Baron Capital

Q2 2020 13F · by Ron Baron, CEO

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $27.7B · prev $20.4B
Positions: 343 · prev 337
Options notional: $0
Documents: 1· no amendments

Picture99.7% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.7%
Foreign stock not listed in the US 0.3%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves302 since the prior filing

+5.9 pp in · −5.8 pp out

New 30 +1.55 pp
Added 148 +4.34 pp
Trimmed 100 −4.96 pp
Exited 24 −0.88 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.8 years per position

Low
Moderate
High

Top 5 positions22% of US stock

Positions343 in this filing · 24 exited


TSLATesla, Inc.	6.31%	1,617,010	$1.7B	added0%	+2.16 pp	26 q
CSGPCoStar Group Inc	5.40%	2,100,949	$1.5B	added0%	−0.64 pp	29 q
IDXXIdexx Laboratories Inc	4.10%	3,437,134	$1.1B	trimmed−3%	−0.10 pp	29 q
FDSFactset Research Systems	3.28%	2,763,901	$908M	trimmed−0%	−0.26 pp	29 q
MTNVail Resorts, Inc.	2.97%	4,514,901	$822M	trimmed−0%	−0.30 pp	29 q
MSCIMSCI, Inc.	2.76%	2,290,075	$764M	trimmed−0%	−0.50 pp	29 q
AKXAnsys Inc	2.64%	2,505,872	$731M	trimmed−0%	−0.22 pp	29 q
ITGartner, Inc.	2.54%	5,797,493	$703M	trimmed−3%	−0.38 pp	29 q
GWREGuidewire Software, Inc.	2.29%	5,722,725	$634M	trimmed−7%	−0.11 pp	29 q
ACGLArch Capital Group Ltd	2.25%	21,737,610	$623M	added0%	−0.78 pp	29 q
BABAAlibaba Group Holding Limited	1.66%	2,124,973	$458M	added+9%	−0.19 pp	24 q
WIXWIX.com Ltd.	1.63%	1,763,343	$452M	trimmed−0%	+0.76 pp	15 q
TECHBio-Techne Corp.	1.45%	1,518,483	$401M	trimmed−1%	+0.03 pp	23 q
CHHChoice Hotels Intnl.	1.35%	4,721,573	$373M	added+1%	−0.06 pp	29 q
MTDMettler-Toledo International	1.34%	461,012	$371M	trimmed−2%	−0.25 pp	29 q
PENNPENN Entertainment, Inc.	1.34%	12,142,267	$371M	added+13%	+0.68 pp	29 q
IRDMIridium Communications Inc.	1.19%	12,979,457	$330M	trimmed−0%	−0.23 pp	25 q
WSTWest Pharmaceutical Services, Inc.	1.18%	1,440,396	$327M	trimmed−0%	+0.10 pp	29 q
BFAMBright Horizons Family Solutions Inc.	1.17%	2,764,047	$324M	added+11%	−0.07 pp	29 q
GDSGDS Holdings Limited	1.16%	4,027,522	$321M	trimmed−0%	+0.01 pp	10 q
GLPIGaming and Leisure Properties, Inc.	1.13%	9,002,448	$311M	added0%	−0.09 pp	27 q
TREXTrex Company, Inc.	1.11%	2,354,094	$306M	trimmed−2%	+0.17 pp	26 q
SSNCSS&C Technologies Inc	1.08%	5,288,577	$299M	trimmed−4%	−0.10 pp	29 q
KNSLKinsale Capital Group, Inc.	1.07%	1,900,958	$295M	added+7%	+0.16 pp	15 q
SBACSBA Communications Corp	1.04%	967,033	$288M	trimmed−9%	−0.37 pp	15 q
PRIPrimerica, Inc.	0.98%	2,329,020	$272M	trimmed−1%	−0.04 pp	29 q
VRSKVerisk Analytics, Inc.	0.91%	1,479,016	$252M	trimmed−6%	−0.17 pp	29 q
HHyatt Hotels Corporation	0.88%	4,824,842	$243M	added+3%	−0.22 pp	29 q
VACMarriott Vacations Worldwide Corporation	0.83%	2,809,098	$231M	trimmed−7%	+0.01 pp	29 q
SCHWThe Charles Schwab Corporation	0.82%	6,694,639	$226M	added+13%	−0.15 pp	29 q
DAYDayforce, Inc.	0.81%	2,831,517	$224M	added0%	+0.12 pp	9 q
AREAlexandria Real Estate Equities, Inc.	0.74%	1,262,389	$205M	added+1%	−0.10 pp	29 q
AMZNAmazon.Com Inc	0.70%	70,068	$193M	added+35%	+0.20 pp	29 q
DXCMDexCom, Inc.	0.69%	471,676	$191M	trimmed−6%	+0.03 pp	29 q
MORNMorningstar, Inc.	0.69%	1,349,157	$190M	trimmed−1%	−0.09 pp	29 q
ILMNIllumina Inc	0.68%	511,412	$189M	added+9%	+0.05 pp	29 q
MANUManchester United PLC	0.67%	11,781,535	$187M	trimmed−5%	−0.24 pp	29 q
VEEVVeeva Systems Inc.	0.66%	781,295	$183M	added+4%	+0.09 pp	13 q
DEIDouglas Emmett, Inc.	0.64%	5,745,987	$176M	trimmed−1%	−0.22 pp	29 q
ZGZillow Group Inc Class A	0.64%	3,076,916	$177M	added+5%	+0.15 pp	22 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.63%	3,085,480	$175M	trimmed−16%	−0.23 pp	29 q
CNSCohen & Steers Inc.	0.62%	2,528,755	$172M	held	—	29 q
ZLABZai Lab Limited	0.61%	2,039,323	$167M	trimmed−8%	+0.05 pp	10 q
GTMZoomInfo Technologies Inc	0.59%	3,202,391	$163M	new	+0.59 pp	new
EQIXEquinix, Inc.	0.57%	223,265	$157M	trimmed−2%	−0.12 pp	22 q
TTDThe Trade Desk, Inc.	0.57%	389,605	$158M	trimmed−6%	+0.18 pp	15 q
MKTXMarketAxess Holdings Inc.	0.56%	310,860	$156M	added0%	+0.05 pp	20 q
VRSNVeriSign Inc	0.56%	747,557	$155M	trimmed−5%	−0.13 pp	29 q
SITESiteOne Landscape Supply, Inc.	0.55%	1,326,126	$151M	trimmed−9%	+0.02 pp	17 q
COLDAmericold Realty Trust, Inc.	0.54%	4,082,706	$148M	added+16%	−0.05 pp	10 q
CLVTClarivate Plc	0.53%	6,524,069	$146M	trimmed−0%	−0.13 pp	5 q
TRUTransUnion	0.52%	1,664,673	$145M	added+1%	−0.02 pp	13 q
IBPInstalled Building Products, Inc.	0.51%	2,059,200	$142M	added+9%	+0.14 pp	11 q
FISFidelity National Information Services, Inc.	0.50%	1,031,507	$138M	trimmed−2%	−0.13 pp	4 q
FNDFloor & Decor Holdings, Inc.	0.50%	2,394,232	$138M	held	—	13 q
AZPNAspen Technology Inc	0.47%	1,254,157	$130M	added0%	−0.11 pp	20 q
TDOCTeladoc Health, Inc.	0.47%	680,000	$130M	trimmed−22%	−0.19 pp	14 q
PEGAPegasystems Inc	0.45%	1,234,028	$125M	added+3%	+0.03 pp	29 q
ROPRoper Technologies, Inc.	0.45%	319,659	$124M	added+1%	−0.04 pp	29 q
EFOREverforth, Inc.	0.42%	1,760,100	$117M	trimmed−3%	+0.11 pp	8 q
ZZillow Group, Inc. Class C	0.41%	1,962,127	$113M	added+32%	+0.15 pp	20 q
ICLRIcon Plc	0.41%	680,823	$115M	trimmed−7%	−0.08 pp	29 q
RNGRingcentral, Inc.	0.39%	382,601	$109M	added+16%	+0.05 pp	8 q
PAGSPagSeguro Digital Ltd.	0.39%	3,022,423	$107M	trimmed−4%	+0.09 pp	10 q
DAVAEndava plc	0.35%	2,018,664	$98M	added+30%	+0.08 pp	8 q
MRCYMercury Systems Inc.	0.35%	1,230,600	$97M	held	—	22 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.34%	959,899	$94M	trimmed−3%	+0.12 pp	12 q
RPAYRepay Holdings Corporation Class A	0.34%	3,814,500	$94M	added×6.2	+0.30 pp	3 q
VRTVertiv Holdings Co Class A	0.34%	7,000,000	$95M	trimmed−0%	+0.04 pp	2 q
LBRDKLiberty Broadband Corporation Class C	0.33%	734,602	$91M	added+1%	−0.07 pp	23 q
unresolvedThe Carlyle Group	0.32%	3,138,175	$88M	trimmed−0%	−0.01 pp	29 q
SHOPShopify Inc. Class A subordinate voting shares	0.32%	92,176	$87M	added×2.2	+0.23 pp	3 q
METAMeta Platforms, Inc. Class A	0.31%	379,848	$86M	added×2.0	+0.16 pp	29 q
SDGRSchrodinger, Inc.	0.31%	951,014	$87M	added0%	+0.11 pp	2 q
MSFTMicrosoft Corp	0.30%	408,635	$83M	added+71%	+0.12 pp	11 q
TFXTeleflex Incorporated	0.29%	222,236	$81M	trimmed−2%	−0.03 pp	17 q
WCNWaste Connections, Inc.	0.29%	850,000	$80M	trimmed−8%	−0.06 pp	16 q
GHGuardant Health, Inc.	0.28%	937,677	$76M	added×2.4	+0.15 pp	7 q
IEXIDEX Corporation	0.28%	490,494	$78M	trimmed−4%	−0.06 pp	24 q
RRRRed Rock Resorts, Inc. Class A	0.27%	6,820,926	$74M	trimmed−37%	−0.19 pp	17 q
STNEStoneCo Ltd. Class A	0.27%	1,929,937	$75M	added+48%	+0.13 pp	7 q
WTWWillis Towers Watson Public Limited Company	0.27%	381,235	$75M	trimmed−13%	−0.10 pp	18 q
ALTRAltair Engineering Inc. Class A	0.26%	1,837,627	$73M	trimmed−3%	+0.01 pp	11 q
unresolvedBrookfield Asset Mgmt Inc	0.26%	2,209,623	$73M	added+22%	−0.13 pp	29 q
CGNXCognex Corp	0.26%	1,200,000	$72M	trimmed−16%	−0.03 pp	29 q
HLIHoulihan Lokey, Inc.	0.26%	1,302,239	$72M	trimmed−0%	−0.07 pp	11 q
GOOGAlphabet Inc. Class C	0.25%	48,420	$68M	added+13%	+0.01 pp	25 q
unresolvedCooper Cos Inc/The	0.25%	240,818	$68M	added0%	−0.07 pp	26 q
CBRECbre Group, Inc.	0.24%	1,439,117	$65M	trimmed−29%	−0.14 pp	29 q
MELIMercado Libre, Inc	0.24%	67,921	$67M	trimmed−44%	−0.05 pp	8 q
AFYAAfya Limited Class A	0.24%	2,854,782	$67M	added+23%	+0.02 pp	4 q
JBTMJBT Marel Corporation	0.23%	748,300	$64M	held	—	14 q
NEOGNeogen Corp	0.23%	818,361	$64M	trimmed−18%	−0.10 pp	29 q
PRAHPRA Health Sciences, Inc.	0.23%	654,364	$64M	trimmed−19%	−0.10 pp	23 q
SPLKSplunk Inc	0.23%	322,007	$64M	added+25%	+0.07 pp	15 q
AIYActivision Blizzard Inc	0.22%	808,561	$61M	added+61%	+0.07 pp	10 q
ARGXargenx SE	0.22%	266,626	$60M	added+23%	+0.08 pp	11 q
FLTCorpay, Inc.	0.22%	246,636	$62M	added0%	0.00 pp	29 q
HQYHealthEquity, Inc	0.22%	1,057,836	$62M	held	—	24 q
SILKSilk Road Medical, Inc.	0.22%	1,475,870	$62M	added+8%	+0.01 pp	5 q
WEXWEX Inc.	0.22%	375,000	$62M	trimmed−6%	+0.02 pp	29 q
MCMoelis & Company	0.21%	1,878,214	$59M	added+1%	−0.05 pp	25 q
TWLOTwilio Inc.	0.21%	264,046	$58M	added+5%	+0.10 pp	5 q
UTZUtz Brands, Inc.	0.21%	4,300,000	$59M	new	+0.21 pp	new
BWINThe Baldwin Insurance Group, Inc. Class A	0.20%	3,125,007	$54M	trimmed−4%	+0.03 pp	3 q
CDWCDW Corporation	0.20%	466,127	$54M	added+1%	−0.01 pp	13 q
unresolvedNew Oriental Ed & Tech Grp I	0.20%	429,371	$56M	trimmed−24%	−0.10 pp	7 q
TDGTransDigm Group Incorporated	0.20%	125,000	$55M	trimmed−11%	−0.02 pp	29 q
NBISNebius Group N.V. Class A	0.20%	1,129,799	$57M	added+21%	+0.04 pp	18 q
KTOSKratos Defense & Security Solutions, Inc.	0.19%	3,402,839	$53M	added×5.4	+0.15 pp	2 q
ROLRollins, Inc.	0.19%	1,256,190	$53M	added+1%	−0.03 pp	16 q
APHAmphenol Corporation	0.18%	520,036	$50M	added+1%	0.00 pp	5 q
PLNTPlanet Fitness, Inc.	0.18%	800,000	$48M	held	—	10 q
AZEKThe AZEK Company Inc.	0.17%	1,486,355	$47M	new	+0.17 pp	new
POLAvient Corporation	0.17%	1,800,000	$47M	added+20%	+0.03 pp	3 q
XPXP Inc. Class A	0.17%	1,107,553	$47M	trimmed−5%	+0.06 pp	3 q
AXNXAxonics, Inc.	0.16%	1,230,982	$43M	added×4.8	+0.13 pp	2 q
FICOFair Isaac Corporation	0.16%	106,649	$45M	added+21%	+0.03 pp	3 q
FVRRFiverr International Ltd.	0.16%	603,955	$45M	added+85%	+0.12 pp	5 q
DKNGDraftKings Inc. Class A	0.15%	1,230,900	$41M	new	+0.15 pp	new
EPAMEpam Systems, Inc.	0.15%	168,827	$43M	added+30%	+0.03 pp	19 q
TROWT Rowe Price Group Inc	0.15%	330,033	$41M	added0%	−0.01 pp	29 q
XLRNAcceleron Pharma Inc.	0.14%	419,078	$40M	added+37%	+0.01 pp	13 q
BWXTBWX Technologies, Inc.	0.14%	662,498	$38M	added0%	−0.02 pp	14 q
CAKECheesecake Factory (The)	0.14%	1,665,000	$38M	added×2.1	+0.07 pp	29 q
FRCBFirst Republic Bk CA	0.14%	364,502	$39M	added0%	−0.01 pp	29 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.14%	619,670	$38M	trimmed−2%	−0.05 pp	29 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.14%	1,250,000	$40M	added+67%	+0.04 pp	17 q
TXG10x Genomics, Inc. Class A	0.14%	423,705	$38M	added+86%	+0.07 pp	4 q
BERYBerry Global Group, Inc.	0.13%	800,000	$35M	held	—	29 q
BKNGBooking Holdings Inc.	0.13%	23,048	$37M	added+3%	−0.02 pp	10 q
BYDBoyd Gaming Corporation	0.13%	1,769,411	$37M	added+9%	+0.02 pp	14 q
CRWDCrowdStrike Holdings, Inc. Class A	0.13%	360,935	$36M	added0%	+0.03 pp	5 q
LFUSLittelfuse Inc	0.13%	210,218	$36M	trimmed−32%	−0.07 pp	18 q
REXRRexford Industrial Realty, Inc.	0.13%	844,998	$35M	added+46%	+0.01 pp	23 q
TALTAL Education Group	0.13%	522,346	$36M	added+81%	+0.05 pp	26 q
TMETencent Music Entertainment Group	0.13%	2,676,554	$36M	added+81%	+0.06 pp	7 q
TTCToro Company (The)	0.13%	551,335	$37M	trimmed−15%	−0.08 pp	12 q
DDOGDatadog, Inc. Class A	0.12%	391,849	$34M	trimmed−3%	+0.05 pp	4 q
INSPInspire Medical Systems, Inc.	0.12%	373,935	$33M	added+6%	+0.02 pp	6 q
LSXMKLiberty Media Cor-siriusxm C	0.12%	1,000,000	$34M	held	—	8 q
MSGSMadison Square Garden Sports Corp.	0.12%	225,000	$33M	held	—	19 q
MAMastercard Incorporated	0.12%	111,842	$33M	trimmed−1%	−0.01 pp	29 q
PTCTPTC Therapeutics, Inc.	0.12%	650,847	$33M	added×4.5	+0.09 pp	3 q
SPOTSpotify Technology S.A.	0.12%	123,277	$32M	added×2.1	+0.09 pp	9 q
LXLexinFintech Holdings Ltd.	0.11%	2,805,334	$30M	added+8%	0.00 pp	5 q
CDNACareDx, Inc.	0.10%	776,023	$27M	added+53%	+0.05 pp	9 q
RBCRBC Bearings Incorporated	0.10%	200,000	$27M	held	—	23 q
VVISA Inc.	0.10%	149,461	$29M	trimmed−0%	−0.02 pp	29 q
ESNTEssent Group LTD	0.10%	762,846	$28M	held	—	16 q
ADPTAdaptive Biotechnologies Corporation	0.09%	515,725	$25M	added0%	+0.02 pp	5 q
AATAmerican Assets Trust, Inc.	0.09%	853,027	$24M	added+50%	+0.02 pp	29 q
DTDynatrace, Inc.	0.09%	610,568	$25M	added+39%	+0.04 pp	4 q
LENLennar Corporation Class A	0.09%	385,411	$24M	added+8%	+0.02 pp	7 q
NOWServicenow, Inc.	0.09%	60,723	$25M	added+5%	+0.01 pp	20 q
GLNGGolar LNG Ltd	0.09%	3,258,898	$24M	added+27%	−0.01 pp	29 q
GLOBGlobant S.a.	0.09%	173,486	$26M	trimmed−44%	−0.04 pp	17 q
AMTAmerican Tower Corporation	0.08%	89,487	$23M	added+14%	0.00 pp	29 q
BVBrightView Holdings, Inc.	0.08%	1,930,937	$22M	added+89%	+0.02 pp	7 q
DNLIDenali Therapeutics Inc.	0.08%	952,957	$23M	held	—	11 q
RDYDr. Reddy's Laboratories Limited	0.08%	410,739	$22M	added+1%	0.00 pp	6 q
ISRGIntuitive Surgical Inc.	0.08%	41,214	$23M	added+9%	−0.01 pp	15 q
FOURShift4 Payments, Inc.	0.08%	609,463	$22M	new	+0.08 pp	new
WORKSlack Technologies, Inc.	0.08%	748,486	$23M	added×3.7	+0.05 pp	3 q
TWTradeweb Markets Inc. Class A	0.08%	368,705	$21M	added0%	0.00 pp	5 q
VRTXVertex Pharmaceuticals Inc	0.08%	79,920	$23M	added+2%	−0.01 pp	12 q
WYNNWynn Resorts Ltd	0.08%	292,833	$22M	added+78%	+0.03 pp	3 q
unresolvedNew Frontier Health Corp	0.08%	2,544,622	$21M	added+1%	−0.02 pp	3 q
AMHAmerican Homes 4 Rent	0.07%	726,932	$20M	added0%	−0.01 pp	13 q
DHID.R. Horton Inc.	0.07%	330,028	$18M	trimmed−1%	+0.01 pp	7 q
EBSEmergent Biosolutions, Inc.	0.07%	235,000	$19M	trimmed−19%	−0.01 pp	11 q
HEI.AHeico Corp Cl A	0.07%	241,338	$20M	trimmed−0%	−0.01 pp	10 q
LOWLowe's Companies Inc.	0.07%	136,114	$18M	trimmed−22%	0.00 pp	7 q
NBIXNeurocrine Biosciences Inc	0.07%	157,480	$19M	added+42%	+0.02 pp	9 q
PFGCPerformance Food Group Company	0.07%	642,100	$19M	trimmed−56%	−0.11 pp	19 q
PLDPrologis, Inc.	0.07%	215,791	$20M	added+12%	−0.01 pp	15 q
KWRQuaker Houghton	0.07%	100,000	$19M	held	—	3 q
QLYSQualys, Inc.	0.07%	175,000	$18M	held	—	26 q
SUMSummit Materials, Inc. Class A	0.07%	1,250,000	$20M	trimmed−22%	−0.05 pp	22 q
unresolvedArco Platform Ltd Com	0.07%	472,387	$21M	added×2.5	+0.03 pp	8 q
AZNNAstrazeneca Plc-spons ADR	0.06%	293,104	$16M	added+56%	+0.02 pp	9 q
BILLBILL Holdings, Inc.	0.06%	173,687	$16M	trimmed−1%	+0.03 pp	3 q
HDHome Depot, Inc.	0.06%	66,810	$17M	trimmed−18%	−0.01 pp	27 q
SPHRSphere Entertainment Co.	0.06%	225,000	$17M	new	+0.06 pp	new
unresolvedTpi Composites Inc	0.06%	707,000	$17M	held	—	15 q
VRMVroom, Inc.	0.06%	300,000	$16M	new	+0.06 pp	new
FREEWhole Earth Brands, Inc. Class A	0.06%	2,000,000	$15M	new	+0.06 pp	new
ASMLASML Holding NV	0.06%	42,770	$16M	trimmed−0%	0.00 pp	28 q
ADBEAdobe Inc.	0.05%	33,079	$14M	trimmed−2%	0.00 pp	11 q
AEISAdvanced Energy Industries Inc	0.05%	193,500	$13M	added×2.1	+0.03 pp	3 q
DLRDigital Realty Trust, Inc.	0.05%	101,835	$14M	trimmed−11%	−0.03 pp	2 q
ESPREsperion Therapeutics Inc Ne	0.05%	288,500	$15M	added+53%	+0.02 pp	11 q
EVBGEverbridge, Inc.	0.05%	107,500	$15M	trimmed−14%	−0.02 pp	2 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.05%	2,100,000	$14M	trimmed−1%	−0.03 pp	2 q
HEIHEICO Corporation	0.05%	125,993	$13M	held	—	9 q
INGNInogen Inc	0.05%	360,000	$13M	added+26%	−0.02 pp	4 q
INVHInvitation Homes Inc.	0.05%	514,180	$14M	added+11%	0.00 pp	14 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.05%	503,303	$14M	added+60%	+0.01 pp	17 q
PARPAR Technology Corp.	0.05%	488,308	$15M	added×2.4	+0.04 pp	8 q
PYPLPayPal Holdings, Inc.	0.05%	73,431	$13M	added+11%	+0.02 pp	6 q
PDDPDD Holdings Inc.	0.05%	147,108	$13M	added+37%	+0.03 pp	8 q
PINGPing Identity Holding Corp	0.05%	472,131	$15M	held	—	4 q
RVNCRevance Therapeutics, Inc.	0.05%	581,732	$14M	added+15%	+0.01 pp	6 q
SPGIS&P Global Inc.	0.05%	41,598	$14M	added+12%	+0.01 pp	10 q
SNAPSnap Inc.	0.05%	566,505	$13M	added+49%	+0.03 pp	2 q
VRNSVaronis Systems, Inc.	0.05%	147,000	$13M	held	—	5 q
VCYTVeracyte, Inc.	0.05%	519,190	$13M	held	—	5 q
KRNTKornit Digital Ltd.	0.05%	237,500	$13M	held	—	18 q
ALECAlector, Inc.	0.04%	466,960	$11M	added0%	−0.01 pp	5 q
ARWRArrowhead Research Corporation	0.04%	260,709	$11M	added×2.4	+0.02 pp	7 q
CERSCerus Corp	0.04%	1,529,967	$10M	held	—	23 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.04%	331,981	$12M	added+46%	+0.01 pp	4 q
EAElectronic Arts Inc	0.04%	85,169	$11M	added+19%	+0.01 pp	14 q
ELSEquity Lifestyle Properties, Inc.	0.04%	156,156	$10M	trimmed−0%	0.00 pp	10 q
FORForestar Group Inc.	0.04%	663,076	$10M	trimmed−35%	−0.01 pp	5 q
LBRDALiberty Broadband Corporation Class A	0.04%	100,000	$12M	held	—	23 q
NFLXNetFlix Inc	0.04%	25,900	$12M	added+33%	0.00 pp	28 q
NVDANvidia Corp	0.04%	32,641	$12M	trimmed−0%	0.00 pp	8 q
OKTAOkta, Inc. Class A	0.04%	59,765	$12M	added+29%	+0.01 pp	13 q
POOLPool Corporation	0.04%	36,954	$10M	held	—	3 q
PGNYProgyny, Inc.	0.04%	408,279	$11M	added+55%	+0.01 pp	3 q
SHWThe Sherwin-Williams Company	0.04%	18,097	$10M	trimmed−7%	0.00 pp	15 q
VMCVulcan Materials Company(Holding Company)	0.04%	93,220	$11M	trimmed−37%	−0.04 pp	6 q
ZSZscaler, Inc.	0.04%	103,062	$11M	added+10%	+0.01 pp	10 q
BHVNBiohaven Ltd.	0.04%	151,375	$11M	held	—	3 q
NVMINova Ltd.	0.04%	220,000	$11M	held	—	7 q
OSWOneSpaWorld Holdings Limited	0.04%	2,307,500	$11M	added×2.3	+0.02 pp	6 q
APLTApplied Therapeutics, Inc.	0.03%	253,491	$9M	added×2.8	+0.02 pp	2 q
CMECME Group Inc.	0.03%	59,536	$10M	added0%	−0.02 pp	29 q
CMDCantel Medical Corporation	0.03%	175,000	$8M	trimmed−61%	−0.05 pp	23 q
ESEESCO Technologies, Inc.	0.03%	86,600	$7M	held	—	20 q
FBINFortune Brands Innovations, Inc.	0.03%	111,536	$7M	new	+0.03 pp	new
HLIOHelios Technologies, Inc.	0.03%	230,000	$9M	trimmed−73%	−0.13 pp	5 q
CRMSalesforce, Inc.	0.03%	47,282	$9M	added+33%	0.00 pp	29 q
SIENSientra, Inc.	0.03%	1,815,363	$7M	held	—	18 q
TCMDTactile Systems Technology, Inc.	0.03%	207,000	$9M	added+46%	0.00 pp	3 q
TTWOTake-Two Interactive Software Inc	0.03%	61,801	$9M	added+38%	0.00 pp	13 q
TMHCTaylor Morrison Home Corporation	0.03%	457,023	$9M	new	+0.03 pp	new
TOLToll Brothers, Inc.	0.03%	289,231	$9M	new	+0.03 pp	new
ICHRIchor Holdings	0.03%	340,000	$9M	added+79%	+0.01 pp	15 q
AAgilent Technologies Inc.	0.02%	50,653	$4M	held	—	29 q
ALGNAlign Technology Inc	0.02%	17,840	$5M	held	—	29 q
AVLRAvalara, Inc.	0.02%	44,500	$6M	new	+0.02 pp	new
AXGNAxogen, Inc.	0.02%	505,084	$5M	held	—	12 q
KMXCarMax Inc.	0.02%	71,599	$6M	held	—	29 q
CYRXCryoPort, Inc.	0.02%	210,891	$6M	new	+0.02 pp	new
EWEdwards Lifesciences Corp	0.02%	94,740	$7M	added+5%	−0.01 pp	29 q
HGVHilton Grand Vacations Inc.	0.02%	228,500	$4M	added+10%	0.00 pp	14 q
HLTHilton Worldwide Holdings Inc.	0.02%	86,883	$6M	added+49%	0.00 pp	15 q
HHCThe Howard Hughes Corporation	0.02%	108,670	$6M	new	+0.02 pp	new
NARIInari Medical, Inc.	0.02%	91,987	$4M	new	+0.02 pp	new
LM05Liberty Media Corp-liberty-a	0.02%	185,000	$5M	held	—	17 q
MGMMgm Resorts International	0.02%	265,622	$4M	trimmed−44%	−0.01 pp	22 q
MANHManhattan Associates Inc	0.02%	53,100	$5M	held	—	24 q
MDLAMedallia Inc	0.02%	250,000	$6M	held	—	4 q
RHIRobert Half Inc.	0.02%	103,544	$5M	held	—	29 q
TXMDTherapeuticsMD, Inc.	0.02%	3,831,500	$5M	held	—	26 q
VRAYQViewray Inc	0.02%	1,985,000	$4M	held	—	7 q
YEXTYext, Inc.	0.02%	350,000	$6M	trimmed−76%	−0.05 pp	13 q
ZMZoom Communications, Inc. Class A	0.02%	18,461	$5M	trimmed−18%	0.00 pp	5 q
unresolvedAccelerate Diagnostics	0.01%	164,900	$3M	held	—	7 q
ALXAlexander's Inc.	0.01%	12,398	$3M	trimmed−92%	−0.20 pp	29 q
GOOGLAlphabet Inc. Class A	0.01%	2,676	$4M	trimmed−6%	−0.01 pp	20 q
AWIArmstrong World Industries, Inc.	0.01%	36,285	$3M	trimmed−54%	−0.02 pp	2 q
COUPCoupa Software Incorporated	0.01%	14,800	$4M	added+40%	0.00 pp	6 q
ENVEnvestnet, Inc.	0.01%	47,710	$4M	held	—	27 q
FASTFastenal Co	0.01%	79,020	$3M	held	—	29 q
GLIBAGci Liberty Inc - Class A	0.01%	47,709	$3M	added+6%	0.00 pp	10 q
TREELendingTree, Inc.	0.01%	11,055	$3M	trimmed−88%	−0.07 pp	11 q
MMSMAXIMUS, Inc.	0.01%	25,760	$2M	held	—	29 q
RAVNRaven Industries Inc	0.01%	175,000	$4M	trimmed−74%	−0.06 pp	10 q
SONYSony Group Corporation	0.01%	44,569	$3M	held	—	16 q
REALThe RealReal, Inc.	0.01%	250,000	$3M	trimmed−11%	0.00 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	6,617	$2M	added+36%	0.00 pp	10 q
IPOAVirgin Galactic Holdings Inc	0.01%	150,000	$2M	held	—	3 q
WINGWingstop Inc	0.01%	10,000	$1M	held	—	21 q
TSEMTower Semiconductor Ltd	0.01%	211,500	$4M	held	—	3 q
ABTAbbott Laboratories	0.00%	12,431	$1M	added+11%	0.00 pp	7 q
APIAgora, Inc.	0.00%	2,489	$110,000	new	0.00 pp	new
AINAlbany International Corp Class A	0.00%	115	$7,000	held	—	9 q
APAMArtisan Partners Asset Management Inc.	0.00%	3,819	$124,000	held	—	29 q
AVBAvalonBay Communities, Inc.	0.00%	349	$54,000	trimmed−29%	0.00 pp	10 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$267,000	held	—	16 q
BLQADBlackrock Inc	0.00%	328	$178,000	held	—	10 q
1939900DBrookfield Infrastructure-a	0.00%	3,179	$131,000	added×7.4	0.00 pp	2 q
CHTRCharter Comm Inc Del CL A New	0.00%	574	$293,000	added+79%	0.00 pp	9 q
CYHCommunity Health Systems, Inc.	0.00%	100	$0	held	—	29 q
STZConstellation Brands, Inc.	0.00%	1,374	$240,000	held	—	9 q
CORCoresite Realty Corp	0.00%	520	$63,000	added+30%	0.00 pp	2 q
COSTCostco Wholesale Corp	0.00%	548	$166,000	added+19%	0.00 pp	10 q
CCICrown Castle Inc.	0.00%	524	$88,000	trimmed−26%	0.00 pp	10 q
DHRDanaher Corporation	0.00%	3,124	$552,000	added+29%	0.00 pp	10 q
DRNADicerna Pharmaceuticals, Inc.	0.00%	6,405	$163,000	held	—	3 q
DREDuke Realty Corp.	0.00%	2,397	$85,000	trimmed−15%	0.00 pp	10 q
ECLEcolab, Inc.	0.00%	605	$120,000	new	0.00 pp	new
VMRKVivmark Residential	0.00%	876	$52,000	trimmed−43%	0.00 pp	14 q
ESSEssex Property Trust, Inc	0.00%	205	$47,000	trimmed−33%	0.00 pp	10 q
STAYExtended Stay America, Inc. Paired Share	0.00%	6,071	$68,000	new	0.00 pp	new
GPNGlobal Payments, Inc.	0.00%	1,800	$305,000	added+6%	0.00 pp	2 q
GSGoldman Sachs Group Inc.	0.00%	800	$158,000	held	—	16 q
JKHYHenry (Jack) & Associates	0.00%	1,200	$221,000	added+40%	0.00 pp	2 q
HSTHost Hotels & Resorts, Inc.	0.00%	5,356	$58,000	new	0.00 pp	new
HUMHumana Inc.	0.00%	2,085	$808,000	added+43%	0.00 pp	8 q
IMMUImmunomedics Inc	0.00%	6,815	$242,000	new	0.00 pp	new
PODDInsulet Corporation	0.00%	1,685	$327,000	added+13%	0.00 pp	8 q
INTUIntuit Inc	0.00%	1,270	$376,000	added+69%	0.00 pp	2 q
IQVIQVIA Holdings Inc.	0.00%	5,234	$743,000	added+37%	0.00 pp	5 q
IIIVi3 Verticals, Inc. Class A	0.00%	700	$21,000	held	—	2 q
JCAPJernigan Capital Inc	0.00%	9,663	$132,000	new	0.00 pp	new
JLLJones Lang LaSalle, Inc.	0.00%	6,453	$668,000	trimmed−94%	−0.05 pp	4 q
KRCKilroy Realty Corp.	0.00%	788	$46,000	new	0.00 pp	new
LVSLas Vegas Sands Corp.	0.00%	3,317	$151,000	added+28%	0.00 pp	3 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	681	$128,000	held	—	10 q
LULUlululemon athletica inc.	0.00%	308	$96,000	held	—	2 q
MASIMasimo Corporation	0.00%	900	$205,000	held	—	4 q
MRNAModerna, Inc.	0.00%	1,000	$64,000	new	0.00 pp	new
MCOMoody's Corporation	0.00%	3,658	$1M	added+8%	0.00 pp	9 q
NOVTNovanta Inc.	0.00%	10,431	$1M	held	—	13 q
PKPark Hotels & Resorts Inc.	0.00%	2,600	$26,000	new	0.00 pp	new
PCTYPaylocity Holding Corporation	0.00%	1,715	$250,000	added+41%	0.00 pp	3 q
PEBPebblebrook Hotel Trust	0.00%	2,892	$40,000	new	0.00 pp	new
PGProcter & Gamble Company	0.00%	1,796	$215,000	held	—	16 q
PRPLPurple Innovation, Inc.	0.00%	10,706	$193,000	new	0.00 pp	new
QTSQts Realty Trust, Inc.	0.00%	1,802	$115,000	trimmed−41%	0.00 pp	8 q
QCOMQualcomm Inc	0.00%	4,000	$365,000	held	—	16 q
SLGSL Green Realty Corp.	0.00%	1,131	$56,000	new	0.00 pp	new
SNYSanofi	0.00%	24,644	$1M	added×4.9	0.00 pp	2 q
SWAVShockwave Medical, Inc.	0.00%	6,326	$300,000	new	0.00 pp	new
SJMThe J.M. Smucker Company	0.00%	251	$27,000	held	—	16 q
XYZBlock, Inc.	0.00%	1,679	$176,000	new	0.00 pp	new
S76Store Capital Corp	0.00%	3,688	$88,000	added+97%	0.00 pp	3 q
SUISun Communities, Inc	0.00%	968	$131,000	trimmed−6%	0.00 pp	8 q
TRNOTerreno Realty Corporation	0.00%	1,060	$56,000	trimmed−19%	0.00 pp	2 q
TXNTexas Instruments Incorporated	0.00%	1,347	$171,000	held	—	10 q
TMOThermo Fisher Scientific, Inc.	0.00%	3,605	$1M	added+21%	0.00 pp	4 q
TIFTiffany & Co.	0.00%	3,000	$366,000	held	—	29 q
TRTrillium Therapeutics Inc	0.00%	6,471	$52,000	new	0.00 pp	new
WW6Willis Towers Watson Public Limited Company	0.00%	5,617	$143,000	held	—	2 q
ZTSZoetis Inc.	0.00%	1,978	$271,000	added+8%	0.00 pp	3 q
ACNAccenture PLC	0.00%	3,752	$806,000	added+19%	0.00 pp	10 q
BIPBrookfield Infrastructure Partners L.P.	0.00%	4,485	$44,000	added+12%	0.00 pp	6 q
MRKTIhs Markit Ltd	0.00%	10,132	$765,000	added+9%	0.00 pp	7 q
0VQJLTe Connectivity Ltd	0.00%	1,958	$160,000	held	—	10 q
CPACopa Holdings, S.A.	—	−882,004	—	exited	−0.20 pp	—
MLNXMellanox Technologies Ltd	—	−302,062	—	exited	−0.18 pp	—
NGVTIngevity Corporation	—	−500,000	—	exited	−0.09 pp	—
unresolvedAzul Sa-adr	—	−1,506,586	—	exited	−0.08 pp	—
WMSAdvanced Drainage Systems, Inc.	—	−500,000	—	exited	−0.07 pp	—
unresolvedDiamond Eagle Acquisition Co	—	−1,050,000	—	exited	−0.06 pp	—
RAMPLiveRamp Holdings, Inc.	—	−400,000	—	exited	−0.06 pp	—
unresolvedHudson Ltd	—	−1,823,425	—	exited	−0.04 pp	—
AL1Sumisho Air Lease Corp	—	−291,173	—	exited	−0.03 pp	—
BJRIBJ's Restaurants, Inc.	—	−500,000	—	exited	−0.03 pp	—
PFPTProofpoint, Inc.	—	−36,739	—	exited	−0.02 pp	—
TSGIStars Group INC/THE	—	−65,655	—	exited	−0.01 pp	—
NCLHNorwegian Cruise Line Holdings Ltd.	—	−95,304	—	exited	−0.01 pp	—
AAPLApple Inc.	—	−390	—	exited	0.00 pp	—
BNFTBenefitfocus, Inc.	—	−104,488	—	exited	0.00 pp	—
BXPBXP, Inc.	—	−490	—	exited	0.00 pp	—
HCAHCA Healthcare, Inc.	—	−2,085	—	exited	0.00 pp	—
HDBHDFC Bank Limited	—	−342	—	exited	0.00 pp	—
LMNRLimoneira Co	—	−56,609	—	exited	0.00 pp	—
LINDLindblad Expeditions Holdings Inc.	—	−142,000	—	exited	0.00 pp	—
NERVMinerva Neurosciences, Inc	—	−3,800	—	exited	0.00 pp	—
NXTCNextCure, Inc.	—	−763	—	exited	0.00 pp	—
OPRAOpera Limited	—	−148,784	—	exited	0.00 pp	—
WYNTravel + Leisure Co.	—	−32,000	—	exited	0.00 pp	—