Baron Capital

Q2 2019 13F · by Ron Baron, CEO

As of: Jun 30, 2019
Filed: Aug 15, 2019
US stock: $24.9B · prev $23.6B
Positions: 361 · prev 357
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%

Moves313 since the prior filing

+3.3 pp in · −3.2 pp out

New 30 +1.75 pp
Added 123 +1.57 pp
Trimmed 134 −1.81 pp
Exited 26 −1.34 pp

The book

Diversified · behaves like 59 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.2 years per position

Low
Moderate
High

Top 5 positions22% of US stock

CSGP CoStar Group Inc trimmed+0.53 pp trimmed+0.535.4%
IDXX Idexx Laboratories Inc trimmed+0.54 pp trimmed+0.544.3%
MTN Vail Resorts, Inc. trimmed−0.16 pp trimmed−0.164.3%
IT Gartner, Inc. trimmed−0.08 pp trimmed−0.084.3%
FDS Factset Research Systems trimmed+0.28 pp trimmed+0.283.4%

Positions361 in this filing · 26 exited


CSGPCoStar Group Inc	5.37%	2,417,624	$1.3B	trimmed−1%	+0.53 pp	25 q
IDXXIdexx Laboratories Inc	4.35%	3,941,338	$1.1B	trimmed−2%	+0.54 pp	25 q
MTNVail Resorts, Inc.	4.32%	4,829,978	$1.1B	trimmed−1%	−0.16 pp	25 q
ITGartner, Inc.	4.26%	6,602,481	$1.1B	trimmed−2%	−0.08 pp	25 q
FDSFactset Research Systems	3.35%	2,911,466	$834M	trimmed−0%	+0.28 pp	25 q
ACGLArch Capital Group Ltd	3.33%	22,384,293	$830M	trimmed−1%	+0.23 pp	25 q
GWREGuidewire Software, Inc.	2.71%	6,673,828	$677M	trimmed−0%	−0.04 pp	25 q
MSCIMSCI, Inc.	2.15%	2,248,078	$537M	trimmed−0%	+0.25 pp	25 q
AKXAnsys Inc	2.14%	2,600,736	$533M	added0%	+0.13 pp	25 q
BFAMBright Horizons Family Solutions Inc.	1.81%	2,988,627	$451M	trimmed−1%	+0.18 pp	25 q
MTDMettler-Toledo International	1.78%	527,903	$443M	trimmed−2%	+0.12 pp	25 q
CHHChoice Hotels Intnl.	1.71%	4,891,465	$426M	trimmed−0%	+0.10 pp	25 q
GLPIGaming and Leisure Properties, Inc.	1.53%	9,759,040	$380M	trimmed−6%	−0.16 pp	23 q
TSLATesla, Inc.	1.46%	1,630,260	$364M	trimmed−1%	−0.49 pp	22 q
SSNCSS&C Technologies Inc	1.45%	6,273,281	$361M	trimmed−0%	−0.25 pp	25 q
HHyatt Hotels Corporation	1.38%	4,534,371	$345M	trimmed−1%	−0.02 pp	25 q
TECHBio-Techne Corp.	1.31%	1,568,320	$327M	added0%	−0.01 pp	19 q
VACMarriott Vacations Worldwide Corporation	1.22%	3,162,849	$305M	trimmed−2%	−0.06 pp	25 q
PRIPrimerica, Inc.	1.20%	2,484,800	$298M	trimmed0%	−0.09 pp	25 q
WIXWIX.com Ltd.	1.12%	1,967,754	$280M	trimmed−2%	+0.10 pp	11 q
BABAAlibaba Group Holding Limited	1.09%	1,604,438	$272M	added+8%	−0.06 pp	20 q
IRDMIridium Communications Inc.	1.08%	11,594,684	$270M	added+24%	+0.04 pp	21 q
SCHWThe Charles Schwab Corporation	1.06%	6,576,513	$264M	added0%	−0.13 pp	25 q
SBACSBA Communications Corp	1.03%	1,140,067	$256M	trimmed−1%	+0.05 pp	11 q
DEIDouglas Emmett, Inc.	0.96%	5,978,522	$238M	trimmed−2%	−0.08 pp	25 q
MANUManchester United PLC	0.95%	13,161,086	$238M	trimmed−1%	−0.14 pp	25 q
VRSKVerisk Analytics, Inc.	0.94%	1,599,648	$234M	trimmed−0%	+0.04 pp	25 q
MORNMorningstar, Inc.	0.85%	1,457,280	$211M	held	—	25 q
RRRRed Rock Resorts, Inc. Class A	0.82%	9,543,154	$205M	added+4%	−0.18 pp	13 q
WSTWest Pharmaceutical Services, Inc.	0.80%	1,589,430	$199M	trimmed−1%	+0.05 pp	25 q
TREXTrex Company, Inc.	0.79%	2,733,942	$196M	added+39%	+0.28 pp	22 q
ILMNIllumina Inc	0.67%	452,415	$167M	added+3%	+0.09 pp	25 q
PENNPENN Entertainment, Inc.	0.66%	8,551,553	$165M	added+3%	−0.05 pp	25 q
VRSNVeriSign Inc	0.65%	776,396	$162M	trimmed0%	+0.05 pp	25 q
TTDThe Trade Desk, Inc.	0.62%	679,513	$155M	trimmed−8%	0.00 pp	11 q
AZPNAspen Technology Inc	0.60%	1,206,716	$150M	added+2%	+0.07 pp	16 q
AREAlexandria Real Estate Equities, Inc.	0.59%	1,041,910	$147M	added0%	−0.04 pp	25 q
KNSLKinsale Capital Group, Inc.	0.57%	1,544,929	$141M	added0%	+0.12 pp	11 q
SITESiteOne Landscape Supply, Inc.	0.56%	1,997,517	$138M	trimmed−6%	+0.04 pp	13 q
CNSCohen & Steers Inc.	0.55%	2,668,751	$137M	held	—	25 q
WPWorldpay, Inc.	0.54%	1,098,836	$135M	added+3%	+0.03 pp	6 q
DAYDayforce, Inc.	0.52%	2,562,171	$129M	added+8%	+0.01 pp	5 q
EQIXEquinix, Inc.	0.52%	258,759	$130M	trimmed−4%	0.00 pp	18 q
PAGSPagSeguro Digital Ltd.	0.52%	3,328,592	$130M	trimmed−13%	+0.04 pp	6 q
WCNWaste Connections, Inc.	0.48%	1,250,000	$119M	trimmed−9%	−0.04 pp	12 q
CBRECbre Group, Inc.	0.47%	2,267,263	$116M	trimmed−0%	−0.01 pp	25 q
PBRPetroleo Brasileiro S.a.-petrobras	0.47%	7,457,924	$116M	trimmed−5%	−0.06 pp	7 q
ICLRIcon Plc	0.47%	755,278	$116M	added0%	+0.03 pp	25 q
TRUTransUnion	0.46%	1,554,566	$114M	added0%	+0.02 pp	9 q
COLDAmericold Realty Trust, Inc.	0.45%	3,464,189	$112M	added+1%	0.00 pp	6 q
BNFTBenefitfocus, Inc.	0.45%	4,144,001	$113M	added+1%	−0.41 pp	23 q
VEEVVeeva Systems Inc.	0.45%	698,646	$113M	trimmed−1%	+0.07 pp	9 q
ZGZillow Group Inc Class A	0.45%	2,434,684	$111M	added+3%	+0.11 pp	18 q
EFOREverforth, Inc.	0.44%	1,810,100	$110M	held	—	4 q
ROPRoper Technologies, Inc.	0.43%	291,996	$107M	trimmed−0%	+0.01 pp	25 q
JBTMJBT Marel Corporation	0.40%	823,300	$100M	held	—	10 q
MKTXMarketAxess Holdings Inc.	0.40%	307,574	$99M	trimmed−2%	+0.07 pp	16 q
FNDFloor & Decor Holdings, Inc.	0.39%	2,294,232	$96M	added+1%	−0.01 pp	9 q
IBPInstalled Building Products, Inc.	0.39%	1,636,712	$97M	added+9%	+0.08 pp	7 q
TDGTransDigm Group Incorporated	0.39%	200,000	$97M	trimmed−27%	−0.14 pp	25 q
PRAHPRA Health Sciences, Inc.	0.38%	954,364	$95M	held	—	19 q
WEXWEX Inc.	0.38%	450,000	$94M	held	—	25 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.37%	2,335,142	$91M	trimmed−10%	−0.08 pp	25 q
TDOCTeladoc Health, Inc.	0.37%	1,386,000	$92M	trimmed−3%	+0.03 pp	10 q
AMZNAmazon.Com Inc	0.35%	46,388	$88M	added+2%	+0.01 pp	25 q
IEXIDEX Corporation	0.35%	514,323	$89M	trimmed−0%	+0.02 pp	20 q
MRCYMercury Systems Inc.	0.35%	1,255,600	$88M	trimmed−2%	0.00 pp	18 q
PEGAPegasystems Inc	0.34%	1,193,727	$85M	held	—	25 q
CGNXCognex Corp	0.33%	1,700,000	$82M	trimmed−3%	−0.05 pp	25 q
GDSGDS Holdings Limited	0.33%	2,213,976	$83M	added+5%	+0.01 pp	6 q
WTWWillis Towers Watson Public Limited Company	0.33%	428,762	$82M	trimmed−0%	+0.01 pp	14 q
ALTRAltair Engineering Inc. Class A	0.32%	1,974,757	$80M	held	—	7 q
unresolvedCooper Cos Inc/The	0.32%	235,664	$79M	added0%	+0.02 pp	22 q
CISNCision Ltd	0.32%	6,738,678	$79M	trimmed−7%	−0.10 pp	9 q
SG7Sage Therapeutics Inc	0.31%	424,964	$78M	trimmed−1%	+0.02 pp	17 q
ZLABZai Lab Limited	0.31%	2,199,418	$77M	added+10%	+0.06 pp	6 q
ALGNAlign Technology Inc	0.30%	271,803	$74M	trimmed−22%	−0.12 pp	25 q
DXCMDexCom, Inc.	0.30%	500,244	$75M	added+21%	+0.09 pp	25 q
LBRDKLiberty Broadband Corporation Class C	0.30%	722,727	$75M	trimmed−3%	+0.01 pp	19 q
TFXTeleflex Incorporated	0.30%	223,297	$74M	trimmed−0%	+0.01 pp	13 q
CPACopa Holdings, S.A.	0.30%	776,239	$76M	added+90%	+0.16 pp	16 q
unresolvedThe Carlyle Group	0.29%	3,246,981	$73M	added0%	+0.04 pp	25 q
NOKNokia Corporation	0.29%	14,556,093	$73M	added+36%	+0.03 pp	5 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.29%	825,964	$72M	held	—	8 q
SPOTSpotify Technology S.A.	0.29%	488,495	$71M	added+83%	+0.13 pp	5 q
AL1Sumisho Air Lease Corp	0.28%	1,707,792	$71M	trimmed−8%	+0.01 pp	25 q
FLTCorpay, Inc.	0.27%	237,904	$67M	trimmed−0%	+0.02 pp	25 q
MCMoelis & Company	0.27%	1,894,814	$66M	held	—	21 q
OAKOaktree Capital Group, LLC	0.27%	1,338,323	$66M	trimmed−28%	−0.12 pp	25 q
ALXAlexander's Inc.	0.25%	169,675	$63M	trimmed−2%	−0.03 pp	25 q
IACIIac / Interactivecorp (De) Com Stk	0.25%	286,243	$62M	added+13%	+0.03 pp	5 q
LFUSLittelfuse Inc	0.25%	349,324	$62M	held	—	14 q
MSGSMadison Square Garden Sports Corp.	0.25%	225,000	$63M	held	—	15 q
NEOGNeogen Corp	0.25%	1,010,394	$63M	added+2%	+0.01 pp	25 q
CLVTClarivate Plc	0.25%	4,000,000	$62M	new	+0.25 pp	new
STNEStoneCo Ltd. Class A	0.25%	2,103,266	$62M	added×2.0	+0.07 pp	3 q
BKNGBooking Holdings Inc.	0.24%	31,430	$59M	trimmed−0%	+0.01 pp	6 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.24%	628,028	$61M	trimmed−2%	−0.01 pp	25 q
HQYHealthEquity, Inc	0.24%	905,436	$59M	trimmed−5%	−0.06 pp	20 q
HLIHoulihan Lokey, Inc.	0.24%	1,322,019	$59M	held	—	7 q
RAMPLiveRamp Holdings, Inc.	0.24%	1,231,142	$60M	added0%	−0.04 pp	3 q
PFGCPerformance Food Group Company	0.24%	1,511,944	$61M	held	—	15 q
YPFYPF Sociedad Anonima	0.24%	3,254,045	$59M	trimmed−19%	0.00 pp	12 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.24%	1,120,843	$60M	trimmed−4%	−0.03 pp	25 q
BYDBoyd Gaming Corporation	0.23%	2,143,058	$58M	added+1%	−0.02 pp	10 q
DAVAEndava plc	0.23%	1,397,732	$56M	added×3.6	+0.18 pp	4 q
MELIMercado Libre, Inc	0.23%	94,359	$58M	added+2%	+0.03 pp	4 q
PLNTPlanet Fitness, Inc.	0.23%	800,000	$58M	held	—	6 q
FRCBFirst Republic Bk CA	0.22%	568,729	$56M	trimmed−0%	−0.02 pp	25 q
TREELendingTree, Inc.	0.22%	128,325	$54M	held	—	7 q
MMSMAXIMUS, Inc.	0.22%	741,819	$54M	trimmed−0%	0.00 pp	25 q
CMDCantel Medical Corporation	0.21%	650,000	$52M	trimmed−7%	+0.01 pp	19 q
unresolved2U Inc	0.21%	1,421,890	$54M	trimmed−51%	−0.65 pp	9 q
NBISNebius Group N.V. Class A	0.21%	1,406,403	$53M	added+26%	+0.05 pp	14 q
CDWCDW Corporation	0.20%	455,202	$51M	added0%	+0.01 pp	9 q
YEXTYext, Inc.	0.20%	2,486,102	$50M	trimmed−2%	−0.03 pp	9 q
TIFTiffany & Co.	0.19%	509,161	$48M	added+13%	−0.01 pp	25 q
ZZillow Group, Inc. Class C	0.19%	1,020,678	$47M	added+10%	+0.05 pp	16 q
TTCToro Company (The)	0.18%	676,710	$45M	added0%	−0.02 pp	8 q
GOOGAlphabet Inc. Class C	0.17%	39,524	$43M	added+5%	−0.02 pp	21 q
BERYBerry Global Group, Inc.	0.17%	800,000	$42M	held	—	25 q
CHDChurch & Dwight Co., Inc.	0.17%	584,157	$43M	trimmed−15%	−0.04 pp	25 q
EXPEExpedia Group, Inc.	0.17%	311,860	$41M	trimmed−18%	−0.02 pp	13 q
HLIOHelios Technologies, Inc.	0.17%	925,000	$43M	new	+0.17 pp	new
NGVTIngevity Corporation	0.17%	400,000	$42M	added+14%	+0.01 pp	4 q
LSXMKLiberty Media Cor-siriusxm C	0.17%	1,100,000	$42M	held	—	4 q
RBCRBC Bearings Incorporated	0.17%	250,000	$42M	held	—	19 q
ROLRollins, Inc.	0.17%	1,197,066	$43M	trimmed−0%	−0.04 pp	12 q
unresolvedHudson Ltd	0.17%	3,000,000	$41M	held	—	6 q
GTTGTT Communications, Inc.	0.16%	2,250,000	$40M	trimmed−10%	−0.21 pp	9 q
TROWT Rowe Price Group Inc	0.15%	346,199	$38M	trimmed−0%	0.00 pp	25 q
UNVRUnivar Solutions Inc.	0.15%	1,675,000	$37M	trimmed−3%	−0.01 pp	12 q
ESNTEssent Group LTD	0.15%	790,478	$37M	added+1%	+0.01 pp	12 q
BWXTBWX Technologies, Inc.	0.14%	654,814	$34M	trimmed−0%	0.00 pp	10 q
CAKECheesecake Factory (The)	0.14%	800,000	$35M	held	—	25 q
GHGuardant Health, Inc.	0.14%	406,351	$35M	trimmed−7%	0.00 pp	3 q
MGMMgm Resorts International	0.14%	1,181,509	$34M	added+6%	+0.02 pp	18 q
SUMSummit Materials, Inc. Class A	0.14%	1,750,000	$34M	trimmed−13%	+0.01 pp	18 q
ADPTAdaptive Biotechnologies Corporation	0.13%	656,800	$32M	new	+0.13 pp	new
AUAngloGold Ashanti plc	0.13%	1,810,563	$32M	new	+0.13 pp	new
FASTFastenal Co	0.13%	1,003,824	$33M	trimmed−53%	−0.16 pp	25 q
unresolvedNew Oriental Ed & Tech Grp I	0.13%	345,819	$33M	added0%	0.00 pp	3 q
BEBloom Energy Corporation	0.12%	2,398,785	$29M	trimmed−31%	−0.07 pp	4 q
GFIGold Fields Ltd	0.12%	5,698,359	$31M	new	+0.12 pp	new
MAMastercard Incorporated	0.12%	115,937	$31M	trimmed−3%	0.00 pp	25 q
MSFTMicrosoft Corp	0.12%	227,447	$30M	trimmed−1%	0.00 pp	7 q
MOMOHello Group Inc.	0.12%	837,604	$30M	trimmed−39%	−0.10 pp	6 q
YYJOYY Inc.	0.12%	420,268	$29M	trimmed−22%	−0.07 pp	3 q
INXNInterxion Holding NV	0.12%	388,660	$30M	trimmed−27%	−0.03 pp	15 q
AATAmerican Assets Trust, Inc.	0.11%	592,000	$28M	held	—	25 q
APHAmphenol Corporation	0.11%	276,759	$27M	new	+0.11 pp	new
ARGXargenx SE	0.11%	187,732	$27M	trimmed−7%	0.00 pp	7 q
BJRIBJ's Restaurants, Inc.	0.11%	600,000	$26M	added+9%	0.00 pp	25 q
CVETCovetrus, Inc.	0.11%	1,118,415	$27M	added×6.2	+0.09 pp	2 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.11%	750,000	$28M	held	—	13 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.11%	935,666	$29M	trimmed−4%	−0.02 pp	13 q
RAVNRaven Industries Inc	0.11%	763,253	$27M	added+8%	0.00 pp	6 q
VVISA Inc.	0.11%	151,830	$26M	trimmed−0%	+0.01 pp	25 q
HEI.AHeico Corp Cl A	0.10%	238,613	$25M	held	—	6 q
MASMasco Corporation	0.10%	609,553	$24M	added×3.2	+0.07 pp	11 q
QLYSQualys, Inc.	0.10%	290,000	$25M	trimmed−33%	−0.05 pp	22 q
REALThe RealReal, Inc.	0.10%	877,988	$25M	new	+0.10 pp	new
unresolvedBrookfield Asset Mgmt Inc	0.09%	460,263	$22M	trimmed−11%	−0.01 pp	25 q
METAMeta Platforms, Inc. Class A	0.09%	113,454	$22M	added+22%	+0.02 pp	25 q
LXLexinFintech Holdings Ltd.	0.09%	2,049,778	$23M	new	+0.09 pp	new
OECOrion S.A.	0.09%	1,000,000	$21M	held	—	6 q
RCLRoyal Caribbean Group	0.09%	184,534	$22M	trimmed−14%	−0.01 pp	16 q
ANGIAngi Inc. Class A	0.08%	1,458,504	$19M	added+10%	−0.01 pp	2 q
DNLIDenali Therapeutics Inc.	0.08%	984,662	$20M	held	—	7 q
INSPInspire Medical Systems, Inc.	0.08%	339,970	$21M	added×3.3	+0.06 pp	2 q
ISRGIntuitive Surgical Inc.	0.08%	36,021	$19M	added+1%	−0.01 pp	11 q
NDSNNordson Corp	0.08%	150,000	$21M	held	—	25 q
SSLSasol Limited	0.08%	823,390	$20M	added0%	−0.03 pp	18 q
TMETencent Music Entertainment Group	0.08%	1,272,693	$19M	trimmed−12%	−0.03 pp	3 q
VCYTVeracyte, Inc.	0.08%	671,239	$19M	new	+0.08 pp	new
WINGWingstop Inc	0.08%	200,000	$19M	trimmed−11%	+0.01 pp	17 q
MLNXMellanox Technologies Ltd	0.08%	180,468	$20M	added+12%	0.00 pp	24 q
AMHAmerican Homes 4 Rent	0.07%	721,264	$18M	held	—	9 q
AMTAmerican Tower Corporation	0.07%	80,156	$16M	trimmed−18%	−0.01 pp	25 q
BVBrightView Holdings, Inc.	0.07%	936,284	$18M	added+1%	+0.01 pp	3 q
CDNACareDx, Inc.	0.07%	509,765	$18M	added+41%	+0.02 pp	5 q
CRWDCrowdStrike Holdings, Inc. Class A	0.07%	250,000	$17M	new	+0.07 pp	new
EPAMEpam Systems, Inc.	0.07%	94,073	$16M	added+17%	+0.01 pp	15 q
HEIHEICO Corporation	0.07%	125,993	$17M	held	—	5 q
RVLVRevolve Group, Inc.	0.07%	500,000	$17M	new	+0.07 pp	new
SPLKSplunk Inc	0.07%	133,552	$17M	added+13%	+0.01 pp	11 q
TWTradeweb Markets Inc. Class A	0.07%	400,000	$18M	new	+0.07 pp	new
VRAYQViewray Inc	0.07%	1,875,809	$17M	added+18%	+0.02 pp	3 q
DHID.R. Horton Inc.	0.06%	361,229	$16M	added×9.3	+0.05 pp	3 q
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.06%	1,356,159	$16M	trimmed−29%	−0.03 pp	7 q
MYGNMyriad Genetics Inc	0.06%	545,000	$15M	added+7%	−0.01 pp	12 q
PDPagerDuty, Inc.	0.06%	300,000	$14M	new	+0.06 pp	new
AOSA.O. Smith Corporation	0.06%	326,778	$15M	trimmed−49%	−0.08 pp	11 q
TWLOTwilio Inc.	0.06%	107,727	$15M	new	+0.06 pp	new
UAAUnder Armour, Inc.	0.06%	571,836	$14M	trimmed−53%	−0.05 pp	25 q
VRTXVertex Pharmaceuticals Inc	0.06%	79,463	$15M	trimmed−0%	0.00 pp	8 q
OSWOneSpaWorld Holdings Limited	0.06%	1,000,000	$16M	held	—	2 q
CMECME Group Inc.	0.05%	59,506	$12M	trimmed−1%	+0.01 pp	25 q
RDYDr. Reddy's Laboratories Limited	0.05%	330,360	$12M	added×7.1	+0.04 pp	2 q
EAElectronic Arts Inc	0.05%	115,838	$12M	trimmed−1%	0.00 pp	10 q
unresolvedHudson Pac Pptys Inc	0.05%	360,476	$12M	trimmed−10%	−0.01 pp	10 q
LENLennar Corporation Class A	0.05%	255,599	$12M	added+49%	+0.01 pp	3 q
PLDPrologis, Inc.	0.05%	154,349	$12M	trimmed−30%	−0.02 pp	11 q
REXRRexford Industrial Realty, Inc.	0.05%	302,706	$12M	added+4%	+0.01 pp	19 q
RNGRingcentral, Inc.	0.05%	103,302	$12M	added+8%	+0.01 pp	4 q
SILKSilk Road Medical, Inc.	0.05%	263,913	$13M	new	+0.05 pp	new
unresolvedTpi Composites Inc	0.05%	512,000	$13M	added+27%	0.00 pp	11 q
TTWOTake-Two Interactive Software Inc	0.05%	103,985	$12M	added+2%	+0.01 pp	9 q
VMCVulcan Materials Company(Holding Company)	0.05%	91,823	$13M	added0%	0.00 pp	2 q
ZMZoom Communications, Inc. Class A	0.05%	134,201	$12M	new	+0.05 pp	new
unresolvedArco Platform Ltd Com	0.05%	280,430	$12M	trimmed−17%	0.00 pp	4 q
ADBEAdobe Inc.	0.04%	31,763	$9M	trimmed−0%	0.00 pp	7 q
AINAlbany International Corp Class A	0.04%	111,471	$9M	added+38%	+0.02 pp	5 q
CERSCerus Corp	0.04%	1,830,000	$10M	added+12%	0.00 pp	19 q
CUBLionheart Holdings Class A	0.04%	155,000	$10M	added+41%	+0.01 pp	3 q
DKSDick's Sporting Goods, Inc.	0.04%	264,760	$9M	trimmed−28%	−0.02 pp	25 q
EBSEmergent Biosolutions, Inc.	0.04%	195,000	$9M	added+81%	+0.02 pp	7 q
ESPREsperion Therapeutics Inc Ne	0.04%	188,500	$9M	added+3%	+0.01 pp	7 q
FSCTForeScout Technologies, Inc.	0.04%	319,000	$11M	added+52%	0.00 pp	7 q
HGVHilton Grand Vacations Inc.	0.04%	284,274	$9M	trimmed−68%	−0.08 pp	10 q
INVHInvitation Homes Inc.	0.04%	404,162	$11M	added+32%	+0.01 pp	10 q
LBRDALiberty Broadband Corporation Class A	0.04%	100,000	$10M	held	—	19 q
PRTYParty City Holdco Inc.	0.04%	1,500,000	$11M	trimmed−31%	−0.03 pp	17 q
SIENSientra, Inc.	0.04%	1,476,000	$9M	added+4%	−0.01 pp	14 q
WATWaters Corp	0.04%	41,429	$9M	trimmed−64%	−0.08 pp	6 q
FVRRFiverr International Ltd.	0.04%	371,710	$11M	new	+0.04 pp	new
KRNTKornit Digital Ltd.	0.04%	293,000	$9M	held	—	14 q
ASMLASML Holding NV	0.04%	42,958	$9M	held	—	24 q
XLRNAcceleron Pharma Inc.	0.03%	201,384	$8M	added+67%	+0.01 pp	9 q
AIYActivision Blizzard Inc	0.03%	179,616	$8M	added×2.0	+0.01 pp	6 q
AERIAerie Pharmaceuticals, Inc.	0.03%	275,226	$8M	added×5.0	+0.02 pp	20 q
AZNNAstrazeneca Plc-spons ADR	0.03%	157,869	$7M	added+19%	+0.01 pp	5 q
CTRPTrip.com Group Limited	0.03%	219,280	$8M	added+10%	−0.01 pp	18 q
ENVEnvestnet, Inc.	0.03%	98,410	$7M	held	—	23 q
ELSEquity Lifestyle Properties, Inc.	0.03%	60,196	$7M	trimmed−18%	−0.01 pp	6 q
ESEESCO Technologies, Inc.	0.03%	86,600	$7M	held	—	16 q
GLIBAGci Liberty Inc - Class A	0.03%	102,550	$6M	trimmed−25%	0.00 pp	6 q
HDHome Depot, Inc.	0.03%	34,057	$7M	trimmed−51%	−0.03 pp	23 q
JBGSJBG SMITH Properties	0.03%	191,990	$8M	trimmed−11%	−0.01 pp	2 q
KRCKilroy Realty Corp.	0.03%	95,217	$7M	added×57.4	+0.03 pp	6 q
LM05Liberty Media Corp-liberty-a	0.03%	185,000	$7M	held	—	13 q
LMNRLimoneira Co	0.03%	325,000	$6M	held	—	5 q
NFLXNetFlix Inc	0.03%	19,387	$7M	trimmed−0%	0.00 pp	24 q
NVDANvidia Corp	0.03%	44,604	$7M	trimmed−53%	−0.04 pp	4 q
OCOwens Corning	0.03%	133,114	$8M	new	+0.03 pp	new
PARPAR Technology Corp.	0.03%	282,135	$8M	added+5%	0.00 pp	4 q
RHTRed Hat Inc	0.03%	34,026	$6M	trimmed−19%	0.00 pp	25 q
RVNCRevance Therapeutics, Inc.	0.03%	635,200	$8M	added+25%	0.00 pp	2 q
SPGIS&P Global Inc.	0.03%	30,994	$7M	added0%	0.00 pp	6 q
SLGSL Green Realty Corp.	0.03%	100,000	$8M	trimmed−0%	−0.01 pp	25 q
NOWServicenow, Inc.	0.03%	23,843	$7M	trimmed−10%	0.00 pp	16 q
SHWThe Sherwin-Williams Company	0.03%	15,323	$7M	added+14%	+0.01 pp	11 q
TXMDTherapeuticsMD, Inc.	0.03%	3,331,500	$9M	added+42%	−0.02 pp	22 q
ICHRIchor Holdings	0.03%	360,000	$9M	held	—	11 q
RPAYRepay Holdings Corporation Class A	0.03%	605,427	$6M	new	+0.03 pp	new
NVMINova Ltd.	0.03%	260,000	$7M	added+13%	+0.01 pp	3 q
unresolvedAccelerate Diagnostics	0.02%	260,000	$6M	held	—	3 q
ALECAlector, Inc.	0.02%	243,787	$5M	new	+0.02 pp	new
ALEXAlexander & Baldwin, Inc.	0.02%	185,000	$4M	trimmed−8%	0.00 pp	8 q
PLANAnaplan, Inc.	0.02%	83,018	$4M	trimmed−24%	0.00 pp	3 q
ARWRArrowhead Research Corporation	0.02%	165,794	$4M	trimmed−1%	+0.01 pp	3 q
AXGNAxogen, Inc.	0.02%	250,084	$5M	trimmed−1%	0.00 pp	8 q
KMXCarMax Inc.	0.02%	71,733	$6M	held	—	25 q
EWEdwards Lifesciences Corp	0.02%	32,179	$6M	trimmed−4%	−0.01 pp	25 q
MRAMEverspin Technologies, Inc	0.02%	580,000	$4M	held	—	11 q
HDBHDFC Bank Limited	0.02%	37,577	$5M	added+34%	+0.01 pp	10 q
XENTIntersect ENT, Inc	0.02%	190,000	$4M	trimmed−52%	−0.03 pp	6 q
NOVTNovanta Inc.	0.02%	62,731	$6M	trimmed−10%	−0.01 pp	9 q
PYPLPayPal Holdings, Inc.	0.02%	34,975	$4M	added+14%	+0.01 pp	2 q
PFPTProofpoint, Inc.	0.02%	31,569	$4M	added+1%	0.00 pp	10 q
RHIRobert Half Inc.	0.02%	104,310	$6M	held	—	25 q
CRMSalesforce, Inc.	0.02%	30,839	$5M	trimmed−1%	0.00 pp	25 q
TALTAL Education Group	0.02%	113,422	$4M	added+49%	+0.01 pp	22 q
LXFRLuxfer Holdings PLC	0.02%	240,000	$6M	held	—	4 q
AAgilent Technologies Inc.	0.01%	46,481	$3M	added+28%	0.00 pp	25 q
GOOGLAlphabet Inc. Class A	0.01%	3,064	$3M	trimmed−3%	−0.01 pp	16 q
BBBlackBerry Limited	0.01%	217,714	$2M	held	—	6 q
COHRCoherent Corp.	0.01%	10,300	$1M	trimmed−83%	−0.03 pp	25 q
CXOConcho Resources Inc.	0.01%	26,853	$3M	trimmed−2%	0.00 pp	25 q
DPZDomino's Pizza Inc.	0.01%	49,108	$1M	held	—	5 q
unresolvedEncana Corp	0.01%	537,153	$3M	added+15%	0.00 pp	14 q
FORForestar Group Inc.	0.01%	183,141	$4M	new	+0.01 pp	new
FUTUFutu Holdings Limited	0.01%	184,638	$2M	trimmed−45%	−0.02 pp	2 q
LOWLowe's Companies Inc.	0.01%	19,007	$2M	trimmed−89%	−0.07 pp	3 q
LYFTLyft, Inc. Class A	0.01%	25,293	$2M	added+26%	0.00 pp	2 q
MANHManhattan Associates Inc	0.01%	53,100	$4M	held	—	20 q
NBIXNeurocrine Biosciences Inc	0.01%	31,403	$3M	held	—	5 q
OKTAOkta, Inc. Class A	0.01%	18,540	$2M	held	—	9 q
OPRAOpera Limited	0.01%	348,359	$4M	trimmed−47%	−0.01 pp	4 q
PKPark Hotels & Resorts Inc.	0.01%	71,717	$2M	trimmed−58%	−0.01 pp	10 q
PDDPDD Holdings Inc.	0.01%	75,667	$2M	added+27%	0.00 pp	4 q
QTSQts Realty Trust, Inc.	0.01%	53,046	$2M	trimmed−71%	−0.02 pp	4 q
unresolvedRa Med Sys Inc	0.01%	509,431	$2M	held	—	4 q
RYAAYRyanair Holdings plc	0.01%	53,025	$3M	added+26%	0.00 pp	15 q
SONYSony Group Corporation	0.01%	32,223	$2M	trimmed−30%	0.00 pp	12 q
TSGIStars Group INC/THE	0.01%	186,070	$3M	added+9%	0.00 pp	5 q
MSCStudio City International Holdings Limited	0.01%	135,606	$3M	trimmed−10%	0.00 pp	3 q
VRNSVaronis Systems, Inc.	0.01%	50,000	$3M	new	+0.01 pp	new
WYNTravel + Leisure Co.	0.01%	32,000	$1M	held	—	10 q
MYOVMyovant Sciences Ltd	0.01%	168,000	$2M	held	—	5 q
GLNGGolar LNG Ltd	0.01%	168,500	$3M	held	—	25 q
GLOBGlobant S.a.	0.01%	35,781	$4M	added+3%	0.00 pp	13 q
ABTAbbott Laboratories	0.00%	6,596	$555,000	added+14%	0.00 pp	3 q
ADAPYAdaptimmune Theraptcs	0.00%	172,669	$694,000	added+6%	0.00 pp	5 q
AAPLApple Inc.	0.00%	1,122	$222,000	held	—	25 q
APAMArtisan Partners Asset Management Inc.	0.00%	3,819	$105,000	held	—	25 q
AVBAvalonBay Communities, Inc.	0.00%	454	$92,000	held	—	6 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$318,000	held	—	12 q
BLQADBlackrock Inc	0.00%	310	$145,000	held	—	6 q
BXPBXP, Inc.	0.00%	381	$49,000	added+10%	0.00 pp	8 q
CTLTCatalent, Inc.	0.00%	1,500	$81,000	new	0.00 pp	new
CHTRCharter Comm Inc Del CL A New	0.00%	283	$112,000	held	—	5 q
CYHCommunity Health Systems, Inc.	0.00%	100	$0	held	—	25 q
STZConstellation Brands, Inc.	0.00%	1,060	$209,000	added+46%	0.00 pp	5 q
COSTCostco Wholesale Corp	0.00%	304	$80,000	added+13%	0.00 pp	6 q
COUPCoupa Software Incorporated	0.00%	4,900	$620,000	held	—	2 q
CCICrown Castle Inc.	0.00%	480	$63,000	held	—	6 q
DHRDanaher Corporation	0.00%	1,458	$208,000	added+3%	0.00 pp	6 q
DREDuke Realty Corp.	0.00%	2,708	$86,000	trimmed−5%	0.00 pp	6 q
VMRKVivmark Residential	0.00%	1,200	$91,000	held	—	10 q
ESSEssex Property Trust, Inc	0.00%	268	$78,000	held	—	6 q
EXKExact Sciences Corp	0.00%	800	$94,000	new	0.00 pp	new
STAYExtended Stay America, Inc. Paired Share	0.00%	4,950	$84,000	new	0.00 pp	new
GSGoldman Sachs Group Inc.	0.00%	800	$164,000	held	—	12 q
HCAHCA Healthcare, Inc.	0.00%	1,985	$268,000	held	—	4 q
unresolvedHcp Inc	0.00%	481	$15,000	trimmed−57%	0.00 pp	3 q
HLTHilton Worldwide Holdings Inc.	0.00%	7,049	$689,000	trimmed−86%	−0.02 pp	11 q
HSTHost Hotels & Resorts, Inc.	0.00%	3,106	$57,000	added+18%	0.00 pp	6 q
HUMHumana Inc.	0.00%	1,450	$385,000	added×3.0	0.00 pp	4 q
ITWIllinois Tool Works Inc.	0.00%	344	$52,000	held	—	6 q
PODDInsulet Corporation	0.00%	3,112	$372,000	added+3%	0.00 pp	4 q
IQVIQVIA Holdings Inc.	0.00%	1,882	$303,000	new	0.00 pp	new
KWKennedy-wilson Holdings, Inc.	0.00%	3,044	$63,000	held	—	6 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	456	$83,000	added+5%	0.00 pp	6 q
LGNDLigand Pharmaceuticals Inc.	0.00%	497	$57,000	trimmed−75%	0.00 pp	2 q
LINDLindblad Expeditions Holdings Inc.	0.00%	54,000	$969,000	new	0.00 pp	new
MPTMedical Properties Trust, Inc.	0.00%	603	$11,000	trimmed−48%	0.00 pp	3 q
MRKMerck & Co., Inc.	0.00%	3,805	$319,000	new	0.00 pp	new
MIDDMiddleby Corp	0.00%	8,600	$1M	held	—	25 q
MCOMoody's Corporation	0.00%	1,062	$207,000	added+4%	0.00 pp	5 q
PEBPebblebrook Hotel Trust	0.00%	1,304	$37,000	added+37%	0.00 pp	6 q
PGProcter & Gamble Company	0.00%	1,796	$197,000	held	—	12 q
QCOMQualcomm Inc	0.00%	4,000	$304,000	held	—	12 q
SJMThe J.M. Smucker Company	0.00%	251	$29,000	held	—	12 q
SFMSprouts Farmers Market, Inc.	0.00%	30,000	$567,000	held	—	9 q
SUISun Communities, Inc	0.00%	785	$101,000	added+3%	0.00 pp	4 q
TXNTexas Instruments Incorporated	0.00%	603	$69,000	added+7%	0.00 pp	6 q
TWTRTwitter, Inc.	0.00%	1,569	$55,000	trimmed−1%	0.00 pp	3 q
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.00%	28,000	$622,000	held	—	13 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	4,179	$1M	added+31%	0.00 pp	6 q
WELLWelltower Inc.	0.00%	146	$12,000	trimmed−49%	0.00 pp	3 q
WYWeyerhaeuser Company	0.00%	627	$17,000	new	0.00 pp	new
ZSZscaler, Inc.	0.00%	14,027	$1M	added+12%	0.00 pp	6 q
ACNAccenture PLC	0.00%	946	$175,000	added+21%	0.00 pp	6 q
BPY-UCADBrookfield Property Partners	0.00%	1,251	$24,000	added+40%	0.00 pp	3 q
BIPBrookfield Infrastructure Partners L.P.	0.00%	2,482	$107,000	added+85%	0.00 pp	2 q
MRKTIhs Markit Ltd	0.00%	3,516	$224,000	added+41%	0.00 pp	3 q
ALCAlcon Inc.	0.00%	4,679	$290,000	new	0.00 pp	new
0VQJLTe Connectivity Ltd	0.00%	1,489	$143,000	held	—	6 q
ESTCElastic N.V.	0.00%	14,472	$1M	added×7.9	0.00 pp	3 q
IFRXInflaRx N.V.	0.00%	39,617	$125,000	trimmed−71%	−0.02 pp	2 q
unresolvedUltimate Software Group Inc	—	−338,797	—	exited	−0.47 pp	—
unresolvedChurchill Capital Corp	—	−3,500,000	—	exited	−0.20 pp	—
ITUBItau Unibanco Holding S.A.	—	−5,025,943	—	exited	−0.19 pp	—
unresolvedSun Hydraulics Corp	—	−880,000	—	exited	−0.17 pp	—
CBOECboe Global Markets, Inc.	—	−200,000	—	exited	−0.08 pp	—
BMABanco Macro S.A.	—	−287,555	—	exited	−0.06 pp	—
unresolvedFlexion Therapeutics Inc	—	−675,000	—	exited	−0.04 pp	—
CZRCaesars Entertainment, Inc.	—	−746,246	—	exited	−0.03 pp	—
CWHCamping World Holdings, Inc.	—	−360,400	—	exited	−0.02 pp	—
IINIntriCon Corporation	—	−182,424	—	exited	−0.02 pp	—
MARMarriott International Class A	—	−34,573	—	exited	−0.02 pp	—
PTBPotbelly Corp	—	−600,000	—	exited	−0.02 pp	—
QADAQad Inc-a	—	−75,000	—	exited	−0.01 pp	—
SUSuncor Energy, Inc.	—	−39,304	—	exited	−0.01 pp	—
ANABAnaptysBio, Inc.	—	−3,087	—	exited	0.00 pp	—
BZUNBaozun Inc.	—	−1,864	—	exited	0.00 pp	—
BSXBoston Scientific Corp.	—	−3,293	—	exited	0.00 pp	—
ELANElanco Animal Health Incorporated	—	−9,446	—	exited	0.00 pp	—
unresolvedEllie Mae	—	−7,513	—	exited	0.00 pp	—
QADBQad Inc-b	—	−20,000	—	exited	0.00 pp	—
RLHRed Lions Hotel Corporation	—	−100,000	—	exited	0.00 pp	—
SRPTSarepta Therapeutics,, Inc.	—	−656	—	exited	0.00 pp	—
SPGSimon Property Group, Inc.	—	−355	—	exited	0.00 pp	—
UPWKUpwork Inc.	—	−27,470	—	exited	0.00 pp	—
VMWVMware, Inc	—	−478	—	exited	0.00 pp	—
VNOVornado Realty Trust	—	−336	—	exited	0.00 pp	—