Baron Capital

Q4 2023 13F · by Ron Baron, CEO

As of: Dec 31, 2023
Filed: Feb 14, 2024
US stock: $37.5B · prev $34.4B
Positions: 330 · prev 334
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%

Moves299 since the prior filing

+1.9 pp in · −1.9 pp out

New 18 +0.77 pp
Added 126 +1.16 pp
Trimmed 133 −1.52 pp
Exited 22 −0.41 pp

The book

Focused · behaves like 35 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 12% a year, about 8.6 years per position

Low
Moderate
High

Top 5 positions29% of US stock

TSLA Tesla, Inc. added−1.13 pp added−1.1311.7%
IT Gartner, Inc. trimmed+0.67 pp trimmed+0.675.3%
CSGP CoStar Group Inc added+0.22 pp added+0.224.5%
ACGL Arch Capital Group Ltd added−0.71 pp added−0.714.2%
FDS Factset Research Systems added+0.03 pp added+0.033.5%

Positions330 in this filing · 22 exited


TSLATesla, Inc.	11.72%	17,708,489	$4.4B	added0%	−1.13 pp	40 q
ITGartner, Inc.	5.32%	4,426,192	$2.0B	trimmed−5%	+0.67 pp	43 q
CSGPCoStar Group Inc	4.51%	19,391,283	$1.7B	added+1%	+0.22 pp	43 q
ACGLArch Capital Group Ltd	4.21%	21,292,042	$1.6B	added0%	−0.71 pp	43 q
FDSFactset Research Systems	3.53%	2,777,627	$1.3B	added+1%	+0.03 pp	43 q
MSCIMSCI, Inc.	3.43%	2,279,500	$1.3B	added+1%	+0.06 pp	43 q
IDXXIdexx Laboratories Inc	3.40%	2,300,017	$1.3B	trimmed−2%	+0.43 pp	43 q
MTNVail Resorts, Inc.	2.80%	4,920,015	$1.1B	added+4%	−0.24 pp	43 q
AKXAnsys Inc	1.92%	1,987,400	$721M	trimmed−1%	+0.19 pp	43 q
HHyatt Hotels Corporation	1.88%	5,405,089	$705M	added+1%	+0.24 pp	43 q
GWREGuidewire Software, Inc.	1.85%	6,361,042	$694M	added+2%	+0.22 pp	43 q
KNSLKinsale Capital Group, Inc.	1.72%	1,925,514	$645M	trimmed−3%	−0.67 pp	29 q
IRDMIridium Communications Inc.	1.54%	14,045,775	$578M	trimmed−4%	−0.39 pp	39 q
SCHWThe Charles Schwab Corporation	1.49%	8,127,538	$559M	added0%	+0.20 pp	43 q
RRRRed Rock Resorts, Inc. Class A	1.47%	10,358,854	$552M	added+5%	+0.30 pp	31 q
CHHChoice Hotels Intnl.	1.45%	4,810,297	$545M	added+4%	−0.20 pp	43 q
TECHBio-Techne Corp.	1.10%	5,352,006	$413M	trimmed−0%	+0.04 pp	37 q
GLPIGaming and Leisure Properties, Inc.	1.10%	8,374,698	$413M	trimmed−1%	−0.01 pp	41 q
MTDMettler-Toledo International	1.06%	326,722	$396M	trimmed−2%	−0.01 pp	43 q
PRIPrimerica, Inc.	1.05%	1,908,848	$393M	trimmed−1%	−0.04 pp	43 q
MORNMorningstar, Inc.	1.01%	1,322,451	$379M	trimmed−0%	+0.11 pp	43 q
WSTWest Pharmaceutical Services, Inc.	0.94%	997,821	$351M	trimmed−5%	−0.20 pp	43 q
VRSKVerisk Analytics, Inc.	0.88%	1,380,219	$330M	added+3%	−0.04 pp	43 q
VRTVertiv Holdings Co Class A	0.86%	6,750,000	$324M	trimmed−5%	+0.09 pp	16 q
ICLRIcon Plc	0.74%	987,761	$280M	added0%	+0.03 pp	43 q
NVDANvidia Corp	0.73%	556,881	$276M	trimmed−10%	−0.05 pp	22 q
FNDFloor & Decor Holdings, Inc.	0.67%	2,257,893	$252M	trimmed−3%	+0.06 pp	27 q
SITESiteOne Landscape Supply, Inc.	0.65%	1,495,341	$243M	added+5%	−0.02 pp	31 q
DAYDayforce, Inc.	0.64%	3,565,708	$239M	added+1%	−0.06 pp	23 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.60%	2,163,055	$225M	trimmed−16%	−0.05 pp	43 q
EFOREverforth, Inc.	0.57%	2,227,200	$214M	added+1%	+0.05 pp	22 q
TREXTrex Company, Inc.	0.55%	2,505,372	$207M	trimmed−8%	+0.06 pp	40 q
MSFTMicrosoft Corp	0.54%	540,002	$203M	added+10%	+0.09 pp	25 q
EQIXEquinix, Inc.	0.51%	236,271	$190M	added+1%	+0.01 pp	36 q
DAVAEndava plc	0.49%	2,356,089	$183M	trimmed−4%	+0.08 pp	22 q
TOLToll Brothers, Inc.	0.49%	1,801,690	$185M	added+1%	+0.11 pp	15 q
FIGSFIGS, Inc.	0.47%	25,215,484	$175M	added+1%	+0.04 pp	11 q
FICOFair Isaac Corporation	0.47%	151,004	$176M	trimmed−10%	+0.05 pp	17 q
SHOPShopify Inc. Class A subordinate voting shares	0.46%	2,214,958	$173M	added+3%	+0.12 pp	17 q
IBPInstalled Building Products, Inc.	0.45%	915,905	$167M	trimmed−9%	+0.08 pp	25 q
CNSCohen & Steers Inc.	0.44%	2,178,035	$165M	trimmed−3%	+0.03 pp	43 q
BFAMBright Horizons Family Solutions Inc.	0.43%	1,713,999	$162M	trimmed−15%	−0.05 pp	43 q
AREAlexandria Real Estate Equities, Inc.	0.42%	1,232,649	$156M	added+3%	+0.07 pp	43 q
GTLSChart Inds Inc	0.42%	1,145,013	$156M	added+9%	−0.09 pp	8 q
AMZNAmazon.Com Inc	0.41%	1,024,453	$156M	added+2%	+0.04 pp	43 q
HLIHoulihan Lokey, Inc.	0.41%	1,298,610	$156M	trimmed−0%	+0.01 pp	25 q
ROPRoper Technologies, Inc.	0.41%	283,609	$155M	held	—	43 q
DNUTKrispy Kreme, Inc.	0.38%	9,487,867	$143M	added+3%	+0.05 pp	10 q
BIRKBirkenstock Holding plc	0.38%	2,934,001	$143M	new	+0.38 pp	new
TTDThe Trade Desk, Inc.	0.37%	1,928,933	$139M	added+4%	−0.05 pp	29 q
ALTRAltair Engineering Inc. Class A	0.36%	1,585,507	$133M	trimmed−3%	+0.06 pp	25 q
PENNPENN Entertainment, Inc.	0.36%	5,142,744	$134M	trimmed−16%	−0.05 pp	43 q
NEOGNeogen Corp	0.35%	6,624,299	$133M	added+9%	+0.02 pp	43 q
BABAAlibaba Group Holding Limited	0.34%	1,649,689	$128M	trimmed−39%	−0.34 pp	38 q
TDGTransDigm Group Incorporated	0.34%	125,000	$126M	held	—	43 q
SPOTSpotify Technology S.A.	0.34%	673,653	$127M	added+13%	+0.07 pp	23 q
DXCMDexCom, Inc.	0.33%	997,708	$124M	trimmed−24%	−0.03 pp	43 q
VACMarriott Vacations Worldwide Corporation	0.33%	1,447,205	$123M	trimmed−47%	−0.47 pp	43 q
PLDPrologis, Inc.	0.33%	940,358	$125M	added+3%	+0.03 pp	29 q
AZPNAspen Technology Inc	0.32%	554,098	$122M	trimmed−1%	−0.01 pp	6 q
CPNGCoupang, Inc.	0.31%	7,248,164	$117M	added+5%	−0.03 pp	12 q
VRSNVeriSign Inc	0.31%	574,274	$118M	trimmed−5%	−0.04 pp	43 q
AXNXAxonics, Inc.	0.30%	1,797,963	$112M	trimmed−0%	+0.01 pp	16 q
BYDBoyd Gaming Corporation	0.30%	1,825,853	$114M	trimmed−2%	−0.03 pp	28 q
ARGXargenx SE	0.29%	287,379	$109M	trimmed−0%	−0.12 pp	25 q
RBCRBC Bearings Incorporated	0.29%	376,442	$107M	trimmed−3%	+0.03 pp	37 q
CBRECbre Group, Inc.	0.28%	1,139,151	$106M	trimmed−13%	0.00 pp	43 q
MELIMercado Libre, Inc	0.28%	67,768	$107M	trimmed−9%	0.00 pp	22 q
APHAmphenol Corporation	0.27%	1,006,198	$100M	added0%	+0.02 pp	19 q
BXBlackstone Inc.	0.26%	733,234	$96M	added+11%	+0.05 pp	8 q
CDWCDW Corporation	0.26%	429,426	$98M	trimmed−0%	+0.01 pp	27 q
DHID.R. Horton Inc.	0.26%	635,880	$97M	added0%	+0.06 pp	21 q
VEEVVeeva Systems Inc.	0.26%	500,411	$96M	trimmed−8%	−0.06 pp	27 q
unresolvedCooper Cos Inc/The	0.25%	251,098	$95M	added0%	+0.02 pp	40 q
METAMeta Platforms, Inc. Class A	0.25%	260,114	$92M	added+8%	+0.04 pp	43 q
LENLennar Corporation Class A	0.25%	625,384	$93M	added+2%	+0.05 pp	21 q
ONONOn Holding AG	0.25%	3,524,993	$95M	added+16%	+0.01 pp	8 q
BIDUBaidu, Inc.	0.24%	757,845	$90M	added+33%	+0.02 pp	8 q
DEIDouglas Emmett, Inc.	0.24%	6,277,081	$91M	trimmed−6%	−0.01 pp	43 q
INDIindie Semiconductor, Inc. Class A	0.24%	11,164,641	$91M	added+1%	+0.04 pp	11 q
JBIJanus International Group, Inc.	0.24%	6,871,661	$90M	added+25%	+0.07 pp	11 q
MGMMgm Resorts International	0.24%	2,027,550	$91M	added+6%	+0.04 pp	10 q
REXRRexford Industrial Realty, Inc.	0.24%	1,634,420	$92M	trimmed−3%	0.00 pp	37 q
SNOWSnowflake Inc.	0.24%	456,302	$91M	trimmed−13%	+0.01 pp	14 q
DKNGDraftKings Inc. Class A	0.23%	2,397,732	$85M	added+10%	+0.04 pp	15 q
PLNTPlanet Fitness, Inc.	0.23%	1,200,000	$88M	held	—	24 q
CWANClearwater Analytics Hds-a	0.22%	4,097,022	$82M	trimmed−0%	−0.01 pp	10 q
GTLBGitLab Inc. Class A	0.22%	1,334,287	$84M	trimmed−3%	+0.04 pp	9 q
IEXIDEX Corporation	0.22%	385,756	$84M	trimmed−3%	−0.02 pp	38 q
BWINThe Baldwin Insurance Group, Inc. Class A	0.21%	3,260,000	$78M	added+5%	0.00 pp	17 q
CGThe Carlyle Group Inc.	0.21%	1,947,402	$79M	trimmed−3%	+0.03 pp	11 q
CAKECheesecake Factory (The)	0.21%	2,200,000	$77M	held	—	43 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.21%	935,285	$78M	trimmed−0%	+0.04 pp	18 q
KTOSKratos Defense & Security Solutions, Inc.	0.21%	3,862,539	$78M	trimmed−13%	+0.02 pp	16 q
RGENRepligen Corp	0.21%	445,758	$80M	trimmed−3%	0.00 pp	6 q
ROLRollins, Inc.	0.21%	1,804,295	$79M	held	—	30 q
AXONAxon Enterprise, Inc.	0.20%	285,820	$74M	added+2%	+0.04 pp	8 q
CRWDCrowdStrike Holdings, Inc. Class A	0.20%	288,595	$74M	trimmed−17%	+0.03 pp	19 q
YMMFull Truck Alliance Co. Ltd.	0.20%	10,580,566	$74M	trimmed−3%	−0.02 pp	9 q
FWONKLiberty Media Corporation Series C	0.20%	1,200,000	$76M	held	—	2 q
PDDPDD Holdings Inc.	0.20%	504,774	$74M	new	+0.20 pp	new
PWRQuanta Services, Inc.	0.20%	347,981	$75M	added+7%	+0.02 pp	4 q
AVNTAvient Corporation	0.19%	1,700,000	$71M	held	—	17 q
AFYAAfya Limited Class A	0.19%	3,277,281	$72M	trimmed−3%	+0.04 pp	18 q
MRCYMercury Systems Inc.	0.18%	1,893,154	$69M	added+13%	0.00 pp	36 q
NOWServicenow, Inc.	0.18%	96,261	$68M	trimmed−15%	0.00 pp	34 q
TRUTransUnion	0.18%	1,002,672	$69M	trimmed−37%	−0.15 pp	27 q
WYNNWynn Resorts Ltd	0.18%	750,175	$68M	added+16%	+0.01 pp	4 q
XPXP Inc. Class A	0.18%	2,547,325	$66M	added+24%	+0.04 pp	17 q
AMTAmerican Tower Corporation	0.17%	292,913	$63M	added×6.0	+0.15 pp	43 q
CGNXCognex Corp	0.17%	1,500,000	$63M	held	—	43 q
DDOGDatadog, Inc. Class A	0.17%	519,344	$63M	trimmed−9%	+0.02 pp	18 q
FAFirst Advantage Corporation	0.17%	3,750,000	$62M	held	—	11 q
LVSLas Vegas Sands Corp.	0.17%	1,288,142	$63M	added+46%	+0.05 pp	9 q
DLRDigital Realty Trust, Inc.	0.16%	443,270	$60M	trimmed−27%	−0.05 pp	16 q
FOXFFox Factory Holding Corp.	0.16%	900,000	$61M	added×3.3	+0.08 pp	2 q
IBKRInteractive Brokers Group, Inc. Class A	0.16%	737,534	$61M	added+33%	+0.02 pp	4 q
SSNCSS&C Technologies Inc	0.16%	969,764	$59M	trimmed−6%	0.00 pp	43 q
WELLWelltower Inc.	0.16%	684,515	$62M	added+8%	+0.01 pp	8 q
BAPCredicorp LTD	0.16%	409,061	$61M	trimmed−12%	−0.01 pp	11 q
NUNu Holdings Ltd.	0.16%	7,315,070	$61M	added+71%	+0.07 pp	3 q
AEISAdvanced Energy Industries Inc	0.15%	512,921	$56M	trimmed−0%	0.00 pp	17 q
ISRGIntuitive Surgical Inc.	0.15%	165,251	$56M	trimmed−2%	+0.01 pp	29 q
SSentinelOne, Inc.	0.15%	2,069,109	$57M	added+19%	+0.07 pp	2 q
WCNWaste Connections, Inc.	0.15%	375,000	$56M	trimmed−6%	−0.01 pp	30 q
CYBRCyberark Software LTD/ISRAEL	0.15%	256,431	$56M	added+5%	+0.03 pp	5 q
HQYHealthEquity, Inc	0.14%	800,000	$53M	held	—	38 q
JBTMJBT Marel Corporation	0.14%	525,000	$52M	held	—	28 q
MAMastercard Incorporated	0.14%	124,600	$53M	trimmed−15%	−0.03 pp	43 q
UTZUtz Brands, Inc.	0.14%	3,250,000	$53M	held	—	15 q
BNBrookfield Corporation	0.13%	1,207,219	$48M	trimmed−43%	−0.06 pp	5 q
CZRCaesars Entertainment, Inc.	0.13%	1,059,221	$50M	added+64%	+0.04 pp	4 q
BASECouchbase, Inc.	0.13%	2,136,704	$48M	trimmed−1%	+0.02 pp	10 q
RIVNRivian Automotive, Inc. Class A	0.13%	2,151,964	$50M	trimmed−15%	−0.05 pp	9 q
SPTSprout Social, Inc Class A	0.13%	775,000	$48M	held	—	7 q
WEXWEX Inc.	0.13%	253,300	$49M	added0%	−0.01 pp	43 q
HEI.AHeico Corp Cl A	0.12%	316,621	$45M	added+4%	+0.01 pp	24 q
BZKANZHUN LIMITED American Depository Shares	0.12%	2,822,145	$47M	trimmed−7%	−0.01 pp	4 q
LOWLowe's Companies Inc.	0.12%	196,777	$44M	added+17%	+0.02 pp	21 q
VRNSVaronis Systems, Inc.	0.12%	973,539	$44M	added0%	+0.03 pp	19 q
VVISA Inc.	0.12%	169,321	$44M	added+3%	+0.01 pp	43 q
GOOGAlphabet Inc. Class C	0.11%	297,873	$42M	added+19%	+0.01 pp	39 q
DTDynatrace, Inc.	0.11%	785,194	$43M	added+13%	+0.02 pp	18 q
EWCZEuropean Wax Center, Inc. Class A	0.11%	3,000,000	$41M	trimmed−27%	−0.08 pp	10 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.11%	3,000,000	$40M	held	—	16 q
NARIInari Medical, Inc.	0.11%	610,152	$40M	added+9%	0.00 pp	15 q
INSPInspire Medical Systems, Inc.	0.11%	211,000	$43M	trimmed−14%	−0.03 pp	20 q
JLLJones Lang LaSalle, Inc.	0.11%	220,315	$42M	trimmed−8%	+0.01 pp	18 q
MSGSMadison Square Garden Sports Corp.	0.11%	225,000	$41M	held	—	33 q
SBACSBA Communications Corp	0.11%	165,459	$42M	trimmed−54%	−0.10 pp	29 q
ZLABZai Lab Limited	0.11%	1,490,874	$41M	trimmed−6%	0.00 pp	24 q
ASMLASML Holding NV	0.11%	53,495	$40M	trimmed−2%	+0.02 pp	42 q
GFIGold Fields Ltd	0.10%	2,484,040	$36M	added+8%	+0.03 pp	8 q
ILMNIllumina Inc	0.10%	268,341	$37M	added+28%	+0.02 pp	43 q
INVHInvitation Homes Inc.	0.10%	1,105,361	$38M	trimmed−4%	−0.01 pp	28 q
PARPAR Technology Corp.	0.10%	893,083	$39M	trimmed−19%	−0.02 pp	22 q
POOLPool Corporation	0.10%	96,973	$39M	added+2%	0.00 pp	17 q
AMDAdvanced Micro Devices	0.09%	216,998	$32M	added+4%	+0.03 pp	8 q
BAHBooz Allen Hamilton Holding Corporation	0.09%	255,932	$33M	trimmed−5%	0.00 pp	7 q
DHDefinitive Healthcare Corp. Class A	0.09%	3,491,471	$35M	trimmed−0%	+0.01 pp	10 q
VMRKVivmark Residential	0.09%	564,429	$35M	added×4.9	+0.07 pp	28 q
LLYVKLiberty Media Corp-liberty-c	0.09%	893,458	$33M	added0%	+0.01 pp	2 q
ONTOnterris, Inc.	0.09%	1,051,494	$34M	added+4%	0.00 pp	14 q
RPAYRepay Holdings Corporation Class A	0.09%	3,913,000	$33M	trimmed−0%	0.00 pp	17 q
SMARSmartsheet Inc.	0.09%	707,035	$34M	added0%	+0.01 pp	6 q
XYZBlock, Inc.	0.09%	427,043	$33M	added+6%	+0.04 pp	15 q
TXRHTexas Roadhouse, Inc.	0.09%	269,898	$33M	trimmed−9%	+0.01 pp	7 q
TWTradeweb Markets Inc. Class A	0.09%	389,479	$35M	held	—	19 q
YUMCYum China Holdings, Inc.	0.09%	763,903	$32M	trimmed−23%	−0.07 pp	14 q
ESNTEssent Group LTD	0.09%	642,842	$34M	trimmed−0%	0.00 pp	30 q
ODDODDITY Tech Ltd. Class A	0.09%	757,416	$35M	added×2.2	+0.06 pp	2 q
AMHAmerican Homes 4 Rent	0.08%	830,133	$30M	trimmed−3%	0.00 pp	27 q
HEIHEICO Corporation	0.08%	162,433	$29M	added+29%	+0.02 pp	23 q
HLTHilton Worldwide Holdings Inc.	0.08%	173,317	$32M	added+22%	+0.02 pp	5 q
MCMoelis & Company	0.08%	547,747	$31M	trimmed−0%	+0.01 pp	39 q
RCKTRocket Pharmaceuticals, Inc.	0.08%	1,052,501	$32M	trimmed−5%	+0.01 pp	6 q
SITMSiTime Corporation	0.08%	258,516	$32M	added0%	−0.01 pp	4 q
WIXWIX.com Ltd.	0.08%	247,465	$30M	trimmed−8%	+0.01 pp	29 q
COLDAmericold Realty Trust, Inc.	0.07%	850,000	$26M	trimmed−20%	−0.02 pp	24 q
BNTXBioNTech SE	0.07%	242,348	$26M	added+53%	+0.02 pp	13 q
BAMBrookfield Asset Management Ltd.	0.07%	698,184	$28M	added+8%	+0.01 pp	5 q
DRVNDriven Brands Holdings Inc.	0.07%	1,750,000	$25M	held	—	12 q
EGPEastGroup Properties Inc.	0.07%	142,733	$26M	trimmed−12%	−0.01 pp	5 q
LPLALPL Financial Holdings Inc.	0.07%	113,854	$26M	added+3%	−0.01 pp	9 q
NVTSNavitas Semiconductor Corporation	0.07%	3,318,895	$27M	trimmed−1%	0.00 pp	9 q
SHLSShoals Technologies Group, Inc. Class A	0.07%	1,800,000	$28M	held	—	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.07%	50,236	$26M	added+9%	0.00 pp	24 q
WDAYWorkday, Inc. Class A	0.07%	98,768	$27M	added+1%	+0.01 pp	12 q
ZSZscaler, Inc.	0.07%	115,279	$26M	trimmed−7%	+0.01 pp	24 q
MANUManchester United PLC	0.07%	1,329,119	$27M	added+14%	0.00 pp	43 q
WTWWillis Towers Watson Public Limited Company	0.07%	103,757	$25M	trimmed−19%	−0.01 pp	32 q
STVNStevanato Group S.p.A.	0.07%	940,086	$26M	added+10%	0.00 pp	9 q
FBINFortune Brands Innovations, Inc.	0.06%	292,112	$22M	trimmed−7%	0.00 pp	15 q
HLLYHolley Inc.	0.06%	5,000,000	$24M	held	—	10 q
HUBSHubspot, Inc.	0.06%	38,767	$23M	added+20%	+0.01 pp	12 q
MPWRMonolithic Power Systems, Inc.	0.06%	35,693	$23M	added+2%	+0.01 pp	11 q
VCYTVeracyte, Inc.	0.06%	762,806	$21M	added0%	+0.01 pp	19 q
GLOBGlobant S.a.	0.06%	96,717	$23M	trimmed−9%	0.00 pp	31 q
ALKTAlkami Technology, Inc.	0.05%	779,018	$19M	trimmed−0%	+0.01 pp	11 q
BILLBILL Holdings, Inc.	0.05%	230,882	$19M	added+1%	−0.02 pp	17 q
CERTCertara, Inc.	0.05%	1,070,950	$19M	added0%	0.00 pp	13 q
EXRExtra Space Storage, Inc.	0.05%	111,736	$18M	trimmed−26%	0.00 pp	7 q
LLYEli Lilly & Co.	0.05%	34,592	$20M	held	—	7 q
LFUSLittelfuse Inc	0.05%	72,736	$19M	trimmed−13%	−0.01 pp	32 q
MKTXMarketAxess Holdings Inc.	0.05%	67,596	$20M	trimmed−24%	−0.01 pp	34 q
MBLYMobileye Global Inc. Class A	0.05%	400,562	$17M	trimmed−1%	0.00 pp	5 q
NCNOnCino, Inc.	0.05%	503,500	$17M	added×143.9	+0.05 pp	14 q
NOVTNovanta Inc.	0.05%	106,455	$18M	added+31%	+0.02 pp	27 q
TROWT Rowe Price Group Inc	0.05%	185,520	$20M	held	—	43 q
CLVTClarivate Plc	0.05%	2,000,000	$19M	trimmed−33%	−0.01 pp	19 q
NVMINova Ltd.	0.05%	148,594	$20M	added0%	0.00 pp	21 q
AAONAaon Inc	0.04%	192,699	$14M	new	+0.04 pp	new
AZNNAstrazeneca Plc-spons ADR	0.04%	238,887	$16M	held	—	23 q
FWONALiberty Media Corporation Series A	0.04%	266,176	$15M	held	—	2 q
LULufax Holding Ltd.	0.04%	4,606,220	$14M	new	+0.04 pp	new
MRVLMarvell Technology, Inc.	0.04%	233,310	$14M	added+6%	+0.01 pp	8 q
SDGRSchrodinger, Inc.	0.04%	382,213	$14M	added+2%	+0.01 pp	16 q
SWAVShockwave Medical, Inc.	0.04%	74,764	$14M	added+19%	0.00 pp	15 q
SILKSilk Road Medical, Inc.	0.04%	1,172,056	$14M	added+70%	+0.01 pp	19 q
TTWOTake-Two Interactive Software Inc	0.04%	86,097	$14M	trimmed−1%	0.00 pp	27 q
TMOThermo Fisher Scientific, Inc.	0.04%	28,738	$15M	added+24%	+0.01 pp	18 q
FVRRFiverr International Ltd.	0.04%	522,029	$14M	added+33%	+0.01 pp	19 q
AAgilent Technologies Inc.	0.03%	70,509	$10M	added+16%	+0.01 pp	43 q
AVBAvalonBay Communities, Inc.	0.03%	60,825	$11M	added+10%	0.00 pp	10 q
INTUIntuit Inc	0.03%	17,491	$11M	added+41%	+0.01 pp	16 q
JEFJefferies Financial Group Inc.	0.03%	279,528	$11M	held	—	9 q
LEGNLegend Biotech Corporation	0.03%	179,568	$11M	added+14%	0.00 pp	5 q
MRVIMaravai LifeSciences Holdings, Inc. Class A	0.03%	1,483,651	$10M	added×2.2	+0.01 pp	5 q
MRKMerck & Co., Inc.	0.03%	87,400	$10M	held	—	8 q
RHRh	0.03%	41,603	$12M	trimmed−22%	−0.01 pp	5 q
SPGIS&P Global Inc.	0.03%	24,607	$11M	added+43%	+0.01 pp	24 q
TXG10x Genomics, Inc. Class A	0.03%	197,562	$11M	added+9%	+0.01 pp	18 q
TRNOTerreno Realty Corporation	0.03%	157,557	$10M	trimmed−37%	−0.01 pp	5 q
VMCVulcan Materials Company(Holding Company)	0.03%	43,531	$10M	held	—	20 q
STNEStoneCo Ltd. Class A	0.03%	626,634	$11M	trimmed−82%	−0.08 pp	21 q
CDROCodere Online Luxembourg, S.A.	0.03%	3,824,160	$11M	trimmed−2%	0.00 pp	9 q
ADBEAdobe Inc.	0.02%	10,605	$6M	added+67%	+0.01 pp	25 q
TEAMAtlassian Corporation Class A	0.02%	38,371	$9M	trimmed−5%	0.00 pp	5 q
BSXBoston Scientific Corp.	0.02%	144,300	$8M	added+29%	0.00 pp	3 q
DHRDanaher Corporation	0.02%	36,515	$8M	added+68%	0.00 pp	24 q
EPAMEpam Systems, Inc.	0.02%	25,263	$8M	trimmed−71%	−0.04 pp	33 q
HGVHilton Grand Vacations Inc.	0.02%	163,200	$7M	trimmed−0%	0.00 pp	28 q
LRCXLam Research Corp	0.02%	10,300	$8M	added×50.0	+0.02 pp	8 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.02%	824,897	$7M	trimmed−14%	0.00 pp	4 q
MCOMoody's Corporation	0.02%	20,559	$8M	added+69%	+0.01 pp	23 q
NVONovo-Nordisk A/S	0.02%	55,247	$6M	new	+0.02 pp	new
QLYSQualys, Inc.	0.02%	46,222	$9M	trimmed−42%	−0.02 pp	40 q
RVNCRevance Therapeutics, Inc.	0.02%	1,023,663	$9M	added0%	−0.01 pp	20 q
RHIRobert Half Inc.	0.02%	71,207	$6M	trimmed−6%	0.00 pp	43 q
SPGSimon Property Group, Inc.	0.02%	64,132	$9M	new	+0.02 pp	new
SMRTSmartRent, Inc.	0.02%	1,925,930	$6M	added0%	+0.01 pp	10 q
SUISun Communities, Inc	0.02%	49,625	$7M	new	+0.02 pp	new
VRTXVertex Pharmaceuticals Inc	0.02%	23,000	$9M	held	—	7 q
VKTXViking Therapeutics, Inc	0.02%	310,067	$6M	new	+0.02 pp	new
ZTSZoetis Inc.	0.02%	31,700	$6M	held	—	17 q
ACNAccenture PLC	0.02%	19,513	$7M	added+27%	+0.01 pp	24 q
ESTAEstablishment Labs Holdings Inc.	0.02%	334,775	$9M	added0%	−0.03 pp	11 q
ICHRIchor Holdings	0.02%	231,384	$8M	trimmed−57%	−0.03 pp	29 q
ACVAACV Auctions Inc.	0.01%	162,703	$2M	trimmed−80%	−0.03 pp	12 q
AEMAgnico Eagle Mines Ltd.	0.01%	86,392	$5M	trimmed−10%	0.00 pp	8 q
ALGMAllegro MicroSystems, Inc.	0.01%	115,795	$4M	held	—	13 q
ELVElevance Health, Inc.	0.01%	6,700	$3M	held	—	6 q
APOApollo Global Management, Inc.	0.01%	23,000	$2M	held	—	4 q
ACLXArcellx, Inc.	0.01%	63,500	$4M	added+27%	0.00 pp	3 q
1939900DBrookfield Infrastructure-a	0.01%	102,600	$4M	added×5.5	+0.01 pp	5 q
CMECME Group Inc.	0.01%	22,137	$5M	added+32%	0.00 pp	43 q
COSTCostco Wholesale Corp	0.01%	4,412	$3M	added+11%	0.00 pp	24 q
DRHDiamondrock Hospitality Company	0.01%	534,680	$5M	added+11%	0.00 pp	2 q
EXKExact Sciences Corp	0.01%	31,000	$2M	trimmed−23%	0.00 pp	4 q
FRFirst Industrial Realty Trust, Inc.	0.01%	84,239	$4M	trimmed−35%	−0.01 pp	4 q
GMABGenmab A/S	0.01%	138,945	$4M	trimmed−7%	−0.01 pp	13 q
HCAHCA Healthcare, Inc.	0.01%	18,300	$5M	held	—	5 q
HDBHDFC Bank Limited	0.01%	72,078	$5M	trimmed−35%	−0.01 pp	9 q
HUMHumana Inc.	0.01%	5,425	$2M	trimmed−16%	0.00 pp	22 q
IMVTImmunovant, Inc.	0.01%	59,000	$2M	new	+0.01 pp	new
MANHManhattan Associates Inc	0.01%	24,649	$5M	trimmed−4%	0.00 pp	38 q
MCKMcKesson Corporation	0.01%	10,800	$5M	held	—	9 q
NICENICE Ltd	0.01%	11,035	$2M	held	—	9 q
NDSNNordson Corp	0.01%	16,268	$4M	held	—	7 q
PCORProcore Technologies, Inc.	0.01%	58,303	$4M	added+12%	0.00 pp	2 q
PGRProgressive Corporation	0.01%	13,000	$2M	held	—	7 q
PSAPublic Storage	0.01%	18,291	$6M	trimmed−73%	−0.04 pp	12 q
STEPStepStone Group Inc. Class A	0.01%	165,703	$5M	added+16%	0.00 pp	4 q
SYKStryker Corporation	0.01%	14,000	$4M	new	+0.01 pp	new
GPCRStructure Therapeutics Inc.	0.01%	118,333	$5M	new	+0.01 pp	new
TKOTKO Group Holdings, Inc.	0.01%	51,331	$4M	trimmed−70%	−0.03 pp	2 q
SKTTanger Inc.	0.01%	111,925	$3M	trimmed−19%	0.00 pp	3 q
TXNTexas Instruments Incorporated	0.01%	13,085	$2M	added+40%	+0.01 pp	24 q
VTRVentas, Inc.	0.01%	62,893	$3M	trimmed−45%	0.00 pp	5 q
XENEXenon Pharmaceuticals Inc	0.01%	100,100	$5M	held	—	9 q
TBLATaboola.com Ltd.	0.01%	687,367	$3M	trimmed−41%	0.00 pp	11 q
ALXAlexander's Inc.	0.00%	5,000	$1M	held	—	43 q
GOOGLAlphabet Inc. Class A	0.00%	6,696	$935,364	trimmed−2%	0.00 pp	34 q
AAPLApple Inc.	0.00%	2,017	$388,333	held	—	6 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$542,625	held	—	30 q
BLQADBlackrock Inc	0.00%	2,150	$2M	trimmed−2%	0.00 pp	24 q
AVGOBroadcom Inc.	0.00%	173	$193,111	held	—	8 q
KMXCarMax Inc.	0.00%	16,767	$1M	trimmed−11%	0.00 pp	43 q
CYHCommunity Health Systems, Inc.	0.00%	100	$313	held	—	43 q
DNLIDenali Therapeutics Inc.	0.00%	50,500	$1M	held	—	25 q
DKSDick's Sporting Goods, Inc.	0.00%	3,831	$562,965	trimmed−89%	−0.01 pp	8 q
EWEdwards Lifesciences Corp	0.00%	6,743	$514,154	trimmed−30%	0.00 pp	43 q
ENVEnvestnet, Inc.	0.00%	17,087	$846,148	trimmed−46%	0.00 pp	41 q
EFXEquifax, Incorporated	0.00%	2,600	$642,954	added+13%	0.00 pp	8 q
FASTFastenal Co	0.00%	2,330	$150,914	trimmed−54%	0.00 pp	43 q
FISVFiserv, Inc.	0.00%	13,400	$2M	added+3%	0.00 pp	6 q
GPNGlobal Payments, Inc.	0.00%	9,000	$1M	held	—	16 q
GSGoldman Sachs Group Inc.	0.00%	800	$308,616	held	—	30 q
JKHYHenry (Jack) & Associates	0.00%	5,700	$931,437	held	—	16 q
HDHome Depot, Inc.	0.00%	2,000	$693,100	held	—	41 q
unresolvedInnovid Corp	0.00%	191,161	$286,741	trimmed−14%	0.00 pp	9 q
QQQInvesco QQQ Trust, Series 1	0.00%	326	$133,497	new	0.00 pp	new
LBRDKLiberty Broadband Corporation Class C	0.00%	15,672	$1M	held	—	37 q
MUMicron Technology, Inc.	0.00%	1,632	$139,275	new	0.00 pp	new
MRNAModerna, Inc.	0.00%	7,500	$745,875	trimmed−98%	−0.13 pp	7 q
MDBMongoDB, Inc. Class A	0.00%	1,720	$703,222	trimmed−6%	0.00 pp	8 q
NTRANatera, Inc.	0.00%	23,600	$1M	new	0.00 pp	new
PGProcter & Gamble Company	0.00%	1,796	$263,186	held	—	30 q
QCOMQualcomm Inc	0.00%	4,000	$578,520	held	—	30 q
SPYState Street SPDR S&P 500 ETF Trust	0.00%	60	$28,519	new	0.00 pp	new
SJMThe J.M. Smucker Company	0.00%	251	$31,721	held	—	30 q
SGRYSurgery Partners, Inc.	0.00%	45,000	$1M	new	0.00 pp	new
TTCToro Company (The)	0.00%	12,457	$1M	trimmed−8%	0.00 pp	26 q
VGTVanguard Information Technology ETF	0.00%	3,396	$2M	new	0.00 pp	new
VLTOVeralto Corporation	0.00%	3,314	$272,610	new	0.00 pp	new
VCTRVictory Capital Holdings, Inc. Class A	0.00%	16,596	$571,566	added+81%	0.00 pp	5 q
VTSVitesse Energy, Inc..	0.00%	1,318	$28,851	held	—	4 q
WRBYWarby Parker Inc.	0.00%	39,600	$558,360	trimmed−14%	0.00 pp	10 q
CINTCI&T Inc	0.00%	30,000	$157,800	trimmed−14%	0.00 pp	9 q
0VQJLTe Connectivity Ltd	0.00%	6,675	$937,837	held	—	24 q
SKINSkinHealth Systems Inc. Class A	—	−5,318,352	—	exited	−0.09 pp	—
ETWOE2open Parent Holdings, Inc.	—	−6,000,000	—	exited	−0.08 pp	—
unresolvedLufax Holding Ltd	—	−18,416,696	—	exited	−0.06 pp	—
JDJD.com, Inc.	—	−613,835	—	exited	−0.05 pp	—
GTMZoomInfo Technologies Inc	—	−1,065,834	—	exited	−0.05 pp	—
LM0CLiberty Media Corp-liber-new	—	−500,000	—	exited	−0.04 pp	—
ARWRArrowhead Research Corporation	—	−156,619	—	exited	−0.01 pp	—
CUBECubeSmart	—	−91,008	—	exited	−0.01 pp	—
TNLTravel + Leisure Co.	—	−55,964	—	exited	−0.01 pp	—
VICIVICI Properties Inc.	—	−60,900	—	exited	−0.01 pp	—
AATAmerican Assets Trust, Inc.	—	−28,500	—	exited	0.00 pp	—
ARMArm Holdings plc	—	−700	—	exited	0.00 pp	—
CYTKCytokinetics Inc.	—	−25,000	—	exited	0.00 pp	—
DUOLDuolingo, Inc. Class A	—	−236	—	exited	0.00 pp	—
PODDInsulet Corporation	—	−9,565	—	exited	0.00 pp	—
ELThe Estee Lauder Companies Inc. Class A	—	−2,280	—	exited	0.00 pp	—
PCTYPaylocity Holding Corporation	—	−5,153	—	exited	0.00 pp	—
PAYPaymentus Holdings, Inc.	—	−6,500	—	exited	0.00 pp	—
PEGAPegasystems Inc	—	−4,263	—	exited	0.00 pp	—
SMCISuper Micro Computer, Inc.	—	−994	—	exited	0.00 pp	—
unresolvedBrookfield Reins Ltd	—	−2	—	exited	0.00 pp	—
SMWBSimilarweb Ltd.	—	−53,951	—	exited	0.00 pp	—