Baron Capital

Q3 2023 13F · by Ron Baron, CEO

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $34.4B · prev $36.1B
Positions: 334 · prev 343
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%

Moves286 since the prior filing

+3.0 pp in · −3.1 pp out

New 12 +0.63 pp
Added 131 +2.35 pp
Trimmed 122 −2.43 pp
Exited 21 −0.63 pp

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.3 years per position

Low
Moderate
High

Top 5 positions30% of US stock

TSLA Tesla, Inc. trimmed+0.02 pp trimmed+0.0212.8%
ACGL Arch Capital Group Ltd trimmed+0.51 pp trimmed+0.514.9%
IT Gartner, Inc. trimmed+0.07 pp trimmed+0.074.7%
CSGP CoStar Group Inc added−0.42 pp added−0.424.3%
FDS Factset Research Systems added+0.46 pp added+0.463.5%

Positions334 in this filing · 21 exited


TSLATesla, Inc.	12.85%	17,668,945	$4.4B	trimmed−0%	+0.02 pp	39 q
ACGLArch Capital Group Ltd	4.92%	21,222,928	$1.7B	trimmed−0%	+0.51 pp	42 q
ITGartner, Inc.	4.65%	4,656,387	$1.6B	trimmed−1%	+0.07 pp	42 q
CSGPCoStar Group Inc	4.29%	19,196,502	$1.5B	added0%	−0.42 pp	42 q
FDSFactset Research Systems	3.50%	2,751,596	$1.2B	added0%	+0.46 pp	42 q
MSCIMSCI, Inc.	3.37%	2,260,105	$1.2B	added+1%	+0.45 pp	42 q
MTNVail Resorts, Inc.	3.04%	4,721,214	$1.0B	added+1%	−0.22 pp	42 q
IDXXIdexx Laboratories Inc	2.97%	2,336,330	$1.0B	trimmed−2%	−0.34 pp	42 q
KNSLKinsale Capital Group, Inc.	2.39%	1,985,089	$822M	trimmed−3%	+0.26 pp	28 q
IRDMIridium Communications Inc.	1.93%	14,583,317	$663M	added0%	−0.57 pp	38 q
AKXAnsys Inc	1.73%	2,002,717	$596M	added+1%	−0.09 pp	42 q
CHHChoice Hotels Intnl.	1.65%	4,634,126	$568M	added0%	+0.14 pp	42 q
HHyatt Hotels Corporation	1.64%	5,327,279	$565M	added0%	−0.05 pp	42 q
GWREGuidewire Software, Inc.	1.63%	6,238,882	$561M	added+1%	+0.32 pp	42 q
SCHWThe Charles Schwab Corporation	1.29%	8,102,475	$445M	added+1%	+0.03 pp	42 q
RRRRed Rock Resorts, Inc. Class A	1.17%	9,856,963	$404M	added+11%	+0.02 pp	30 q
WSTWest Pharmaceutical Services, Inc.	1.14%	1,050,183	$394M	trimmed−1%	+0.02 pp	42 q
GLPIGaming and Leisure Properties, Inc.	1.11%	8,418,436	$383M	trimmed−0%	−0.02 pp	40 q
PRIPrimerica, Inc.	1.09%	1,925,651	$374M	trimmed−1%	+0.02 pp	42 q
MTDMettler-Toledo International	1.07%	332,895	$369M	trimmed−1%	−0.15 pp	42 q
TECHBio-Techne Corp.	1.06%	5,375,959	$366M	trimmed−0%	−0.16 pp	36 q
VRSKVerisk Analytics, Inc.	0.92%	1,346,080	$318M	added0%	+0.08 pp	42 q
MORNMorningstar, Inc.	0.90%	1,326,608	$311M	added+8%	+0.23 pp	42 q
VACMarriott Vacations Worldwide Corporation	0.80%	2,728,652	$275M	trimmed−4%	−0.17 pp	42 q
NVDANvidia Corp	0.78%	616,823	$268M	added+13%	+0.14 pp	21 q
VRTVertiv Holdings Co Class A	0.77%	7,100,000	$264M	trimmed−7%	+0.25 pp	15 q
ICLRIcon Plc	0.71%	987,006	$243M	trimmed−0%	+0.03 pp	42 q
DAYDayforce, Inc.	0.70%	3,534,834	$240M	added+1%	+0.05 pp	22 q
BABAAlibaba Group Holding Limited	0.68%	2,705,448	$235M	trimmed−0%	+0.05 pp	37 q
SITESiteOne Landscape Supply, Inc.	0.67%	1,420,607	$232M	trimmed−2%	0.00 pp	30 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.65%	2,569,980	$223M	trimmed−29%	−0.37 pp	42 q
FNDFloor & Decor Holdings, Inc.	0.61%	2,330,135	$211M	trimmed−5%	−0.10 pp	26 q
EFOREverforth, Inc.	0.52%	2,210,162	$181M	held	—	21 q
GTLSChart Inds Inc	0.51%	1,046,057	$177M	trimmed−0%	+0.05 pp	7 q
EQIXEquinix, Inc.	0.50%	235,014	$171M	added+17%	+0.06 pp	35 q
TREXTrex Company, Inc.	0.49%	2,733,397	$168M	trimmed−5%	−0.03 pp	39 q
BFAMBright Horizons Family Solutions Inc.	0.48%	2,022,572	$165M	trimmed−9%	−0.09 pp	42 q
MSFTMicrosoft Corp	0.45%	489,516	$155M	added+2%	0.00 pp	24 q
FIGSFIGS, Inc.	0.43%	25,032,830	$148M	added+6%	−0.11 pp	10 q
FICOFair Isaac Corporation	0.42%	167,385	$145M	held	—	16 q
TTDThe Trade Desk, Inc.	0.42%	1,849,480	$145M	trimmed−1%	+0.02 pp	28 q
ARGXargenx SE	0.41%	287,991	$142M	added+15%	+0.14 pp	24 q
CNSCohen & Steers Inc.	0.41%	2,249,784	$141M	trimmed−9%	+0.01 pp	42 q
DAVAEndava plc	0.41%	2,454,775	$141M	trimmed−6%	+0.04 pp	21 q
PENNPENN Entertainment, Inc.	0.41%	6,138,520	$141M	trimmed−17%	−0.08 pp	42 q
HLIHoulihan Lokey, Inc.	0.40%	1,299,577	$139M	held	—	24 q
ROPRoper Technologies, Inc.	0.40%	283,609	$137M	held	—	42 q
TOLToll Brothers, Inc.	0.38%	1,784,965	$132M	added+1%	−0.01 pp	14 q
AMZNAmazon.Com Inc	0.37%	1,003,164	$128M	added+1%	+0.01 pp	42 q
IBPInstalled Building Products, Inc.	0.37%	1,010,775	$126M	held	—	24 q
DXCMDexCom, Inc.	0.36%	1,319,066	$123M	trimmed−8%	−0.15 pp	42 q
AREAlexandria Real Estate Equities, Inc.	0.35%	1,202,373	$120M	added+5%	−0.01 pp	42 q
VRSNVeriSign Inc	0.35%	603,174	$122M	trimmed−2%	−0.03 pp	42 q
CPNGCoupang, Inc.	0.34%	6,919,149	$118M	added+6%	+0.03 pp	11 q
SHOPShopify Inc. Class A subordinate voting shares	0.34%	2,146,351	$117M	added+10%	−0.01 pp	16 q
BYDBoyd Gaming Corporation	0.33%	1,871,353	$114M	trimmed−11%	−0.07 pp	27 q
AZPNAspen Technology Inc	0.33%	560,277	$114M	held	—	5 q
DNUTKrispy Kreme, Inc.	0.33%	9,221,657	$115M	added+60%	+0.09 pp	9 q
NEOGNeogen Corp	0.33%	6,067,987	$113M	trimmed−0%	−0.04 pp	42 q
TRUTransUnion	0.33%	1,582,926	$114M	added0%	−0.01 pp	26 q
VEEVVeeva Systems Inc.	0.32%	541,969	$110M	trimmed−15%	−0.03 pp	26 q
TDGTransDigm Group Incorporated	0.31%	125,000	$105M	held	—	42 q
ALTRAltair Engineering Inc. Class A	0.30%	1,635,507	$102M	held	—	24 q
PLDPrologis, Inc.	0.30%	916,120	$103M	added+6%	+0.01 pp	28 q
AXNXAxonics, Inc.	0.29%	1,799,731	$101M	trimmed−0%	+0.04 pp	15 q
CBRECbre Group, Inc.	0.28%	1,305,298	$96M	added+2%	−0.01 pp	42 q
MELIMercado Libre, Inc	0.28%	74,869	$95M	added+2%	+0.04 pp	21 q
SPOTSpotify Technology S.A.	0.27%	598,090	$92M	added+49%	+0.09 pp	22 q
RBCRBC Bearings Incorporated	0.26%	386,570	$91M	added+1%	+0.03 pp	36 q
APHAmphenol Corporation	0.25%	1,005,820	$84M	added0%	+0.01 pp	18 q
CDWCDW Corporation	0.25%	429,537	$87M	held	—	26 q
DEIDouglas Emmett, Inc.	0.25%	6,692,694	$85M	trimmed−4%	+0.01 pp	42 q
IEXIDEX Corporation	0.24%	395,756	$82M	trimmed−0%	0.00 pp	37 q
REXRRexford Industrial Realty, Inc.	0.24%	1,679,636	$83M	trimmed−12%	−0.04 pp	36 q
ONONOn Holding AG	0.24%	3,028,002	$84M	added×3.4	+0.16 pp	7 q
CWANClearwater Analytics Hds-a	0.23%	4,099,999	$79M	trimmed−5%	+0.04 pp	9 q
unresolvedCooper Cos Inc/The	0.23%	250,905	$80M	added0%	−0.04 pp	39 q
SNOWSnowflake Inc.	0.23%	525,468	$80M	added0%	−0.03 pp	13 q
BIDUBaidu, Inc.	0.22%	569,148	$76M	added+22%	+0.04 pp	7 q
YMMFull Truck Alliance Co. Ltd.	0.22%	10,901,533	$77M	trimmed−0%	+0.03 pp	8 q
FWONKLiberty Media Corporation Series C	0.22%	1,200,000	$75M	new	+0.22 pp	new
BWINThe Baldwin Insurance Group, Inc. Class A	0.21%	3,110,000	$72M	trimmed−0%	0.00 pp	16 q
BXBlackstone Inc.	0.21%	660,060	$71M	added+15%	+0.06 pp	7 q
DLRDigital Realty Trust, Inc.	0.21%	608,045	$74M	added+61%	+0.09 pp	15 q
METAMeta Platforms, Inc. Class A	0.21%	240,570	$72M	added+2%	+0.02 pp	42 q
RGENRepligen Corp	0.21%	458,784	$73M	added+28%	+0.07 pp	5 q
SBACSBA Communications Corp	0.21%	356,716	$71M	trimmed−28%	−0.11 pp	28 q
DHID.R. Horton Inc.	0.20%	635,050	$68M	added+39%	+0.05 pp	20 q
INDIindie Semiconductor, Inc. Class A	0.20%	11,038,885	$70M	added+89%	+0.05 pp	10 q
LENLennar Corporation Class A	0.20%	613,804	$69M	added+4%	0.00 pp	20 q
MGMMgm Resorts International	0.20%	1,912,447	$70M	added+4%	−0.02 pp	9 q
ROLRollins, Inc.	0.20%	1,804,295	$67M	held	—	29 q
BNBrookfield Corporation	0.19%	2,128,697	$67M	trimmed−36%	−0.12 pp	4 q
CAKECheesecake Factory (The)	0.19%	2,200,000	$67M	trimmed−9%	−0.04 pp	42 q
DKNGDraftKings Inc. Class A	0.19%	2,179,838	$64M	trimmed−0%	+0.03 pp	14 q
EWCZEuropean Wax Center, Inc. Class A	0.19%	4,126,159	$67M	added+18%	+0.01 pp	9 q
KTOSKratos Defense & Security Solutions, Inc.	0.19%	4,450,611	$67M	trimmed−2%	+0.01 pp	15 q
CGThe Carlyle Group Inc.	0.18%	2,016,330	$61M	trimmed−6%	−0.01 pp	10 q
CGNXCognex Corp	0.18%	1,500,000	$64M	held	—	42 q
GTLBGitLab Inc. Class A	0.18%	1,377,907	$62M	trimmed−10%	−0.04 pp	8 q
MRCYMercury Systems Inc.	0.18%	1,674,236	$62M	added+13%	+0.04 pp	35 q
PWRQuanta Services, Inc.	0.18%	326,475	$61M	added+35%	+0.05 pp	3 q
RIVNRivian Automotive, Inc. Class A	0.18%	2,531,751	$61M	added+25%	+0.09 pp	8 q
NOWServicenow, Inc.	0.18%	113,707	$64M	added0%	0.00 pp	33 q
AVNTAvient Corporation	0.17%	1,700,000	$60M	held	—	16 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.17%	939,529	$59M	added+1%	0.00 pp	17 q
CRWDCrowdStrike Holdings, Inc. Class A	0.17%	345,969	$58M	trimmed−32%	−0.04 pp	18 q
HQYHealthEquity, Inc	0.17%	800,000	$58M	held	—	37 q
JBIJanus International Group, Inc.	0.17%	5,500,000	$59M	held	—	10 q
MAMastercard Incorporated	0.17%	146,650	$58M	added0%	+0.01 pp	42 q
PLNTPlanet Fitness, Inc.	0.17%	1,200,000	$59M	added+20%	−0.02 pp	23 q
WYNNWynn Resorts Ltd	0.17%	644,474	$60M	added+26%	+0.02 pp	3 q
BAPCredicorp LTD	0.17%	465,965	$60M	trimmed−21%	−0.07 pp	10 q
AXONAxon Enterprise, Inc.	0.16%	279,783	$56M	added+28%	+0.04 pp	7 q
JBTMJBT Marel Corporation	0.16%	525,000	$55M	held	—	27 q
SSNCSS&C Technologies Inc	0.16%	1,026,433	$54M	trimmed−6%	−0.02 pp	42 q
WCNWaste Connections, Inc.	0.16%	400,000	$54M	trimmed−6%	−0.01 pp	29 q
YUMCYum China Holdings, Inc.	0.16%	986,502	$55M	trimmed−6%	0.00 pp	13 q
AEISAdvanced Energy Industries Inc	0.15%	514,408	$53M	trimmed−7%	−0.02 pp	16 q
DDOGDatadog, Inc. Class A	0.15%	572,935	$52M	trimmed−15%	−0.03 pp	17 q
FAFirst Advantage Corporation	0.15%	3,750,000	$52M	held	—	10 q
WELLWelltower Inc.	0.15%	634,145	$52M	added+15%	+0.03 pp	7 q
AFYAAfya Limited Class A	0.15%	3,365,508	$53M	trimmed−7%	+0.01 pp	17 q
INSPInspire Medical Systems, Inc.	0.14%	244,736	$49M	held	—	19 q
IBKRInteractive Brokers Group, Inc. Class A	0.14%	555,818	$48M	added+33%	+0.04 pp	3 q
ISRGIntuitive Surgical Inc.	0.14%	168,401	$49M	added+1%	−0.02 pp	28 q
WEXWEX Inc.	0.14%	253,200	$48M	trimmed−9%	0.00 pp	42 q
XPXP Inc. Class A	0.14%	2,046,759	$47M	trimmed−19%	−0.02 pp	16 q
BZKANZHUN LIMITED American Depository Shares	0.13%	3,050,770	$46M	added+24%	+0.03 pp	3 q
MRNAModerna, Inc.	0.13%	426,869	$44M	added×49.6	+0.13 pp	6 q
UTZUtz Brands, Inc.	0.13%	3,250,000	$44M	held	—	14 q
LVSLas Vegas Sands Corp.	0.12%	880,357	$40M	added+3%	−0.02 pp	8 q
MSGSMadison Square Garden Sports Corp.	0.12%	225,000	$40M	held	—	32 q
PARPAR Technology Corp.	0.12%	1,108,418	$43M	trimmed−9%	+0.01 pp	21 q
CYBRCyberark Software LTD/ISRAEL	0.12%	244,291	$40M	held	—	4 q
BASECouchbase, Inc.	0.11%	2,148,762	$37M	held	—	9 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.11%	3,000,000	$37M	held	—	15 q
HEI.AHeico Corp Cl A	0.11%	304,959	$39M	trimmed−3%	−0.01 pp	23 q
NARIInari Medical, Inc.	0.11%	557,937	$36M	added+18%	+0.03 pp	14 q
INVHInvitation Homes Inc.	0.11%	1,149,946	$36M	added+7%	+0.01 pp	27 q
SPTSprout Social, Inc Class A	0.11%	775,000	$39M	held	—	6 q
VVISA Inc.	0.11%	163,795	$38M	added+2%	0.00 pp	42 q
ZLABZai Lab Limited	0.11%	1,579,349	$38M	added+4%	−0.01 pp	23 q
STNEStoneCo Ltd. Class A	0.11%	3,540,424	$38M	trimmed−11%	−0.03 pp	20 q
GOOGAlphabet Inc. Class C	0.10%	249,398	$33M	added+5%	+0.02 pp	38 q
JLLJones Lang LaSalle, Inc.	0.10%	238,655	$34M	added+11%	+0.01 pp	17 q
LOWLowe's Companies Inc.	0.10%	167,682	$35M	trimmed−20%	−0.03 pp	20 q
POOLPool Corporation	0.10%	94,673	$34M	trimmed−0%	0.00 pp	16 q
SHLSShoals Technologies Group, Inc. Class A	0.10%	1,800,000	$33M	held	—	11 q
COLDAmericold Realty Trust, Inc.	0.09%	1,056,048	$32M	added+3%	0.00 pp	23 q
BAHBooz Allen Hamilton Holding Corporation	0.09%	270,328	$30M	added+20%	+0.02 pp	6 q
CZRCaesars Entertainment, Inc.	0.09%	646,587	$30M	added+86%	+0.04 pp	3 q
DTDynatrace, Inc.	0.09%	694,360	$32M	added+24%	+0.01 pp	17 q
ONTOnterris, Inc.	0.09%	1,009,837	$30M	held	—	13 q
RPAYRepay Holdings Corporation Class A	0.09%	3,914,000	$30M	held	—	16 q
SITMSiTime Corporation	0.09%	257,445	$29M	added+1%	+0.01 pp	3 q
SKINSkinHealth Systems Inc. Class A	0.09%	5,318,352	$32M	trimmed−9%	−0.04 pp	10 q
TWTradeweb Markets Inc. Class A	0.09%	389,479	$31M	added0%	+0.02 pp	18 q
VRNSVaronis Systems, Inc.	0.09%	972,009	$30M	held	—	18 q
ESNTEssent Group LTD	0.09%	643,242	$30M	trimmed−1%	+0.01 pp	29 q
NUNu Holdings Ltd.	0.09%	4,290,135	$31M	added×42.9	+0.09 pp	2 q
ASMLASML Holding NV	0.09%	54,800	$32M	trimmed−1%	−0.02 pp	41 q
AMHAmerican Homes 4 Rent	0.08%	858,820	$29M	added+5%	0.00 pp	26 q
DHDefinitive Healthcare Corp. Class A	0.08%	3,503,924	$28M	held	—	9 q
EGPEastGroup Properties Inc.	0.08%	162,884	$27M	trimmed−20%	−0.02 pp	4 q
ETWOE2open Parent Holdings, Inc.	0.08%	6,000,000	$27M	held	—	11 q
FOXFFox Factory Holding Corp.	0.08%	275,000	$27M	new	+0.08 pp	new
ILMNIllumina Inc	0.08%	210,010	$29M	trimmed−49%	−0.13 pp	42 q
LPLALPL Financial Holdings Inc.	0.08%	110,354	$26M	added+1%	+0.01 pp	8 q
LLYVKLiberty Media Corp-liberty-c	0.08%	891,511	$29M	new	+0.08 pp	new
SSentinelOne, Inc.	0.08%	1,735,000	$29M	new	+0.08 pp	new
SMARSmartsheet Inc.	0.08%	706,636	$29M	added+36%	+0.03 pp	5 q
TXRHTexas Roadhouse, Inc.	0.08%	296,213	$28M	added+17%	0.00 pp	6 q
WTWWillis Towers Watson Public Limited Company	0.08%	127,574	$27M	trimmed−26%	−0.03 pp	31 q
BILLBILL Holdings, Inc.	0.07%	229,057	$25M	added+1%	0.00 pp	16 q
GFIGold Fields Ltd	0.07%	2,300,796	$25M	trimmed−18%	−0.04 pp	7 q
HLLYHolley Inc.	0.07%	5,000,000	$25M	added+11%	+0.02 pp	9 q
MCMoelis & Company	0.07%	550,152	$25M	trimmed−8%	0.00 pp	38 q
NVTSNavitas Semiconductor Corporation	0.07%	3,336,664	$23M	trimmed−7%	−0.03 pp	8 q
RCKTRocket Pharmaceuticals, Inc.	0.07%	1,108,017	$23M	added+26%	+0.02 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.07%	46,042	$23M	added+5%	+0.01 pp	23 q
MANUManchester United PLC	0.07%	1,169,398	$23M	added+57%	+0.02 pp	42 q
WIXWIX.com Ltd.	0.07%	270,173	$25M	added+42%	+0.03 pp	28 q
STVNStevanato Group S.p.A.	0.07%	856,755	$25M	added+19%	+0.01 pp	8 q
AMDAdvanced Micro Devices	0.06%	208,910	$21M	added0%	−0.01 pp	7 q
BAMBrookfield Asset Management Ltd.	0.06%	645,990	$22M	added+1%	0.00 pp	4 q
DRVNDriven Brands Holdings Inc.	0.06%	1,750,000	$22M	trimmed−30%	−0.13 pp	11 q
EPAMEpam Systems, Inc.	0.06%	86,689	$22M	trimmed−15%	0.00 pp	32 q
FBINFortune Brands Innovations, Inc.	0.06%	312,752	$19M	held	—	14 q
HEIHEICO Corporation	0.06%	125,993	$20M	held	—	22 q
HLTHilton Worldwide Holdings Inc.	0.06%	141,757	$21M	added+27%	+0.01 pp	4 q
LFUSLittelfuse Inc	0.06%	83,236	$21M	trimmed−14%	−0.02 pp	31 q
unresolvedLufax Holding Ltd	0.06%	18,416,696	$20M	added+22%	0.00 pp	6 q
MKTXMarketAxess Holdings Inc.	0.06%	88,817	$19M	trimmed−50%	−0.07 pp	33 q
TROWT Rowe Price Group Inc	0.06%	185,520	$19M	trimmed−6%	0.00 pp	42 q
WDAYWorkday, Inc. Class A	0.06%	97,465	$21M	added+14%	+0.01 pp	11 q
ZSZscaler, Inc.	0.06%	123,968	$19M	trimmed−4%	+0.01 pp	23 q
CLVTClarivate Plc	0.06%	3,000,000	$20M	trimmed−40%	−0.07 pp	18 q
GLOBGlobant S.a.	0.06%	105,951	$21M	trimmed−0%	+0.01 pp	30 q
AZNNAstrazeneca Plc-spons ADR	0.05%	238,887	$16M	added+4%	0.00 pp	22 q
BNTXBioNTech SE	0.05%	158,911	$17M	added×2.2	+0.03 pp	12 q
CERTCertara, Inc.	0.05%	1,069,103	$16M	added+15%	0.00 pp	12 q
EXRExtra Space Storage, Inc.	0.05%	151,281	$18M	trimmed−35%	−0.05 pp	6 q
HUBSHubspot, Inc.	0.05%	32,286	$16M	added0%	0.00 pp	11 q
JDJD.com, Inc.	0.05%	613,835	$18M	trimmed−62%	−0.10 pp	8 q
LLYEli Lilly & Co.	0.05%	34,592	$19M	held	—	6 q
MBLYMobileye Global Inc. Class A	0.05%	403,586	$17M	trimmed−1%	+0.01 pp	4 q
MPWRMonolithic Power Systems, Inc.	0.05%	34,976	$16M	added+6%	0.00 pp	10 q
PSAPublic Storage	0.05%	68,968	$18M	trimmed−54%	−0.07 pp	11 q
XYZBlock, Inc.	0.05%	403,325	$18M	trimmed−5%	−0.03 pp	14 q
VCYTVeracyte, Inc.	0.05%	759,880	$17M	held	—	18 q
GTMZoomInfo Technologies Inc	0.05%	1,065,834	$17M	trimmed−66%	−0.17 pp	14 q
ESTAEstablishment Labs Holdings Inc.	0.05%	333,777	$16M	added+29%	0.00 pp	10 q
ICHRIchor Holdings	0.05%	538,384	$17M	trimmed−1%	−0.01 pp	28 q
NVMINova Ltd.	0.05%	148,563	$17M	held	—	20 q
ACVAACV Auctions Inc.	0.04%	821,309	$12M	trimmed−46%	−0.03 pp	11 q
ALKTAlkami Technology, Inc.	0.04%	780,130	$14M	added+1%	0.00 pp	10 q
FWONALiberty Media Corporation Series A	0.04%	266,176	$15M	new	+0.04 pp	new
LM0CLiberty Media Corp-liber-new	0.04%	500,000	$13M	new	+0.04 pp	new
QLYSQualys, Inc.	0.04%	79,008	$12M	trimmed−46%	−0.01 pp	39 q
RHRh	0.04%	53,109	$14M	trimmed−20%	−0.02 pp	4 q
SWAVShockwave Medical, Inc.	0.04%	62,730	$12M	added+42%	+0.01 pp	14 q
TKOTKO Group Holdings, Inc.	0.04%	169,889	$14M	new	+0.04 pp	new
TTWOTake-Two Interactive Software Inc	0.04%	87,306	$12M	added+1%	0.00 pp	26 q
TRNOTerreno Realty Corporation	0.04%	250,052	$14M	trimmed−10%	−0.01 pp	4 q
AVBAvalonBay Communities, Inc.	0.03%	55,325	$10M	added+5%	0.00 pp	9 q
JEFJefferies Financial Group Inc.	0.03%	279,528	$10M	held	—	8 q
LEGNLegend Biotech Corporation	0.03%	157,200	$11M	added×2.4	+0.02 pp	4 q
MRVLMarvell Technology, Inc.	0.03%	220,406	$12M	added+10%	0.00 pp	7 q
MRKMerck & Co., Inc.	0.03%	87,400	$9M	held	—	7 q
NOVTNovanta Inc.	0.03%	80,959	$12M	held	—	26 q
RVNCRevance Therapeutics, Inc.	0.03%	1,020,234	$12M	trimmed−9%	−0.05 pp	19 q
SDGRSchrodinger, Inc.	0.03%	376,037	$11M	trimmed−6%	−0.03 pp	15 q
SILKSilk Road Medical, Inc.	0.03%	687,837	$10M	trimmed−27%	−0.05 pp	18 q
TMOThermo Fisher Scientific, Inc.	0.03%	23,160	$12M	added+5%	0.00 pp	17 q
VMCVulcan Materials Company(Holding Company)	0.03%	43,531	$9M	held	—	19 q
CDROCodere Online Luxembourg, S.A.	0.03%	3,914,055	$11M	trimmed−1%	−0.01 pp	8 q
FVRRFiverr International Ltd.	0.03%	393,231	$10M	added+12%	0.00 pp	18 q
ODDODDITY Tech Ltd. Class A	0.03%	349,517	$10M	new	+0.03 pp	new
AAgilent Technologies Inc.	0.02%	60,727	$7M	added+5%	0.00 pp	42 q
AMTAmerican Tower Corporation	0.02%	49,060	$8M	trimmed−75%	−0.09 pp	42 q
TEAMAtlassian Corporation Class A	0.02%	40,450	$8M	added0%	0.00 pp	4 q
BSXBoston Scientific Corp.	0.02%	112,300	$6M	added+44%	+0.01 pp	2 q
DHRDanaher Corporation	0.02%	21,743	$5M	added+30%	+0.01 pp	23 q
VMRKVivmark Residential	0.02%	114,775	$7M	added+8%	0.00 pp	27 q
FRFirst Industrial Realty Trust, Inc.	0.02%	130,339	$6M	added+71%	+0.01 pp	3 q
GMABGenmab A/S	0.02%	148,945	$5M	trimmed−9%	0.00 pp	12 q
HDBHDFC Bank Limited	0.02%	110,284	$7M	held	—	8 q
HGVHilton Grand Vacations Inc.	0.02%	164,000	$7M	trimmed−3%	0.00 pp	27 q
INTUIntuit Inc	0.02%	12,403	$6M	added+13%	+0.01 pp	15 q
MRVIMaravai LifeSciences Holdings, Inc. Class A	0.02%	681,169	$7M	held	—	4 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.02%	964,232	$8M	added+21%	0.00 pp	3 q
RHIRobert Half Inc.	0.02%	75,678	$6M	held	—	42 q
SPGIS&P Global Inc.	0.02%	17,237	$6M	added+14%	0.00 pp	23 q
TXG10x Genomics, Inc. Class A	0.02%	180,926	$7M	added×6.5	+0.02 pp	17 q
VRTXVertex Pharmaceuticals Inc	0.02%	23,000	$8M	held	—	6 q
ZTSZoetis Inc.	0.02%	31,700	$6M	held	—	16 q
ADBEAdobe Inc.	0.01%	6,342	$3M	added+45%	0.00 pp	24 q
AEMAgnico Eagle Mines Ltd.	0.01%	95,758	$4M	held	—	7 q
ALGMAllegro MicroSystems, Inc.	0.01%	115,795	$4M	trimmed−69%	−0.04 pp	12 q
ELVElevance Health, Inc.	0.01%	6,700	$3M	trimmed−29%	0.00 pp	5 q
APOApollo Global Management, Inc.	0.01%	23,000	$2M	added+7%	+0.01 pp	3 q
ACLXArcellx, Inc.	0.01%	50,000	$2M	added+25%	+0.01 pp	2 q
ARWRArrowhead Research Corporation	0.01%	156,619	$4M	added0%	−0.01 pp	20 q
CMECME Group Inc.	0.01%	16,794	$3M	added+5%	0.00 pp	42 q
COSTCostco Wholesale Corp	0.01%	3,990	$2M	added+6%	0.00 pp	23 q
CUBECubeSmart	0.01%	91,008	$3M	trimmed−18%	0.00 pp	4 q
DRHDiamondrock Hospitality Company	0.01%	481,480	$4M	new	+0.01 pp	new
DKSDick's Sporting Goods, Inc.	0.01%	33,831	$4M	trimmed−22%	−0.01 pp	7 q
EXKExact Sciences Corp	0.01%	40,000	$3M	trimmed−32%	−0.01 pp	3 q
HCAHCA Healthcare, Inc.	0.01%	18,300	$5M	held	—	4 q
HUMHumana Inc.	0.01%	6,425	$3M	trimmed−31%	0.00 pp	21 q
MANHManhattan Associates Inc	0.01%	25,649	$5M	trimmed−30%	−0.01 pp	37 q
MCKMcKesson Corporation	0.01%	10,800	$5M	added+10%	0.00 pp	8 q
MCOMoody's Corporation	0.01%	12,143	$4M	added+20%	0.00 pp	22 q
NICENICE Ltd	0.01%	11,035	$2M	held	—	8 q
NDSNNordson Corp	0.01%	16,268	$4M	held	—	6 q
PCORProcore Technologies, Inc.	0.01%	51,877	$3M	new	+0.01 pp	new
PGRProgressive Corporation	0.01%	13,000	$2M	added+4%	+0.01 pp	6 q
SMRTSmartRent, Inc.	0.01%	1,922,042	$5M	trimmed−14%	−0.01 pp	9 q
STEPStepStone Group Inc. Class A	0.01%	142,749	$5M	added+26%	0.00 pp	3 q
SKTTanger Inc.	0.01%	138,725	$3M	trimmed−1%	0.00 pp	2 q
TNLTravel + Leisure Co.	0.01%	55,964	$2M	trimmed−48%	0.00 pp	2 q
VTRVentas, Inc.	0.01%	114,091	$5M	trimmed−23%	−0.01 pp	4 q
VICIVICI Properties Inc.	0.01%	60,900	$2M	trimmed−48%	0.00 pp	4 q
XENEXenon Pharmaceuticals Inc	0.01%	100,100	$3M	held	—	8 q
ACNAccenture PLC	0.01%	15,360	$5M	trimmed−2%	0.00 pp	23 q
TBLATaboola.com Ltd.	0.01%	1,158,863	$4M	trimmed−4%	0.00 pp	10 q
ALXAlexander's Inc.	0.00%	5,000	$911,150	held	—	42 q
GOOGLAlphabet Inc. Class A	0.00%	6,850	$896,391	trimmed−74%	−0.01 pp	33 q
AATAmerican Assets Trust, Inc.	0.00%	28,500	$554,325	trimmed−88%	−0.01 pp	42 q
AAPLApple Inc.	0.00%	2,017	$345,331	added×3.0	0.00 pp	5 q
ARMArm Holdings plc	0.00%	700	$37,464	new	0.00 pp	new
BRK.ABerkshire Hathaway Inc.	0.00%	1	$531,477	held	—	29 q
BLQADBlackrock Inc	0.00%	2,200	$1M	added+5%	0.00 pp	23 q
AVGOBroadcom Inc.	0.00%	173	$143,690	added+32%	0.00 pp	7 q
1939900DBrookfield Infrastructure-a	0.00%	18,767	$663,226	trimmed−57%	−0.01 pp	4 q
KMXCarMax Inc.	0.00%	18,775	$1M	trimmed−40%	−0.01 pp	42 q
CYHCommunity Health Systems, Inc.	0.00%	100	$290	held	—	42 q
CYTKCytokinetics Inc.	0.00%	25,000	$736,500	trimmed−38%	0.00 pp	8 q
DNLIDenali Therapeutics Inc.	0.00%	50,500	$1M	held	—	24 q
DUOLDuolingo, Inc. Class A	0.00%	236	$39,145	new	0.00 pp	new
EWEdwards Lifesciences Corp	0.00%	9,653	$668,760	held	—	42 q
ENVEnvestnet, Inc.	0.00%	31,643	$1M	held	—	40 q
EFXEquifax, Incorporated	0.00%	2,300	$421,314	trimmed−39%	0.00 pp	7 q
FASTFastenal Co	0.00%	5,110	$279,210	held	—	42 q
FISVFiserv, Inc.	0.00%	13,000	$1M	trimmed−2%	0.00 pp	5 q
GPNGlobal Payments, Inc.	0.00%	9,000	$1M	added+3%	0.00 pp	15 q
GSGoldman Sachs Group Inc.	0.00%	800	$258,856	held	—	29 q
JKHYHenry (Jack) & Associates	0.00%	5,700	$861,498	held	—	15 q
HDHome Depot, Inc.	0.00%	2,000	$604,320	held	—	40 q
unresolvedInnovid Corp	0.00%	223,332	$285,865	trimmed−38%	0.00 pp	8 q
PODDInsulet Corporation	0.00%	9,565	$2M	held	—	21 q
LRCXLam Research Corp	0.00%	206	$129,115	added+22%	0.00 pp	7 q
ELThe Estee Lauder Companies Inc. Class A	0.00%	2,280	$329,574	held	—	23 q
LBRDKLiberty Broadband Corporation Class C	0.00%	15,672	$1M	trimmed−93%	−0.05 pp	36 q
MDBMongoDB, Inc. Class A	0.00%	1,828	$632,232	trimmed−24%	0.00 pp	7 q
NCNOnCino, Inc.	0.00%	3,500	$111,300	trimmed−56%	0.00 pp	13 q
PCTYPaylocity Holding Corporation	0.00%	5,153	$936,300	trimmed−6%	0.00 pp	16 q
PAYPaymentus Holdings, Inc.	0.00%	6,500	$107,900	trimmed−54%	0.00 pp	10 q
PEGAPegasystems Inc	0.00%	4,263	$185,057	trimmed−92%	−0.01 pp	42 q
PGProcter & Gamble Company	0.00%	1,796	$261,965	held	—	29 q
QCOMQualcomm Inc	0.00%	4,000	$444,240	held	—	29 q
SJMThe J.M. Smucker Company	0.00%	251	$30,850	held	—	29 q
SMCISuper Micro Computer, Inc.	0.00%	994	$272,575	added+89%	0.00 pp	2 q
TXNTexas Instruments Incorporated	0.00%	9,365	$1M	added+11%	0.00 pp	23 q
TTCToro Company (The)	0.00%	13,610	$1M	held	—	25 q
VCTRVictory Capital Holdings, Inc. Class A	0.00%	9,187	$306,295	held	—	4 q
VTSVitesse Energy, Inc..	0.00%	1,318	$30,169	held	—	3 q
WRBYWarby Parker Inc.	0.00%	46,122	$606,966	trimmed−82%	−0.01 pp	9 q
unresolvedBrookfield Reins Ltd	0.00%	2	$63	held	—	4 q
CINTCI&T Inc	0.00%	35,000	$227,500	held	—	8 q
0VQJLTe Connectivity Ltd	0.00%	6,675	$824,563	held	—	23 q
SMWBSimilarweb Ltd.	0.00%	53,951	$349,602	added+2%	0.00 pp	10 q
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−1,200,000	—	exited	−0.25 pp	—
LSXMKLiberty Media Cor-siriusxm C	—	−625,000	—	exited	−0.06 pp	—
LM05Liberty Media Corp-liberty-a	—	−295,711	—	exited	−0.06 pp	—
WWEWorld Wrestling Entertainment	—	−181,412	—	exited	−0.05 pp	—
TSTenaris S. A.	—	−470,067	—	exited	−0.04 pp	—
unresolvedAbcam Plc ADR	—	−429,419	—	exited	−0.03 pp	—
EAElectronic Arts Inc	—	−78,821	—	exited	−0.03 pp	—
unresolvedVelo3D Inc	—	−4,337,125	—	exited	−0.03 pp	—
LBRDALiberty Broadband Corporation Class A	—	−75,000	—	exited	−0.02 pp	—
ABTAbbott Laboratories	—	−24,362	—	exited	−0.01 pp	—
AIYActivision Blizzard Inc	—	−25,135	—	exited	−0.01 pp	—
APPApplovin Corporation Class A	—	−94,047	—	exited	−0.01 pp	—
9213421DBrookfield Renewable Cor-a	—	−159,034	—	exited	−0.01 pp	—
CERSCerus Corp	—	−825,009	—	exited	−0.01 pp	—
IEMGiShares Core MSCI Emerging Markets ETF	—	−69,800	—	exited	−0.01 pp	—
AEHRAehr Test Systems	—	−1,925	—	exited	0.00 pp	—
EXFYExpensify, Inc. Class A	—	−12,000	—	exited	0.00 pp	—
INBXInhibrx Biosciences, Inc.	—	−30,000	—	exited	0.00 pp	—
NFLXNetFlix Inc	—	−650	—	exited	0.00 pp	—
PINSPinterest, Inc. Class A	—	−8,192	—	exited	0.00 pp	—
SMTISanara MedTech Inc.	—	−14,713	—	exited	0.00 pp	—