Baron Capital

Q1 2019 13F · by Ron Baron, CEO

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $23.6B · prev $19.8B
Positions: 357 · prev 369
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%

Moves321 since the prior filing

+5.6 pp in · −5.6 pp out

New 18 +0.59 pp
Added 143 +5.00 pp
Trimmed 130 −4.45 pp
Exited 30 −1.18 pp

The book

Diversified · behaves like 62 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

CSGP CoStar Group Inc trimmed+0.66 pp trimmed+0.664.8%
MTN Vail Resorts, Inc. trimmed−0.73 pp trimmed−0.734.5%
IT Gartner, Inc. trimmed−0.15 pp trimmed−0.154.3%
IDXX Idexx Laboratories Inc trimmed−0.08 pp trimmed−0.083.8%
ACGL Arch Capital Group Ltd trimmed−0.04 pp trimmed−0.043.1%

Positions357 in this filing · 30 exited


CSGPCoStar Group Inc	4.84%	2,448,537	$1.1B	trimmed−0%	+0.66 pp	24 q
MTNVail Resorts, Inc.	4.48%	4,863,534	$1.1B	trimmed−0%	−0.73 pp	24 q
ITGartner, Inc.	4.34%	6,752,787	$1.0B	trimmed−3%	−0.15 pp	24 q
IDXXIdexx Laboratories Inc	3.81%	4,016,927	$898M	trimmed−3%	−0.08 pp	24 q
ACGLArch Capital Group Ltd	3.10%	22,652,558	$732M	trimmed−2%	−0.04 pp	24 q
FDSFactset Research Systems	3.07%	2,915,297	$724M	added+1%	+0.15 pp	24 q
GWREGuidewire Software, Inc.	2.75%	6,679,533	$649M	added+1%	+0.06 pp	24 q
AKXAnsys Inc	2.01%	2,599,964	$475M	added+3%	+0.18 pp	24 q
TSLATesla, Inc.	1.95%	1,645,209	$460M	trimmed−1%	−0.85 pp	21 q
MSCIMSCI, Inc.	1.90%	2,253,138	$448M	trimmed0%	+0.22 pp	24 q
SSNCSS&C Technologies Inc	1.70%	6,286,419	$400M	added+2%	+0.29 pp	24 q
GLPIGaming and Leisure Properties, Inc.	1.69%	10,340,706	$399M	trimmed−1%	−0.02 pp	22 q
MTDMettler-Toledo International	1.66%	540,358	$391M	trimmed−2%	+0.09 pp	24 q
BFAMBright Horizons Family Solutions Inc.	1.63%	3,020,727	$384M	trimmed−1%	−0.09 pp	24 q
CHHChoice Hotels Intnl.	1.61%	4,891,745	$380M	added+1%	−0.14 pp	24 q
HHyatt Hotels Corporation	1.40%	4,559,306	$331M	trimmed−2%	−0.19 pp	24 q
TECHBio-Techne Corp.	1.32%	1,568,254	$311M	added+2%	+0.20 pp	18 q
PRIPrimerica, Inc.	1.29%	2,484,906	$304M	trimmed−0%	+0.06 pp	24 q
VACMarriott Vacations Worldwide Corporation	1.28%	3,225,765	$302M	trimmed−1%	+0.12 pp	24 q
SCHWThe Charles Schwab Corporation	1.19%	6,570,903	$281M	trimmed−0%	−0.19 pp	24 q
BABAAlibaba Group Holding Limited	1.15%	1,487,791	$271M	added+30%	+0.36 pp	19 q
MANUManchester United PLC	1.09%	13,348,483	$257M	trimmed−1%	−0.21 pp	24 q
DEIDouglas Emmett, Inc.	1.04%	6,094,868	$246M	trimmed−1%	−0.02 pp	24 q
IRDMIridium Communications Inc.	1.04%	9,320,349	$246M	trimmed−0%	+0.17 pp	20 q
WIXWIX.com Ltd.	1.02%	2,000,380	$242M	trimmed−4%	+0.07 pp	10 q
RRRRed Rock Resorts, Inc. Class A	1.00%	9,151,795	$237M	added+2%	+0.08 pp	12 q
SBACSBA Communications Corp	0.98%	1,153,537	$230M	trimmed−1%	+0.02 pp	10 q
VRSKVerisk Analytics, Inc.	0.90%	1,600,320	$213M	added+5%	+0.06 pp	24 q
BNFTBenefitfocus, Inc.	0.86%	4,113,281	$204M	trimmed−1%	−0.10 pp	22 q
unresolved2U Inc	0.86%	2,873,379	$204M	added+2%	+0.15 pp	8 q
MORNMorningstar, Inc.	0.78%	1,457,280	$184M	trimmed0%	−0.03 pp	24 q
WSTWest Pharmaceutical Services, Inc.	0.75%	1,597,709	$176M	trimmed−2%	−0.06 pp	24 q
PENNPENN Entertainment, Inc.	0.71%	8,317,095	$167M	added+4%	−0.05 pp	24 q
AREAlexandria Real Estate Equities, Inc.	0.63%	1,041,481	$148M	added+4%	+0.04 pp	24 q
TTDThe Trade Desk, Inc.	0.62%	741,400	$147M	trimmed−17%	+0.10 pp	10 q
VRSNVeriSign Inc	0.60%	776,426	$141M	added+9%	+0.06 pp	24 q
ILMNIllumina Inc	0.58%	437,366	$136M	added+3%	−0.07 pp	24 q
AZPNAspen Technology Inc	0.53%	1,187,766	$124M	added+7%	+0.07 pp	15 q
PBRPetroleo Brasileiro S.a.-petrobras	0.53%	7,835,090	$125M	trimmed−12%	−0.06 pp	6 q
TDGTransDigm Group Incorporated	0.53%	275,000	$125M	trimmed−15%	−0.03 pp	24 q
EQIXEquinix, Inc.	0.52%	268,192	$122M	trimmed−6%	+0.01 pp	17 q
SITESiteOne Landscape Supply, Inc.	0.52%	2,135,144	$122M	added+38%	+0.09 pp	12 q
WCNWaste Connections, Inc.	0.52%	1,375,000	$122M	trimmed−15%	−0.09 pp	11 q
DAYDayforce, Inc.	0.51%	2,367,169	$121M	added+10%	+0.14 pp	4 q
TREXTrex Company, Inc.	0.51%	1,973,273	$121M	trimmed−6%	−0.12 pp	21 q
WPWorldpay, Inc.	0.51%	1,069,261	$121M	added+7%	+0.12 pp	5 q
EFOREverforth, Inc.	0.49%	1,810,100	$115M	added+6%	+0.02 pp	3 q
CBRECbre Group, Inc.	0.48%	2,275,419	$113M	added+6%	+0.05 pp	24 q
CNSCohen & Steers Inc.	0.48%	2,668,751	$113M	held	—	24 q
PAGSPagSeguro Digital Ltd.	0.48%	3,827,469	$114M	added+13%	+0.16 pp	5 q
unresolvedUltimate Software Group Inc	0.47%	338,797	$112M	trimmed−34%	−0.16 pp	24 q
COLDAmericold Realty Trust, Inc.	0.45%	3,442,138	$105M	added+7%	+0.03 pp	5 q
KNSLKinsale Capital Group, Inc.	0.45%	1,539,749	$106M	added+7%	+0.04 pp	10 q
PRAHPRA Health Sciences, Inc.	0.45%	954,364	$105M	held	—	18 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.45%	2,596,451	$106M	trimmed−24%	−0.19 pp	24 q
TRUTransUnion	0.44%	1,554,516	$104M	added+9%	+0.03 pp	8 q
ICLRIcon Plc	0.44%	755,078	$103M	trimmed−3%	−0.07 pp	24 q
ALGNAlign Technology Inc	0.42%	347,505	$99M	trimmed−16%	−0.02 pp	24 q
ROPRoper Technologies, Inc.	0.42%	292,026	$100M	added+9%	+0.06 pp	24 q
CISNCision Ltd	0.42%	7,223,267	$99M	trimmed−0%	−0.01 pp	8 q
FNDFloor & Decor Holdings, Inc.	0.40%	2,279,232	$94M	added+13%	+0.14 pp	8 q
OAKOaktree Capital Group, LLC	0.39%	1,866,844	$93M	trimmed−3%	0.00 pp	24 q
CGNXCognex Corp	0.38%	1,750,000	$89M	trimmed−5%	+0.02 pp	24 q
VEEVVeeva Systems Inc.	0.38%	704,292	$89M	added+8%	+0.08 pp	8 q
GTTGTT Communications, Inc.	0.37%	2,500,000	$87M	held	—	8 q
WEXWEX Inc.	0.37%	450,000	$86M	held	—	24 q
MRCYMercury Systems Inc.	0.35%	1,275,600	$82M	trimmed−4%	+0.03 pp	17 q
AMZNAmazon.Com Inc	0.34%	45,471	$81M	trimmed−4%	−0.02 pp	24 q
TDOCTeladoc Health, Inc.	0.34%	1,436,000	$80M	trimmed−7%	−0.05 pp	9 q
ZGZillow Group Inc Class A	0.34%	2,367,182	$81M	added+17%	+0.02 pp	17 q
IEXIDEX Corporation	0.33%	514,449	$78M	added+7%	+0.02 pp	19 q
MKTXMarketAxess Holdings Inc.	0.33%	313,241	$77M	added+4%	+0.01 pp	15 q
MCMoelis & Company	0.33%	1,894,814	$79M	held	—	20 q
PEGAPegasystems Inc	0.33%	1,193,727	$78M	trimmed0%	+0.04 pp	24 q
GDSGDS Holdings Limited	0.32%	2,107,559	$75M	added×4.8	+0.27 pp	5 q
JBTMJBT Marel Corporation	0.32%	823,300	$76M	held	—	9 q
WTWWillis Towers Watson Public Limited Company	0.32%	429,758	$75M	added+7%	+0.01 pp	13 q
ALTRAltair Engineering Inc. Class A	0.31%	1,974,757	$73M	held	—	6 q
IBPInstalled Building Products, Inc.	0.31%	1,500,000	$73M	added+7%	+0.07 pp	6 q
unresolvedCooper Cos Inc/The	0.30%	235,532	$70M	added+32%	+0.07 pp	21 q
HQYHealthEquity, Inc	0.30%	954,436	$71M	added0%	+0.01 pp	19 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.30%	825,964	$70M	trimmed−1%	+0.02 pp	7 q
FASTFastenal Co	0.29%	1,061,012	$68M	trimmed−2%	0.00 pp	24 q
LBRDKLiberty Broadband Corporation Class C	0.29%	747,727	$69M	added+11%	+0.04 pp	18 q
SG7Sage Therapeutics Inc	0.29%	430,570	$68M	added+26%	+0.12 pp	16 q
TFXTeleflex Incorporated	0.29%	223,310	$67M	trimmed−4%	−0.01 pp	12 q
ALXAlexander's Inc.	0.28%	173,190	$65M	trimmed−0%	+0.01 pp	24 q
RAMPLiveRamp Holdings, Inc.	0.28%	1,228,840	$67M	trimmed−13%	0.00 pp	2 q
MSGSMadison Square Garden Sports Corp.	0.28%	225,000	$66M	held	—	14 q
AL1Sumisho Air Lease Corp	0.27%	1,859,912	$64M	trimmed−10%	−0.04 pp	24 q
LFUSLittelfuse Inc	0.27%	349,324	$64M	trimmed−1%	−0.04 pp	13 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.27%	1,162,943	$64M	added+26%	+0.07 pp	24 q
HLIHoulihan Lokey, Inc.	0.26%	1,322,019	$61M	added+8%	+0.03 pp	6 q
NOKNokia Corporation	0.26%	10,702,952	$61M	added+47%	+0.04 pp	4 q
BYDBoyd Gaming Corporation	0.25%	2,129,849	$58M	added+18%	+0.06 pp	9 q
unresolvedThe Carlyle Group	0.25%	3,246,881	$59M	held	—	24 q
FLTCorpay, Inc.	0.25%	238,025	$59M	added+9%	+0.04 pp	24 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.25%	641,598	$59M	trimmed−20%	−0.10 pp	24 q
PFGCPerformance Food Group Company	0.25%	1,511,944	$60M	held	—	14 q
ZLABZai Lab Limited	0.25%	1,998,092	$59M	added+1%	+0.02 pp	5 q
FRCBFirst Republic Bk CA	0.24%	569,120	$57M	added+6%	0.00 pp	24 q
NEOGNeogen Corp	0.24%	988,435	$57M	added+67%	+0.07 pp	24 q
YPFYPF Sociedad Anonima	0.24%	4,041,595	$57M	trimmed−16%	−0.09 pp	11 q
BKNGBooking Holdings Inc.	0.23%	31,533	$55M	trimmed−6%	−0.06 pp	5 q
PLNTPlanet Fitness, Inc.	0.23%	800,000	$55M	trimmed−3%	+0.01 pp	5 q
YEXTYext, Inc.	0.23%	2,534,604	$55M	added0%	+0.04 pp	8 q
IACIIac / Interactivecorp (De) Com Stk	0.22%	252,562	$53M	added+65%	+0.08 pp	4 q
MMSMAXIMUS, Inc.	0.22%	742,005	$53M	trimmed−67%	−0.51 pp	24 q
MOMOHello Group Inc.	0.22%	1,369,203	$52M	added+43%	+0.10 pp	5 q
CHDChurch & Dwight Co., Inc.	0.21%	683,232	$49M	trimmed−26%	−0.10 pp	24 q
DXCMDexCom, Inc.	0.21%	413,897	$49M	added+37%	+0.03 pp	24 q
ROLRollins, Inc.	0.21%	1,197,356	$50M	added+7%	0.00 pp	11 q
CMDCantel Medical Corporation	0.20%	696,080	$47M	added+16%	−0.03 pp	18 q
unresolvedChurchill Capital Corp	0.20%	3,500,000	$47M	new	+0.20 pp	new
MELIMercado Libre, Inc	0.20%	92,564	$47M	added×20.0	+0.19 pp	3 q
TIFTiffany & Co.	0.20%	450,197	$48M	added+33%	+0.06 pp	24 q
TTCToro Company (The)	0.20%	676,389	$47M	added+9%	+0.02 pp	7 q
GOOGAlphabet Inc. Class C	0.19%	37,799	$44M	added+6%	0.00 pp	20 q
BEBloom Energy Corporation	0.19%	3,452,381	$45M	added+12%	+0.03 pp	3 q
CDWCDW Corporation	0.19%	453,724	$44M	added+15%	+0.03 pp	8 q
EXPEExpedia Group, Inc.	0.19%	381,428	$45M	trimmed−1%	−0.03 pp	12 q
ITUBItau Unibanco Holding S.A.	0.19%	5,025,943	$44M	trimmed−33%	−0.16 pp	3 q
TREELendingTree, Inc.	0.19%	128,325	$45M	added0%	+0.05 pp	6 q
YYJOYY Inc.	0.19%	541,811	$46M	added+15%	+0.05 pp	2 q
BERYBerry Global Group, Inc.	0.18%	800,000	$43M	held	—	24 q
LSXMKLiberty Media Cor-siriusxm C	0.18%	1,100,000	$42M	held	—	3 q
STNEStoneCo Ltd. Class A	0.18%	1,033,291	$42M	added+18%	+0.10 pp	2 q
CAKECheesecake Factory (The)	0.17%	800,000	$39M	held	—	24 q
unresolvedSun Hydraulics Corp	0.17%	880,000	$41M	added+14%	+0.04 pp	8 q
unresolvedHudson Ltd	0.17%	3,000,000	$41M	trimmed−8%	−0.11 pp	5 q
NGVTIngevity Corporation	0.16%	350,000	$37M	held	—	3 q
UNVRUnivar Solutions Inc.	0.16%	1,725,000	$38M	trimmed−31%	−0.06 pp	11 q
SPOTSpotify Technology S.A.	0.16%	267,252	$37M	added×12.4	+0.15 pp	4 q
NBISNebius Group N.V. Class A	0.16%	1,114,453	$38M	added+1%	+0.01 pp	13 q
TROWT Rowe Price Group Inc	0.15%	346,282	$35M	trimmed−3%	−0.02 pp	24 q
QLYSQualys, Inc.	0.15%	430,000	$36M	trimmed−4%	−0.02 pp	21 q
INXNInterxion Holding NV	0.15%	534,209	$36M	trimmed−11%	−0.01 pp	14 q
BWXTBWX Technologies, Inc.	0.14%	654,965	$32M	added+12%	+0.03 pp	9 q
GHGuardant Health, Inc.	0.14%	438,643	$34M	trimmed−22%	+0.03 pp	2 q
AOSA.O. Smith Corporation	0.14%	640,319	$34M	added+7%	+0.01 pp	10 q
ZZillow Group, Inc. Class C	0.14%	925,200	$32M	added+14%	+0.01 pp	15 q
ESNTEssent Group LTD	0.14%	785,478	$34M	held	—	11 q
CPACopa Holdings, S.A.	0.14%	409,616	$33M	trimmed−15%	−0.05 pp	15 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.13%	971,487	$31M	added+7%	+0.01 pp	12 q
unresolvedNew Oriental Ed & Tech Grp I	0.13%	345,515	$31M	trimmed−32%	−0.01 pp	2 q
RBCRBC Bearings Incorporated	0.13%	250,000	$32M	held	—	18 q
SUMSummit Materials, Inc. Class A	0.13%	2,000,000	$32M	trimmed−22%	−0.03 pp	17 q
AATAmerican Assets Trust, Inc.	0.12%	592,000	$27M	held	—	24 q
HGVHilton Grand Vacations Inc.	0.12%	884,566	$27M	added+22%	+0.02 pp	9 q
MGMMgm Resorts International	0.12%	1,112,050	$29M	added+4%	−0.01 pp	17 q
MAMastercard Incorporated	0.12%	119,626	$28M	trimmed−3%	0.00 pp	24 q
MSFTMicrosoft Corp	0.12%	230,208	$27M	trimmed−1%	0.00 pp	6 q
WATWaters Corp	0.12%	115,746	$29M	added+8%	+0.02 pp	5 q
ARGXargenx SE	0.11%	202,293	$25M	trimmed−2%	+0.01 pp	6 q
BJRIBJ's Restaurants, Inc.	0.11%	550,000	$26M	added+47%	+0.01 pp	24 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.11%	750,000	$26M	held	—	12 q
RAVNRaven Industries Inc	0.11%	705,100	$27M	added+5%	−0.01 pp	5 q
SSLSasol Limited	0.11%	820,630	$25M	added+7%	0.00 pp	17 q
TMETencent Music Entertainment Group	0.11%	1,444,860	$26M	added×3.6	+0.08 pp	2 q
UAAUnder Armour, Inc.	0.11%	1,212,181	$26M	trimmed−34%	−0.05 pp	24 q
unresolvedBrookfield Asset Mgmt Inc	0.10%	515,613	$24M	trimmed−6%	−0.01 pp	24 q
DNLIDenali Therapeutics Inc.	0.10%	984,662	$23M	added0%	0.00 pp	6 q
VVISA Inc.	0.10%	152,562	$24M	added+1%	0.00 pp	24 q
RCLRoyal Caribbean Group	0.10%	213,708	$24M	added+54%	+0.03 pp	15 q
ANGIAngi Inc. Class A	0.09%	1,323,207	$20M	new	+0.09 pp	new
HEI.AHeico Corp Cl A	0.09%	238,613	$20M	held	—	5 q
ISRGIntuitive Surgical Inc.	0.09%	35,806	$20M	added+3%	+0.01 pp	10 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.09%	1,898,507	$21M	trimmed−28%	−0.06 pp	6 q
AMTAmerican Tower Corporation	0.08%	97,828	$19M	trimmed−62%	−0.13 pp	24 q
CBOECboe Global Markets, Inc.	0.08%	200,000	$19M	held	—	9 q
LOWLowe's Companies Inc.	0.08%	175,845	$19M	trimmed−30%	−0.04 pp	2 q
NDSNNordson Corp	0.08%	150,000	$20M	held	—	24 q
OECOrion S.A.	0.08%	1,000,000	$19M	held	—	5 q
MLNXMellanox Technologies Ltd	0.08%	161,414	$19M	trimmed−17%	−0.01 pp	23 q
AMHAmerican Homes 4 Rent	0.07%	721,264	$16M	held	—	8 q
METAMeta Platforms, Inc. Class A	0.07%	93,116	$16M	added+12%	+0.01 pp	24 q
MYGNMyriad Genetics Inc	0.07%	509,564	$17M	added+39%	+0.02 pp	11 q
NVDANvidia Corp	0.07%	94,922	$17M	added+21%	+0.02 pp	3 q
PRTYParty City Holdco Inc.	0.07%	2,179,869	$17M	trimmed−39%	−0.11 pp	16 q
PLDPrologis, Inc.	0.07%	219,300	$16M	added+27%	+0.02 pp	10 q
WINGWingstop Inc	0.07%	225,000	$17M	trimmed−36%	−0.04 pp	16 q
BMABanco Macro S.A.	0.06%	287,555	$13M	trimmed−13%	−0.01 pp	8 q
BVBrightView Holdings, Inc.	0.06%	926,284	$13M	added×2.0	+0.04 pp	2 q
DKSDick's Sporting Goods, Inc.	0.06%	367,960	$14M	trimmed−12%	−0.01 pp	24 q
EPAMEpam Systems, Inc.	0.06%	80,544	$14M	held	—	14 q
HDHome Depot, Inc.	0.06%	69,128	$13M	trimmed−43%	−0.05 pp	22 q
unresolvedHudson Pac Pptys Inc	0.06%	401,963	$14M	added×340.4	+0.06 pp	9 q
SPLKSplunk Inc	0.06%	118,366	$15M	added+12%	0.00 pp	10 q
VRTXVertex Pharmaceuticals Inc	0.06%	79,659	$15M	trimmed−8%	−0.01 pp	7 q
OSWOneSpaWorld Holdings Limited	0.06%	1,000,000	$14M	new	+0.06 pp	new
CDNACareDx, Inc.	0.05%	360,492	$11M	trimmed−11%	0.00 pp	4 q
EAElectronic Arts Inc	0.05%	117,324	$12M	added+8%	+0.01 pp	9 q
DAVAEndava plc	0.05%	386,048	$11M	added+16%	+0.01 pp	3 q
HEIHEICO Corporation	0.05%	125,993	$12M	held	—	4 q
XENTIntersect ENT, Inc	0.05%	396,288	$13M	added0%	−0.01 pp	5 q
SIENSientra, Inc.	0.05%	1,414,300	$12M	added×3.7	+0.03 pp	13 q
unresolvedTpi Composites Inc	0.05%	402,000	$12M	trimmed−17%	−0.01 pp	10 q
TXMDTherapeuticsMD, Inc.	0.05%	2,350,000	$11M	added+27%	+0.01 pp	21 q
VRAYQViewray Inc	0.05%	1,585,809	$12M	added+29%	+0.01 pp	2 q
VMCVulcan Materials Company(Holding Company)	0.05%	91,588	$11M	new	+0.05 pp	new
unresolvedArco Platform Ltd Com	0.05%	337,789	$11M	trimmed−10%	+0.01 pp	3 q
ADBEAdobe Inc.	0.04%	31,864	$8M	added+5%	+0.01 pp	6 q
CMECME Group Inc.	0.04%	59,878	$10M	held	—	24 q
CERSCerus Corp	0.04%	1,639,409	$10M	added+24%	+0.01 pp	18 q
COHRCoherent Corp.	0.04%	60,300	$9M	added×2.1	+0.02 pp	24 q
CTRPTrip.com Group Limited	0.04%	199,118	$9M	added+8%	+0.01 pp	17 q
ELSEquity Lifestyle Properties, Inc.	0.04%	73,725	$8M	added0%	0.00 pp	5 q
unresolvedFlexion Therapeutics Inc	0.04%	675,000	$8M	added+75%	+0.02 pp	12 q
FSCTForeScout Technologies, Inc.	0.04%	210,000	$9M	held	—	6 q
JBGSJBG SMITH Properties	0.04%	214,568	$9M	new	+0.04 pp	new
LENLennar Corporation Class A	0.04%	172,089	$8M	trimmed−16%	0.00 pp	2 q
LBRDALiberty Broadband Corporation Class A	0.04%	100,000	$9M	held	—	18 q
REXRRexford Industrial Realty, Inc.	0.04%	292,368	$10M	added×166.5	+0.04 pp	18 q
RNGRingcentral, Inc.	0.04%	95,315	$10M	trimmed−11%	0.00 pp	3 q
SLGSL Green Realty Corp.	0.04%	100,351	$9M	added0%	0.00 pp	24 q
TTWOTake-Two Interactive Software Inc	0.04%	101,608	$10M	added+64%	+0.01 pp	8 q
CZRCaesars Entertainment, Inc.	0.03%	746,246	$6M	added+45%	+0.01 pp	2 q
CUBLionheart Holdings Class A	0.03%	110,000	$6M	added+57%	+0.01 pp	2 q
EWEdwards Lifesciences Corp	0.03%	33,612	$6M	trimmed−10%	0.00 pp	24 q
ENVEnvestnet, Inc.	0.03%	98,410	$6M	held	—	22 q
ESPREsperion Therapeutics Inc Ne	0.03%	183,500	$7M	added+84%	+0.01 pp	6 q
FUTUFutu Holdings Limited	0.03%	335,362	$6M	new	+0.03 pp	new
GLIBAGci Liberty Inc - Class A	0.03%	137,104	$8M	held	—	5 q
INVHInvitation Homes Inc.	0.03%	306,488	$7M	added+83%	+0.01 pp	9 q
LM05Liberty Media Corp-liberty-a	0.03%	185,000	$6M	held	—	12 q
LMNRLimoneira Co	0.03%	325,000	$8M	added+8%	0.00 pp	4 q
MASMasco Corporation	0.03%	188,166	$7M	trimmed−47%	−0.02 pp	10 q
NFLXNetFlix Inc	0.03%	19,432	$7M	trimmed−3%	0.00 pp	23 q
NOVTNovanta Inc.	0.03%	70,000	$6M	added+27%	+0.01 pp	8 q
PARPAR Technology Corp.	0.03%	268,011	$7M	added+71%	+0.01 pp	3 q
QTSQts Realty Trust, Inc.	0.03%	181,831	$8M	added×2.9	+0.02 pp	3 q
RHTRed Hat Inc	0.03%	41,811	$8M	held	—	24 q
RVNCRevance Therapeutics, Inc.	0.03%	509,200	$8M	new	+0.03 pp	new
RHIRobert Half Inc.	0.03%	104,310	$7M	held	—	24 q
SPGIS&P Global Inc.	0.03%	30,891	$7M	held	—	5 q
NOWServicenow, Inc.	0.03%	26,551	$7M	trimmed−24%	0.00 pp	15 q
ICHRIchor Holdings	0.03%	360,000	$8M	added+13%	0.00 pp	10 q
LXFRLuxfer Holdings PLC	0.03%	240,000	$6M	held	—	3 q
KRNTKornit Digital Ltd.	0.03%	293,000	$7M	added+52%	+0.01 pp	13 q
ASMLASML Holding NV	0.03%	42,958	$8M	held	—	23 q
unresolvedAccelerate Diagnostics	0.02%	260,000	$5M	held	—	2 q
XLRNAcceleron Pharma Inc.	0.02%	120,677	$6M	added+72%	0.00 pp	8 q
AIYActivision Blizzard Inc	0.02%	89,541	$4M	trimmed−65%	−0.04 pp	5 q
AINAlbany International Corp Class A	0.02%	81,071	$6M	held	—	4 q
ALEXAlexander & Baldwin, Inc.	0.02%	200,000	$5M	trimmed−33%	−0.01 pp	7 q
GOOGLAlphabet Inc. Class A	0.02%	3,157	$4M	trimmed−0%	0.00 pp	15 q
PLANAnaplan, Inc.	0.02%	109,571	$4M	trimmed−32%	0.00 pp	2 q
AZNNAstrazeneca Plc-spons ADR	0.02%	132,197	$5M	trimmed−28%	−0.02 pp	4 q
AXGNAxogen, Inc.	0.02%	251,386	$5M	added×2.3	+0.01 pp	7 q
CWHCamping World Holdings, Inc.	0.02%	360,400	$5M	trimmed−74%	−0.06 pp	10 q
KMXCarMax Inc.	0.02%	71,733	$5M	trimmed−74%	−0.07 pp	24 q
CVETCovetrus, Inc.	0.02%	179,715	$6M	new	+0.02 pp	new
EBSEmergent Biosolutions, Inc.	0.02%	108,000	$5M	added+80%	0.00 pp	6 q
ESEESCO Technologies, Inc.	0.02%	86,600	$6M	added+21%	0.00 pp	15 q
MRAMEverspin Technologies, Inc	0.02%	580,000	$4M	trimmed−23%	0.00 pp	10 q
HLTHilton Worldwide Holdings Inc.	0.02%	49,098	$4M	trimmed−63%	−0.03 pp	10 q
INSPInspire Medical Systems, Inc.	0.02%	103,598	$6M	new	+0.02 pp	new
IINIntriCon Corporation	0.02%	182,424	$5M	added+18%	0.00 pp	4 q
MARMarriott International Class A	0.02%	34,573	$4M	trimmed−59%	−0.03 pp	10 q
OPRAOpera Limited	0.02%	662,777	$4M	trimmed−14%	0.00 pp	3 q
PKPark Hotels & Resorts Inc.	0.02%	171,624	$5M	trimmed−20%	−0.01 pp	9 q
PTBPotbelly Corp	0.02%	600,000	$5M	added+33%	0.00 pp	2 q
PFPTProofpoint, Inc.	0.02%	31,296	$4M	trimmed−0%	+0.01 pp	9 q
CRMSalesforce, Inc.	0.02%	31,296	$5M	trimmed−10%	0.00 pp	24 q
SHWThe Sherwin-Williams Company	0.02%	13,485	$6M	trimmed−33%	−0.02 pp	10 q
MYOVMyovant Sciences Ltd	0.02%	168,000	$4M	added+20%	+0.01 pp	4 q
GLNGGolar LNG Ltd	0.02%	168,500	$4M	trimmed−38%	−0.01 pp	24 q
NVMINova Ltd.	0.02%	230,000	$6M	added+77%	+0.01 pp	2 q
IFRXInflaRx N.V.	0.02%	136,998	$5M	new	+0.02 pp	new
AERIAerie Pharmaceuticals, Inc.	0.01%	54,963	$3M	added+23%	0.00 pp	19 q
AAgilent Technologies Inc.	0.01%	36,399	$3M	added0%	0.00 pp	24 q
ARWRArrowhead Research Corporation	0.01%	167,494	$3M	added0%	0.00 pp	2 q
BBBlackBerry Limited	0.01%	217,714	$2M	added+27%	0.00 pp	5 q
CXOConcho Resources Inc.	0.01%	27,374	$3M	trimmed−82%	−0.07 pp	24 q
DHID.R. Horton Inc.	0.01%	38,960	$2M	trimmed−93%	−0.09 pp	2 q
RDYDr. Reddy's Laboratories Limited	0.01%	46,385	$2M	new	+0.01 pp	new
DPZDomino's Pizza Inc.	0.01%	49,108	$2M	trimmed−44%	0.00 pp	4 q
unresolvedEncana Corp	0.01%	467,153	$3M	added+36%	0.00 pp	13 q
HDBHDFC Bank Limited	0.01%	28,118	$3M	added+44%	0.00 pp	9 q
LYFTLyft, Inc. Class A	0.01%	20,000	$2M	new	+0.01 pp	new
MANHManhattan Associates Inc	0.01%	53,100	$3M	held	—	19 q
NBIXNeurocrine Biosciences Inc	0.01%	31,403	$3M	held	—	4 q
OKTAOkta, Inc. Class A	0.01%	18,540	$2M	held	—	8 q
PYPLPayPal Holdings, Inc.	0.01%	30,800	$3M	new	+0.01 pp	new
PDDPDD Holdings Inc.	0.01%	59,482	$1M	trimmed−91%	−0.07 pp	3 q
QADAQad Inc-a	0.01%	75,000	$3M	held	—	9 q
unresolvedRa Med Sys Inc	0.01%	509,431	$2M	held	—	3 q
RYAAYRyanair Holdings plc	0.01%	42,025	$3M	added+5%	0.00 pp	14 q
SONYSony Group Corporation	0.01%	46,223	$2M	trimmed−18%	0.00 pp	11 q
TSGIStars Group INC/THE	0.01%	171,070	$3M	added+34%	0.00 pp	4 q
MSCStudio City International Holdings Limited	0.01%	150,000	$2M	trimmed−14%	0.00 pp	2 q
SUSuncor Energy, Inc.	0.01%	39,304	$1M	trimmed−26%	0.00 pp	23 q
TALTAL Education Group	0.01%	76,175	$3M	added+38%	0.00 pp	21 q
WYNTravel + Leisure Co.	0.01%	32,000	$1M	held	—	9 q
GLOBGlobant S.a.	0.01%	34,680	$2M	held	—	12 q
ABTAbbott Laboratories	0.00%	5,796	$463,000	added+44%	0.00 pp	2 q
ADAPYAdaptimmune Theraptcs	0.00%	162,669	$699,000	held	—	4 q
ANABAnaptysBio, Inc.	0.00%	3,087	$226,000	trimmed−62%	0.00 pp	5 q
AAPLApple Inc.	0.00%	1,122	$213,000	trimmed−97%	−0.03 pp	24 q
APAMArtisan Partners Asset Management Inc.	0.00%	3,819	$96,000	held	—	24 q
AVBAvalonBay Communities, Inc.	0.00%	454	$91,000	trimmed−26%	0.00 pp	5 q
BZUNBaozun Inc.	0.00%	1,864	$77,000	new	0.00 pp	new
BRK.ABerkshire Hathaway Inc.	0.00%	1	$301,000	held	—	11 q
BLQADBlackrock Inc	0.00%	310	$132,000	added+4%	0.00 pp	5 q
BXPBXP, Inc.	0.00%	345	$46,000	added+13%	0.00 pp	7 q
BSXBoston Scientific Corp.	0.00%	3,293	$126,000	trimmed−55%	0.00 pp	2 q
CHTRCharter Comm Inc Del CL A New	0.00%	283	$98,000	held	—	4 q
CYHCommunity Health Systems, Inc.	0.00%	100	$0	held	—	24 q
STZConstellation Brands, Inc.	0.00%	725	$127,000	added+44%	0.00 pp	4 q
COSTCostco Wholesale Corp	0.00%	268	$65,000	held	—	5 q
COUPCoupa Software Incorporated	0.00%	4,900	$446,000	new	0.00 pp	new
CCICrown Castle Inc.	0.00%	480	$61,000	trimmed−42%	0.00 pp	5 q
DHRDanaher Corporation	0.00%	1,415	$187,000	added+4%	0.00 pp	5 q
DREDuke Realty Corp.	0.00%	2,844	$87,000	added+8%	0.00 pp	5 q
ELANElanco Animal Health Incorporated	0.00%	9,446	$303,000	trimmed−1%	0.00 pp	3 q
unresolvedEllie Mae	0.00%	7,513	$741,000	held	—	6 q
VMRKVivmark Residential	0.00%	1,200	$90,000	trimmed−28%	0.00 pp	9 q
ESSEssex Property Trust, Inc	0.00%	268	$78,000	held	—	5 q
GSGoldman Sachs Group Inc.	0.00%	800	$154,000	held	—	11 q
HCAHCA Healthcare, Inc.	0.00%	1,985	$259,000	held	—	3 q
unresolvedHcp Inc	0.00%	1,114	$35,000	trimmed−22%	0.00 pp	2 q
HSTHost Hotels & Resorts, Inc.	0.00%	2,641	$50,000	trimmed−2%	0.00 pp	5 q
HUMHumana Inc.	0.00%	483	$128,000	trimmed−55%	0.00 pp	3 q
ITWIllinois Tool Works Inc.	0.00%	344	$49,000	trimmed−29%	0.00 pp	5 q
PODDInsulet Corporation	0.00%	3,012	$286,000	added+99%	0.00 pp	3 q
KWKennedy-wilson Holdings, Inc.	0.00%	3,044	$65,000	held	—	5 q
KRCKilroy Realty Corp.	0.00%	1,660	$126,000	added×2.3	0.00 pp	5 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	434	$72,000	added+12%	0.00 pp	5 q
LGNDLigand Pharmaceuticals Inc.	0.00%	1,977	$249,000	new	0.00 pp	new
MPTMedical Properties Trust, Inc.	0.00%	1,158	$21,000	trimmed−32%	0.00 pp	2 q
MIDDMiddleby Corp	0.00%	8,600	$1M	held	—	24 q
MCOMoody's Corporation	0.00%	1,020	$185,000	added+6%	0.00 pp	4 q
PEBPebblebrook Hotel Trust	0.00%	954	$30,000	trimmed−7%	0.00 pp	5 q
PGProcter & Gamble Company	0.00%	1,796	$187,000	held	—	11 q
QADBQad Inc-b	0.00%	20,000	$620,000	held	—	12 q
QCOMQualcomm Inc	0.00%	4,000	$228,000	held	—	11 q
RLHRed Lions Hotel Corporation	0.00%	100,000	$808,000	trimmed−67%	−0.01 pp	4 q
SRPTSarepta Therapeutics,, Inc.	0.00%	656	$78,000	new	0.00 pp	new
SPGSimon Property Group, Inc.	0.00%	355	$65,000	trimmed−23%	0.00 pp	5 q
SJMThe J.M. Smucker Company	0.00%	251	$29,000	held	—	11 q
SFMSprouts Farmers Market, Inc.	0.00%	30,000	$646,000	held	—	8 q
SUISun Communities, Inc	0.00%	765	$91,000	added+2%	0.00 pp	3 q
TXNTexas Instruments Incorporated	0.00%	566	$60,000	added+49%	0.00 pp	5 q
TWTRTwitter, Inc.	0.00%	1,592	$52,000	trimmed−16%	0.00 pp	2 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.00%	28,000	$528,000	trimmed−22%	0.00 pp	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	3,187	$788,000	added+9%	0.00 pp	5 q
UPWKUpwork Inc.	0.00%	27,470	$526,000	held	—	2 q
VMWVMware, Inc	0.00%	478	$86,000	trimmed−45%	0.00 pp	3 q
VNOVornado Realty Trust	0.00%	336	$23,000	trimmed−39%	0.00 pp	5 q
WELLWelltower Inc.	0.00%	286	$22,000	trimmed−28%	0.00 pp	2 q
ZSZscaler, Inc.	0.00%	12,506	$887,000	held	—	5 q
ACNAccenture PLC	0.00%	781	$137,000	added+32%	0.00 pp	5 q
BPY-UCADBrookfield Property Partners	0.00%	892	$18,000	held	—	2 q
BIPBrookfield Infrastructure Partners L.P.	0.00%	1,340	$56,000	new	0.00 pp	new
MRKTIhs Markit Ltd	0.00%	2,487	$135,000	added+51%	0.00 pp	2 q
0VQJLTe Connectivity Ltd	0.00%	1,489	$120,000	added+4%	0.00 pp	5 q
ESTCElastic N.V.	0.00%	1,831	$146,000	held	—	2 q
BIDUBaidu, Inc.	—	−398,747	—	exited	−0.32 pp	—
AMXNAmerica Movil-spn ADR Cl L	—	−4,129,931	—	exited	−0.30 pp	—
SFLYShutterfly, Inc.	—	−1,000,000	—	exited	−0.20 pp	—
DLRDigital Realty Trust, Inc.	—	−135,098	—	exited	−0.07 pp	—
AVLRAvalara, Inc.	—	−300,000	—	exited	−0.05 pp	—
CONECyrusOne Inc	—	−113,617	—	exited	−0.03 pp	—
unresolvedEmerald Expositions Events Inc	—	−523,100	—	exited	−0.03 pp	—
VRNSVaronis Systems, Inc.	—	−125,034	—	exited	−0.03 pp	—
AQAquantia Corp.	—	−500,338	—	exited	−0.02 pp	—
BIIBBiogen Inc.	—	−10,175	—	exited	−0.02 pp	—
AZTAAzenta, Inc.	—	−120,000	—	exited	−0.02 pp	—
IBKRInteractive Brokers Group, Inc. Class A	—	−55,701	—	exited	−0.02 pp	—
STMPStamps.com, Inc.	—	−21,520	—	exited	−0.02 pp	—
WHDCactus, Inc.	—	−52,900	—	exited	−0.01 pp	—
MPCMarathon Petroleum Corporation	—	−25,692	—	exited	−0.01 pp	—
MUFGMitsubishi UFJ Financial Group, Inc.	—	−533,145	—	exited	−0.01 pp	—
TENBTenable Holdings, Inc.	—	−90,000	—	exited	−0.01 pp	—
CMPRCimpress PLC (Ireland)	—	−13,707	—	exited	−0.01 pp	—
ABBVAbbvie Inc.	—	−754	—	exited	0.00 pp	—
unresolvedAssembly Biosciences Inc	—	−1,895	—	exited	0.00 pp	—
EOGEOG Resources, Inc.	—	−6,968	—	exited	0.00 pp	—
ETEnergy Transfer LP	—	−68,200	—	exited	0.00 pp	—
MPLXMplx LP	—	−21,500	—	exited	0.00 pp	—
MGYMagnolia Oil & Gas Corporation Class A	—	−84,900	—	exited	0.00 pp	—
NBLXNoble Midstream Partners LP	—	−22,338	—	exited	0.00 pp	—
PSAPublic Storage	—	−222	—	exited	0.00 pp	—
TRGPTarga Resources Corp.	—	−25,000	—	exited	0.00 pp	—
VLOValero Energy Corporation	—	−11,900	—	exited	0.00 pp	—
LIVNLivaNova PLC	—	−1,088	—	exited	0.00 pp	—
MDTMedtronic plc	—	−2,575	—	exited	0.00 pp	—