Baron Capital

Q4 2018 13F · by Ron Baron, CEO

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $19.8B · prev $24.1B
Positions: 369 · prev 371
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%

Moves338 since the prior filing

+4.1 pp in · −3.9 pp out

New 32 +1.26 pp
Added 148 +2.86 pp
Trimmed 124 −2.28 pp
Exited 34 −1.63 pp

The book

Diversified · behaves like 61 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.9 years per position

Low
Moderate
High

Top 5 positions21% of US stock

Positions369 in this filing · 34 exited


MTNVail Resorts, Inc.	5.21%	4,883,688	$1.0B	added+1%	−0.31 pp	23 q
ITGartner, Inc.	4.49%	6,936,178	$887M	trimmed−0%	−0.07 pp	23 q
CSGPCoStar Group Inc	4.18%	2,450,631	$827M	trimmed−1%	−0.13 pp	23 q
IDXXIdexx Laboratories Inc	3.89%	4,131,230	$768M	trimmed−1%	−0.41 pp	23 q
ACGLArch Capital Group Ltd	3.14%	23,212,503	$620M	trimmed−1%	+0.26 pp	23 q
FDSFactset Research Systems	2.92%	2,881,406	$577M	added+1%	+0.27 pp	23 q
TSLATesla, Inc.	2.80%	1,663,764	$554M	added0%	+0.98 pp	20 q
GWREGuidewire Software, Inc.	2.69%	6,626,666	$532M	added+2%	−0.04 pp	23 q
AKXAnsys Inc	1.83%	2,531,001	$362M	added+2%	−0.09 pp	23 q
CHHChoice Hotels Intnl.	1.75%	4,843,916	$347M	added+1%	+0.09 pp	23 q
BFAMBright Horizons Family Solutions Inc.	1.72%	3,046,080	$339M	trimmed−6%	+0.14 pp	23 q
GLPIGaming and Leisure Properties, Inc.	1.71%	10,429,127	$337M	trimmed−0%	+0.19 pp	21 q
MSCIMSCI, Inc.	1.68%	2,253,142	$332M	added+3%	+0.07 pp	23 q
HHyatt Hotels Corporation	1.59%	4,640,524	$314M	trimmed−0%	+0.05 pp	23 q
MTDMettler-Toledo International	1.57%	549,698	$311M	trimmed−2%	+0.15 pp	23 q
SSNCSS&C Technologies Inc	1.41%	6,187,035	$279M	trimmed−1%	−0.06 pp	23 q
SCHWThe Charles Schwab Corporation	1.38%	6,573,194	$273M	added+2%	+0.07 pp	23 q
MANUManchester United PLC	1.30%	13,540,591	$257M	trimmed−3%	0.00 pp	23 q
PRIPrimerica, Inc.	1.23%	2,488,790	$243M	trimmed−1%	−0.02 pp	23 q
VACMarriott Vacations Worldwide Corporation	1.16%	3,244,146	$229M	added+5%	−0.27 pp	23 q
TECHBio-Techne Corp.	1.12%	1,533,798	$222M	added+2%	−0.16 pp	17 q
DEIDouglas Emmett, Inc.	1.06%	6,132,408	$209M	added+1%	+0.11 pp	23 q
BNFTBenefitfocus, Inc.	0.96%	4,136,606	$189M	trimmed−1%	+0.26 pp	21 q
SBACSBA Communications Corp	0.96%	1,168,522	$189M	trimmed−2%	+0.17 pp	9 q
WIXWIX.com Ltd.	0.95%	2,086,636	$189M	added+2%	−0.06 pp	9 q
RRRRed Rock Resorts, Inc. Class A	0.92%	8,930,577	$181M	added+8%	+0.01 pp	11 q
IRDMIridium Communications Inc.	0.87%	9,325,420	$172M	added+1%	+0.01 pp	19 q
VRSKVerisk Analytics, Inc.	0.84%	1,530,476	$167M	added+5%	+0.11 pp	23 q
MORNMorningstar, Inc.	0.81%	1,457,321	$160M	trimmed−0%	+0.05 pp	23 q
WSTWest Pharmaceutical Services, Inc.	0.81%	1,637,703	$161M	added+2%	−0.01 pp	23 q
BABAAlibaba Group Holding Limited	0.79%	1,140,197	$156M	trimmed−4%	−0.02 pp	18 q
PENNPENN Entertainment, Inc.	0.76%	8,017,549	$151M	added+24%	−0.12 pp	23 q
MMSMAXIMUS, Inc.	0.73%	2,219,574	$144M	trimmed−9%	+0.07 pp	23 q
unresolved2U Inc	0.71%	2,822,189	$140M	added+6%	−0.12 pp	7 q
ILMNIllumina Inc	0.65%	426,056	$128M	added+5%	+0.03 pp	23 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.64%	3,434,720	$127M	added+29%	+0.15 pp	23 q
TREXTrex Company, Inc.	0.63%	2,103,293	$125M	added+6%	0.00 pp	20 q
unresolvedUltimate Software Group Inc	0.63%	512,240	$125M	trimmed−3%	−0.08 pp	23 q
WCNWaste Connections, Inc.	0.61%	1,625,000	$121M	trimmed−2%	+0.06 pp	10 q
AREAlexandria Real Estate Equities, Inc.	0.59%	1,003,633	$116M	added+1%	+0.07 pp	23 q
PBRPetroleo Brasileiro S.a.-petrobras	0.59%	8,906,577	$116M	added+13%	+0.19 pp	5 q
TDGTransDigm Group Incorporated	0.56%	325,000	$111M	trimmed−7%	+0.02 pp	23 q
VRSNVeriSign Inc	0.54%	715,464	$106M	added+6%	+0.09 pp	23 q
TTDThe Trade Desk, Inc.	0.52%	890,328	$103M	trimmed−11%	−0.10 pp	9 q
EQIXEquinix, Inc.	0.51%	284,251	$100M	trimmed−2%	−0.01 pp	16 q
ICLRIcon Plc	0.51%	780,078	$101M	trimmed−3%	0.00 pp	23 q
EFOREverforth, Inc.	0.47%	1,710,100	$93M	held	—	2 q
AZPNAspen Technology Inc	0.46%	1,106,204	$91M	added+34%	+0.07 pp	14 q
CNSCohen & Steers Inc.	0.46%	2,668,751	$92M	trimmed−0%	+0.01 pp	23 q
ALGNAlign Technology Inc	0.44%	415,259	$87M	added×2.6	+0.18 pp	23 q
PRAHPRA Health Sciences, Inc.	0.44%	954,364	$88M	held	—	17 q
CBRECbre Group, Inc.	0.43%	2,145,256	$86M	added+31%	+0.13 pp	23 q
SITESiteOne Landscape Supply, Inc.	0.43%	1,541,812	$85M	added+5%	−0.03 pp	11 q
CISNCision Ltd	0.43%	7,234,146	$85M	trimmed−5%	−0.10 pp	7 q
COLDAmericold Realty Trust, Inc.	0.42%	3,228,133	$82M	added+4%	+0.10 pp	4 q
KNSLKinsale Capital Group, Inc.	0.41%	1,441,374	$80M	added+1%	+0.03 pp	9 q
TRUTransUnion	0.41%	1,421,924	$81M	added+12%	+0.02 pp	7 q
OAKOaktree Capital Group, LLC	0.39%	1,917,596	$76M	held	—	23 q
TDOCTeladoc Health, Inc.	0.39%	1,541,000	$76M	trimmed−14%	−0.25 pp	8 q
WPWorldpay, Inc.	0.39%	1,003,907	$77M	added+12%	+0.01 pp	4 q
DAYDayforce, Inc.	0.37%	2,143,414	$74M	added+10%	+0.03 pp	3 q
AMZNAmazon.Com Inc	0.36%	47,529	$71M	trimmed−0%	−0.03 pp	23 q
CGNXCognex Corp	0.36%	1,850,000	$72M	held	—	23 q
ROPRoper Technologies, Inc.	0.36%	268,415	$72M	added+6%	+0.05 pp	23 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.35%	806,267	$69M	trimmed−12%	−0.03 pp	23 q
ITUBItau Unibanco Holding S.A.	0.35%	7,495,712	$69M	trimmed−2%	+0.12 pp	2 q
MCMoelis & Company	0.33%	1,894,814	$65M	trimmed−0%	−0.10 pp	19 q
YPFYPF Sociedad Anonima	0.33%	4,818,181	$65M	added+1%	+0.03 pp	10 q
BIDUBaidu, Inc.	0.32%	398,747	$63M	added+11%	−0.02 pp	23 q
MKTXMarketAxess Holdings Inc.	0.32%	300,370	$63M	added+9%	+0.12 pp	14 q
MRCYMercury Systems Inc.	0.32%	1,325,600	$63M	added+4%	+0.03 pp	16 q
WEXWEX Inc.	0.32%	450,000	$63M	held	—	23 q
ZGZillow Group Inc Class A	0.32%	2,020,066	$63M	added+1%	−0.05 pp	16 q
PAGSPagSeguro Digital Ltd.	0.32%	3,384,758	$63M	added+20%	0.00 pp	4 q
AL1Sumisho Air Lease Corp	0.31%	2,056,687	$62M	trimmed−13%	−0.14 pp	23 q
CHDChurch & Dwight Co., Inc.	0.31%	920,332	$61M	trimmed−12%	+0.05 pp	23 q
IEXIDEX Corporation	0.31%	481,147	$61M	added+6%	+0.03 pp	18 q
LFUSLittelfuse Inc	0.31%	354,324	$61M	trimmed−0%	+0.02 pp	12 q
WTWWillis Towers Watson Public Limited Company	0.31%	401,339	$61M	added+6%	+0.09 pp	12 q
AMXNAmerica Movil-spn ADR Cl L	0.30%	4,129,931	$59M	trimmed−5%	+0.01 pp	3 q
GTTGTT Communications, Inc.	0.30%	2,500,000	$59M	held	—	7 q
JBTMJBT Marel Corporation	0.30%	823,300	$59M	trimmed−6%	−0.13 pp	8 q
MSGSMadison Square Garden Sports Corp.	0.30%	225,000	$60M	trimmed−0%	+0.01 pp	13 q
TFXTeleflex Incorporated	0.30%	232,984	$60M	added+6%	+0.06 pp	11 q
VEEVVeeva Systems Inc.	0.30%	654,566	$58M	added+7%	+0.02 pp	7 q
BKNGBooking Holdings Inc.	0.29%	33,697	$58M	trimmed−5%	0.00 pp	4 q
FASTFastenal Co	0.29%	1,078,494	$56M	trimmed−19%	−0.03 pp	23 q
HQYHealthEquity, Inc	0.29%	954,136	$57M	trimmed−9%	−0.12 pp	18 q
PEGAPegasystems Inc	0.29%	1,193,759	$57M	trimmed−0%	−0.02 pp	23 q
ALTRAltair Engineering Inc. Class A	0.28%	1,974,757	$54M	trimmed−2%	−0.08 pp	5 q
RAMPLiveRamp Holdings, Inc.	0.28%	1,416,548	$55M	new	+0.28 pp	new
OLLIOllie's Bargain Outlet Holdings, Inc.	0.28%	835,964	$56M	trimmed0%	−0.05 pp	6 q
unresolvedHudson Ltd	0.28%	3,250,000	$56M	added+8%	0.00 pp	4 q
ALXAlexander's Inc.	0.27%	173,238	$53M	trimmed−2%	+0.02 pp	23 q
unresolvedThe Carlyle Group	0.26%	3,246,881	$51M	trimmed−0%	−0.04 pp	23 q
FNDFloor & Decor Holdings, Inc.	0.26%	2,020,922	$52M	added+5%	+0.02 pp	7 q
LBRDKLiberty Broadband Corporation Class C	0.25%	675,820	$49M	added+3%	+0.02 pp	17 q
PFGCPerformance Food Group Company	0.25%	1,511,944	$49M	trimmed−0%	+0.04 pp	13 q
FRCBFirst Republic Bk CA	0.24%	534,889	$46M	added+6%	+0.04 pp	23 q
IBPInstalled Building Products, Inc.	0.24%	1,400,000	$47M	trimmed−1%	+0.01 pp	5 q
CMDCantel Medical Corporation	0.23%	601,385	$45M	added+17%	+0.03 pp	17 q
unresolvedCooper Cos Inc/The	0.23%	177,787	$45M	added+6%	+0.04 pp	20 q
HLIHoulihan Lokey, Inc.	0.23%	1,220,069	$45M	trimmed−0%	0.00 pp	5 q
ZLABZai Lab Limited	0.23%	1,974,013	$46M	added+4%	+0.08 pp	4 q
EXPEExpedia Group, Inc.	0.22%	387,008	$44M	trimmed−3%	0.00 pp	11 q
NOKNokia Corporation	0.22%	7,303,622	$43M	added×9.7	+0.20 pp	3 q
PLNTPlanet Fitness, Inc.	0.22%	822,000	$44M	held	—	4 q
UNVRUnivar Solutions Inc.	0.22%	2,500,000	$44M	trimmed−9%	−0.13 pp	10 q
AMTAmerican Tower Corporation	0.21%	259,737	$41M	trimmed−27%	0.00 pp	23 q
FLTCorpay, Inc.	0.21%	219,343	$41M	trimmed−39%	−0.13 pp	23 q
LSXMKLiberty Media Cor-siriusxm C	0.21%	1,100,000	$41M	held	—	2 q
ROLRollins, Inc.	0.21%	1,122,967	$41M	added+6%	+0.03 pp	10 q
SFLYShutterfly, Inc.	0.20%	1,000,000	$40M	trimmed−15%	−0.12 pp	6 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.20%	924,878	$39M	trimmed−7%	−0.04 pp	23 q
GOOGAlphabet Inc. Class C	0.19%	35,561	$37M	added+1%	+0.02 pp	19 q
BERYBerry Global Group, Inc.	0.19%	800,000	$38M	held	—	23 q
BYDBoyd Gaming Corporation	0.19%	1,805,134	$38M	added+23%	−0.02 pp	8 q
YEXTYext, Inc.	0.19%	2,523,709	$37M	added+37%	+0.01 pp	7 q
CPACopa Holdings, S.A.	0.19%	479,212	$38M	added+64%	+0.09 pp	14 q
CAKECheesecake Factory (The)	0.18%	800,000	$35M	held	—	23 q
DXCMDexCom, Inc.	0.18%	301,981	$36M	added0%	0.00 pp	23 q
PRTYParty City Holdco Inc.	0.18%	3,600,000	$36M	held	—	15 q
TTCToro Company (The)	0.18%	620,286	$35M	added+6%	+0.03 pp	6 q
NEOGNeogen Corp	0.17%	592,794	$34M	held	—	23 q
TROWT Rowe Price Group Inc	0.17%	358,010	$33M	added0%	+0.01 pp	23 q
QLYSQualys, Inc.	0.17%	448,000	$33M	trimmed−6%	−0.01 pp	20 q
RBCRBC Bearings Incorporated	0.17%	250,000	$33M	trimmed−9%	0.00 pp	17 q
SG7Sage Therapeutics Inc	0.17%	341,309	$33M	added+6%	−0.02 pp	15 q
BEBloom Energy Corporation	0.16%	3,077,655	$31M	added+17%	−0.21 pp	2 q
CDWCDW Corporation	0.16%	394,289	$32M	added+6%	+0.02 pp	7 q
SUMSummit Materials, Inc. Class A	0.16%	2,550,000	$32M	trimmed−13%	−0.06 pp	16 q
UAAUnder Armour, Inc.	0.16%	1,830,528	$32M	trimmed−41%	−0.11 pp	23 q
INXNInterxion Holding NV	0.16%	601,841	$33M	trimmed−17%	−0.04 pp	13 q
NGVTIngevity Corporation	0.15%	350,000	$29M	added×3.1	+0.10 pp	2 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.15%	2,654,378	$30M	trimmed−10%	+0.04 pp	5 q
NBISNebius Group N.V. Class A	0.15%	1,104,409	$30M	trimmed−46%	−0.13 pp	12 q
IACIIac / Interactivecorp (De) Com Stk	0.14%	152,708	$28M	added+55%	+0.05 pp	3 q
TREELendingTree, Inc.	0.14%	128,125	$28M	trimmed−26%	−0.03 pp	5 q
unresolvedNew Oriental Ed & Tech Grp I	0.14%	504,486	$28M	new	+0.14 pp	new
TIFTiffany & Co.	0.14%	337,566	$27M	added+26%	0.00 pp	23 q
YYJOYY Inc.	0.14%	471,634	$28M	new	+0.14 pp	new
ESNTEssent Group LTD	0.14%	785,478	$27M	trimmed−0%	0.00 pp	10 q
MGMMgm Resorts International	0.13%	1,073,999	$26M	trimmed−13%	−0.01 pp	16 q
AOSA.O. Smith Corporation	0.13%	598,044	$26M	added+6%	0.00 pp	9 q
unresolvedSun Hydraulics Corp	0.13%	775,000	$26M	added+26%	−0.01 pp	7 q
ZZillow Group, Inc. Class C	0.13%	814,382	$26M	added+32%	+0.02 pp	14 q
OECOrion S.A.	0.13%	1,000,000	$25M	held	—	4 q
AATAmerican Assets Trust, Inc.	0.12%	592,000	$24M	held	—	23 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.12%	750,000	$23M	held	—	11 q
LOWLowe's Companies Inc.	0.12%	250,863	$23M	new	+0.12 pp	new
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.12%	906,062	$24M	held	—	11 q
MAMastercard Incorporated	0.12%	123,456	$23M	added+1%	+0.01 pp	23 q
MSFTMicrosoft Corp	0.12%	231,742	$24M	trimmed−0%	+0.01 pp	5 q
MOMOHello Group Inc.	0.12%	957,726	$23M	trimmed−43%	−0.18 pp	4 q
RAVNRaven Industries Inc	0.12%	672,000	$24M	held	—	4 q
BWXTBWX Technologies, Inc.	0.11%	583,810	$22M	added+6%	−0.03 pp	8 q
unresolvedBrookfield Asset Mgmt Inc	0.11%	545,878	$21M	trimmed−12%	0.00 pp	23 q
GHGuardant Health, Inc.	0.11%	564,998	$21M	new	+0.11 pp	new
HDHome Depot, Inc.	0.11%	121,154	$21M	trimmed−35%	−0.05 pp	21 q
SSLSasol Limited	0.11%	767,531	$22M	added0%	−0.01 pp	16 q
WINGWingstop Inc	0.11%	350,000	$22M	trimmed−38%	−0.05 pp	15 q
ARGXargenx SE	0.10%	207,265	$20M	added+5%	+0.04 pp	5 q
BJRIBJ's Restaurants, Inc.	0.10%	375,000	$19M	trimmed−3%	−0.02 pp	23 q
CBOECboe Global Markets, Inc.	0.10%	200,000	$20M	held	—	8 q
DHID.R. Horton Inc.	0.10%	550,453	$19M	new	+0.10 pp	new
DNLIDenali Therapeutics Inc.	0.10%	983,902	$20M	added+3%	+0.01 pp	5 q
HGVHilton Grand Vacations Inc.	0.10%	726,424	$19M	added+11%	+0.01 pp	8 q
VVISA Inc.	0.10%	150,504	$20M	trimmed−0%	+0.01 pp	23 q
WATWaters Corp	0.10%	106,901	$20M	trimmed−23%	−0.01 pp	4 q
KMXCarMax Inc.	0.09%	272,236	$17M	added+4%	+0.01 pp	23 q
NDSNNordson Corp	0.09%	150,000	$18M	trimmed−33%	−0.04 pp	23 q
MLNXMellanox Technologies Ltd	0.09%	194,183	$18M	added+3%	+0.03 pp	22 q
CWHCamping World Holdings, Inc.	0.08%	1,398,900	$16M	trimmed−30%	−0.10 pp	9 q
CXOConcho Resources Inc.	0.08%	153,022	$16M	added+2%	−0.02 pp	23 q
HEI.AHeico Corp Cl A	0.08%	238,613	$15M	added+24%	+0.02 pp	4 q
ISRGIntuitive Surgical Inc.	0.08%	34,808	$17M	added+2%	0.00 pp	9 q
PDDPDD Holdings Inc.	0.08%	674,215	$15M	added+51%	+0.03 pp	2 q
STNEStoneCo Ltd. Class A	0.08%	875,941	$16M	new	+0.08 pp	new
AMHAmerican Homes 4 Rent	0.07%	721,264	$14M	added+8%	+0.01 pp	7 q
BMABanco Macro S.A.	0.07%	329,712	$15M	trimmed−27%	−0.01 pp	7 q
DKSDick's Sporting Goods, Inc.	0.07%	416,325	$13M	trimmed−43%	−0.04 pp	23 q
DLRDigital Realty Trust, Inc.	0.07%	135,098	$14M	trimmed−19%	−0.01 pp	7 q
VRTXVertex Pharmaceuticals Inc	0.07%	86,907	$14M	added+1%	0.00 pp	6 q
RCLRoyal Caribbean Group	0.07%	138,429	$14M	trimmed−16%	−0.02 pp	14 q
AIYActivision Blizzard Inc	0.06%	255,628	$12M	added+15%	−0.02 pp	4 q
CMECME Group Inc.	0.06%	59,878	$11M	added+3%	+0.02 pp	23 q
METAMeta Platforms, Inc. Class A	0.06%	83,425	$11M	trimmed−41%	−0.04 pp	23 q
XENTIntersect ENT, Inc	0.06%	395,650	$11M	added+1%	+0.01 pp	4 q
SPLKSplunk Inc	0.06%	105,580	$11M	added+5%	+0.01 pp	9 q
unresolvedTpi Composites Inc	0.06%	481,900	$12M	added+26%	+0.01 pp	9 q
AVLRAvalara, Inc.	0.05%	300,000	$9M	held	—	3 q
CDNACareDx, Inc.	0.05%	403,492	$10M	trimmed−16%	−0.01 pp	3 q
EPAMEpam Systems, Inc.	0.05%	80,544	$9M	held	—	13 q
GDSGDS Holdings Limited	0.05%	441,628	$10M	trimmed−37%	−0.05 pp	4 q
HEIHEICO Corporation	0.05%	125,993	$10M	added+25%	+0.01 pp	3 q
HLTHilton Worldwide Holdings Inc.	0.05%	131,778	$9M	trimmed−44%	−0.03 pp	9 q
MARMarriott International Class A	0.05%	84,499	$9M	trimmed−23%	−0.01 pp	9 q
MASMasco Corporation	0.05%	357,375	$10M	added+53%	+0.01 pp	9 q
MYGNMyriad Genetics Inc	0.05%	367,564	$11M	added+41%	0.00 pp	10 q
NVDANvidia Corp	0.05%	78,475	$10M	added×4.3	+0.03 pp	2 q
PLDPrologis, Inc.	0.05%	172,138	$10M	trimmed−15%	−0.01 pp	9 q
AZNNAstrazeneca Plc-spons ADR	0.04%	183,389	$7M	trimmed−6%	+0.01 pp	3 q
EAElectronic Arts Inc	0.04%	108,570	$9M	added+15%	−0.01 pp	8 q
DAVAEndava plc	0.04%	331,682	$8M	added+7%	0.00 pp	2 q
ELSEquity Lifestyle Properties, Inc.	0.04%	73,539	$7M	added×138.0	+0.04 pp	4 q
LENLennar Corporation Class A	0.04%	204,432	$8M	new	+0.04 pp	new
LBRDALiberty Broadband Corporation Class A	0.04%	100,000	$7M	held	—	17 q
RHTRed Hat Inc	0.04%	41,811	$7M	held	—	23 q
RNGRingcentral, Inc.	0.04%	107,649	$9M	added×2.3	+0.02 pp	2 q
SLGSL Green Realty Corp.	0.04%	100,192	$8M	trimmed−42%	−0.03 pp	23 q
SHWThe Sherwin-Williams Company	0.04%	19,997	$8M	trimmed−41%	−0.02 pp	9 q
TXMDTherapeuticsMD, Inc.	0.04%	1,850,000	$7M	added+37%	0.00 pp	20 q
VRAYQViewray Inc	0.04%	1,225,593	$7M	new	+0.04 pp	new
unresolvedArco Platform Ltd Com	0.04%	373,900	$8M	added+2%	+0.01 pp	2 q
ADBEAdobe Inc.	0.03%	30,348	$7M	added+3%	0.00 pp	5 q
AINAlbany International Corp Class A	0.03%	81,071	$5M	added+61%	+0.01 pp	3 q
ALEXAlexander & Baldwin, Inc.	0.03%	300,000	$6M	held	—	6 q
AAPLApple Inc.	0.03%	41,193	$6M	trimmed−70%	−0.10 pp	23 q
CERSCerus Corp	0.03%	1,320,000	$7M	added+29%	0.00 pp	17 q
CTRPTrip.com Group Limited	0.03%	183,600	$5M	held	—	16 q
CONECyrusOne Inc	0.03%	113,617	$6M	trimmed−58%	−0.04 pp	2 q
EWEdwards Lifesciences Corp	0.03%	37,500	$6M	trimmed−2%	0.00 pp	23 q
unresolvedEmerald Expositions Events Inc	0.03%	523,100	$6M	trimmed−61%	−0.06 pp	7 q
FSCTForeScout Technologies, Inc.	0.03%	210,000	$5M	added+14%	0.00 pp	5 q
GLIBAGci Liberty Inc - Class A	0.03%	137,104	$6M	trimmed−0%	0.00 pp	4 q
LM05Liberty Media Corp-liberty-a	0.03%	185,000	$5M	held	—	11 q
LMNRLimoneira Co	0.03%	300,000	$6M	added+40%	+0.01 pp	3 q
NFLXNetFlix Inc	0.03%	19,959	$5M	added+6%	0.00 pp	22 q
PKPark Hotels & Resorts Inc.	0.03%	214,295	$6M	trimmed−27%	−0.01 pp	8 q
RHIRobert Half Inc.	0.03%	104,310	$6M	held	—	23 q
SPGIS&P Global Inc.	0.03%	30,891	$5M	added+8%	+0.01 pp	4 q
NOWServicenow, Inc.	0.03%	34,792	$6M	added+9%	0.00 pp	14 q
TTWOTake-Two Interactive Software Inc	0.03%	62,117	$6M	added×3.6	+0.02 pp	7 q
TMETencent Music Entertainment Group	0.03%	400,000	$5M	new	+0.03 pp	new
VRNSVaronis Systems, Inc.	0.03%	125,034	$7M	trimmed−0%	−0.01 pp	20 q
ICHRIchor Holdings	0.03%	320,000	$5M	added+10%	+0.01 pp	9 q
GLNGGolar LNG Ltd	0.03%	271,235	$6M	added+13%	0.00 pp	23 q
ASMLASML Holding NV	0.03%	42,958	$7M	held	—	22 q
unresolvedAccelerate Diagnostics	0.02%	260,000	$3M	new	+0.02 pp	new
XLRNAcceleron Pharma Inc.	0.02%	70,231	$3M	added+1%	0.00 pp	7 q
GOOGLAlphabet Inc. Class A	0.02%	3,169	$3M	trimmed−0%	0.00 pp	14 q
PLANAnaplan, Inc.	0.02%	162,071	$4M	new	+0.02 pp	new
AQAquantia Corp.	0.02%	500,338	$4M	added+26%	0.00 pp	3 q
BIIBBiogen Inc.	0.02%	10,175	$3M	held	—	20 q
BVBrightView Holdings, Inc.	0.02%	458,700	$5M	new	+0.02 pp	new
AZTAAzenta, Inc.	0.02%	120,000	$3M	trimmed−23%	0.00 pp	4 q
CZRCaesars Entertainment, Inc.	0.02%	513,901	$3M	new	+0.02 pp	new
COHRCoherent Corp.	0.02%	29,300	$3M	held	—	23 q
CUBLionheart Holdings Class A	0.02%	70,000	$4M	new	+0.02 pp	new
EBSEmergent Biosolutions, Inc.	0.02%	60,000	$4M	held	—	5 q
ENVEnvestnet, Inc.	0.02%	98,410	$5M	held	—	21 q
ESEESCO Technologies, Inc.	0.02%	71,600	$5M	held	—	14 q
ESPREsperion Therapeutics Inc Ne	0.02%	100,000	$5M	held	—	5 q
MRAMEverspin Technologies, Inc	0.02%	750,000	$4M	held	—	9 q
unresolvedFlexion Therapeutics Inc	0.02%	385,000	$4M	held	—	11 q
IBKRInteractive Brokers Group, Inc. Class A	0.02%	55,701	$3M	new	+0.02 pp	new
IINIntriCon Corporation	0.02%	154,501	$4M	trimmed−9%	−0.02 pp	3 q
INVHInvitation Homes Inc.	0.02%	167,148	$3M	trimmed−71%	−0.03 pp	8 q
NOVTNovanta Inc.	0.02%	55,000	$3M	held	—	7 q
OPRAOpera Limited	0.02%	772,592	$4M	added×4.2	+0.01 pp	2 q
PARPAR Technology Corp.	0.02%	156,625	$3M	added+38%	+0.01 pp	2 q
PTBPotbelly Corp	0.02%	450,000	$4M	new	+0.02 pp	new
unresolvedRa Med Sys Inc	0.02%	509,431	$4M	added+64%	0.00 pp	2 q
CRMSalesforce, Inc.	0.02%	34,889	$5M	trimmed−4%	0.00 pp	23 q
SIENSientra, Inc.	0.02%	378,100	$5M	held	—	12 q
STMPStamps.com, Inc.	0.02%	21,520	$3M	added+27%	0.00 pp	4 q
LXFRLuxfer Holdings PLC	0.02%	240,000	$4M	added+89%	+0.01 pp	2 q
KRNTKornit Digital Ltd.	0.02%	193,000	$4M	held	—	12 q
AERIAerie Pharmaceuticals, Inc.	0.01%	44,711	$2M	added+3%	0.00 pp	18 q
AAgilent Technologies Inc.	0.01%	36,352	$2M	trimmed−17%	0.00 pp	23 q
ARWRArrowhead Research Corporation	0.01%	166,847	$2M	new	+0.01 pp	new
AXGNAxogen, Inc.	0.01%	110,710	$2M	trimmed−21%	−0.01 pp	6 q
BBBlackBerry Limited	0.01%	171,714	$1M	added+26%	0.00 pp	4 q
WHDCactus, Inc.	0.01%	52,900	$1M	trimmed−1%	0.00 pp	4 q
DPZDomino's Pizza Inc.	0.01%	88,108	$3M	trimmed−32%	−0.01 pp	3 q
unresolvedEncana Corp	0.01%	344,653	$2M	trimmed−36%	−0.02 pp	12 q
HDBHDFC Bank Limited	0.01%	19,576	$2M	added+7%	0.00 pp	8 q
MANHManhattan Associates Inc	0.01%	53,100	$2M	held	—	18 q
MPCMarathon Petroleum Corporation	0.01%	25,692	$2M	new	+0.01 pp	new
MELIMercado Libre, Inc	0.01%	4,629	$1M	added+49%	+0.01 pp	2 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.01%	533,145	$3M	trimmed−16%	−0.01 pp	7 q
NBIXNeurocrine Biosciences Inc	0.01%	31,403	$2M	added+1%	−0.01 pp	3 q
OKTAOkta, Inc. Class A	0.01%	18,540	$1M	held	—	7 q
PFPTProofpoint, Inc.	0.01%	31,339	$3M	trimmed−0%	0.00 pp	8 q
QADAQad Inc-a	0.01%	75,000	$3M	held	—	8 q
QTSQts Realty Trust, Inc.	0.01%	62,252	$2M	trimmed−68%	−0.02 pp	2 q
RLHRed Lions Hotel Corporation	0.01%	300,000	$2M	trimmed−33%	−0.01 pp	3 q
RYAAYRyanair Holdings plc	0.01%	40,025	$3M	added+19%	0.00 pp	13 q
SONYSony Group Corporation	0.01%	56,223	$3M	held	—	10 q
TSGIStars Group INC/THE	0.01%	128,070	$2M	added+49%	0.00 pp	3 q
MSCStudio City International Holdings Limited	0.01%	175,000	$3M	new	+0.01 pp	new
SUSuncor Energy, Inc.	0.01%	53,304	$1M	added+47%	0.00 pp	22 q
TALTAL Education Group	0.01%	55,307	$1M	trimmed−85%	−0.03 pp	20 q
TENBTenable Holdings, Inc.	0.01%	90,000	$2M	trimmed−25%	−0.01 pp	2 q
WYNTravel + Leisure Co.	0.01%	32,000	$1M	trimmed−79%	−0.02 pp	8 q
MYOVMyovant Sciences Ltd	0.01%	140,000	$2M	added+5%	0.00 pp	3 q
GLOBGlobant S.a.	0.01%	34,680	$2M	held	—	11 q
SPOTSpotify Technology S.A.	0.01%	21,500	$2M	added+12%	0.00 pp	3 q
NVMINova Ltd.	0.01%	130,000	$3M	new	+0.01 pp	new
CMPRCimpress PLC (Ireland)	0.01%	13,707	$1M	held	—	9 q
ABTAbbott Laboratories	0.00%	4,023	$291,000	new	0.00 pp	new
ABBVAbbvie Inc.	0.00%	754	$70,000	held	—	4 q
ADAPYAdaptimmune Theraptcs	0.00%	162,669	$935,000	trimmed−73%	−0.03 pp	3 q
ANABAnaptysBio, Inc.	0.00%	8,117	$518,000	added+13%	0.00 pp	4 q
APAMArtisan Partners Asset Management Inc.	0.00%	3,819	$84,000	held	—	23 q
unresolvedAssembly Biosciences Inc	0.00%	1,895	$43,000	added+39%	0.00 pp	2 q
AVBAvalonBay Communities, Inc.	0.00%	617	$107,000	added+26%	0.00 pp	4 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$306,000	held	—	10 q
BLQADBlackrock Inc	0.00%	298	$117,000	added+6%	0.00 pp	4 q
BXPBXP, Inc.	0.00%	305	$34,000	trimmed−99%	−0.01 pp	6 q
BSXBoston Scientific Corp.	0.00%	7,314	$258,000	new	0.00 pp	new
CHTRCharter Comm Inc Del CL A New	0.00%	283	$81,000	held	—	3 q
CYHCommunity Health Systems, Inc.	0.00%	100	$0	held	—	23 q
STZConstellation Brands, Inc.	0.00%	503	$81,000	added+8%	0.00 pp	3 q
COSTCostco Wholesale Corp	0.00%	268	$55,000	held	—	4 q
CCICrown Castle Inc.	0.00%	824	$90,000	held	—	4 q
DHRDanaher Corporation	0.00%	1,357	$140,000	added+29%	0.00 pp	4 q
DREDuke Realty Corp.	0.00%	2,637	$68,000	added+7%	0.00 pp	4 q
EOGEOG Resources, Inc.	0.00%	6,968	$608,000	trimmed−22%	0.00 pp	22 q
ELANElanco Animal Health Incorporated	0.00%	9,505	$300,000	trimmed−5%	0.00 pp	2 q
unresolvedEllie Mae	0.00%	7,513	$472,000	trimmed−80%	−0.02 pp	5 q
ETEnergy Transfer LP	0.00%	68,200	$901,000	held	—	17 q
VMRKVivmark Residential	0.00%	1,671	$110,000	added+26%	0.00 pp	8 q
ESSEssex Property Trust, Inc	0.00%	268	$66,000	added×3.6	0.00 pp	4 q
GSGoldman Sachs Group Inc.	0.00%	800	$134,000	held	—	10 q
HCAHCA Healthcare, Inc.	0.00%	1,985	$247,000	added+63%	0.00 pp	2 q
unresolvedHcp Inc	0.00%	1,437	$40,000	new	0.00 pp	new
HSTHost Hotels & Resorts, Inc.	0.00%	2,696	$45,000	trimmed−20%	0.00 pp	4 q
unresolvedHudson Pac Pptys Inc	0.00%	1,181	$34,000	trimmed−31%	0.00 pp	8 q
HUMHumana Inc.	0.00%	1,083	$310,000	added+91%	0.00 pp	2 q
ITWIllinois Tool Works Inc.	0.00%	483	$61,000	held	—	4 q
PODDInsulet Corporation	0.00%	1,515	$120,000	added+67%	0.00 pp	2 q
KWKennedy-wilson Holdings, Inc.	0.00%	3,044	$55,000	added+4%	0.00 pp	4 q
KRCKilroy Realty Corp.	0.00%	736	$46,000	held	—	4 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	388	$50,000	held	—	4 q
MPLXMplx LP	0.00%	21,500	$651,000	trimmed−1%	0.00 pp	13 q
MGYMagnolia Oil & Gas Corporation Class A	0.00%	84,900	$952,000	held	—	2 q
MPTMedical Properties Trust, Inc.	0.00%	1,706	$27,000	new	0.00 pp	new
MIDDMiddleby Corp	0.00%	8,600	$883,000	held	—	23 q
MCOMoody's Corporation	0.00%	963	$135,000	added+9%	0.00 pp	3 q
NBLXNoble Midstream Partners LP	0.00%	22,338	$644,000	held	—	9 q
PEBPebblebrook Hotel Trust	0.00%	1,028	$29,000	trimmed−14%	0.00 pp	4 q
PGProcter & Gamble Company	0.00%	1,796	$165,000	held	—	10 q
PSAPublic Storage	0.00%	222	$45,000	new	0.00 pp	new
QADBQad Inc-b	0.00%	20,000	$590,000	held	—	11 q
QCOMQualcomm Inc	0.00%	4,000	$228,000	held	—	10 q
REXRRexford Industrial Realty, Inc.	0.00%	1,756	$52,000	added×2.0	0.00 pp	17 q
SPGSimon Property Group, Inc.	0.00%	460	$77,000	added+89%	0.00 pp	4 q
SJMThe J.M. Smucker Company	0.00%	251	$23,000	held	—	10 q
SFMSprouts Farmers Market, Inc.	0.00%	30,000	$705,000	held	—	7 q
SUISun Communities, Inc	0.00%	747	$76,000	added+50%	0.00 pp	2 q
TRGPTarga Resources Corp.	0.00%	25,000	$900,000	trimmed−1%	−0.01 pp	12 q
TXNTexas Instruments Incorporated	0.00%	381	$36,000	added+13%	0.00 pp	4 q
TWTRTwitter, Inc.	0.00%	1,902	$55,000	new	0.00 pp	new
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.00%	36,000	$582,000	held	—	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	2,917	$727,000	added+21%	0.00 pp	4 q
UPWKUpwork Inc.	0.00%	27,470	$497,000	new	0.00 pp	new
VLOValero Energy Corporation	0.00%	11,900	$892,000	trimmed−2%	−0.01 pp	13 q
VMWVMware, Inc	0.00%	870	$119,000	added+42%	0.00 pp	2 q
VNOVornado Realty Trust	0.00%	548	$34,000	trimmed−37%	0.00 pp	4 q
WELLWelltower Inc.	0.00%	396	$27,000	new	0.00 pp	new
ZSZscaler, Inc.	0.00%	12,506	$490,000	trimmed−67%	−0.01 pp	4 q
ACNAccenture PLC	0.00%	593	$84,000	added+5%	0.00 pp	4 q
BPY-UCADBrookfield Property Partners	0.00%	892	$14,000	new	0.00 pp	new
MRKTIhs Markit Ltd	0.00%	1,645	$79,000	new	0.00 pp	new
LIVNLivaNova PLC	0.00%	1,088	$100,000	trimmed−6%	0.00 pp	2 q
MDTMedtronic plc	0.00%	2,575	$234,000	trimmed−5%	0.00 pp	2 q
0VQJLTe Connectivity Ltd	0.00%	1,436	$109,000	added+18%	0.00 pp	4 q
ESTCElastic N.V.	0.00%	1,831	$131,000	new	0.00 pp	new
unresolvedPinnacle Entmt Inc New	—	−4,213,056	—	exited	−0.59 pp	—
unresolvedAcxiom Corp	—	−2,346,201	—	exited	−0.48 pp	—
VMCVulcan Materials Company(Holding Company)	—	−211,356	—	exited	−0.10 pp	—
LEXEALiberty Expedia Holdings, Inc. Class A	—	−365,000	—	exited	−0.07 pp	—
REVGREV Group, Inc.	—	−1,000,000	—	exited	−0.07 pp	—
STAYExtended Stay America, Inc. Paired Share	—	−725,252	—	exited	−0.06 pp	—
FBINFortune Brands Innovations, Inc.	—	−161,726	—	exited	−0.04 pp	—
WHWyndham Hotels & Resorts, Inc.	—	−182,433	—	exited	−0.04 pp	—
EXPEagle Materials, Inc.	—	−71,730	—	exited	−0.03 pp	—
MLMMartin Marietta Materials	—	−34,344	—	exited	−0.03 pp	—
DBXDropbox, Inc. Class A	—	−138,308	—	exited	−0.02 pp	—
EBEventbrite, Inc. Class A	—	−150,000	—	exited	−0.02 pp	—
PEParsley Energy Inc	—	−140,800	—	exited	−0.02 pp	—
ADMSAdamas Pharmaceuticals, Inc.	—	−78,200	—	exited	−0.01 pp	—
unresolvedAndeavor	—	−16,100	—	exited	−0.01 pp	—
unresolvedCorium Intl Inc	—	−291,474	—	exited	−0.01 pp	—
HALHalliburton Company	—	−45,896	—	exited	−0.01 pp	—
MTSIMACOM Technology Solutions Holdings, Inc	—	−137,000	—	exited	−0.01 pp	—
WPXWPX Energy, Inc.	—	−98,000	—	exited	−0.01 pp	—
DVNDevon Energy Corporation	—	−20,000	—	exited	0.00 pp	—
unresolvedFlotek Industries Inc DEL	—	−333,539	—	exited	0.00 pp	—
unresolvedGrubhub Inc	—	−356	—	exited	0.00 pp	—
IRTCiRhythm Holdings, Inc.	—	−602	—	exited	0.00 pp	—
MROMarathon Oil Corporation	—	−50,400	—	exited	0.00 pp	—
NCSMNCS Multistage Holdings, Inc.	—	−66,000	—	exited	0.00 pp	—
PANWPalo Alto Networks, Inc.	—	−254	—	exited	0.00 pp	—
PXDPioneer Natural Resource Co.	—	−4,600	—	exited	0.00 pp	—
RYNRayonier Inc.	—	−585	—	exited	0.00 pp	—
SMSM Energy Company	—	−35,600	—	exited	0.00 pp	—
unresolvedSanchez Prodtn Partner	—	−97,600	—	exited	0.00 pp	—
SFIXStitch Fix, Inc. Class A	—	−836	—	exited	0.00 pp	—
SHOSunstone Hotel Investors, Inc.	—	−2,499	—	exited	0.00 pp	—
WYWeyerhaeuser Company	—	−593	—	exited	0.00 pp	—
RIGTransocean LTD.	—	−77,100	—	exited	0.00 pp	—