Baron Capital

Q1 2025 13F · by Ron Baron, CEO

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $34.0B · prev $38.7B
Positions: 314 · prev 316
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%

Moves297 since the prior filing

+5.8 pp in · −6.2 pp out

New 29 +2.09 pp
Added 101 +3.71 pp
Trimmed 136 −5.26 pp
Exited 31 −0.97 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.0 years per position

Low
Moderate
High

Top 5 positions29% of US stock

Positions314 in this filing · 31 exited


TSLATesla, Inc.	10.82%	14,213,133	$3.7B	trimmed−3%	−4.40 pp	45 q
ACGLArch Capital Group Ltd	5.64%	19,966,752	$1.9B	trimmed−2%	+0.76 pp	48 q
ITGartner, Inc.	4.65%	3,771,609	$1.6B	trimmed−4%	−0.25 pp	48 q
CSGPCoStar Group Inc	4.43%	19,032,522	$1.5B	trimmed−1%	+0.88 pp	48 q
MSCIMSCI, Inc.	3.44%	2,071,653	$1.2B	trimmed−3%	+0.13 pp	48 q
GWREGuidewire Software, Inc.	3.12%	5,667,682	$1.1B	trimmed−4%	+0.54 pp	48 q
FDSFactset Research Systems	3.00%	2,248,026	$1.0B	trimmed−5%	+0.08 pp	48 q
IDXXIdexx Laboratories Inc	2.54%	2,059,777	$865M	added+3%	+0.40 pp	48 q
KNSLKinsale Capital Group, Inc.	2.49%	1,738,858	$846M	added+1%	+0.41 pp	34 q
MTNVail Resorts, Inc.	2.48%	5,284,222	$846M	trimmed−0%	−0.08 pp	48 q
HHyatt Hotels Corporation	2.08%	5,788,963	$709M	added+4%	−0.17 pp	48 q
CHHChoice Hotels Intnl.	1.82%	4,673,034	$620M	trimmed−0%	+0.10 pp	48 q
SCHWThe Charles Schwab Corporation	1.66%	7,224,168	$566M	added0%	+0.28 pp	48 q
RRRRed Rock Resorts, Inc. Class A	1.48%	11,602,411	$503M	added+2%	+0.12 pp	36 q
SPOTSpotify Technology S.A.	1.43%	887,956	$488M	trimmed−1%	+0.39 pp	28 q
PRIPrimerica, Inc.	1.34%	1,603,930	$456M	trimmed−3%	+0.18 pp	48 q
GLPIGaming and Leisure Properties, Inc.	1.14%	7,594,545	$387M	trimmed−3%	+0.17 pp	46 q
MORNMorningstar, Inc.	1.14%	1,299,508	$390M	trimmed−0%	0.00 pp	48 q
VRSKVerisk Analytics, Inc.	1.06%	1,212,494	$361M	trimmed−3%	+0.17 pp	48 q
MTDMettler-Toledo International	0.97%	280,925	$332M	trimmed−0%	+0.08 pp	48 q
NVDANvidia Corp	0.91%	2,872,061	$311M	added+1%	−0.08 pp	27 q
AKXAnsys Inc	0.79%	852,310	$270M	trimmed−40%	−0.44 pp	48 q
FIGSFIGS, Inc.	0.79%	58,671,584	$269M	added+90%	+0.30 pp	16 q
IRDMIridium Communications Inc.	0.74%	9,271,284	$253M	trimmed−14%	−0.07 pp	44 q
SHOPShopify Inc. Class A subordinate voting shares	0.71%	2,519,934	$241M	trimmed−2%	0.00 pp	22 q
VRTVertiv Holdings Co Class A	0.63%	2,966,603	$214M	added+8%	−0.18 pp	21 q
SITESiteOne Landscape Supply, Inc.	0.61%	1,699,711	$206M	added+3%	+0.05 pp	36 q
AMZNAmazon.Com Inc	0.60%	1,080,478	$206M	added0%	−0.01 pp	48 q
WELLWelltower Inc.	0.60%	1,322,247	$203M	added+15%	+0.22 pp	13 q
BABAAlibaba Group Holding Limited	0.59%	1,522,815	$201M	added+6%	+0.28 pp	43 q
TECHBio-Techne Corp.	0.56%	3,275,806	$192M	trimmed−21%	−0.21 pp	42 q
DAYDayforce, Inc.	0.54%	3,140,432	$183M	trimmed−11%	−0.12 pp	28 q
HLIHoulihan Lokey, Inc.	0.54%	1,144,179	$185M	held	—	30 q
BIRKBirkenstock Holding plc	0.54%	4,024,351	$185M	added+20%	+0.05 pp	6 q
CBRECbre Group, Inc.	0.52%	1,362,945	$178M	trimmed−2%	+0.05 pp	48 q
ONONOn Holding AG	0.52%	4,007,218	$176M	added+27%	+0.07 pp	13 q
METAMeta Platforms, Inc. Class A	0.48%	281,113	$162M	added0%	+0.05 pp	48 q
BFAMBright Horizons Family Solutions Inc.	0.47%	1,250,197	$159M	trimmed−20%	+0.02 pp	48 q
FICOFair Isaac Corporation	0.47%	86,240	$159M	trimmed−8%	−0.01 pp	22 q
CNSCohen & Steers Inc.	0.46%	1,943,882	$156M	trimmed−3%	−0.02 pp	48 q
AMTAmerican Tower Corporation	0.45%	699,676	$152M	new	+0.45 pp	new
IBKRInteractive Brokers Group, Inc. Class A	0.44%	913,967	$151M	held	—	9 q
ROPRoper Technologies, Inc.	0.44%	253,492	$149M	added0%	+0.10 pp	48 q
TDGTransDigm Group Incorporated	0.44%	107,844	$149M	held	—	48 q
CWANClearwater Analytics Hds-a	0.43%	5,428,892	$145M	added+2%	+0.05 pp	15 q
INTAIntapp, Inc.	0.43%	2,510,962	$147M	added+1%	+0.02 pp	5 q
BWINThe Baldwin Insurance Group, Inc. Class A	0.40%	3,010,000	$135M	held	—	22 q
GTLSChart Inds Inc	0.40%	951,203	$137M	trimmed−0%	−0.07 pp	13 q
KTOSKratos Defense & Security Solutions, Inc.	0.40%	4,609,546	$137M	added+5%	+0.10 pp	21 q
MSFTMicrosoft Corp	0.40%	364,015	$137M	trimmed−37%	−0.23 pp	30 q
ARGXargenx SE	0.37%	213,400	$126M	trimmed−12%	−0.02 pp	30 q
MELIMercado Libre, Inc	0.37%	65,366	$128M	added+12%	+0.11 pp	27 q
APHAmphenol Corporation	0.36%	1,853,052	$122M	added0%	+0.03 pp	24 q
CPNGCoupang, Inc.	0.36%	5,512,511	$121M	trimmed−4%	+0.03 pp	17 q
ICLRIcon Plc	0.36%	704,485	$123M	trimmed−4%	−0.04 pp	48 q
YMMFull Truck Alliance Co. Ltd.	0.35%	9,215,706	$118M	trimmed−9%	+0.07 pp	14 q
JLLJones Lang LaSalle, Inc.	0.34%	471,841	$117M	added+12%	+0.06 pp	23 q
EQIXEquinix, Inc.	0.33%	139,288	$114M	trimmed−52%	−0.38 pp	41 q
PLNTPlanet Fitness, Inc.	0.33%	1,150,000	$111M	trimmed−8%	+0.01 pp	29 q
BNBrookfield Corporation	0.31%	2,016,864	$106M	trimmed−16%	−0.05 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.31%	643,097	$107M	trimmed−27%	−0.14 pp	48 q
RBCRBC Bearings Incorporated	0.30%	321,907	$104M	trimmed−0%	+0.05 pp	42 q
TTDThe Trade Desk, Inc.	0.30%	1,870,626	$102M	added+16%	−0.19 pp	34 q
PARPAR Technology Corp.	0.29%	1,613,953	$99M	added+51%	+0.09 pp	27 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.28%	834,882	$94M	trimmed−7%	+0.03 pp	23 q
DKNGDraftKings Inc. Class A	0.27%	2,740,463	$91M	added+10%	+0.03 pp	20 q
FNDFloor & Decor Holdings, Inc.	0.27%	1,126,717	$91M	added0%	−0.02 pp	32 q
TREXTrex Company, Inc.	0.27%	1,610,258	$94M	trimmed−25%	−0.11 pp	45 q
WSTWest Pharmaceutical Services, Inc.	0.27%	416,148	$93M	trimmed−4%	−0.10 pp	48 q
EFOREverforth, Inc.	0.26%	1,416,680	$89M	trimmed−10%	−0.08 pp	27 q
CAKECheesecake Factory (The)	0.26%	1,800,000	$88M	trimmed−10%	+0.01 pp	48 q
FWONKLiberty Media Corporation Series C	0.26%	1,000,000	$90M	held	—	7 q
PLDPrologis, Inc.	0.26%	792,536	$89M	new	+0.26 pp	new
AVGOBroadcom Inc.	0.25%	512,071	$86M	added+6%	−0.04 pp	13 q
DRVNDriven Brands Holdings Inc.	0.25%	5,000,000	$86M	added+5%	+0.05 pp	17 q
JBTMJBT Marel Corporation	0.25%	700,000	$86M	held	—	33 q
TTANServiceTitan, Inc. Class A	0.25%	889,075	$85M	added+30%	+0.07 pp	2 q
VEEVVeeva Systems Inc.	0.25%	368,180	$85M	trimmed−6%	+0.04 pp	32 q
KRMNKarman Holdings Inc.	0.24%	2,400,648	$80M	new	+0.24 pp	new
LLYVKLiberty Media Corp-liberty-c	0.24%	1,189,358	$81M	added+4%	+0.04 pp	7 q
PWRQuanta Services, Inc.	0.24%	325,868	$83M	added+1%	−0.02 pp	9 q
CYBRCyberark Software LTD/ISRAEL	0.24%	237,537	$80M	trimmed−10%	+0.01 pp	10 q
GDSGDS Holdings Limited	0.23%	3,067,405	$78M	trimmed−54%	−0.18 pp	5 q
ROLRollins, Inc.	0.23%	1,424,912	$77M	trimmed−8%	+0.04 pp	35 q
COOThe Cooper Companies, Inc.	0.22%	887,945	$75M	trimmed−2%	0.00 pp	5 q
IBPInstalled Building Products, Inc.	0.22%	443,444	$76M	trimmed−3%	+0.01 pp	30 q
LVSLas Vegas Sands Corp.	0.22%	1,953,565	$75M	added+20%	0.00 pp	14 q
AMHAmerican Homes 4 Rent	0.21%	1,898,519	$72M	added×2.7	+0.14 pp	32 q
AAPLApple Inc.	0.21%	320,866	$71M	added+7%	+0.01 pp	11 q
BXBlackstone Inc.	0.21%	509,556	$71M	trimmed−35%	−0.14 pp	13 q
HEI.AHeico Corp Cl A	0.21%	346,699	$73M	held	—	29 q
HLTHilton Worldwide Holdings Inc.	0.21%	309,437	$70M	trimmed−3%	+0.01 pp	10 q
TRUTransUnion	0.21%	871,618	$72M	trimmed−0%	0.00 pp	32 q
WYNNWynn Resorts Ltd	0.21%	854,666	$71M	added×7.8	+0.19 pp	9 q
BAPCredicorp LTD	0.21%	383,588	$71M	trimmed−5%	+0.02 pp	16 q
CGThe Carlyle Group Inc.	0.20%	1,587,053	$69M	trimmed−15%	−0.04 pp	16 q
VMRKVivmark Residential	0.20%	959,081	$69M	trimmed−10%	0.00 pp	33 q
HQYHealthEquity, Inc	0.20%	785,000	$69M	added+1%	+0.01 pp	43 q
INSPInspire Medical Systems, Inc.	0.20%	422,693	$67M	added+22%	+0.03 pp	25 q
PCORProcore Technologies, Inc.	0.20%	1,024,064	$68M	added+3%	+0.01 pp	7 q
EXKExact Sciences Corp	0.19%	1,472,714	$64M	added+65%	+0.06 pp	9 q
GTLBGitLab Inc. Class A	0.19%	1,353,990	$64M	added+5%	0.00 pp	14 q
IRTIndependence Realty Trust Inc.	0.19%	3,103,678	$66M	added+81%	+0.10 pp	4 q
ISRGIntuitive Surgical Inc.	0.19%	133,504	$66M	trimmed−9%	−0.01 pp	34 q
NEOGNeogen Corp	0.19%	7,543,907	$65M	trimmed−11%	−0.08 pp	48 q
ZLABZai Lab Limited	0.19%	1,829,494	$66M	trimmed−4%	+0.06 pp	29 q
SNOWSnowflake Inc.	0.18%	415,209	$61M	added+49%	+0.07 pp	19 q
VVISA Inc.	0.18%	171,099	$60M	trimmed−0%	+0.04 pp	48 q
ODDODDITY Tech Ltd. Class A	0.18%	1,427,745	$62M	trimmed−0%	+0.02 pp	7 q
BAMBrookfield Asset Management Ltd.	0.17%	1,200,503	$58M	trimmed−11%	−0.02 pp	10 q
CGNXCognex Corp	0.17%	1,900,000	$57M	added+19%	+0.02 pp	48 q
DDOGDatadog, Inc. Class A	0.17%	578,764	$57M	added+9%	−0.03 pp	23 q
TWTradeweb Markets Inc. Class A	0.17%	391,236	$58M	added0%	+0.04 pp	24 q
VNOVornado Realty Trust	0.17%	1,550,465	$57M	trimmed−37%	−0.10 pp	3 q
FAFirst Advantage Corporation	0.16%	3,750,000	$53M	held	—	16 q
LPLALPL Financial Holdings Inc.	0.16%	165,251	$54M	added+38%	+0.06 pp	14 q
MASIMasimo Corporation	0.16%	317,282	$53M	added+3%	+0.03 pp	5 q
TOLToll Brothers, Inc.	0.16%	523,157	$55M	added+10%	+0.01 pp	20 q
VMCVulcan Materials Company(Holding Company)	0.16%	232,002	$54M	added+57%	+0.06 pp	25 q
LPXLouisiana-Pacific Corp.	0.15%	542,024	$50M	trimmed−6%	0.00 pp	4 q
MACThe Macerich Company	0.15%	3,047,952	$52M	trimmed−35%	−0.09 pp	5 q
MRCYMercury Systems Inc.	0.15%	1,196,046	$52M	trimmed−0%	+0.02 pp	41 q
NCNOnCino, Inc.	0.15%	1,832,925	$50M	added+9%	0.00 pp	19 q
NOWServicenow, Inc.	0.15%	64,442	$51M	trimmed−10%	−0.05 pp	39 q
TXRHTexas Roadhouse, Inc.	0.15%	297,701	$50M	added+11%	+0.02 pp	12 q
CRHCRH Public Limited Company	0.15%	566,834	$50M	new	+0.15 pp	new
AVNTAvient Corporation	0.14%	1,250,000	$46M	trimmed−17%	−0.02 pp	22 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.14%	3,000,000	$47M	held	—	21 q
MAMastercard Incorporated	0.14%	84,998	$47M	trimmed−28%	−0.02 pp	48 q
SSNCSS&C Technologies Inc	0.14%	575,802	$48M	trimmed−4%	+0.02 pp	48 q
TMHCTaylor Morrison Home Corporation	0.14%	787,616	$47M	new	+0.14 pp	new
HEIHEICO Corporation	0.13%	162,433	$43M	held	—	28 q
ITGRInteger Holdings Corporation	0.13%	384,055	$45M	added+31%	+0.03 pp	4 q
MSGSMadison Square Garden Sports Corp.	0.13%	225,000	$44M	held	—	38 q
SSentinelOne, Inc.	0.13%	2,356,935	$43M	added+1%	0.00 pp	7 q
TMETencent Music Entertainment Group	0.13%	3,125,112	$45M	added+1%	+0.04 pp	5 q
UTZUtz Brands, Inc.	0.13%	3,250,000	$46M	held	—	20 q
WCNWaste Connections, Inc.	0.13%	225,000	$44M	trimmed−25%	0.00 pp	35 q
TEAMAtlassian Corporation Class A	0.12%	190,889	$41M	added+40%	+0.03 pp	10 q
CDWCDW Corporation	0.12%	262,033	$42M	trimmed−6%	−0.01 pp	32 q
IEXIDEX Corporation	0.12%	222,991	$40M	trimmed−15%	−0.02 pp	43 q
INDIindie Semiconductor, Inc. Class A	0.12%	20,481,379	$42M	added+3%	−0.09 pp	16 q
LOWLowe's Companies Inc.	0.12%	179,711	$42M	trimmed−10%	−0.01 pp	26 q
IOTSamsara Inc.	0.12%	1,098,803	$42M	added+62%	+0.04 pp	4 q
AFYAAfya Limited Class A	0.12%	2,231,842	$40M	trimmed−6%	+0.02 pp	23 q
CDNACareDx, Inc.	0.11%	2,190,006	$39M	trimmed−1%	−0.01 pp	5 q
NPOEnpro Inc.	0.11%	233,415	$38M	added+66%	+0.05 pp	2 q
JDJD.com, Inc.	0.11%	873,239	$36M	trimmed−29%	0.00 pp	3 q
ONTOnterris, Inc.	0.11%	2,695,682	$38M	added+18%	0.00 pp	19 q
STVNStevanato Group S.p.A.	0.11%	1,848,522	$38M	added+2%	+0.01 pp	14 q
WMSAdvanced Drainage Systems, Inc.	0.10%	307,855	$33M	new	+0.10 pp	new
AEISAdvanced Energy Industries Inc	0.10%	366,287	$35M	added+1%	−0.01 pp	22 q
AVBAvalonBay Communities, Inc.	0.10%	165,285	$35M	trimmed−18%	−0.01 pp	15 q
BAHBooz Allen Hamilton Holding Corporation	0.10%	311,265	$33M	trimmed−8%	−0.01 pp	12 q
DEIDouglas Emmett, Inc.	0.10%	2,123,363	$34M	trimmed−67%	−0.21 pp	48 q
GFIGold Fields Ltd	0.10%	1,493,568	$33M	trimmed−25%	+0.03 pp	13 q
JBIJanus International Group, Inc.	0.10%	4,840,000	$35M	trimmed−16%	−0.01 pp	16 q
LYVLive Nation Entertainment Inc.	0.10%	265,000	$35M	added+36%	+0.03 pp	2 q
RDNTRadNet, Inc.	0.10%	710,000	$35M	added×20.3	+0.09 pp	5 q
WINGWingstop Inc	0.10%	150,392	$34M	new	+0.10 pp	new
ZSZscaler, Inc.	0.10%	175,654	$35M	added+22%	+0.03 pp	29 q
WTWWillis Towers Watson Public Limited Company	0.10%	96,358	$33M	held	—	37 q
ACLXArcellx, Inc.	0.09%	467,261	$31M	added+34%	+0.02 pp	8 q
AXONAxon Enterprise, Inc.	0.09%	57,412	$30M	trimmed−63%	−0.15 pp	13 q
DXCMDexCom, Inc.	0.09%	432,500	$30M	held	—	48 q
GCMGGCM Grosvenor Inc. Class A	0.09%	2,200,000	$29M	held	—	3 q
BEKEKE Holdings Inc.	0.09%	1,549,042	$31M	new	+0.09 pp	new
MCMoelis & Company	0.09%	527,186	$31M	held	—	44 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.09%	56,890	$30M	added+5%	+0.02 pp	29 q
ESTAEstablishment Labs Holdings Inc.	0.09%	746,782	$30M	trimmed−1%	0.00 pp	16 q
FROGJFrog Ltd.	0.09%	1,000,000	$32M	added+38%	+0.03 pp	2 q
DLRDigital Realty Trust, Inc.	0.08%	201,007	$29M	trimmed−68%	−0.21 pp	21 q
DUOLDuolingo, Inc. Class A	0.08%	86,838	$27M	trimmed−5%	0.00 pp	3 q
DTDynatrace, Inc.	0.08%	597,089	$28M	added+3%	0.00 pp	23 q
EXPOExponent Inc	0.08%	334,309	$27M	added+7%	+0.01 pp	5 q
EXRExtra Space Storage, Inc.	0.08%	194,207	$29M	new	+0.08 pp	new
LLYEli Lilly & Co.	0.08%	32,844	$27M	added+64%	+0.04 pp	12 q
MPWRMonolithic Power Systems, Inc.	0.08%	49,805	$29M	added×5.9	+0.07 pp	16 q
RGENRepligen Corp	0.08%	204,969	$26M	added+28%	+0.02 pp	11 q
XYZBlock, Inc.	0.08%	498,503	$27M	added+13%	−0.02 pp	20 q
TWFGTWFG, Inc.	0.08%	867,824	$27M	trimmed−0%	+0.01 pp	3 q
VCYTVeracyte, Inc.	0.08%	876,756	$26M	trimmed−0%	−0.01 pp	24 q
NVMINova Ltd.	0.08%	156,353	$29M	added+83%	+0.04 pp	26 q
CHDNChurchill Downs Inc	0.07%	208,427	$23M	new	+0.07 pp	new
DHID.R. Horton Inc.	0.07%	198,526	$25M	trimmed−46%	−0.06 pp	26 q
LILi Auto Inc.	0.07%	919,740	$23M	new	+0.07 pp	new
FWONALiberty Media Corporation Series A	0.07%	302,680	$25M	trimmed−12%	0.00 pp	7 q
LOARLoar Holdings Inc.	0.07%	339,557	$24M	added×2.5	+0.04 pp	4 q
SPGIS&P Global Inc.	0.07%	45,011	$23M	held	—	29 q
VRNSVaronis Systems, Inc.	0.07%	608,079	$25M	trimmed−0%	0.00 pp	24 q
VRSNVeriSign Inc	0.07%	88,404	$22M	trimmed−16%	+0.01 pp	48 q
XPXP Inc. Class A	0.07%	1,661,829	$23M	trimmed−4%	+0.02 pp	22 q
CDROCodere Online Luxembourg, S.A.	0.07%	3,503,284	$25M	held	—	14 q
WIXWIX.com Ltd.	0.07%	148,431	$24M	trimmed−14%	−0.03 pp	34 q
ALKTAlkami Technology, Inc.	0.06%	736,825	$19M	added+32%	+0.01 pp	16 q
GOOGLAlphabet Inc. Class A	0.06%	130,108	$20M	added+20%	+0.01 pp	39 q
BASECouchbase, Inc.	0.06%	1,395,158	$22M	trimmed−0%	0.00 pp	15 q
HUBSHubspot, Inc.	0.06%	33,905	$19M	trimmed−6%	0.00 pp	17 q
JEFJefferies Financial Group Inc.	0.06%	379,528	$20M	added+36%	0.00 pp	14 q
KRCKilroy Realty Corp.	0.06%	659,304	$22M	trimmed−55%	−0.09 pp	2 q
LENLennar Corporation Class A	0.06%	184,914	$21M	trimmed−48%	−0.06 pp	26 q
RPAYRepay Holdings Corporation Class A	0.06%	3,750,000	$21M	held	—	22 q
SITMSiTime Corporation	0.06%	128,356	$20M	added+58%	+0.01 pp	9 q
TMOThermo Fisher Scientific, Inc.	0.06%	37,635	$19M	trimmed−10%	0.00 pp	23 q
ASMLASML Holding NV	0.06%	29,038	$19M	trimmed−45%	−0.04 pp	47 q
ABNBAirbnb, Inc. Class A	0.05%	134,000	$16M	held	—	3 q
AREAlexandria Real Estate Equities, Inc.	0.05%	196,326	$18M	trimmed−71%	−0.12 pp	48 q
GOOGAlphabet Inc. Class C	0.05%	109,973	$17M	trimmed−7%	−0.01 pp	44 q
APOApollo Global Management, Inc.	0.05%	128,830	$18M	trimmed−5%	−0.01 pp	9 q
CRWDCrowdStrike Holdings, Inc. Class A	0.05%	52,123	$18M	trimmed−24%	−0.01 pp	24 q
EPACEnerpac Tool Group Corp.	0.05%	406,245	$18M	trimmed−1%	+0.01 pp	4 q
EXPEExpedia Group, Inc.	0.05%	110,979	$19M	trimmed−74%	−0.16 pp	2 q
KKRKKR & Co. Inc.	0.05%	158,108	$18M	added+29%	0.00 pp	4 q
DNUTKrispy Kreme, Inc.	0.05%	3,645,959	$18M	trimmed−72%	−0.29 pp	15 q
MCOMoody's Corporation	0.05%	36,029	$17M	trimmed−5%	0.00 pp	28 q
SAILSailPoint, Inc.	0.05%	842,712	$16M	new	+0.05 pp	new
TEMTempus AI, Inc. Class A	0.05%	331,565	$16M	trimmed−15%	+0.02 pp	4 q
VTRVentas, Inc.	0.05%	230,611	$16M	added+9%	+0.02 pp	4 q
XPEVXPeng Inc.	0.05%	852,979	$18M	new	+0.05 pp	new
ANETArista Networks	0.04%	184,499	$14M	added+9%	−0.01 pp	2 q
BSXBoston Scientific Corp.	0.04%	144,000	$15M	trimmed−9%	0.00 pp	8 q
DHRDanaher Corporation	0.04%	72,419	$15M	held	—	29 q
EGPEastGroup Properties Inc.	0.04%	82,248	$14M	new	+0.04 pp	new
DAVAEndava plc	0.04%	653,368	$13M	trimmed−3%	−0.01 pp	27 q
INTUIntuit Inc	0.04%	24,568	$15M	added+18%	+0.01 pp	21 q
NOVTNovanta Inc.	0.04%	102,927	$13M	held	—	32 q
SGMLSigma Lithium Corporation	0.04%	1,394,144	$14M	added+16%	+0.01 pp	2 q
NUNu Holdings Ltd.	0.04%	1,203,068	$12M	trimmed−62%	−0.04 pp	8 q
BILLBILL Holdings, Inc.	0.03%	195,676	$9M	added+1%	−0.01 pp	22 q
HLLYHolley Inc.	0.03%	4,000,000	$10M	held	—	15 q
ILMNIllumina Inc	0.03%	139,133	$11M	trimmed−66%	−0.11 pp	48 q
RHRh	0.03%	42,968	$10M	added+31%	0.00 pp	10 q
SPGSimon Property Group, Inc.	0.03%	59,134	$10M	trimmed−6%	0.00 pp	6 q
TRNSTranscat Inc	0.03%	154,024	$11M	new	+0.03 pp	new
VKTXViking Therapeutics, Inc	0.03%	402,207	$10M	added+4%	−0.01 pp	6 q
WYWeyerhaeuser Company	0.03%	340,548	$10M	added×6.2	+0.03 pp	2 q
GLOBGlobant S.a.	0.03%	82,912	$10M	trimmed−5%	−0.02 pp	36 q
FVRRFiverr International Ltd.	0.03%	487,578	$12M	trimmed−1%	−0.01 pp	24 q
AAgilent Technologies Inc.	0.02%	48,637	$6M	trimmed−38%	−0.01 pp	48 q
ADCAgree Realty Corporation	0.02%	108,132	$8M	added+19%	0.00 pp	3 q
AZNNAstrazeneca Plc-spons ADR	0.02%	113,353	$8M	added+5%	0.00 pp	28 q
BYDBoyd Gaming Corporation	0.02%	79,700	$5M	trimmed−2%	0.00 pp	33 q
CMECME Group Inc.	0.02%	27,011	$7M	added+3%	0.00 pp	48 q
COSTCostco Wholesale Corp	0.02%	6,349	$6M	trimmed−14%	0.00 pp	29 q
CCICrown Castle Inc.	0.02%	79,830	$8M	new	+0.02 pp	new
FRFirst Industrial Realty Trust, Inc.	0.02%	112,719	$6M	new	+0.02 pp	new
AHRAmerican Healthcare REIT, Inc.	0.02%	207,859	$6M	added+10%	+0.01 pp	2 q
INVHInvitation Homes Inc.	0.02%	175,219	$6M	new	+0.02 pp	new
MBLYMobileye Global Inc. Class A	0.02%	421,200	$6M	added+10%	0.00 pp	10 q
PDDPDD Holdings Inc.	0.02%	63,654	$8M	added+11%	+0.01 pp	6 q
PRMBPrimo Brands Corporation	0.02%	212,954	$8M	new	+0.02 pp	new
SBACSBA Communications Corp	0.02%	30,200	$7M	trimmed−34%	0.00 pp	34 q
STEPStepStone Group Inc. Class A	0.02%	140,515	$7M	held	—	9 q
SYKStryker Corporation	0.02%	22,000	$8M	held	—	6 q
TXNTexas Instruments Incorporated	0.02%	30,401	$5M	trimmed−6%	0.00 pp	29 q
VRTXVertex Pharmaceuticals Inc	0.02%	12,000	$6M	trimmed−33%	0.00 pp	12 q
ACNAccenture PLC	0.02%	19,102	$6M	trimmed−25%	0.00 pp	29 q
AEMAgnico Eagle Mines Ltd.	0.01%	39,728	$4M	trimmed−19%	0.00 pp	13 q
AGYSAgilysys, Inc. (DE)	0.01%	27,165	$2M	new	+0.01 pp	new
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.01%	99,783	$2M	new	+0.01 pp	new
CERTCertara, Inc.	0.01%	315,000	$3M	held	—	18 q
CFLTConfluent, Inc. Class A	0.01%	105,000	$2M	new	+0.01 pp	new
FISVFiserv, Inc.	0.01%	13,000	$3M	held	—	11 q
FRPTFreshpet, Inc.	0.01%	26,133	$2M	new	+0.01 pp	new
GKOSGlaukos Corporation	0.01%	20,500	$2M	added+3%	0.00 pp	4 q
HDBHDFC Bank Limited	0.01%	53,595	$4M	added+15%	0.00 pp	14 q
DOCHealthpeak Properties, Inc.	0.01%	243,920	$5M	added+76%	0.00 pp	4 q
HGVHilton Grand Vacations Inc.	0.01%	110,200	$4M	held	—	33 q
INSMInsmed, Inc.	0.01%	60,000	$5M	held	—	3 q
VACMarriott Vacations Worldwide Corporation	0.01%	44,371	$3M	trimmed−10%	0.00 pp	48 q
MCKMcKesson Corporation	0.01%	4,500	$3M	new	+0.01 pp	new
MRPMillrose Properties, Inc.	0.01%	171,526	$5M	new	+0.01 pp	new
MUFGMitsubishi UFJ Financial Group, Inc.	0.01%	295,681	$4M	held	—	9 q
NVONovo-Nordisk A/S	0.01%	35,662	$2M	added+19%	0.00 pp	6 q
PENPenumbra, Inc.	0.01%	10,000	$3M	new	+0.01 pp	new
POOLPool Corporation	0.01%	15,762	$5M	added+24%	0.00 pp	22 q
PTLOPortillo's Inc. Class A	0.01%	384,549	$5M	trimmed−12%	0.00 pp	2 q
PGRProgressive Corporation	0.01%	10,000	$3M	trimmed−1%	0.00 pp	12 q
RHIRobert Half Inc.	0.01%	60,971	$3M	trimmed−13%	0.00 pp	48 q
WATWaters Corp	0.01%	12,000	$4M	new	+0.01 pp	new
XENEXenon Pharmaceuticals Inc	0.01%	100,100	$3M	held	—	14 q
ZTSZoetis Inc.	0.01%	12,500	$2M	held	—	22 q
DBDeutsche Bank Aktiengesellschaft	0.01%	198,844	$5M	new	+0.01 pp	new
ALXAlexander's Inc.	0.00%	5,000	$1M	held	—	48 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$798,442	held	—	35 q
BNTXBioNTech SE	0.00%	7,675	$698,885	trimmed−63%	−0.01 pp	18 q
BLKBlackrock, Inc.	0.00%	1,100	$1M	trimmed−8%	0.00 pp	2 q
KMXCarMax Inc.	0.00%	12,020	$936,598	trimmed−4%	0.00 pp	48 q
CYHCommunity Health Systems, Inc.	0.00%	100	$270	held	—	48 q
DKSDick's Sporting Goods, Inc.	0.00%	2,581	$520,226	held	—	13 q
EWEdwards Lifesciences Corp	0.00%	5,190	$376,171	held	—	48 q
EFXEquifax, Incorporated	0.00%	3,200	$779,392	added+7%	0.00 pp	13 q
GILDGilead Sciences Inc	0.00%	8,000	$896,400	new	0.00 pp	new
GSGoldman Sachs Group Inc.	0.00%	800	$437,032	held	—	35 q
GRALGRAIL, Inc.	0.00%	7,713	$196,990	held	—	4 q
HCAHCA Healthcare, Inc.	0.00%	2,500	$863,875	trimmed−62%	−0.01 pp	10 q
JKHYHenry (Jack) & Associates	0.00%	6,000	$1M	held	—	21 q
HDHome Depot, Inc.	0.00%	2,000	$732,980	held	—	46 q
LRCXLam Research Corp	0.00%	9,019	$655,681	held	—	13 q
MANHManhattan Associates Inc	0.00%	9,539	$2M	held	—	43 q
NTRANatera, Inc.	0.00%	7,500	$1M	trimmed−79%	−0.01 pp	6 q
TROWT Rowe Price Group Inc	0.00%	4,000	$367,480	trimmed−74%	0.00 pp	48 q
PGProcter & Gamble Company	0.00%	1,796	$306,074	held	—	35 q
QCOMQualcomm Inc	0.00%	4,000	$614,440	held	—	35 q
RDDTReddit, Inc.	0.00%	8,210	$861,229	trimmed−95%	−0.07 pp	5 q
HOODRobinhood Markets, Inc. Class A	0.00%	20,000	$832,400	added×2.5	0.00 pp	2 q
SJMThe J.M. Smucker Company	0.00%	251	$29,721	held	—	35 q
THCTenet Healthcare Corporation New	0.00%	12,500	$2M	trimmed−19%	−0.01 pp	4 q
VGTVanguard Information Technology ETF	0.00%	152	$82,442	trimmed−84%	0.00 pp	2 q
VCTRVictory Capital Holdings, Inc. Class A	0.00%	16,596	$960,411	held	—	10 q
BHVNBiohaven Ltd.	0.00%	10,000	$240,400	trimmed−77%	0.00 pp	4 q
CINTCI&T Inc	0.00%	18,000	$107,460	trimmed−28%	0.00 pp	14 q
ESNTEssent Group LTD	0.00%	14,334	$827,358	trimmed−23%	0.00 pp	35 q
MANUManchester United PLC	0.00%	111,479	$1M	held	—	48 q
NARIInari Medical, Inc.	—	−1,312,528	—	exited	−0.17 pp	—
AZPNAspen Technology Inc	—	−253,214	—	exited	−0.16 pp	—
ALTRAltair Engineering Inc. Class A	—	−539,002	—	exited	−0.15 pp	—
IBTAIbotta, Inc.	—	−756,087	—	exited	−0.13 pp	—
WEXWEX Inc.	—	−203,300	—	exited	−0.09 pp	—
BZKANZHUN LIMITED American Depository Shares	—	−1,644,401	—	exited	−0.06 pp	—
CDNSCadence Design Systems	—	−33,482	—	exited	−0.03 pp	—
MRVIMaravai LifeSciences Holdings, Inc. Class A	—	−2,203,651	—	exited	−0.03 pp	—
AAONAaon Inc	—	−75,856	—	exited	−0.02 pp	—
ADBEAdobe Inc.	—	−19,136	—	exited	−0.02 pp	—
BLDRBuilders FirstSource, Inc.	—	−60,173	—	exited	−0.02 pp	—
IRMIron Mountain Inc.	—	−90,138	—	exited	−0.02 pp	—
PKPark Hotels & Resorts Inc.	—	−514,064	—	exited	−0.02 pp	—
BRXBrixmor Property Group Inc.	—	−202,319	—	exited	−0.01 pp	—
MGMMgm Resorts International	—	−131,063	—	exited	−0.01 pp	—
NDSNNordson Corp	—	−16,268	—	exited	−0.01 pp	—
RHPRyman Hospitality Properties, Inc	—	−31,297	—	exited	−0.01 pp	—
PCVXVaxcyte, Inc.	—	−25,000	—	exited	−0.01 pp	—
EWTXEdgewise Therapeutics, Inc.	—	−60,000	—	exited	0.00 pp	—
FASTFastenal Co	—	−440	—	exited	0.00 pp	—
GMABGenmab A/S	—	−31,691	—	exited	0.00 pp	—
GPNGlobal Payments, Inc.	—	−1,000	—	exited	0.00 pp	—
JANXJanux Therapeutics, Inc.	—	−6,000	—	exited	0.00 pp	—
KYMRKymera Therapeutics, Inc.	—	−25,000	—	exited	0.00 pp	—
LFUSLittelfuse Inc	—	−2,836	—	exited	0.00 pp	—
RIVNRivian Automotive, Inc. Class A	—	−64,389	—	exited	0.00 pp	—
RCKTRocket Pharmaceuticals, Inc.	—	−75,000	—	exited	0.00 pp	—
RAREUltragenyx Pharmaceutical Inc.	—	−40,000	—	exited	0.00 pp	—
WDAYWorkday, Inc. Class A	—	−1,578	—	exited	0.00 pp	—
TBLATaboola.com Ltd.	—	−120,899	—	exited	0.00 pp	—
WVEWave Life Sciences Ltd.	—	−85,000	—	exited	0.00 pp	—