Baron Capital

Q1 2023 13F · by Ron Baron, CEO

As of: Mar 31, 2023
Filed: May 15, 2023
US stock: $33.3B · prev $29.8B
Positions: 360 · prev 375
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%

Moves321 since the prior filing

+6.2 pp in · −5.8 pp out

New 16 +0.62 pp
Added 133 +5.59 pp
Trimmed 141 −4.85 pp
Exited 31 −0.99 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions28% of US stock

Positions360 in this filing · 31 exited


TSLATesla, Inc.	10.97%	17,606,894	$3.7B	added0%	+3.72 pp	37 q
ITGartner, Inc.	4.69%	4,796,458	$1.6B	trimmed−2%	−0.84 pp	40 q
ACGLArch Capital Group Ltd	4.34%	21,290,775	$1.4B	trimmed−1%	−0.17 pp	40 q
CSGPCoStar Group Inc	3.92%	18,970,081	$1.3B	trimmed−1%	−1.04 pp	40 q
MSCIMSCI, Inc.	3.65%	2,172,566	$1.2B	trimmed−0%	+0.25 pp	40 q
IDXXIdexx Laboratories Inc	3.54%	2,356,243	$1.2B	trimmed−1%	+0.29 pp	40 q
FDSFactset Research Systems	3.36%	2,698,268	$1.1B	added+1%	−0.25 pp	40 q
MTNVail Resorts, Inc.	3.25%	4,629,113	$1.1B	added+1%	−0.42 pp	40 q
IRDMIridium Communications Inc.	2.68%	14,440,447	$894M	trimmed−0%	+0.18 pp	36 q
AKXAnsys Inc	1.96%	1,962,217	$653M	added0%	+0.38 pp	40 q
KNSLKinsale Capital Group, Inc.	1.87%	2,074,765	$623M	trimmed−0%	+0.05 pp	26 q
HHyatt Hotels Corporation	1.73%	5,148,507	$576M	trimmed−0%	+0.16 pp	40 q
CHHChoice Hotels Intnl.	1.61%	4,573,432	$536M	trimmed−0%	−0.12 pp	40 q
MTDMettler-Toledo International	1.54%	335,056	$513M	trimmed−2%	−0.12 pp	40 q
GWREGuidewire Software, Inc.	1.50%	6,106,230	$501M	added+4%	+0.26 pp	40 q
GLPIGaming and Leisure Properties, Inc.	1.32%	8,470,246	$441M	trimmed−5%	−0.23 pp	38 q
TECHBio-Techne Corp.	1.20%	5,379,492	$399M	trimmed−3%	−0.34 pp	34 q
SCHWThe Charles Schwab Corporation	1.20%	7,630,034	$400M	added+14%	−0.68 pp	40 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	1.20%	4,280,903	$398M	added+11%	+0.24 pp	40 q
VACMarriott Vacations Worldwide Corporation	1.13%	2,785,321	$376M	added+4%	−0.08 pp	40 q
RRRRed Rock Resorts, Inc. Class A	1.13%	8,470,525	$378M	added+4%	+0.03 pp	28 q
WSTWest Pharmaceutical Services, Inc.	1.11%	1,065,115	$369M	trimmed−1%	+0.26 pp	40 q
PRIPrimerica, Inc.	1.01%	1,947,263	$335M	trimmed−0%	+0.08 pp	40 q
DAYDayforce, Inc.	0.76%	3,467,698	$254M	trimmed−1%	+0.01 pp	20 q
FNDFloor & Decor Holdings, Inc.	0.76%	2,579,551	$253M	trimmed−6%	+0.12 pp	24 q
VRSKVerisk Analytics, Inc.	0.75%	1,306,304	$251M	added+2%	−0.01 pp	40 q
BABAAlibaba Group Holding Limited	0.69%	2,251,648	$230M	added+12%	+0.09 pp	35 q
MORNMorningstar, Inc.	0.69%	1,128,519	$229M	trimmed−0%	−0.13 pp	40 q
PENNPENN Entertainment, Inc.	0.68%	7,659,384	$227M	trimmed−5%	−0.13 pp	40 q
ICLRIcon Plc	0.63%	987,977	$211M	added+6%	+0.02 pp	40 q
SITESiteOne Landscape Supply, Inc.	0.61%	1,487,105	$204M	trimmed−13%	−0.06 pp	28 q
CNSCohen & Steers Inc.	0.55%	2,848,920	$182M	trimmed−7%	−0.11 pp	40 q
EFOREverforth, Inc.	0.53%	2,130,981	$176M	added+4%	−0.03 pp	19 q
BFAMBright Horizons Family Solutions Inc.	0.52%	2,238,271	$172M	trimmed−1%	+0.04 pp	40 q
DXCMDexCom, Inc.	0.50%	1,437,140	$167M	added+6%	−0.02 pp	40 q
DAVAEndava plc	0.49%	2,437,049	$164M	added+1%	−0.13 pp	19 q
AREAlexandria Real Estate Equities, Inc.	0.47%	1,251,863	$157M	trimmed−3%	−0.16 pp	40 q
NVDANvidia Corp	0.45%	540,614	$150M	trimmed−6%	+0.17 pp	19 q
SBACSBA Communications Corp	0.44%	560,491	$146M	trimmed−25%	−0.27 pp	26 q
MSFTMicrosoft Corp	0.42%	484,483	$140M	trimmed−3%	+0.02 pp	22 q
BYDBoyd Gaming Corporation	0.41%	2,115,907	$136M	added+8%	+0.05 pp	25 q
VEEVVeeva Systems Inc.	0.41%	738,802	$136M	trimmed−1%	0.00 pp	24 q
VRSNVeriSign Inc	0.41%	647,247	$137M	trimmed−1%	−0.04 pp	40 q
TREXTrex Company, Inc.	0.40%	2,722,862	$133M	trimmed−22%	−0.10 pp	37 q
FIGSFIGS, Inc.	0.39%	20,866,767	$129M	added+28%	+0.02 pp	8 q
GTLSChart Inds Inc	0.38%	1,007,228	$126M	added+11%	+0.03 pp	5 q
AZPNAspen Technology Inc	0.38%	555,822	$127M	added+2%	0.00 pp	3 q
EQIXEquinix, Inc.	0.38%	174,084	$126M	trimmed−5%	−0.02 pp	33 q
ROPRoper Technologies, Inc.	0.38%	284,686	$125M	trimmed−1%	−0.04 pp	40 q
ALTRAltair Engineering Inc. Class A	0.35%	1,635,507	$118M	added0%	+0.10 pp	22 q
FICOFair Isaac Corporation	0.35%	167,405	$118M	trimmed−0%	+0.01 pp	14 q
HLIHoulihan Lokey, Inc.	0.34%	1,298,577	$114M	trimmed−0%	−0.04 pp	22 q
PLDPrologis, Inc.	0.34%	902,494	$113M	added+18%	+0.05 pp	26 q
TTDThe Trade Desk, Inc.	0.34%	1,846,053	$112M	added+5%	+0.08 pp	26 q
ILMNIllumina Inc	0.33%	473,231	$110M	trimmed−15%	−0.05 pp	40 q
REXRRexford Industrial Realty, Inc.	0.33%	1,825,397	$109M	added+12%	+0.03 pp	34 q
VRTVertiv Holdings Co Class A	0.33%	7,650,000	$109M	held	—	13 q
BNBrookfield Corporation	0.31%	3,191,224	$104M	added+2%	−0.02 pp	2 q
CPNGCoupang, Inc.	0.31%	6,542,307	$105M	added+47%	+0.09 pp	9 q
DEIDouglas Emmett, Inc.	0.31%	8,272,165	$102M	added+54%	+0.03 pp	40 q
TOLToll Brothers, Inc.	0.31%	1,712,675	$103M	added+35%	+0.10 pp	12 q
AMZNAmazon.Com Inc	0.30%	965,850	$100M	added+1%	+0.03 pp	40 q
AXNXAxonics, Inc.	0.29%	1,773,014	$97M	held	—	13 q
MELIMercado Libre, Inc	0.29%	73,530	$97M	trimmed−3%	+0.07 pp	19 q
TRUTransUnion	0.29%	1,580,558	$98M	trimmed−0%	−0.01 pp	24 q
ARGXargenx SE	0.28%	248,955	$93M	trimmed−32%	−0.18 pp	22 q
BWINThe Baldwin Insurance Group, Inc. Class A	0.28%	3,661,625	$93M	trimmed−3%	−0.04 pp	14 q
unresolvedCooper Cos Inc/The	0.28%	252,937	$94M	added+3%	+0.01 pp	37 q
IBPInstalled Building Products, Inc.	0.28%	823,210	$94M	trimmed−35%	−0.09 pp	22 q
NEOGNeogen Corp	0.28%	5,012,542	$93M	added+26%	+0.08 pp	40 q
TDGTransDigm Group Incorporated	0.28%	125,000	$92M	held	—	40 q
CAKECheesecake Factory (The)	0.27%	2,587,115	$91M	trimmed−8%	−0.03 pp	40 q
IEXIDEX Corporation	0.27%	391,026	$90M	trimmed−1%	−0.03 pp	35 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.27%	1,200,000	$90M	held	—	28 q
MRCYMercury Systems Inc.	0.27%	1,734,579	$89M	trimmed−16%	−0.04 pp	33 q
SHOPShopify Inc. Class A subordinate voting shares	0.27%	1,843,388	$88M	trimmed−31%	−0.04 pp	14 q
CDWCDW Corporation	0.26%	442,839	$86M	trimmed−1%	−0.01 pp	24 q
APHAmphenol Corporation	0.25%	1,006,146	$82M	trimmed−0%	−0.01 pp	16 q
RBCRBC Bearings Incorporated	0.25%	353,186	$82M	trimmed−1%	0.00 pp	34 q
CBRECbre Group, Inc.	0.24%	1,093,631	$80M	trimmed−12%	−0.08 pp	40 q
SNOWSnowflake Inc.	0.24%	527,951	$81M	added+1%	−0.01 pp	11 q
CRWDCrowdStrike Holdings, Inc. Class A	0.23%	546,109	$75M	trimmed−0%	+0.04 pp	16 q
YMMFull Truck Alliance Co. Ltd.	0.23%	10,273,726	$78M	trimmed−14%	−0.09 pp	6 q
PLNTPlanet Fitness, Inc.	0.23%	1,000,000	$78M	held	—	21 q
BAPCredicorp LTD	0.23%	577,368	$76M	added0%	−0.03 pp	8 q
CGNXCognex Corp	0.22%	1,500,000	$74M	held	—	40 q
DNUTKrispy Kreme, Inc.	0.22%	4,661,785	$72M	added+22%	+0.09 pp	7 q
MKTXMarketAxess Holdings Inc.	0.22%	190,561	$75M	trimmed−16%	+0.01 pp	31 q
AVNTAvient Corporation	0.21%	1,700,000	$70M	trimmed−3%	+0.01 pp	14 q
DRVNDriven Brands Holdings Inc.	0.21%	2,275,000	$69M	held	—	9 q
MGMMgm Resorts International	0.21%	1,564,810	$70M	added+91%	+0.12 pp	7 q
GTMZoomInfo Technologies Inc	0.21%	2,891,437	$71M	trimmed−20%	−0.15 pp	12 q
CGThe Carlyle Group Inc.	0.20%	2,145,427	$67M	trimmed−1%	−0.02 pp	8 q
CWANClearwater Analytics Hds-a	0.20%	4,089,046	$65M	added+25%	−0.01 pp	7 q
ROLRollins, Inc.	0.20%	1,805,907	$68M	trimmed−1%	−0.02 pp	27 q
YUMCYum China Holdings, Inc.	0.20%	1,055,778	$67M	added0%	+0.01 pp	11 q
INSPInspire Medical Systems, Inc.	0.19%	268,936	$63M	trimmed−8%	−0.06 pp	17 q
JDJD.com, Inc.	0.19%	1,415,974	$62M	added+13%	−0.05 pp	6 q
KTOSKratos Defense & Security Solutions, Inc.	0.19%	4,735,611	$64M	added+10%	+0.04 pp	13 q
SSNCSS&C Technologies Inc	0.19%	1,106,954	$63M	trimmed−8%	−0.02 pp	40 q
WCNWaste Connections, Inc.	0.19%	450,000	$63M	held	—	27 q
INDIindie Semiconductor, Inc. Class A	0.18%	5,526,938	$58M	added+2%	+0.07 pp	8 q
SKINSkinHealth Systems Inc. Class A	0.18%	4,838,659	$61M	added0%	+0.03 pp	8 q
DDOGDatadog, Inc. Class A	0.17%	782,184	$57M	added+1%	−0.02 pp	15 q
EWCZEuropean Wax Center, Inc. Class A	0.17%	3,000,922	$57M	held	—	7 q
JBTMJBT Marel Corporation	0.17%	525,000	$57M	trimmed−5%	0.00 pp	25 q
MAMastercard Incorporated	0.17%	151,916	$55M	trimmed−6%	−0.02 pp	40 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.16%	890,156	$55M	added+6%	+0.03 pp	15 q
FAFirst Advantage Corporation	0.16%	3,875,000	$54M	trimmed−3%	−0.01 pp	8 q
JBIJanus International Group, Inc.	0.16%	5,500,000	$54M	added×2.2	+0.08 pp	8 q
LENLennar Corporation Class A	0.16%	520,199	$55M	trimmed−3%	0.00 pp	18 q
PSAPublic Storage	0.16%	180,579	$55M	added+21%	+0.02 pp	9 q
NOWServicenow, Inc.	0.16%	113,947	$53M	trimmed−0%	+0.01 pp	31 q
UTZUtz Brands, Inc.	0.16%	3,250,000	$54M	held	—	12 q
AEISAdvanced Energy Industries Inc	0.15%	526,748	$52M	added+1%	0.00 pp	14 q
BIDUBaidu, Inc.	0.15%	325,255	$49M	trimmed−56%	−0.13 pp	5 q
GFIGold Fields Ltd	0.15%	3,735,355	$50M	trimmed−10%	+0.01 pp	5 q
WEXWEX Inc.	0.15%	278,300	$51M	added+1%	0.00 pp	40 q
AMTAmerican Tower Corporation	0.14%	231,623	$47M	trimmed−31%	−0.10 pp	40 q
AXONAxon Enterprise, Inc.	0.14%	207,800	$47M	trimmed−34%	−0.03 pp	5 q
EPAMEpam Systems, Inc.	0.14%	160,989	$48M	trimmed−5%	−0.05 pp	30 q
METAMeta Platforms, Inc. Class A	0.14%	212,535	$45M	added+72%	+0.09 pp	40 q
HQYHealthEquity, Inc	0.14%	800,000	$47M	held	—	35 q
RIVNRivian Automotive, Inc. Class A	0.14%	2,987,357	$46M	trimmed−20%	−0.09 pp	6 q
WYNNWynn Resorts Ltd	0.14%	419,413	$47M	new	+0.14 pp	new
ZLABZai Lab Limited	0.14%	1,425,214	$47M	added+5%	0.00 pp	21 q
CLVTClarivate Plc	0.14%	5,003,099	$47M	added+43%	+0.04 pp	16 q
BXBlackstone Inc.	0.13%	508,079	$45M	added+84%	+0.06 pp	5 q
DHID.R. Horton Inc.	0.13%	426,677	$42M	trimmed−7%	−0.01 pp	18 q
ETWOE2open Parent Holdings, Inc.	0.13%	7,388,636	$43M	added×3.0	+0.08 pp	9 q
EXRExtra Space Storage, Inc.	0.13%	268,395	$44M	added×2.1	+0.07 pp	4 q
ISRGIntuitive Surgical Inc.	0.13%	167,591	$43M	added+2%	−0.02 pp	26 q
LVSLas Vegas Sands Corp.	0.13%	774,410	$44M	added×2.7	+0.08 pp	6 q
MSGSMadison Square Garden Sports Corp.	0.13%	225,000	$44M	held	—	30 q
SPTSprout Social, Inc Class A	0.13%	700,000	$43M	held	—	4 q
AFYAAfya Limited Class A	0.13%	3,879,230	$43M	trimmed−1%	−0.08 pp	15 q
SPOTSpotify Technology S.A.	0.13%	326,871	$44M	trimmed−7%	+0.04 pp	20 q
CZRCaesars Entertainment, Inc.	0.12%	833,301	$41M	new	+0.12 pp	new
DKNGDraftKings Inc. Class A	0.12%	2,133,500	$41M	added×2.4	+0.09 pp	12 q
GTLBGitLab Inc. Class A	0.12%	1,207,603	$41M	added+61%	+0.01 pp	6 q
LOWLowe's Companies Inc.	0.12%	204,292	$41M	added×2.0	+0.05 pp	18 q
SHLSShoals Technologies Group, Inc. Class A	0.12%	1,800,000	$41M	held	—	9 q
WTWWillis Towers Watson Public Limited Company	0.12%	173,503	$40M	added0%	−0.02 pp	29 q
EGPEastGroup Properties Inc.	0.11%	213,952	$35M	added×4.8	+0.09 pp	2 q
HEI.AHeico Corp Cl A	0.11%	260,860	$35M	held	—	21 q
JLLJones Lang LaSalle, Inc.	0.11%	241,660	$35M	trimmed−1%	−0.02 pp	15 q
PWRQuanta Services, Inc.	0.11%	216,686	$36M	new	+0.11 pp	new
RGENRepligen Corp	0.11%	220,974	$37M	added×25.7	+0.11 pp	3 q
VVISA Inc.	0.11%	163,862	$37M	added0%	0.00 pp	40 q
WELLWelltower Inc.	0.11%	491,537	$35M	added×13.3	+0.10 pp	5 q
ASMLASML Holding NV	0.11%	54,721	$37M	trimmed−5%	0.00 pp	39 q
BASECouchbase, Inc.	0.10%	2,368,581	$33M	added+1%	0.00 pp	7 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.10%	3,000,000	$34M	held	—	13 q
LBRDKLiberty Broadband Corporation Class C	0.10%	390,740	$32M	trimmed−2%	0.00 pp	34 q
ONTOnterris, Inc.	0.10%	956,187	$34M	added+35%	−0.01 pp	11 q
PARPAR Technology Corp.	0.10%	1,021,603	$35M	trimmed−4%	+0.01 pp	19 q
RVNCRevance Therapeutics, Inc.	0.10%	1,069,483	$34M	trimmed−15%	+0.02 pp	17 q
GOOGAlphabet Inc. Class C	0.09%	280,757	$29M	trimmed−54%	−0.09 pp	36 q
TROWT Rowe Price Group Inc	0.09%	258,426	$29M	trimmed−2%	−0.01 pp	40 q
SILKSilk Road Medical, Inc.	0.09%	785,281	$31M	held	—	16 q
SITMSiTime Corporation	0.09%	204,394	$29M	new	+0.09 pp	new
XYZBlock, Inc.	0.09%	417,229	$29M	added+1%	0.00 pp	12 q
TSTenaris S. A.	0.09%	1,037,025	$29M	trimmed−10%	−0.05 pp	5 q
TWTradeweb Markets Inc. Class A	0.09%	387,015	$31M	added0%	+0.01 pp	16 q
STNEStoneCo Ltd. Class A	0.09%	3,228,552	$31M	trimmed−14%	−0.03 pp	18 q
CYBRCyberark Software LTD/ISRAEL	0.09%	205,470	$30M	added×2.4	+0.05 pp	2 q
COLDAmericold Realty Trust, Inc.	0.08%	888,513	$25M	trimmed−31%	−0.04 pp	21 q
NARIInari Medical, Inc.	0.08%	449,353	$28M	added×2.7	+0.04 pp	12 q
LFUSLittelfuse Inc	0.08%	97,332	$26M	trimmed−2%	+0.01 pp	29 q
NVTSNavitas Semiconductor Corporation	0.08%	3,447,071	$25M	added+2%	+0.04 pp	6 q
POOLPool Corporation	0.08%	76,423	$26M	trimmed−29%	−0.03 pp	14 q
RPAYRepay Holdings Corporation Class A	0.08%	3,915,000	$26M	held	—	14 q
TXRHTexas Roadhouse, Inc.	0.08%	238,617	$26M	trimmed−1%	+0.01 pp	4 q
ESNTEssent Group LTD	0.08%	651,482	$26M	trimmed−11%	−0.02 pp	27 q
DHDefinitive Healthcare Corp. Class A	0.07%	2,191,635	$23M	added+11%	0.00 pp	7 q
DTDynatrace, Inc.	0.07%	533,193	$23M	held	—	15 q
HLTHilton Worldwide Holdings Inc.	0.07%	157,542	$22M	added×2.8	+0.05 pp	2 q
MCMoelis & Company	0.07%	596,430	$23M	trimmed−0%	−0.01 pp	36 q
SMARSmartsheet Inc.	0.07%	505,301	$24M	trimmed−32%	−0.03 pp	3 q
TRNOTerreno Realty Corporation	0.07%	378,163	$24M	added×5.5	+0.06 pp	2 q
ACVAACV Auctions Inc.	0.06%	1,456,007	$19M	added+1%	+0.02 pp	9 q
AMDAdvanced Micro Devices	0.06%	198,389	$19M	added+8%	+0.02 pp	5 q
ALGMAllegro MicroSystems, Inc.	0.06%	447,795	$21M	trimmed−43%	−0.02 pp	10 q
AMHAmerican Homes 4 Rent	0.06%	661,667	$21M	trimmed−36%	−0.04 pp	24 q
BAMBrookfield Asset Management Ltd.	0.06%	649,091	$21M	trimmed−21%	−0.02 pp	2 q
FBINFortune Brands Innovations, Inc.	0.06%	326,782	$19M	trimmed−14%	−0.01 pp	12 q
HEIHEICO Corporation	0.06%	125,993	$22M	held	—	20 q
INVHInvitation Homes Inc.	0.06%	678,050	$21M	added+65%	+0.02 pp	25 q
BZKANZHUN LIMITED American Depository Shares	0.06%	1,098,453	$21M	new	+0.06 pp	new
LPLALPL Financial Holdings Inc.	0.06%	96,634	$20M	added+92%	+0.02 pp	6 q
LM05Liberty Media Corp-liberty-a	0.06%	284,220	$19M	trimmed−5%	+0.01 pp	28 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.06%	43,246	$20M	added+3%	−0.02 pp	21 q
XPXP Inc. Class A	0.06%	1,763,417	$21M	added+50%	0.00 pp	14 q
NVMINova Ltd.	0.06%	191,563	$20M	held	—	18 q
WIXWIX.com Ltd.	0.06%	214,197	$21M	trimmed−1%	0.00 pp	26 q
AZNNAstrazeneca Plc-spons ADR	0.05%	220,387	$15M	trimmed−32%	−0.02 pp	20 q
BILLBILL Holdings, Inc.	0.05%	204,589	$17M	added+16%	−0.01 pp	14 q
CERTCertara, Inc.	0.05%	696,662	$17M	added×7.9	+0.05 pp	10 q
HLMNHillman Solutions Corp.	0.05%	2,000,000	$17M	trimmed−27%	−0.02 pp	7 q
IBKRInteractive Brokers Group, Inc. Class A	0.05%	207,000	$17M	new	+0.05 pp	new
LSXMKLiberty Media Cor-siriusxm C	0.05%	625,000	$17M	held	—	19 q
unresolvedLufax Holding Ltd	0.05%	8,635,259	$18M	added+7%	0.00 pp	4 q
MPWRMonolithic Power Systems, Inc.	0.05%	32,561	$16M	added0%	+0.01 pp	8 q
QLYSQualys, Inc.	0.05%	139,303	$18M	trimmed−38%	−0.04 pp	37 q
VRNSVaronis Systems, Inc.	0.05%	613,888	$16M	trimmed−20%	−0.01 pp	16 q
unresolvedVelo3D Inc	0.05%	7,534,605	$17M	trimmed−23%	−0.01 pp	7 q
VCYTVeracyte, Inc.	0.05%	720,707	$16M	held	—	16 q
VRAYQViewray Inc	0.05%	5,100,929	$18M	added+16%	−0.02 pp	18 q
WDAYWorkday, Inc. Class A	0.05%	86,465	$18M	added+21%	+0.01 pp	9 q
ESTAEstablishment Labs Holdings Inc.	0.05%	246,900	$17M	added+33%	+0.01 pp	8 q
ICHRIchor Holdings	0.05%	544,384	$18M	added+2%	0.00 pp	26 q
GLOBGlobant S.a.	0.05%	105,341	$17M	added+2%	−0.01 pp	28 q
ALKTAlkami Technology, Inc.	0.04%	1,059,223	$13M	trimmed−37%	−0.04 pp	8 q
EAElectronic Arts Inc	0.04%	98,866	$12M	trimmed−18%	−0.01 pp	25 q
0C3Endeavor Group Hold-class A	0.04%	543,194	$13M	added0%	0.00 pp	8 q
HUBSHubspot, Inc.	0.04%	32,322	$14M	added+44%	+0.02 pp	9 q
LLYEli Lilly & Co.	0.04%	34,592	$12M	held	—	4 q
NOVTNovanta Inc.	0.04%	77,945	$12M	held	—	24 q
RHRh	0.04%	52,567	$13M	added+71%	+0.01 pp	2 q
RCKTRocket Pharmaceuticals, Inc.	0.04%	846,886	$15M	added+62%	+0.01 pp	3 q
SDGRSchrodinger, Inc.	0.04%	496,239	$13M	trimmed−20%	0.00 pp	13 q
TMOThermo Fisher Scientific, Inc.	0.04%	21,470	$12M	added+9%	0.00 pp	15 q
ZSZscaler, Inc.	0.04%	125,894	$15M	trimmed−2%	−0.01 pp	21 q
unresolvedFifth Wall Acquisitn Corp II	0.04%	1,250,000	$13M	held	—	8 q
MANUManchester United PLC	0.04%	569,296	$13M	trimmed−0%	0.00 pp	40 q
ONONOn Holding AG	0.04%	443,339	$14M	added×25.0	+0.04 pp	5 q
CDROCodere Online Luxembourg, S.A.	0.04%	4,037,000	$12M	held	—	6 q
FVRRFiverr International Ltd.	0.04%	359,009	$13M	added+1%	+0.01 pp	16 q
BNTXBioNTech SE	0.03%	71,489	$9M	held	—	10 q
JEFJefferies Financial Group Inc.	0.03%	270,528	$9M	added×24.2	+0.03 pp	6 q
MRVIMaravai LifeSciences Holdings, Inc. Class A	0.03%	649,000	$9M	added+26%	+0.01 pp	2 q
MXCTMaxCyte, Inc.	0.03%	1,987,904	$10M	trimmed−9%	−0.01 pp	7 q
MBLYMobileye Global Inc. Class A	0.03%	257,923	$11M	added+72%	+0.01 pp	2 q
SWAVShockwave Medical, Inc.	0.03%	45,603	$10M	trimmed−25%	−0.01 pp	12 q
TTWOTake-Two Interactive Software Inc	0.03%	85,841	$10M	added+12%	0.00 pp	24 q
VMCVulcan Materials Company(Holding Company)	0.03%	51,531	$9M	trimmed−70%	−0.07 pp	17 q
STVNStevanato Group S.p.A.	0.03%	324,008	$8M	added+7%	+0.01 pp	6 q
AAgilent Technologies Inc.	0.02%	55,679	$8M	held	—	40 q
AEMAgnico Eagle Mines Ltd.	0.02%	105,758	$5M	added+1%	0.00 pp	5 q
ELVElevance Health, Inc.	0.02%	12,500	$6M	added+8%	0.00 pp	3 q
TEAMAtlassian Corporation Class A	0.02%	40,433	$7M	trimmed−3%	0.00 pp	2 q
AVBAvalonBay Communities, Inc.	0.02%	41,125	$7M	added×6.8	+0.02 pp	7 q
CERSCerus Corp	0.02%	2,212,952	$7M	held	—	34 q
CUBECubeSmart	0.02%	143,858	$7M	added+50%	+0.01 pp	2 q
DKSDick's Sporting Goods, Inc.	0.02%	43,320	$6M	held	—	5 q
DLRDigital Realty Trust, Inc.	0.02%	56,028	$6M	added+17%	0.00 pp	13 q
VMRKVivmark Residential	0.02%	123,875	$7M	added×4.3	+0.01 pp	25 q
GMABGenmab A/S	0.02%	168,945	$6M	trimmed−21%	−0.01 pp	10 q
HDBHDFC Bank Limited	0.02%	97,336	$6M	added+33%	0.00 pp	6 q
HGVHilton Grand Vacations Inc.	0.02%	169,840	$8M	trimmed−14%	−0.01 pp	25 q
HLLYHolley Inc.	0.02%	2,000,000	$5M	held	—	7 q
unresolvedHolley Inc	0.02%	2,500,000	$7M	held	—	5 q
HUMHumana Inc.	0.02%	11,150	$5M	trimmed−33%	−0.01 pp	19 q
LBRDALiberty Broadband Corporation Class A	0.02%	75,000	$6M	held	—	34 q
MANHManhattan Associates Inc	0.02%	36,399	$6M	trimmed−6%	0.00 pp	35 q
MRVLMarvell Technology, Inc.	0.02%	187,477	$8M	added×372.7	+0.02 pp	5 q
MRKMerck & Co., Inc.	0.02%	75,300	$8M	added+7%	−0.01 pp	5 q
RHIRobert Half Inc.	0.02%	75,678	$6M	held	—	40 q
SMRTSmartRent, Inc.	0.02%	2,229,415	$6M	trimmed−50%	−0.02 pp	7 q
VTRVentas, Inc.	0.02%	120,382	$5M	added+37%	+0.01 pp	2 q
VRTXVertex Pharmaceuticals Inc	0.02%	23,000	$7M	held	—	4 q
VICIVICI Properties Inc.	0.02%	162,900	$5M	added+71%	+0.01 pp	2 q
TBLATaboola.com Ltd.	0.02%	2,487,135	$7M	added+9%	0.00 pp	8 q
ABTAbbott Laboratories	0.01%	24,362	$2M	trimmed−28%	0.00 pp	18 q
ABBVAbbvie Inc.	0.01%	15,000	$2M	trimmed−63%	−0.01 pp	5 q
AIYActivision Blizzard Inc	0.01%	25,135	$2M	held	—	21 q
GOOGLAlphabet Inc. Class A	0.01%	27,808	$3M	trimmed−26%	0.00 pp	31 q
AATAmerican Assets Trust, Inc.	0.01%	228,500	$4M	held	—	40 q
ARWRArrowhead Research Corporation	0.01%	131,318	$3M	trimmed−18%	−0.01 pp	18 q
ASNDAscendis Pharma A/S	0.01%	35,306	$4M	held	—	3 q
BAHBooz Allen Hamilton Holding Corporation	0.01%	38,700	$4M	held	—	4 q
1939900DBrookfield Infrastructure-a	0.01%	53,410	$2M	trimmed−51%	0.00 pp	2 q
9213421DBrookfield Renewable Cor-a	0.01%	116,634	$4M	new	+0.01 pp	new
CMECME Group Inc.	0.01%	13,348	$3M	trimmed−2%	0.00 pp	40 q
KMXCarMax Inc.	0.01%	31,487	$2M	trimmed−42%	0.00 pp	40 q
COSTCostco Wholesale Corp	0.01%	3,376	$2M	added+8%	+0.01 pp	21 q
CYTKCytokinetics Inc.	0.01%	48,100	$2M	added+9%	0.00 pp	6 q
DHRDanaher Corporation	0.01%	16,296	$4M	added+1%	0.00 pp	21 q
ENVEnvestnet, Inc.	0.01%	42,378	$2M	held	—	38 q
EXKExact Sciences Corp	0.01%	35,000	$2M	new	+0.01 pp	new
FISFidelity National Information Services, Inc.	0.01%	56,972	$3M	trimmed−89%	−0.11 pp	15 q
FRFirst Industrial Realty Trust, Inc.	0.01%	66,192	$4M	new	+0.01 pp	new
HCAHCA Healthcare, Inc.	0.01%	18,300	$5M	added+5%	0.00 pp	2 q
unresolvedInnovid Corp	0.01%	2,830,000	$4M	trimmed−8%	−0.01 pp	6 q
PODDInsulet Corporation	0.01%	9,565	$3M	added×2.3	+0.01 pp	19 q
INTUIntuit Inc	0.01%	10,216	$5M	trimmed−4%	0.00 pp	13 q
LEGNLegend Biotech Corporation	0.01%	40,000	$2M	added+11%	0.00 pp	2 q
unresolvedMarkforged Holding Corp	0.01%	1,845,074	$2M	held	—	7 q
MCKMcKesson Corporation	0.01%	9,800	$3M	trimmed−50%	−0.01 pp	6 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.01%	544,010	$3M	new	+0.01 pp	new
MRNAModerna, Inc.	0.01%	13,500	$2M	trimmed−55%	−0.01 pp	4 q
MCOMoody's Corporation	0.01%	8,447	$3M	added+14%	0.00 pp	20 q
NICENICE Ltd	0.01%	7,800	$2M	held	—	6 q
NDSNNordson Corp	0.01%	11,500	$3M	held	—	4 q
OPCHOption Care Health, Inc.	0.01%	77,000	$2M	added+10%	0.00 pp	2 q
PEGAPegasystems Inc	0.01%	57,642	$3M	trimmed−63%	−0.01 pp	40 q
unresolvedPrometheus Biosciences Inc	0.01%	42,750	$5M	added×3.6	+0.01 pp	2 q
SPGIS&P Global Inc.	0.01%	11,776	$4M	added+2%	0.00 pp	21 q
STEPStepStone Group Inc. Class A	0.01%	79,700	$2M	new	+0.01 pp	new
SUISun Communities, Inc	0.01%	16,298	$2M	trimmed−68%	−0.01 pp	19 q
WRBYWarby Parker Inc.	0.01%	290,550	$3M	trimmed−14%	−0.01 pp	7 q
XENEXenon Pharmaceuticals Inc	0.01%	73,000	$3M	added+54%	0.00 pp	6 q
ZTSZoetis Inc.	0.01%	30,000	$5M	added+19%	0.00 pp	14 q
ACNAccenture PLC	0.01%	15,332	$4M	added+2%	0.00 pp	21 q
unresolvedTaboola.com Ltd	0.01%	1,473,053	$4M	held	—	8 q
ADBEAdobe Inc.	0.00%	3,168	$1M	added+7%	0.00 pp	22 q
AEHRAehr Test Systems	0.00%	3,598	$111,610	new	0.00 pp	new
ALXAlexander's Inc.	0.00%	5,000	$968,750	held	—	40 q
APOApollo Global Management, Inc.	0.00%	9,000	$568,440	new	0.00 pp	new
AAPLApple Inc.	0.00%	674	$111,143	trimmed−9%	0.00 pp	3 q
APPApplovin Corporation Class A	0.00%	94,047	$1M	held	—	8 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$465,600	held	—	27 q
BLQADBlackrock Inc	0.00%	1,400	$936,768	held	—	21 q
AVGOBroadcom Inc.	0.00%	128	$82,117	held	—	5 q
CIThe Cigna Group	0.00%	6,000	$2M	trimmed−63%	−0.02 pp	2 q
CYHCommunity Health Systems, Inc.	0.00%	100	$490	held	—	40 q
CBAYCymabay Therapeutics	0.00%	44,206	$385,476	trimmed−39%	0.00 pp	2 q
DNLIDenali Therapeutics Inc.	0.00%	50,500	$1M	trimmed−81%	−0.02 pp	22 q
EWEdwards Lifesciences Corp	0.00%	9,653	$798,593	trimmed−94%	−0.04 pp	40 q
EFXEquifax, Incorporated	0.00%	3,700	$750,508	held	—	5 q
ELSEquity Lifestyle Properties, Inc.	0.00%	11,643	$781,595	trimmed−96%	−0.07 pp	21 q
EXFYExpensify, Inc. Class A	0.00%	16,000	$130,400	held	—	6 q
FASTFastenal Co	0.00%	5,110	$275,633	held	—	40 q
FISVFiserv, Inc.	0.00%	11,000	$1M	added+53%	0.00 pp	3 q
GDSGDS Holdings Limited	0.00%	80,742	$2M	trimmed−93%	−0.07 pp	21 q
GPNGlobal Payments, Inc.	0.00%	8,000	$841,920	added+29%	0.00 pp	13 q
GSGoldman Sachs Group Inc.	0.00%	800	$261,688	held	—	27 q
GHGuardant Health, Inc.	0.00%	52,319	$1M	trimmed−78%	−0.02 pp	18 q
JKHYHenry (Jack) & Associates	0.00%	4,200	$633,024	added+2%	0.00 pp	13 q
HDHome Depot, Inc.	0.00%	2,000	$590,240	trimmed−85%	−0.01 pp	38 q
INBXInhibrx Biosciences, Inc.	0.00%	42,500	$801,975	trimmed−39%	−0.01 pp	2 q
unresolvedInnovid Corp	0.00%	903,739	$1M	held	—	6 q
LRCXLam Research Corp	0.00%	144	$76,337	added+4%	0.00 pp	5 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	2,280	$561,929	held	—	21 q
MIRMirion Technologies, Inc.	0.00%	150,000	$1M	trimmed−73%	−0.01 pp	6 q
MDBMongoDB, Inc. Class A	0.00%	2,430	$566,482	trimmed−32%	0.00 pp	5 q
NCNOnCino, Inc.	0.00%	9,000	$223,020	trimmed−10%	0.00 pp	11 q
NFLXNetFlix Inc	0.00%	180	$62,186	new	0.00 pp	new
OKTAOkta, Inc. Class A	0.00%	8,360	$720,966	held	—	24 q
OZONOzon Holdings PLC	0.00%	2,164,595	$432,919	held	—	10 q
PCTYPaylocity Holding Corporation	0.00%	5,457	$1M	held	—	14 q
PAYPaymentus Holdings, Inc.	0.00%	15,000	$132,900	held	—	8 q
PGProcter & Gamble Company	0.00%	1,796	$267,047	held	—	27 q
PGRProgressive Corporation	0.00%	11,000	$2M	added+12%	0.00 pp	4 q
QCOMQualcomm Inc	0.00%	4,000	$510,320	held	—	27 q
SMTISanara MedTech Inc.	0.00%	14,435	$595,444	added+35%	0.00 pp	3 q
SESea Limited	0.00%	5,150	$445,732	held	—	9 q
SJMThe J.M. Smucker Company	0.00%	251	$39,500	held	—	27 q
SHOSunstone Hotel Investors, Inc.	0.00%	105,049	$1M	new	0.00 pp	new
TFXTeleflex Incorporated	0.00%	5,896	$1M	trimmed−95%	−0.11 pp	28 q
TXG10x Genomics, Inc. Class A	0.00%	19,400	$1M	held	—	15 q
TXNTexas Instruments Incorporated	0.00%	8,432	$2M	held	—	21 q
TTCToro Company (The)	0.00%	13,640	$2M	added+5%	0.00 pp	23 q
VCTRVictory Capital Holdings, Inc. Class A	0.00%	5,103	$149,365	added×2.8	0.00 pp	2 q
VTSVitesse Energy, Inc..	0.00%	1,318	$25,082	new	0.00 pp	new
unresolvedBrookfield Reins Ltd	0.00%	2	$66	held	—	2 q
CINTCI&T Inc	0.00%	35,000	$192,850	held	—	6 q
0VQJLTe Connectivity Ltd	0.00%	6,675	$875,426	trimmed−1%	0.00 pp	21 q
SMWBSimilarweb Ltd.	0.00%	53,635	$362,573	trimmed−58%	0.00 pp	8 q
NBISNebius Group N.V. Class A	0.00%	935,331	$346,072	held	—	29 q
PGNYProgyny, Inc.	—	−1,163,928	—	exited	−0.12 pp	—
ETWOWE2OPEN Parent Ho -CW25	—	−4,886,792	—	exited	−0.10 pp	—
FRCBFirst Republic Bk CA	—	−244,477	—	exited	−0.10 pp	—
JBI/WSJanus Parent Inc -CW26	—	−3,000,000	—	exited	−0.10 pp	—
CDNACareDx, Inc.	—	−2,058,339	—	exited	−0.08 pp	—
INGNInogen Inc	—	−976,644	—	exited	−0.06 pp	—
NVEINuvei Corporation Subordinate Voting Shares	—	−705,000	—	exited	−0.06 pp	—
SHWThe Sherwin-Williams Company	—	−79,157	—	exited	−0.06 pp	—
BVBrightView Holdings, Inc.	—	−2,096,786	—	exited	−0.05 pp	—
DLODLocal Limited Class A	—	−958,234	—	exited	−0.05 pp	—
WOOFPetco Health and Wellness Company, Inc. Class A	—	−1,308,754	—	exited	−0.04 pp	—
ABNBAirbnb, Inc. Class A	—	−80,360	—	exited	−0.02 pp	—
AZTAAzenta, Inc.	—	−93,000	—	exited	−0.02 pp	—
unresolvedForgerock Inc	—	−276,028	—	exited	−0.02 pp	—
SPHRSphere Entertainment Co.	—	−150,000	—	exited	−0.02 pp	—
SPGSimon Property Group, Inc.	—	−62,490	—	exited	−0.02 pp	—
ACMRACM Research, Inc. Class A	—	−571,123	—	exited	−0.01 pp	—
ALNYAlnylam Pharmaceuticals, Inc.	—	−11,650	—	exited	−0.01 pp	—
unresolvedAzul Sa-adr	—	−428,039	—	exited	−0.01 pp	—
CCICrown Castle Inc.	—	−20,861	—	exited	−0.01 pp	—
75ZSoho House & Co Inc	—	−1,000,000	—	exited	−0.01 pp	—
SGSweetgreen, Inc.	—	−343,447	—	exited	−0.01 pp	—
KRNTKornit Digital Ltd.	—	−113,094	—	exited	−0.01 pp	—
APAMArtisan Partners Asset Management Inc.	—	−3,199	—	exited	0.00 pp	—
BRZEBraze, Inc. Class A	—	−9,880	—	exited	0.00 pp	—
HROWHarrow, Inc.	—	−20,173	—	exited	0.00 pp	—
IWOiShares Russell 2000 Growth ETF	—	−3,059	—	exited	0.00 pp	—
IUSGiShares Core S&P U.S. Growth ETF	—	−2,663	—	exited	0.00 pp	—
NXRTNexPoint Residential Trust Inc	—	−88	—	exited	0.00 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−2,295	—	exited	0.00 pp	—
SEERSeer, Inc. Class A	—	−5,463	—	exited	0.00 pp	—