.00 pp	21 q
unresolvedEllie Mae	0.02%	38,440	$4M	trimmed−52%	−0.01 pp	3 q
ENVEnvestnet, Inc.	0.02%	98,410	$5M	held	—	19 q
ESEESCO Technologies, Inc.	0.02%	71,600	$4M	held	—	12 q
MRAMEverspin Technologies, Inc	0.02%	537,100	$5M	added+29%	+0.01 pp	7 q
FSCTForeScout Technologies, Inc.	0.02%	164,300	$6M	added+13%	0.00 pp	3 q
unresolvedGemphire Therapeutics Inc	0.02%	469,860	$5M	trimmed−8%	0.00 pp	4 q
XENTIntersect ENT, Inc	0.02%	97,000	$4M	added+35%	+0.01 pp	2 q
IINIntriCon Corporation	0.02%	105,000	$4M	new	+0.02 pp	new
unresolvedKeyw Holding Corp	0.02%	581,294	$5M	trimmed−8%	0.00 pp	21 q
NOKNokia Corporation	0.02%	654,550	$4M	new	+0.02 pp	new
PEParsley Energy Inc	0.02%	141,700	$4M	held	—	17 q
PFPTProofpoint, Inc.	0.02%	31,650	$4M	trimmed−0%	0.00 pp	6 q
unresolvedRsp Permian Inc	0.02%	101,400	$4M	held	—	18 q
RLHRed Lions Hotel Corporation	0.02%	300,000	$3M	new	+0.02 pp	new
SPGIS&P Global Inc.	0.02%	25,105	$5M	added0%	0.00 pp	2 q
CRMSalesforce, Inc.	0.02%	37,255	$5M	added+14%	0.00 pp	21 q
STMPStamps.com, Inc.	0.02%	16,483	$4M	added0%	0.00 pp	2 q
WBCWabco Holdings Inc.	0.02%	45,070	$5M	trimmed−56%	−0.04 pp	14 q
XLRNAcceleron Pharma Inc.	0.01%	66,878	$3M	added+18%	0.00 pp	5 q
AERIAerie Pharmaceuticals, Inc.	0.01%	25,068	$2M	added+70%	+0.01 pp	16 q
AAgilent Technologies Inc.	0.01%	36,852	$2M	added+28%	0.00 pp	21 q
unresolvedAndeavor	0.01%	16,300	$2M	trimmed−17%	0.00 pp	5 q
AQAquantia Corp.	0.01%	205,900	$2M	new	+0.01 pp	new
BIIBBiogen Inc.	0.01%	10,085	$3M	trimmed−41%	−0.01 pp	18 q
BBBlackBerry Limited	0.01%	132,656	$1M	added+66%	+0.01 pp	2 q
WHDCactus, Inc.	0.01%	61,400	$2M	trimmed−12%	0.00 pp	2 q
DOCUDocuSign, Inc.	0.01%	25,000	$1M	new	+0.01 pp	new
EOGEOG Resources, Inc.	0.01%	14,768	$2M	held	—	20 q
EQTEqt Corp	0.01%	20,834	$1M	held	—	3 q
EBSEmergent Biosolutions, Inc.	0.01%	60,000	$3M	added+33%	0.00 pp	3 q
ETEnergy Transfer LP	0.01%	83,500	$1M	held	—	15 q
HDBHDFC Bank Limited	0.01%	14,765	$2M	added+5%	0.00 pp	6 q
HALHalliburton Company	0.01%	48,296	$2M	held	—	21 q
HEIHEICO Corporation	0.01%	38,277	$3M	new	+0.01 pp	new
JDJD.com, Inc.	0.01%	51,436	$2M	added+28%	0.00 pp	6 q
LMNRLimoneira Co	0.01%	125,000	$3M	new	+0.01 pp	new
MTSIMACOM Technology Solutions Holdings, Inc	0.01%	52,000	$1M	held	—	14 q
MANHManhattan Associates Inc	0.01%	54,450	$3M	held	—	16 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.01%	517,288	$3M	added+5%	−0.01 pp	5 q
NBIXNeurocrine Biosciences Inc	0.01%	29,700	$3M	new	+0.01 pp	new
LASRnLIGHT, Inc.	0.01%	35,000	$1M	new	+0.01 pp	new
NBLXNoble Midstream Partners LP	0.01%	31,638	$2M	trimmed−55%	−0.01 pp	7 q
QADAQad Inc-a	0.01%	50,000	$3M	held	—	6 q
QUOTQuotient Technology Inc	0.01%	170,000	$2M	trimmed−6%	0.00 pp	12 q
RYAAYRyanair Holdings plc	0.01%	25,325	$3M	added+14%	0.00 pp	11 q
unresolvedSanchez Prodtn Partner	0.01%	108,800	$1M	held	—	7 q
SONYSony Group Corporation	0.01%	53,723	$3M	added+26%	0.00 pp	8 q
SUSuncor Energy, Inc.	0.01%	32,304	$1M	trimmed−46%	0.00 pp	20 q
TTWOTake-Two Interactive Software Inc	0.01%	17,489	$2M	added+11%	0.00 pp	5 q
TRGPTarga Resources Corp.	0.01%	26,300	$1M	held	—	10 q
VLOValero Energy Corporation	0.01%	12,600	$1M	held	—	11 q
WPXWPX Energy, Inc.	0.01%	101,500	$2M	trimmed−6%	0.00 pp	7 q
ZLABZai Lab Limited	0.01%	92,441	$2M	added+36%	0.00 pp	2 q
ZSZscaler, Inc.	0.01%	43,000	$2M	trimmed−39%	0.00 pp	2 q
ICHRIchor Holdings	0.01%	140,000	$3M	added+17%	0.00 pp	7 q
MYOVMyovant Sciences Ltd	0.01%	58,200	$1M	new	+0.01 pp	new
GLOBGlobant S.a.	0.01%	32,747	$2M	added+44%	0.00 pp	9 q
SPOTSpotify Technology S.A.	0.01%	18,200	$3M	new	+0.01 pp	new
KRNTKornit Digital Ltd.	0.01%	178,000	$3M	held	—	10 q
CMPRCimpress PLC (Ireland)	0.01%	17,707	$3M	added+18%	0.00 pp	7 q
ABBVAbbvie Inc.	0.00%	754	$70,000	added+11%	0.00 pp	2 q
AINAlbany International Corp Class A	0.00%	6,519	$392,000	new	0.00 pp	new
ANABAnaptysBio, Inc.	0.00%	1,483	$105,000	trimmed−78%	0.00 pp	2 q
APAMArtisan Partners Asset Management Inc.	0.00%	5,970	$180,000	trimmed−60%	0.00 pp	21 q
AVBAvalonBay Communities, Inc.	0.00%	436	$75,000	added+35%	0.00 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$282,000	held	—	8 q
BLQADBlackrock Inc	0.00%	280	$140,000	added+43%	0.00 pp	2 q
unresolvedCarbon Black Inc	0.00%	7,000	$182,000	new	0.00 pp	new
CHTRCharter Comm Inc Del CL A New	0.00%	283	$83,000	new	0.00 pp	new
CYHCommunity Health Systems, Inc.	0.00%	100	$0	held	—	21 q
STZConstellation Brands, Inc.	0.00%	464	$102,000	new	0.00 pp	new
unresolvedCorium Intl Inc	0.00%	122,474	$981,000	new	0.00 pp	new
COSTCostco Wholesale Corp	0.00%	268	$56,000	added+18%	0.00 pp	2 q
CCICrown Castle Inc.	0.00%	824	$89,000	held	—	2 q
DHRDanaher Corporation	0.00%	970	$96,000	added+14%	0.00 pp	2 q
DVNDevon Energy Corporation	0.00%	24,000	$1M	added+36%	0.00 pp	2 q
DREDuke Realty Corp.	0.00%	2,476	$72,000	added+57%	0.00 pp	2 q
ELSEquity Lifestyle Properties, Inc.	0.00%	488	$45,000	held	—	2 q
VMRKVivmark Residential	0.00%	1,124	$72,000	added+78%	0.00 pp	6 q
ESPREsperion Therapeutics Inc Ne	0.00%	15,900	$623,000	trimmed−36%	−0.01 pp	3 q
ESSEssex Property Trust, Inc	0.00%	89	$21,000	held	—	2 q
FPHFive Point Holdings, LLC Class A	0.00%	7,306	$82,000	trimmed−68%	0.00 pp	2 q
unresolvedFlotek Industries Inc DEL	0.00%	333,539	$1M	held	—	20 q
FORForestar Group Inc.	0.00%	14,939	$310,000	trimmed−93%	−0.02 pp	2 q
unresolvedGGP, Inc.	0.00%	1,157	$24,000	held	—	2 q
GSGoldman Sachs Group Inc.	0.00%	800	$176,000	held	—	8 q
HSTHost Hotels & Resorts, Inc.	0.00%	4,909	$103,000	added+18%	0.00 pp	2 q
unresolvedHudson Pac Pptys Inc	0.00%	2,512	$89,000	added+51%	0.00 pp	6 q
IACIIac / Interactivecorp (De) Com Stk	0.00%	408	$62,000	new	0.00 pp	new
ITWIllinois Tool Works Inc.	0.00%	483	$67,000	added+24%	0.00 pp	2 q
KWKennedy-wilson Holdings, Inc.	0.00%	4,522	$96,000	held	—	2 q
KRCKilroy Realty Corp.	0.00%	1,093	$83,000	added+42%	0.00 pp	2 q
LAMRLamar Advertising Co	0.00%	95	$6,000	trimmed−76%	0.00 pp	2 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	388	$55,000	added+84%	0.00 pp	2 q
MPLXMplx LP	0.00%	21,800	$744,000	trimmed−19%	0.00 pp	11 q
MROMarathon Oil Corporation	0.00%	50,400	$1M	new	0.00 pp	new
MCOMoody's Corporation	0.00%	883	$151,000	new	0.00 pp	new
NCSMNCS Multistage Holdings, Inc.	0.00%	68,100	$989,000	held	—	5 q
OKTAOkta, Inc. Class A	0.00%	18,540	$934,000	held	—	5 q
PANWPalo Alto Networks, Inc.	0.00%	100	$21,000	new	0.00 pp	new
PEBPebblebrook Hotel Trust	0.00%	1,191	$46,000	added+2%	0.00 pp	2 q
PGProcter & Gamble Company	0.00%	1,796	$140,000	held	—	8 q
QADBQad Inc-b	0.00%	20,000	$810,000	trimmed−33%	0.00 pp	9 q
QCOMQualcomm Inc	0.00%	4,000	$224,000	held	—	8 q
RYNRayonier Inc.	0.00%	1,303	$50,000	held	—	2 q
REXRRexford Industrial Realty, Inc.	0.00%	874	$27,000	trimmed−100%	−0.04 pp	15 q
ROKRockwell Automation, Inc.	0.00%	194	$32,000	held	—	2 q
SMSM Energy Company	0.00%	39,100	$1M	new	0.00 pp	new
SHOPShopify Inc. Class A subordinate voting shares	0.00%	148	$22,000	new	0.00 pp	new
SPGSimon Property Group, Inc.	0.00%	244	$42,000	trimmed−9%	0.00 pp	2 q
SJMThe J.M. Smucker Company	0.00%	251	$27,000	held	—	8 q
SFMSprouts Farmers Market, Inc.	0.00%	30,000	$662,000	held	—	5 q
SHOSunstone Hotel Investors, Inc.	0.00%	2,499	$42,000	held	—	2 q
unresolvedTpg Pace Energy Hldgs Corp	0.00%	84,900	$923,000	new	0.00 pp	new
TXNTexas Instruments Incorporated	0.00%	337	$37,000	added+20%	0.00 pp	2 q
SLCAU.s. Silica Holdings, Inc.	0.00%	31,100	$799,000	held	—	9 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.00%	36,000	$759,000	held	—	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	733	$180,000	added+34%	0.00 pp	2 q
VNOVornado Realty Trust	0.00%	1,089	$80,000	added+35%	0.00 pp	2 q
WYWeyerhaeuser Company	0.00%	1,605	$59,000	held	—	2 q
ACNAccenture PLC	0.00%	564	$92,000	added+25%	0.00 pp	2 q
0VQJLTe Connectivity Ltd	0.00%	1,212	$109,000	added+12%	0.00 pp	2 q
RACEFerrari N.V.	0.00%	443	$60,000	new	0.00 pp	new
AYIAcuity Inc.	—	−300,000	—	exited	−0.19 pp	—
LENLennar Corporation Class A	—	−311,809	—	exited	−0.08 pp	—
MSGNMSG Networks Inc.	—	−750,000	—	exited	−0.08 pp	—
PBFXPbf Logistics LP	—	−800,000	—	exited	−0.07 pp	—
8INSyneos Health, Inc. Class A	—	−400,000	—	exited	−0.07 pp	—
2663134DBitauto Holdings Ltd-adr	—	−586,415	—	exited	−0.06 pp	—
WLKPWestlake Chemical Partners LP	—	−350,000	—	exited	−0.04 pp	—
TCOTaubman Centers Inc.	—	−80,717	—	exited	−0.02 pp	—
unresolvedCommerceHub, Inc., Series C	—	−88,900	—	exited	−0.01 pp	—
unresolvedFoundation Medicine	—	−29,058	—	exited	−0.01 pp	—
INGNInogen Inc	—	−17,000	—	exited	−0.01 pp	—
NVRONNevro Corp	—	−30,300	—	exited	−0.01 pp	—
SNAPSnap Inc.	—	−189,217	—	exited	−0.01 pp	—
SYFSynchrony Financial	—	−85,623	—	exited	−0.01 pp	—
TRHCTabula Rasa HealthCare, Inc.	—	−55,000	—	exited	−0.01 pp	—
CLDRCloudera, Inc.	—	−32,413	—	exited	0.00 pp	—
CONECyrusOne Inc	—	−124	—	exited	0.00 pp	—
unresolvedDct Industrial Trust Inc	—	−683	—	exited	0.00 pp	—
LBRTLiberty Energy Inc.	—	−15,000	—	exited	0.00 pp	—
unresolvedMonsanto Co	—	−7,792	—	exited	0.00 pp	—
unresolvedNewfield Expl Co	—	−15,100	—	exited	0.00 pp	—
WTTRSelect Water Solutions, Inc.	—	−32,300	—	exited	0.00 pp	—
unresolvedSmart & Final Stores Inc	—	−40,000	—	exited	0.00 pp	—
unresolvedValero Energy Partners LP	—	−19,600	—	exited	0.00 pp	—