Baron Capital

Q4 2024 13F · by Ron Baron, CEO

As of: Dec 31, 2024
Filed: Feb 14, 2025
US stock: $38.7B · prev $37.7B
Positions: 316 · prev 328
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%

Moves291 since the prior filing

+1.9 pp in · −1.9 pp out

New 17 +0.83 pp
Added 94 +1.11 pp
Trimmed 151 −0.85 pp
Exited 29 −1.10 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions32% of US stock

TSLA Tesla, Inc. trimmed+4.86 pp trimmed+4.8615.2%
IT Gartner, Inc. trimmed−0.51 pp trimmed−0.514.9%
ACGL Arch Capital Group Ltd trimmed−1.27 pp trimmed−1.274.9%
CSGP CoStar Group Inc added−0.21 pp added−0.213.5%
MSCI MSCI, Inc. trimmed−0.03 pp trimmed−0.033.3%

Positions316 in this filing · 29 exited


TSLATesla, Inc.	15.22%	14,578,809	$5.9B	trimmed−2%	+4.86 pp	44 q
ITGartner, Inc.	4.90%	3,916,203	$1.9B	trimmed−3%	−0.51 pp	47 q
ACGLArch Capital Group Ltd	4.88%	20,462,724	$1.9B	trimmed−1%	−1.27 pp	47 q
CSGPCoStar Group Inc	3.55%	19,203,564	$1.4B	added+2%	−0.21 pp	47 q
MSCIMSCI, Inc.	3.31%	2,131,931	$1.3B	trimmed−1%	−0.03 pp	47 q
FDSFactset Research Systems	2.92%	2,355,611	$1.1B	trimmed−5%	−0.10 pp	47 q
GWREGuidewire Software, Inc.	2.58%	5,915,183	$997M	trimmed−2%	−0.34 pp	47 q
MTNVail Resorts, Inc.	2.56%	5,290,546	$992M	added+2%	+0.16 pp	47 q
HHyatt Hotels Corporation	2.25%	5,550,789	$871M	added+1%	+0.04 pp	47 q
IDXXIdexx Laboratories Inc	2.14%	2,005,522	$829M	added+4%	−0.44 pp	47 q
KNSLKinsale Capital Group, Inc.	2.08%	1,726,604	$803M	trimmed−1%	−0.08 pp	33 q
CHHChoice Hotels Intnl.	1.72%	4,682,492	$665M	trimmed−1%	+0.09 pp	47 q
SCHWThe Charles Schwab Corporation	1.38%	7,217,828	$534M	trimmed−1%	+0.13 pp	47 q
RRRRed Rock Resorts, Inc. Class A	1.36%	11,356,201	$525M	added+7%	−0.17 pp	35 q
AKXAnsys Inc	1.23%	1,416,224	$478M	trimmed−12%	−0.13 pp	47 q
PRIPrimerica, Inc.	1.16%	1,655,547	$449M	trimmed−3%	−0.04 pp	47 q
MORNMorningstar, Inc.	1.14%	1,305,155	$440M	trimmed−0%	+0.03 pp	47 q
SPOTSpotify Technology S.A.	1.04%	897,166	$401M	added+2%	+0.18 pp	27 q
NVDANvidia Corp	0.99%	2,846,647	$382M	trimmed−5%	+0.03 pp	26 q
GLPIGaming and Leisure Properties, Inc.	0.97%	7,817,443	$376M	trimmed−4%	−0.14 pp	45 q
MTDMettler-Toledo International	0.89%	280,994	$344M	trimmed−3%	−0.26 pp	47 q
VRSKVerisk Analytics, Inc.	0.89%	1,252,586	$345M	trimmed−1%	−0.01 pp	47 q
IRDMIridium Communications Inc.	0.81%	10,769,377	$313M	trimmed−3%	−0.09 pp	43 q
VRTVertiv Holdings Co Class A	0.81%	2,750,000	$312M	trimmed−23%	−0.13 pp	20 q
TECHBio-Techne Corp.	0.77%	4,136,984	$298M	trimmed−7%	−0.17 pp	41 q
EQIXEquinix, Inc.	0.71%	291,587	$275M	added+20%	+0.14 pp	40 q
SHOPShopify Inc. Class A subordinate voting shares	0.71%	2,581,257	$274M	trimmed−5%	+0.13 pp	21 q
DAYDayforce, Inc.	0.66%	3,526,456	$256M	trimmed−0%	+0.09 pp	27 q
MSFTMicrosoft Corp	0.63%	576,241	$243M	trimmed−0%	−0.03 pp	29 q
AMZNAmazon.Com Inc	0.61%	1,080,063	$237M	trimmed−1%	+0.07 pp	47 q
SITESiteOne Landscape Supply, Inc.	0.56%	1,652,772	$218M	added+5%	−0.07 pp	35 q
HLIHoulihan Lokey, Inc.	0.51%	1,144,179	$199M	trimmed−0%	+0.03 pp	29 q
FIGSFIGS, Inc.	0.49%	30,837,759	$191M	added+3%	−0.05 pp	15 q
TTDThe Trade Desk, Inc.	0.49%	1,616,029	$190M	trimmed−11%	−0.04 pp	33 q
BIRKBirkenstock Holding plc	0.49%	3,359,351	$190M	added+8%	+0.08 pp	5 q
CNSCohen & Steers Inc.	0.48%	2,008,882	$186M	trimmed−0%	−0.03 pp	47 q
FICOFair Isaac Corporation	0.48%	93,590	$186M	trimmed−2%	−0.01 pp	21 q
CBRECbre Group, Inc.	0.47%	1,390,985	$183M	added+7%	+0.04 pp	47 q
GTLSChart Inds Inc	0.47%	952,404	$182M	trimmed−7%	+0.13 pp	12 q
BFAMBright Horizons Family Solutions Inc.	0.45%	1,559,277	$173M	added+5%	−0.10 pp	47 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.45%	877,053	$173M	trimmed−9%	+0.01 pp	47 q
ONONOn Holding AG	0.45%	3,157,793	$173M	added0%	+0.03 pp	12 q
METAMeta Platforms, Inc. Class A	0.43%	281,029	$165M	trimmed−1%	0.00 pp	47 q
IBKRInteractive Brokers Group, Inc. Class A	0.42%	913,967	$161M	added0%	+0.08 pp	8 q
GDSGDS Holdings Limited	0.41%	6,673,226	$159M	added+10%	+0.08 pp	4 q
INTAIntapp, Inc.	0.41%	2,484,012	$159M	trimmed−13%	+0.05 pp	4 q
ICLRIcon Plc	0.40%	734,167	$154M	trimmed−23%	−0.33 pp	47 q
ARGXargenx SE	0.39%	242,178	$149M	trimmed−3%	+0.03 pp	29 q
CWANClearwater Analytics Hds-a	0.38%	5,324,970	$147M	trimmed−0%	+0.02 pp	14 q
TREXTrex Company, Inc.	0.38%	2,153,133	$149M	added+6%	+0.02 pp	44 q
WELLWelltower Inc.	0.38%	1,151,495	$145M	added+18%	+0.05 pp	12 q
WSTWest Pharmaceutical Services, Inc.	0.37%	434,121	$142M	trimmed−10%	−0.02 pp	47 q
BNBrookfield Corporation	0.36%	2,391,691	$137M	added+23%	+0.09 pp	9 q
BXBlackstone Inc.	0.35%	785,682	$135M	added+2%	+0.04 pp	12 q
TDGTransDigm Group Incorporated	0.35%	107,844	$137M	added+2%	−0.05 pp	47 q
EFOREverforth, Inc.	0.34%	1,570,286	$131M	trimmed−17%	−0.13 pp	26 q
DNUTKrispy Kreme, Inc.	0.34%	13,069,717	$130M	added+25%	+0.04 pp	14 q
ROPRoper Technologies, Inc.	0.34%	253,317	$132M	trimmed−2%	−0.04 pp	47 q
APHAmphenol Corporation	0.33%	1,850,768	$129M	trimmed−0%	+0.01 pp	23 q
CPNGCoupang, Inc.	0.33%	5,757,166	$127M	trimmed−15%	−0.11 pp	16 q
PLNTPlanet Fitness, Inc.	0.32%	1,250,000	$124M	held	—	28 q
BABAAlibaba Group Holding Limited	0.31%	1,434,620	$122M	trimmed0%	−0.09 pp	42 q
DEIDouglas Emmett, Inc.	0.31%	6,388,156	$119M	trimmed−0%	+0.01 pp	47 q
BWINThe Baldwin Insurance Group, Inc. Class A	0.30%	3,010,000	$117M	held	—	21 q
KTOSKratos Defense & Security Solutions, Inc.	0.30%	4,374,077	$115M	held	—	20 q
AVGOBroadcom Inc.	0.29%	484,330	$112M	trimmed−4%	+0.06 pp	12 q
DLRDigital Realty Trust, Inc.	0.29%	631,257	$112M	added+6%	+0.04 pp	20 q
FNDFloor & Decor Holdings, Inc.	0.29%	1,125,941	$112M	trimmed−10%	−0.12 pp	31 q
YMMFull Truck Alliance Co. Ltd.	0.28%	10,078,316	$109M	trimmed−3%	+0.03 pp	13 q
JLLJones Lang LaSalle, Inc.	0.28%	420,366	$106M	added+34%	+0.05 pp	22 q
NEOGNeogen Corp	0.27%	8,485,308	$103M	added+16%	−0.06 pp	47 q
VNOVornado Realty Trust	0.27%	2,443,712	$103M	added+28%	+0.07 pp	2 q
MELIMercado Libre, Inc	0.26%	58,198	$99M	added+11%	−0.03 pp	26 q
PWRQuanta Services, Inc.	0.26%	323,335	$102M	added0%	0.00 pp	8 q
CAKECheesecake Factory (The)	0.25%	2,000,000	$95M	held	—	47 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.25%	897,555	$97M	added+6%	+0.07 pp	22 q
RBCRBC Bearings Incorporated	0.25%	322,361	$96M	trimmed−4%	−0.02 pp	41 q
AXONAxon Enterprise, Inc.	0.24%	154,650	$92M	trimmed−39%	−0.03 pp	12 q
CGThe Carlyle Group Inc.	0.24%	1,867,253	$94M	held	—	15 q
DKNGDraftKings Inc. Class A	0.24%	2,499,356	$93M	added+4%	−0.01 pp	19 q
FWONKLiberty Media Corporation Series C	0.24%	1,000,000	$93M	held	—	6 q
MACThe Macerich Company	0.24%	4,675,471	$93M	added×2.8	+0.16 pp	4 q
JBTMJBT Marel Corporation	0.23%	700,000	$89M	held	—	32 q
CYBRCyberark Software LTD/ISRAEL	0.23%	262,597	$87M	added+16%	+0.06 pp	9 q
COOThe Cooper Companies, Inc.	0.22%	904,982	$83M	trimmed−4%	−0.06 pp	4 q
LVSLas Vegas Sands Corp.	0.22%	1,627,165	$84M	added+3%	+0.01 pp	13 q
EXPEExpedia Group, Inc.	0.21%	430,454	$80M	new	+0.21 pp	new
INDIindie Semiconductor, Inc. Class A	0.21%	19,901,826	$81M	added+31%	+0.05 pp	15 q
IBPInstalled Building Products, Inc.	0.21%	458,769	$80M	trimmed−7%	−0.11 pp	29 q
TRUTransUnion	0.21%	871,818	$81M	trimmed−1%	−0.03 pp	31 q
VEEVVeeva Systems Inc.	0.21%	391,262	$82M	trimmed−5%	−0.02 pp	31 q
AAPLApple Inc.	0.20%	301,279	$75M	added0%	+0.01 pp	10 q
DDOGDatadog, Inc. Class A	0.20%	530,854	$76M	trimmed−5%	+0.03 pp	22 q
DRVNDriven Brands Holdings Inc.	0.20%	4,750,000	$77M	added+36%	+0.07 pp	16 q
VMRKVivmark Residential	0.20%	1,067,763	$77M	added+55%	+0.06 pp	32 q
HLTHilton Worldwide Holdings Inc.	0.20%	319,734	$79M	added+4%	+0.01 pp	9 q
ISRGIntuitive Surgical Inc.	0.20%	146,216	$76M	trimmed−9%	−0.01 pp	33 q
LLYVKLiberty Media Corp-liberty-c	0.20%	1,141,546	$78M	trimmed−2%	+0.04 pp	6 q
PARPAR Technology Corp.	0.20%	1,065,579	$77M	trimmed−9%	+0.04 pp	26 q
NOWServicenow, Inc.	0.20%	71,899	$76M	trimmed−4%	+0.02 pp	38 q
BAMBrookfield Asset Management Ltd.	0.19%	1,348,906	$73M	added+23%	+0.05 pp	9 q
GTLBGitLab Inc. Class A	0.19%	1,295,541	$73M	added+3%	+0.02 pp	13 q
HQYHealthEquity, Inc	0.19%	780,000	$75M	added+4%	+0.03 pp	42 q
PCORProcore Technologies, Inc.	0.19%	992,794	$74M	added+10%	+0.04 pp	6 q
ROLRollins, Inc.	0.19%	1,548,750	$72M	held	—	34 q
BAPCredicorp LTD	0.19%	404,539	$74M	added+3%	0.00 pp	15 q
FAFirst Advantage Corporation	0.18%	3,750,000	$70M	held	—	15 q
TTANServiceTitan, Inc. Class A	0.18%	684,222	$70M	new	+0.18 pp	new
AREAlexandria Real Estate Equities, Inc.	0.17%	686,832	$67M	trimmed−18%	−0.09 pp	47 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.17%	3,000,000	$67M	held	—	20 q
HEI.AHeico Corp Cl A	0.17%	346,699	$65M	added0%	−0.02 pp	28 q
NARIInari Medical, Inc.	0.17%	1,312,528	$67M	added+30%	+0.06 pp	19 q
INSPInspire Medical Systems, Inc.	0.17%	347,800	$64M	added+3%	−0.02 pp	24 q
AVNTAvient Corporation	0.16%	1,500,000	$61M	held	—	21 q
AZPNAspen Technology Inc	0.16%	253,214	$63M	trimmed−46%	−0.14 pp	10 q
MAMastercard Incorporated	0.16%	118,214	$62M	trimmed−0%	0.00 pp	47 q
ODDODDITY Tech Ltd. Class A	0.16%	1,429,198	$60M	added+15%	+0.03 pp	6 q
ALTRAltair Engineering Inc. Class A	0.15%	539,002	$59M	trimmed−57%	−0.17 pp	29 q
CGNXCognex Corp	0.15%	1,600,000	$57M	added+7%	−0.01 pp	47 q
KRCKilroy Realty Corp.	0.15%	1,452,331	$59M	new	+0.15 pp	new
LPXLouisiana-Pacific Corp.	0.15%	577,893	$60M	added+12%	0.00 pp	3 q
NCNOnCino, Inc.	0.15%	1,684,834	$57M	added+12%	+0.02 pp	18 q
TOLToll Brothers, Inc.	0.15%	473,968	$60M	trimmed−47%	−0.22 pp	19 q
IEXIDEX Corporation	0.14%	261,961	$55M	trimmed−5%	−0.02 pp	42 q
ILMNIllumina Inc	0.14%	407,901	$55M	added+6%	+0.01 pp	47 q
VVISA Inc.	0.14%	171,506	$54M	added+3%	+0.02 pp	47 q
CDWCDW Corporation	0.13%	278,341	$48M	trimmed−30%	−0.11 pp	31 q
DHID.R. Horton Inc.	0.13%	364,394	$51M	trimmed−44%	−0.20 pp	25 q
EXKExact Sciences Corp	0.13%	893,000	$50M	added+42%	+0.02 pp	8 q
IBTAIbotta, Inc.	0.13%	756,087	$49M	trimmed−18%	−0.02 pp	3 q
LOWLowe's Companies Inc.	0.13%	198,853	$49M	trimmed−31%	−0.08 pp	25 q
MSGSMadison Square Garden Sports Corp.	0.13%	225,000	$51M	held	—	37 q
MASIMasimo Corporation	0.13%	307,144	$51M	trimmed−12%	+0.01 pp	4 q
MRCYMercury Systems Inc.	0.13%	1,201,324	$50M	trimmed−0%	+0.01 pp	40 q
SSentinelOne, Inc.	0.13%	2,332,160	$52M	added+13%	0.00 pp	6 q
TXRHTexas Roadhouse, Inc.	0.13%	268,289	$48M	trimmed−0%	0.00 pp	11 q
TWTradeweb Markets Inc. Class A	0.13%	390,236	$51M	added0%	0.00 pp	23 q
UTZUtz Brands, Inc.	0.13%	3,250,000	$51M	held	—	19 q
WCNWaste Connections, Inc.	0.13%	300,000	$51M	trimmed−10%	−0.03 pp	34 q
ZLABZai Lab Limited	0.13%	1,909,088	$50M	added0%	+0.01 pp	28 q
CDNACareDx, Inc.	0.12%	2,207,299	$47M	added+18%	−0.04 pp	4 q
LENLennar Corporation Class A	0.12%	353,303	$48M	trimmed−50%	−0.23 pp	25 q
SSNCSS&C Technologies Inc	0.12%	602,856	$46M	trimmed−4%	0.00 pp	47 q
AEISAdvanced Energy Industries Inc	0.11%	363,714	$42M	trimmed−29%	−0.03 pp	21 q
AVBAvalonBay Communities, Inc.	0.11%	201,995	$44M	added+14%	0.00 pp	14 q
BAHBooz Allen Hamilton Holding Corporation	0.11%	336,753	$43M	added+7%	−0.03 pp	11 q
JBIJanus International Group, Inc.	0.11%	5,750,000	$42M	held	—	15 q
JDJD.com, Inc.	0.11%	1,230,151	$43M	added+52%	+0.02 pp	2 q
ONTOnterris, Inc.	0.11%	2,292,630	$43M	added+85%	+0.02 pp	18 q
SNOWSnowflake Inc.	0.11%	278,391	$43M	trimmed−5%	+0.02 pp	18 q
HEIHEICO Corporation	0.10%	162,433	$39M	held	—	27 q
ITGRInteger Holdings Corporation	0.10%	293,434	$39M	added+15%	+0.01 pp	3 q
LPLALPL Financial Holdings Inc.	0.10%	119,704	$39M	added+83%	+0.06 pp	13 q
MCMoelis & Company	0.10%	527,186	$39M	held	—	43 q
XYZBlock, Inc.	0.10%	441,571	$38M	trimmed−4%	+0.02 pp	19 q
VMCVulcan Materials Company(Holding Company)	0.10%	147,427	$38M	trimmed−49%	−0.09 pp	24 q
AFYAAfya Limited Class A	0.10%	2,383,701	$38M	trimmed−6%	−0.01 pp	22 q
WIXWIX.com Ltd.	0.10%	172,041	$37M	trimmed−10%	+0.02 pp	33 q
ASMLASML Holding NV	0.10%	53,067	$37M	trimmed−2%	−0.02 pp	46 q
STVNStevanato Group S.p.A.	0.10%	1,818,181	$40M	added+8%	+0.01 pp	13 q
TEAMAtlassian Corporation Class A	0.09%	136,380	$33M	added+10%	+0.04 pp	9 q
DXCMDexCom, Inc.	0.09%	432,500	$34M	trimmed−23%	−0.01 pp	47 q
IRTIndependence Realty Trust Inc.	0.09%	1,711,746	$34M	added×6.9	+0.08 pp	3 q
TMETencent Music Entertainment Group	0.09%	3,081,055	$35M	trimmed−0%	−0.01 pp	4 q
VCYTVeracyte, Inc.	0.09%	879,825	$35M	trimmed−22%	−0.01 pp	23 q
WEXWEX Inc.	0.09%	203,300	$36M	trimmed−17%	−0.05 pp	47 q
ESTAEstablishment Labs Holdings Inc.	0.09%	752,886	$35M	added+54%	+0.03 pp	15 q
DUOLDuolingo, Inc. Class A	0.08%	91,022	$30M	trimmed−1%	+0.01 pp	2 q
DTDynatrace, Inc.	0.08%	578,184	$31M	added+1%	0.00 pp	22 q
IOTSamsara Inc.	0.08%	676,568	$30M	added+1%	−0.01 pp	3 q
NUNu Holdings Ltd.	0.08%	3,150,690	$33M	trimmed−15%	−0.05 pp	7 q
WTWWillis Towers Watson Public Limited Company	0.08%	96,358	$30M	added+1%	+0.01 pp	36 q
AMHAmerican Homes 4 Rent	0.07%	709,645	$27M	trimmed−6%	−0.01 pp	31 q
ACLXArcellx, Inc.	0.07%	348,333	$27M	added+2%	−0.01 pp	7 q
EXPOExponent Inc	0.07%	313,262	$28M	held	—	4 q
GCMGGCM Grosvenor Inc. Class A	0.07%	2,200,000	$27M	added+26%	+0.02 pp	2 q
GFIGold Fields Ltd	0.07%	1,998,319	$26M	trimmed−1%	−0.01 pp	12 q
FWONALiberty Media Corporation Series A	0.07%	343,487	$29M	added+29%	+0.02 pp	6 q
LYVLive Nation Entertainment Inc.	0.07%	195,000	$25M	new	+0.07 pp	new
RDDTReddit, Inc.	0.07%	176,346	$29M	trimmed−20%	+0.03 pp	4 q
RPAYRepay Holdings Corporation Class A	0.07%	3,750,000	$29M	trimmed−0%	−0.01 pp	21 q
TWFGTWFG, Inc.	0.07%	871,661	$27M	added+20%	+0.02 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.07%	54,390	$28M	trimmed−4%	−0.02 pp	28 q
VRNSVaronis Systems, Inc.	0.07%	608,799	$27M	trimmed−23%	−0.05 pp	23 q
ZSZscaler, Inc.	0.07%	143,730	$26M	added+43%	+0.02 pp	28 q
GOOGAlphabet Inc. Class C	0.06%	117,772	$22M	added+4%	+0.01 pp	43 q
APOApollo Global Management, Inc.	0.06%	135,229	$22M	trimmed−2%	+0.01 pp	8 q
BASECouchbase, Inc.	0.06%	1,399,964	$22M	trimmed−1%	0.00 pp	14 q
CRWDCrowdStrike Holdings, Inc. Class A	0.06%	68,504	$23M	trimmed−49%	−0.04 pp	23 q
NPOEnpro Inc.	0.06%	140,378	$24M	new	+0.06 pp	new
HUBSHubspot, Inc.	0.06%	35,957	$25M	trimmed−5%	+0.01 pp	16 q
JEFJefferies Financial Group Inc.	0.06%	279,528	$22M	held	—	13 q
BZKANZHUN LIMITED American Depository Shares	0.06%	1,644,401	$23M	trimmed−25%	−0.04 pp	8 q
RGENRepligen Corp	0.06%	160,227	$23M	trimmed−4%	−0.01 pp	10 q
SPGIS&P Global Inc.	0.06%	45,011	$22M	trimmed−1%	0.00 pp	28 q
TMOThermo Fisher Scientific, Inc.	0.06%	41,635	$22M	held	—	22 q
VRSNVeriSign Inc	0.06%	105,393	$22M	trimmed−32%	−0.02 pp	47 q
CDROCodere Online Luxembourg, S.A.	0.06%	3,503,284	$23M	held	—	13 q
FROGJFrog Ltd.	0.06%	725,000	$21M	new	+0.06 pp	new
ABNBAirbnb, Inc. Class A	0.05%	134,000	$18M	held	—	2 q
ALKTAlkami Technology, Inc.	0.05%	557,673	$20M	trimmed−17%	−0.01 pp	15 q
GOOGLAlphabet Inc. Class A	0.05%	108,440	$21M	added+23%	+0.01 pp	38 q
ANETArista Networks	0.05%	168,805	$19M	new	+0.05 pp	new
DAVAEndava plc	0.05%	674,261	$21M	trimmed−21%	−0.01 pp	26 q
KKRKKR & Co. Inc.	0.05%	122,810	$18M	added+4%	+0.01 pp	3 q
MCOMoody's Corporation	0.05%	37,741	$18M	held	—	27 q
SITMSiTime Corporation	0.05%	81,261	$17M	trimmed−39%	−0.01 pp	8 q
XPXP Inc. Class A	0.05%	1,739,892	$21M	added+7%	−0.03 pp	21 q
GLOBGlobant S.a.	0.05%	87,179	$19M	trimmed−7%	0.00 pp	35 q
BILLBILL Holdings, Inc.	0.04%	193,649	$16M	trimmed−1%	+0.01 pp	21 q
BSXBoston Scientific Corp.	0.04%	159,000	$14M	held	—	7 q
DHRDanaher Corporation	0.04%	72,419	$17M	held	—	28 q
EPACEnerpac Tool Group Corp.	0.04%	410,369	$17M	held	—	3 q
LLYEli Lilly & Co.	0.04%	20,000	$15M	trimmed−13%	−0.01 pp	11 q
NOVTNovanta Inc.	0.04%	102,927	$16M	trimmed−3%	−0.01 pp	31 q
VKTXViking Therapeutics, Inc	0.04%	385,472	$16M	trimmed−19%	−0.04 pp	5 q
FVRRFiverr International Ltd.	0.04%	493,032	$16M	trimmed−9%	0.00 pp	23 q
NVMINova Ltd.	0.04%	85,652	$17M	trimmed−25%	−0.02 pp	25 q
AAgilent Technologies Inc.	0.03%	78,123	$10M	trimmed−1%	0.00 pp	47 q
CDNSCadence Design Systems	0.03%	33,482	$10M	trimmed−0%	+0.01 pp	3 q
HLLYHolley Inc.	0.03%	4,000,000	$12M	added+33%	+0.01 pp	14 q
INTUIntuit Inc	0.03%	20,807	$13M	trimmed−1%	0.00 pp	20 q
LOARLoar Holdings Inc.	0.03%	136,557	$10M	added+80%	+0.02 pp	3 q
MRVIMaravai LifeSciences Holdings, Inc. Class A	0.03%	2,203,651	$12M	added+4%	−0.02 pp	9 q
RHRh	0.03%	32,797	$13M	trimmed−2%	0.00 pp	9 q
SGMLSigma Lithium Corporation	0.03%	1,206,714	$14M	new	+0.03 pp	new
SPGSimon Property Group, Inc.	0.03%	62,834	$11M	added×2.4	+0.02 pp	5 q
TEMTempus AI, Inc. Class A	0.03%	390,400	$13M	added+73%	0.00 pp	3 q
VTRVentas, Inc.	0.03%	210,911	$12M	added+7%	0.00 pp	3 q
AAONAaon Inc	0.02%	75,856	$9M	trimmed−54%	−0.03 pp	5 q
ADBEAdobe Inc.	0.02%	19,136	$9M	held	—	29 q
ADCAgree Realty Corporation	0.02%	90,840	$6M	trimmed−4%	0.00 pp	2 q
AZNNAstrazeneca Plc-spons ADR	0.02%	107,652	$7M	trimmed−19%	−0.01 pp	27 q
BYDBoyd Gaming Corporation	0.02%	81,500	$6M	trimmed−25%	0.00 pp	32 q
BLDRBuilders FirstSource, Inc.	0.02%	60,173	$9M	trimmed−68%	−0.08 pp	2 q
CMECME Group Inc.	0.02%	26,113	$6M	held	—	47 q
COSTCostco Wholesale Corp	0.02%	7,370	$7M	held	—	28 q
IRMIron Mountain Inc.	0.02%	90,138	$9M	trimmed−43%	−0.03 pp	2 q
MBLYMobileye Global Inc. Class A	0.02%	383,452	$8M	added×15.3	+0.02 pp	9 q
PKPark Hotels & Resorts Inc.	0.02%	514,064	$7M	added+4%	0.00 pp	4 q
SBACSBA Communications Corp	0.02%	45,505	$9M	trimmed−20%	−0.02 pp	33 q
STEPStepStone Group Inc. Class A	0.02%	140,515	$8M	trimmed−15%	0.00 pp	8 q
SYKStryker Corporation	0.02%	22,000	$8M	held	—	5 q
TXNTexas Instruments Incorporated	0.02%	32,488	$6M	held	—	28 q
VRTXVertex Pharmaceuticals Inc	0.02%	18,000	$7M	trimmed−22%	−0.01 pp	11 q
WYNNWynn Resorts Ltd	0.02%	109,262	$9M	added+7%	−0.01 pp	8 q
ACNAccenture PLC	0.02%	25,578	$9M	trimmed−0%	0.00 pp	28 q
AEMAgnico Eagle Mines Ltd.	0.01%	49,146	$4M	trimmed−7%	0.00 pp	12 q
BNTXBioNTech SE	0.01%	20,936	$2M	added+13%	0.00 pp	17 q
BRXBrixmor Property Group Inc.	0.01%	202,319	$6M	trimmed−21%	−0.01 pp	2 q
CERTCertara, Inc.	0.01%	315,000	$3M	added+31%	0.00 pp	17 q
FISVFiserv, Inc.	0.01%	13,000	$3M	trimmed−2%	0.00 pp	10 q
GKOSGlaukos Corporation	0.01%	20,000	$3M	held	—	3 q
AHRAmerican Healthcare REIT, Inc.	0.01%	188,959	$5M	new	+0.01 pp	new
HCAHCA Healthcare, Inc.	0.01%	6,500	$2M	trimmed−64%	−0.01 pp	9 q
HDBHDFC Bank Limited	0.01%	46,684	$3M	added+4%	0.00 pp	13 q
DOCHealthpeak Properties, Inc.	0.01%	138,220	$3M	trimmed−54%	−0.01 pp	3 q
HGVHilton Grand Vacations Inc.	0.01%	110,200	$4M	trimmed−5%	0.00 pp	32 q
INSMInsmed, Inc.	0.01%	60,000	$4M	added+48%	0.00 pp	2 q
MGMMgm Resorts International	0.01%	131,063	$5M	trimmed−87%	−0.10 pp	14 q
MANHManhattan Associates Inc	0.01%	9,539	$3M	trimmed−41%	0.00 pp	42 q
VACMarriott Vacations Worldwide Corporation	0.01%	49,539	$4M	trimmed−38%	−0.01 pp	47 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.01%	295,681	$3M	held	—	8 q
MPWRMonolithic Power Systems, Inc.	0.01%	8,503	$5M	trimmed−70%	−0.06 pp	15 q
NTRANatera, Inc.	0.01%	35,000	$6M	held	—	5 q
NDSNNordson Corp	0.01%	16,268	$3M	held	—	11 q
NVONovo-Nordisk A/S	0.01%	30,020	$3M	trimmed−12%	0.00 pp	5 q
PDDPDD Holdings Inc.	0.01%	57,379	$6M	trimmed−69%	−0.06 pp	5 q
POOLPool Corporation	0.01%	12,665	$4M	held	—	21 q
PTLOPortillo's Inc. Class A	0.01%	436,710	$4M	new	+0.01 pp	new
PGRProgressive Corporation	0.01%	10,100	$2M	trimmed−13%	0.00 pp	11 q
RDNTRadNet, Inc.	0.01%	35,000	$2M	held	—	4 q
RHIRobert Half Inc.	0.01%	69,689	$5M	trimmed−1%	0.00 pp	47 q
RHPRyman Hospitality Properties, Inc	0.01%	31,297	$3M	trimmed−26%	0.00 pp	3 q
THCTenet Healthcare Corporation New	0.01%	15,500	$2M	trimmed−38%	0.00 pp	3 q
PCVXVaxcyte, Inc.	0.01%	25,000	$2M	trimmed−19%	0.00 pp	2 q
XENEXenon Pharmaceuticals Inc	0.01%	100,100	$4M	held	—	13 q
ZTSZoetis Inc.	0.01%	12,500	$2M	trimmed−26%	0.00 pp	21 q
ALXAlexander's Inc.	0.00%	5,000	$1M	held	—	47 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$680,920	held	—	34 q
BLKBlackrock, Inc.	0.00%	1,200	$1M	new	0.00 pp	new
KMXCarMax Inc.	0.00%	12,582	$1M	trimmed−11%	0.00 pp	47 q
CYHCommunity Health Systems, Inc.	0.00%	100	$299	held	—	47 q
DKSDick's Sporting Goods, Inc.	0.00%	2,581	$590,636	trimmed−33%	0.00 pp	12 q
EWTXEdgewise Therapeutics, Inc.	0.00%	60,000	$2M	new	0.00 pp	new
EWEdwards Lifesciences Corp	0.00%	5,190	$384,216	held	—	47 q
EFXEquifax, Incorporated	0.00%	3,000	$764,550	added+3%	0.00 pp	12 q
FASTFastenal Co	0.00%	440	$31,640	trimmed−81%	0.00 pp	47 q
GMABGenmab A/S	0.00%	31,691	$661,391	trimmed−56%	0.00 pp	17 q
GPNGlobal Payments, Inc.	0.00%	1,000	$112,060	trimmed−88%	0.00 pp	20 q
GSGoldman Sachs Group Inc.	0.00%	800	$458,096	held	—	34 q
GRALGRAIL, Inc.	0.00%	7,713	$137,677	trimmed−3%	0.00 pp	3 q
JKHYHenry (Jack) & Associates	0.00%	6,000	$1M	held	—	20 q
HDHome Depot, Inc.	0.00%	2,000	$777,980	held	—	45 q
JANXJanux Therapeutics, Inc.	0.00%	6,000	$321,240	new	0.00 pp	new
KYMRKymera Therapeutics, Inc.	0.00%	25,000	$1M	held	—	2 q
LRCXLam Research Corp	0.00%	9,019	$651,442	added+9%	0.00 pp	12 q
LFUSLittelfuse Inc	0.00%	2,836	$668,303	added+22%	0.00 pp	36 q
TROWT Rowe Price Group Inc	0.00%	15,260	$2M	held	—	47 q
PGProcter & Gamble Company	0.00%	1,796	$301,099	held	—	34 q
QCOMQualcomm Inc	0.00%	4,000	$614,480	held	—	34 q
RIVNRivian Automotive, Inc. Class A	0.00%	64,389	$856,374	trimmed−72%	−0.01 pp	13 q
HOODRobinhood Markets, Inc. Class A	0.00%	8,000	$298,080	new	0.00 pp	new
RCKTRocket Pharmaceuticals, Inc.	0.00%	75,000	$942,750	trimmed−92%	−0.04 pp	10 q
SJMThe J.M. Smucker Company	0.00%	251	$27,640	held	—	34 q
RAREUltragenyx Pharmaceutical Inc.	0.00%	40,000	$2M	trimmed−17%	−0.01 pp	2 q
VGTVanguard Information Technology ETF	0.00%	966	$600,659	new	0.00 pp	new
VCTRVictory Capital Holdings, Inc. Class A	0.00%	16,596	$1M	held	—	9 q
WYWeyerhaeuser Company	0.00%	54,548	$2M	new	0.00 pp	new
WDAYWorkday, Inc. Class A	0.00%	1,578	$407,171	held	—	16 q
BHVNBiohaven Ltd.	0.00%	44,000	$2M	trimmed−2%	−0.01 pp	3 q
CINTCI&T Inc	0.00%	25,000	$151,750	trimmed−3%	0.00 pp	13 q
ESNTEssent Group LTD	0.00%	18,653	$1M	held	—	34 q
MANUManchester United PLC	0.00%	111,479	$2M	held	—	47 q
TBLATaboola.com Ltd.	0.00%	120,899	$441,281	held	—	15 q
WVEWave Life Sciences Ltd.	0.00%	85,000	$1M	new	0.00 pp	new
REXRRexford Industrial Realty, Inc.	—	−1,526,016	—	exited	−0.20 pp	—
CZRCaesars Entertainment, Inc.	—	−1,482,755	—	exited	−0.16 pp	—
PLDPrologis, Inc.	—	−381,980	—	exited	−0.13 pp	—
AMTAmerican Tower Corporation	—	−192,717	—	exited	−0.12 pp	—
INVHInvitation Homes Inc.	—	−905,787	—	exited	−0.08 pp	—
FOXFFox Factory Holding Corp.	—	−500,000	—	exited	−0.06 pp	—
AMDAdvanced Micro Devices	—	−105,364	—	exited	−0.05 pp	—
LINELineage, Inc.	—	−261,228	—	exited	−0.05 pp	—
YUMCYum China Holdings, Inc.	—	−392,632	—	exited	−0.05 pp	—
COLDAmericold Realty Trust, Inc.	—	−500,000	—	exited	−0.04 pp	—
FBINFortune Brands Innovations, Inc.	—	−106,410	—	exited	−0.03 pp	—
ELVElevance Health, Inc.	—	−11,600	—	exited	−0.02 pp	—
LEGNLegend Biotech Corporation	—	−168,158	—	exited	−0.02 pp	—
MRKMerck & Co., Inc.	—	−52,400	—	exited	−0.02 pp	—
TKOTKO Group Holdings, Inc.	—	−51,331	—	exited	−0.02 pp	—
ACVAACV Auctions Inc.	—	−156,395	—	exited	−0.01 pp	—
FRTFederal Realty Investment Trust	—	−17,880	—	exited	−0.01 pp	—
FRFirst Industrial Realty Trust, Inc.	—	−91,396	—	exited	−0.01 pp	—
MLMMartin Marietta Materials	—	−10,068	—	exited	−0.01 pp	—
REGNRegeneron Pharmaceuticals Inc	—	−4,500	—	exited	−0.01 pp	—
BLQADBlackrock Inc	—	−1,200	—	exited	0.00 pp	—
ENVEnvestnet, Inc.	—	−17,087	—	exited	0.00 pp	—
IMVTImmunovant, Inc.	—	−30,000	—	exited	0.00 pp	—
unresolvedInnovid Corp	—	−191,161	—	exited	0.00 pp	—
LBRDKLiberty Broadband Corporation Class C	—	−12,749	—	exited	0.00 pp	—
MDBMongoDB, Inc. Class A	—	−1,661	—	exited	0.00 pp	—
PSAPublic Storage	—	−1	—	exited	0.00 pp	—
SGRYSurgery Partners, Inc.	—	−40,000	—	exited	0.00 pp	—
VWOVanguard FTSE Emerging Markets ETF	—	−14,069	—	exited	0.00 pp	—