Baron Capital

Q3 2020 13F · by Ron Baron, CEO

As of: Sep 30, 2020
Filed: Nov 13, 2020
US stock: $32.6B · prev $27.7B
Positions: 356 · prev 343
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

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

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.2%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves293 since the prior filing

+2.2 pp in · −1.8 pp out

New 31 +1.77 pp
Added 134 +0.44 pp
Trimmed 110 −1.68 pp
Exited 18 −0.15 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.0 years per position

Low
Moderate
High

Top 5 positions25% of US stock

TSLA Tesla, Inc. trimmed+3.33 pp trimmed+3.339.6%
CSGP CoStar Group Inc trimmed−0.18 pp trimmed−0.185.2%
IDXX Idexx Laboratories Inc trimmed−0.19 pp trimmed−0.193.9%
MTN Vail Resorts, Inc. trimmed−0.02 pp trimmed−0.023.0%
FDS Factset Research Systems trimmed−0.48 pp trimmed−0.482.8%

Positions356 in this filing · 18 exited


TSLATesla, Inc.	9.64%	7,321,901	$3.1B	trimmed−9%	+3.33 pp	27 q
CSGPCoStar Group Inc	5.22%	2,002,971	$1.7B	trimmed−5%	−0.18 pp	30 q
IDXXIdexx Laboratories Inc	3.91%	3,240,189	$1.3B	trimmed−6%	−0.19 pp	30 q
MTNVail Resorts, Inc.	2.95%	4,496,866	$962M	trimmed−0%	−0.02 pp	30 q
FDSFactset Research Systems	2.80%	2,726,345	$913M	trimmed−1%	−0.48 pp	30 q
PENNPENN Entertainment, Inc.	2.61%	11,685,813	$850M	trimmed−4%	+1.27 pp	30 q
MSCIMSCI, Inc.	2.47%	2,255,362	$805M	trimmed−2%	−0.29 pp	30 q
AKXAnsys Inc	2.39%	2,383,087	$780M	trimmed−5%	−0.25 pp	30 q
ITGartner, Inc.	2.17%	5,649,648	$706M	trimmed−3%	−0.37 pp	30 q
ACGLArch Capital Group Ltd	1.91%	21,255,266	$622M	trimmed−2%	−0.34 pp	30 q
BABAAlibaba Group Holding Limited	1.89%	2,090,289	$615M	trimmed−2%	+0.23 pp	25 q
GWREGuidewire Software, Inc.	1.82%	5,684,136	$593M	trimmed−1%	−0.47 pp	30 q
WIXWIX.com Ltd.	1.36%	1,732,866	$442M	trimmed−2%	−0.27 pp	16 q
MTDMettler-Toledo International	1.30%	437,993	$423M	trimmed−5%	−0.04 pp	30 q
BFAMBright Horizons Family Solutions Inc.	1.29%	2,763,550	$420M	trimmed−0%	+0.12 pp	30 q
CHHChoice Hotels Intnl.	1.24%	4,706,734	$405M	trimmed−0%	−0.11 pp	30 q
WSTWest Pharmaceutical Services, Inc.	1.21%	1,439,068	$396M	trimmed−0%	+0.03 pp	30 q
TECHBio-Techne Corp.	1.14%	1,495,267	$370M	trimmed−2%	−0.31 pp	24 q
GDSGDS Holdings Limited	1.10%	4,376,110	$358M	added+9%	−0.06 pp	11 q
KNSLKinsale Capital Group, Inc.	1.10%	1,880,518	$358M	trimmed−1%	+0.03 pp	16 q
GLPIGaming and Leisure Properties, Inc.	1.02%	8,999,610	$332M	trimmed−0%	−0.11 pp	28 q
IRDMIridium Communications Inc.	1.02%	12,954,334	$331M	trimmed−0%	−0.17 pp	26 q
TREXTrex Company, Inc.	0.99%	4,491,567	$322M	trimmed−5%	−0.12 pp	27 q
ZGZillow Group Inc Class A	0.96%	3,079,799	$313M	added0%	+0.32 pp	23 q
SBACSBA Communications Corp	0.92%	945,802	$301M	trimmed−2%	−0.12 pp	16 q
SSNCSS&C Technologies Inc	0.92%	4,931,501	$298M	trimmed−7%	−0.16 pp	30 q
HHyatt Hotels Corporation	0.80%	4,913,741	$262M	added+2%	−0.08 pp	30 q
PRIPrimerica, Inc.	0.80%	2,314,814	$262M	trimmed−1%	−0.18 pp	30 q
VRSKVerisk Analytics, Inc.	0.80%	1,412,778	$262M	trimmed−4%	−0.11 pp	30 q
SCHWThe Charles Schwab Corporation	0.76%	6,793,433	$246M	added+1%	−0.06 pp	30 q
DAYDayforce, Inc.	0.73%	2,869,703	$237M	added+1%	−0.08 pp	10 q
VACMarriott Vacations Worldwide Corporation	0.73%	2,621,830	$238M	trimmed−7%	−0.10 pp	30 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.71%	2,844,816	$231M	trimmed−8%	+0.08 pp	30 q
AMZNAmazon.Com Inc	0.70%	72,804	$229M	added+4%	0.00 pp	30 q
VEEVVeeva Systems Inc.	0.69%	796,505	$224M	added+2%	+0.03 pp	14 q
MORNMorningstar, Inc.	0.66%	1,341,882	$216M	trimmed−1%	−0.03 pp	30 q
IBPInstalled Building Products, Inc.	0.65%	2,066,215	$210M	added0%	+0.14 pp	12 q
ZZillow Group, Inc. Class C	0.63%	2,021,097	$205M	added+3%	+0.22 pp	21 q
AREAlexandria Real Estate Equities, Inc.	0.62%	1,263,269	$202M	added0%	−0.12 pp	30 q
CLVTClarivate Plc	0.62%	6,499,216	$201M	trimmed−0%	+0.09 pp	6 q
TTDThe Trade Desk, Inc.	0.56%	351,846	$183M	trimmed−10%	−0.01 pp	16 q
DXCMDexCom, Inc.	0.53%	416,596	$172M	trimmed−12%	−0.16 pp	30 q
EQIXEquinix, Inc.	0.53%	226,102	$172M	added+1%	−0.04 pp	23 q
ZLABZai Lab Limited	0.52%	2,023,192	$168M	trimmed−1%	−0.09 pp	11 q
GTMZoomInfo Technologies Inc	0.52%	3,978,372	$171M	added+24%	−0.07 pp	2 q
MANUManchester United PLC	0.52%	11,566,380	$168M	trimmed−2%	−0.15 pp	30 q
ILMNIllumina Inc	0.50%	524,701	$162M	added+3%	−0.18 pp	30 q
AZPNAspen Technology Inc	0.49%	1,254,063	$159M	trimmed−0%	+0.02 pp	21 q
FNDFloor & Decor Holdings, Inc.	0.49%	2,117,432	$158M	trimmed−12%	−0.01 pp	14 q
SITESiteOne Landscape Supply, Inc.	0.49%	1,303,084	$159M	trimmed−2%	−0.06 pp	18 q
FISFidelity National Information Services, Inc.	0.46%	1,007,516	$148M	trimmed−2%	−0.04 pp	5 q
MKTXMarketAxess Holdings Inc.	0.46%	310,521	$150M	trimmed−0%	−0.10 pp	21 q
PEGAPegasystems Inc	0.46%	1,233,941	$149M	trimmed−0%	+0.01 pp	30 q
COLDAmericold Realty Trust, Inc.	0.45%	4,108,489	$147M	added+1%	−0.09 pp	11 q
RNGRingcentral, Inc.	0.45%	532,058	$146M	added+39%	+0.06 pp	9 q
VRSNVeriSign Inc	0.45%	710,167	$145M	trimmed−5%	−0.11 pp	30 q
DEIDouglas Emmett, Inc.	0.44%	5,767,164	$145M	added0%	−0.20 pp	30 q
DAVAEndava plc	0.44%	2,293,309	$145M	added+14%	+0.09 pp	9 q
CNSCohen & Steers Inc.	0.43%	2,516,555	$140M	trimmed−0%	−0.19 pp	30 q
TRUTransUnion	0.43%	1,665,267	$140M	added0%	−0.09 pp	14 q
METAMeta Platforms, Inc. Class A	0.38%	477,171	$125M	added+26%	+0.07 pp	30 q
ROPRoper Technologies, Inc.	0.38%	309,607	$122M	trimmed−3%	−0.07 pp	30 q
VRTVertiv Holdings Co Class A	0.37%	7,000,000	$121M	held	—	3 q
ICLRIcon Plc	0.37%	629,423	$120M	trimmed−8%	−0.04 pp	30 q
GHGuardant Health, Inc.	0.36%	1,058,765	$118M	added+13%	+0.08 pp	8 q
RRRRed Rock Resorts, Inc. Class A	0.35%	6,642,580	$114M	trimmed−3%	+0.08 pp	18 q
GOOGAlphabet Inc. Class C	0.34%	74,910	$110M	added+55%	+0.09 pp	26 q
EFOREverforth, Inc.	0.32%	1,656,800	$105M	trimmed−6%	−0.10 pp	9 q
LBRDKLiberty Broadband Corporation Class C	0.32%	719,602	$103M	trimmed−2%	−0.01 pp	24 q
XLRNAcceleron Pharma Inc.	0.31%	885,475	$100M	added×2.1	+0.17 pp	14 q
RPAYRepay Holdings Corporation Class A	0.31%	4,292,115	$101M	added+13%	−0.03 pp	4 q
SILKSilk Road Medical, Inc.	0.30%	1,475,870	$99M	held	—	6 q
PAGSPagSeguro Digital Ltd.	0.30%	2,622,697	$99M	trimmed−13%	−0.09 pp	11 q
MRCYMercury Systems Inc.	0.29%	1,230,600	$95M	held	—	23 q
SHOPShopify Inc. Class A subordinate voting shares	0.29%	92,176	$94M	held	—	4 q
UTZUtz Brands, Inc.	0.29%	5,350,000	$96M	added+24%	+0.08 pp	2 q
STNEStoneCo Ltd. Class A	0.29%	1,760,798	$93M	trimmed−9%	+0.02 pp	8 q
unresolvedAmerican Well Corp Class A	0.28%	3,114,318	$92M	new	+0.28 pp	new
GDRXGoodRx Holdings, Inc. Class A	0.27%	1,558,997	$87M	new	+0.27 pp	new
IEXIDEX Corporation	0.27%	475,299	$87M	trimmed−3%	−0.01 pp	25 q
MSFTMicrosoft Corp	0.26%	409,203	$86M	added0%	−0.04 pp	12 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.26%	953,899	$83M	trimmed−1%	−0.08 pp	13 q
AFYAAfya Limited Class A	0.26%	3,113,236	$85M	added+9%	+0.02 pp	5 q
unresolvedCooper Cos Inc/The	0.25%	243,062	$82M	added+1%	0.00 pp	27 q
TDOCTeladoc Health, Inc.	0.25%	375,000	$82M	trimmed−45%	−0.22 pp	15 q
WCNWaste Connections, Inc.	0.25%	780,000	$81M	trimmed−8%	−0.04 pp	17 q
ALTRAltair Engineering Inc. Class A	0.24%	1,837,556	$77M	trimmed0%	−0.02 pp	12 q
ARGXargenx SE	0.24%	295,744	$78M	added+11%	+0.02 pp	12 q
BWINThe Baldwin Insurance Group, Inc. Class A	0.24%	3,125,007	$78M	held	—	4 q
CGNXCognex Corp	0.24%	1,200,000	$78M	held	—	30 q
HLIHoulihan Lokey, Inc.	0.24%	1,304,665	$77M	added0%	−0.02 pp	12 q
FVRRFiverr International Ltd.	0.24%	553,900	$77M	trimmed−8%	+0.08 pp	6 q
KTOSKratos Defense & Security Solutions, Inc.	0.23%	3,957,839	$76M	added+16%	+0.04 pp	3 q
SNOWSnowflake Inc.	0.23%	299,339	$75M	new	+0.23 pp	new
TFXTeleflex Incorporated	0.23%	217,149	$74M	trimmed−2%	−0.06 pp	18 q
NBISNebius Group N.V. Class A	0.23%	1,143,024	$75M	added+1%	+0.03 pp	19 q
SPLKSplunk Inc	0.22%	378,217	$71M	added+17%	−0.01 pp	16 q
unresolvedThe Carlyle Group	0.21%	2,749,675	$68M	trimmed−12%	−0.11 pp	30 q
JBTMJBT Marel Corporation	0.21%	748,300	$69M	held	—	15 q
MELIMercado Libre, Inc	0.21%	62,186	$67M	trimmed−8%	−0.03 pp	9 q
ROLRollins, Inc.	0.21%	1,255,950	$68M	trimmed−0%	+0.02 pp	17 q
WTWWillis Towers Watson Public Limited Company	0.21%	334,264	$70M	trimmed−12%	−0.06 pp	19 q
AIYActivision Blizzard Inc	0.20%	812,486	$66M	added0%	−0.02 pp	11 q
DKNGDraftKings Inc. Class A	0.20%	1,130,900	$67M	trimmed−8%	+0.05 pp	2 q
MCMoelis & Company	0.20%	1,856,189	$65M	trimmed−1%	−0.01 pp	26 q
NEOGNeogen Corp	0.20%	820,620	$64M	added0%	−0.03 pp	30 q
PRAHPRA Health Sciences, Inc.	0.20%	628,164	$64M	trimmed−4%	−0.03 pp	24 q
AXNXAxonics, Inc.	0.19%	1,230,982	$63M	held	—	3 q
unresolvedBrookfield Asset Mgmt Inc	0.19%	1,868,628	$62M	trimmed−15%	−0.07 pp	30 q
unresolvedNew Oriental Ed & Tech Grp I	0.19%	405,207	$61M	trimmed−6%	−0.01 pp	8 q
TXG10x Genomics, Inc. Class A	0.19%	487,037	$61M	added+15%	+0.05 pp	5 q
XPXP Inc. Class A	0.19%	1,507,981	$63M	added+36%	+0.02 pp	4 q
EPAMEpam Systems, Inc.	0.18%	182,652	$59M	added+8%	+0.03 pp	20 q
FLTCorpay, Inc.	0.18%	246,546	$59M	trimmed−0%	−0.04 pp	30 q
TDGTransDigm Group Incorporated	0.18%	125,000	$59M	held	—	30 q
APHAmphenol Corporation	0.17%	519,936	$56M	trimmed−0%	−0.01 pp	6 q
CBRECbre Group, Inc.	0.17%	1,200,046	$56M	trimmed−17%	−0.07 pp	30 q
CDWCDW Corporation	0.17%	466,040	$56M	trimmed−0%	−0.03 pp	14 q
HQYHealthEquity, Inc	0.17%	1,053,436	$54M	trimmed−0%	−0.05 pp	25 q
TWLOTwilio Inc.	0.17%	227,588	$56M	trimmed−14%	−0.04 pp	6 q
WEXWEX Inc.	0.16%	375,000	$52M	held	—	30 q
AVNTAvient Corporation	0.15%	1,800,000	$48M	held	—	4 q
AZEKThe AZEK Company Inc.	0.15%	1,423,345	$50M	trimmed−4%	−0.02 pp	2 q
BYDBoyd Gaming Corporation	0.15%	1,586,170	$49M	trimmed−10%	+0.02 pp	15 q
CRWDCrowdStrike Holdings, Inc. Class A	0.15%	364,613	$50M	added+1%	+0.02 pp	6 q
INSPInspire Medical Systems, Inc.	0.15%	373,935	$48M	held	—	7 q
PLNTPlanet Fitness, Inc.	0.15%	800,000	$49M	held	—	11 q
SDGRSchrodinger, Inc.	0.15%	1,036,211	$49M	added+9%	−0.16 pp	3 q
CAKECheesecake Factory (The)	0.14%	1,665,000	$46M	held	—	30 q
FICOFair Isaac Corporation	0.14%	107,128	$46M	added0%	−0.02 pp	4 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.14%	1,250,000	$45M	held	—	18 q
TTCToro Company (The)	0.14%	545,795	$46M	trimmed−1%	+0.01 pp	13 q
PINSPinterest, Inc. Class A	0.13%	1,003,585	$42M	new	+0.13 pp	new
TROWT Rowe Price Group Inc	0.13%	329,968	$42M	trimmed−0%	−0.02 pp	30 q
BERYBerry Global Group, Inc.	0.12%	800,000	$39M	held	—	30 q
BKNGBooking Holdings Inc.	0.12%	22,847	$39M	trimmed−1%	−0.01 pp	11 q
FRCBFirst Republic Bk CA	0.12%	364,392	$40M	trimmed−0%	−0.02 pp	30 q
MAMastercard Incorporated	0.12%	113,321	$38M	added+1%	0.00 pp	30 q
PTCTPTC Therapeutics, Inc.	0.12%	845,670	$40M	added+30%	0.00 pp	4 q
REXRRexford Industrial Realty, Inc.	0.12%	877,696	$40M	added+4%	−0.01 pp	24 q
TALTAL Education Group	0.12%	531,109	$40M	added+2%	−0.01 pp	27 q
WYNNWynn Resorts Ltd	0.12%	531,390	$38M	added+81%	+0.04 pp	4 q
YUMCYum China Holdings, Inc.	0.12%	753,049	$40M	new	+0.12 pp	new
DNLIDenali Therapeutics Inc.	0.11%	958,206	$34M	added+1%	+0.03 pp	12 q
LILi Auto Inc.	0.11%	2,085,454	$36M	new	+0.11 pp	new
BWXTBWX Technologies, Inc.	0.10%	598,627	$34M	trimmed−10%	−0.04 pp	15 q
DDOGDatadog, Inc. Class A	0.10%	307,263	$31M	trimmed−22%	−0.02 pp	5 q
RDYDr. Reddy's Laboratories Limited	0.10%	450,592	$31M	added+10%	+0.02 pp	7 q
FMXFomento Economico Mexicano, S.a.b. De C.v.	0.10%	576,117	$32M	trimmed−7%	−0.04 pp	30 q
ISRGIntuitive Surgical Inc.	0.10%	47,412	$34M	added+15%	+0.02 pp	16 q
LSXMKLiberty Media Cor-siriusxm C	0.10%	1,000,000	$33M	held	—	9 q
MSGSMadison Square Garden Sports Corp.	0.10%	225,000	$34M	held	—	20 q
TMETencent Music Entertainment Group	0.10%	2,263,268	$33M	trimmed−15%	−0.03 pp	8 q
ZTOZTO Express (Cayman) Inc.	0.10%	1,085,032	$32M	new	+0.10 pp	new
CDNACareDx, Inc.	0.09%	791,023	$30M	added+2%	−0.01 pp	10 q
LENLennar Corporation Class A	0.09%	371,831	$30M	trimmed−4%	0.00 pp	8 q
LFUSLittelfuse Inc	0.09%	156,536	$28M	trimmed−26%	−0.04 pp	19 q
PACBPacific Biosciences of California, Inc.	0.09%	3,106,507	$31M	new	+0.09 pp	new
PRPLPurple Innovation, Inc.	0.09%	1,234,912	$31M	added×115.3	+0.09 pp	2 q
NOWServicenow, Inc.	0.09%	62,731	$30M	added+3%	0.00 pp	21 q
VVISA Inc.	0.09%	149,744	$30M	added0%	−0.01 pp	30 q
ESNTEssent Group LTD	0.09%	748,991	$28M	trimmed−2%	−0.01 pp	17 q
SPOTSpotify Technology S.A.	0.09%	122,129	$30M	trimmed−1%	−0.03 pp	10 q
ADPTAdaptive Biotechnologies Corporation	0.08%	518,525	$25M	added+1%	−0.01 pp	6 q
DHID.R. Horton Inc.	0.08%	345,993	$26M	added+5%	+0.01 pp	8 q
DTDynatrace, Inc.	0.08%	660,510	$27M	added+8%	−0.01 pp	5 q
unresolvedFintech Acquisition Corp III	0.08%	2,512,000	$26M	new	+0.08 pp	new
NBIXNeurocrine Biosciences Inc	0.08%	263,679	$25M	added+67%	+0.01 pp	10 q
PYPLPayPal Holdings, Inc.	0.08%	129,328	$25M	added+76%	+0.03 pp	7 q
FOURShift4 Payments, Inc.	0.08%	559,563	$27M	trimmed−8%	0.00 pp	2 q
unresolvedArco Platform Ltd Com	0.08%	630,967	$26M	added+34%	+0.01 pp	9 q
AMTAmerican Tower Corporation	0.07%	97,186	$23M	added+9%	−0.01 pp	30 q
BVBrightView Holdings, Inc.	0.07%	1,960,475	$22M	added+2%	−0.01 pp	8 q
EBSEmergent Biosolutions, Inc.	0.07%	210,000	$22M	trimmed−11%	0.00 pp	12 q
HEI.AHeico Corp Cl A	0.07%	242,966	$22M	added+1%	0.00 pp	11 q
PLDPrologis, Inc.	0.07%	216,327	$22M	added0%	0.00 pp	16 q
RBCRBC Bearings Incorporated	0.07%	200,000	$24M	held	—	24 q
WORKSlack Technologies, Inc.	0.07%	854,348	$23M	added+14%	−0.01 pp	4 q
TWTradeweb Markets Inc. Class A	0.07%	368,632	$21M	trimmed−0%	−0.01 pp	6 q
VRTXVertex Pharmaceuticals Inc	0.07%	83,351	$23M	added+4%	−0.01 pp	13 q
GLNGGolar LNG Ltd	0.07%	3,610,657	$22M	added+11%	−0.02 pp	30 q
AEISAdvanced Energy Industries Inc	0.06%	300,000	$19M	added+55%	+0.01 pp	4 q
AATAmerican Assets Trust, Inc.	0.06%	855,500	$21M	added0%	−0.03 pp	30 q
AMHAmerican Homes 4 Rent	0.06%	715,716	$20M	trimmed−2%	−0.01 pp	14 q
AZNNAstrazeneca Plc-spons ADR	0.06%	330,165	$18M	added+13%	0.00 pp	10 q
HDHome Depot, Inc.	0.06%	66,816	$19M	added0%	0.00 pp	28 q
LXLexinFintech Holdings Ltd.	0.06%	2,852,457	$20M	added+2%	−0.05 pp	6 q
LOWLowe's Companies Inc.	0.06%	126,510	$21M	trimmed−7%	−0.01 pp	8 q
NVDANvidia Corp	0.06%	33,584	$18M	added+3%	+0.02 pp	9 q
PARPAR Technology Corp.	0.06%	463,308	$19M	trimmed−5%	+0.01 pp	9 q
KWRQuaker Houghton	0.06%	100,000	$18M	held	—	4 q
unresolvedTpi Composites Inc	0.06%	707,000	$20M	held	—	16 q
VITLVital Farms, Inc.	0.06%	450,000	$18M	new	+0.06 pp	new
unresolvedNew Frontier Health Corp	0.06%	2,544,882	$19M	added0%	−0.02 pp	4 q
ADBEAdobe Inc.	0.05%	33,187	$16M	added0%	0.00 pp	12 q
ARWRArrowhead Research Corporation	0.05%	371,421	$16M	added+42%	+0.01 pp	8 q
BILLBILL Holdings, Inc.	0.05%	173,687	$17M	held	—	4 q
DLRDigital Realty Trust, Inc.	0.05%	114,595	$17M	added+13%	0.00 pp	3 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.05%	2,100,000	$16M	held	—	3 q
INVHInvitation Homes Inc.	0.05%	546,135	$15M	added+6%	0.00 pp	15 q
SPHRSphere Entertainment Co.	0.05%	225,000	$15M	held	—	2 q
PINGPing Identity Holding Corp	0.05%	472,131	$15M	held	—	5 q
QLYSQualys, Inc.	0.05%	175,000	$17M	held	—	27 q
SPGIS&P Global Inc.	0.05%	48,814	$18M	added+17%	0.00 pp	11 q
SNAPSnap Inc.	0.05%	592,716	$15M	added+5%	0.00 pp	3 q
TOLToll Brothers, Inc.	0.05%	318,016	$15M	added+10%	+0.02 pp	2 q
VRNSVaronis Systems, Inc.	0.05%	147,000	$17M	held	—	6 q
VCYTVeracyte, Inc.	0.05%	519,190	$17M	held	—	6 q
VRMVroom, Inc.	0.05%	300,014	$16M	added0%	−0.01 pp	2 q
FREEWhole Earth Brands, Inc. Class A	0.05%	2,000,000	$17M	held	—	2 q
KRNTKornit Digital Ltd.	0.05%	237,500	$15M	held	—	19 q
ASMLASML Holding NV	0.05%	42,507	$16M	trimmed−1%	−0.01 pp	29 q
OSWOneSpaWorld Holdings Limited	0.05%	2,307,500	$15M	held	—	7 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.04%	345,988	$14M	added+4%	0.00 pp	5 q
EAElectronic Arts Inc	0.04%	97,518	$13M	added+15%	0.00 pp	15 q
ESPREsperion Therapeutics Inc Ne	0.04%	333,500	$12M	added+16%	−0.01 pp	12 q
EVBGEverbridge, Inc.	0.04%	107,500	$14M	held	—	3 q
HEIHEICO Corporation	0.04%	125,993	$13M	held	—	10 q
HLIOHelios Technologies, Inc.	0.04%	325,000	$12M	added+41%	+0.01 pp	6 q
HGVHilton Grand Vacations Inc.	0.04%	629,574	$13M	added×2.8	+0.02 pp	15 q
JAMFJamf Holding Corp.	0.04%	345,591	$13M	new	+0.04 pp	new
LVSLas Vegas Sands Corp.	0.04%	275,987	$13M	added×83.2	+0.04 pp	4 q
LBRDALiberty Broadband Corporation Class A	0.04%	100,000	$14M	held	—	24 q
MGPMGM Growth Properties LLC Class A representing limited liability company interests	0.04%	503,763	$14M	added0%	−0.01 pp	18 q
ONTOnterris, Inc.	0.04%	550,000	$13M	new	+0.04 pp	new
NFLXNetFlix Inc	0.04%	25,968	$13M	added0%	0.00 pp	29 q
OKTAOkta, Inc. Class A	0.04%	58,333	$12M	trimmed−2%	0.00 pp	14 q
PDDPDD Holdings Inc.	0.04%	159,883	$12M	added+9%	−0.01 pp	9 q
PGNYProgyny, Inc.	0.04%	408,279	$12M	held	—	4 q
RVNCRevance Therapeutics, Inc.	0.04%	581,732	$15M	held	—	7 q
CRMSalesforce, Inc.	0.04%	47,395	$12M	added0%	+0.01 pp	30 q
SHWThe Sherwin-Williams Company	0.04%	18,097	$13M	held	—	16 q
SWAVShockwave Medical, Inc.	0.04%	153,657	$12M	added×24.3	+0.04 pp	2 q
SUMSummit Materials, Inc. Class A	0.04%	850,000	$14M	trimmed−32%	−0.03 pp	23 q
TMHCTaylor Morrison Home Corporation	0.04%	512,117	$13M	added+12%	+0.01 pp	2 q
ZSZscaler, Inc.	0.04%	103,062	$15M	held	—	11 q
GLOBGlobant S.a.	0.04%	76,873	$14M	trimmed−56%	−0.05 pp	18 q
NVMINova Ltd.	0.04%	220,000	$11M	held	—	8 q
ACCDAccolade, Inc.	0.03%	258,963	$10M	new	+0.03 pp	new
AFIBAcutus Medical Inc	0.03%	290,000	$9M	new	+0.03 pp	new
CMRCCommerce.com, Inc. Series 1	0.03%	121,136	$10M	new	+0.03 pp	new
CMECME Group Inc.	0.03%	59,128	$10M	trimmed−1%	0.00 pp	30 q
CERSCerus Corp	0.03%	1,529,967	$10M	held	—	24 q
CYRXCryoPort, Inc.	0.03%	223,191	$11M	added+6%	+0.01 pp	2 q
ELSEquity Lifestyle Properties, Inc.	0.03%	156,748	$10M	added0%	−0.01 pp	11 q
FBINFortune Brands Innovations, Inc.	0.03%	111,536	$10M	held	—	2 q
HLTHilton Worldwide Holdings Inc.	0.03%	95,543	$8M	added+10%	+0.01 pp	16 q
INGNInogen Inc	0.03%	360,000	$10M	held	—	5 q
POOLPool Corporation	0.03%	32,842	$11M	trimmed−11%	−0.01 pp	4 q
TTWOTake-Two Interactive Software Inc	0.03%	65,482	$11M	added+6%	0.00 pp	14 q
VNETVNET Group, Inc.	0.03%	446,275	$10M	new	+0.03 pp	new
VMCVulcan Materials Company(Holding Company)	0.03%	80,847	$11M	trimmed−13%	−0.01 pp	7 q
ZMZoom Communications, Inc. Class A	0.03%	18,541	$9M	added0%	+0.01 pp	6 q
BHVNBiohaven Ltd.	0.03%	154,275	$10M	added+2%	−0.01 pp	4 q
AAgilent Technologies Inc.	0.02%	52,559	$5M	added+4%	0.00 pp	30 q
ALGNAlign Technology Inc	0.02%	15,815	$5M	trimmed−11%	0.00 pp	30 q
AVLRAvalara, Inc.	0.02%	44,500	$6M	held	—	2 q
AXGNAxogen, Inc.	0.02%	505,084	$6M	held	—	13 q
CMDCantel Medical Corporation	0.02%	175,000	$8M	held	—	24 q
KMXCarMax Inc.	0.02%	70,474	$6M	trimmed−2%	0.00 pp	30 q
EWEdwards Lifesciences Corp	0.02%	94,926	$8M	added0%	0.00 pp	30 q
ESEESCO Technologies, Inc.	0.02%	86,600	$7M	held	—	21 q
NARIInari Medical, Inc.	0.02%	92,323	$6M	added0%	0.00 pp	2 q
JLLJones Lang LaSalle, Inc.	0.02%	54,331	$5M	added×8.4	+0.02 pp	5 q
LSFLaird Superfood, Inc.	0.02%	154,950	$7M	new	+0.02 pp	new
LM05Liberty Media Corp-liberty-a	0.02%	185,000	$6M	held	—	18 q
MANHManhattan Associates Inc	0.02%	53,100	$5M	held	—	25 q
MDLAMedallia Inc	0.02%	250,000	$7M	held	—	5 q
RAVNRaven Industries Inc	0.02%	250,000	$5M	added+43%	+0.01 pp	11 q
RHIRobert Half Inc.	0.02%	101,211	$5M	trimmed−2%	0.00 pp	30 q
SIENSientra, Inc.	0.02%	1,815,363	$6M	held	—	19 q
TCMDTactile Systems Technology, Inc.	0.02%	207,000	$8M	held	—	4 q
TXMDTherapeuticsMD, Inc.	0.02%	3,831,500	$6M	held	—	27 q
VRAYQViewray Inc	0.02%	1,985,000	$7M	held	—	8 q
DGNR.UDragoneer Growth Opportuniti	0.02%	400,000	$5M	new	+0.02 pp	new
ICHRIchor Holdings	0.02%	340,000	$7M	held	—	16 q
YACYucaipa Acquisition Corp	0.02%	590,500	$6M	new	+0.02 pp	new
ABTAbbott Laboratories	0.01%	15,631	$2M	added+26%	+0.01 pp	8 q
unresolvedAccelerate Diagnostics	0.01%	164,900	$2M	held	—	8 q
GOOGLAlphabet Inc. Class A	0.01%	2,699	$4M	added+1%	0.00 pp	21 q
APLTApplied Therapeutics, Inc.	0.01%	130,591	$3M	trimmed−48%	−0.02 pp	3 q
BLIBerkeley Lights, Inc.	0.01%	50,000	$4M	new	+0.01 pp	new
ENVEnvestnet, Inc.	0.01%	44,810	$3M	trimmed−6%	0.00 pp	28 q
FASTFastenal Co	0.01%	72,920	$3M	trimmed−8%	0.00 pp	30 q
GLIBAGci Liberty Inc - Class A	0.01%	46,911	$4M	trimmed−2%	0.00 pp	11 q
unresolvedProptech Acquisition Corp	0.01%	438,535	$5M	new	+0.01 pp	new
RDFNRedfin Corporation	0.01%	80,727	$4M	new	+0.01 pp	new
PRKSUnited Parks & Resorts Inc.	0.01%	234,402	$5M	new	+0.01 pp	new
SONYSony Group Corporation	0.01%	58,001	$4M	added+30%	0.00 pp	17 q
XYZBlock, Inc.	0.01%	23,094	$4M	added×13.8	+0.01 pp	2 q
REALThe RealReal, Inc.	0.01%	300,000	$4M	added+20%	0.00 pp	6 q
TMOThermo Fisher Scientific, Inc.	0.01%	4,011	$2M	added+11%	+0.01 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	8,402	$3M	added+27%	0.00 pp	11 q
IPOAVirgin Galactic Holdings Inc	0.01%	150,000	$3M	held	—	4 q
YEXTYext, Inc.	0.01%	150,000	$2M	trimmed−57%	−0.01 pp	14 q
TSEMTower Semiconductor Ltd	0.01%	234,710	$4M	added+11%	0.00 pp	4 q
APIAgora, Inc.	0.00%	21,666	$931,000	added×8.7	0.00 pp	2 q
AINAlbany International Corp Class A	0.00%	115	$6,000	held	—	10 q
ALECAlector, Inc.	0.00%	29,174	$307,000	trimmed−94%	−0.04 pp	6 q
ALXAlexander's Inc.	0.00%	5,000	$1M	trimmed−60%	−0.01 pp	30 q
APAMArtisan Partners Asset Management Inc.	0.00%	3,819	$149,000	held	—	30 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$320,000	held	—	17 q
BLQADBlackrock Inc	0.00%	328	$185,000	held	—	11 q
BXPBXP, Inc.	0.00%	435	$35,000	new	0.00 pp	new
CHTRCharter Comm Inc Del CL A New	0.00%	574	$358,000	held	—	10 q
CLNSDigitalBridge Group, Inc.	0.00%	200,031	$546,000	new	0.00 pp	new
CYHCommunity Health Systems, Inc.	0.00%	100	$0	held	—	30 q
STZConstellation Brands, Inc.	0.00%	1,374	$260,000	held	—	10 q
CORCoresite Realty Corp	0.00%	605	$72,000	added+16%	0.00 pp	3 q
COSTCostco Wholesale Corp	0.00%	638	$226,000	added+16%	0.00 pp	11 q
CCICrown Castle Inc.	0.00%	840	$140,000	added+60%	0.00 pp	11 q
DHRDanaher Corporation	0.00%	3,360	$724,000	added+8%	0.00 pp	11 q
DRNADicerna Pharmaceuticals, Inc.	0.00%	11,405	$205,000	added+78%	0.00 pp	4 q
unresolvedDuck Creek Technologies	0.00%	8,000	$363,000	new	0.00 pp	new
DREDuke Realty Corp.	0.00%	2,397	$88,000	held	—	11 q
ECLEcolab, Inc.	0.00%	732	$146,000	added+21%	0.00 pp	2 q
VMRKVivmark Residential	0.00%	1,345	$69,000	added+54%	0.00 pp	15 q
STAYExtended Stay America, Inc. Paired Share	0.00%	6,071	$73,000	held	—	2 q
FORForestar Group Inc.	0.00%	31,500	$558,000	trimmed−95%	−0.04 pp	6 q
GPNGlobal Payments, Inc.	0.00%	1,800	$320,000	held	—	3 q
GSGoldman Sachs Group Inc.	0.00%	800	$161,000	held	—	17 q
JKHYHenry (Jack) & Associates	0.00%	1,750	$285,000	added+46%	0.00 pp	3 q
HSTHost Hotels & Resorts, Inc.	0.00%	6,531	$70,000	added+22%	0.00 pp	2 q
HUMHumana Inc.	0.00%	3,150	$1M	added+51%	0.00 pp	9 q
PODDInsulet Corporation	0.00%	1,685	$399,000	held	—	9 q
INTUIntuit Inc	0.00%	1,780	$581,000	added+40%	0.00 pp	3 q
NVTAInvitae Corporation	0.00%	1,403	$61,000	new	0.00 pp	new
IQVIQVIA Holdings Inc.	0.00%	5,999	$946,000	added+15%	0.00 pp	6 q
BEKEKE Holdings Inc.	0.00%	2,574	$158,000	new	0.00 pp	new
ELThe Estee Lauder Companies Inc. Class A	0.00%	681	$149,000	held	—	11 q
MASIMasimo Corporation	0.00%	900	$212,000	held	—	5 q
MCOMoody's Corporation	0.00%	4,125	$1M	added+13%	0.00 pp	10 q
NCNOnCino, Inc.	0.00%	8,656	$690,000	new	0.00 pp	new
NOVTNovanta Inc.	0.00%	10,431	$1M	held	—	14 q
PCTYPaylocity Holding Corporation	0.00%	1,715	$277,000	held	—	4 q
PEBPebblebrook Hotel Trust	0.00%	7,745	$97,000	added×2.7	0.00 pp	2 q
PGProcter & Gamble Company	0.00%	1,796	$250,000	held	—	17 q
QTSQts Realty Trust, Inc.	0.00%	1,802	$114,000	held	—	9 q
QCOMQualcomm Inc	0.00%	4,000	$471,000	held	—	17 q
RKTRocket Companies, Inc.	0.00%	5,000	$100,000	new	0.00 pp	new
SNYSanofi	0.00%	27,444	$1M	added+11%	0.00 pp	3 q
SJMThe J.M. Smucker Company	0.00%	251	$29,000	held	—	17 q
S76Store Capital Corp	0.00%	4,215	$116,000	added+14%	0.00 pp	4 q
SUISun Communities, Inc	0.00%	1,161	$163,000	added+20%	0.00 pp	9 q
TRNOTerreno Realty Corporation	0.00%	1,098	$60,000	added+4%	0.00 pp	3 q
TXNTexas Instruments Incorporated	0.00%	1,677	$239,000	added+25%	0.00 pp	11 q
TIFTiffany & Co.	0.00%	3,000	$348,000	held	—	30 q
TRTrillium Therapeutics Inc	0.00%	6,471	$92,000	held	—	2 q
WINGWingstop Inc	0.00%	10,000	$1M	held	—	22 q
WW6Willis Towers Watson Public Limited Company	0.00%	5,617	$106,000	held	—	3 q
ZTSZoetis Inc.	0.00%	2,478	$410,000	added+25%	0.00 pp	4 q
ACNAccenture PLC	0.00%	4,124	$932,000	added+10%	0.00 pp	11 q
BPY-UCADBrookfield Property Partners	0.00%	4,485	$54,000	new	0.00 pp	new
BIPBrookfield Infrastructure Partners L.P.	0.00%	3,724	$177,000	trimmed−17%	0.00 pp	7 q
MRKTIhs Markit Ltd	0.00%	11,088	$871,000	added+9%	0.00 pp	8 q
0VQJLTe Connectivity Ltd	0.00%	1,958	$191,000	held	—	11 q
PFGCPerformance Food Group Company	—	−642,100	—	exited	−0.07 pp	—
HHCThe Howard Hughes Corporation	—	−108,670	—	exited	−0.02 pp	—
MGMMgm Resorts International	—	−265,622	—	exited	−0.02 pp	—
AWIArmstrong World Industries, Inc.	—	−36,285	—	exited	−0.01 pp	—
COUPCoupa Software Incorporated	—	−14,800	—	exited	−0.01 pp	—
TREELendingTree, Inc.	—	−11,055	—	exited	−0.01 pp	—
MMSMAXIMUS, Inc.	—	−25,760	—	exited	−0.01 pp	—
AVBAvalonBay Communities, Inc.	—	−349	—	exited	0.00 pp	—
1939900DBrookfield Infrastructure-a	—	−3,179	—	exited	0.00 pp	—
ESSEssex Property Trust, Inc	—	−205	—	exited	0.00 pp	—
IMMUImmunomedics Inc	—	−6,815	—	exited	0.00 pp	—
IIIVi3 Verticals, Inc. Class A	—	−700	—	exited	0.00 pp	—
JCAPJernigan Capital Inc	—	−9,663	—	exited	0.00 pp	—
KRCKilroy Realty Corp.	—	−788	—	exited	0.00 pp	—
LULUlululemon athletica inc.	—	−308	—	exited	0.00 pp	—
MRNAModerna, Inc.	—	−1,000	—	exited	0.00 pp	—
PKPark Hotels & Resorts Inc.	—	−2,600	—	exited	0.00 pp	—
SLGSL Green Realty Corp.	—	−1,131	—	exited	0.00 pp	—