Baron Capital

Q4 2022 13F · by Ron Baron, CEO

As of: Dec 31, 2022
Filed: Feb 14, 2023
US stock: $29.8B · prev $31.0B
Positions: 375 · prev 370
Options notional: $0
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
Foreign stock not listed in the US 0.1%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves332 since the prior filing

−4.8 pp in · +4.1 pp out

New 29 +0.75 pp
Added 99 −5.56 pp
Trimmed 180 +4.87 pp
Exited 24 −0.76 pp

The book

Diversified · behaves like 44 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 9.5% a year, about 10.5 years per position

Low
Moderate
High

Top 5 positions26% of US stock

TSLA Tesla, Inc. added−7.72 pp added−7.727.3%
IT Gartner, Inc. trimmed+0.91 pp trimmed+0.915.5%
CSGP CoStar Group Inc trimmed+0.63 pp trimmed+0.635.0%
ACGL Arch Capital Group Ltd trimmed+1.35 pp trimmed+1.354.5%
MTN Vail Resorts, Inc. trimmed+0.42 pp trimmed+0.423.7%

Positions375 in this filing · 24 exited


TSLATesla, Inc.	7.25%	17,527,857	$2.2B	added0%	−7.72 pp	36 q
ITGartner, Inc.	5.53%	4,898,788	$1.6B	trimmed−5%	+0.91 pp	39 q
CSGPCoStar Group Inc	4.96%	19,110,203	$1.5B	trimmed−1%	+0.63 pp	39 q
ACGLArch Capital Group Ltd	4.51%	21,416,320	$1.3B	trimmed−0%	+1.35 pp	39 q
MTNVail Resorts, Inc.	3.67%	4,590,548	$1.1B	trimmed−1%	+0.42 pp	39 q
FDSFactset Research Systems	3.61%	2,679,441	$1.1B	trimmed−0%	+0.14 pp	39 q
MSCIMSCI, Inc.	3.40%	2,173,857	$1.0B	trimmed−0%	+0.43 pp	39 q
IDXXIdexx Laboratories Inc	3.25%	2,373,586	$968M	trimmed−1%	+0.74 pp	39 q
IRDMIridium Communications Inc.	2.50%	14,511,318	$746M	trimmed−0%	+0.42 pp	35 q
SCHWThe Charles Schwab Corporation	1.88%	6,714,646	$559M	trimmed−0%	+0.32 pp	39 q
KNSLKinsale Capital Group, Inc.	1.82%	2,077,065	$543M	trimmed−3%	+0.05 pp	25 q
CHHChoice Hotels Intnl.	1.73%	4,576,060	$515M	trimmed−0%	+0.10 pp	39 q
MTDMettler-Toledo International	1.66%	341,586	$494M	trimmed−1%	+0.45 pp	39 q
AKXAnsys Inc	1.58%	1,953,122	$472M	added+3%	+0.22 pp	39 q
HHyatt Hotels Corporation	1.57%	5,159,866	$467M	trimmed−2%	+0.19 pp	39 q
GLPIGaming and Leisure Properties, Inc.	1.55%	8,886,021	$463M	trimmed−0%	+0.28 pp	37 q
TECHBio-Techne Corp.	1.54%	5,519,062	$457M	trimmed−3%	+0.23 pp	33 q
GWREGuidewire Software, Inc.	1.24%	5,879,510	$368M	trimmed−3%	+0.03 pp	39 q
VACMarriott Vacations Worldwide Corporation	1.21%	2,683,891	$361M	trimmed−2%	+0.13 pp	39 q
RRRRed Rock Resorts, Inc. Class A	1.10%	8,165,173	$327M	trimmed−2%	+0.17 pp	27 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.96%	3,847,405	$287M	added+5%	+0.15 pp	39 q
PRIPrimerica, Inc.	0.93%	1,950,643	$277M	trimmed−1%	+0.14 pp	39 q
WSTWest Pharmaceutical Services, Inc.	0.85%	1,075,453	$253M	trimmed−7%	−0.07 pp	39 q
MORNMorningstar, Inc.	0.82%	1,133,519	$246M	trimmed−1%	+0.03 pp	39 q
PENNPENN Entertainment, Inc.	0.81%	8,090,957	$240M	trimmed−6%	+0.05 pp	39 q
VRSKVerisk Analytics, Inc.	0.76%	1,284,392	$227M	added+4%	+0.08 pp	39 q
DAYDayforce, Inc.	0.75%	3,487,236	$224M	trimmed−0%	+0.12 pp	19 q
SBACSBA Communications Corp	0.71%	751,296	$211M	added+7%	+0.07 pp	25 q
SITESiteOne Landscape Supply, Inc.	0.67%	1,701,036	$200M	trimmed−2%	+0.09 pp	27 q
CNSCohen & Steers Inc.	0.66%	3,058,502	$197M	trimmed−2%	+0.03 pp	39 q
FNDFloor & Decor Holdings, Inc.	0.64%	2,752,790	$192M	added+9%	+0.06 pp	23 q
AREAlexandria Real Estate Equities, Inc.	0.63%	1,284,171	$187M	added+4%	+0.07 pp	39 q
DAVAEndava plc	0.62%	2,421,140	$185M	trimmed−2%	−0.03 pp	18 q
ICLRIcon Plc	0.61%	935,851	$182M	added+1%	+0.06 pp	39 q
BABAAlibaba Group Holding Limited	0.60%	2,016,761	$178M	trimmed−2%	+0.07 pp	34 q
EFOREverforth, Inc.	0.56%	2,043,781	$167M	trimmed−2%	−0.05 pp	18 q
DXCMDexCom, Inc.	0.52%	1,355,587	$154M	trimmed−8%	+0.14 pp	39 q
TREXTrex Company, Inc.	0.50%	3,512,925	$149M	added+2%	+0.01 pp	36 q
BFAMBright Horizons Family Solutions Inc.	0.48%	2,252,672	$142M	trimmed−3%	+0.05 pp	39 q
ARGXargenx SE	0.46%	364,286	$138M	trimmed−13%	−0.02 pp	21 q
VRSNVeriSign Inc	0.45%	653,143	$134M	trimmed−1%	+0.08 pp	39 q
ROPRoper Technologies, Inc.	0.42%	286,157	$124M	trimmed−1%	+0.08 pp	39 q
VEEVVeeva Systems Inc.	0.41%	749,910	$121M	trimmed−6%	−0.01 pp	23 q
EQIXEquinix, Inc.	0.40%	183,631	$120M	added+8%	+0.09 pp	32 q
MSFTMicrosoft Corp	0.40%	498,459	$120M	trimmed−5%	+0.01 pp	21 q
AZPNAspen Technology Inc	0.38%	544,939	$112M	trimmed−6%	−0.07 pp	2 q
HLIHoulihan Lokey, Inc.	0.38%	1,301,173	$113M	added0%	+0.06 pp	21 q
ILMNIllumina Inc	0.38%	559,467	$113M	trimmed−3%	+0.02 pp	39 q
AXNXAxonics, Inc.	0.37%	1,773,014	$111M	trimmed−4%	−0.05 pp	12 q
FIGSFIGS, Inc.	0.37%	16,243,988	$109M	added+3%	−0.05 pp	7 q
IBPInstalled Building Products, Inc.	0.37%	1,272,472	$109M	trimmed−11%	0.00 pp	21 q
BYDBoyd Gaming Corporation	0.36%	1,955,799	$107M	trimmed−13%	+0.01 pp	24 q
GTMZoomInfo Technologies Inc	0.36%	3,597,802	$108M	trimmed−16%	−0.21 pp	11 q
GTLSChart Inds Inc	0.35%	909,214	$105M	added×2.3	+0.11 pp	4 q
VRTVertiv Holdings Co Class A	0.35%	7,650,000	$104M	held	—	12 q
FICOFair Isaac Corporation	0.34%	168,056	$101M	trimmed−2%	+0.11 pp	13 q
BNBrookfield Corporation	0.33%	3,125,510	$98M	new	+0.33 pp	new
BWINThe Baldwin Insurance Group, Inc. Class A	0.32%	3,777,626	$95M	trimmed−3%	−0.01 pp	13 q
CBRECbre Group, Inc.	0.32%	1,248,811	$96M	added+3%	+0.06 pp	39 q
YMMFull Truck Alliance Co. Ltd.	0.32%	11,879,963	$95M	added+1%	+0.07 pp	5 q
MRCYMercury Systems Inc.	0.31%	2,058,985	$92M	trimmed−4%	+0.03 pp	32 q
SHOPShopify Inc. Class A subordinate voting shares	0.31%	2,667,759	$93M	trimmed−24%	0.00 pp	13 q
CAKECheesecake Factory (The)	0.30%	2,806,637	$89M	trimmed−7%	+0.01 pp	39 q
IEXIDEX Corporation	0.30%	393,394	$90M	trimmed−4%	+0.04 pp	34 q
REXRRexford Industrial Realty, Inc.	0.30%	1,632,341	$89M	added+8%	+0.05 pp	33 q
TRUTransUnion	0.30%	1,582,853	$90M	trimmed−2%	−0.01 pp	23 q
PLDPrologis, Inc.	0.29%	766,060	$86M	added+28%	+0.09 pp	25 q
BIDUBaidu, Inc.	0.28%	739,412	$85M	trimmed−25%	−0.10 pp	4 q
DEIDouglas Emmett, Inc.	0.28%	5,386,562	$84M	trimmed−7%	−0.06 pp	39 q
NVDANvidia Corp	0.28%	578,093	$84M	added+3%	+0.06 pp	18 q
AMZNAmazon.Com Inc	0.27%	955,485	$80M	trimmed−34%	−0.25 pp	39 q
CDWCDW Corporation	0.27%	445,221	$80M	trimmed−1%	+0.04 pp	23 q
unresolvedCooper Cos Inc/The	0.27%	244,839	$81M	added+1%	+0.06 pp	36 q
APHAmphenol Corporation	0.26%	1,010,491	$77M	trimmed−1%	+0.04 pp	15 q
PLNTPlanet Fitness, Inc.	0.26%	1,000,000	$79M	held	—	20 q
TTDThe Trade Desk, Inc.	0.26%	1,756,127	$79M	added+2%	−0.07 pp	25 q
TDGTransDigm Group Incorporated	0.26%	125,000	$79M	held	—	39 q
BAPCredicorp LTD	0.26%	576,098	$78M	added+1%	+0.03 pp	7 q
ALTRAltair Engineering Inc. Class A	0.25%	1,634,730	$74M	held	—	21 q
INSPInspire Medical Systems, Inc.	0.25%	293,336	$74M	held	—	16 q
RBCRBC Bearings Incorporated	0.25%	356,986	$75M	trimmed−10%	−0.02 pp	33 q
SNOWSnowflake Inc.	0.25%	522,059	$75M	added0%	−0.04 pp	10 q
AMTAmerican Tower Corporation	0.24%	335,789	$71M	added+25%	+0.05 pp	39 q
CGNXCognex Corp	0.24%	1,500,000	$71M	held	—	39 q
JDJD.com, Inc.	0.24%	1,257,053	$71M	added+38%	+0.09 pp	5 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.24%	1,200,000	$72M	held	—	27 q
RIVNRivian Automotive, Inc. Class A	0.23%	3,733,105	$69M	trimmed−4%	−0.19 pp	5 q
CGThe Carlyle Group Inc.	0.22%	2,172,627	$65M	trimmed−4%	+0.03 pp	7 q
CPNGCoupang, Inc.	0.22%	4,455,276	$66M	trimmed−15%	−0.06 pp	8 q
MELIMercado Libre, Inc	0.22%	75,860	$64M	trimmed−5%	+0.01 pp	18 q
ROLRollins, Inc.	0.22%	1,822,407	$67M	trimmed−1%	+0.01 pp	26 q
CWANClearwater Analytics Hds-a	0.21%	3,280,244	$62M	trimmed−11%	+0.01 pp	6 q
DRVNDriven Brands Holdings Inc.	0.21%	2,275,000	$62M	held	—	8 q
MKTXMarketAxess Holdings Inc.	0.21%	227,699	$64M	trimmed−1%	+0.04 pp	30 q
SSNCSS&C Technologies Inc	0.21%	1,198,769	$62M	trimmed−42%	−0.11 pp	39 q
TOLToll Brothers, Inc.	0.21%	1,264,403	$63M	added×2.3	+0.13 pp	11 q
AFYAAfya Limited Class A	0.21%	3,921,080	$61M	trimmed−10%	+0.02 pp	14 q
AVNTAvient Corporation	0.20%	1,750,000	$59M	trimmed−5%	+0.02 pp	13 q
NEOGNeogen Corp	0.20%	3,968,412	$60M	added×2.3	+0.12 pp	39 q
WCNWaste Connections, Inc.	0.20%	450,000	$60M	held	—	26 q
CRWDCrowdStrike Holdings, Inc. Class A	0.19%	547,830	$58M	trimmed−6%	−0.12 pp	15 q
DDOGDatadog, Inc. Class A	0.19%	776,144	$57M	added+6%	−0.02 pp	14 q
EPAMEpam Systems, Inc.	0.19%	169,660	$56M	trimmed−25%	−0.08 pp	29 q
MAMastercard Incorporated	0.19%	161,358	$56M	trimmed−5%	+0.03 pp	39 q
YUMCYum China Holdings, Inc.	0.19%	1,051,038	$57M	trimmed−23%	−0.02 pp	10 q
GOOGAlphabet Inc. Class C	0.18%	615,117	$55M	trimmed−27%	−0.08 pp	35 q
AXONAxon Enterprise, Inc.	0.17%	313,300	$52M	trimmed−11%	+0.04 pp	4 q
FAFirst Advantage Corporation	0.17%	4,000,000	$52M	held	—	7 q
HQYHealthEquity, Inc	0.17%	800,000	$49M	held	—	34 q
JBTMJBT Marel Corporation	0.17%	550,000	$50M	held	—	24 q
UTZUtz Brands, Inc.	0.17%	3,250,000	$52M	trimmed−3%	+0.01 pp	11 q
LENLennar Corporation Class A	0.16%	535,325	$48M	added+77%	+0.09 pp	17 q
AEISAdvanced Energy Industries Inc	0.15%	520,748	$45M	trimmed−9%	+0.01 pp	13 q
ISRGIntuitive Surgical Inc.	0.15%	163,543	$43M	added+3%	+0.05 pp	25 q
KTOSKratos Defense & Security Solutions, Inc.	0.15%	4,302,756	$44M	added+5%	+0.02 pp	12 q
NOWServicenow, Inc.	0.15%	114,020	$44M	trimmed−0%	+0.01 pp	30 q
SHLSShoals Technologies Group, Inc. Class A	0.15%	1,800,000	$44M	held	—	8 q
SKINSkinHealth Systems Inc. Class A	0.15%	4,834,672	$44M	trimmed−13%	−0.06 pp	7 q
WEXWEX Inc.	0.15%	275,300	$45M	held	—	39 q
DHID.R. Horton Inc.	0.14%	459,181	$41M	added+48%	+0.07 pp	17 q
GFIGold Fields Ltd	0.14%	4,129,265	$43M	trimmed−6%	+0.03 pp	4 q
MSGSMadison Square Garden Sports Corp.	0.14%	225,000	$41M	held	—	29 q
PSAPublic Storage	0.14%	149,538	$42M	added+6%	+0.01 pp	8 q
SILKSilk Road Medical, Inc.	0.14%	785,281	$42M	trimmed−10%	+0.01 pp	15 q
TSTenaris S. A.	0.14%	1,147,742	$40M	trimmed−15%	+0.03 pp	4 q
ZLABZai Lab Limited	0.14%	1,353,815	$42M	trimmed−2%	−0.01 pp	20 q
WTWWillis Towers Watson Public Limited Company	0.14%	172,733	$42M	trimmed−1%	+0.03 pp	28 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.13%	840,185	$38M	added+10%	−0.01 pp	14 q
EWCZEuropean Wax Center, Inc. Class A	0.13%	3,000,922	$37M	added+16%	−0.02 pp	6 q
JLLJones Lang LaSalle, Inc.	0.13%	242,929	$39M	trimmed−9%	0.00 pp	14 q
DNUTKrispy Kreme, Inc.	0.13%	3,828,966	$40M	trimmed−5%	−0.02 pp	6 q
SPTSprout Social, Inc Class A	0.13%	700,000	$40M	added+17%	+0.01 pp	3 q
COLDAmericold Realty Trust, Inc.	0.12%	1,288,513	$36M	trimmed−30%	−0.03 pp	20 q
FISFidelity National Information Services, Inc.	0.12%	534,907	$36M	trimmed−20%	−0.04 pp	14 q
PGNYProgyny, Inc.	0.12%	1,163,928	$36M	trimmed−40%	−0.11 pp	13 q
STNEStoneCo Ltd. Class A	0.12%	3,769,080	$36M	trimmed−7%	−0.01 pp	17 q
GTLBGitLab Inc. Class A	0.11%	749,393	$34M	added+7%	−0.01 pp	5 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.11%	3,000,000	$34M	added+18%	−0.04 pp	12 q
INDIindie Semiconductor, Inc. Class A	0.11%	5,432,316	$32M	added+15%	0.00 pp	7 q
ONTOnterris, Inc.	0.11%	706,337	$31M	trimmed−7%	+0.03 pp	10 q
POOLPool Corporation	0.11%	108,322	$33M	added+13%	+0.01 pp	13 q
RPAYRepay Holdings Corporation Class A	0.11%	3,915,000	$32M	held	—	13 q
TFXTeleflex Incorporated	0.11%	127,792	$32M	trimmed−21%	0.00 pp	27 q
VVISA Inc.	0.11%	163,549	$34M	trimmed−5%	+0.01 pp	39 q
ASMLASML Holding NV	0.11%	57,340	$31M	added+7%	+0.04 pp	38 q
AMHAmerican Homes 4 Rent	0.10%	1,032,530	$31M	added+29%	+0.02 pp	23 q
BASECouchbase, Inc.	0.10%	2,354,581	$31M	added+1%	−0.01 pp	6 q
ETWOWE2OPEN Parent Ho -CW25	0.10%	4,886,792	$29M	held	—	7 q
FRCBFirst Republic Bk CA	0.10%	244,477	$30M	trimmed−1%	0.00 pp	39 q
HEI.AHeico Corp Cl A	0.10%	260,860	$31M	added+1%	0.00 pp	20 q
JBI/WSJanus Parent Inc -CW26	0.10%	3,000,000	$29M	held	—	7 q
LBRDKLiberty Broadband Corporation Class C	0.10%	399,854	$30M	trimmed−7%	0.00 pp	33 q
TROWT Rowe Price Group Inc	0.10%	263,659	$29M	trimmed−2%	+0.01 pp	39 q
SMARSmartsheet Inc.	0.10%	741,604	$29M	added+44%	+0.04 pp	2 q
VMCVulcan Materials Company(Holding Company)	0.10%	169,637	$30M	trimmed−5%	+0.01 pp	16 q
CLVTClarivate Plc	0.10%	3,504,745	$29M	trimmed−1%	−0.01 pp	15 q
ESNTEssent Group LTD	0.10%	728,982	$28M	held	—	26 q
MGMMgm Resorts International	0.09%	818,306	$27M	trimmed−32%	−0.03 pp	6 q
PARPAR Technology Corp.	0.09%	1,061,700	$28M	added+3%	−0.01 pp	18 q
QLYSQualys, Inc.	0.09%	225,900	$25M	trimmed−8%	−0.02 pp	36 q
XYZBlock, Inc.	0.09%	413,637	$26M	added+9%	+0.02 pp	11 q
SPOTSpotify Technology S.A.	0.09%	352,982	$28M	trimmed−80%	−0.40 pp	19 q
ALKTAlkami Technology, Inc.	0.08%	1,672,086	$24M	trimmed−6%	−0.01 pp	7 q
ALGMAllegro MicroSystems, Inc.	0.08%	778,795	$23M	held	—	9 q
BAMBrookfield Asset Management Ltd.	0.08%	818,867	$23M	new	+0.08 pp	new
CDNACareDx, Inc.	0.08%	2,058,339	$23M	added+27%	−0.01 pp	19 q
JBIJanus International Group, Inc.	0.08%	2,500,000	$24M	held	—	7 q
LSXMKLiberty Media Cor-siriusxm C	0.08%	625,000	$24M	held	—	18 q
MCMoelis & Company	0.08%	598,030	$23M	trimmed−2%	+0.01 pp	35 q
RVNCRevance Therapeutics, Inc.	0.08%	1,257,708	$23M	trimmed−27%	−0.07 pp	16 q
TWTradeweb Markets Inc. Class A	0.08%	386,692	$25M	trimmed−1%	+0.01 pp	15 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.08%	42,188	$22M	added+7%	+0.02 pp	20 q
AZNNAstrazeneca Plc-spons ADR	0.07%	324,871	$22M	trimmed−4%	+0.01 pp	19 q
BXBlackstone Inc.	0.07%	276,728	$21M	trimmed−51%	−0.08 pp	4 q
DHDefinitive Healthcare Corp. Class A	0.07%	1,966,635	$22M	trimmed−11%	−0.04 pp	6 q
DTDynatrace, Inc.	0.07%	533,193	$20M	trimmed−11%	0.00 pp	14 q
ELSEquity Lifestyle Properties, Inc.	0.07%	316,807	$20M	trimmed−15%	−0.01 pp	20 q
FBINFortune Brands Innovations, Inc.	0.07%	378,388	$22M	trimmed−28%	−0.02 pp	11 q
GDSGDS Holdings Limited	0.07%	1,080,479	$22M	trimmed−11%	0.00 pp	20 q
HLMNHillman Solutions Corp.	0.07%	2,750,000	$20M	trimmed−15%	−0.01 pp	6 q
LFUSLittelfuse Inc	0.07%	99,132	$22M	added0%	+0.01 pp	28 q
LOWLowe's Companies Inc.	0.07%	100,884	$20M	trimmed−22%	−0.01 pp	17 q
TXRHTexas Roadhouse, Inc.	0.07%	241,478	$22M	trimmed−13%	−0.01 pp	3 q
VRAYQViewray Inc	0.07%	4,400,929	$20M	held	—	17 q
BILLBILL Holdings, Inc.	0.06%	176,733	$19M	added+1%	−0.01 pp	13 q
EXRExtra Space Storage, Inc.	0.06%	128,647	$19M	added×2.7	+0.03 pp	3 q
HEIHEICO Corporation	0.06%	125,993	$19M	held	—	19 q
INGNInogen Inc	0.06%	976,644	$19M	added+2%	−0.02 pp	14 q
NVEINuvei Corporation Subordinate Voting Shares	0.06%	705,000	$18M	trimmed−50%	−0.06 pp	5 q
SHWThe Sherwin-Williams Company	0.06%	79,157	$19M	new	+0.06 pp	new
VRNSVaronis Systems, Inc.	0.06%	763,888	$18M	trimmed−10%	−0.01 pp	15 q
unresolvedVelo3D Inc	0.06%	9,810,905	$18M	trimmed−7%	−0.07 pp	6 q
VCYTVeracyte, Inc.	0.06%	720,707	$17M	trimmed−7%	+0.02 pp	15 q
XPXP Inc. Class A	0.06%	1,173,594	$18M	trimmed−21%	−0.03 pp	13 q
GLOBGlobant S.a.	0.06%	103,570	$17M	trimmed−9%	−0.01 pp	27 q
WIXWIX.com Ltd.	0.06%	215,354	$17M	trimmed−43%	−0.03 pp	25 q
BVBrightView Holdings, Inc.	0.05%	2,096,786	$14M	trimmed−13%	−0.01 pp	17 q
EAElectronic Arts Inc	0.05%	120,032	$15M	trimmed−15%	0.00 pp	24 q
ETWOE2open Parent Holdings, Inc.	0.05%	2,501,844	$15M	held	—	8 q
METAMeta Platforms, Inc. Class A	0.05%	123,854	$15M	added+98%	+0.02 pp	39 q
LVSLas Vegas Sands Corp.	0.05%	282,807	$14M	trimmed−83%	−0.15 pp	5 q
LM05Liberty Media Corp-liberty-a	0.05%	297,659	$16M	trimmed−13%	−0.01 pp	27 q
unresolvedLufax Holding Ltd	0.05%	8,039,551	$16M	added+3%	−0.01 pp	3 q
ZSZscaler, Inc.	0.05%	128,256	$14M	trimmed−10%	−0.03 pp	20 q
DLODLocal Limited Class A	0.05%	958,234	$15M	trimmed−27%	−0.04 pp	7 q
ICHRIchor Holdings	0.05%	531,384	$14M	held	—	25 q
NVMINova Ltd.	0.05%	191,563	$16M	held	—	17 q
ACVAACV Auctions Inc.	0.04%	1,445,021	$12M	trimmed−8%	0.00 pp	8 q
AMDAdvanced Micro Devices	0.04%	184,187	$12M	added×2.1	+0.02 pp	4 q
BNTXBioNTech SE	0.04%	71,489	$11M	trimmed−22%	0.00 pp	9 q
EWEdwards Lifesciences Corp	0.04%	152,292	$11M	trimmed−22%	−0.01 pp	39 q
0C3Endeavor Group Hold-class A	0.04%	541,251	$12M	trimmed−20%	0.00 pp	7 q
NARIInari Medical, Inc.	0.04%	166,687	$11M	trimmed−22%	−0.01 pp	11 q
INVHInvitation Homes Inc.	0.04%	410,155	$12M	trimmed−67%	−0.10 pp	24 q
LPLALPL Financial Holdings Inc.	0.04%	50,418	$11M	trimmed−27%	−0.01 pp	5 q
LLYEli Lilly & Co.	0.04%	34,592	$13M	added+5%	+0.01 pp	3 q
MXCTMaxCyte, Inc.	0.04%	2,182,982	$12M	trimmed−4%	−0.01 pp	6 q
MPWRMonolithic Power Systems, Inc.	0.04%	32,441	$11M	added+21%	+0.01 pp	7 q
NVTSNavitas Semiconductor Corporation	0.04%	3,382,071	$12M	trimmed−10%	−0.02 pp	5 q
NOVTNovanta Inc.	0.04%	77,945	$11M	trimmed−20%	0.00 pp	23 q
WOOFPetco Health and Wellness Company, Inc. Class A	0.04%	1,308,754	$12M	trimmed−0%	−0.01 pp	8 q
SDGRSchrodinger, Inc.	0.04%	619,545	$12M	trimmed−12%	−0.02 pp	12 q
SWAVShockwave Medical, Inc.	0.04%	60,591	$12M	added+4%	−0.01 pp	11 q
SMRTSmartRent, Inc.	0.04%	4,498,368	$11M	trimmed−18%	0.00 pp	6 q
TMOThermo Fisher Scientific, Inc.	0.04%	19,613	$11M	trimmed−6%	+0.01 pp	14 q
WDAYWorkday, Inc. Class A	0.04%	71,408	$12M	added+4%	+0.01 pp	8 q
ESTAEstablishment Labs Holdings Inc.	0.04%	185,900	$12M	trimmed−13%	0.00 pp	7 q
unresolvedFifth Wall Acquisitn Corp II	0.04%	1,250,000	$13M	held	—	7 q
MANUManchester United PLC	0.04%	569,759	$13M	added×3.0	+0.03 pp	39 q
CYBRCyberark Software LTD/ISRAEL	0.04%	84,970	$11M	new	+0.04 pp	new
AAgilent Technologies Inc.	0.03%	55,679	$8M	added+9%	+0.01 pp	39 q
CERSCerus Corp	0.03%	2,212,952	$8M	held	—	33 q
DKNGDraftKings Inc. Class A	0.03%	875,000	$10M	held	—	11 q
GMABGenmab A/S	0.03%	214,759	$9M	added+11%	+0.01 pp	9 q
HGVHilton Grand Vacations Inc.	0.03%	197,641	$8M	trimmed−0%	+0.01 pp	24 q
HUMHumana Inc.	0.03%	16,550	$8M	added+9%	+0.01 pp	18 q
MRKMerck & Co., Inc.	0.03%	70,300	$8M	added+29%	+0.01 pp	4 q
RHRh	0.03%	30,702	$8M	new	+0.03 pp	new
RCKTRocket Pharmaceuticals, Inc.	0.03%	522,345	$10M	added×26.1	+0.03 pp	2 q
TTWOTake-Two Interactive Software Inc	0.03%	76,709	$8M	trimmed−15%	0.00 pp	23 q
CDROCodere Online Luxembourg, S.A.	0.03%	4,037,000	$10M	held	—	5 q
FVRRFiverr International Ltd.	0.03%	357,011	$10M	trimmed−8%	−0.01 pp	15 q
ABBVAbbvie Inc.	0.02%	40,400	$7M	trimmed−16%	0.00 pp	4 q
AEMAgnico Eagle Mines Ltd.	0.02%	104,413	$5M	added+6%	+0.01 pp	4 q
ABNBAirbnb, Inc. Class A	0.02%	80,360	$7M	added+23%	0.00 pp	3 q
AATAmerican Assets Trust, Inc.	0.02%	228,500	$6M	held	—	39 q
ELVElevance Health, Inc.	0.02%	11,600	$6M	held	—	2 q
ARWRArrowhead Research Corporation	0.02%	159,175	$6M	trimmed−53%	−0.02 pp	17 q
TEAMAtlassian Corporation Class A	0.02%	41,753	$5M	new	+0.02 pp	new
AZTAAzenta, Inc.	0.02%	93,000	$5M	held	—	6 q
CIThe Cigna Group	0.02%	16,000	$5M	new	+0.02 pp	new
DNLIDenali Therapeutics Inc.	0.02%	264,256	$7M	trimmed−4%	−0.01 pp	21 q
DKSDick's Sporting Goods, Inc.	0.02%	43,320	$5M	held	—	4 q
DLRDigital Realty Trust, Inc.	0.02%	47,917	$5M	trimmed−25%	0.00 pp	12 q
EGPEastGroup Properties Inc.	0.02%	44,573	$7M	new	+0.02 pp	new
unresolvedForgerock Inc	0.02%	276,028	$6M	trimmed−61%	−0.01 pp	6 q
GHGuardant Health, Inc.	0.02%	237,734	$6M	trimmed−59%	−0.08 pp	17 q
HDBHDFC Bank Limited	0.02%	73,040	$5M	added+1%	+0.01 pp	5 q
HLTHilton Worldwide Holdings Inc.	0.02%	57,132	$7M	new	+0.02 pp	new
unresolvedHolley Inc	0.02%	2,500,000	$5M	held	—	4 q
HUBSHubspot, Inc.	0.02%	22,490	$7M	trimmed−74%	−0.06 pp	8 q
unresolvedInnovid Corp	0.02%	3,087,657	$5M	held	—	5 q
LBRDALiberty Broadband Corporation Class A	0.02%	75,000	$6M	held	—	33 q
SPHRSphere Entertainment Co.	0.02%	150,000	$7M	held	—	11 q
MANHManhattan Associates Inc	0.02%	38,899	$5M	trimmed−2%	0.00 pp	34 q
MRVIMaravai LifeSciences Holdings, Inc. Class A	0.02%	516,000	$7M	new	+0.02 pp	new
MCKMcKesson Corporation	0.02%	19,600	$7M	held	—	5 q
MBLYMobileye Global Inc. Class A	0.02%	150,000	$5M	new	+0.02 pp	new
MRNAModerna, Inc.	0.02%	30,000	$5M	added+76%	+0.01 pp	3 q
PEGAPegasystems Inc	0.02%	156,557	$5M	trimmed−6%	0.00 pp	39 q
RHIRobert Half Inc.	0.02%	75,678	$6M	held	—	39 q
SPGSimon Property Group, Inc.	0.02%	62,490	$7M	added×3.5	+0.01 pp	2 q
SUISun Communities, Inc	0.02%	50,640	$7M	added+87%	+0.01 pp	18 q
VRTXVertex Pharmaceuticals Inc	0.02%	23,000	$7M	added+39%	0.00 pp	3 q
WRBYWarby Parker Inc.	0.02%	336,081	$5M	trimmed−30%	0.00 pp	6 q
TBLATaboola.com Ltd.	0.02%	2,286,727	$7M	added+5%	+0.01 pp	7 q
unresolvedTaboola.com Ltd	0.02%	1,473,053	$5M	held	—	7 q
STVNStevanato Group S.p.A.	0.02%	304,151	$5M	held	—	5 q
ACMRACM Research, Inc. Class A	0.01%	571,123	$4M	trimmed−49%	−0.03 pp	8 q
ABTAbbott Laboratories	0.01%	33,862	$4M	trimmed−8%	0.00 pp	17 q
AIYActivision Blizzard Inc	0.01%	25,135	$2M	held	—	20 q
ALNYAlnylam Pharmaceuticals, Inc.	0.01%	11,650	$3M	added+12%	0.00 pp	2 q
GOOGLAlphabet Inc. Class A	0.01%	37,561	$3M	trimmed−86%	−0.07 pp	30 q
ASNDAscendis Pharma A/S	0.01%	35,306	$4M	added×4.7	+0.01 pp	2 q
unresolvedAzul Sa-adr	0.01%	428,039	$3M	trimmed−40%	−0.01 pp	4 q
BAHBooz Allen Hamilton Holding Corporation	0.01%	38,700	$4M	trimmed−50%	−0.01 pp	3 q
1939900DBrookfield Infrastructure-a	0.01%	109,809	$4M	new	+0.01 pp	new
CMECME Group Inc.	0.01%	13,569	$2M	added+17%	0.00 pp	39 q
KMXCarMax Inc.	0.01%	53,837	$3M	trimmed−2%	0.00 pp	39 q
CCICrown Castle Inc.	0.01%	20,861	$3M	trimmed−19%	0.00 pp	20 q
CUBECubeSmart	0.01%	96,031	$4M	new	+0.01 pp	new
CYTKCytokinetics Inc.	0.01%	44,100	$2M	added+58%	+0.01 pp	5 q
DHRDanaher Corporation	0.01%	16,096	$4M	added+18%	0.00 pp	20 q
ENVEnvestnet, Inc.	0.01%	42,378	$3M	trimmed−5%	0.00 pp	37 q
VMRKVivmark Residential	0.01%	28,971	$2M	trimmed−92%	−0.07 pp	24 q
HCAHCA Healthcare, Inc.	0.01%	17,500	$4M	new	+0.01 pp	new
HLLYHolley Inc.	0.01%	2,000,000	$4M	added×2.0	0.00 pp	6 q
HDHome Depot, Inc.	0.01%	13,466	$4M	trimmed−45%	−0.01 pp	37 q
INBXInhibrx Biosciences, Inc.	0.01%	70,000	$2M	new	+0.01 pp	new
unresolvedInnovid Corp	0.01%	903,739	$2M	trimmed−10%	0.00 pp	5 q
INTUIntuit Inc	0.01%	10,616	$4M	added+20%	0.00 pp	12 q
LEGNLegend Biotech Corporation	0.01%	36,000	$2M	new	+0.01 pp	new
unresolvedMarkforged Holding Corp	0.01%	1,845,074	$2M	held	—	6 q
75ZSoho House & Co Inc	0.01%	1,000,000	$4M	held	—	6 q
MIRMirion Technologies, Inc.	0.01%	558,304	$4M	held	—	5 q
MCOMoody's Corporation	0.01%	7,381	$2M	added+4%	0.00 pp	19 q
NICENICE Ltd	0.01%	7,800	$1M	trimmed−50%	0.00 pp	5 q
NDSNNordson Corp	0.01%	11,500	$3M	trimmed−50%	−0.01 pp	3 q
OPCHOption Care Health, Inc.	0.01%	70,000	$2M	new	+0.01 pp	new
SPGIS&P Global Inc.	0.01%	11,566	$4M	added+9%	0.00 pp	20 q
SGSweetgreen, Inc.	0.01%	343,447	$3M	trimmed−31%	−0.02 pp	5 q
TRNOTerreno Realty Corporation	0.01%	68,424	$4M	new	+0.01 pp	new
VTRVentas, Inc.	0.01%	87,605	$4M	new	+0.01 pp	new
VICIVICI Properties Inc.	0.01%	95,124	$3M	new	+0.01 pp	new
WELLWelltower Inc.	0.01%	37,084	$2M	added+70%	+0.01 pp	4 q
XENEXenon Pharmaceuticals Inc	0.01%	47,400	$2M	added+72%	+0.01 pp	5 q
ZTSZoetis Inc.	0.01%	25,185	$4M	held	—	13 q
ACNAccenture PLC	0.01%	15,028	$4M	added+22%	0.00 pp	20 q
KRNTKornit Digital Ltd.	0.01%	113,094	$3M	trimmed−9%	0.00 pp	28 q
ADBEAdobe Inc.	0.00%	2,966	$998,148	added+90%	0.00 pp	21 q
ALXAlexander's Inc.	0.00%	5,000	$1M	held	—	39 q
AAPLApple Inc.	0.00%	740	$96,148	held	—	2 q
APPApplovin Corporation Class A	0.00%	94,047	$990,315	held	—	7 q
APAMArtisan Partners Asset Management Inc.	0.00%	3,199	$95,010	held	—	39 q
AVBAvalonBay Communities, Inc.	0.00%	6,019	$972,189	trimmed−93%	−0.05 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$468,711	held	—	26 q
BLQADBlackrock Inc	0.00%	1,400	$992,082	trimmed−22%	0.00 pp	20 q
BRZEBraze, Inc. Class A	0.00%	9,880	$269,526	added+2%	0.00 pp	5 q
AVGOBroadcom Inc.	0.00%	128	$71,569	held	—	4 q
CERTCertara, Inc.	0.00%	88,200	$1M	trimmed−50%	−0.01 pp	9 q
CYHCommunity Health Systems, Inc.	0.00%	100	$432	held	—	39 q
COSTCostco Wholesale Corp	0.00%	3,129	$1M	added+36%	0.00 pp	20 q
CBAYCymabay Therapeutics	0.00%	72,595	$455,171	new	0.00 pp	new
EFXEquifax, Incorporated	0.00%	3,700	$719,132	trimmed−38%	0.00 pp	4 q
EXFYExpensify, Inc. Class A	0.00%	16,000	$141,280	held	—	5 q
FASTFastenal Co	0.00%	5,110	$241,805	held	—	39 q
FISVFiserv, Inc.	0.00%	7,200	$727,704	added×3.6	0.00 pp	2 q
GPNGlobal Payments, Inc.	0.00%	6,200	$615,784	added+3%	0.00 pp	12 q
GSGoldman Sachs Group Inc.	0.00%	800	$274,704	held	—	26 q
HROWHarrow, Inc.	0.00%	20,173	$297,753	new	0.00 pp	new
JKHYHenry (Jack) & Associates	0.00%	4,100	$719,796	added+11%	0.00 pp	12 q
PODDInsulet Corporation	0.00%	4,215	$1M	trimmed−25%	0.00 pp	18 q
IWOiShares Russell 2000 Growth ETF	0.00%	3,059	$656,217	new	0.00 pp	new
IUSGiShares Core S&P U.S. Growth ETF	0.00%	2,663	$217,088	new	0.00 pp	new
JEFJefferies Financial Group Inc.	0.00%	11,200	$383,936	held	—	5 q
LRCXLam Research Corp	0.00%	139	$58,422	added+19%	0.00 pp	4 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	2,280	$565,691	added+25%	0.00 pp	20 q
MRVLMarvell Technology, Inc.	0.00%	503	$18,631	added+12%	0.00 pp	4 q
MDBMongoDB, Inc. Class A	0.00%	3,597	$708,033	trimmed−20%	0.00 pp	4 q
NCNOnCino, Inc.	0.00%	10,000	$264,400	trimmed−23%	0.00 pp	10 q
NXRTNexPoint Residential Trust Inc	0.00%	88	$3,830	new	0.00 pp	new
OKTAOkta, Inc. Class A	0.00%	8,360	$571,239	trimmed−20%	0.00 pp	23 q
OZONOzon Holdings PLC	0.00%	2,164,595	$432,919	held	—	9 q
PCTYPaylocity Holding Corporation	0.00%	5,457	$1M	held	—	13 q
PAYPaymentus Holdings, Inc.	0.00%	15,000	$120,150	trimmed−17%	0.00 pp	7 q
PGProcter & Gamble Company	0.00%	1,796	$272,202	held	—	26 q
PGRProgressive Corporation	0.00%	9,800	$1M	added+56%	0.00 pp	3 q
unresolvedPrometheus Biosciences Inc	0.00%	11,800	$1M	new	0.00 pp	new
QCOMQualcomm Inc	0.00%	4,000	$439,760	held	—	26 q
RGENRepligen Corp	0.00%	8,600	$1M	added+26%	0.00 pp	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	2,295	$877,677	new	0.00 pp	new
SMTISanara MedTech Inc.	0.00%	10,705	$487,077	added×12.4	0.00 pp	2 q
SESea Limited	0.00%	5,150	$267,954	trimmed−71%	0.00 pp	8 q
SEERSeer, Inc. Class A	0.00%	5,463	$31,685	held	—	9 q
SJMThe J.M. Smucker Company	0.00%	251	$39,773	held	—	26 q
TXG10x Genomics, Inc. Class A	0.00%	19,400	$706,936	trimmed−94%	−0.03 pp	14 q
TXNTexas Instruments Incorporated	0.00%	8,432	$1M	added+37%	0.00 pp	20 q
TTCToro Company (The)	0.00%	13,038	$1M	trimmed−14%	0.00 pp	22 q
VCTRVictory Capital Holdings, Inc. Class A	0.00%	1,836	$49,260	new	0.00 pp	new
unresolvedBrookfield Reins Ltd	0.00%	2	$63	new	0.00 pp	new
CINTCI&T Inc	0.00%	35,000	$227,500	held	—	5 q
ONONOn Holding AG	0.00%	17,722	$304,110	trimmed−42%	0.00 pp	4 q
0VQJLTe Connectivity Ltd	0.00%	6,761	$776,163	added+4%	0.00 pp	20 q
SMWBSimilarweb Ltd.	0.00%	128,887	$828,743	trimmed−76%	−0.01 pp	7 q
NBISNebius Group N.V. Class A	0.00%	935,331	$346,072	held	—	28 q
unresolvedBrookfield Asset Mgmt Inc	—	−2,732,620	—	exited	−0.36 pp	—
PINGPing Identity Holding Corp	—	−837,781	—	exited	−0.08 pp	—
NTSTNetSTREIT Corp.	—	−1,054,626	—	exited	−0.06 pp	—
unresolvedAtlassian Corp Plc	—	−94,266	—	exited	−0.06 pp	—
unresolvedRxr Acquisition Corp	—	−1,317,090	—	exited	−0.04 pp	—
AZEKThe AZEK Company Inc.	—	−500,000	—	exited	−0.03 pp	—
DREDuke Realty Corp.	—	−124,277	—	exited	−0.02 pp	—
ENTGEntegris Inc	—	−56,295	—	exited	−0.02 pp	—
ALGNAlign Technology Inc	—	−13,319	—	exited	−0.01 pp	—
AVLRAvalara, Inc.	—	−18,719	—	exited	−0.01 pp	—
BMYBristol-Myers Squibb Co.	—	−40,000	—	exited	−0.01 pp	—
JAMFJamf Holding Corp.	—	−175,000	—	exited	−0.01 pp	—
LYVLive Nation Entertainment Inc.	—	−27,456	—	exited	−0.01 pp	—
SIENSientra, Inc.	—	−2,578,364	—	exited	−0.01 pp	—
unresolvedTishman Speyer Innovation Co	—	−381,620	—	exited	−0.01 pp	—
TWLOTwilio Inc.	—	−33,684	—	exited	−0.01 pp	—
BIPBrookfield Infrastructure Partners L.P.	—	−117,381	—	exited	−0.01 pp	—
NTLAIntellia Therapeutics, Inc	—	−16,200	—	exited	0.00 pp	—
IWMiShares Russell 2000 ETF	—	−975	—	exited	0.00 pp	—
SFIXStitch Fix, Inc. Class A	—	−65	—	exited	0.00 pp	—
SHOSunstone Hotel Investors, Inc.	—	−150,310	—	exited	0.00 pp	—
TRIPTripAdvisor, Inc.	—	−62,026	—	exited	0.00 pp	—
unresolvedBrookfield Asset Mgmt Reins	—	−15	—	exited	0.00 pp	—
unresolvedIon Acquisition Corp 3 Ltd	—	−151,660	—	exited	0.00 pp	—