Baron Capital

Q2 2025 13F · by Ron Baron, CEO

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $36.9B · prev $34.0B
Positions: 306 · prev 314
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%

Moves294 since the prior filing

+5.1 pp in · −4.9 pp out

New 20 +0.51 pp
Added 130 +4.62 pp
Trimmed 116 −3.86 pp
Exited 28 −1.05 pp

The book

Focused · behaves like 37 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.6 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions306 in this filing · 28 exited


TSLATesla, Inc.	11.21%	13,018,798	$4.1B	trimmed−8%	+0.39 pp	46 q
ACGLArch Capital Group Ltd	4.87%	19,727,230	$1.8B	trimmed−1%	−0.77 pp	49 q
CSGPCoStar Group Inc	4.29%	19,679,935	$1.6B	added+3%	−0.14 pp	49 q
ITGartner, Inc.	4.00%	3,652,761	$1.5B	trimmed−3%	−0.65 pp	49 q
GWREGuidewire Software, Inc.	3.57%	5,589,520	$1.3B	trimmed−1%	+0.45 pp	49 q
MSCIMSCI, Inc.	3.39%	2,170,333	$1.3B	added+5%	−0.05 pp	49 q
IDXXIdexx Laboratories Inc	2.96%	2,032,620	$1.1B	trimmed−1%	+0.42 pp	49 q
FDSFactset Research Systems	2.71%	2,231,916	$998M	trimmed−1%	−0.29 pp	49 q
MTNVail Resorts, Inc.	2.33%	5,475,549	$860M	added+4%	−0.15 pp	49 q
KNSLKinsale Capital Group, Inc.	2.31%	1,763,794	$853M	added+1%	−0.18 pp	35 q
HHyatt Hotels Corporation	2.25%	5,955,212	$832M	added+3%	+0.17 pp	49 q
SPOTSpotify Technology S.A.	1.95%	937,323	$719M	added+6%	+0.52 pp	29 q
SCHWThe Charles Schwab Corporation	1.74%	7,051,368	$643M	trimmed−2%	+0.08 pp	49 q
RRRRed Rock Resorts, Inc. Class A	1.73%	12,269,004	$638M	added+6%	+0.25 pp	37 q
CHHChoice Hotels Intnl.	1.72%	4,990,652	$633M	added+7%	−0.10 pp	49 q
NVDANvidia Corp	1.24%	2,889,282	$456M	added+1%	+0.33 pp	28 q
PRIPrimerica, Inc.	1.18%	1,588,874	$435M	trimmed−1%	−0.16 pp	49 q
MORNMorningstar, Inc.	1.10%	1,295,326	$407M	trimmed−0%	−0.04 pp	49 q
VRSKVerisk Analytics, Inc.	1.03%	1,214,330	$378M	added0%	−0.03 pp	49 q
GLPIGaming and Leisure Properties, Inc.	0.93%	7,365,805	$344M	trimmed−3%	−0.21 pp	47 q
FIGSFIGS, Inc.	0.92%	59,974,407	$338M	added+2%	+0.13 pp	17 q
VRTVertiv Holdings Co Class A	0.89%	2,570,600	$330M	trimmed−13%	+0.26 pp	22 q
SHOPShopify Inc. Class A subordinate voting shares	0.83%	2,664,940	$307M	added+6%	+0.12 pp	23 q
MTDMettler-Toledo International	0.76%	238,933	$281M	trimmed−15%	−0.21 pp	49 q
IRDMIridium Communications Inc.	0.69%	8,377,907	$253M	trimmed−10%	−0.05 pp	45 q
AMZNAmazon.Com Inc	0.64%	1,078,330	$237M	trimmed−0%	+0.04 pp	49 q
SITESiteOne Landscape Supply, Inc.	0.64%	1,941,817	$235M	added+14%	+0.03 pp	37 q
IBKRInteractive Brokers Group, Inc. Class A	0.63%	4,198,424	$233M	added+15%	+0.19 pp	10 q
BIRKBirkenstock Holding plc	0.60%	4,477,403	$220M	added+11%	+0.06 pp	7 q
ONONOn Holding AG	0.58%	4,139,974	$215M	added+3%	+0.06 pp	14 q
HLIHoulihan Lokey, Inc.	0.56%	1,146,143	$206M	added0%	+0.02 pp	31 q
METAMeta Platforms, Inc. Class A	0.55%	273,059	$202M	trimmed−3%	+0.07 pp	49 q
CBRECbre Group, Inc.	0.53%	1,401,833	$196M	added+3%	+0.01 pp	49 q
APHAmphenol Corporation	0.51%	1,889,030	$187M	added+2%	+0.15 pp	25 q
KTOSKratos Defense & Security Solutions, Inc.	0.51%	4,084,269	$190M	trimmed−11%	+0.11 pp	22 q
WELLWelltower Inc.	0.51%	1,228,446	$189M	trimmed−7%	−0.09 pp	14 q
MSFTMicrosoft Corp	0.45%	334,758	$167M	trimmed−8%	+0.05 pp	31 q
MELIMercado Libre, Inc	0.44%	61,514	$161M	trimmed−6%	+0.07 pp	28 q
DKNGDraftKings Inc. Class A	0.43%	3,670,460	$157M	added+34%	+0.16 pp	21 q
BFAMBright Horizons Family Solutions Inc.	0.42%	1,241,174	$153M	trimmed−1%	−0.05 pp	49 q
BNBrookfield Corporation	0.42%	2,510,075	$155M	added+24%	+0.11 pp	11 q
EQIXEquinix, Inc.	0.41%	192,418	$153M	added+38%	+0.08 pp	42 q
TTDThe Trade Desk, Inc.	0.41%	2,088,350	$150M	added+12%	+0.11 pp	35 q
AVGOBroadcom Inc.	0.40%	529,935	$146M	added+3%	+0.15 pp	14 q
GTLSChart Inds Inc	0.40%	885,306	$146M	trimmed−7%	0.00 pp	14 q
FICOFair Isaac Corporation	0.40%	80,910	$148M	trimmed−6%	−0.07 pp	23 q
TECHBio-Techne Corp.	0.39%	2,795,147	$144M	trimmed−15%	−0.17 pp	43 q
CNSCohen & Steers Inc.	0.39%	1,928,299	$145M	trimmed−1%	−0.07 pp	49 q
ROPRoper Technologies, Inc.	0.39%	253,672	$144M	added0%	−0.05 pp	49 q
CPNGCoupang, Inc.	0.38%	4,684,350	$140M	trimmed−15%	+0.02 pp	18 q
INTAIntapp, Inc.	0.38%	2,699,877	$139M	added+8%	−0.05 pp	6 q
DAYDayforce, Inc.	0.36%	2,430,492	$135M	trimmed−23%	−0.18 pp	29 q
CWANClearwater Analytics Hds-a	0.36%	6,094,715	$134M	added+12%	−0.07 pp	16 q
JLLJones Lang LaSalle, Inc.	0.36%	518,364	$133M	added+10%	+0.02 pp	24 q
PWRQuanta Services, Inc.	0.36%	354,475	$134M	added+9%	+0.12 pp	10 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.36%	579,204	$131M	trimmed−10%	+0.05 pp	49 q
TDGTransDigm Group Incorporated	0.36%	87,844	$134M	trimmed−19%	−0.08 pp	49 q
BWINThe Baldwin Insurance Group, Inc. Class A	0.35%	3,010,000	$129M	held	—	23 q
TOLToll Brothers, Inc.	0.35%	1,134,680	$130M	added×2.2	+0.19 pp	21 q
AMTAmerican Tower Corporation	0.34%	567,767	$125M	trimmed−19%	−0.11 pp	2 q
PLNTPlanet Fitness, Inc.	0.34%	1,150,000	$125M	held	—	30 q
RBCRBC Bearings Incorporated	0.34%	327,035	$126M	added+2%	+0.04 pp	43 q
WYNNWynn Resorts Ltd	0.34%	1,337,236	$125M	added+56%	+0.13 pp	10 q
KRMNKarman Holdings Inc.	0.33%	2,415,134	$122M	added+1%	+0.09 pp	2 q
PARPAR Technology Corp.	0.33%	1,751,387	$121M	added+9%	+0.04 pp	28 q
LLYVKLiberty Media Corp-liberty-c	0.31%	1,417,398	$115M	added+19%	+0.07 pp	8 q
BABAAlibaba Group Holding Limited	0.29%	948,015	$108M	trimmed−38%	−0.30 pp	44 q
IOTSamsara Inc.	0.29%	2,731,429	$109M	added×2.5	+0.17 pp	5 q
FWONKLiberty Media Corporation Series C	0.28%	1,000,000	$105M	held	—	8 q
VEEVVeeva Systems Inc.	0.28%	358,291	$103M	trimmed−3%	+0.03 pp	33 q
ARGXargenx SE	0.27%	180,733	$100M	trimmed−15%	−0.10 pp	31 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.27%	506,473	$99M	trimmed−39%	−0.01 pp	24 q
EXKExact Sciences Corp	0.27%	1,861,341	$99M	added+26%	+0.08 pp	10 q
HEI.AHeico Corp Cl A	0.27%	391,992	$101M	added+13%	+0.06 pp	30 q
TTANServiceTitan, Inc. Class A	0.27%	935,388	$100M	added+5%	+0.02 pp	3 q
ICLRIcon Plc	0.27%	690,623	$100M	trimmed−2%	−0.09 pp	49 q
CYBRCyberark Software LTD/ISRAEL	0.27%	248,101	$101M	added+4%	+0.03 pp	11 q
YMMFull Truck Alliance Co. Ltd.	0.26%	8,000,606	$94M	trimmed−13%	−0.09 pp	15 q
GDSGDS Holdings Limited	0.26%	3,153,908	$96M	added+3%	+0.03 pp	6 q
CAKECheesecake Factory (The)	0.25%	1,500,000	$94M	trimmed−17%	−0.01 pp	49 q
ODDODDITY Tech Ltd. Class A	0.25%	1,237,433	$93M	trimmed−13%	+0.07 pp	8 q
DRVNDriven Brands Holdings Inc.	0.24%	5,000,000	$88M	held	—	18 q
INDIindie Semiconductor, Inc. Class A	0.24%	25,294,776	$90M	added+24%	+0.12 pp	17 q
IBPInstalled Building Products, Inc.	0.24%	481,039	$87M	added+8%	+0.02 pp	31 q
PCORProcore Technologies, Inc.	0.24%	1,273,871	$87M	added+24%	+0.04 pp	8 q
BXBlackstone Inc.	0.23%	573,985	$86M	added+13%	+0.02 pp	14 q
DDOGDatadog, Inc. Class A	0.23%	618,233	$83M	added+7%	+0.06 pp	24 q
JBTMJBT Marel Corporation	0.23%	700,000	$84M	held	—	34 q
LPLALPL Financial Holdings Inc.	0.23%	222,479	$83M	added+35%	+0.07 pp	15 q
PLDPrologis, Inc.	0.23%	792,634	$83M	added0%	−0.03 pp	2 q
TREXTrex Company, Inc.	0.23%	1,578,464	$86M	trimmed−2%	−0.04 pp	46 q
BAPCredicorp LTD	0.23%	378,732	$85M	trimmed−1%	+0.02 pp	17 q
FNDFloor & Decor Holdings, Inc.	0.22%	1,073,912	$82M	trimmed−5%	−0.05 pp	33 q
HQYHealthEquity, Inc	0.22%	780,000	$82M	trimmed−1%	+0.02 pp	44 q
SNOWSnowflake Inc.	0.22%	368,163	$82M	trimmed−11%	+0.04 pp	20 q
CGThe Carlyle Group Inc.	0.21%	1,492,785	$77M	trimmed−6%	+0.01 pp	17 q
LLYEli Lilly & Co.	0.21%	98,639	$77M	added×3.0	+0.13 pp	13 q
ROLRollins, Inc.	0.21%	1,379,912	$78M	trimmed−3%	−0.02 pp	36 q
TRUTransUnion	0.21%	872,483	$77M	added0%	0.00 pp	33 q
CRHCRH Public Limited Company	0.21%	824,165	$76M	added+45%	+0.06 pp	2 q
EFOREverforth, Inc.	0.20%	1,446,680	$72M	added+2%	−0.06 pp	28 q
AKXAnsys Inc	0.19%	194,552	$68M	trimmed−77%	−0.60 pp	49 q
HLTHilton Worldwide Holdings Inc.	0.19%	263,473	$70M	trimmed−15%	−0.02 pp	11 q
ABNBAirbnb, Inc. Class A	0.18%	498,499	$66M	added×3.7	+0.13 pp	4 q
MASIMasimo Corporation	0.18%	384,589	$65M	added+21%	+0.02 pp	6 q
MRCYMercury Systems Inc.	0.18%	1,234,801	$67M	added+3%	+0.03 pp	42 q
VNOVornado Realty Trust	0.18%	1,722,454	$66M	added+11%	+0.01 pp	4 q
WSTWest Pharmaceutical Services, Inc.	0.18%	307,647	$67M	trimmed−26%	−0.09 pp	49 q
COOThe Cooper Companies, Inc.	0.17%	889,454	$63M	added0%	−0.05 pp	6 q
FAFirst Advantage Corporation	0.17%	3,750,000	$62M	held	—	17 q
GTLBGitLab Inc. Class A	0.17%	1,386,453	$63M	added+2%	−0.02 pp	15 q
INSPInspire Medical Systems, Inc.	0.17%	491,752	$64M	added+16%	−0.03 pp	26 q
VVISA Inc.	0.17%	177,019	$63M	added+3%	−0.01 pp	49 q
BAMBrookfield Asset Management Ltd.	0.16%	1,061,765	$59M	trimmed−12%	−0.01 pp	11 q
CGNXCognex Corp	0.16%	1,900,000	$60M	held	—	49 q
DLRDigital Realty Trust, Inc.	0.16%	328,860	$57M	added+64%	+0.08 pp	22 q
LOARLoar Holdings Inc.	0.16%	682,066	$59M	added×2.0	+0.09 pp	5 q
LPXLouisiana-Pacific Corp.	0.16%	703,548	$60M	added+30%	+0.01 pp	5 q
ONTOnterris, Inc.	0.16%	2,764,395	$61M	added+3%	+0.05 pp	20 q
NCNOnCino, Inc.	0.16%	2,052,953	$57M	added+12%	+0.01 pp	20 q
TXRHTexas Roadhouse, Inc.	0.16%	309,400	$58M	added+4%	+0.01 pp	13 q
TWTradeweb Markets Inc. Class A	0.16%	393,877	$58M	added+1%	−0.01 pp	25 q
ZSZscaler, Inc.	0.16%	184,439	$58M	added+5%	+0.06 pp	30 q
DTDynatrace, Inc.	0.15%	989,028	$55M	added+66%	+0.07 pp	24 q
NPOEnpro Inc.	0.15%	287,128	$55M	added+23%	+0.04 pp	3 q
ISRGIntuitive Surgical Inc.	0.15%	100,773	$55M	trimmed−25%	−0.04 pp	35 q
TMHCTaylor Morrison Home Corporation	0.15%	923,551	$57M	added+17%	+0.01 pp	2 q
VMCVulcan Materials Company(Holding Company)	0.15%	206,249	$54M	trimmed−11%	−0.01 pp	26 q
ZLABZai Lab Limited	0.15%	1,587,814	$56M	trimmed−13%	−0.04 pp	30 q
HEIHEICO Corporation	0.14%	162,433	$53M	held	—	29 q
ITGRInteger Holdings Corporation	0.14%	422,258	$52M	added+10%	+0.01 pp	5 q
LVSLas Vegas Sands Corp.	0.14%	1,218,193	$53M	trimmed−38%	−0.08 pp	15 q
LOWLowe's Companies Inc.	0.14%	227,311	$50M	added+26%	+0.02 pp	27 q
MAMastercard Incorporated	0.14%	89,259	$50M	added+5%	0.00 pp	49 q
NOWServicenow, Inc.	0.14%	50,157	$52M	trimmed−22%	−0.01 pp	40 q
WINGWingstop Inc	0.14%	157,034	$53M	added+4%	+0.04 pp	2 q
FROGJFrog Ltd.	0.14%	1,149,025	$50M	added+15%	+0.05 pp	3 q
AEISAdvanced Energy Industries Inc	0.13%	373,245	$49M	added+2%	+0.03 pp	23 q
AXONAxon Enterprise, Inc.	0.13%	57,329	$47M	trimmed−0%	+0.04 pp	14 q
CDWCDW Corporation	0.13%	261,984	$47M	trimmed−0%	+0.01 pp	33 q
CDNACareDx, Inc.	0.13%	2,435,657	$48M	added+11%	+0.02 pp	6 q
HNGEHinge Health, Inc.	0.13%	945,762	$49M	new	+0.13 pp	new
MSGSMadison Square Garden Sports Corp.	0.13%	225,000	$47M	held	—	39 q
SSNCSS&C Technologies Inc	0.13%	575,802	$48M	held	—	49 q
STVNStevanato Group S.p.A.	0.13%	1,888,050	$46M	added+2%	+0.02 pp	15 q
RDNTRadNet, Inc.	0.12%	810,000	$46M	added+14%	+0.02 pp	6 q
SSentinelOne, Inc.	0.12%	2,422,584	$44M	added+3%	−0.01 pp	8 q
ALKTAlkami Technology, Inc.	0.11%	1,330,484	$40M	added+81%	+0.05 pp	17 q
TEAMAtlassian Corporation Class A	0.11%	191,770	$39M	added0%	−0.01 pp	11 q
VMRKVivmark Residential	0.11%	578,128	$39M	trimmed−40%	−0.09 pp	34 q
IEXIDEX Corporation	0.11%	220,991	$39M	trimmed−1%	−0.01 pp	44 q
IRTIndependence Realty Trust Inc.	0.11%	2,256,761	$40M	trimmed−27%	−0.08 pp	5 q
LYVLive Nation Entertainment Inc.	0.11%	265,000	$40M	held	—	3 q
MACThe Macerich Company	0.11%	2,446,767	$40M	trimmed−20%	−0.04 pp	6 q
NOVTNovanta Inc.	0.11%	311,115	$40M	added×3.0	+0.07 pp	33 q
SPGSimon Property Group, Inc.	0.11%	240,938	$39M	added×4.1	+0.08 pp	7 q
TMETencent Music Entertainment Group	0.11%	2,169,909	$42M	trimmed−31%	−0.02 pp	6 q
WCNWaste Connections, Inc.	0.11%	225,000	$42M	held	—	36 q
ESTAEstablishment Labs Holdings Inc.	0.11%	907,537	$39M	added+22%	+0.02 pp	17 q
AMHAmerican Homes 4 Rent	0.10%	1,040,832	$38M	trimmed−45%	−0.11 pp	33 q
BXPBXP, Inc.	0.10%	571,810	$39M	new	+0.10 pp	new
EXPOExponent Inc	0.10%	501,239	$37M	added+50%	+0.02 pp	6 q
MPWRMonolithic Power Systems, Inc.	0.10%	51,020	$37M	added+2%	+0.02 pp	17 q
XPXP Inc. Class A	0.10%	1,910,290	$39M	added+15%	+0.03 pp	23 q
WMSAdvanced Drainage Systems, Inc.	0.09%	294,603	$34M	trimmed−4%	−0.01 pp	2 q
ACLXArcellx, Inc.	0.09%	518,009	$34M	added+11%	0.00 pp	9 q
AVNTAvient Corporation	0.09%	1,000,000	$32M	trimmed−20%	−0.05 pp	23 q
BAHBooz Allen Hamilton Holding Corporation	0.09%	314,787	$33M	added+1%	−0.01 pp	13 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.09%	3,000,000	$35M	held	—	22 q
BEKEKE Holdings Inc.	0.09%	1,789,413	$32M	added+16%	0.00 pp	2 q
FWONALiberty Media Corporation Series A	0.09%	333,317	$32M	added+10%	+0.02 pp	8 q
MCMoelis & Company	0.09%	527,186	$33M	held	—	45 q
NEOGNeogen Corp	0.09%	6,851,534	$33M	trimmed−9%	−0.10 pp	49 q
RGENRepligen Corp	0.09%	274,443	$34M	added+34%	+0.01 pp	12 q
XYZBlock, Inc.	0.09%	482,386	$33M	trimmed−3%	+0.01 pp	21 q
TWFGTWFG, Inc.	0.09%	902,061	$32M	added+4%	+0.01 pp	4 q
VRNSVaronis Systems, Inc.	0.09%	623,886	$32M	added+3%	+0.02 pp	25 q
AFYAAfya Limited Class A	0.09%	1,951,364	$35M	trimmed−13%	−0.03 pp	24 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.08%	1,594,613	$31M	added×16.0	+0.07 pp	2 q
DXCMDexCom, Inc.	0.08%	332,500	$29M	trimmed−23%	−0.01 pp	49 q
DUOLDuolingo, Inc. Class A	0.08%	74,659	$31M	trimmed−14%	0.00 pp	4 q
JEFJefferies Financial Group Inc.	0.08%	519,528	$28M	added+37%	+0.02 pp	15 q
SITMSiTime Corporation	0.08%	133,202	$28M	added+4%	+0.02 pp	10 q
WTWWillis Towers Watson Public Limited Company	0.08%	96,358	$30M	held	—	38 q
CDROCodere Online Luxembourg, S.A.	0.08%	3,503,284	$30M	held	—	15 q
NVMINova Ltd.	0.08%	107,705	$30M	trimmed−31%	0.00 pp	27 q
CRWDCrowdStrike Holdings, Inc. Class A	0.07%	51,836	$26M	trimmed−1%	+0.02 pp	25 q
DHID.R. Horton Inc.	0.07%	199,695	$26M	added+1%	0.00 pp	27 q
DEIDouglas Emmett, Inc.	0.07%	1,749,441	$26M	trimmed−18%	−0.03 pp	49 q
GCMGGCM Grosvenor Inc. Class A	0.07%	2,200,000	$25M	held	—	4 q
VRSNVeriSign Inc	0.07%	88,780	$26M	added0%	0.00 pp	49 q
ASMLASML Holding NV	0.07%	30,985	$25M	added+7%	+0.01 pp	48 q
GOOGAlphabet Inc. Class C	0.06%	117,139	$21M	added+7%	+0.01 pp	45 q
GOOGLAlphabet Inc. Class A	0.06%	129,033	$23M	trimmed−1%	0.00 pp	40 q
ILMNIllumina Inc	0.06%	247,472	$24M	added+78%	+0.03 pp	49 q
JBIJanus International Group, Inc.	0.06%	2,750,000	$22M	trimmed−43%	−0.04 pp	17 q
KKRKKR & Co. Inc.	0.06%	162,596	$22M	added+3%	+0.01 pp	5 q
PONYPony AI Inc.	0.06%	1,684,095	$22M	new	+0.06 pp	new
SPGIS&P Global Inc.	0.06%	45,111	$24M	added0%	−0.01 pp	30 q
VCYTVeracyte, Inc.	0.06%	877,200	$24M	added0%	−0.02 pp	25 q
WIXWIX.com Ltd.	0.06%	132,630	$21M	trimmed−11%	−0.01 pp	35 q
APOApollo Global Management, Inc.	0.05%	127,830	$18M	trimmed−1%	0.00 pp	10 q
EPACEnerpac Tool Group Corp.	0.05%	420,723	$17M	added+4%	0.00 pp	5 q
INTUIntuit Inc	0.05%	24,283	$19M	trimmed−1%	+0.01 pp	22 q
MCOMoody's Corporation	0.05%	36,029	$18M	held	—	29 q
RPAYRepay Holdings Corporation Class A	0.05%	3,750,000	$18M	held	—	23 q
SAILSailPoint, Inc.	0.05%	855,893	$20M	added+2%	0.00 pp	2 q
NUNu Holdings Ltd.	0.05%	1,428,409	$20M	added+19%	+0.01 pp	9 q
ASICAtegrity Specialty Insurance Company Holdings	0.04%	642,230	$14M	new	+0.04 pp	new
CMECME Group Inc.	0.04%	48,429	$13M	added+79%	+0.02 pp	49 q
DHRDanaher Corporation	0.04%	74,136	$15M	added+2%	0.00 pp	30 q
EGPEastGroup Properties Inc.	0.04%	86,114	$14M	added+5%	0.00 pp	2 q
GFIGold Fields Ltd	0.04%	562,299	$13M	trimmed−62%	−0.06 pp	14 q
SMASmartStop Self Storage REIT, Inc.	0.04%	361,372	$13M	new	+0.04 pp	new
TRNSTranscat Inc	0.04%	167,713	$14M	added+9%	+0.01 pp	2 q
AGYSAgilysys, Inc. (DE)	0.03%	93,809	$11M	added×3.5	+0.02 pp	2 q
AREAlexandria Real Estate Equities, Inc.	0.03%	156,006	$11M	trimmed−21%	−0.02 pp	49 q
DAVAEndava plc	0.03%	648,983	$10M	trimmed−1%	−0.01 pp	28 q
IRMIron Mountain Inc.	0.03%	107,524	$11M	new	+0.03 pp	new
LILi Auto Inc.	0.03%	361,861	$10M	trimmed−61%	−0.04 pp	2 q
TEMTempus AI, Inc. Class A	0.03%	171,243	$11M	trimmed−48%	−0.02 pp	5 q
TMOThermo Fisher Scientific, Inc.	0.03%	30,766	$12M	trimmed−18%	−0.03 pp	24 q
FVRRFiverr International Ltd.	0.03%	391,524	$11M	trimmed−20%	0.00 pp	25 q
AZNNAstrazeneca Plc-spons ADR	0.02%	128,008	$9M	added+13%	0.00 pp	29 q
BSXBoston Scientific Corp.	0.02%	80,000	$9M	trimmed−44%	−0.02 pp	9 q
BYDBoyd Gaming Corporation	0.02%	79,700	$6M	held	—	34 q
BLDRBuilders FirstSource, Inc.	0.02%	57,189	$7M	new	+0.02 pp	new
COSTCostco Wholesale Corp	0.02%	6,349	$6M	held	—	30 q
AHRAmerican Healthcare REIT, Inc.	0.02%	200,144	$7M	trimmed−4%	0.00 pp	3 q
HLLYHolley Inc.	0.02%	3,250,000	$7M	trimmed−19%	−0.01 pp	16 q
HSTHost Hotels & Resorts, Inc.	0.02%	582,925	$9M	new	+0.02 pp	new
INVHInvitation Homes Inc.	0.02%	239,897	$8M	added+37%	0.00 pp	2 q
MBLYMobileye Global Inc. Class A	0.02%	421,200	$8M	held	—	11 q
PDDPDD Holdings Inc.	0.02%	53,743	$6M	trimmed−16%	0.00 pp	7 q
STEPStepStone Group Inc. Class A	0.02%	140,515	$8M	held	—	10 q
SYKStryker Corporation	0.02%	18,000	$7M	trimmed−18%	0.00 pp	7 q
VTRVentas, Inc.	0.02%	137,659	$9M	trimmed−40%	−0.03 pp	5 q
VICIVICI Properties Inc.	0.02%	242,348	$8M	new	+0.02 pp	new
XPEVXPeng Inc.	0.02%	439,981	$8M	trimmed−48%	−0.03 pp	2 q
DBDeutsche Bank Aktiengesellschaft	0.02%	216,214	$6M	added+9%	+0.01 pp	2 q
GLOBGlobant S.a.	0.02%	80,866	$7M	trimmed−2%	−0.01 pp	37 q
AAgilent Technologies Inc.	0.01%	41,423	$5M	trimmed−15%	−0.01 pp	49 q
AEMAgnico Eagle Mines Ltd.	0.01%	21,466	$3M	trimmed−46%	0.00 pp	14 q
ADCAgree Realty Corporation	0.01%	64,628	$5M	trimmed−40%	−0.01 pp	4 q
AAPLApple Inc.	0.01%	12,471	$3M	trimmed−96%	−0.20 pp	12 q
BILLBILL Holdings, Inc.	0.01%	59,477	$3M	trimmed−70%	−0.02 pp	23 q
CFLTConfluent, Inc. Class A	0.01%	165,000	$4M	added+57%	0.00 pp	2 q
EWEdwards Lifesciences Corp	0.01%	28,321	$2M	added×5.5	+0.01 pp	49 q
EHCEncompass Health Corporation	0.01%	17,500	$2M	new	+0.01 pp	new
FRPTFreshpet, Inc.	0.01%	38,576	$3M	added+48%	0.00 pp	2 q
GILDGilead Sciences Inc	0.01%	18,500	$2M	added×2.3	+0.01 pp	2 q
HDBHDFC Bank Limited	0.01%	53,595	$4M	held	—	15 q
HGVHilton Grand Vacations Inc.	0.01%	110,200	$5M	held	—	34 q
HUBSHubspot, Inc.	0.01%	9,302	$5M	trimmed−73%	−0.05 pp	18 q
INSMInsmed, Inc.	0.01%	36,700	$4M	trimmed−39%	0.00 pp	4 q
VACMarriott Vacations Worldwide Corporation	0.01%	43,071	$3M	trimmed−3%	0.00 pp	49 q
MCKMcKesson Corporation	0.01%	6,500	$5M	added+44%	0.00 pp	2 q
MRPMillrose Properties, Inc.	0.01%	171,526	$5M	held	—	2 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.01%	360,009	$5M	added+22%	0.00 pp	10 q
PENPenumbra, Inc.	0.01%	17,500	$4M	added+75%	0.00 pp	2 q
POOLPool Corporation	0.01%	15,762	$5M	held	—	23 q
PTLOPortillo's Inc. Class A	0.01%	384,549	$4M	held	—	3 q
PRMBPrimo Brands Corporation	0.01%	183,419	$5M	trimmed−14%	−0.01 pp	2 q
PGRProgressive Corporation	0.01%	8,000	$2M	trimmed−20%	0.00 pp	13 q
RHIRobert Half Inc.	0.01%	57,600	$2M	trimmed−6%	0.00 pp	49 q
HOODRobinhood Markets, Inc. Class A	0.01%	21,500	$2M	added+8%	+0.01 pp	3 q
SBACSBA Communications Corp	0.01%	14,300	$3M	trimmed−53%	−0.01 pp	35 q
SGMLSigma Lithium Corporation	0.01%	419,800	$2M	trimmed−70%	−0.03 pp	3 q
TRNOTerreno Realty Corporation	0.01%	60,353	$3M	new	+0.01 pp	new
UDRUDR, Inc.	0.01%	88,575	$4M	new	+0.01 pp	new
VRTXVertex Pharmaceuticals Inc	0.01%	9,000	$4M	trimmed−25%	−0.01 pp	13 q
VKTXViking Therapeutics, Inc	0.01%	126,737	$3M	trimmed−68%	−0.02 pp	7 q
VOYGVoyager Technologies, Inc.	0.01%	120,000	$5M	new	+0.01 pp	new
ELMEElme Communities	0.01%	236,975	$4M	new	+0.01 pp	new
WATWaters Corp	0.01%	14,000	$5M	added+17%	0.00 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$728,800	held	—	36 q
BNTXBioNTech SE	0.00%	5,276	$561,736	trimmed−31%	0.00 pp	19 q
BLKBlackrock, Inc.	0.00%	1,100	$1M	held	—	3 q
KMXCarMax Inc.	0.00%	10,875	$730,909	trimmed−10%	0.00 pp	49 q
COHRCoherent Corp.	0.00%	9,202	$820,910	new	0.00 pp	new
CYHCommunity Health Systems, Inc.	0.00%	100	$340	held	—	49 q
DOCSDoximity, Inc.	0.00%	15,000	$920,100	new	0.00 pp	new
EFXEquifax, Incorporated	0.00%	3,300	$855,921	added+3%	0.00 pp	14 q
FISVFiserv, Inc.	0.00%	5,000	$862,050	trimmed−62%	−0.01 pp	12 q
GSGoldman Sachs Group Inc.	0.00%	800	$566,200	held	—	36 q
GRALGRAIL, Inc.	0.00%	7,713	$396,602	held	—	5 q
JKHYHenry (Jack) & Associates	0.00%	6,000	$1M	held	—	22 q
HDHome Depot, Inc.	0.00%	2,000	$733,280	held	—	47 q
PODDInsulet Corporation	0.00%	5,700	$2M	new	0.00 pp	new
LRCXLam Research Corp	0.00%	14,568	$1M	added+62%	0.00 pp	14 q
MNTNMNTN, Inc.	0.00%	70,000	$2M	new	0.00 pp	new
MANHManhattan Associates Inc	0.00%	1,550	$306,078	trimmed−84%	0.00 pp	44 q
NTRANatera, Inc.	0.00%	7,500	$1M	held	—	7 q
NVONovo-Nordisk A/S	0.00%	21,441	$1M	trimmed−40%	−0.01 pp	7 q
TROWT Rowe Price Group Inc	0.00%	4,000	$386,000	held	—	49 q
QCOMQualcomm Inc	0.00%	4,000	$637,040	held	—	36 q
RDDTReddit, Inc.	0.00%	9,697	$1M	added+18%	0.00 pp	6 q
SPRYARS Pharmaceuticals, Inc.	0.00%	40,000	$698,000	new	0.00 pp	new
TEVATeva Pharmaceutical Industries Limited	0.00%	100,000	$2M	new	0.00 pp	new
VCTRVictory Capital Holdings, Inc. Class A	0.00%	16,596	$1M	held	—	11 q
XENEXenon Pharmaceuticals Inc	0.00%	56,000	$2M	trimmed−44%	−0.01 pp	15 q
ZTSZoetis Inc.	0.00%	5,000	$779,750	trimmed−60%	−0.01 pp	23 q
ACNAccenture PLC	0.00%	500	$149,445	trimmed−97%	−0.02 pp	30 q
CINTCI&T Inc	0.00%	17,000	$101,490	trimmed−6%	0.00 pp	15 q
ESNTEssent Group LTD	0.00%	14,334	$870,504	held	—	36 q
MANUManchester United PLC	0.00%	90,448	$2M	trimmed−19%	0.00 pp	49 q
UTZUtz Brands, Inc.	—	−3,250,000	—	exited	−0.13 pp	—
JDJD.com, Inc.	—	−873,239	—	exited	−0.11 pp	—
AVBAvalonBay Communities, Inc.	—	−165,285	—	exited	−0.10 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−56,890	—	exited	−0.09 pp	—
EXRExtra Space Storage, Inc.	—	−194,207	—	exited	−0.08 pp	—
CHDNChurchill Downs Inc	—	−208,427	—	exited	−0.07 pp	—
BASECouchbase, Inc.	—	−1,395,158	—	exited	−0.06 pp	—
KRCKilroy Realty Corp.	—	−659,304	—	exited	−0.06 pp	—
LENLennar Corporation Class A	—	−184,914	—	exited	−0.06 pp	—
EXPEExpedia Group, Inc.	—	−110,979	—	exited	−0.05 pp	—
DNUTKrispy Kreme, Inc.	—	−3,645,959	—	exited	−0.05 pp	—
ANETArista Networks	—	−184,499	—	exited	−0.04 pp	—
RHRh	—	−42,968	—	exited	−0.03 pp	—
WYWeyerhaeuser Company	—	−340,548	—	exited	−0.03 pp	—
CCICrown Castle Inc.	—	−79,830	—	exited	−0.02 pp	—
FRFirst Industrial Realty Trust, Inc.	—	−112,719	—	exited	−0.02 pp	—
TXNTexas Instruments Incorporated	—	−30,401	—	exited	−0.02 pp	—
CERTCertara, Inc.	—	−315,000	—	exited	−0.01 pp	—
GKOSGlaukos Corporation	—	−20,500	—	exited	−0.01 pp	—
DOCHealthpeak Properties, Inc.	—	−243,920	—	exited	−0.01 pp	—
ALXAlexander's Inc.	—	−5,000	—	exited	0.00 pp	—
DKSDick's Sporting Goods, Inc.	—	−2,581	—	exited	0.00 pp	—
HCAHCA Healthcare, Inc.	—	−2,500	—	exited	0.00 pp	—
PGProcter & Gamble Company	—	−1,796	—	exited	0.00 pp	—
SJMThe J.M. Smucker Company	—	−251	—	exited	0.00 pp	—
THCTenet Healthcare Corporation New	—	−12,500	—	exited	0.00 pp	—
VGTVanguard Information Technology ETF	—	−152	—	exited	0.00 pp	—
BHVNBiohaven Ltd.	—	−10,000	—	exited	0.00 pp	—