Baron Capital

Q3 2019 13F · by Ron Baron, CEO

As of: Sep 30, 2019
Filed: Nov 14, 2019
US stock: $24.3B · prev $24.9B
Positions: 350 · prev 361
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%

Moves308 since the prior filing

+3.7 pp in · −3.8 pp out

New 20 +1.20 pp
Added 131 +2.52 pp
Trimmed 126 −1.33 pp
Exited 31 −2.49 pp

The book

Diversified · behaves like 56 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

Positions350 in this filing · 31 exited


CSGPCoStar Group Inc	5.85%	2,396,344	$1.4B	trimmed−1%	+0.48 pp	26 q
MTNVail Resorts, Inc.	4.51%	4,814,446	$1.1B	trimmed−0%	+0.19 pp	26 q
IDXXIdexx Laboratories Inc	4.37%	3,902,928	$1.1B	trimmed−1%	+0.02 pp	26 q
ITGartner, Inc.	3.88%	6,591,384	$943M	trimmed−0%	−0.38 pp	26 q
ACGLArch Capital Group Ltd	3.83%	22,172,109	$931M	trimmed−1%	+0.50 pp	26 q
GWREGuidewire Software, Inc.	2.88%	6,633,853	$699M	trimmed−1%	+0.17 pp	26 q
FDSFactset Research Systems	2.85%	2,855,958	$694M	trimmed−2%	−0.50 pp	26 q
AKXAnsys Inc	2.37%	2,598,296	$575M	trimmed−0%	+0.23 pp	26 q
MSCIMSCI, Inc.	2.01%	2,248,078	$490M	held	—	26 q
BFAMBright Horizons Family Solutions Inc.	1.87%	2,988,608	$456M	trimmed0%	+0.06 pp	26 q
CHHChoice Hotels Intnl.	1.79%	4,890,667	$435M	trimmed−0%	+0.08 pp	26 q
TSLATesla, Inc.	1.61%	1,627,744	$392M	trimmed−0%	+0.15 pp	23 q
GLPIGaming and Leisure Properties, Inc.	1.55%	9,826,040	$376M	added+1%	+0.02 pp	24 q
MTDMettler-Toledo International	1.51%	522,692	$368M	trimmed−1%	−0.27 pp	26 q
HHyatt Hotels Corporation	1.37%	4,516,602	$333M	trimmed−0%	−0.01 pp	26 q
VACMarriott Vacations Worldwide Corporation	1.33%	3,130,811	$324M	trimmed−1%	+0.11 pp	26 q
PRIPrimerica, Inc.	1.30%	2,484,732	$316M	trimmed0%	+0.10 pp	26 q
BABAAlibaba Group Holding Limited	1.28%	1,867,595	$312M	added+16%	+0.19 pp	21 q
SSNCSS&C Technologies Inc	1.28%	6,015,583	$310M	trimmed−4%	−0.17 pp	26 q
TECHBio-Techne Corp.	1.27%	1,574,546	$308M	added0%	−0.04 pp	20 q
SCHWThe Charles Schwab Corporation	1.09%	6,338,162	$265M	trimmed−4%	+0.03 pp	26 q
IRDMIridium Communications Inc.	1.08%	12,372,659	$263M	added+7%	0.00 pp	22 q
SBACSBA Communications Corp	1.06%	1,072,256	$259M	trimmed−6%	+0.03 pp	12 q
DEIDouglas Emmett, Inc.	1.05%	5,978,667	$256M	added0%	+0.09 pp	26 q
VRSKVerisk Analytics, Inc.	1.04%	1,593,578	$252M	trimmed−0%	+0.10 pp	26 q
TREXTrex Company, Inc.	1.01%	2,688,047	$244M	trimmed−2%	+0.22 pp	23 q
WIXWIX.com Ltd.	0.94%	1,951,661	$228M	trimmed−1%	−0.18 pp	12 q
WSTWest Pharmaceutical Services, Inc.	0.92%	1,574,363	$223M	trimmed−1%	+0.12 pp	26 q
MORNMorningstar, Inc.	0.88%	1,455,705	$213M	trimmed−0%	+0.03 pp	26 q
MANUManchester United PLC	0.88%	13,043,680	$214M	trimmed−1%	−0.07 pp	26 q
RRRRed Rock Resorts, Inc. Class A	0.82%	9,814,247	$199M	added+3%	0.00 pp	14 q
AREAlexandria Real Estate Equities, Inc.	0.76%	1,200,288	$185M	added+15%	+0.17 pp	26 q
PENNPENN Entertainment, Inc.	0.76%	9,917,621	$185M	added+16%	+0.10 pp	26 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.72%	3,789,978	$176M	added+62%	+0.35 pp	26 q
KNSLKinsale Capital Group, Inc.	0.68%	1,591,646	$164M	added+3%	+0.11 pp	12 q
AZPNAspen Technology Inc	0.62%	1,222,442	$150M	added+1%	+0.02 pp	17 q
CNSCohen & Steers Inc.	0.60%	2,668,551	$147M	trimmed−0%	+0.05 pp	26 q
VRSNVeriSign Inc	0.60%	775,267	$146M	trimmed−0%	−0.05 pp	26 q
EQIXEquinix, Inc.	0.58%	245,739	$142M	trimmed−5%	+0.06 pp	19 q
ILMNIllumina Inc	0.58%	459,717	$140M	added+2%	−0.09 pp	26 q
FISFidelity National Information Services, Inc.	0.57%	1,042,005	$138M	new	+0.57 pp	new
SITESiteOne Landscape Supply, Inc.	0.56%	1,843,992	$136M	trimmed−8%	0.00 pp	14 q
DAYDayforce, Inc.	0.55%	2,688,051	$133M	added+5%	+0.03 pp	6 q
TRUTransUnion	0.54%	1,628,587	$132M	added+5%	+0.08 pp	10 q
COLDAmericold Realty Trust, Inc.	0.53%	3,456,674	$128M	trimmed−0%	+0.08 pp	7 q
PAGSPagSeguro Digital Ltd.	0.50%	2,626,955	$122M	trimmed−21%	−0.02 pp	7 q
CBRECbre Group, Inc.	0.49%	2,237,237	$119M	trimmed−1%	+0.02 pp	26 q
FNDFloor & Decor Holdings, Inc.	0.49%	2,344,232	$120M	added+2%	+0.10 pp	10 q
PBRPetroleo Brasileiro S.a.-petrobras	0.48%	8,058,433	$117M	added+8%	+0.01 pp	8 q
EFOREverforth, Inc.	0.47%	1,810,100	$114M	held	—	5 q
WCNWaste Connections, Inc.	0.46%	1,225,000	$113M	trimmed−2%	−0.02 pp	13 q
TTDThe Trade Desk, Inc.	0.45%	584,999	$110M	trimmed−14%	−0.17 pp	12 q
VEEVVeeva Systems Inc.	0.45%	721,216	$110M	added+3%	0.00 pp	10 q
CLVTClarivate Plc	0.44%	6,318,016	$107M	added+58%	+0.19 pp	2 q
ICLRIcon Plc	0.44%	729,978	$108M	trimmed−3%	−0.03 pp	26 q
GDSGDS Holdings Limited	0.43%	2,611,008	$105M	added+18%	+0.10 pp	7 q
ROPRoper Technologies, Inc.	0.43%	291,722	$104M	trimmed−0%	0.00 pp	26 q
TDGTransDigm Group Incorporated	0.43%	200,000	$104M	held	—	26 q
MKTXMarketAxess Holdings Inc.	0.41%	305,705	$100M	trimmed−1%	+0.01 pp	17 q
MRCYMercury Systems Inc.	0.41%	1,230,600	$100M	trimmed−2%	+0.06 pp	19 q
IBPInstalled Building Products, Inc.	0.40%	1,704,554	$98M	added+4%	+0.01 pp	8 q
BNFTBenefitfocus, Inc.	0.39%	3,955,450	$94M	trimmed−5%	−0.06 pp	24 q
PRAHPRA Health Sciences, Inc.	0.39%	954,364	$95M	held	—	20 q
AMZNAmazon.Com Inc	0.37%	51,429	$89M	added+11%	+0.02 pp	26 q
TDOCTeladoc Health, Inc.	0.37%	1,341,800	$91M	trimmed−3%	0.00 pp	11 q
WEXWEX Inc.	0.37%	450,000	$91M	held	—	26 q
IEXIDEX Corporation	0.35%	512,267	$84M	trimmed−0%	0.00 pp	21 q
ZGZillow Group Inc Class A	0.35%	2,894,142	$86M	added+19%	−0.10 pp	19 q
unresolvedThe Carlyle Group	0.34%	3,246,981	$83M	held	—	26 q
WTWWillis Towers Watson Public Limited Company	0.34%	433,198	$84M	added+1%	+0.01 pp	15 q
MELIMercado Libre, Inc	0.33%	145,399	$80M	added+54%	+0.10 pp	5 q
PEGAPegasystems Inc	0.33%	1,193,727	$81M	held	—	26 q
CGNXCognex Corp	0.32%	1,600,000	$79M	trimmed−6%	−0.01 pp	26 q
CPACopa Holdings, S.A.	0.32%	795,808	$79M	added+3%	+0.02 pp	17 q
AL1Sumisho Air Lease Corp	0.31%	1,828,156	$76M	added+7%	+0.03 pp	26 q
DXCMDexCom, Inc.	0.31%	507,913	$76M	added+2%	+0.01 pp	26 q
JBTMJBT Marel Corporation	0.31%	748,300	$74M	trimmed−9%	−0.09 pp	11 q
LBRDKLiberty Broadband Corporation Class C	0.31%	722,727	$76M	held	—	20 q
TFXTeleflex Incorporated	0.31%	222,764	$76M	trimmed−0%	+0.01 pp	14 q
unresolvedNew Oriental Ed & Tech Grp I	0.30%	669,226	$74M	added+94%	+0.17 pp	4 q
ZLABZai Lab Limited	0.30%	2,221,879	$72M	added+1%	−0.01 pp	7 q
unresolvedCooper Cos Inc/The	0.29%	236,483	$70M	added0%	−0.03 pp	23 q
FLTCorpay, Inc.	0.29%	241,660	$69M	added+2%	+0.02 pp	26 q
PFGCPerformance Food Group Company	0.29%	1,511,944	$70M	held	—	16 q
ALTRAltair Engineering Inc. Class A	0.28%	1,974,757	$68M	held	—	8 q
NEOGNeogen Corp	0.28%	986,577	$67M	trimmed−2%	+0.03 pp	26 q
unresolvedBrookfield Asset Mgmt Inc	0.27%	1,217,112	$65M	added×2.6	+0.18 pp	26 q
IACIIac / Interactivecorp (De) Com Stk	0.27%	305,410	$67M	added+7%	+0.02 pp	6 q
MCMoelis & Company	0.26%	1,894,739	$62M	trimmed0%	−0.01 pp	22 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.26%	1,221,892	$63M	added+9%	+0.02 pp	26 q
BKNGBooking Holdings Inc.	0.25%	31,198	$61M	trimmed−1%	+0.01 pp	7 q
HQYHealthEquity, Inc	0.25%	1,056,736	$60M	added+17%	+0.01 pp	21 q
HLIHoulihan Lokey, Inc.	0.25%	1,322,019	$60M	held	—	8 q
LFUSLittelfuse Inc	0.25%	339,324	$60M	trimmed−3%	0.00 pp	15 q
SG7Sage Therapeutics Inc	0.25%	425,656	$60M	added0%	−0.06 pp	18 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.24%	634,152	$58M	added+1%	0.00 pp	26 q
MSGSMadison Square Garden Sports Corp.	0.24%	225,053	$59M	added0%	−0.01 pp	16 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.24%	987,839	$58M	added+20%	−0.05 pp	9 q
ALXAlexander's Inc.	0.23%	159,647	$56M	trimmed−6%	−0.02 pp	26 q
CDWCDW Corporation	0.23%	454,612	$56M	trimmed−0%	+0.03 pp	10 q
GOOGAlphabet Inc. Class C	0.22%	43,213	$53M	added+9%	+0.05 pp	22 q
DAVAEndava plc	0.22%	1,389,206	$53M	trimmed−1%	−0.01 pp	5 q
RAMPLiveRamp Holdings, Inc.	0.22%	1,271,632	$55M	added+3%	−0.02 pp	4 q
BYDBoyd Gaming Corporation	0.20%	2,073,575	$50M	trimmed−3%	−0.03 pp	11 q
CMDCantel Medical Corporation	0.20%	650,000	$49M	held	—	20 q
TTCToro Company (The)	0.20%	675,801	$50M	trimmed−0%	+0.02 pp	9 q
MMSMAXIMUS, Inc.	0.19%	612,884	$47M	trimmed−17%	−0.03 pp	26 q
PLNTPlanet Fitness, Inc.	0.19%	800,000	$46M	held	—	7 q
TIFTiffany & Co.	0.19%	508,565	$47M	trimmed−0%	0.00 pp	26 q
CISNCision Ltd	0.19%	5,997,900	$46M	trimmed−11%	−0.13 pp	10 q
MOMOHello Group Inc.	0.18%	1,415,305	$44M	added+69%	+0.06 pp	7 q
EXPEExpedia Group, Inc.	0.17%	310,249	$42M	trimmed−1%	0.00 pp	14 q
TREELendingTree, Inc.	0.17%	134,891	$42M	added+5%	−0.05 pp	8 q
LSXMKLiberty Media Cor-siriusxm C	0.17%	1,000,000	$42M	trimmed−9%	0.00 pp	5 q
RBCRBC Bearings Incorporated	0.17%	250,000	$41M	held	—	20 q
ROLRollins, Inc.	0.17%	1,231,868	$42M	added+3%	0.00 pp	13 q
unresolvedAzul Sa-adr	0.16%	1,067,108	$38M	new	+0.16 pp	new
NGVTIngevity Corporation	0.16%	450,000	$38M	added+13%	−0.01 pp	5 q
TROWT Rowe Price Group Inc	0.16%	345,696	$39M	trimmed−0%	+0.01 pp	26 q
SILKSilk Road Medical, Inc.	0.16%	1,230,121	$40M	added×4.7	+0.11 pp	2 q
SUMSummit Materials, Inc. Class A	0.16%	1,750,000	$39M	held	—	19 q
ESNTEssent Group LTD	0.16%	790,478	$38M	held	—	13 q
APHAmphenol Corporation	0.15%	379,221	$37M	added+37%	+0.04 pp	2 q
BWXTBWX Technologies, Inc.	0.15%	651,715	$37M	trimmed−0%	+0.01 pp	11 q
FRCBFirst Republic Bk CA	0.15%	389,410	$38M	trimmed−32%	−0.07 pp	26 q
HLIOHelios Technologies, Inc.	0.15%	895,000	$36M	trimmed−3%	−0.02 pp	2 q
unresolvedHudson Ltd	0.15%	3,000,000	$37M	held	—	7 q
NBISNebius Group N.V. Class A	0.15%	1,051,700	$37M	trimmed−25%	−0.06 pp	15 q
CAKECheesecake Factory (The)	0.14%	800,000	$33M	held	—	26 q
SPOTSpotify Technology S.A.	0.14%	288,209	$33M	trimmed−41%	−0.15 pp	6 q
ARGXargenx SE	0.13%	284,543	$32M	added+52%	+0.02 pp	8 q
BERYBerry Global Group, Inc.	0.13%	800,000	$31M	held	—	26 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.13%	750,000	$31M	held	—	14 q
MAMastercard Incorporated	0.13%	114,433	$31M	trimmed−1%	+0.01 pp	26 q
MSFTMicrosoft Corp	0.13%	224,656	$31M	trimmed−1%	+0.01 pp	8 q
YEXTYext, Inc.	0.13%	1,952,360	$31M	trimmed−21%	−0.07 pp	10 q
ZZillow Group, Inc. Class C	0.13%	1,019,369	$30M	trimmed−0%	−0.06 pp	17 q
MGMMgm Resorts International	0.12%	1,054,032	$29M	trimmed−11%	−0.02 pp	19 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.12%	936,510	$28M	added0%	+0.01 pp	14 q
MASMasco Corporation	0.12%	712,346	$30M	added+17%	+0.02 pp	12 q
NOKNokia Corporation	0.12%	5,555,155	$28M	trimmed−62%	−0.17 pp	6 q
RAVNRaven Industries Inc	0.12%	890,000	$30M	added+17%	+0.01 pp	7 q
INXNInterxion Holding NV	0.12%	343,513	$28M	trimmed−12%	0.00 pp	16 q
ADPTAdaptive Biotechnologies Corporation	0.11%	859,468	$27M	added+31%	−0.02 pp	2 q
WMSAdvanced Drainage Systems, Inc.	0.11%	825,000	$27M	new	+0.11 pp	new
AATAmerican Assets Trust, Inc.	0.11%	592,000	$28M	held	—	26 q
DHID.R. Horton Inc.	0.11%	498,495	$26M	added+38%	+0.05 pp	4 q
VVISA Inc.	0.11%	150,659	$26M	trimmed−1%	0.00 pp	26 q
BJRIBJ's Restaurants, Inc.	0.10%	600,000	$23M	held	—	26 q
METAMeta Platforms, Inc. Class A	0.10%	142,282	$25M	added+25%	+0.01 pp	26 q
HEI.AHeico Corp Cl A	0.10%	238,613	$23M	held	—	7 q
YYJOYY Inc.	0.10%	420,220	$24M	trimmed−0%	−0.02 pp	4 q
MLNXMellanox Technologies Ltd	0.10%	227,008	$25M	added+26%	+0.02 pp	25 q
AUAngloGold Ashanti plc	0.09%	1,161,327	$21M	trimmed−36%	−0.04 pp	2 q
FORForestar Group Inc.	0.09%	1,203,135	$22M	added×6.6	+0.08 pp	2 q
INSPInspire Medical Systems, Inc.	0.09%	352,970	$22M	added+4%	+0.01 pp	3 q
LXLexinFintech Holdings Ltd.	0.09%	2,137,141	$21M	added+4%	0.00 pp	2 q
NDSNNordson Corp	0.09%	150,000	$22M	held	—	26 q
SPLKSplunk Inc	0.09%	182,511	$22M	added+37%	+0.02 pp	12 q
TMETencent Music Entertainment Group	0.09%	1,663,219	$21M	added+31%	+0.01 pp	4 q
AMHAmerican Homes 4 Rent	0.08%	721,264	$19M	held	—	10 q
EPAMEpam Systems, Inc.	0.08%	108,805	$20M	added+16%	+0.01 pp	16 q
GHGuardant Health, Inc.	0.08%	313,339	$20M	trimmed−23%	−0.06 pp	4 q
ISRGIntuitive Surgical Inc.	0.08%	37,729	$20M	added+5%	0.00 pp	12 q
RCLRoyal Caribbean Group	0.08%	182,711	$20M	trimmed−1%	−0.01 pp	17 q
AMTAmerican Tower Corporation	0.07%	71,618	$16M	trimmed−11%	0.00 pp	26 q
BVBrightView Holdings, Inc.	0.07%	936,284	$16M	held	—	4 q
DDOGDatadog, Inc. Class A	0.07%	500,000	$17M	new	+0.07 pp	new
LENLennar Corporation Class A	0.07%	283,338	$16M	added+11%	+0.02 pp	4 q
MDLAMedallia Inc	0.07%	662,793	$18M	new	+0.07 pp	new
REALThe RealReal, Inc.	0.07%	750,000	$17M	trimmed−15%	−0.03 pp	2 q
TWLOTwilio Inc.	0.07%	148,892	$16M	added+38%	+0.01 pp	2 q
UNVRUnivar Solutions Inc.	0.07%	800,000	$17M	trimmed−52%	−0.08 pp	13 q
VCYTVeracyte, Inc.	0.07%	744,621	$18M	added+11%	−0.01 pp	2 q
DNLIDenali Therapeutics Inc.	0.06%	984,662	$15M	held	—	8 q
RDYDr. Reddy's Laboratories Limited	0.06%	383,998	$15M	added+16%	+0.01 pp	3 q
EBSEmergent Biosolutions, Inc.	0.06%	290,000	$15M	added+49%	+0.02 pp	8 q
HEIHEICO Corporation	0.06%	125,993	$16M	held	—	6 q
INVHInvitation Homes Inc.	0.06%	491,774	$15M	added+22%	+0.02 pp	11 q
RNGRingcentral, Inc.	0.06%	112,094	$14M	added+9%	+0.01 pp	5 q
SSLSasol Limited	0.06%	832,532	$14M	added+1%	−0.02 pp	19 q
TTWOTake-Two Interactive Software Inc	0.06%	108,843	$14M	added+5%	+0.01 pp	10 q
TWTradeweb Markets Inc. Class A	0.06%	363,041	$13M	trimmed−9%	−0.01 pp	2 q
OSWOneSpaWorld Holdings Limited	0.06%	1,009,750	$16M	added+1%	0.00 pp	3 q
XLRNAcceleron Pharma Inc.	0.05%	292,834	$12M	added+45%	+0.02 pp	10 q
AIYActivision Blizzard Inc	0.05%	239,926	$13M	added+34%	+0.02 pp	7 q
CMECME Group Inc.	0.05%	59,506	$13M	held	—	26 q
FSCTForeScout Technologies, Inc.	0.05%	319,000	$12M	held	—	8 q
unresolvedHudson Pac Pptys Inc	0.05%	361,530	$12M	added0%	0.00 pp	11 q
LOWLowe's Companies Inc.	0.05%	101,528	$11M	added×5.3	+0.04 pp	4 q
PLDPrologis, Inc.	0.05%	146,781	$13M	trimmed−5%	0.00 pp	12 q
RVLVRevolve Group, Inc.	0.05%	500,000	$12M	held	—	2 q
REXRRexford Industrial Realty, Inc.	0.05%	302,989	$13M	added0%	0.00 pp	20 q
unresolvedTpi Composites Inc	0.05%	707,000	$13M	added+38%	0.00 pp	12 q
TXMDTherapeuticsMD, Inc.	0.05%	3,631,500	$13M	added+9%	+0.02 pp	23 q
VRTXVertex Pharmaceuticals Inc	0.05%	78,085	$13M	trimmed−2%	−0.01 pp	9 q
VMCVulcan Materials Company(Holding Company)	0.05%	81,950	$12M	trimmed−11%	0.00 pp	3 q
AFYAAfya Limited Class A	0.05%	485,000	$12M	new	+0.05 pp	new
unresolvedArco Platform Ltd Com	0.05%	236,630	$12M	trimmed−16%	0.00 pp	5 q
ADBEAdobe Inc.	0.04%	31,331	$9M	trimmed−1%	0.00 pp	8 q
AINAlbany International Corp Class A	0.04%	111,471	$10M	held	—	6 q
CUBLionheart Holdings Class A	0.04%	150,000	$11M	trimmed−3%	0.00 pp	4 q
DTDynatrace, Inc.	0.04%	457,394	$9M	new	+0.04 pp	new
EAElectronic Arts Inc	0.04%	99,742	$10M	trimmed−14%	−0.01 pp	11 q
ELSEquity Lifestyle Properties, Inc.	0.04%	71,637	$10M	added+19%	+0.01 pp	7 q
KRCKilroy Realty Corp.	0.04%	118,697	$9M	added+25%	+0.01 pp	7 q
LBRDALiberty Broadband Corporation Class A	0.04%	100,000	$10M	held	—	20 q
NVDANvidia Corp	0.04%	53,612	$9M	added+20%	+0.01 pp	5 q
PARPAR Technology Corp.	0.04%	359,364	$9M	added+27%	+0.01 pp	5 q
RVNCRevance Therapeutics, Inc.	0.04%	827,732	$11M	added+30%	+0.01 pp	3 q
SIENSientra, Inc.	0.04%	1,603,963	$10M	added+9%	0.00 pp	15 q
ICHRIchor Holdings	0.04%	360,000	$9M	held	—	12 q
STNEStoneCo Ltd. Class A	0.04%	258,488	$9M	trimmed−88%	−0.21 pp	4 q
KRNTKornit Digital Ltd.	0.04%	293,000	$9M	held	—	15 q
ASMLASML Holding NV	0.04%	42,974	$11M	added0%	0.00 pp	25 q
ALECAlector, Inc.	0.03%	490,633	$7M	added×2.0	+0.01 pp	2 q
AZNNAstrazeneca Plc-spons ADR	0.03%	180,904	$8M	added+15%	0.00 pp	6 q
KMXCarMax Inc.	0.03%	71,733	$6M	held	—	26 q
CERSCerus Corp	0.03%	1,615,000	$8M	trimmed−12%	−0.01 pp	20 q
EWEdwards Lifesciences Corp	0.03%	32,346	$7M	added+1%	+0.01 pp	26 q
ESEESCO Technologies, Inc.	0.03%	86,600	$7M	held	—	17 q
ESPREsperion Therapeutics Inc Ne	0.03%	188,500	$7M	held	—	8 q
HDBHDFC Bank Limited	0.03%	144,647	$8M	added+92%	+0.01 pp	11 q
HGVHilton Grand Vacations Inc.	0.03%	221,600	$7M	trimmed−22%	−0.01 pp	11 q
HDHome Depot, Inc.	0.03%	30,259	$7M	trimmed−11%	0.00 pp	24 q
JLLJones Lang LaSalle, Inc.	0.03%	57,419	$8M	new	+0.03 pp	new
LM05Liberty Media Corp-liberty-a	0.03%	185,000	$7M	held	—	14 q
MYGNMyriad Genetics Inc	0.03%	285,000	$8M	trimmed−48%	−0.03 pp	13 q
OCOwens Corning	0.03%	133,114	$8M	held	—	2 q
PDPagerDuty, Inc.	0.03%	300,000	$8M	held	—	2 q
PINGPing Identity Holding Corp	0.03%	400,000	$7M	new	+0.03 pp	new
QLYSQualys, Inc.	0.03%	90,000	$7M	trimmed−69%	−0.07 pp	23 q
SPGIS&P Global Inc.	0.03%	32,355	$8M	added+4%	0.00 pp	7 q
SLGSL Green Realty Corp.	0.03%	100,000	$8M	held	—	26 q
SHWThe Sherwin-Williams Company	0.03%	15,032	$8M	trimmed−2%	0.00 pp	12 q
TXG10x Genomics, Inc. Class A	0.03%	150,600	$8M	new	+0.03 pp	new
VRNSVaronis Systems, Inc.	0.03%	132,000	$8M	added×2.6	+0.02 pp	2 q
NVMINova Ltd.	0.03%	260,000	$8M	held	—	4 q
unresolvedAccelerate Diagnostics	0.02%	260,000	$5M	held	—	4 q
ALEXAlexander & Baldwin, Inc.	0.02%	240,000	$6M	added+30%	0.00 pp	9 q
ARWRArrowhead Research Corporation	0.02%	166,294	$5M	added0%	0.00 pp	4 q
AXGNAxogen, Inc.	0.02%	425,084	$5M	added+70%	0.00 pp	9 q
CDNACareDx, Inc.	0.02%	172,699	$4M	trimmed−66%	−0.05 pp	6 q
CTRPTrip.com Group Limited	0.02%	167,162	$5M	trimmed−24%	−0.01 pp	19 q
ENVEnvestnet, Inc.	0.02%	98,410	$6M	held	—	24 q
FASTFastenal Co	0.02%	117,521	$4M	trimmed−88%	−0.11 pp	26 q
INGNInogen Inc	0.02%	100,000	$5M	new	+0.02 pp	new
LMNRLimoneira Co	0.02%	300,000	$6M	trimmed−8%	−0.01 pp	6 q
MANHManhattan Associates Inc	0.02%	53,100	$4M	held	—	21 q
NFLXNetFlix Inc	0.02%	21,817	$6M	added+13%	−0.01 pp	25 q
PFPTProofpoint, Inc.	0.02%	30,575	$4M	trimmed−3%	0.00 pp	11 q
RHIRobert Half Inc.	0.02%	104,310	$6M	held	—	26 q
CRMSalesforce, Inc.	0.02%	30,050	$4M	trimmed−3%	0.00 pp	26 q
NOWServicenow, Inc.	0.02%	23,250	$6M	trimmed−2%	−0.01 pp	17 q
TALTAL Education Group	0.02%	165,625	$6M	added+46%	0.00 pp	23 q
WINGWingstop Inc	0.02%	60,000	$5M	trimmed−70%	−0.06 pp	18 q
LXFRLuxfer Holdings PLC	0.02%	240,000	$4M	held	—	5 q
GLOBGlobant S.a.	0.02%	57,523	$5M	added+61%	+0.01 pp	14 q
FVRRFiverr International Ltd.	0.02%	286,602	$5M	trimmed−23%	−0.02 pp	2 q
AERIAerie Pharmaceuticals, Inc.	0.01%	141,194	$3M	trimmed−49%	−0.02 pp	21 q
AAgilent Technologies Inc.	0.01%	46,653	$4M	added0%	0.00 pp	26 q
ALGNAlign Technology Inc	0.01%	17,840	$3M	trimmed−93%	−0.29 pp	26 q
GOOGLAlphabet Inc. Class A	0.01%	2,904	$4M	trimmed−5%	0.00 pp	17 q
PLANAnaplan, Inc.	0.01%	34,591	$2M	trimmed−58%	−0.01 pp	4 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.01%	175,000	$3M	new	+0.01 pp	new
CRWDCrowdStrike Holdings, Inc. Class A	0.01%	24,377	$1M	trimmed−90%	−0.06 pp	2 q
unresolvedEncana Corp	0.01%	667,153	$3M	added+24%	0.00 pp	15 q
MRAMEverspin Technologies, Inc	0.01%	580,000	$4M	held	—	12 q
FUTUFutu Holdings Limited	0.01%	145,354	$2M	trimmed−21%	0.00 pp	3 q
GLIBAGci Liberty Inc - Class A	0.01%	42,211	$3M	trimmed−59%	−0.02 pp	7 q
XENTIntersect ENT, Inc	0.01%	90,000	$2M	trimmed−53%	−0.01 pp	7 q
LINDLindblad Expeditions Holdings Inc.	0.01%	79,400	$1M	added+47%	+0.01 pp	2 q
LYFTLyft, Inc. Class A	0.01%	77,836	$3M	added×3.1	0.00 pp	3 q
NBIXNeurocrine Biosciences Inc	0.01%	31,603	$3M	added+1%	0.00 pp	6 q
NEWRNew Relic, Inc.	0.01%	55,000	$3M	new	+0.01 pp	new
OKTAOkta, Inc. Class A	0.01%	18,540	$2M	held	—	10 q
OPRAOpera Limited	0.01%	317,101	$3M	trimmed−9%	0.00 pp	5 q
PYPLPayPal Holdings, Inc.	0.01%	34,017	$4M	trimmed−3%	−0.01 pp	3 q
PDDPDD Holdings Inc.	0.01%	100,562	$3M	added+33%	0.00 pp	5 q
RYAAYRyanair Holdings plc	0.01%	53,025	$4M	held	—	16 q
SONYSony Group Corporation	0.01%	24,723	$1M	trimmed−23%	0.00 pp	13 q
TSGIStars Group INC/THE	0.01%	186,070	$3M	held	—	6 q
MSCStudio City International Holdings Limited	0.01%	100,000	$2M	trimmed−26%	0.00 pp	4 q
UAAUnder Armour, Inc.	0.01%	95,052	$2M	trimmed−83%	−0.05 pp	26 q
VRAYQViewray Inc	0.01%	935,000	$3M	trimmed−50%	−0.06 pp	4 q
WYNTravel + Leisure Co.	0.01%	32,000	$1M	held	—	11 q
ZSZscaler, Inc.	0.01%	67,955	$3M	added×4.8	+0.01 pp	7 q
GLNGGolar LNG Ltd	0.01%	213,500	$3M	added+27%	0.00 pp	26 q
ESTCElastic N.V.	0.01%	21,735	$2M	added+50%	+0.01 pp	4 q
ABTAbbott Laboratories	0.00%	6,996	$585,000	added+6%	0.00 pp	4 q
AAPLApple Inc.	0.00%	1,512	$339,000	added+35%	0.00 pp	26 q
APAMArtisan Partners Asset Management Inc.	0.00%	3,819	$108,000	held	—	26 q
AVBAvalonBay Communities, Inc.	0.00%	424	$91,000	trimmed−7%	0.00 pp	7 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$312,000	held	—	13 q
BBBlackBerry Limited	0.00%	132,656	$696,000	trimmed−39%	−0.01 pp	7 q
BLQADBlackrock Inc	0.00%	415	$185,000	added+34%	0.00 pp	7 q
BXPBXP, Inc.	0.00%	447	$58,000	added+17%	0.00 pp	9 q
CCLCarnival Corporation Ltd.	0.00%	525	$23,000	new	0.00 pp	new
CHTRCharter Comm Inc Del CL A New	0.00%	343	$141,000	added+21%	0.00 pp	6 q
CYHCommunity Health Systems, Inc.	0.00%	100	$0	held	—	26 q
STZConstellation Brands, Inc.	0.00%	1,448	$300,000	added+37%	0.00 pp	6 q
COSTCostco Wholesale Corp	0.00%	443	$128,000	added+46%	0.00 pp	7 q
COUPCoupa Software Incorporated	0.00%	4,900	$635,000	held	—	3 q
CCICrown Castle Inc.	0.00%	484	$67,000	added+1%	0.00 pp	7 q
DHRDanaher Corporation	0.00%	2,029	$293,000	added+39%	0.00 pp	7 q
DISThe Walt Disney Company	0.00%	565	$74,000	new	0.00 pp	new
DREDuke Realty Corp.	0.00%	2,708	$92,000	held	—	7 q
VMRKVivmark Residential	0.00%	1,275	$110,000	added+6%	0.00 pp	11 q
ESSEssex Property Trust, Inc	0.00%	268	$88,000	held	—	7 q
STAYExtended Stay America, Inc. Paired Share	0.00%	4,950	$72,000	held	—	2 q
GSGoldman Sachs Group Inc.	0.00%	800	$166,000	held	—	13 q
HCAHCA Healthcare, Inc.	0.00%	2,085	$251,000	added+5%	0.00 pp	5 q
unresolvedHcp Inc	0.00%	1,108	$39,000	added×2.3	0.00 pp	4 q
HLTHilton Worldwide Holdings Inc.	0.00%	7,049	$656,000	held	—	12 q
HSTHost Hotels & Resorts, Inc.	0.00%	821	$14,000	trimmed−74%	0.00 pp	7 q
HUMHumana Inc.	0.00%	1,050	$268,000	trimmed−28%	0.00 pp	5 q
ITWIllinois Tool Works Inc.	0.00%	344	$54,000	held	—	7 q
PODDInsulet Corporation	0.00%	2,012	$332,000	trimmed−35%	0.00 pp	5 q
IQVIQVIA Holdings Inc.	0.00%	3,196	$477,000	added+70%	0.00 pp	2 q
KWKennedy-wilson Holdings, Inc.	0.00%	3,044	$67,000	held	—	7 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	532	$106,000	added+17%	0.00 pp	7 q
MASIMasimo Corporation	0.00%	900	$134,000	new	0.00 pp	new
MPTMedical Properties Trust, Inc.	0.00%	603	$12,000	held	—	4 q
MRKMerck & Co., Inc.	0.00%	7,412	$624,000	added+95%	0.00 pp	2 q
MIDDMiddleby Corp	0.00%	8,600	$1M	held	—	26 q
MCOMoody's Corporation	0.00%	1,597	$327,000	added+50%	0.00 pp	6 q
NXTCNextCure, Inc.	0.00%	1,369	$42,000	new	0.00 pp	new
NOVTNovanta Inc.	0.00%	10,431	$852,000	trimmed−83%	−0.02 pp	10 q
PEBPebblebrook Hotel Trust	0.00%	360	$10,000	trimmed−72%	0.00 pp	7 q
PGProcter & Gamble Company	0.00%	1,796	$223,000	held	—	13 q
QTSQts Realty Trust, Inc.	0.00%	23,237	$1M	trimmed−56%	−0.01 pp	5 q
QCOMQualcomm Inc	0.00%	4,000	$305,000	held	—	13 q
unresolvedRa Med Sys Inc	0.00%	509,431	$713,000	held	—	5 q
SJMThe J.M. Smucker Company	0.00%	251	$28,000	held	—	13 q
SFMSprouts Farmers Market, Inc.	0.00%	30,000	$580,000	held	—	10 q
SUISun Communities, Inc	0.00%	901	$134,000	added+15%	0.00 pp	5 q
TXNTexas Instruments Incorporated	0.00%	1,139	$147,000	added+89%	0.00 pp	7 q
TMOThermo Fisher Scientific, Inc.	0.00%	2,140	$623,000	new	0.00 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	4,019	$873,000	trimmed−4%	0.00 pp	7 q
WELLWelltower Inc.	0.00%	216	$20,000	added+48%	0.00 pp	4 q
WYWeyerhaeuser Company	0.00%	627	$17,000	held	—	2 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	2,500	$343,000	new	0.00 pp	new
ZMZoom Communications, Inc. Class A	0.00%	12,207	$930,000	trimmed−91%	−0.05 pp	2 q
ACNAccenture PLC	0.00%	1,402	$270,000	added+48%	0.00 pp	7 q
BPY-UCADBrookfield Property Partners	0.00%	1,251	$25,000	held	—	4 q
BIPBrookfield Infrastructure Partners L.P.	0.00%	3,055	$152,000	added+23%	0.00 pp	3 q
MRKTIhs Markit Ltd	0.00%	5,202	$348,000	added+48%	0.00 pp	4 q
ALCAlcon Inc.	0.00%	5,079	$296,000	added+9%	0.00 pp	2 q
0VQJLTe Connectivity Ltd	0.00%	1,853	$173,000	added+24%	0.00 pp	7 q
QUREuniQure N.V.	0.00%	1,170	$46,000	new	0.00 pp	new
WPWorldpay, Inc.	—	−1,098,836	—	exited	−0.54 pp	—
OAKOaktree Capital Group, LLC	—	−1,338,323	—	exited	−0.27 pp	—
YPFYPF Sociedad Anonima	—	−3,254,045	—	exited	−0.24 pp	—
unresolved2U Inc	—	−1,421,890	—	exited	−0.21 pp	—
CHDChurch & Dwight Co., Inc.	—	−584,157	—	exited	−0.17 pp	—
GTTGTT Communications, Inc.	—	−2,250,000	—	exited	−0.16 pp	—
BEBloom Energy Corporation	—	−2,398,785	—	exited	−0.12 pp	—
GFIGold Fields Ltd	—	−5,698,359	—	exited	−0.12 pp	—
CVETCovetrus, Inc.	—	−1,118,415	—	exited	−0.11 pp	—
OECOrion S.A.	—	−1,000,000	—	exited	−0.09 pp	—
ANGIAngi Inc. Class A	—	−1,458,504	—	exited	−0.08 pp	—
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	—	−1,356,159	—	exited	−0.06 pp	—
AOSA.O. Smith Corporation	—	−326,778	—	exited	−0.06 pp	—
DKSDick's Sporting Goods, Inc.	—	−264,760	—	exited	−0.04 pp	—
PRTYParty City Holdco Inc.	—	−1,500,000	—	exited	−0.04 pp	—
WATWaters Corp	—	−41,429	—	exited	−0.04 pp	—
JBGSJBG SMITH Properties	—	−191,990	—	exited	−0.03 pp	—
RHTRed Hat Inc	—	−34,026	—	exited	−0.03 pp	—
RPAYRepay Holdings Corporation Class A	—	−605,427	—	exited	−0.03 pp	—
COHRCoherent Corp.	—	−10,300	—	exited	−0.01 pp	—
CXOConcho Resources Inc.	—	−26,853	—	exited	−0.01 pp	—
DPZDomino's Pizza Inc.	—	−49,108	—	exited	−0.01 pp	—
PKPark Hotels & Resorts Inc.	—	−71,717	—	exited	−0.01 pp	—
MYOVMyovant Sciences Ltd	—	−168,000	—	exited	−0.01 pp	—
ADAPYAdaptimmune Theraptcs	—	−172,669	—	exited	0.00 pp	—
CTLTCatalent, Inc.	—	−1,500	—	exited	0.00 pp	—
EXKExact Sciences Corp	—	−800	—	exited	0.00 pp	—
LGNDLigand Pharmaceuticals Inc.	—	−497	—	exited	0.00 pp	—
TWTRTwitter, Inc.	—	−1,569	—	exited	0.00 pp	—
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	—	−28,000	—	exited	0.00 pp	—
IFRXInflaRx N.V.	—	−39,617	—	exited	0.00 pp	—