Baron Capital

Q1 2020 13F · by Ron Baron, CEO

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $20.4B · prev $26.2B
Positions: 337 · prev 353
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%

Moves327 since the prior filing

+5.2 pp in · −4.8 pp out

New 21 +0.92 pp
Added 151 +4.26 pp
Trimmed 118 −2.76 pp
Exited 37 −2.01 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions21% of US stock

Positions337 in this filing · 37 exited


CSGPCoStar Group Inc	6.04%	2,099,999	$1.2B	trimmed−8%	+0.85 pp	28 q
IDXXIdexx Laboratories Inc	4.20%	3,542,125	$858M	trimmed−6%	+0.44 pp	28 q
TSLATesla, Inc.	4.15%	1,615,174	$846M	trimmed−1%	+1.55 pp	25 q
FDSFactset Research Systems	3.54%	2,768,854	$722M	trimmed−3%	+0.62 pp	28 q
MTNVail Resorts, Inc.	3.27%	4,515,327	$667M	trimmed−1%	−0.90 pp	28 q
MSCIMSCI, Inc.	3.26%	2,299,518	$664M	added+5%	+1.09 pp	28 q
ACGLArch Capital Group Ltd	3.03%	21,694,565	$617M	trimmed−1%	−0.57 pp	28 q
ITGartner, Inc.	2.92%	5,975,446	$595M	trimmed−7%	−0.86 pp	28 q
AKXAnsys Inc	2.86%	2,508,111	$583M	trimmed−0%	+0.39 pp	28 q
GWREGuidewire Software, Inc.	2.40%	6,163,871	$489M	trimmed−3%	−0.27 pp	28 q
BABAAlibaba Group Holding Limited	1.85%	1,941,710	$378M	trimmed−2%	+0.24 pp	23 q
MTDMettler-Toledo International	1.59%	469,242	$324M	trimmed−8%	+0.04 pp	28 q
TECHBio-Techne Corp.	1.42%	1,526,376	$289M	trimmed−0%	+0.13 pp	22 q
IRDMIridium Communications Inc.	1.42%	12,983,457	$290M	added0%	+0.20 pp	24 q
CHHChoice Hotels Intnl.	1.41%	4,694,425	$288M	added0%	−0.44 pp	28 q
SBACSBA Communications Corp	1.41%	1,064,312	$287M	added0%	+0.43 pp	14 q
BFAMBright Horizons Family Solutions Inc.	1.24%	2,484,743	$253M	trimmed−14%	−0.42 pp	28 q
GLPIGaming and Leisure Properties, Inc.	1.22%	8,964,241	$248M	trimmed−3%	−0.30 pp	26 q
SSNCSS&C Technologies Inc	1.18%	5,483,522	$240M	trimmed−4%	−0.16 pp	28 q
GDSGDS Holdings Limited	1.15%	4,046,496	$235M	added+25%	+0.51 pp	9 q
HHyatt Hotels Corporation	1.10%	4,677,709	$224M	added+3%	−0.45 pp	28 q
VRSKVerisk Analytics, Inc.	1.08%	1,579,125	$220M	trimmed−1%	+0.17 pp	28 q
WSTWest Pharmaceutical Services, Inc.	1.08%	1,442,393	$220M	trimmed−3%	+0.23 pp	28 q
PRIPrimerica, Inc.	1.02%	2,341,642	$207M	trimmed−1%	−0.16 pp	28 q
SCHWThe Charles Schwab Corporation	0.97%	5,909,328	$199M	trimmed−1%	−0.11 pp	28 q
TREXTrex Company, Inc.	0.94%	2,396,380	$192M	trimmed−10%	+0.02 pp	25 q
KNSLKinsale Capital Group, Inc.	0.91%	1,774,950	$186M	added0%	+0.22 pp	14 q
MANUManchester United PLC	0.91%	12,375,607	$186M	trimmed−1%	−0.04 pp	28 q
WIXWIX.com Ltd.	0.87%	1,765,472	$178M	trimmed−1%	+0.04 pp	14 q
DEIDouglas Emmett, Inc.	0.86%	5,777,807	$176M	trimmed−0%	−0.11 pp	28 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.86%	3,682,971	$176M	trimmed−4%	+0.01 pp	28 q
AREAlexandria Real Estate Equities, Inc.	0.84%	1,251,728	$172M	added0%	+0.07 pp	28 q
VACMarriott Vacations Worldwide Corporation	0.82%	3,007,780	$167M	trimmed−1%	−0.67 pp	28 q
MORNMorningstar, Inc.	0.78%	1,364,284	$159M	trimmed−2%	−0.03 pp	28 q
DAYDayforce, Inc.	0.69%	2,826,444	$142M	added+1%	−0.03 pp	8 q
EQIXEquinix, Inc.	0.69%	226,743	$142M	trimmed−5%	+0.16 pp	21 q
VRSNVeriSign Inc	0.69%	785,207	$141M	added+1%	+0.12 pp	28 q
DXCMDexCom, Inc.	0.66%	499,844	$135M	trimmed−2%	+0.24 pp	28 q
PENNPENN Entertainment, Inc.	0.66%	10,723,468	$136M	added+14%	−0.26 pp	28 q
TDOCTeladoc Health, Inc.	0.66%	869,000	$135M	trimmed−22%	+0.30 pp	13 q
CLVTClarivate Plc	0.66%	6,529,544	$135M	added+1%	+0.24 pp	4 q
FISFidelity National Information Services, Inc.	0.63%	1,055,792	$128M	trimmed−0%	+0.07 pp	3 q
ILMNIllumina Inc	0.63%	467,686	$128M	added+2%	+0.05 pp	28 q
COLDAmericold Realty Trust, Inc.	0.59%	3,515,711	$120M	added+11%	+0.17 pp	9 q
AZPNAspen Technology Inc	0.58%	1,249,525	$119M	trimmed−2%	−0.01 pp	19 q
VEEVVeeva Systems Inc.	0.57%	748,894	$117M	added+7%	+0.20 pp	12 q
CNSCohen & Steers Inc.	0.56%	2,528,755	$115M	trimmed−0%	−0.05 pp	28 q
ZLABZai Lab Limited	0.56%	2,225,895	$115M	added+1%	+0.21 pp	9 q
TRUTransUnion	0.54%	1,652,993	$109M	added+1%	+0.01 pp	12 q
SITESiteOne Landscape Supply, Inc.	0.53%	1,463,018	$108M	trimmed−9%	−0.03 pp	16 q
MKTXMarketAxess Holdings Inc.	0.51%	309,891	$103M	added+2%	+0.07 pp	19 q
AMZNAmazon.Com Inc	0.50%	52,069	$102M	added+7%	+0.16 pp	28 q
ROPRoper Technologies, Inc.	0.49%	317,642	$99M	added+1%	+0.07 pp	28 q
ZGZillow Group Inc Class A	0.49%	2,925,208	$99M	trimmed−1%	−0.02 pp	21 q
ICLRIcon Plc	0.49%	729,978	$99M	held	—	28 q
RRRRed Rock Resorts, Inc. Class A	0.46%	10,900,706	$93M	added+13%	−0.42 pp	16 q
MRCYMercury Systems Inc.	0.43%	1,230,600	$88M	held	—	21 q
PEGAPegasystems Inc	0.42%	1,193,454	$85M	trimmed−0%	+0.06 pp	28 q
LBRDKLiberty Broadband Corporation Class C	0.40%	729,795	$81M	added+1%	+0.05 pp	22 q
unresolvedBrookfield Asset Mgmt Inc	0.39%	1,813,944	$80M	added+20%	+0.06 pp	28 q
TTDThe Trade Desk, Inc.	0.39%	414,108	$80M	trimmed−10%	−0.06 pp	14 q
CBRECbre Group, Inc.	0.38%	2,034,680	$77M	trimmed−4%	−0.12 pp	28 q
FNDFloor & Decor Holdings, Inc.	0.38%	2,394,232	$77M	added+2%	−0.07 pp	12 q
IBPInstalled Building Products, Inc.	0.37%	1,897,570	$76M	added+13%	−0.07 pp	10 q
WTWWillis Towers Watson Public Limited Company	0.37%	438,747	$75M	added+1%	+0.04 pp	17 q
WCNWaste Connections, Inc.	0.35%	925,000	$72M	trimmed−23%	−0.07 pp	15 q
IEXIDEX Corporation	0.34%	509,363	$70M	trimmed−1%	0.00 pp	23 q
RNGRingcentral, Inc.	0.34%	330,104	$70M	added+65%	+0.21 pp	7 q
unresolvedThe Carlyle Group	0.33%	3,138,360	$68M	trimmed−0%	−0.05 pp	28 q
HLIHoulihan Lokey, Inc.	0.33%	1,302,439	$68M	added0%	+0.09 pp	10 q
NEOGNeogen Corp	0.33%	992,276	$66M	held	—	28 q
PRAHPRA Health Sciences, Inc.	0.33%	804,364	$67M	trimmed−16%	−0.08 pp	22 q
unresolvedCooper Cos Inc/The	0.32%	239,738	$66M	added+1%	+0.03 pp	25 q
TFXTeleflex Incorporated	0.32%	226,118	$66M	added+1%	0.00 pp	16 q
EFOREverforth, Inc.	0.31%	1,810,100	$64M	held	—	7 q
unresolvedNew Oriental Ed & Tech Grp I	0.30%	563,881	$61M	trimmed−19%	−0.02 pp	6 q
VRTVertiv Holdings Co Class A	0.30%	7,006,904	$61M	new	+0.30 pp	new
PAGSPagSeguro Digital Ltd.	0.30%	3,148,279	$61M	added+18%	−0.05 pp	9 q
CGNXCognex Corp	0.29%	1,425,000	$60M	trimmed−2%	−0.02 pp	28 q
MELIMercado Libre, Inc	0.29%	122,198	$60M	trimmed−20%	−0.04 pp	7 q
DAVAEndava plc	0.27%	1,549,281	$54M	added+17%	+0.03 pp	7 q
JBTMJBT Marel Corporation	0.27%	748,300	$56M	held	—	13 q
HQYHealthEquity, Inc	0.26%	1,057,836	$54M	held	—	23 q
MCMoelis & Company	0.26%	1,867,614	$52M	added0%	+0.03 pp	24 q
ZZillow Group, Inc. Class C	0.26%	1,483,394	$53M	added+15%	+0.03 pp	19 q
ALTRAltair Engineering Inc. Class A	0.25%	1,887,627	$50M	trimmed−3%	−0.02 pp	10 q
GOOGAlphabet Inc. Class C	0.24%	42,824	$50M	added+6%	+0.03 pp	24 q
MSGSMadison Square Garden Sports Corp.	0.23%	225,000	$48M	trimmed−0%	−0.02 pp	18 q
FLTCorpay, Inc.	0.22%	245,525	$46M	added+1%	−0.05 pp	28 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.22%	984,899	$46M	trimmed−20%	−0.09 pp	11 q
ROLRollins, Inc.	0.22%	1,249,704	$45M	added+1%	+0.06 pp	15 q
TDGTransDigm Group Incorporated	0.22%	140,000	$45M	trimmed−18%	−0.14 pp	28 q
AFYAAfya Limited Class A	0.22%	2,326,292	$44M	added×5.0	+0.17 pp	3 q
ALXAlexander's Inc.	0.21%	152,778	$42M	added0%	+0.02 pp	28 q
CDWCDW Corporation	0.21%	461,440	$43M	added+1%	−0.04 pp	12 q
SILKSilk Road Medical, Inc.	0.21%	1,360,870	$43M	held	—	4 q
TTCToro Company (The)	0.21%	651,193	$42M	trimmed−4%	0.00 pp	11 q
LFUSLittelfuse Inc	0.20%	309,939	$41M	trimmed−6%	−0.04 pp	17 q
SDGRSchrodinger, Inc.	0.20%	950,014	$41M	new	+0.20 pp	new
WEXWEX Inc.	0.20%	400,000	$42M	trimmed−11%	−0.16 pp	28 q
CPACopa Holdings, S.A.	0.20%	882,004	$40M	added+7%	−0.14 pp	19 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.19%	629,951	$38M	added0%	−0.04 pp	28 q
PLNTPlanet Fitness, Inc.	0.19%	800,000	$39M	held	—	9 q
APHAmphenol Corporation	0.18%	514,545	$38M	added+2%	−0.03 pp	4 q
MSFTMicrosoft Corp	0.18%	238,879	$38M	added+9%	+0.05 pp	10 q
PFGCPerformance Food Group Company	0.18%	1,464,694	$36M	trimmed−0%	−0.11 pp	18 q
MLNXMellanox Technologies Ltd	0.18%	302,062	$37M	added+34%	+0.08 pp	27 q
BWINThe Baldwin Insurance Group, Inc. Class A	0.17%	3,256,370	$34M	added+26%	+0.01 pp	2 q
BWXTBWX Technologies, Inc.	0.16%	660,833	$32M	added+1%	+0.01 pp	13 q
HLIOHelios Technologies, Inc.	0.16%	841,612	$32M	trimmed−8%	0.00 pp	4 q
TROWT Rowe Price Group Inc	0.16%	329,435	$32M	trimmed−5%	0.00 pp	28 q
SPLKSplunk Inc	0.16%	256,961	$32M	added+26%	+0.04 pp	14 q
NBISNebius Group N.V. Class A	0.16%	936,535	$32M	added+17%	+0.03 pp	17 q
AIYActivision Blizzard Inc	0.15%	501,785	$30M	added+2%	+0.04 pp	9 q
BKNGBooking Holdings Inc.	0.15%	22,348	$30M	trimmed−9%	−0.04 pp	9 q
METAMeta Platforms, Inc. Class A	0.15%	188,720	$31M	added+33%	+0.04 pp	28 q
FRCBFirst Republic Bk CA	0.15%	363,840	$30M	trimmed−7%	−0.02 pp	28 q
LSXMKLiberty Media Cor-siriusxm C	0.15%	1,000,000	$32M	held	—	7 q
ARGXargenx SE	0.14%	216,276	$28M	trimmed−27%	−0.04 pp	10 q
POLAvient Corporation	0.14%	1,500,000	$28M	added×3.8	+0.08 pp	2 q
STNEStoneCo Ltd. Class A	0.14%	1,299,727	$28M	added×5.0	+0.10 pp	6 q
XLRNAcceleron Pharma Inc.	0.13%	305,743	$27M	trimmed−5%	+0.07 pp	12 q
BERYBerry Global Group, Inc.	0.13%	800,000	$27M	held	—	28 q
FICOFair Isaac Corporation	0.13%	87,866	$27M	added×1010.0	+0.13 pp	2 q
GHGuardant Health, Inc.	0.13%	389,159	$27M	added+21%	+0.03 pp	6 q
MAMastercard Incorporated	0.13%	112,972	$27M	added+1%	0.00 pp	28 q
GLOBGlobant S.a.	0.13%	308,445	$27M	trimmed−10%	−0.01 pp	16 q
EPAMEpam Systems, Inc.	0.12%	130,236	$24M	added+16%	+0.03 pp	18 q
REXRRexford Industrial Realty, Inc.	0.12%	577,730	$24M	added×2.1	+0.07 pp	22 q
SUMSummit Materials, Inc. Class A	0.12%	1,600,000	$24M	held	—	21 q
VVISA Inc.	0.12%	149,713	$24M	added+1%	+0.01 pp	28 q
BYDBoyd Gaming Corporation	0.11%	1,626,169	$23M	trimmed−15%	−0.11 pp	13 q
LXLexinFintech Holdings Ltd.	0.11%	2,607,744	$23M	added+13%	−0.01 pp	4 q
RBCRBC Bearings Incorporated	0.11%	200,000	$23M	trimmed−11%	−0.03 pp	22 q
TWLOTwilio Inc.	0.11%	251,044	$22M	added+11%	+0.03 pp	4 q
XPXP Inc. Class A	0.11%	1,169,619	$23M	added+67%	+0.01 pp	2 q
CRWDCrowdStrike Holdings, Inc. Class A	0.10%	360,804	$20M	added×3.6	+0.08 pp	4 q
INSPInspire Medical Systems, Inc.	0.10%	352,970	$21M	held	—	5 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.10%	750,000	$20M	held	—	16 q
ESNTEssent Group LTD	0.10%	762,846	$20M	trimmed−0%	−0.05 pp	15 q
unresolvedNew Frontier Health Corp	0.10%	2,531,217	$21M	trimmed−0%	0.00 pp	2 q
GLNGGolar LNG Ltd	0.10%	2,575,930	$20M	added×9.4	+0.09 pp	28 q
NGVTIngevity Corporation	0.09%	500,000	$18M	added+11%	−0.06 pp	7 q
ISRGIntuitive Surgical Inc.	0.09%	37,983	$19M	added+1%	+0.01 pp	14 q
SHOPShopify Inc. Class A subordinate voting shares	0.09%	42,829	$18M	added×3.4	+0.07 pp	2 q
VRTXVertex Pharmaceuticals Inc	0.09%	78,629	$19M	added+8%	+0.03 pp	11 q
AMHAmerican Homes 4 Rent	0.08%	726,912	$17M	added+1%	+0.01 pp	12 q
AMTAmerican Tower Corporation	0.08%	78,772	$17M	added+10%	+0.02 pp	28 q
unresolvedAzul Sa-adr	0.08%	1,506,586	$15M	added+19%	−0.13 pp	3 q
CMDCantel Medical Corporation	0.08%	450,000	$16M	trimmed−18%	−0.07 pp	22 q
DNLIDenali Therapeutics Inc.	0.08%	952,957	$17M	held	—	10 q
DLRDigital Realty Trust, Inc.	0.08%	114,553	$16M	new	+0.08 pp	new
RDYDr. Reddy's Laboratories Limited	0.08%	407,559	$16M	added+8%	+0.02 pp	5 q
EBSEmergent Biosolutions, Inc.	0.08%	290,000	$17M	held	—	10 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.08%	2,112,000	$17M	new	+0.08 pp	new
HEI.AHeico Corp Cl A	0.08%	241,725	$15M	added+1%	0.00 pp	9 q
TREELendingTree, Inc.	0.08%	92,337	$17M	trimmed−29%	−0.07 pp	10 q
PLDPrologis, Inc.	0.08%	193,126	$16M	added+31%	+0.03 pp	14 q
NOWServicenow, Inc.	0.08%	58,110	$17M	added+36%	+0.03 pp	19 q
TALTAL Education Group	0.08%	288,366	$15M	added+56%	+0.05 pp	25 q
TWTradeweb Markets Inc. Class A	0.08%	367,270	$15M	added+1%	+0.02 pp	4 q
VMCVulcan Materials Company(Holding Company)	0.08%	147,728	$16M	added+56%	+0.03 pp	5 q
ADPTAdaptive Biotechnologies Corporation	0.07%	514,474	$14M	trimmed−34%	−0.02 pp	4 q
WMSAdvanced Drainage Systems, Inc.	0.07%	500,000	$15M	trimmed−39%	−0.05 pp	3 q
AATAmerican Assets Trust, Inc.	0.07%	568,912	$14M	held	—	28 q
CAKECheesecake Factory (The)	0.07%	800,000	$14M	held	—	28 q
DDOGDatadog, Inc. Class A	0.07%	404,406	$15M	trimmed−8%	+0.01 pp	3 q
EVBGEverbridge, Inc.	0.07%	125,000	$13M	new	+0.07 pp	new
HDHome Depot, Inc.	0.07%	81,110	$15M	added×5.0	+0.06 pp	26 q
INGNInogen Inc	0.07%	285,000	$15M	added×2.9	+0.04 pp	3 q
LENLennar Corporation Class A	0.07%	357,780	$14M	added+75%	+0.03 pp	6 q
LOWLowe's Companies Inc.	0.07%	175,495	$15M	trimmed−15%	−0.02 pp	6 q
QLYSQualys, Inc.	0.07%	175,000	$15M	added+46%	+0.03 pp	25 q
RAVNRaven Industries Inc	0.07%	675,000	$14M	trimmed−27%	−0.05 pp	9 q
TXG10x Genomics, Inc. Class A	0.07%	227,520	$14M	added+51%	+0.03 pp	3 q
TMETencent Music Entertainment Group	0.07%	1,479,580	$15M	added0%	0.00 pp	6 q
YEXTYext, Inc.	0.07%	1,477,111	$15M	trimmed−33%	−0.05 pp	12 q
BVBrightView Holdings, Inc.	0.06%	1,024,047	$11M	added+12%	0.00 pp	6 q
DHID.R. Horton Inc.	0.06%	334,500	$11M	added+3%	−0.01 pp	6 q
unresolvedDiamond Eagle Acquisition Co	0.06%	1,050,000	$13M	new	+0.06 pp	new
RAMPLiveRamp Holdings, Inc.	0.06%	400,000	$13M	trimmed−68%	−0.17 pp	6 q
KWRQuaker Houghton	0.06%	100,000	$13M	held	—	2 q
VCYTVeracyte, Inc.	0.06%	519,190	$13M	trimmed−2%	0.00 pp	4 q
ASMLASML Holding NV	0.06%	42,953	$11M	trimmed−0%	+0.01 pp	27 q
ADBEAdobe Inc.	0.05%	33,585	$11M	added+6%	+0.01 pp	10 q
ALECAlector, Inc.	0.05%	464,860	$11M	trimmed−2%	+0.02 pp	4 q
CMECME Group Inc.	0.05%	59,532	$10M	added0%	0.00 pp	28 q
CDNACareDx, Inc.	0.05%	507,036	$11M	added+22%	+0.02 pp	8 q
DTDynatrace, Inc.	0.05%	440,217	$10M	added+28%	+0.02 pp	3 q
FORForestar Group Inc.	0.05%	1,015,171	$11M	trimmed−15%	−0.04 pp	4 q
HEIHEICO Corporation	0.05%	125,993	$9M	held	—	8 q
INVHInvitation Homes Inc.	0.05%	462,398	$10M	trimmed−1%	0.00 pp	13 q
JLLJones Lang LaSalle, Inc.	0.05%	101,787	$10M	added0%	−0.02 pp	3 q
LBRDALiberty Broadband Corporation Class A	0.05%	100,000	$11M	held	—	22 q
NBIXNeurocrine Biosciences Inc	0.05%	110,568	$10M	added×3.5	+0.04 pp	8 q
PINGPing Identity Holding Corp	0.05%	472,131	$9M	trimmed−1%	+0.01 pp	3 q
unresolvedTpi Composites Inc	0.05%	707,000	$10M	held	—	14 q
VRNSVaronis Systems, Inc.	0.05%	147,000	$9M	added+11%	+0.01 pp	4 q
WYNNWynn Resorts Ltd	0.05%	164,694	$10M	added+37%	−0.01 pp	2 q
AZNNAstrazeneca Plc-spons ADR	0.04%	187,503	$8M	added+2%	+0.01 pp	8 q
ELSEquity Lifestyle Properties, Inc.	0.04%	156,346	$9M	added+29%	+0.01 pp	9 q
KTOSKratos Defense & Security Solutions, Inc.	0.04%	625,000	$9M	new	+0.04 pp	new
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.04%	314,209	$7M	trimmed−58%	−0.05 pp	16 q
NFLXNetFlix Inc	0.04%	19,403	$7M	added0%	+0.02 pp	27 q
NVDANvidia Corp	0.04%	32,736	$9M	added0%	+0.01 pp	7 q
POOLPool Corporation	0.04%	36,954	$7M	added×2.3	+0.03 pp	2 q
RPAYRepay Holdings Corporation Class A	0.04%	614,400	$9M	added+23%	+0.01 pp	2 q
RVNCRevance Therapeutics, Inc.	0.04%	506,732	$8M	trimmed−39%	−0.01 pp	5 q
SPGIS&P Global Inc.	0.04%	37,084	$9M	added+11%	+0.01 pp	9 q
SHWThe Sherwin-Williams Company	0.04%	19,563	$9M	added+74%	+0.01 pp	14 q
unresolvedArco Platform Ltd Com	0.04%	187,930	$8M	trimmed−6%	+0.01 pp	7 q
unresolvedHudson Ltd	0.04%	1,823,425	$9M	trimmed−39%	−0.14 pp	9 q
FVRRFiverr International Ltd.	0.04%	326,882	$8M	added+59%	+0.02 pp	4 q
NVMINova Ltd.	0.04%	220,000	$7M	trimmed−15%	0.00 pp	6 q
AL1Sumisho Air Lease Corp	0.03%	291,173	$6M	trimmed−82%	−0.26 pp	28 q
AWIArmstrong World Industries, Inc.	0.03%	78,820	$6M	new	+0.03 pp	new
AXGNAxogen, Inc.	0.03%	505,084	$5M	added+19%	0.00 pp	11 q
AXNXAxonics, Inc.	0.03%	256,000	$7M	new	+0.03 pp	new
BILLBILL Holdings, Inc.	0.03%	175,922	$6M	added+17%	+0.01 pp	2 q
BJRIBJ's Restaurants, Inc.	0.03%	500,000	$7M	trimmed−17%	−0.06 pp	28 q
CERSCerus Corp	0.03%	1,529,967	$7M	held	—	22 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.03%	226,953	$5M	added+31%	+0.02 pp	3 q
EWEdwards Lifesciences Corp	0.03%	30,119	$6M	added+5%	0.00 pp	28 q
EAElectronic Arts Inc	0.03%	71,303	$7M	added0%	0.00 pp	13 q
ESEESCO Technologies, Inc.	0.03%	86,600	$7M	held	—	19 q
ESPREsperion Therapeutics Inc Ne	0.03%	188,500	$6M	held	—	10 q
MGMMgm Resorts International	0.03%	478,062	$6M	trimmed−48%	−0.09 pp	21 q
OKTAOkta, Inc. Class A	0.03%	46,261	$6M	added+37%	+0.02 pp	12 q
PTCTPTC Therapeutics, Inc.	0.03%	144,545	$6M	added×44.1	+0.03 pp	2 q
PYPLPayPal Holdings, Inc.	0.03%	65,898	$6M	added×2.3	+0.02 pp	5 q
PGNYProgyny, Inc.	0.03%	262,873	$6M	trimmed−28%	−0.01 pp	2 q
CRMSalesforce, Inc.	0.03%	35,461	$5M	added+18%	+0.01 pp	28 q
WORKSlack Technologies, Inc.	0.03%	204,438	$5M	added+26%	+0.02 pp	2 q
TCMDTactile Systems Technology, Inc.	0.03%	142,000	$6M	added+12%	0.00 pp	2 q
TTWOTake-Two Interactive Software Inc	0.03%	44,650	$5M	trimmed−12%	+0.01 pp	12 q
ZSZscaler, Inc.	0.03%	93,965	$6M	added+12%	+0.02 pp	9 q
BHVNBiohaven Ltd.	0.03%	151,375	$5M	added×35.2	+0.03 pp	2 q
SPOTSpotify Technology S.A.	0.03%	57,817	$7M	trimmed−47%	−0.03 pp	8 q
KRNTKornit Digital Ltd.	0.03%	237,500	$6M	trimmed−6%	0.00 pp	17 q
AEISAdvanced Energy Industries Inc	0.02%	90,000	$4M	added×2.3	+0.01 pp	2 q
AAgilent Technologies Inc.	0.02%	50,653	$4M	held	—	28 q
ALGNAlign Technology Inc	0.02%	17,840	$3M	held	—	28 q
GOOGLAlphabet Inc. Class A	0.02%	2,843	$3M	trimmed−1%	+0.01 pp	19 q
ARWRArrowhead Research Corporation	0.02%	110,250	$3M	added+40%	0.00 pp	6 q
KMXCarMax Inc.	0.02%	71,599	$4M	trimmed−0%	0.00 pp	28 q
HGVHilton Grand Vacations Inc.	0.02%	208,300	$3M	trimmed−4%	−0.01 pp	13 q
HLTHilton Worldwide Holdings Inc.	0.02%	58,297	$4M	added×8.3	+0.02 pp	14 q
LM05Liberty Media Corp-liberty-a	0.02%	185,000	$5M	held	—	16 q
MDLAMedallia Inc	0.02%	250,000	$5M	trimmed−62%	−0.06 pp	3 q
PDDPDD Holdings Inc.	0.02%	107,775	$4M	added+5%	+0.01 pp	7 q
PFPTProofpoint, Inc.	0.02%	36,739	$4M	added+20%	+0.01 pp	13 q
RHIRobert Half Inc.	0.02%	103,544	$4M	trimmed−1%	−0.01 pp	28 q
SIENSientra, Inc.	0.02%	1,815,363	$4M	added+29%	−0.03 pp	17 q
SNAPSnap Inc.	0.02%	381,005	$5M	new	+0.02 pp	new
TXMDTherapeuticsMD, Inc.	0.02%	3,831,500	$4M	held	—	25 q
VRAYQViewray Inc	0.02%	1,985,000	$5M	held	—	6 q
ZMZoom Communications, Inc. Class A	0.02%	22,396	$3M	trimmed−39%	+0.01 pp	4 q
ICHRIchor Holdings	0.02%	190,000	$4M	trimmed−34%	−0.02 pp	14 q
TSEMTower Semiconductor Ltd	0.02%	211,500	$3M	added+67%	+0.01 pp	2 q
OSWOneSpaWorld Holdings Limited	0.02%	1,000,000	$4M	trimmed−1%	−0.04 pp	5 q
unresolvedAccelerate Diagnostics	0.01%	164,900	$1M	trimmed−37%	−0.01 pp	6 q
APLTApplied Therapeutics, Inc.	0.01%	90,091	$3M	new	+0.01 pp	new
COUPCoupa Software Incorporated	0.01%	10,600	$1M	added×2.2	+0.01 pp	5 q
ENVEnvestnet, Inc.	0.01%	47,710	$3M	trimmed−39%	−0.01 pp	26 q
FASTFastenal Co	0.01%	79,020	$2M	trimmed−31%	−0.01 pp	28 q
GLIBAGci Liberty Inc - Class A	0.01%	44,842	$3M	added+6%	0.00 pp	9 q
MANHManhattan Associates Inc	0.01%	53,100	$3M	held	—	23 q
MMSMAXIMUS, Inc.	0.01%	25,760	$1M	trimmed−88%	−0.05 pp	28 q
PARPAR Technology Corp.	0.01%	203,340	$3M	trimmed−43%	−0.03 pp	7 q
SONYSony Group Corporation	0.01%	44,569	$3M	added+80%	0.00 pp	15 q
TSGIStars Group INC/THE	0.01%	65,655	$1M	trimmed−65%	−0.01 pp	8 q
REALThe RealReal, Inc.	0.01%	280,970	$2M	trimmed−64%	−0.05 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	4,850	$1M	added+4%	0.00 pp	9 q
IPOAVirgin Galactic Holdings Inc	0.01%	150,000	$2M	held	—	2 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.01%	95,304	$1M	trimmed−92%	−0.24 pp	28 q
ABTAbbott Laboratories	0.00%	11,171	$882,000	added+16%	0.00 pp	6 q
AINAlbany International Corp Class A	0.00%	115	$5,000	trimmed−100%	−0.03 pp	8 q
AAPLApple Inc.	0.00%	390	$99,000	trimmed−73%	0.00 pp	28 q
APAMArtisan Partners Asset Management Inc.	0.00%	3,819	$82,000	held	—	28 q
AVBAvalonBay Communities, Inc.	0.00%	491	$72,000	added+21%	0.00 pp	9 q
BNFTBenefitfocus, Inc.	0.00%	104,488	$931,000	trimmed−97%	−0.31 pp	26 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$272,000	held	—	15 q
BLQADBlackrock Inc	0.00%	328	$144,000	held	—	9 q
BXPBXP, Inc.	0.00%	490	$45,000	held	—	11 q
1939900DBrookfield Infrastructure-a	0.00%	431	$14,000	new	0.00 pp	new
CHTRCharter Comm Inc Del CL A New	0.00%	320	$140,000	trimmed−7%	0.00 pp	8 q
CYHCommunity Health Systems, Inc.	0.00%	100	$0	held	—	28 q
STZConstellation Brands, Inc.	0.00%	1,374	$197,000	trimmed−5%	0.00 pp	8 q
CORCoresite Realty Corp	0.00%	400	$46,000	new	0.00 pp	new
COSTCostco Wholesale Corp	0.00%	460	$131,000	added+4%	0.00 pp	9 q
CCICrown Castle Inc.	0.00%	708	$102,000	added+44%	0.00 pp	9 q
DHRDanaher Corporation	0.00%	2,419	$335,000	added+10%	0.00 pp	9 q
DRNADicerna Pharmaceuticals, Inc.	0.00%	6,405	$118,000	added×2.2	0.00 pp	2 q
DREDuke Realty Corp.	0.00%	2,823	$91,000	held	—	9 q
VMRKVivmark Residential	0.00%	1,540	$95,000	added+34%	0.00 pp	13 q
ESSEssex Property Trust, Inc	0.00%	308	$68,000	added+35%	0.00 pp	9 q
GPNGlobal Payments, Inc.	0.00%	1,700	$245,000	new	0.00 pp	new
GSGoldman Sachs Group Inc.	0.00%	800	$124,000	held	—	15 q
HCAHCA Healthcare, Inc.	0.00%	2,085	$187,000	held	—	7 q
HDBHDFC Bank Limited	0.00%	342	$13,000	trimmed−100%	−0.04 pp	13 q
JKHYHenry (Jack) & Associates	0.00%	860	$134,000	new	0.00 pp	new
HUMHumana Inc.	0.00%	1,455	$457,000	added+8%	0.00 pp	7 q
PODDInsulet Corporation	0.00%	1,485	$246,000	trimmed−12%	0.00 pp	7 q
INTUIntuit Inc	0.00%	750	$172,000	new	0.00 pp	new
IQVIQVIA Holdings Inc.	0.00%	3,832	$413,000	added+8%	0.00 pp	4 q
IIIVi3 Verticals, Inc. Class A	0.00%	700	$13,000	new	0.00 pp	new
LVSLas Vegas Sands Corp.	0.00%	2,594	$110,000	added×2.3	0.00 pp	2 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	681	$109,000	added+10%	0.00 pp	9 q
LMNRLimoneira Co	0.00%	56,609	$742,000	trimmed−80%	−0.02 pp	8 q
LINDLindblad Expeditions Holdings Inc.	0.00%	142,000	$592,000	added+79%	0.00 pp	4 q
LULUlululemon athletica inc.	0.00%	308	$58,000	new	0.00 pp	new
MASIMasimo Corporation	0.00%	900	$159,000	held	—	3 q
NERVMinerva Neurosciences, Inc	0.00%	3,800	$23,000	trimmed−28%	0.00 pp	2 q
MCOMoody's Corporation	0.00%	3,378	$714,000	added×2.0	0.00 pp	8 q
NXTCNextCure, Inc.	0.00%	763	$28,000	held	—	3 q
NOVTNovanta Inc.	0.00%	10,431	$833,000	held	—	12 q
OPRAOpera Limited	0.00%	148,784	$799,000	trimmed−44%	−0.01 pp	7 q
PCTYPaylocity Holding Corporation	0.00%	1,218	$108,000	held	—	2 q
PGProcter & Gamble Company	0.00%	1,796	$198,000	held	—	15 q
QTSQts Realty Trust, Inc.	0.00%	3,072	$178,000	added+27%	0.00 pp	7 q
QCOMQualcomm Inc	0.00%	4,000	$271,000	held	—	15 q
SNYSanofi	0.00%	5,080	$222,000	new	0.00 pp	new
SJMThe J.M. Smucker Company	0.00%	251	$28,000	held	—	15 q
S76Store Capital Corp	0.00%	1,870	$34,000	added+91%	0.00 pp	2 q
SUISun Communities, Inc	0.00%	1,033	$129,000	added+18%	0.00 pp	7 q
TRNOTerreno Realty Corporation	0.00%	1,310	$68,000	new	0.00 pp	new
TXNTexas Instruments Incorporated	0.00%	1,347	$135,000	added+18%	0.00 pp	9 q
TMOThermo Fisher Scientific, Inc.	0.00%	2,980	$845,000	added+11%	0.00 pp	3 q
TIFTiffany & Co.	0.00%	3,000	$388,000	trimmed−99%	−0.26 pp	28 q
WINGWingstop Inc	0.00%	10,000	$797,000	trimmed−80%	−0.02 pp	20 q
WW6Willis Towers Watson Public Limited Company	0.00%	5,617	$95,000	new	0.00 pp	new
WYNTravel + Leisure Co.	0.00%	32,000	$694,000	held	—	13 q
ZTSZoetis Inc.	0.00%	1,828	$215,000	added+52%	0.00 pp	2 q
ACNAccenture PLC	0.00%	3,141	$513,000	added+61%	0.00 pp	9 q
BIPBrookfield Infrastructure Partners L.P.	0.00%	4,003	$144,000	added+17%	0.00 pp	5 q
MRKTIhs Markit Ltd	0.00%	9,302	$558,000	added+79%	0.00 pp	6 q
0VQJLTe Connectivity Ltd	0.00%	1,958	$123,000	added+10%	0.00 pp	9 q
PBRPetroleo Brasileiro S.a.-petrobras	—	−8,117,525	—	exited	−0.49 pp	—
IACIIac / Interactivecorp (De) Com Stk	—	−304,591	—	exited	−0.29 pp	—
MOMOHello Group Inc.	—	−1,743,543	—	exited	−0.22 pp	—
INXNInterxion Holding NV	—	−393,488	—	exited	−0.13 pp	—
SG7Sage Therapeutics Inc	—	−414,122	—	exited	−0.11 pp	—
RCLRoyal Caribbean Group	—	−169,146	—	exited	−0.09 pp	—
unresolvedChaserg Technlgy Acquisitn C	—	−2,000,000	—	exited	−0.08 pp	—
unresolvedGs Acquisition Hldgs Corp	—	−2,000,000	—	exited	−0.08 pp	—
MASMasco Corporation	—	−447,227	—	exited	−0.08 pp	—
SSLSasol Limited	—	−831,700	—	exited	−0.07 pp	—
UNVRUnivar Solutions Inc.	—	−800,000	—	exited	−0.07 pp	—
unresolvedHudson Pac Pptys Inc	—	−359,221	—	exited	−0.05 pp	—
FSCTForeScout Technologies, Inc.	—	−319,000	—	exited	−0.04 pp	—
KRCKilroy Realty Corp.	—	−112,658	—	exited	−0.04 pp	—
RVLVRevolve Group, Inc.	—	−500,000	—	exited	−0.04 pp	—
ALEXAlexander & Baldwin, Inc.	—	−275,000	—	exited	−0.02 pp	—
CUBLionheart Holdings Class A	—	−90,000	—	exited	−0.02 pp	—
OCOwens Corning	—	−93,437	—	exited	−0.02 pp	—
LXFRLuxfer Holdings PLC	—	−240,000	—	exited	−0.02 pp	—
PLANAnaplan, Inc.	—	−38,231	—	exited	−0.01 pp	—
unresolvedEncana Corp	—	−717,153	—	exited	−0.01 pp	—
MRAMEverspin Technologies, Inc	—	−580,000	—	exited	−0.01 pp	—
XENTIntersect ENT, Inc	—	−90,000	—	exited	−0.01 pp	—
RYAAYRyanair Holdings plc	—	−23,025	—	exited	−0.01 pp	—
ARQLArqule Inc	—	−6,229	—	exited	0.00 pp	—
DISThe Walt Disney Company	—	−1,667	—	exited	0.00 pp	—
unresolvedEndo Health Sol'ns Inc.	—	−12,310	—	exited	0.00 pp	—
NVSTEnvista Holdings Corporation, $0.01 par value per share	—	−3,708	—	exited	0.00 pp	—
HSTHost Hotels & Resorts, Inc.	—	−516	—	exited	0.00 pp	—
KWKennedy-wilson Holdings, Inc.	—	−3,120	—	exited	0.00 pp	—
MRKMerck & Co., Inc.	—	−10,739	—	exited	0.00 pp	—
SLGSL Green Realty Corp.	—	−1,082	—	exited	0.00 pp	—
SFMSprouts Farmers Market, Inc.	—	−30,000	—	exited	0.00 pp	—
WYWeyerhaeuser Company	—	−303	—	exited	0.00 pp	—
ZBHZimmer Biomet Holdings, Inc.	—	−3,600	—	exited	0.00 pp	—
ALCAlcon Inc.	—	−3,879	—	exited	0.00 pp	—
QUREuniQure N.V.	—	−1,570	—	exited	0.00 pp	—