Baron Capital

Q4 2019 13F · by Ron Baron, CEO

As of: Dec 31, 2019
Filed: Feb 18, 2020
US stock: $26.2B · prev $24.3B
Positions: 353 · prev 350
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%

Moves310 since the prior filing

+3.2 pp in · −3.3 pp out

New 30 +0.89 pp
Added 107 +2.33 pp
Trimmed 146 −2.41 pp
Exited 27 −0.91 pp

The book

Diversified · behaves like 60 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.4% a year, about 10.7 years per position

Low
Moderate
High

Top 5 positions21% of US stock

Positions353 in this filing · 27 exited


CSGPCoStar Group Inc	5.19%	2,272,767	$1.4B	trimmed−5%	−0.66 pp	27 q
MTNVail Resorts, Inc.	4.17%	4,552,194	$1.1B	trimmed−5%	−0.34 pp	27 q
ITGartner, Inc.	3.78%	6,428,061	$991M	trimmed−2%	−0.10 pp	27 q
IDXXIdexx Laboratories Inc	3.76%	3,770,057	$984M	trimmed−3%	−0.61 pp	27 q
ACGLArch Capital Group Ltd	3.60%	21,978,982	$943M	trimmed−1%	−0.23 pp	27 q
FDSFactset Research Systems	2.92%	2,845,827	$764M	trimmed−0%	+0.07 pp	27 q
GWREGuidewire Software, Inc.	2.67%	6,380,547	$700M	trimmed−4%	−0.21 pp	27 q
TSLATesla, Inc.	2.60%	1,627,120	$681M	trimmed−0%	+0.99 pp	24 q
AKXAnsys Inc	2.47%	2,516,353	$648M	trimmed−3%	+0.10 pp	27 q
MSCIMSCI, Inc.	2.17%	2,196,316	$567M	trimmed−2%	+0.16 pp	27 q
CHHChoice Hotels Intnl.	1.85%	4,672,707	$483M	trimmed−4%	+0.06 pp	27 q
BFAMBright Horizons Family Solutions Inc.	1.66%	2,887,135	$434M	trimmed−3%	−0.21 pp	27 q
BABAAlibaba Group Holding Limited	1.61%	1,985,165	$421M	added+6%	+0.33 pp	22 q
HHyatt Hotels Corporation	1.55%	4,523,144	$406M	added0%	+0.18 pp	27 q
MTDMettler-Toledo International	1.55%	510,305	$405M	trimmed−2%	+0.04 pp	27 q
GLPIGaming and Leisure Properties, Inc.	1.52%	9,260,813	$399M	trimmed−6%	−0.03 pp	25 q
VACMarriott Vacations Worldwide Corporation	1.49%	3,035,152	$391M	trimmed−3%	+0.16 pp	27 q
SSNCSS&C Technologies Inc	1.34%	5,734,796	$352M	trimmed−5%	+0.06 pp	27 q
TECHBio-Techne Corp.	1.29%	1,533,574	$337M	trimmed−3%	+0.02 pp	21 q
IRDMIridium Communications Inc.	1.22%	12,955,587	$319M	added+5%	+0.14 pp	23 q
PRIPrimerica, Inc.	1.18%	2,373,021	$310M	trimmed−5%	−0.12 pp	27 q
SCHWThe Charles Schwab Corporation	1.08%	5,947,109	$283M	trimmed−6%	−0.01 pp	27 q
SBACSBA Communications Corp	0.98%	1,063,235	$256M	trimmed−1%	−0.08 pp	13 q
DEIDouglas Emmett, Inc.	0.97%	5,801,599	$255M	trimmed−3%	−0.08 pp	27 q
MANUManchester United PLC	0.95%	12,516,419	$249M	trimmed−4%	+0.07 pp	27 q
PENNPENN Entertainment, Inc.	0.92%	9,419,540	$241M	trimmed−5%	+0.16 pp	27 q
TREXTrex Company, Inc.	0.92%	2,667,873	$240M	trimmed−1%	−0.09 pp	24 q
VRSKVerisk Analytics, Inc.	0.91%	1,591,310	$238M	trimmed−0%	−0.13 pp	27 q
RRRRed Rock Resorts, Inc. Class A	0.88%	9,649,048	$231M	trimmed−2%	+0.06 pp	15 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.85%	3,826,379	$222M	added+1%	+0.13 pp	27 q
WSTWest Pharmaceutical Services, Inc.	0.85%	1,487,587	$224M	trimmed−6%	−0.07 pp	27 q
WIXWIX.com Ltd.	0.83%	1,786,087	$219M	trimmed−8%	−0.11 pp	13 q
MORNMorningstar, Inc.	0.81%	1,395,058	$211M	trimmed−4%	−0.07 pp	27 q
AREAlexandria Real Estate Equities, Inc.	0.77%	1,249,382	$202M	added+4%	+0.01 pp	27 q
DAYDayforce, Inc.	0.72%	2,787,520	$189M	added+4%	+0.17 pp	7 q
KNSLKinsale Capital Group, Inc.	0.69%	1,773,410	$180M	added+11%	+0.01 pp	13 q
GDSGDS Holdings Limited	0.64%	3,249,228	$168M	added+24%	+0.21 pp	8 q
CNSCohen & Steers Inc.	0.61%	2,530,596	$159M	trimmed−5%	+0.01 pp	27 q
AZPNAspen Technology Inc	0.59%	1,273,841	$154M	added+4%	−0.03 pp	18 q
ILMNIllumina Inc	0.58%	460,466	$153M	added0%	0.00 pp	27 q
VRSNVeriSign Inc	0.57%	776,475	$150M	added0%	−0.03 pp	27 q
FISFidelity National Information Services, Inc.	0.56%	1,060,731	$148M	added+2%	−0.01 pp	2 q
SITESiteOne Landscape Supply, Inc.	0.56%	1,603,458	$145M	trimmed−13%	0.00 pp	15 q
EQIXEquinix, Inc.	0.53%	239,278	$140M	trimmed−3%	−0.05 pp	20 q
TRUTransUnion	0.53%	1,631,895	$140M	added0%	−0.01 pp	11 q
ZGZillow Group Inc Class A	0.51%	2,944,620	$135M	added+2%	+0.16 pp	20 q
CBRECbre Group, Inc.	0.50%	2,125,682	$130M	trimmed−5%	+0.01 pp	27 q
EFOREverforth, Inc.	0.49%	1,810,100	$128M	held	—	6 q
PBRPetroleo Brasileiro S.a.-petrobras	0.49%	8,117,525	$129M	added+1%	+0.01 pp	9 q
ICLRIcon Plc	0.48%	729,978	$126M	held	—	27 q
FNDFloor & Decor Holdings, Inc.	0.45%	2,344,232	$119M	held	—	11 q
TTDThe Trade Desk, Inc.	0.45%	457,899	$119M	trimmed−22%	0.00 pp	13 q
IBPInstalled Building Products, Inc.	0.44%	1,673,655	$115M	trimmed−2%	+0.04 pp	9 q
MKTXMarketAxess Holdings Inc.	0.44%	303,753	$115M	trimmed−1%	+0.03 pp	18 q
COLDAmericold Realty Trust, Inc.	0.42%	3,166,636	$111M	trimmed−8%	−0.11 pp	8 q
DXCMDexCom, Inc.	0.42%	508,384	$111M	added0%	+0.11 pp	27 q
ROPRoper Technologies, Inc.	0.42%	314,133	$111M	added+8%	−0.01 pp	27 q
WCNWaste Connections, Inc.	0.42%	1,200,000	$109M	trimmed−2%	−0.04 pp	14 q
CLVTClarivate Plc	0.42%	6,485,039	$109M	added+3%	−0.02 pp	3 q
PRAHPRA Health Sciences, Inc.	0.41%	954,364	$106M	held	—	21 q
unresolvedThe Carlyle Group	0.38%	3,138,631	$101M	trimmed−3%	+0.04 pp	27 q
VEEVVeeva Systems Inc.	0.37%	697,846	$98M	trimmed−3%	−0.08 pp	11 q
PEGAPegasystems Inc	0.36%	1,193,653	$95M	trimmed−0%	+0.03 pp	27 q
TDOCTeladoc Health, Inc.	0.36%	1,112,400	$93M	trimmed−17%	−0.01 pp	12 q
TDGTransDigm Group Incorporated	0.36%	170,000	$95M	trimmed−15%	−0.07 pp	27 q
WEXWEX Inc.	0.36%	450,000	$94M	held	—	27 q
LBRDKLiberty Broadband Corporation Class C	0.35%	723,997	$91M	added0%	+0.04 pp	21 q
ZLABZai Lab Limited	0.35%	2,198,490	$91M	trimmed−1%	+0.05 pp	8 q
PAGSPagSeguro Digital Ltd.	0.35%	2,664,823	$91M	added+1%	−0.15 pp	8 q
AMZNAmazon.Com Inc	0.34%	48,764	$90M	trimmed−5%	−0.03 pp	27 q
IEXIDEX Corporation	0.34%	513,552	$88M	added0%	−0.01 pp	22 q
CPACopa Holdings, S.A.	0.34%	823,584	$89M	added+3%	+0.02 pp	18 q
unresolvedBrookfield Asset Mgmt Inc	0.33%	1,513,666	$87M	added+24%	+0.06 pp	27 q
MELIMercado Libre, Inc	0.33%	151,945	$87M	added+5%	0.00 pp	6 q
WTWWillis Towers Watson Public Limited Company	0.33%	434,000	$88M	added0%	−0.01 pp	16 q
JBTMJBT Marel Corporation	0.32%	748,300	$84M	held	—	12 q
MRCYMercury Systems Inc.	0.32%	1,230,600	$85M	held	—	20 q
unresolvedNew Oriental Ed & Tech Grp I	0.32%	699,416	$85M	added+5%	+0.02 pp	5 q
TFXTeleflex Incorporated	0.32%	223,539	$84M	added0%	+0.01 pp	15 q
BNFTBenefitfocus, Inc.	0.31%	3,734,107	$82M	trimmed−6%	−0.08 pp	25 q
CGNXCognex Corp	0.31%	1,450,000	$81M	trimmed−9%	−0.01 pp	27 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.31%	1,227,237	$80M	added+24%	+0.07 pp	10 q
HQYHealthEquity, Inc	0.30%	1,057,836	$78M	added0%	+0.05 pp	22 q
AL1Sumisho Air Lease Corp	0.29%	1,583,539	$75M	trimmed−13%	−0.02 pp	27 q
unresolvedCooper Cos Inc/The	0.29%	237,370	$76M	added0%	0.00 pp	24 q
IACIIac / Interactivecorp (De) Com Stk	0.29%	304,591	$76M	trimmed−0%	+0.02 pp	7 q
PFGCPerformance Food Group Company	0.29%	1,465,194	$75M	trimmed−3%	0.00 pp	17 q
ALTRAltair Engineering Inc. Class A	0.27%	1,937,627	$70M	trimmed−2%	−0.01 pp	9 q
FLTCorpay, Inc.	0.27%	242,533	$70M	added0%	−0.02 pp	27 q
TIFTiffany & Co.	0.26%	506,568	$68M	trimmed−0%	+0.07 pp	27 q
CDWCDW Corporation	0.25%	456,391	$65M	added0%	+0.02 pp	11 q
MSGSMadison Square Garden Sports Corp.	0.25%	225,220	$66M	added0%	+0.01 pp	17 q
NEOGNeogen Corp	0.25%	992,276	$65M	added+1%	−0.03 pp	27 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.25%	1,141,469	$67M	trimmed−7%	−0.01 pp	27 q
DAVAEndava plc	0.24%	1,321,306	$62M	trimmed−5%	+0.02 pp	6 q
HLIHoulihan Lokey, Inc.	0.24%	1,300,798	$64M	trimmed−2%	−0.01 pp	9 q
LFUSLittelfuse Inc	0.24%	328,761	$63M	trimmed−3%	−0.01 pp	16 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.23%	629,167	$59M	trimmed−1%	−0.01 pp	27 q
RAMPLiveRamp Holdings, Inc.	0.23%	1,242,633	$60M	trimmed−2%	+0.01 pp	5 q
MCMoelis & Company	0.23%	1,866,514	$60M	trimmed−1%	−0.03 pp	23 q
PLNTPlanet Fitness, Inc.	0.23%	800,000	$60M	held	—	8 q
ZZillow Group, Inc. Class C	0.23%	1,294,960	$59M	added+27%	+0.10 pp	18 q
BYDBoyd Gaming Corporation	0.22%	1,910,513	$57M	trimmed−8%	+0.02 pp	12 q
MOMOHello Group Inc.	0.22%	1,743,543	$58M	added+23%	+0.04 pp	8 q
GOOGAlphabet Inc. Class C	0.21%	40,589	$54M	trimmed−6%	−0.01 pp	23 q
APHAmphenol Corporation	0.21%	504,011	$55M	added+33%	+0.06 pp	3 q
unresolvedAzul Sa-adr	0.21%	1,264,895	$54M	added+19%	+0.05 pp	2 q
SILKSilk Road Medical, Inc.	0.21%	1,360,870	$55M	added+11%	+0.05 pp	3 q
TTCToro Company (The)	0.21%	677,745	$54M	added0%	+0.01 pp	10 q
ALXAlexander's Inc.	0.19%	152,300	$50M	trimmed−5%	−0.04 pp	27 q
BKNGBooking Holdings Inc.	0.19%	24,496	$50M	trimmed−21%	−0.06 pp	8 q
ARGXargenx SE	0.18%	297,505	$48M	added+5%	+0.05 pp	9 q
LSXMKLiberty Media Cor-siriusxm C	0.18%	1,000,000	$48M	held	—	6 q
unresolvedHudson Ltd	0.18%	3,000,000	$46M	held	—	8 q
FRCBFirst Republic Bk CA	0.17%	389,410	$46M	held	—	27 q
BWINThe Baldwin Insurance Group, Inc. Class A	0.16%	2,589,130	$42M	new	+0.16 pp	new
HLIOHelios Technologies, Inc.	0.16%	915,500	$42M	added+2%	+0.01 pp	3 q
TROWT Rowe Price Group Inc	0.16%	345,696	$42M	held	—	27 q
ROLRollins, Inc.	0.16%	1,236,396	$41M	added0%	−0.01 pp	14 q
BWXTBWX Technologies, Inc.	0.15%	653,571	$41M	added0%	0.00 pp	12 q
BERYBerry Global Group, Inc.	0.15%	800,000	$38M	held	—	27 q
CMDCantel Medical Corporation	0.15%	550,000	$39M	trimmed−15%	−0.05 pp	21 q
NGVTIngevity Corporation	0.15%	450,000	$39M	held	—	6 q
TREELendingTree, Inc.	0.15%	129,823	$39M	trimmed−4%	−0.02 pp	9 q
SUMSummit Materials, Inc. Class A	0.15%	1,600,000	$38M	trimmed−9%	−0.01 pp	20 q
ESNTEssent Group LTD	0.15%	763,349	$40M	trimmed−3%	−0.01 pp	14 q
RBCRBC Bearings Incorporated	0.14%	225,000	$36M	trimmed−10%	−0.03 pp	21 q
GLOBGlobant S.a.	0.14%	340,924	$36M	added×5.9	+0.12 pp	15 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.13%	750,000	$34M	held	—	15 q
MAMastercard Incorporated	0.13%	111,839	$33M	trimmed−2%	0.00 pp	27 q
MSFTMicrosoft Corp	0.13%	219,680	$35M	trimmed−2%	0.00 pp	9 q
RNGRingcentral, Inc.	0.13%	199,640	$34M	added+78%	+0.07 pp	6 q
INXNInterxion Holding NV	0.13%	393,488	$33M	added+15%	+0.01 pp	17 q
NBISNebius Group N.V. Class A	0.13%	800,613	$35M	trimmed−24%	−0.02 pp	16 q
WMSAdvanced Drainage Systems, Inc.	0.12%	825,000	$32M	held	—	2 q
CAKECheesecake Factory (The)	0.12%	800,000	$31M	held	—	27 q
LXLexinFintech Holdings Ltd.	0.12%	2,305,871	$32M	added+8%	+0.03 pp	3 q
MGMMgm Resorts International	0.12%	913,666	$30M	trimmed−13%	0.00 pp	20 q
RAVNRaven Industries Inc	0.12%	925,000	$32M	added+4%	0.00 pp	8 q
SPLKSplunk Inc	0.12%	203,983	$31M	added+12%	+0.03 pp	13 q
YEXTYext, Inc.	0.12%	2,218,164	$32M	added+14%	−0.01 pp	11 q
AIYActivision Blizzard Inc	0.11%	490,876	$29M	added×2.0	+0.06 pp	8 q
METAMeta Platforms, Inc. Class A	0.11%	142,055	$29M	trimmed−0%	+0.01 pp	27 q
SG7Sage Therapeutics Inc	0.11%	414,122	$30M	trimmed−3%	−0.14 pp	19 q
VVISA Inc.	0.11%	147,896	$28M	trimmed−2%	0.00 pp	27 q
AATAmerican Assets Trust, Inc.	0.10%	568,912	$26M	trimmed−4%	−0.01 pp	27 q
GHGuardant Health, Inc.	0.10%	321,968	$25M	added+3%	+0.02 pp	5 q
INSPInspire Medical Systems, Inc.	0.10%	352,970	$26M	held	—	4 q
unresolvedNew Frontier Health Corp	0.10%	2,536,819	$25M	new	+0.10 pp	new
XPXP Inc. Class A	0.10%	700,000	$27M	new	+0.10 pp	new
MLNXMellanox Technologies Ltd	0.10%	225,766	$26M	trimmed−1%	0.00 pp	26 q
ADPTAdaptive Biotechnologies Corporation	0.09%	776,019	$23M	trimmed−10%	−0.02 pp	3 q
BJRIBJ's Restaurants, Inc.	0.09%	600,000	$23M	held	—	27 q
EPAMEpam Systems, Inc.	0.09%	111,898	$24M	added+3%	+0.01 pp	17 q
FORForestar Group Inc.	0.09%	1,187,764	$25M	trimmed−1%	0.00 pp	3 q
LOWLowe's Companies Inc.	0.09%	207,015	$25M	added×2.0	+0.04 pp	5 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.09%	748,742	$23M	trimmed−20%	−0.03 pp	15 q
RCLRoyal Caribbean Group	0.09%	169,146	$23M	trimmed−7%	+0.01 pp	18 q
unresolvedChaserg Technlgy Acquisitn C	0.08%	2,000,000	$22M	new	+0.08 pp	new
unresolvedGs Acquisition Hldgs Corp	0.08%	2,000,000	$22M	new	+0.08 pp	new
HEI.AHeico Corp Cl A	0.08%	239,818	$21M	added+1%	−0.02 pp	8 q
ISRGIntuitive Surgical Inc.	0.08%	37,603	$22M	trimmed−0%	0.00 pp	13 q
MASMasco Corporation	0.08%	447,227	$21M	trimmed−37%	−0.04 pp	13 q
MDLAMedallia Inc	0.08%	655,564	$20M	trimmed−1%	+0.01 pp	2 q
TWLOTwilio Inc.	0.08%	226,212	$22M	added+52%	+0.01 pp	3 q
AMHAmerican Homes 4 Rent	0.07%	721,264	$19M	held	—	11 q
DHID.R. Horton Inc.	0.07%	325,038	$17M	trimmed−35%	−0.04 pp	5 q
JLLJones Lang LaSalle, Inc.	0.07%	101,634	$18M	added+77%	+0.04 pp	2 q
SSLSasol Limited	0.07%	831,700	$18M	trimmed−0%	+0.01 pp	20 q
TMETencent Music Entertainment Group	0.07%	1,475,597	$17M	trimmed−11%	−0.02 pp	5 q
UNVRUnivar Solutions Inc.	0.07%	800,000	$19M	held	—	14 q
XLRNAcceleron Pharma Inc.	0.06%	320,600	$17M	added+9%	+0.01 pp	11 q
AMTAmerican Tower Corporation	0.06%	71,667	$16M	added0%	−0.01 pp	27 q
BVBrightView Holdings, Inc.	0.06%	913,735	$15M	trimmed−2%	−0.01 pp	5 q
DDOGDatadog, Inc. Class A	0.06%	437,594	$17M	trimmed−12%	−0.01 pp	2 q
DNLIDenali Therapeutics Inc.	0.06%	952,957	$17M	trimmed−3%	0.00 pp	9 q
RDYDr. Reddy's Laboratories Limited	0.06%	377,797	$15M	trimmed−2%	0.00 pp	4 q
EBSEmergent Biosolutions, Inc.	0.06%	290,000	$16M	held	—	9 q
MMSMAXIMUS, Inc.	0.06%	208,157	$15M	trimmed−66%	−0.13 pp	27 q
POLAvient Corporation	0.06%	400,000	$15M	new	+0.06 pp	new
KWRQuaker Houghton	0.06%	100,000	$16M	new	+0.06 pp	new
REALThe RealReal, Inc.	0.06%	775,000	$15M	added+3%	−0.01 pp	3 q
TWTradeweb Markets Inc. Class A	0.06%	363,041	$17M	held	—	3 q
VCYTVeracyte, Inc.	0.06%	529,770	$15M	trimmed−29%	−0.01 pp	3 q
VRTXVertex Pharmaceuticals Inc	0.06%	72,563	$16M	trimmed−7%	+0.01 pp	10 q
WYNNWynn Resorts Ltd	0.06%	120,455	$17M	new	+0.06 pp	new
SPOTSpotify Technology S.A.	0.06%	108,273	$16M	trimmed−62%	−0.08 pp	7 q
OSWOneSpaWorld Holdings Limited	0.06%	1,009,750	$17M	held	—	4 q
CMECME Group Inc.	0.05%	59,506	$12M	held	—	27 q
HEIHEICO Corporation	0.05%	125,993	$14M	held	—	7 q
unresolvedHudson Pac Pptys Inc	0.05%	359,221	$14M	trimmed−1%	0.00 pp	12 q
INVHInvitation Homes Inc.	0.05%	468,663	$14M	trimmed−5%	−0.01 pp	12 q
LBRDALiberty Broadband Corporation Class A	0.05%	100,000	$12M	held	—	21 q
PLDPrologis, Inc.	0.05%	147,148	$13M	added0%	0.00 pp	13 q
RVNCRevance Therapeutics, Inc.	0.05%	827,732	$13M	held	—	4 q
REXRRexford Industrial Realty, Inc.	0.05%	278,693	$13M	trimmed−8%	0.00 pp	21 q
NOWServicenow, Inc.	0.05%	42,883	$12M	added+84%	+0.03 pp	18 q
SIENSientra, Inc.	0.05%	1,406,463	$13M	trimmed−12%	+0.01 pp	16 q
unresolvedTpi Composites Inc	0.05%	707,000	$13M	held	—	13 q
VMCVulcan Materials Company(Holding Company)	0.05%	94,882	$14M	added+16%	0.00 pp	4 q
AFYAAfya Limited Class A	0.05%	468,000	$13M	trimmed−4%	0.00 pp	2 q
ASMLASML Holding NV	0.05%	42,998	$13M	added0%	+0.01 pp	26 q
ADBEAdobe Inc.	0.04%	31,555	$10M	added+1%	0.00 pp	9 q
ESPREsperion Therapeutics Inc Ne	0.04%	188,500	$11M	held	—	9 q
FSCTForeScout Technologies, Inc.	0.04%	319,000	$10M	held	—	9 q
HDBHDFC Bank Limited	0.04%	160,586	$10M	added+11%	+0.01 pp	12 q
KRCKilroy Realty Corp.	0.04%	112,658	$9M	trimmed−5%	0.00 pp	8 q
LENLennar Corporation Class A	0.04%	204,089	$11M	trimmed−28%	−0.03 pp	5 q
PARPAR Technology Corp.	0.04%	359,488	$11M	added0%	0.00 pp	6 q
PINGPing Identity Holding Corp	0.04%	475,000	$12M	added+19%	+0.01 pp	2 q
PGNYProgyny, Inc.	0.04%	362,873	$10M	new	+0.04 pp	new
QLYSQualys, Inc.	0.04%	120,000	$10M	added+33%	+0.01 pp	24 q
RVLVRevolve Group, Inc.	0.04%	500,000	$9M	held	—	3 q
TXG10x Genomics, Inc. Class A	0.04%	151,132	$12M	added0%	+0.01 pp	2 q
TXMDTherapeuticsMD, Inc.	0.04%	3,831,500	$9M	added+6%	−0.01 pp	24 q
VRNSVaronis Systems, Inc.	0.04%	132,000	$10M	held	—	3 q
ICHRIchor Holdings	0.04%	290,000	$10M	trimmed−19%	0.00 pp	13 q
STNEStoneCo Ltd. Class A	0.04%	258,488	$10M	held	—	5 q
NVMINova Ltd.	0.04%	260,000	$10M	held	—	5 q
AINAlbany International Corp Class A	0.03%	107,495	$8M	trimmed−4%	−0.01 pp	7 q
ALECAlector, Inc.	0.03%	473,260	$8M	trimmed−4%	0.00 pp	3 q
AZNNAstrazeneca Plc-spons ADR	0.03%	182,977	$9M	added+1%	0.00 pp	7 q
AXGNAxogen, Inc.	0.03%	425,084	$8M	held	—	10 q
CDNACareDx, Inc.	0.03%	417,036	$9M	added×2.4	+0.01 pp	7 q
DTDynatrace, Inc.	0.03%	344,957	$9M	trimmed−25%	−0.01 pp	2 q
EWEdwards Lifesciences Corp	0.03%	28,577	$7M	trimmed−12%	0.00 pp	27 q
EAElectronic Arts Inc	0.03%	71,166	$8M	trimmed−29%	−0.01 pp	12 q
ELSEquity Lifestyle Properties, Inc.	0.03%	120,835	$9M	trimmed−16%	−0.01 pp	8 q
ESEESCO Technologies, Inc.	0.03%	86,600	$8M	held	—	18 q
HGVHilton Grand Vacations Inc.	0.03%	216,100	$7M	trimmed−2%	0.00 pp	12 q
INGNInogen Inc	0.03%	100,000	$7M	held	—	2 q
LM05Liberty Media Corp-liberty-a	0.03%	185,000	$8M	held	—	15 q
NVDANvidia Corp	0.03%	32,638	$8M	trimmed−39%	−0.01 pp	6 q
RPAYRepay Holdings Corporation Class A	0.03%	500,000	$7M	new	+0.03 pp	new
RHIRobert Half Inc.	0.03%	104,310	$7M	held	—	27 q
SPGIS&P Global Inc.	0.03%	33,307	$9M	added+3%	0.00 pp	8 q
SHWThe Sherwin-Williams Company	0.03%	11,232	$7M	trimmed−25%	0.00 pp	13 q
TCMDTactile Systems Technology, Inc.	0.03%	127,000	$9M	new	+0.03 pp	new
TALTAL Education Group	0.03%	184,459	$9M	added+11%	+0.01 pp	24 q
VRAYQViewray Inc	0.03%	1,985,000	$8M	added×2.1	+0.02 pp	5 q
unresolvedArco Platform Ltd Com	0.03%	200,430	$9M	trimmed−15%	−0.02 pp	6 q
KRNTKornit Digital Ltd.	0.03%	252,500	$9M	trimmed−14%	−0.01 pp	16 q
unresolvedAccelerate Diagnostics	0.02%	260,000	$4M	held	—	5 q
AAgilent Technologies Inc.	0.02%	50,653	$4M	added+9%	+0.01 pp	27 q
ALEXAlexander & Baldwin, Inc.	0.02%	275,000	$6M	added+15%	0.00 pp	10 q
ALGNAlign Technology Inc	0.02%	17,840	$5M	held	—	27 q
ARWRArrowhead Research Corporation	0.02%	78,594	$5M	trimmed−53%	0.00 pp	5 q
BILLBILL Holdings, Inc.	0.02%	150,000	$6M	new	+0.02 pp	new
KMXCarMax Inc.	0.02%	71,733	$6M	held	—	27 q
CERSCerus Corp	0.02%	1,529,967	$6M	trimmed−5%	−0.01 pp	21 q
CRWDCrowdStrike Holdings, Inc. Class A	0.02%	100,462	$5M	added×4.1	+0.01 pp	3 q
CUBLionheart Holdings Class A	0.02%	90,000	$6M	trimmed−40%	−0.02 pp	5 q
ENVEnvestnet, Inc.	0.02%	78,410	$5M	trimmed−20%	0.00 pp	25 q
FASTFastenal Co	0.02%	114,297	$4M	trimmed−3%	0.00 pp	27 q
LMNRLimoneira Co	0.02%	290,000	$6M	trimmed−3%	0.00 pp	7 q
MANHManhattan Associates Inc	0.02%	53,100	$4M	held	—	22 q
NFLXNetFlix Inc	0.02%	19,376	$6M	trimmed−11%	0.00 pp	26 q
OCOwens Corning	0.02%	93,437	$6M	trimmed−30%	−0.01 pp	3 q
CRMSalesforce, Inc.	0.02%	30,141	$5M	added0%	0.00 pp	27 q
SHOPShopify Inc. Class A subordinate voting shares	0.02%	12,529	$5M	new	+0.02 pp	new
TSGIStars Group INC/THE	0.02%	186,070	$5M	held	—	7 q
TTWOTake-Two Interactive Software Inc	0.02%	50,481	$6M	trimmed−54%	−0.04 pp	11 q
WINGWingstop Inc	0.02%	50,000	$4M	trimmed−17%	0.00 pp	19 q
LXFRLuxfer Holdings PLC	0.02%	240,000	$4M	held	—	6 q
FVRRFiverr International Ltd.	0.02%	205,711	$5M	trimmed−28%	0.00 pp	3 q
AEISAdvanced Energy Industries Inc	0.01%	40,000	$3M	new	+0.01 pp	new
GOOGLAlphabet Inc. Class A	0.01%	2,884	$4M	trimmed−1%	0.00 pp	18 q
PLANAnaplan, Inc.	0.01%	38,231	$2M	added+11%	0.00 pp	5 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.01%	173,388	$3M	trimmed−1%	0.00 pp	2 q
unresolvedEncana Corp	0.01%	717,153	$3M	added+7%	0.00 pp	16 q
MRAMEverspin Technologies, Inc	0.01%	580,000	$3M	held	—	13 q
GLIBAGci Liberty Inc - Class A	0.01%	42,211	$3M	held	—	8 q
HDHome Depot, Inc.	0.01%	16,149	$4M	trimmed−47%	−0.02 pp	25 q
XENTIntersect ENT, Inc	0.01%	90,000	$2M	held	—	8 q
NBIXNeurocrine Biosciences Inc	0.01%	31,603	$3M	held	—	7 q
OKTAOkta, Inc. Class A	0.01%	33,866	$4M	added+83%	0.00 pp	11 q
OPRAOpera Limited	0.01%	267,101	$2M	trimmed−16%	0.00 pp	6 q
PYPLPayPal Holdings, Inc.	0.01%	28,627	$3M	trimmed−16%	0.00 pp	4 q
PDDPDD Holdings Inc.	0.01%	102,580	$4M	added+2%	0.00 pp	6 q
POOLPool Corporation	0.01%	15,803	$3M	new	+0.01 pp	new
PFPTProofpoint, Inc.	0.01%	30,689	$4M	added0%	−0.01 pp	12 q
RYAAYRyanair Holdings plc	0.01%	23,025	$2M	trimmed−57%	0.00 pp	17 q
WORKSlack Technologies, Inc.	0.01%	161,761	$4M	new	+0.01 pp	new
SONYSony Group Corporation	0.01%	24,723	$2M	held	—	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	4,650	$1M	added+16%	+0.01 pp	8 q
IPOAVirgin Galactic Holdings Inc	0.01%	150,000	$2M	new	+0.01 pp	new
WYNTravel + Leisure Co.	0.01%	32,000	$2M	held	—	12 q
ZSZscaler, Inc.	0.01%	84,186	$4M	added+24%	0.00 pp	8 q
ZMZoom Communications, Inc. Class A	0.01%	36,427	$2M	added×3.0	+0.01 pp	3 q
GLNGGolar LNG Ltd	0.01%	274,500	$4M	added+29%	0.00 pp	27 q
TSEMTower Semiconductor Ltd	0.01%	126,500	$3M	new	+0.01 pp	new
ABTAbbott Laboratories	0.00%	9,596	$834,000	added+37%	0.00 pp	5 q
AAPLApple Inc.	0.00%	1,424	$418,000	trimmed−6%	0.00 pp	27 q
ARQLArqule Inc	0.00%	6,229	$124,000	new	0.00 pp	new
APAMArtisan Partners Asset Management Inc.	0.00%	3,819	$123,000	held	—	27 q
AVBAvalonBay Communities, Inc.	0.00%	406	$85,000	trimmed−4%	0.00 pp	8 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$340,000	held	—	14 q
BLQADBlackrock Inc	0.00%	328	$165,000	trimmed−21%	0.00 pp	8 q
BXPBXP, Inc.	0.00%	490	$68,000	added+10%	0.00 pp	10 q
CHTRCharter Comm Inc Del CL A New	0.00%	343	$166,000	held	—	7 q
CYHCommunity Health Systems, Inc.	0.00%	100	$0	held	—	27 q
STZConstellation Brands, Inc.	0.00%	1,448	$275,000	held	—	7 q
COSTCostco Wholesale Corp	0.00%	443	$130,000	held	—	8 q
COUPCoupa Software Incorporated	0.00%	4,900	$717,000	held	—	4 q
CCICrown Castle Inc.	0.00%	493	$70,000	added+2%	0.00 pp	8 q
DHRDanaher Corporation	0.00%	2,194	$337,000	added+8%	0.00 pp	8 q
DRNADicerna Pharmaceuticals, Inc.	0.00%	2,900	$64,000	new	0.00 pp	new
DISThe Walt Disney Company	0.00%	1,667	$241,000	added×3.0	0.00 pp	2 q
DREDuke Realty Corp.	0.00%	2,823	$98,000	added+4%	0.00 pp	8 q
unresolvedEndo Health Sol'ns Inc.	0.00%	12,310	$58,000	new	0.00 pp	new
NVSTEnvista Holdings Corporation, $0.01 par value per share	0.00%	3,708	$110,000	new	0.00 pp	new
VMRKVivmark Residential	0.00%	1,150	$93,000	trimmed−10%	0.00 pp	12 q
ESSEssex Property Trust, Inc	0.00%	228	$69,000	trimmed−15%	0.00 pp	8 q
FICOFair Isaac Corporation	0.00%	87	$33,000	new	0.00 pp	new
GSGoldman Sachs Group Inc.	0.00%	800	$184,000	held	—	14 q
HCAHCA Healthcare, Inc.	0.00%	2,085	$308,000	held	—	6 q
HLTHilton Worldwide Holdings Inc.	0.00%	6,989	$775,000	trimmed−1%	0.00 pp	13 q
HSTHost Hotels & Resorts, Inc.	0.00%	516	$10,000	trimmed−37%	0.00 pp	8 q
HUMHumana Inc.	0.00%	1,350	$495,000	added+29%	0.00 pp	6 q
PODDInsulet Corporation	0.00%	1,685	$288,000	trimmed−16%	0.00 pp	6 q
IQVIQVIA Holdings Inc.	0.00%	3,542	$547,000	added+11%	0.00 pp	3 q
KWKennedy-wilson Holdings, Inc.	0.00%	3,120	$70,000	added+3%	0.00 pp	8 q
LVSLas Vegas Sands Corp.	0.00%	1,104	$76,000	new	0.00 pp	new
ELThe Estee Lauder Companies Inc. Class A	0.00%	621	$128,000	added+17%	0.00 pp	8 q
LINDLindblad Expeditions Holdings Inc.	0.00%	79,400	$1M	held	—	3 q
MASIMasimo Corporation	0.00%	900	$142,000	held	—	2 q
MRKMerck & Co., Inc.	0.00%	10,739	$977,000	added+45%	0.00 pp	3 q
NERVMinerva Neurosciences, Inc	0.00%	5,300	$38,000	new	0.00 pp	new
MCOMoody's Corporation	0.00%	1,655	$393,000	added+4%	0.00 pp	7 q
NXTCNextCure, Inc.	0.00%	763	$43,000	trimmed−44%	0.00 pp	2 q
NOVTNovanta Inc.	0.00%	10,431	$923,000	held	—	11 q
PTCTPTC Therapeutics, Inc.	0.00%	3,275	$157,000	new	0.00 pp	new
PCTYPaylocity Holding Corporation	0.00%	1,218	$147,000	new	0.00 pp	new
PGProcter & Gamble Company	0.00%	1,796	$224,000	held	—	14 q
QTSQts Realty Trust, Inc.	0.00%	2,410	$131,000	trimmed−90%	0.00 pp	6 q
QCOMQualcomm Inc	0.00%	4,000	$353,000	held	—	14 q
SLGSL Green Realty Corp.	0.00%	1,082	$99,000	trimmed−99%	−0.03 pp	27 q
SJMThe J.M. Smucker Company	0.00%	251	$26,000	held	—	14 q
SFMSprouts Farmers Market, Inc.	0.00%	30,000	$580,000	held	—	11 q
S76Store Capital Corp	0.00%	981	$37,000	new	0.00 pp	new
SUISun Communities, Inc	0.00%	876	$131,000	trimmed−3%	0.00 pp	6 q
TXNTexas Instruments Incorporated	0.00%	1,139	$146,000	held	—	8 q
TMOThermo Fisher Scientific, Inc.	0.00%	2,681	$871,000	added+25%	0.00 pp	2 q
WYWeyerhaeuser Company	0.00%	303	$9,000	trimmed−52%	0.00 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	3,600	$539,000	added+44%	0.00 pp	2 q
ZTSZoetis Inc.	0.00%	1,200	$159,000	new	0.00 pp	new
BHVNBiohaven Ltd.	0.00%	4,300	$234,000	new	0.00 pp	new
ACNAccenture PLC	0.00%	1,950	$411,000	added+39%	0.00 pp	8 q
BIPBrookfield Infrastructure Partners L.P.	0.00%	3,421	$171,000	added+12%	0.00 pp	4 q
MRKTIhs Markit Ltd	0.00%	5,202	$392,000	held	—	5 q
ALCAlcon Inc.	0.00%	3,879	$219,000	trimmed−24%	0.00 pp	3 q
0VQJLTe Connectivity Ltd	0.00%	1,786	$171,000	trimmed−4%	0.00 pp	8 q
QUREuniQure N.V.	0.00%	1,570	$113,000	added+34%	0.00 pp	2 q
CISNCision Ltd	—	−5,997,900	—	exited	−0.19 pp	—
EXPEExpedia Group, Inc.	—	−310,249	—	exited	−0.17 pp	—
NOKNokia Corporation	—	−5,555,155	—	exited	−0.12 pp	—
YYJOYY Inc.	—	−420,220	—	exited	−0.10 pp	—
AUAngloGold Ashanti plc	—	−1,161,327	—	exited	−0.09 pp	—
NDSNNordson Corp	—	−150,000	—	exited	−0.09 pp	—
MYGNMyriad Genetics Inc	—	−285,000	—	exited	−0.03 pp	—
PDPagerDuty, Inc.	—	−300,000	—	exited	−0.03 pp	—
CTRPTrip.com Group Limited	—	−167,162	—	exited	−0.02 pp	—
AERIAerie Pharmaceuticals, Inc.	—	−141,194	—	exited	−0.01 pp	—
FUTUFutu Holdings Limited	—	−145,354	—	exited	−0.01 pp	—
LYFTLyft, Inc. Class A	—	−77,836	—	exited	−0.01 pp	—
NEWRNew Relic, Inc.	—	−55,000	—	exited	−0.01 pp	—
MSCStudio City International Holdings Limited	—	−100,000	—	exited	−0.01 pp	—
UAAUnder Armour, Inc.	—	−95,052	—	exited	−0.01 pp	—
ESTCElastic N.V.	—	−21,735	—	exited	−0.01 pp	—
BBBlackBerry Limited	—	−132,656	—	exited	0.00 pp	—
CCLCarnival Corporation Ltd.	—	−525	—	exited	0.00 pp	—
STAYExtended Stay America, Inc. Paired Share	—	−4,950	—	exited	0.00 pp	—
unresolvedHcp Inc	—	−1,108	—	exited	0.00 pp	—
ITWIllinois Tool Works Inc.	—	−344	—	exited	0.00 pp	—
MPTMedical Properties Trust, Inc.	—	−603	—	exited	0.00 pp	—
MIDDMiddleby Corp	—	−8,600	—	exited	0.00 pp	—
PEBPebblebrook Hotel Trust	—	−360	—	exited	0.00 pp	—
unresolvedRa Med Sys Inc	—	−509,431	—	exited	0.00 pp	—
WELLWelltower Inc.	—	−216	—	exited	0.00 pp	—
BPY-UCADBrookfield Property Partners	—	−1,251	—	exited	0.00 pp	—