Baron Capital

Q3 2025 13F · by Ron Baron, CEO

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $37.7B · prev $36.9B
Positions: 330 · prev 306
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%

Moves300 since the prior filing

+3.1 pp in · −3.1 pp out

New 37 +1.25 pp
Added 135 +1.80 pp
Trimmed 115 −2.38 pp
Exited 13 −0.68 pp

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 21% a year, about 4.7 years per position

Low
Moderate
High

Top 5 positions30% of US stock

TSLA Tesla, Inc. trimmed+2.88 pp trimmed+2.8814.1%
ACGL Arch Capital Group Ltd trimmed−0.36 pp trimmed−0.364.5%
CSGP CoStar Group Inc trimmed+0.02 pp trimmed+0.024.3%
MSCI MSCI, Inc. added+0.21 pp added+0.213.6%
IDXX Idexx Laboratories Inc trimmed+0.23 pp trimmed+0.233.2%

Positions330 in this filing · 13 exited


TSLATesla, Inc.	14.09%	11,947,614	$5.3B	trimmed−8%	+2.88 pp	47 q
ACGLArch Capital Group Ltd	4.51%	18,759,655	$1.7B	trimmed−5%	−0.36 pp	50 q
CSGPCoStar Group Inc	4.31%	19,255,566	$1.6B	trimmed−2%	+0.02 pp	50 q
MSCIMSCI, Inc.	3.60%	2,394,117	$1.4B	added+10%	+0.21 pp	50 q
IDXXIdexx Laboratories Inc	3.19%	1,884,129	$1.2B	trimmed−7%	+0.23 pp	50 q
GWREGuidewire Software, Inc.	3.15%	5,168,851	$1.2B	trimmed−8%	−0.42 pp	50 q
ITGartner, Inc.	3.01%	4,322,113	$1.1B	added+18%	−0.99 pp	50 q
HHyatt Hotels Corporation	2.30%	6,116,673	$868M	added+3%	+0.05 pp	50 q
MTNVail Resorts, Inc.	2.26%	5,702,692	$853M	added+4%	−0.07 pp	50 q
KNSLKinsale Capital Group, Inc.	2.02%	1,788,590	$761M	added+1%	−0.29 pp	36 q
RRRRed Rock Resorts, Inc. Class A	1.99%	12,269,167	$749M	added0%	+0.26 pp	38 q
SPOTSpotify Technology S.A.	1.83%	988,695	$690M	added+5%	−0.12 pp	30 q
SCHWThe Charles Schwab Corporation	1.81%	7,131,959	$681M	added+1%	+0.07 pp	50 q
CHHChoice Hotels Intnl.	1.52%	5,359,896	$573M	added+7%	−0.20 pp	50 q
NVDANvidia Corp	1.48%	2,985,302	$557M	added+3%	+0.24 pp	29 q
FDSFactset Research Systems	1.38%	1,819,059	$521M	trimmed−19%	−1.33 pp	50 q
FIGSFIGS, Inc.	1.06%	59,934,448	$401M	trimmed−0%	+0.14 pp	18 q
PRIPrimerica, Inc.	1.04%	1,408,241	$391M	trimmed−11%	−0.14 pp	50 q
SHOPShopify Inc. Class A subordinate voting shares	0.90%	2,285,499	$340M	trimmed−14%	+0.07 pp	24 q
MORNMorningstar, Inc.	0.87%	1,414,305	$328M	added+9%	−0.23 pp	50 q
IBKRInteractive Brokers Group, Inc. Class A	0.84%	4,609,768	$317M	added+10%	+0.21 pp	11 q
VRTVertiv Holdings Co Class A	0.83%	2,070,643	$312M	trimmed−19%	−0.06 pp	23 q
VRSKVerisk Analytics, Inc.	0.81%	1,221,015	$307M	added+1%	−0.22 pp	50 q
BIRKBirkenstock Holding plc	0.76%	6,353,801	$288M	added+42%	+0.16 pp	8 q
MTDMettler-Toledo International	0.69%	211,352	$259M	trimmed−12%	−0.07 pp	50 q
SITESiteOne Landscape Supply, Inc.	0.67%	1,966,876	$253M	added+1%	+0.03 pp	38 q
GLPIGaming and Leisure Properties, Inc.	0.64%	5,143,996	$240M	trimmed−30%	−0.29 pp	48 q
AMZNAmazon.Com Inc	0.63%	1,078,312	$237M	trimmed0%	−0.01 pp	50 q
APHAmphenol Corporation	0.62%	1,889,530	$234M	added0%	+0.11 pp	26 q
HLIHoulihan Lokey, Inc.	0.62%	1,130,190	$232M	trimmed−1%	+0.06 pp	32 q
CBRECbre Group, Inc.	0.57%	1,362,985	$215M	trimmed−3%	+0.04 pp	50 q
WELLWelltower Inc.	0.56%	1,186,934	$211M	trimmed−3%	+0.05 pp	15 q
ONONOn Holding AG	0.53%	4,746,553	$201M	added+15%	−0.05 pp	15 q
METAMeta Platforms, Inc. Class A	0.52%	265,135	$195M	trimmed−3%	−0.03 pp	50 q
BABAAlibaba Group Holding Limited	0.48%	1,003,699	$179M	added+6%	+0.19 pp	45 q
KTOSKratos Defense & Security Solutions, Inc.	0.47%	1,932,889	$177M	trimmed−53%	−0.04 pp	23 q
MSFTMicrosoft Corp	0.46%	335,547	$174M	added0%	+0.01 pp	32 q
WYNNWynn Resorts Ltd	0.46%	1,337,858	$172M	added0%	+0.12 pp	11 q
JLLJones Lang LaSalle, Inc.	0.45%	564,097	$168M	added+9%	+0.09 pp	25 q
KRMNKarman Holdings Inc.	0.45%	2,371,232	$171M	trimmed−2%	+0.12 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.45%	605,912	$169M	added+5%	+0.09 pp	50 q
AVGOBroadcom Inc.	0.44%	497,399	$164M	trimmed−6%	+0.04 pp	15 q
BNBrookfield Corporation	0.44%	2,402,280	$165M	trimmed−4%	+0.02 pp	12 q
GDSGDS Holdings Limited	0.44%	4,258,664	$165M	added+35%	+0.18 pp	7 q
TOLToll Brothers, Inc.	0.42%	1,156,885	$160M	added+2%	+0.07 pp	22 q
DKNGDraftKings Inc. Class A	0.41%	4,105,968	$154M	added+12%	−0.02 pp	22 q
MELIMercado Libre, Inc	0.39%	62,634	$146M	added+2%	−0.05 pp	29 q
PWRQuanta Services, Inc.	0.39%	356,846	$148M	added+1%	+0.03 pp	11 q
LLYVKLiberty Media Corp-liberty-c	0.38%	1,458,910	$141M	added+3%	+0.07 pp	9 q
LOARLoar Holdings Inc.	0.38%	1,809,099	$145M	added×2.7	+0.22 pp	6 q
TECHBio-Techne Corp.	0.37%	2,496,323	$139M	trimmed−11%	−0.02 pp	44 q
CWANClearwater Analytics Hds-a	0.37%	7,675,038	$138M	added+26%	+0.01 pp	17 q
CPNGCoupang, Inc.	0.37%	4,305,895	$139M	trimmed−8%	−0.01 pp	19 q
EQIXEquinix, Inc.	0.37%	178,348	$140M	trimmed−7%	−0.04 pp	43 q
RBCRBC Bearings Incorporated	0.34%	327,649	$128M	added0%	0.00 pp	44 q
ARGXargenx SE	0.33%	167,694	$124M	trimmed−7%	+0.06 pp	32 q
IOTSamsara Inc.	0.33%	3,378,831	$126M	added+24%	+0.04 pp	6 q
PLNTPlanet Fitness, Inc.	0.32%	1,150,028	$119M	added0%	−0.02 pp	31 q
ICLRIcon Plc	0.32%	684,941	$120M	trimmed−1%	+0.05 pp	50 q
EXKExact Sciences Corp	0.31%	2,139,050	$117M	added+15%	+0.04 pp	11 q
INTAIntapp, Inc.	0.31%	2,880,950	$118M	added+7%	−0.07 pp	7 q
CNSCohen & Steers Inc.	0.30%	1,728,387	$113M	trimmed−10%	−0.09 pp	50 q
FICOFair Isaac Corporation	0.30%	75,829	$113M	trimmed−6%	−0.10 pp	24 q
FNDFloor & Decor Holdings, Inc.	0.30%	1,527,395	$113M	added+42%	+0.08 pp	34 q
IBPInstalled Building Products, Inc.	0.30%	458,182	$113M	trimmed−5%	+0.06 pp	32 q
ROPRoper Technologies, Inc.	0.30%	226,060	$113M	trimmed−11%	−0.09 pp	50 q
HEI.AHeico Corp Cl A	0.29%	424,729	$108M	added+8%	+0.02 pp	31 q
PCORProcore Technologies, Inc.	0.29%	1,480,776	$108M	added+16%	+0.05 pp	9 q
TDGTransDigm Group Incorporated	0.29%	82,149	$108M	trimmed−6%	−0.07 pp	50 q
BXBlackstone Inc.	0.28%	616,242	$105M	added+7%	+0.05 pp	15 q
AMTAmerican Tower Corporation	0.27%	534,053	$103M	trimmed−6%	−0.07 pp	3 q
BFAMBright Horizons Family Solutions Inc.	0.27%	938,962	$102M	trimmed−24%	−0.15 pp	50 q
MRCYMercury Systems Inc.	0.27%	1,295,284	$100M	added+5%	+0.09 pp	43 q
PLDPrologis, Inc.	0.27%	891,522	$102M	added+12%	+0.04 pp	3 q
CRHCRH Public Limited Company	0.27%	842,734	$101M	added+2%	+0.06 pp	3 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.26%	454,234	$97M	trimmed−10%	−0.01 pp	25 q
JBTMJBT Marel Corporation	0.26%	700,040	$98M	added0%	+0.03 pp	35 q
TTANServiceTitan, Inc. Class A	0.26%	962,618	$97M	added+3%	−0.01 pp	4 q
VEEVVeeva Systems Inc.	0.26%	325,650	$97M	trimmed−9%	−0.02 pp	34 q
FWONKLiberty Media Corporation Series C	0.25%	900,000	$94M	trimmed−10%	−0.03 pp	9 q
BWINThe Baldwin Insurance Group, Inc. Class A	0.23%	3,010,203	$85M	added0%	−0.12 pp	24 q
CGNXCognex Corp	0.23%	1,900,166	$86M	added0%	+0.07 pp	50 q
INDIindie Semiconductor, Inc. Class A	0.23%	21,557,287	$88M	trimmed−15%	−0.01 pp	18 q
TTDThe Trade Desk, Inc.	0.23%	1,798,634	$88M	trimmed−14%	−0.18 pp	36 q
ODDODDITY Tech Ltd. Class A	0.23%	1,376,781	$86M	added+11%	−0.02 pp	9 q
YMMFull Truck Alliance Co. Ltd.	0.22%	6,314,857	$82M	trimmed−21%	−0.04 pp	16 q
SNOWSnowflake Inc.	0.22%	373,422	$84M	added+1%	0.00 pp	21 q
TREXTrex Company, Inc.	0.22%	1,589,735	$82M	added+1%	−0.01 pp	47 q
DRVNDriven Brands Holdings Inc.	0.21%	5,000,261	$81M	added0%	−0.03 pp	19 q
DUOLDuolingo, Inc. Class A	0.21%	243,708	$78M	added×3.3	+0.13 pp	5 q
ITGRInteger Holdings Corporation	0.21%	766,055	$79M	added+81%	+0.07 pp	6 q
WSTWest Pharmaceutical Services, Inc.	0.21%	300,931	$79M	trimmed−2%	+0.03 pp	50 q
BAPCredicorp LTD	0.21%	295,922	$79M	trimmed−22%	−0.02 pp	18 q
DDOGDatadog, Inc. Class A	0.20%	539,443	$77M	trimmed−13%	−0.03 pp	25 q
ROLRollins, Inc.	0.20%	1,279,912	$75M	trimmed−7%	−0.01 pp	37 q
ABNBAirbnb, Inc. Class A	0.19%	578,540	$70M	added+16%	+0.01 pp	5 q
GTLBGitLab Inc. Class A	0.19%	1,598,057	$72M	added+15%	+0.02 pp	16 q
HQYHealthEquity, Inc	0.19%	759,525	$72M	trimmed−3%	−0.03 pp	45 q
AAONAaon Inc	0.18%	726,907	$68M	new	+0.18 pp	new
AEISAdvanced Energy Industries Inc	0.18%	391,985	$67M	added+5%	+0.05 pp	24 q
CAKECheesecake Factory (The)	0.18%	1,250,037	$68M	trimmed−17%	−0.07 pp	50 q
DTDynatrace, Inc.	0.18%	1,378,122	$67M	added+39%	+0.03 pp	25 q
HLTHilton Worldwide Holdings Inc.	0.18%	264,417	$69M	added0%	−0.01 pp	12 q
LPLALPL Financial Holdings Inc.	0.18%	207,897	$69M	trimmed−7%	−0.05 pp	16 q
PARPAR Technology Corp.	0.18%	1,711,465	$68M	trimmed−2%	−0.15 pp	29 q
TRUTransUnion	0.18%	822,483	$69M	trimmed−6%	−0.03 pp	34 q
VMCVulcan Materials Company(Holding Company)	0.18%	223,166	$69M	added+8%	+0.03 pp	27 q
EFOREverforth, Inc.	0.17%	1,321,680	$63M	trimmed−9%	−0.03 pp	29 q
NPOEnpro Inc.	0.17%	289,391	$65M	added+1%	+0.02 pp	4 q
LVSLas Vegas Sands Corp.	0.17%	1,218,229	$66M	added0%	+0.03 pp	16 q
LLYEli Lilly & Co.	0.17%	85,613	$65M	trimmed−13%	−0.04 pp	14 q
LPXLouisiana-Pacific Corp.	0.17%	703,627	$63M	added0%	+0.01 pp	6 q
NOVTNovanta Inc.	0.17%	627,093	$63M	added×2.0	+0.06 pp	34 q
ALKTAlkami Technology, Inc.	0.16%	2,395,032	$59M	added+80%	+0.05 pp	18 q
LOWLowe's Companies Inc.	0.16%	242,466	$61M	added+7%	+0.02 pp	28 q
ONTOnterris, Inc.	0.16%	2,160,463	$59M	trimmed−22%	0.00 pp	21 q
RDNTRadNet, Inc.	0.16%	810,066	$62M	added0%	+0.04 pp	7 q
TMHCTaylor Morrison Home Corporation	0.16%	923,655	$61M	added0%	+0.01 pp	3 q
VVISA Inc.	0.16%	177,441	$61M	added0%	−0.01 pp	50 q
FROGJFrog Ltd.	0.16%	1,249,068	$59M	added+9%	+0.02 pp	4 q
BAMBrookfield Asset Management Ltd.	0.15%	984,871	$56M	trimmed−7%	−0.01 pp	12 q
FAFirst Advantage Corporation	0.15%	3,750,173	$58M	added0%	−0.02 pp	18 q
HEIHEICO Corporation	0.15%	177,633	$57M	added+9%	+0.01 pp	30 q
MASIMasimo Corporation	0.15%	388,747	$57M	added+1%	−0.03 pp	7 q
NCNOnCino, Inc.	0.15%	2,053,712	$56M	added0%	−0.01 pp	21 q
VNOVornado Realty Trust	0.15%	1,408,487	$57M	trimmed−18%	−0.03 pp	5 q
ZSZscaler, Inc.	0.15%	183,773	$55M	trimmed−0%	−0.01 pp	31 q
MACThe Macerich Company	0.14%	2,909,869	$53M	added+19%	+0.03 pp	7 q
MSGSMadison Square Garden Sports Corp.	0.14%	225,015	$51M	added0%	+0.01 pp	40 q
NTSKNetskope, Inc. Class A	0.14%	2,326,779	$53M	new	+0.14 pp	new
PONYPony AI Inc.	0.14%	2,335,346	$53M	added+39%	+0.08 pp	2 q
RGENRepligen Corp	0.14%	381,678	$51M	added+39%	+0.05 pp	13 q
SSNCSS&C Technologies Inc	0.14%	582,489	$52M	added+1%	+0.01 pp	50 q
SITMSiTime Corporation	0.14%	178,103	$54M	added+34%	+0.06 pp	11 q
DLRDigital Realty Trust, Inc.	0.13%	292,623	$51M	trimmed−11%	−0.03 pp	23 q
MAMastercard Incorporated	0.13%	89,466	$51M	added0%	−0.01 pp	50 q
PRMBPrimo Brands Corporation	0.13%	2,252,512	$50M	added×12.3	+0.12 pp	3 q
SSentinelOne, Inc.	0.13%	2,869,125	$51M	added+18%	+0.01 pp	9 q
STUBStubHub Holdings, Inc.	0.13%	2,994,330	$50M	new	+0.13 pp	new
TXRHTexas Roadhouse, Inc.	0.13%	288,439	$48M	trimmed−7%	−0.03 pp	14 q
ESTAEstablishment Labs Holdings Inc.	0.13%	1,181,824	$48M	added+30%	+0.02 pp	18 q
STVNStevanato Group S.p.A.	0.13%	1,973,759	$51M	added+5%	0.00 pp	16 q
ACLXArcellx, Inc.	0.12%	550,236	$45M	added+6%	+0.03 pp	10 q
BMIBadger Meter, Inc.	0.12%	254,423	$45M	new	+0.12 pp	new
CDNACareDx, Inc.	0.12%	3,155,180	$46M	added+30%	−0.01 pp	7 q
COOThe Cooper Companies, Inc.	0.12%	663,738	$46M	trimmed−25%	−0.05 pp	7 q
HNGEHinge Health, Inc.	0.12%	944,975	$46M	trimmed−0%	−0.01 pp	2 q
ISRGIntuitive Surgical Inc.	0.12%	99,633	$45M	trimmed−1%	−0.03 pp	36 q
IRMIron Mountain Inc.	0.12%	436,831	$45M	added×4.1	+0.09 pp	2 q
MPWRMonolithic Power Systems, Inc.	0.12%	48,196	$44M	trimmed−6%	+0.02 pp	18 q
NOWServicenow, Inc.	0.12%	50,250	$46M	added0%	−0.02 pp	41 q
SPGSimon Property Group, Inc.	0.12%	239,755	$45M	trimmed−0%	+0.01 pp	8 q
TWTradeweb Markets Inc. Class A	0.12%	392,110	$44M	trimmed−0%	−0.04 pp	26 q
ZLABZai Lab Limited	0.12%	1,371,243	$46M	trimmed−14%	−0.03 pp	31 q
WMSAdvanced Drainage Systems, Inc.	0.11%	294,678	$41M	added0%	+0.02 pp	3 q
AXONAxon Enterprise, Inc.	0.11%	57,242	$41M	trimmed−0%	−0.02 pp	15 q
BXPBXP, Inc.	0.11%	543,461	$40M	trimmed−5%	+0.01 pp	2 q
CDWCDW Corporation	0.11%	261,984	$42M	held	—	34 q
HTFLHeartflow, Inc.	0.11%	1,237,506	$42M	new	+0.11 pp	new
LGNLegence Corp. Class A	0.11%	1,392,531	$43M	new	+0.11 pp	new
LYVLive Nation Entertainment Inc.	0.11%	265,000	$43M	held	—	4 q
TMETencent Music Entertainment Group	0.11%	1,839,036	$43M	trimmed−15%	0.00 pp	7 q
WINGWingstop Inc	0.11%	159,779	$40M	added+2%	−0.03 pp	3 q
GOOGLAlphabet Inc. Class A	0.10%	157,439	$38M	added+22%	+0.04 pp	41 q
AMHAmerican Homes 4 Rent	0.10%	1,116,846	$37M	added+7%	0.00 pp	34 q
DAYDayforce, Inc.	0.10%	523,064	$36M	trimmed−78%	−0.26 pp	30 q
FIGFigma, Inc.	0.10%	750,000	$39M	new	+0.10 pp	new
MCMoelis & Company	0.10%	525,778	$37M	trimmed−0%	+0.01 pp	46 q
NEOGNeogen Corp	0.10%	6,852,218	$39M	added0%	+0.01 pp	50 q
STEPStepStone Group Inc. Class A	0.10%	598,290	$39M	added×4.3	+0.08 pp	11 q
AVNTAvient Corporation	0.09%	1,000,000	$33M	held	—	24 q
BAHBooz Allen Hamilton Holding Corporation	0.09%	329,787	$33M	added+5%	0.00 pp	14 q
DHID.R. Horton Inc.	0.09%	199,717	$34M	added0%	+0.02 pp	28 q
VMRKVivmark Residential	0.09%	551,275	$36M	trimmed−5%	−0.02 pp	35 q
EXPOExponent Inc	0.09%	502,449	$35M	added0%	−0.01 pp	7 q
IEXIDEX Corporation	0.09%	218,922	$36M	trimmed−1%	−0.02 pp	45 q
JEFJefferies Financial Group Inc.	0.09%	519,528	$34M	held	—	16 q
BEKEKE Holdings Inc.	0.09%	1,756,357	$33M	trimmed−2%	0.00 pp	3 q
XYZBlock, Inc.	0.09%	476,224	$34M	trimmed−1%	0.00 pp	22 q
VRNSVaronis Systems, Inc.	0.09%	559,250	$32M	trimmed−10%	0.00 pp	26 q
WCNWaste Connections, Inc.	0.09%	200,000	$35M	trimmed−11%	−0.02 pp	37 q
WTWWillis Towers Watson Public Limited Company	0.09%	96,358	$33M	held	—	39 q
XPXP Inc. Class A	0.09%	1,855,610	$35M	trimmed−3%	−0.01 pp	24 q
NVMINova Ltd.	0.09%	109,692	$35M	added+2%	+0.01 pp	28 q
GOOGAlphabet Inc. Class C	0.08%	117,250	$29M	added0%	+0.02 pp	46 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.08%	1,696,314	$31M	added+6%	0.00 pp	3 q
KKRKKR & Co. Inc.	0.08%	218,260	$28M	added+34%	+0.02 pp	6 q
FWONALiberty Media Corporation Series A	0.08%	317,764	$30M	trimmed−5%	−0.01 pp	9 q
ASMLASML Holding NV	0.08%	31,588	$31M	added+2%	+0.01 pp	49 q
TEAMAtlassian Corporation Class A	0.07%	175,254	$28M	trimmed−9%	−0.04 pp	12 q
CRWDCrowdStrike Holdings, Inc. Class A	0.07%	56,539	$28M	added+9%	0.00 pp	26 q
DEIDouglas Emmett, Inc.	0.07%	1,749,441	$27M	held	—	50 q
GCMGGCM Grosvenor Inc. Class A	0.07%	2,200,316	$27M	added0%	0.00 pp	5 q
JBIJanus International Group, Inc.	0.07%	2,750,000	$27M	held	—	18 q
SQMSociedad Quimica y Minera de Chile SA	0.07%	600,938	$26M	new	+0.07 pp	new
TWFGTWFG, Inc.	0.07%	954,128	$26M	added+6%	−0.02 pp	5 q
VRSNVeriSign Inc	0.07%	88,571	$25M	trimmed−0%	0.00 pp	50 q
AFYAAfya Limited Class A	0.07%	1,729,805	$27M	trimmed−11%	−0.02 pp	25 q
NUNu Holdings Ltd.	0.07%	1,738,774	$28M	added+22%	+0.02 pp	10 q
WIXWIX.com Ltd.	0.07%	149,531	$27M	added+13%	+0.01 pp	36 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.06%	3,000,322	$23M	added0%	−0.03 pp	23 q
IRTIndependence Realty Trust Inc.	0.06%	1,467,193	$24M	trimmed−35%	−0.05 pp	6 q
SPGIS&P Global Inc.	0.06%	45,126	$22M	added0%	0.00 pp	31 q
SAILSailPoint, Inc.	0.06%	1,106,568	$24M	added+29%	+0.01 pp	3 q
TEMTempus AI, Inc. Class A	0.06%	263,250	$21M	added+54%	+0.03 pp	6 q
VCYTVeracyte, Inc.	0.06%	645,621	$22M	trimmed−26%	0.00 pp	26 q
XPEVXPeng Inc.	0.06%	928,738	$22M	added×2.1	+0.04 pp	3 q
CDROCodere Online Luxembourg, S.A.	0.06%	3,503,284	$24M	held	—	16 q
DXCMDexCom, Inc.	0.05%	272,500	$18M	trimmed−18%	−0.03 pp	50 q
EPACEnerpac Tool Group Corp.	0.05%	446,217	$18M	added+6%	0.00 pp	6 q
ILMNIllumina Inc	0.05%	208,094	$20M	trimmed−16%	−0.01 pp	50 q
MCOMoody's Corporation	0.05%	36,042	$17M	added0%	0.00 pp	30 q
METCRamaco Resources, Inc. Class A	0.05%	623,058	$21M	new	+0.05 pp	new
RPAYRepay Holdings Corporation Class A	0.05%	3,750,000	$20M	held	—	24 q
ARXAccelerant Holdings	0.05%	1,218,309	$18M	new	+0.05 pp	new
APOApollo Global Management, Inc.	0.04%	127,330	$17M	trimmed−0%	−0.01 pp	11 q
ANETArista Networks	0.04%	97,965	$14M	new	+0.04 pp	new
ASICAtegrity Specialty Insurance Company Holdings	0.04%	679,406	$13M	added+6%	0.00 pp	2 q
EGPEastGroup Properties Inc.	0.04%	84,614	$14M	trimmed−2%	0.00 pp	3 q
GFIGold Fields Ltd	0.04%	370,774	$16M	trimmed−34%	0.00 pp	15 q
INSPInspire Medical Systems, Inc.	0.04%	190,023	$14M	trimmed−61%	−0.13 pp	27 q
INTUIntuit Inc	0.04%	24,283	$17M	held	—	23 q
TRNSTranscat Inc	0.04%	191,566	$14M	added+14%	0.00 pp	3 q
VIAVia Transportation, Inc.	0.04%	333,384	$16M	new	+0.04 pp	new
AGYSAgilysys, Inc. (DE)	0.03%	106,214	$11M	added+13%	0.00 pp	3 q
AZNNAstrazeneca Plc-spons ADR	0.03%	140,008	$11M	added+9%	+0.01 pp	30 q
CMECME Group Inc.	0.03%	48,456	$13M	added0%	−0.01 pp	50 q
CGThe Carlyle Group Inc.	0.03%	167,076	$10M	trimmed−89%	−0.18 pp	18 q
HLLYHolley Inc.	0.03%	3,250,000	$10M	held	—	17 q
IRDMIridium Communications Inc.	0.03%	682,926	$12M	trimmed−92%	−0.66 pp	46 q
MIRMirion Technologies, Inc.	0.03%	500,000	$12M	new	+0.03 pp	new
SPRYARS Pharmaceuticals, Inc.	0.03%	1,268,532	$13M	added×31.7	+0.03 pp	2 q
SNPSSynopsys Inc	0.03%	23,788	$12M	new	+0.03 pp	new
TMOThermo Fisher Scientific, Inc.	0.03%	24,712	$12M	trimmed−20%	0.00 pp	25 q
VTRVentas, Inc.	0.03%	170,525	$12M	added+24%	+0.01 pp	6 q
CYBRCyberark Software LTD/ISRAEL	0.03%	26,779	$13M	trimmed−89%	−0.24 pp	12 q
FVRRFiverr International Ltd.	0.03%	389,369	$10M	trimmed−1%	0.00 pp	26 q
BSXBoston Scientific Corp.	0.02%	70,000	$7M	trimmed−13%	0.00 pp	10 q
BYDBoyd Gaming Corporation	0.02%	79,700	$7M	held	—	35 q
BLDRBuilders FirstSource, Inc.	0.02%	57,196	$7M	added0%	0.00 pp	2 q
COSTCostco Wholesale Corp	0.02%	6,349	$6M	held	—	31 q
DHRDanaher Corporation	0.02%	47,329	$9M	trimmed−36%	−0.02 pp	31 q
AHRAmerican Healthcare REIT, Inc.	0.02%	200,144	$8M	held	—	4 q
HSTHost Hotels & Resorts, Inc.	0.02%	456,325	$8M	trimmed−22%	0.00 pp	2 q
INVHInvitation Homes Inc.	0.02%	258,156	$8M	added+8%	0.00 pp	3 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.02%	451,826	$7M	added+26%	+0.01 pp	11 q
PDDPDD Holdings Inc.	0.02%	62,386	$8M	added+16%	0.00 pp	8 q
SMASmartStop Self Storage REIT, Inc.	0.02%	185,572	$7M	trimmed−49%	−0.02 pp	2 q
SYKStryker Corporation	0.02%	18,000	$7M	held	—	8 q
VERXVertex, Inc. Class A	0.02%	248,042	$6M	new	+0.02 pp	new
VICIVICI Properties Inc.	0.02%	239,048	$8M	trimmed−1%	0.00 pp	2 q
DBDeutsche Bank Aktiengesellschaft	0.02%	216,214	$8M	held	—	3 q
ABBVAbbvie Inc.	0.01%	21,000	$5M	new	+0.01 pp	new
AAgilent Technologies Inc.	0.01%	41,423	$5M	held	—	50 q
AEMAgnico Eagle Mines Ltd.	0.01%	21,466	$4M	held	—	15 q
ADCAgree Realty Corporation	0.01%	74,128	$5M	added+15%	0.00 pp	5 q
AAPLApple Inc.	0.01%	9,030	$2M	trimmed−28%	0.00 pp	13 q
BILLBILL Holdings, Inc.	0.01%	54,733	$3M	trimmed−8%	0.00 pp	24 q
COHRCoherent Corp.	0.01%	18,994	$2M	added×2.1	+0.01 pp	2 q
DOCSDoximity, Inc.	0.01%	27,000	$2M	added+80%	+0.01 pp	2 q
EWEdwards Lifesciences Corp	0.01%	29,425	$2M	added+4%	0.00 pp	50 q
EHCEncompass Health Corporation	0.01%	17,500	$2M	held	—	2 q
FRPTFreshpet, Inc.	0.01%	38,628	$2M	added0%	0.00 pp	3 q
GILDGilead Sciences Inc	0.01%	24,000	$3M	added+30%	0.00 pp	3 q
HDBHDFC Bank Limited	0.01%	107,320	$4M	added0%	0.00 pp	16 q
HGVHilton Grand Vacations Inc.	0.01%	110,200	$5M	held	—	35 q
HUBSHubspot, Inc.	0.01%	9,302	$4M	held	—	19 q
INSMInsmed, Inc.	0.01%	38,200	$6M	added+4%	0.00 pp	5 q
KRCKilroy Realty Corp.	0.01%	68,969	$3M	new	+0.01 pp	new
LITELumentum Holdings Inc.	0.01%	12,582	$2M	new	+0.01 pp	new
VACMarriott Vacations Worldwide Corporation	0.01%	41,800	$3M	trimmed−3%	0.00 pp	50 q
MCKMcKesson Corporation	0.01%	5,300	$4M	trimmed−18%	0.00 pp	3 q
PENPenumbra, Inc.	0.01%	13,500	$3M	trimmed−23%	0.00 pp	3 q
POOLPool Corporation	0.01%	15,762	$5M	held	—	24 q
RHIRobert Half Inc.	0.01%	57,600	$2M	held	—	50 q
HOODRobinhood Markets, Inc. Class A	0.01%	21,000	$3M	trimmed−2%	0.00 pp	4 q
TRNOTerreno Realty Corporation	0.01%	67,525	$4M	added+12%	0.00 pp	2 q
TEVATeva Pharmaceutical Industries Limited	0.01%	110,000	$2M	added+10%	+0.01 pp	2 q
UDRUDR, Inc.	0.01%	88,575	$3M	held	—	2 q
VRTXVertex Pharmaceuticals Inc	0.01%	5,200	$2M	trimmed−42%	0.00 pp	14 q
VKTXViking Therapeutics, Inc	0.01%	126,737	$3M	held	—	8 q
VOYGVoyager Technologies, Inc.	0.01%	120,000	$4M	held	—	2 q
ABVXAbivax SA	0.00%	14,000	$1M	new	0.00 pp	new
AREAlexandria Real Estate Equities, Inc.	0.00%	20,104	$2M	trimmed−87%	−0.03 pp	50 q
ALNYAlnylam Pharmaceuticals, Inc.	0.00%	3,500	$2M	new	0.00 pp	new
ASNDAscendis Pharma A/S	0.00%	5,600	$1M	new	0.00 pp	new
BRK.ABerkshire Hathaway Inc.	0.00%	1	$754,200	held	—	37 q
BNTXBioNTech SE	0.00%	5,276	$520,319	held	—	20 q
BLKBlackrock, Inc.	0.00%	1,100	$1M	held	—	4 q
CVSCvs Health Corporation	0.00%	13,000	$980,070	new	0.00 pp	new
COFCapital One Financial	0.00%	4,000	$850,320	new	0.00 pp	new
KMXCarMax Inc.	0.00%	10,875	$487,961	held	—	50 q
CDTXCidara Therapeutics, Inc.	0.00%	17,500	$2M	new	0.00 pp	new
CYHCommunity Health Systems, Inc.	0.00%	100	$321	held	—	50 q
CFLTConfluent, Inc. Class A	0.00%	65,000	$1M	trimmed−61%	−0.01 pp	3 q
CYTKCytokinetics Inc.	0.00%	24,500	$1M	new	0.00 pp	new
DAVAEndava plc	0.00%	118,800	$1M	trimmed−82%	−0.03 pp	29 q
EFXEquifax, Incorporated	0.00%	3,500	$897,855	added+6%	0.00 pp	15 q
FISVFiserv, Inc.	0.00%	5,000	$644,650	held	—	13 q
GSGoldman Sachs Group Inc.	0.00%	800	$637,080	held	—	37 q
GRALGRAIL, Inc.	0.00%	7,713	$456,070	held	—	6 q
JKHYHenry (Jack) & Associates	0.00%	6,000	$893,580	held	—	23 q
HDHome Depot, Inc.	0.00%	2,000	$810,380	held	—	48 q
IBNICICI Bank Limited	0.00%	11,708	$353,933	new	0.00 pp	new
PIImpinj, Inc.	0.00%	19	$3,434	new	0.00 pp	new
PODDInsulet Corporation	0.00%	5,700	$2M	held	—	2 q
IONSIonis Pharmaceuticals, Inc.	0.00%	25,000	$2M	new	0.00 pp	new
KYMRKymera Therapeutics, Inc.	0.00%	7,000	$396,200	new	0.00 pp	new
LRCXLam Research Corp	0.00%	13,529	$2M	trimmed−7%	0.00 pp	15 q
MDGLMadrigal Pharmaceuticals, Inc.	0.00%	2,600	$1M	new	0.00 pp	new
MANHManhattan Associates Inc	0.00%	1,550	$317,719	held	—	45 q
MRPMillrose Properties, Inc.	0.00%	20	$672	trimmed−100%	−0.01 pp	3 q
MBLYMobileye Global Inc. Class A	0.00%	13,357	$188,601	trimmed−97%	−0.02 pp	12 q
NTRANatera, Inc.	0.00%	3,500	$563,395	trimmed−53%	0.00 pp	8 q
NVONovo-Nordisk A/S	0.00%	21,441	$1M	held	—	8 q
TROWT Rowe Price Group Inc	0.00%	4,000	$410,560	held	—	50 q
PGRProgressive Corporation	0.00%	6,600	$2M	trimmed−18%	−0.01 pp	14 q
QCOMQualcomm Inc	0.00%	4,000	$665,440	held	—	37 q
SBACSBA Communications Corp	0.00%	600	$116,010	trimmed−96%	−0.01 pp	36 q
THCTenet Healthcare Corporation New	0.00%	3,500	$710,640	new	0.00 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	4,300	$1M	new	0.00 pp	new
VCTRVictory Capital Holdings, Inc. Class A	0.00%	16,596	$1M	held	—	12 q
XENEXenon Pharmaceuticals Inc	0.00%	30,000	$1M	trimmed−46%	0.00 pp	16 q
ZZillow Group, Inc. Class C	0.00%	12,150	$936,157	new	0.00 pp	new
ESNTEssent Group LTD	0.00%	8,335	$529,773	trimmed−42%	0.00 pp	37 q
FLUTFlutter Entertainment plc	0.00%	16	$4,064	new	0.00 pp	new
MANUManchester United PLC	0.00%	90,448	$1M	held	—	50 q
ROIVRoivant Sciences Ltd.	0.00%	105,000	$2M	new	0.00 pp	new
RACEFerrari N.V.	0.00%	11	$5,337	new	0.00 pp	new
MRUSMerus NV	0.00%	5,000	$470,750	new	0.00 pp	new
GTLSChart Inds Inc	—	−885,306	—	exited	−0.40 pp	—
AKXAnsys Inc	—	−194,552	—	exited	−0.19 pp	—
LILi Auto Inc.	—	−361,861	—	exited	−0.03 pp	—
GLOBGlobant S.a.	—	−80,866	—	exited	−0.02 pp	—
PTLOPortillo's Inc. Class A	—	−384,549	—	exited	−0.01 pp	—
SGMLSigma Lithium Corporation	—	−419,800	—	exited	−0.01 pp	—
ELMEElme Communities	—	−236,975	—	exited	−0.01 pp	—
WATWaters Corp	—	−14,000	—	exited	−0.01 pp	—
MNTNMNTN, Inc.	—	−70,000	—	exited	0.00 pp	—
RDDTReddit, Inc.	—	−9,697	—	exited	0.00 pp	—
ZTSZoetis Inc.	—	−5,000	—	exited	0.00 pp	—
ACNAccenture PLC	—	−500	—	exited	0.00 pp	—
CINTCI&T Inc	—	−17,000	—	exited	0.00 pp	—