Baron Capital

Q3 2018 13F · by Ron Baron, CEO

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $24.1B · prev $22.9B
Positions: 371 · prev 362
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%

Moves334 since the prior filing

+3.2 pp in · −3.5 pp out

New 34 +1.77 pp
Added 129 +1.47 pp
Trimmed 146 −1.96 pp
Exited 25 −1.53 pp

The book

Diversified · behaves like 60 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 6.9 years per position

Low
Moderate
High

Top 5 positions22% of US stock

Positions371 in this filing · 25 exited


MTNVail Resorts, Inc.	5.52%	4,852,186	$1.3B	trimmed−0%	−0.31 pp	22 q
ITGartner, Inc.	4.56%	6,940,757	$1.1B	trimmed−0%	+0.52 pp	22 q
CSGPCoStar Group Inc	4.31%	2,470,055	$1.0B	trimmed−1%	−0.17 pp	22 q
IDXXIdexx Laboratories Inc	4.30%	4,160,912	$1.0B	trimmed−5%	+0.14 pp	22 q
ACGLArch Capital Group Ltd	2.88%	23,360,933	$696M	trimmed−0%	+0.17 pp	22 q
GWREGuidewire Software, Inc.	2.73%	6,528,904	$659M	added+1%	+0.21 pp	22 q
FDSFactset Research Systems	2.65%	2,863,740	$641M	trimmed−0%	+0.17 pp	22 q
AKXAnsys Inc	1.92%	2,487,261	$464M	trimmed−0%	+0.02 pp	22 q
TSLATesla, Inc.	1.82%	1,662,469	$440M	trimmed−0%	−0.67 pp	19 q
CHHChoice Hotels Intnl.	1.66%	4,814,823	$401M	trimmed−0%	+0.06 pp	22 q
MSCIMSCI, Inc.	1.61%	2,193,178	$389M	trimmed−0%	+0.02 pp	22 q
BFAMBright Horizons Family Solutions Inc.	1.58%	3,241,125	$382M	trimmed−0%	+0.13 pp	22 q
HHyatt Hotels Corporation	1.54%	4,662,956	$371M	trimmed−2%	−0.06 pp	22 q
GLPIGaming and Leisure Properties, Inc.	1.52%	10,429,965	$368M	added0%	−0.11 pp	20 q
SSNCSS&C Technologies Inc	1.47%	6,241,437	$355M	trimmed−2%	+0.03 pp	22 q
VACMarriott Vacations Worldwide Corporation	1.43%	3,091,578	$345M	added+15%	+0.10 pp	22 q
MTDMettler-Toledo International	1.42%	560,936	$342M	trimmed−0%	0.00 pp	22 q
SCHWThe Charles Schwab Corporation	1.31%	6,447,740	$317M	trimmed−0%	−0.13 pp	22 q
MANUManchester United PLC	1.30%	13,993,884	$315M	trimmed−0%	+0.04 pp	22 q
TECHBio-Techne Corp.	1.28%	1,509,224	$308M	trimmed−0%	+0.30 pp	16 q
PRIPrimerica, Inc.	1.25%	2,512,755	$303M	trimmed−0%	+0.15 pp	22 q
WIXWIX.com Ltd.	1.01%	2,040,817	$244M	trimmed−5%	+0.07 pp	8 q
DEIDouglas Emmett, Inc.	0.95%	6,070,548	$229M	trimmed−0%	−0.12 pp	22 q
RRRRed Rock Resorts, Inc. Class A	0.91%	8,260,501	$220M	added+2%	−0.28 pp	10 q
PENNPENN Entertainment, Inc.	0.88%	6,451,449	$212M	added0%	−0.07 pp	22 q
IRDMIridium Communications Inc.	0.86%	9,227,152	$208M	trimmed−0%	+0.21 pp	18 q
unresolved2U Inc	0.83%	2,664,085	$200M	added+6%	−0.09 pp	6 q
WSTWest Pharmaceutical Services, Inc.	0.82%	1,611,833	$199M	trimmed−2%	+0.11 pp	22 q
BABAAlibaba Group Holding Limited	0.81%	1,185,300	$195M	trimmed−18%	−0.36 pp	17 q
SBACSBA Communications Corp	0.79%	1,190,387	$191M	added0%	−0.07 pp	8 q
MORNMorningstar, Inc.	0.76%	1,457,606	$184M	trimmed−0%	−0.06 pp	22 q
VRSKVerisk Analytics, Inc.	0.73%	1,453,017	$175M	trimmed−0%	+0.04 pp	22 q
unresolvedUltimate Software Group Inc	0.71%	530,368	$171M	trimmed0%	+0.11 pp	22 q
BNFTBenefitfocus, Inc.	0.70%	4,169,936	$169M	trimmed−0%	+0.09 pp	20 q
MMSMAXIMUS, Inc.	0.66%	2,432,902	$158M	trimmed−8%	−0.06 pp	22 q
TDOCTeladoc Health, Inc.	0.64%	1,797,000	$155M	trimmed−5%	+0.16 pp	7 q
TREXTrex Company, Inc.	0.63%	1,988,647	$153M	trimmed−3%	+0.07 pp	19 q
ILMNIllumina Inc	0.62%	406,960	$149M	trimmed−5%	+0.10 pp	22 q
TTDThe Trade Desk, Inc.	0.62%	995,967	$150M	trimmed−4%	+0.19 pp	8 q
unresolvedPinnacle Entmt Inc New	0.59%	4,213,056	$142M	trimmed−0%	−0.03 pp	9 q
EFOREverforth, Inc.	0.56%	1,710,100	$135M	new	+0.56 pp	new
WCNWaste Connections, Inc.	0.55%	1,650,000	$132M	trimmed−8%	−0.04 pp	9 q
TDGTransDigm Group Incorporated	0.54%	350,000	$130M	trimmed−13%	−0.06 pp	22 q
CISNCision Ltd	0.53%	7,591,547	$128M	added+8%	+0.07 pp	6 q
AREAlexandria Real Estate Equities, Inc.	0.52%	994,887	$125M	trimmed−0%	−0.03 pp	22 q
EQIXEquinix, Inc.	0.52%	290,261	$126M	trimmed−0%	−0.03 pp	15 q
ICLRIcon Plc	0.51%	805,071	$124M	added0%	+0.04 pp	22 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.49%	2,665,112	$118M	added+1%	+0.07 pp	22 q
unresolvedAcxiom Corp	0.48%	2,346,201	$116M	added0%	+0.17 pp	22 q
SITESiteOne Landscape Supply, Inc.	0.46%	1,464,803	$110M	added0%	−0.08 pp	10 q
AL1Sumisho Air Lease Corp	0.45%	2,359,072	$108M	trimmed−0%	+0.02 pp	22 q
CNSCohen & Steers Inc.	0.45%	2,669,281	$108M	trimmed−0%	−0.04 pp	22 q
GTTGTT Communications, Inc.	0.45%	2,500,000	$109M	held	—	6 q
VRSNVeriSign Inc	0.45%	677,418	$108M	added0%	+0.04 pp	22 q
PRAHPRA Health Sciences, Inc.	0.44%	954,364	$105M	held	—	16 q
CGNXCognex Corp	0.43%	1,850,000	$103M	held	—	22 q
JBTMJBT Marel Corporation	0.43%	873,300	$104M	held	—	7 q
MCMoelis & Company	0.43%	1,895,615	$104M	held	—	18 q
HQYHealthEquity, Inc	0.41%	1,054,136	$100M	trimmed−12%	+0.01 pp	17 q
PBRPetroleo Brasileiro S.a.-petrobras	0.40%	7,912,703	$96M	added+15%	+0.10 pp	4 q
AMZNAmazon.Com Inc	0.39%	47,563	$95M	trimmed−40%	−0.20 pp	22 q
AZPNAspen Technology Inc	0.39%	825,400	$94M	trimmed−1%	+0.05 pp	13 q
TRUTransUnion	0.39%	1,270,316	$93M	added+9%	+0.02 pp	6 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.38%	920,734	$91M	added+2%	+0.03 pp	22 q
KNSLKinsale Capital Group, Inc.	0.38%	1,421,563	$91M	held	—	8 q
WPWorldpay, Inc.	0.38%	894,290	$91M	added+2%	+0.07 pp	3 q
BEBloom Energy Corporation	0.37%	2,625,207	$89M	new	+0.37 pp	new
WEXWEX Inc.	0.37%	450,000	$90M	held	—	22 q
ZGZillow Group Inc Class A	0.37%	2,009,600	$89M	trimmed−14%	−0.24 pp	15 q
ALTRAltair Engineering Inc. Class A	0.36%	2,024,757	$88M	trimmed−4%	+0.05 pp	4 q
UNVRUnivar Solutions Inc.	0.35%	2,750,000	$84M	held	—	9 q
BIDUBaidu, Inc.	0.34%	360,698	$82M	trimmed−24%	−0.17 pp	22 q
DAYDayforce, Inc.	0.34%	1,946,170	$82M	added+28%	+0.12 pp	2 q
FLTCorpay, Inc.	0.34%	357,693	$81M	trimmed−12%	−0.04 pp	22 q
OAKOaktree Capital Group, LLC	0.33%	1,917,596	$79M	trimmed−0%	−0.01 pp	22 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.33%	835,997	$80M	held	—	5 q
COLDAmericold Realty Trust, Inc.	0.32%	3,093,116	$77M	added+67%	+0.14 pp	3 q
FASTFastenal Co	0.32%	1,325,176	$77M	trimmed−0%	+0.04 pp	22 q
SFLYShutterfly, Inc.	0.32%	1,175,000	$77M	added+18%	−0.07 pp	5 q
PAGSPagSeguro Digital Ltd.	0.32%	2,820,585	$78M	added+7%	0.00 pp	3 q
PEGAPegasystems Inc	0.31%	1,194,660	$75M	trimmed−0%	+0.02 pp	22 q
ROPRoper Technologies, Inc.	0.31%	254,174	$75M	trimmed−0%	0.00 pp	22 q
CBRECbre Group, Inc.	0.30%	1,637,957	$72M	trimmed−3%	−0.05 pp	22 q
unresolvedThe Carlyle Group	0.30%	3,247,527	$73M	trimmed−0%	0.00 pp	22 q
MOMOHello Group Inc.	0.30%	1,679,574	$74M	trimmed−1%	−0.02 pp	3 q
YPFYPF Sociedad Anonima	0.30%	4,752,834	$73M	added+4%	+0.03 pp	9 q
AMXNAmerica Movil-spn ADR Cl L	0.29%	4,357,393	$70M	added+5%	−0.01 pp	2 q
BKNGBooking Holdings Inc.	0.29%	35,304	$70M	trimmed−1%	−0.03 pp	3 q
LFUSLittelfuse Inc	0.29%	354,395	$70M	trimmed−0%	−0.06 pp	11 q
MSGSMadison Square Garden Sports Corp.	0.29%	225,236	$71M	added0%	−0.02 pp	12 q
MRCYMercury Systems Inc.	0.29%	1,276,800	$71M	held	—	15 q
IEXIDEX Corporation	0.28%	455,548	$69M	trimmed−0%	+0.01 pp	17 q
VEEVVeeva Systems Inc.	0.28%	611,339	$67M	added+4%	+0.08 pp	6 q
unresolvedHudson Ltd	0.28%	3,000,000	$68M	added+1%	+0.05 pp	3 q
NBISNebius Group N.V. Class A	0.28%	2,031,973	$67M	trimmed−22%	−0.13 pp	11 q
UAAUnder Armour, Inc.	0.27%	3,109,761	$66M	trimmed−4%	−0.05 pp	22 q
ALGNAlign Technology Inc	0.26%	162,054	$63M	added0%	+0.02 pp	22 q
CHDChurch & Dwight Co., Inc.	0.26%	1,050,767	$62M	trimmed−6%	0.00 pp	22 q
ALXAlexander's Inc.	0.25%	176,476	$61M	trimmed−2%	−0.05 pp	22 q
FNDFloor & Decor Holdings, Inc.	0.24%	1,920,922	$58M	added+40%	−0.06 pp	6 q
TFXTeleflex Incorporated	0.24%	220,254	$59M	added+13%	+0.01 pp	10 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.24%	998,113	$57M	added+1%	+0.04 pp	22 q
HLIHoulihan Lokey, Inc.	0.23%	1,221,769	$55M	trimmed−0%	−0.04 pp	4 q
IBPInstalled Building Products, Inc.	0.23%	1,407,187	$55M	trimmed−1%	−0.12 pp	4 q
ITUBItau Unibanco Holding S.A.	0.23%	5,110,866	$56M	new	+0.23 pp	new
LBRDKLiberty Broadband Corporation Class C	0.23%	654,620	$55M	added+10%	+0.03 pp	16 q
EXPEExpedia Group, Inc.	0.22%	399,342	$52M	added+1%	+0.01 pp	10 q
SUMSummit Materials, Inc. Class A	0.22%	2,932,866	$53M	trimmed−15%	−0.18 pp	15 q
WTWWillis Towers Watson Public Limited Company	0.22%	380,025	$54M	trimmed−11%	−0.06 pp	11 q
AMTAmerican Tower Corporation	0.21%	356,936	$52M	trimmed−19%	−0.07 pp	22 q
BYDBoyd Gaming Corporation	0.21%	1,470,401	$50M	added+5%	0.00 pp	7 q
PFGCPerformance Food Group Company	0.21%	1,515,342	$50M	trimmed−0%	−0.03 pp	12 q
CMDCantel Medical Corporation	0.20%	516,030	$48M	added0%	−0.02 pp	16 q
FRCBFirst Republic Bk CA	0.20%	506,706	$49M	trimmed−0%	−0.01 pp	22 q
LSXMKLiberty Media Cor-siriusxm C	0.20%	1,100,000	$48M	new	+0.20 pp	new
MKTXMarketAxess Holdings Inc.	0.20%	274,711	$49M	added0%	−0.04 pp	13 q
PRTYParty City Holdco Inc.	0.20%	3,600,000	$49M	added+5%	−0.03 pp	14 q
INXNInterxion Holding NV	0.20%	724,253	$49M	added+5%	+0.01 pp	12 q
unresolvedCooper Cos Inc/The	0.19%	167,769	$46M	trimmed−0%	+0.02 pp	19 q
SG7Sage Therapeutics Inc	0.19%	321,596	$45M	added+19%	+0.01 pp	14 q
CWHCamping World Holdings, Inc.	0.18%	2,004,550	$43M	trimmed−13%	−0.07 pp	8 q
CAKECheesecake Factory (The)	0.18%	800,000	$43M	trimmed−1%	−0.01 pp	22 q
DXCMDexCom, Inc.	0.18%	301,661	$43M	added0%	+0.06 pp	22 q
NEOGNeogen Corp	0.18%	592,794	$42M	held	—	22 q
PLNTPlanet Fitness, Inc.	0.18%	822,000	$44M	held	—	3 q
QLYSQualys, Inc.	0.18%	478,000	$43M	trimmed−31%	−0.07 pp	19 q
ROLRollins, Inc.	0.18%	709,304	$43M	trimmed−0%	+0.02 pp	9 q
YEXTYext, Inc.	0.18%	1,842,863	$44M	trimmed−2%	+0.02 pp	6 q
GOOGAlphabet Inc. Class C	0.17%	35,279	$42M	added+5%	+0.01 pp	18 q
TREELendingTree, Inc.	0.17%	173,376	$40M	added+63%	+0.07 pp	4 q
RBCRBC Bearings Incorporated	0.17%	275,000	$41M	trimmed−8%	0.00 pp	16 q
BERYBerry Global Group, Inc.	0.16%	800,000	$39M	held	—	22 q
HDHome Depot, Inc.	0.16%	186,924	$39M	trimmed−27%	−0.06 pp	20 q
TROWT Rowe Price Group Inc	0.16%	356,704	$39M	trimmed−0%	−0.02 pp	22 q
WINGWingstop Inc	0.16%	560,000	$38M	trimmed−18%	0.00 pp	14 q
TTCToro Company (The)	0.15%	587,417	$35M	added+6%	0.00 pp	5 q
ZLABZai Lab Limited	0.15%	1,900,431	$37M	added×20.6	+0.14 pp	3 q
BWXTBWX Technologies, Inc.	0.14%	552,892	$35M	trimmed−0%	−0.01 pp	7 q
CDWCDW Corporation	0.14%	373,667	$33M	trimmed−0%	+0.01 pp	6 q
MGMMgm Resorts International	0.14%	1,240,965	$35M	added+2%	−0.01 pp	15 q
unresolvedSun Hydraulics Corp	0.14%	615,000	$34M	added+66%	+0.06 pp	6 q
TIFTiffany & Co.	0.14%	268,050	$35M	added0%	−0.01 pp	22 q
ESNTEssent Group LTD	0.14%	785,579	$35M	held	—	9 q
AAPLApple Inc.	0.13%	135,376	$31M	added+2%	+0.02 pp	22 q
NDSNNordson Corp	0.13%	225,000	$31M	held	—	22 q
RAVNRaven Industries Inc	0.13%	672,000	$31M	added0%	+0.02 pp	3 q
AOSA.O. Smith Corporation	0.13%	566,769	$30M	trimmed−0%	−0.02 pp	8 q
OECOrion S.A.	0.13%	1,000,000	$32M	held	—	3 q
BJRIBJ's Restaurants, Inc.	0.12%	386,191	$28M	trimmed−23%	−0.01 pp	22 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.12%	750,000	$28M	held	—	10 q
SSLSasol Limited	0.12%	764,281	$30M	added+7%	+0.01 pp	15 q
unresolvedBrookfield Asset Mgmt Inc	0.11%	618,192	$28M	added+3%	0.00 pp	22 q
DKSDick's Sporting Goods, Inc.	0.11%	731,765	$26M	trimmed−2%	0.00 pp	22 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.11%	2,933,351	$26M	added+7%	−0.01 pp	4 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.11%	906,062	$27M	trimmed−3%	−0.01 pp	10 q
MAMastercard Incorporated	0.11%	121,910	$27M	trimmed−3%	0.00 pp	22 q
MSFTMicrosoft Corp	0.11%	232,071	$27M	added0%	+0.01 pp	4 q
WATWaters Corp	0.11%	138,538	$27M	trimmed−26%	−0.05 pp	3 q
ZZillow Group, Inc. Class C	0.11%	617,717	$27M	added0%	−0.05 pp	13 q
CXOConcho Resources Inc.	0.10%	150,579	$23M	added+12%	+0.02 pp	22 q
METAMeta Platforms, Inc. Class A	0.10%	141,951	$23M	trimmed−0%	−0.02 pp	22 q
GDSGDS Holdings Limited	0.10%	701,735	$25M	added×2.1	+0.04 pp	3 q
VMCVulcan Materials Company(Holding Company)	0.10%	211,356	$24M	trimmed−54%	−0.16 pp	9 q
CPACopa Holdings, S.A.	0.10%	291,881	$23M	added+4%	−0.02 pp	13 q
AATAmerican Assets Trust, Inc.	0.09%	592,000	$22M	held	—	22 q
DNLIDenali Therapeutics Inc.	0.09%	955,402	$21M	added+1%	+0.03 pp	4 q
unresolvedEmerald Expositions Events Inc	0.09%	1,350,000	$22M	held	—	6 q
HGVHilton Grand Vacations Inc.	0.09%	654,905	$22M	added+58%	+0.03 pp	7 q
IACIIac / Interactivecorp (De) Com Stk	0.09%	98,530	$21M	added×241.5	+0.09 pp	2 q
VVISA Inc.	0.09%	150,582	$23M	trimmed−5%	0.00 pp	22 q
RCLRoyal Caribbean Group	0.09%	163,980	$21M	added+2%	+0.02 pp	13 q
AIYActivision Blizzard Inc	0.08%	221,738	$18M	added+32%	+0.02 pp	3 q
BMABanco Macro S.A.	0.08%	452,200	$19M	trimmed−18%	−0.06 pp	6 q
CBOECboe Global Markets, Inc.	0.08%	200,000	$19M	held	—	7 q
KMXCarMax Inc.	0.08%	261,859	$20M	trimmed0%	0.00 pp	22 q
DLRDigital Realty Trust, Inc.	0.08%	166,907	$19M	added+39%	+0.02 pp	6 q
HLTHilton Worldwide Holdings Inc.	0.08%	234,047	$19M	trimmed−22%	−0.02 pp	8 q
ISRGIntuitive Surgical Inc.	0.08%	34,045	$20M	added+18%	+0.02 pp	8 q
CONECyrusOne Inc	0.07%	271,922	$17M	new	+0.07 pp	new
LEXEALiberty Expedia Holdings, Inc. Class A	0.07%	365,000	$17M	held	—	8 q
REVGREV Group, Inc.	0.07%	1,000,000	$16M	trimmed−29%	−0.03 pp	7 q
SLGSL Green Realty Corp.	0.07%	171,406	$17M	trimmed−16%	−0.02 pp	22 q
VRTXVertex Pharmaceuticals Inc	0.07%	86,412	$17M	added+3%	+0.01 pp	5 q
AMHAmerican Homes 4 Rent	0.06%	667,703	$15M	added+10%	0.00 pp	6 q
ARGXargenx SE	0.06%	196,740	$15M	added+10%	0.00 pp	4 q
CDNACareDx, Inc.	0.06%	482,133	$14M	added+19%	+0.04 pp	2 q
STAYExtended Stay America, Inc. Paired Share	0.06%	725,252	$15M	trimmed−42%	−0.06 pp	6 q
HEI.AHeico Corp Cl A	0.06%	193,061	$15M	added+84%	+0.03 pp	3 q
MARMarriott International Class A	0.06%	109,128	$14M	added0%	0.00 pp	8 q
PLDPrologis, Inc.	0.06%	201,431	$14M	trimmed−13%	−0.01 pp	8 q
SHWThe Sherwin-Williams Company	0.06%	33,623	$15M	trimmed−44%	−0.05 pp	8 q
MLNXMellanox Technologies Ltd	0.06%	189,189	$14M	added+31%	+0.01 pp	21 q
EAElectronic Arts Inc	0.05%	94,034	$11M	added+12%	0.00 pp	7 q
EPAMEpam Systems, Inc.	0.05%	80,544	$11M	added+12%	+0.01 pp	12 q
NGVTIngevity Corporation	0.05%	111,800	$11M	new	+0.05 pp	new
XENTIntersect ENT, Inc	0.05%	393,336	$11M	added×4.1	+0.03 pp	3 q
INVHInvitation Homes Inc.	0.05%	568,897	$13M	trimmed−11%	−0.01 pp	7 q
MYGNMyriad Genetics Inc	0.05%	260,000	$12M	held	—	9 q
PDDPDD Holdings Inc.	0.05%	447,612	$12M	new	+0.05 pp	new
SPLKSplunk Inc	0.05%	100,921	$12M	trimmed−2%	+0.01 pp	8 q
unresolvedTpi Composites Inc	0.05%	382,900	$11M	added+6%	0.00 pp	8 q
AVLRAvalara, Inc.	0.04%	300,000	$10M	held	—	2 q
CMECME Group Inc.	0.04%	58,304	$10M	added+7%	0.00 pp	22 q
DAVAEndava plc	0.04%	308,760	$9M	new	+0.04 pp	new
FBINFortune Brands Innovations, Inc.	0.04%	161,726	$8M	added+51%	+0.01 pp	2 q
HEIHEICO Corporation	0.04%	100,993	$9M	added×2.6	+0.03 pp	2 q
IINIntriCon Corporation	0.04%	169,217	$10M	added+61%	+0.02 pp	2 q
MASMasco Corporation	0.04%	233,426	$9M	trimmed−55%	−0.04 pp	8 q
PKPark Hotels & Resorts Inc.	0.04%	294,461	$10M	trimmed−29%	−0.02 pp	7 q
SIENSientra, Inc.	0.04%	378,100	$9M	held	—	11 q
TALTAL Education Group	0.04%	374,252	$10M	trimmed−65%	−0.13 pp	19 q
TXMDTherapeuticsMD, Inc.	0.04%	1,349,200	$9M	added+23%	+0.01 pp	19 q
VRNSVaronis Systems, Inc.	0.04%	125,105	$9M	trimmed−4%	0.00 pp	19 q
WHWyndham Hotels & Resorts, Inc.	0.04%	182,433	$10M	trimmed−33%	−0.03 pp	2 q
ADAPYAdaptimmune Theraptcs	0.03%	607,699	$8M	added+76%	+0.01 pp	2 q
ADBEAdobe Inc.	0.03%	29,391	$8M	added0%	0.00 pp	4 q
ALEXAlexander & Baldwin, Inc.	0.03%	300,000	$7M	added+50%	+0.01 pp	5 q
AZNNAstrazeneca Plc-spons ADR	0.03%	194,523	$8M	added+49%	+0.01 pp	2 q
CERSCerus Corp	0.03%	1,026,000	$7M	added+28%	+0.01 pp	16 q
CTRPTrip.com Group Limited	0.03%	183,600	$7M	added+9%	−0.01 pp	15 q
EXPEagle Materials, Inc.	0.03%	71,730	$6M	trimmed−70%	−0.08 pp	3 q
EWEdwards Lifesciences Corp	0.03%	38,209	$7M	added+3%	+0.01 pp	22 q
unresolvedEncana Corp	0.03%	540,453	$7M	trimmed−0%	0.00 pp	11 q
unresolvedFlexion Therapeutics Inc	0.03%	385,000	$7M	added+70%	0.00 pp	10 q
FSCTForeScout Technologies, Inc.	0.03%	184,300	$7M	added+12%	+0.01 pp	4 q
GLIBAGci Liberty Inc - Class A	0.03%	137,260	$7M	added0%	0.00 pp	3 q
LBRDALiberty Broadband Corporation Class A	0.03%	100,000	$8M	held	—	16 q
LM05Liberty Media Corp-liberty-a	0.03%	185,000	$7M	held	—	10 q
MLMMartin Marietta Materials	0.03%	34,344	$6M	trimmed−69%	−0.08 pp	11 q
NFLXNetFlix Inc	0.03%	18,904	$7M	trimmed−17%	−0.01 pp	21 q
QTSQts Realty Trust, Inc.	0.03%	197,293	$8M	new	+0.03 pp	new
RHIRobert Half Inc.	0.03%	104,310	$7M	trimmed−4%	0.00 pp	22 q
NOWServicenow, Inc.	0.03%	31,842	$6M	trimmed−14%	0.00 pp	13 q
WYNTravel + Leisure Co.	0.03%	155,163	$7M	trimmed−44%	−0.02 pp	7 q
unresolvedArco Platform Ltd Com	0.03%	367,900	$8M	new	+0.03 pp	new
GLNGGolar LNG Ltd	0.03%	240,235	$7M	added+1%	0.00 pp	22 q
ASMLASML Holding NV	0.03%	42,958	$8M	added+6%	−0.01 pp	21 q
XLRNAcceleron Pharma Inc.	0.02%	69,303	$4M	added+4%	+0.01 pp	6 q
AINAlbany International Corp Class A	0.02%	50,507	$4M	added×7.7	+0.02 pp	2 q
GOOGLAlphabet Inc. Class A	0.02%	3,179	$4M	trimmed−15%	0.00 pp	13 q
AQAquantia Corp.	0.02%	396,845	$5M	added+93%	+0.01 pp	2 q
AXGNAxogen, Inc.	0.02%	140,527	$5M	added+6%	−0.01 pp	5 q
AZTAAzenta, Inc.	0.02%	155,000	$5M	added+35%	0.00 pp	3 q
COHRCoherent Corp.	0.02%	29,300	$5M	held	—	22 q
DPZDomino's Pizza Inc.	0.02%	130,108	$5M	added+6%	0.00 pp	2 q
DBXDropbox, Inc. Class A	0.02%	138,308	$4M	trimmed−3%	0.00 pp	3 q
unresolvedEllie Mae	0.02%	38,440	$4M	held	—	4 q
EBSEmergent Biosolutions, Inc.	0.02%	60,000	$4M	held	—	4 q
ENVEnvestnet, Inc.	0.02%	98,410	$6M	held	—	20 q
ESEESCO Technologies, Inc.	0.02%	71,600	$5M	held	—	13 q
ESPREsperion Therapeutics Inc Ne	0.02%	100,000	$4M	added×6.3	+0.02 pp	4 q
EBEventbrite, Inc. Class A	0.02%	150,000	$6M	new	+0.02 pp	new
MRAMEverspin Technologies, Inc	0.02%	750,000	$6M	added+40%	0.00 pp	8 q
LMNRLimoneira Co	0.02%	215,000	$6M	added+72%	+0.01 pp	2 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.02%	637,288	$4M	added+23%	+0.01 pp	6 q
NBIXNeurocrine Biosciences Inc	0.02%	31,034	$4M	added+4%	+0.01 pp	2 q
NOKNokia Corporation	0.02%	754,550	$4M	added+15%	0.00 pp	2 q
NOVTNovanta Inc.	0.02%	55,000	$4M	trimmed−57%	−0.02 pp	6 q
NVDANvidia Corp	0.02%	18,100	$5M	new	+0.02 pp	new
PEParsley Energy Inc	0.02%	140,800	$4M	trimmed−1%	0.00 pp	18 q
QADAQad Inc-a	0.02%	75,000	$4M	added+50%	+0.01 pp	7 q
unresolvedRa Med Sys Inc	0.02%	310,900	$6M	new	+0.02 pp	new
RHTRed Hat Inc	0.02%	41,811	$6M	trimmed−7%	−0.01 pp	22 q
RLHRed Lions Hotel Corporation	0.02%	445,000	$6M	added+48%	0.00 pp	2 q
RNGRingcentral, Inc.	0.02%	47,767	$4M	new	+0.02 pp	new
SPGIS&P Global Inc.	0.02%	28,493	$6M	added+14%	0.00 pp	3 q
CRMSalesforce, Inc.	0.02%	36,351	$6M	trimmed−2%	0.00 pp	22 q
STMPStamps.com, Inc.	0.02%	17,006	$4M	added+3%	0.00 pp	3 q
TENBTenable Holdings, Inc.	0.02%	120,000	$5M	new	+0.02 pp	new
ICHRIchor Holdings	0.02%	290,000	$6M	added×2.1	+0.01 pp	8 q
KRNTKornit Digital Ltd.	0.02%	193,000	$4M	added+8%	+0.01 pp	11 q
ADMSAdamas Pharmaceuticals, Inc.	0.01%	78,200	$2M	trimmed−63%	−0.01 pp	9 q
AERIAerie Pharmaceuticals, Inc.	0.01%	43,262	$3M	added+73%	0.00 pp	17 q
AAgilent Technologies Inc.	0.01%	43,740	$3M	added+19%	0.00 pp	22 q
unresolvedAndeavor	0.01%	16,100	$2M	trimmed−1%	0.00 pp	6 q
BIIBBiogen Inc.	0.01%	10,175	$4M	added+1%	0.00 pp	19 q
BBBlackBerry Limited	0.01%	136,714	$2M	added+3%	0.00 pp	3 q
BXPBXP, Inc.	0.01%	28,553	$4M	trimmed−32%	−0.01 pp	5 q
WHDCactus, Inc.	0.01%	53,400	$2M	trimmed−13%	0.00 pp	3 q
unresolvedCorium Intl Inc	0.01%	291,474	$3M	added×2.4	+0.01 pp	2 q
HDBHDFC Bank Limited	0.01%	18,255	$2M	added+24%	0.00 pp	7 q
HALHalliburton Company	0.01%	45,896	$2M	trimmed−5%	0.00 pp	22 q
MTSIMACOM Technology Solutions Holdings, Inc	0.01%	137,000	$3M	added×2.6	0.00 pp	15 q
MGYMagnolia Oil & Gas Corporation Class A	0.01%	84,900	$1M	new	+0.01 pp	new
MANHManhattan Associates Inc	0.01%	53,100	$3M	trimmed−2%	0.00 pp	17 q
OKTAOkta, Inc. Class A	0.01%	18,540	$1M	held	—	6 q
OPRAOpera Limited	0.01%	184,782	$2M	new	+0.01 pp	new
PARPAR Technology Corp.	0.01%	113,320	$3M	new	+0.01 pp	new
PFPTProofpoint, Inc.	0.01%	31,389	$3M	trimmed−1%	−0.01 pp	7 q
RYAAYRyanair Holdings plc	0.01%	33,725	$3M	added+33%	0.00 pp	12 q
SONYSony Group Corporation	0.01%	56,223	$3M	added+5%	0.00 pp	9 q
TSGIStars Group INC/THE	0.01%	86,070	$2M	trimmed−88%	−0.10 pp	2 q
SUSuncor Energy, Inc.	0.01%	36,304	$1M	added+12%	0.00 pp	21 q
TTWOTake-Two Interactive Software Inc	0.01%	17,489	$2M	held	—	6 q
TRGPTarga Resources Corp.	0.01%	25,300	$1M	trimmed−4%	0.00 pp	11 q
VLOValero Energy Corporation	0.01%	12,200	$1M	trimmed−3%	0.00 pp	12 q
WPXWPX Energy, Inc.	0.01%	98,000	$2M	trimmed−3%	0.00 pp	8 q
ZSZscaler, Inc.	0.01%	37,500	$2M	trimmed−13%	0.00 pp	3 q
LXFRLuxfer Holdings PLC	0.01%	126,960	$3M	new	+0.01 pp	new
MYOVMyovant Sciences Ltd	0.01%	132,761	$4M	added×2.3	0.00 pp	2 q
GLOBGlobant S.a.	0.01%	34,680	$2M	added+6%	0.00 pp	10 q
SPOTSpotify Technology S.A.	0.01%	19,200	$3M	added+5%	0.00 pp	2 q
CMPRCimpress PLC (Ireland)	0.01%	13,707	$2M	trimmed−23%	0.00 pp	8 q
ABBVAbbvie Inc.	0.00%	754	$71,000	held	—	3 q
ANABAnaptysBio, Inc.	0.00%	7,193	$718,000	added×4.9	0.00 pp	3 q
APAMArtisan Partners Asset Management Inc.	0.00%	3,819	$124,000	trimmed−36%	0.00 pp	22 q
unresolvedAssembly Biosciences Inc	0.00%	1,362	$51,000	new	0.00 pp	new
AVBAvalonBay Communities, Inc.	0.00%	490	$89,000	added+12%	0.00 pp	3 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$320,000	held	—	9 q
BLQADBlackrock Inc	0.00%	280	$132,000	held	—	3 q
CHTRCharter Comm Inc Del CL A New	0.00%	283	$92,000	held	—	2 q
CYHCommunity Health Systems, Inc.	0.00%	100	$0	held	—	22 q
STZConstellation Brands, Inc.	0.00%	464	$100,000	held	—	2 q
COSTCostco Wholesale Corp	0.00%	268	$63,000	held	—	3 q
CCICrown Castle Inc.	0.00%	824	$92,000	held	—	3 q
DHRDanaher Corporation	0.00%	1,051	$114,000	added+8%	0.00 pp	3 q
DVNDevon Energy Corporation	0.00%	20,000	$799,000	trimmed−17%	0.00 pp	3 q
DREDuke Realty Corp.	0.00%	2,476	$70,000	held	—	3 q
EOGEOG Resources, Inc.	0.00%	8,968	$1M	trimmed−39%	−0.01 pp	21 q
ELANElanco Animal Health Incorporated	0.00%	10,000	$349,000	new	0.00 pp	new
ETEnergy Transfer LP	0.00%	68,200	$1M	trimmed−18%	−0.01 pp	16 q
ELSEquity Lifestyle Properties, Inc.	0.00%	533	$51,000	added+9%	0.00 pp	3 q
VMRKVivmark Residential	0.00%	1,331	$88,000	added+18%	0.00 pp	7 q
ESSEssex Property Trust, Inc	0.00%	74	$18,000	trimmed−17%	0.00 pp	3 q
unresolvedFlotek Industries Inc DEL	0.00%	333,539	$800,000	held	—	21 q
GSGoldman Sachs Group Inc.	0.00%	800	$179,000	held	—	9 q
unresolvedGrubhub Inc	0.00%	356	$49,000	new	0.00 pp	new
HCAHCA Healthcare, Inc.	0.00%	1,217	$169,000	new	0.00 pp	new
HSTHost Hotels & Resorts, Inc.	0.00%	3,350	$71,000	trimmed−32%	0.00 pp	3 q
unresolvedHudson Pac Pptys Inc	0.00%	1,715	$56,000	trimmed−32%	0.00 pp	7 q
HUMHumana Inc.	0.00%	568	$192,000	new	0.00 pp	new
IRTCiRhythm Holdings, Inc.	0.00%	602	$57,000	new	0.00 pp	new
ITWIllinois Tool Works Inc.	0.00%	483	$68,000	held	—	3 q
PODDInsulet Corporation	0.00%	905	$96,000	new	0.00 pp	new
KWKennedy-wilson Holdings, Inc.	0.00%	2,935	$63,000	trimmed−35%	0.00 pp	3 q
KRCKilroy Realty Corp.	0.00%	736	$53,000	trimmed−33%	0.00 pp	3 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	388	$56,000	held	—	3 q
MPLXMplx LP	0.00%	21,800	$756,000	held	—	12 q
MROMarathon Oil Corporation	0.00%	50,400	$1M	held	—	2 q
MELIMercado Libre, Inc	0.00%	3,117	$1M	new	0.00 pp	new
MIDDMiddleby Corp	0.00%	8,600	$1M	trimmed−88%	−0.03 pp	22 q
MCOMoody's Corporation	0.00%	883	$148,000	held	—	2 q
NCSMNCS Multistage Holdings, Inc.	0.00%	66,000	$1M	trimmed−3%	0.00 pp	6 q
NBLXNoble Midstream Partners LP	0.00%	22,338	$791,000	trimmed−29%	−0.01 pp	8 q
PANWPalo Alto Networks, Inc.	0.00%	254	$57,000	added×2.5	0.00 pp	2 q
PEBPebblebrook Hotel Trust	0.00%	1,191	$43,000	held	—	3 q
PXDPioneer Natural Resource Co.	0.00%	4,600	$801,000	new	0.00 pp	new
PGProcter & Gamble Company	0.00%	1,796	$149,000	held	—	9 q
QADBQad Inc-b	0.00%	20,000	$830,000	held	—	10 q
QCOMQualcomm Inc	0.00%	4,000	$288,000	held	—	9 q
RYNRayonier Inc.	0.00%	585	$20,000	trimmed−55%	0.00 pp	3 q
REXRRexford Industrial Realty, Inc.	0.00%	874	$28,000	held	—	16 q
SMSM Energy Company	0.00%	35,600	$1M	trimmed−9%	0.00 pp	2 q
unresolvedSanchez Prodtn Partner	0.00%	97,600	$693,000	trimmed−10%	−0.01 pp	8 q
SPGSimon Property Group, Inc.	0.00%	244	$43,000	held	—	3 q
SJMThe J.M. Smucker Company	0.00%	251	$26,000	held	—	9 q
SFMSprouts Farmers Market, Inc.	0.00%	30,000	$822,000	held	—	6 q
SFIXStitch Fix, Inc. Class A	0.00%	836	$37,000	new	0.00 pp	new
SUISun Communities, Inc	0.00%	497	$50,000	new	0.00 pp	new
SHOSunstone Hotel Investors, Inc.	0.00%	2,499	$41,000	held	—	3 q
TXNTexas Instruments Incorporated	0.00%	337	$36,000	held	—	3 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.00%	36,000	$701,000	held	—	10 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	2,419	$644,000	added×3.3	0.00 pp	3 q
VMWVMware, Inc	0.00%	612	$96,000	new	0.00 pp	new
VNOVornado Realty Trust	0.00%	869	$63,000	trimmed−20%	0.00 pp	3 q
WYWeyerhaeuser Company	0.00%	593	$19,000	trimmed−63%	0.00 pp	3 q
ACNAccenture PLC	0.00%	564	$96,000	held	—	3 q
LIVNLivaNova PLC	0.00%	1,157	$143,000	new	0.00 pp	new
MDTMedtronic plc	0.00%	2,722	$268,000	new	0.00 pp	new
0VQJLTe Connectivity Ltd	0.00%	1,212	$107,000	held	—	3 q
RIGTransocean LTD.	0.00%	77,100	$1M	new	0.00 pp	new
unresolvedOn Assignment Inc	—	−1,710,100	—	exited	−0.58 pp	—
unresolvedFinancial Engines	—	−1,900,519	—	exited	−0.37 pp	—
GCPNGcp Applied Technologies	—	−1,250,000	—	exited	−0.16 pp	—
DOORMasonite International Corp	—	−304,036	—	exited	−0.10 pp	—
MHKMohawk Industries, Inc.	—	−109,007	—	exited	−0.10 pp	—
BECNBeacon Roofing Supply, Inc.	—	−506,107	—	exited	−0.09 pp	—
unresolvedGemphire Therapeutics Inc	—	−469,860	—	exited	−0.02 pp	—
unresolvedKeyw Holding Corp	—	−581,294	—	exited	−0.02 pp	—
unresolvedRsp Permian Inc	—	−101,400	—	exited	−0.02 pp	—
WBCWabco Holdings Inc.	—	−45,070	—	exited	−0.02 pp	—
DOCUDocuSign, Inc.	—	−25,000	—	exited	−0.01 pp	—
EQTEqt Corp	—	−20,834	—	exited	−0.01 pp	—
JDJD.com, Inc.	—	−51,436	—	exited	−0.01 pp	—
LASRnLIGHT, Inc.	—	−35,000	—	exited	−0.01 pp	—
QUOTQuotient Technology Inc	—	−170,000	—	exited	−0.01 pp	—
unresolvedCarbon Black Inc	—	−7,000	—	exited	0.00 pp	—
FPHFive Point Holdings, LLC Class A	—	−7,306	—	exited	0.00 pp	—
FORForestar Group Inc.	—	−14,939	—	exited	0.00 pp	—
unresolvedGGP, Inc.	—	−1,157	—	exited	0.00 pp	—
LAMRLamar Advertising Co	—	−95	—	exited	0.00 pp	—
ROKRockwell Automation, Inc.	—	−194	—	exited	0.00 pp	—
SHOPShopify Inc. Class A subordinate voting shares	—	−148	—	exited	0.00 pp	—
unresolvedTpg Pace Energy Hldgs Corp	—	−84,900	—	exited	0.00 pp	—
SLCAU.s. Silica Holdings, Inc.	—	−31,100	—	exited	0.00 pp	—
RACEFerrari N.V.	—	−443	—	exited	0.00 pp	—