Baron Capital

Q4 2025 13F · by Ron Baron, CEO

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $36.9B · prev $37.7B
Positions: 327 · prev 330
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%

Moves314 since the prior filing

+6.1 pp in · −6.1 pp out

New 34 +1.41 pp
Added 121 +4.67 pp
Trimmed 122 −4.13 pp
Exited 37 −1.93 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 24% a year, about 4.2 years per position

Low
Moderate
High

Top 5 positions30% of US stock

TSLA Tesla, Inc. trimmed+0.44 pp trimmed+0.4414.5%
ACGL Arch Capital Group Ltd trimmed+0.16 pp trimmed+0.164.7%
MSCI MSCI, Inc. added+0.68 pp added+0.684.3%
CSGP CoStar Group Inc added−0.76 pp added−0.763.5%
IDXX Idexx Laboratories Inc trimmed+0.11 pp trimmed+0.113.3%

Positions327 in this filing · 37 exited


TSLATesla, Inc.	14.53%	11,927,475	$5.4B	trimmed−0%	+0.44 pp	48 q
ACGLArch Capital Group Ltd	4.67%	17,987,505	$1.7B	trimmed−4%	+0.16 pp	51 q
MSCIMSCI, Inc.	4.28%	2,755,747	$1.6B	added+15%	+0.68 pp	51 q
CSGPCoStar Group Inc	3.55%	19,498,099	$1.3B	added+1%	−0.76 pp	51 q
IDXXIdexx Laboratories Inc	3.30%	1,798,041	$1.2B	trimmed−5%	+0.11 pp	51 q
ITGartner, Inc.	2.88%	4,212,957	$1.1B	trimmed−3%	−0.13 pp	51 q
GWREGuidewire Software, Inc.	2.80%	5,147,550	$1.0B	trimmed−0%	−0.35 pp	51 q
HHyatt Hotels Corporation	2.65%	6,106,485	$979M	trimmed−0%	+0.35 pp	51 q
FDSFactset Research Systems	2.27%	2,888,845	$838M	added+59%	+0.89 pp	51 q
RRRRed Rock Resorts, Inc. Class A	2.10%	12,519,892	$776M	added+2%	+0.11 pp	39 q
CHHChoice Hotels Intnl.	1.91%	7,386,575	$704M	added+38%	+0.39 pp	51 q
SCHWThe Charles Schwab Corporation	1.91%	7,060,309	$705M	trimmed−1%	+0.10 pp	51 q
KNSLKinsale Capital Group, Inc.	1.89%	1,781,201	$697M	trimmed−0%	−0.13 pp	37 q
FIGSFIGS, Inc.	1.85%	59,959,449	$681M	added0%	+0.79 pp	19 q
MTNVail Resorts, Inc.	1.73%	4,809,928	$639M	trimmed−16%	−0.53 pp	51 q
SPOTSpotify Technology S.A.	1.57%	997,291	$579M	added+1%	−0.26 pp	31 q
NVDANvidia Corp	1.51%	2,988,943	$557M	added0%	+0.03 pp	30 q
SHOPShopify Inc. Class A subordinate voting shares	1.00%	2,288,270	$368M	added0%	+0.10 pp	25 q
BIRKBirkenstock Holding plc	0.88%	7,966,037	$326M	added+25%	+0.12 pp	9 q
IBKRInteractive Brokers Group, Inc. Class A	0.81%	4,643,376	$299M	added+1%	−0.03 pp	12 q
PRIPrimerica, Inc.	0.79%	1,132,544	$293M	trimmed−20%	−0.25 pp	51 q
VRSKVerisk Analytics, Inc.	0.79%	1,302,611	$291M	added+7%	−0.02 pp	51 q
AMZNAmazon.Com Inc	0.77%	1,225,159	$283M	added+14%	+0.14 pp	51 q
MORNMorningstar, Inc.	0.73%	1,241,794	$270M	trimmed−12%	−0.14 pp	51 q
SITESiteOne Landscape Supply, Inc.	0.68%	2,028,366	$253M	added+3%	+0.01 pp	39 q
VRTVertiv Holdings Co Class A	0.68%	1,545,572	$250M	trimmed−25%	−0.15 pp	24 q
ONONOn Holding AG	0.68%	5,405,486	$251M	added+14%	+0.15 pp	16 q
WELLWelltower Inc.	0.64%	1,277,492	$237M	added+8%	+0.08 pp	16 q
APHAmphenol Corporation	0.63%	1,710,742	$231M	trimmed−9%	+0.01 pp	27 q
CBRECbre Group, Inc.	0.59%	1,359,332	$219M	trimmed−0%	+0.02 pp	51 q
MTDMettler-Toledo International	0.55%	146,334	$204M	trimmed−31%	−0.14 pp	51 q
HLIHoulihan Lokey, Inc.	0.53%	1,123,951	$196M	trimmed−1%	−0.09 pp	33 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.52%	634,652	$193M	added+5%	+0.07 pp	51 q
CWANClearwater Analytics Hds-a	0.51%	7,816,447	$189M	added+2%	+0.14 pp	18 q
JLLJones Lang LaSalle, Inc.	0.51%	564,297	$190M	added0%	+0.06 pp	26 q
AVGOBroadcom Inc.	0.50%	537,840	$186M	added+8%	+0.06 pp	16 q
METAMeta Platforms, Inc. Class A	0.48%	270,126	$178M	added+2%	−0.04 pp	51 q
BNBrookfield Corporation	0.45%	3,635,917	$167M	added+1%	+0.01 pp	13 q
MSFTMicrosoft Corp	0.45%	341,758	$165M	added+2%	−0.01 pp	33 q
DKNGDraftKings Inc. Class A	0.44%	4,674,455	$161M	added+14%	+0.03 pp	23 q
BABAAlibaba Group Holding Limited	0.43%	1,071,647	$157M	added+7%	−0.05 pp	46 q
TOLToll Brothers, Inc.	0.43%	1,166,270	$158M	added+1%	+0.01 pp	23 q
INTAIntapp, Inc.	0.41%	3,327,989	$152M	added+16%	+0.10 pp	8 q
IOTSamsara Inc.	0.40%	4,120,031	$146M	added+22%	+0.07 pp	7 q
WYNNWynn Resorts Ltd	0.40%	1,219,590	$147M	trimmed−9%	−0.06 pp	12 q
LOARLoar Holdings Inc.	0.39%	2,119,505	$144M	added+17%	+0.01 pp	7 q
KRMNKarman Holdings Inc.	0.38%	1,914,221	$140M	trimmed−19%	−0.07 pp	4 q
PLDPrologis, Inc.	0.38%	1,109,127	$142M	added+24%	+0.11 pp	4 q
PWRQuanta Services, Inc.	0.38%	328,010	$138M	trimmed−8%	−0.01 pp	12 q
RBCRBC Bearings Incorporated	0.37%	303,110	$136M	trimmed−7%	+0.03 pp	45 q
GDSGDS Holdings Limited	0.36%	3,784,848	$132M	trimmed−11%	−0.08 pp	8 q
LLYVKLiberty Live Holdings, Inc. Series C Liberty Live Group	0.36%	1,613,666	$134M	new	+0.36 pp	new
ARGXargenx SE	0.35%	153,719	$129M	trimmed−8%	+0.02 pp	33 q
MELIMercado Libre, Inc	0.34%	61,964	$125M	trimmed−1%	−0.05 pp	30 q
PLNTPlanet Fitness, Inc.	0.34%	1,150,028	$125M	held	—	32 q
ABNBAirbnb, Inc. Class A	0.32%	880,076	$119M	added+52%	+0.13 pp	6 q
TTANServiceTitan, Inc. Class A	0.32%	1,096,931	$117M	added+14%	+0.06 pp	5 q
FICOFair Isaac Corporation	0.31%	68,651	$116M	trimmed−9%	+0.01 pp	25 q
EQIXEquinix, Inc.	0.30%	145,429	$111M	trimmed−18%	−0.07 pp	44 q
HEI.AHeico Corp Cl A	0.30%	434,342	$110M	added+2%	+0.01 pp	32 q
IBPInstalled Building Products, Inc.	0.30%	423,182	$110M	trimmed−8%	0.00 pp	33 q
NOVTNovanta Inc.	0.30%	936,962	$111M	added+49%	+0.13 pp	35 q
PCORProcore Technologies, Inc.	0.30%	1,515,982	$110M	added+2%	+0.01 pp	10 q
JBTMJBT Marel Corporation	0.29%	700,040	$105M	held	—	36 q
CRHCRH Public Limited Company	0.29%	844,634	$105M	added0%	+0.02 pp	4 q
BFAMBright Horizons Family Solutions Inc.	0.28%	1,013,488	$103M	added+8%	+0.01 pp	51 q
TDGTransDigm Group Incorporated	0.28%	77,799	$103M	trimmed−5%	−0.01 pp	51 q
CPNGCoupang, Inc.	0.27%	4,274,350	$101M	trimmed−1%	−0.10 pp	20 q
EXKExact Sciences Corp	0.26%	954,547	$97M	trimmed−55%	−0.05 pp	12 q
LVSLas Vegas Sands Corp.	0.26%	1,497,892	$97M	added+23%	+0.09 pp	17 q
VTRVentas, Inc.	0.26%	1,219,483	$94M	added×7.2	+0.23 pp	7 q
ICLRIcon Plc	0.26%	534,248	$97M	trimmed−22%	−0.06 pp	51 q
KTOSKratos Defense & Security Solutions, Inc.	0.25%	1,209,773	$92M	trimmed−37%	−0.22 pp	24 q
LLYEli Lilly & Co.	0.25%	86,476	$93M	added+1%	+0.08 pp	15 q
ROPRoper Technologies, Inc.	0.25%	207,437	$92M	trimmed−8%	−0.05 pp	51 q
FROGJFrog Ltd.	0.25%	1,493,518	$93M	added+20%	+0.09 pp	5 q
BXBlackstone Inc.	0.24%	580,010	$89M	trimmed−6%	−0.04 pp	16 q
FWONKLiberty Media Corporation Series C	0.24%	900,000	$89M	held	—	10 q
RGENRepligen Corp	0.24%	544,779	$89M	added+43%	+0.10 pp	14 q
GLPIGaming and Leisure Properties, Inc.	0.23%	1,858,796	$83M	trimmed−64%	−0.41 pp	49 q
SNOWSnowflake Inc.	0.23%	381,878	$84M	added+2%	+0.01 pp	22 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.22%	409,604	$81M	trimmed−10%	−0.04 pp	26 q
FNDFloor & Decor Holdings, Inc.	0.22%	1,354,401	$82M	trimmed−11%	−0.08 pp	35 q
BAPCredicorp LTD	0.22%	285,044	$82M	trimmed−4%	+0.01 pp	19 q
HLTHilton Worldwide Holdings Inc.	0.21%	267,703	$77M	added+1%	+0.03 pp	13 q
INDIindie Semiconductor, Inc. Class A	0.21%	21,705,742	$77M	added+1%	−0.02 pp	19 q
BWINThe Baldwin Insurance Group, Inc. Class A	0.20%	3,010,428	$72M	added0%	−0.03 pp	25 q
DRVNDriven Brands Holdings Inc.	0.20%	5,000,261	$74M	held	—	20 q
ROLRollins, Inc.	0.20%	1,208,539	$73M	trimmed−6%	0.00 pp	38 q
WSTWest Pharmaceutical Services, Inc.	0.20%	263,189	$72M	trimmed−13%	−0.01 pp	51 q
ALKTAlkami Technology, Inc.	0.19%	2,983,065	$69M	added+25%	+0.03 pp	19 q
TECHBio-Techne Corp.	0.19%	1,207,499	$71M	trimmed−52%	−0.18 pp	45 q
CGNXCognex Corp	0.19%	1,900,166	$68M	held	—	51 q
HQYHealthEquity, Inc	0.19%	756,025	$69M	trimmed−0%	0.00 pp	46 q
TRUTransUnion	0.19%	813,353	$70M	trimmed−1%	+0.01 pp	35 q
ESTAEstablishment Labs Holdings Inc.	0.19%	961,226	$70M	trimmed−19%	+0.06 pp	19 q
DDOGDatadog, Inc. Class A	0.18%	490,582	$67M	trimmed−9%	−0.02 pp	26 q
DTDynatrace, Inc.	0.18%	1,499,500	$65M	added+9%	0.00 pp	26 q
HTFLHeartflow, Inc.	0.18%	2,303,877	$67M	added+86%	+0.07 pp	2 q
EFOREverforth, Inc.	0.17%	1,310,800	$63M	trimmed−1%	0.00 pp	30 q
AEISAdvanced Energy Industries Inc	0.17%	299,141	$63M	trimmed−24%	−0.01 pp	25 q
CAKECheesecake Factory (The)	0.17%	1,250,037	$63M	held	—	51 q
NPOEnpro Inc.	0.17%	298,850	$64M	added+3%	0.00 pp	5 q
YMMFull Truck Alliance Co. Ltd.	0.17%	5,772,623	$62M	trimmed−9%	−0.05 pp	17 q
LPLALPL Financial Holdings Inc.	0.17%	175,245	$63M	trimmed−16%	−0.01 pp	17 q
MRCYMercury Systems Inc.	0.17%	835,823	$61M	trimmed−35%	−0.10 pp	44 q
SKYChampion Homes, Inc.	0.17%	725,542	$61M	new	+0.17 pp	new
VVISA Inc.	0.17%	177,148	$62M	trimmed−0%	+0.01 pp	51 q
VMCVulcan Materials Company(Holding Company)	0.17%	225,132	$64M	added+1%	−0.01 pp	28 q
AXONAxon Enterprise, Inc.	0.16%	106,441	$60M	added+86%	+0.05 pp	16 q
CDNACareDx, Inc.	0.16%	3,155,180	$59M	held	—	8 q
HEIHEICO Corporation	0.16%	177,633	$57M	held	—	31 q
LGNLegence Corp. Class A	0.16%	1,395,682	$60M	added0%	+0.05 pp	2 q
MACThe Macerich Company	0.16%	3,286,261	$61M	added+13%	+0.02 pp	8 q
MPWRMonolithic Power Systems, Inc.	0.16%	65,227	$59M	added+35%	+0.04 pp	19 q
RDNTRadNet, Inc.	0.16%	810,066	$58M	held	—	8 q
VEEVVeeva Systems Inc.	0.16%	262,070	$59M	trimmed−20%	−0.10 pp	35 q
AAONAaon Inc	0.15%	738,016	$56M	added+2%	−0.03 pp	2 q
COOThe Cooper Companies, Inc.	0.15%	664,491	$54M	added0%	+0.03 pp	8 q
FAFirst Advantage Corporation	0.15%	3,750,173	$54M	held	—	19 q
GTLBGitLab Inc. Class A	0.15%	1,426,527	$54M	trimmed−11%	−0.04 pp	17 q
ISRGIntuitive Surgical Inc.	0.15%	97,334	$55M	trimmed−2%	+0.03 pp	37 q
LPXLouisiana-Pacific Corp.	0.15%	674,577	$54M	trimmed−4%	−0.02 pp	7 q
ONTOnterris, Inc.	0.15%	2,160,599	$54M	added0%	−0.01 pp	22 q
NCNOnCino, Inc.	0.15%	2,102,737	$54M	added+2%	0.00 pp	22 q
NUNu Holdings Ltd.	0.15%	3,335,290	$56M	added+92%	+0.08 pp	11 q
ODDODDITY Tech Ltd. Class A	0.15%	1,353,715	$54M	trimmed−2%	−0.08 pp	10 q
BMIBadger Meter, Inc.	0.14%	300,046	$52M	added+18%	+0.02 pp	2 q
BAMBrookfield Asset Management Ltd.	0.14%	984,871	$52M	held	—	13 q
LOWLowe's Companies Inc.	0.14%	221,833	$53M	trimmed−9%	−0.02 pp	29 q
MSGSMadison Square Garden Sports Corp.	0.14%	200,015	$52M	trimmed−11%	0.00 pp	41 q
NTSKNetskope, Inc. Class A	0.14%	2,981,743	$52M	added+28%	0.00 pp	2 q
SSNCSS&C Technologies Inc	0.14%	578,673	$51M	trimmed−1%	0.00 pp	51 q
TXRHTexas Roadhouse, Inc.	0.14%	314,886	$52M	added+9%	+0.01 pp	15 q
WINGWingstop Inc	0.14%	215,231	$51M	added+35%	+0.03 pp	4 q
NVMINova Ltd.	0.14%	154,511	$51M	added+41%	+0.05 pp	29 q
GOOGLAlphabet Inc. Class A	0.13%	157,498	$49M	added0%	+0.03 pp	42 q
AMTAmerican Tower Corporation	0.13%	267,813	$47M	trimmed−50%	−0.14 pp	4 q
HNGEHinge Health, Inc.	0.13%	999,570	$46M	added+6%	+0.01 pp	3 q
MASIMasimo Corporation	0.13%	373,899	$49M	trimmed−4%	−0.02 pp	8 q
SPGSimon Property Group, Inc.	0.13%	252,790	$47M	added+5%	+0.01 pp	9 q
STEPStepStone Group Inc. Class A	0.13%	730,557	$47M	added+22%	+0.03 pp	12 q
WMSAdvanced Drainage Systems, Inc.	0.12%	294,678	$43M	held	—	4 q
CWSTCasella Waste Systems Inc	0.12%	446,242	$44M	new	+0.12 pp	new
VMRKVivmark Residential	0.12%	675,281	$43M	added+22%	+0.03 pp	36 q
MAMastercard Incorporated	0.12%	79,958	$46M	trimmed−11%	−0.01 pp	51 q
WAYWaystar Holding Corp.	0.12%	1,393,634	$46M	new	+0.12 pp	new
ZSZscaler, Inc.	0.12%	190,968	$43M	added+4%	−0.03 pp	32 q
ACLXArcellx, Inc.	0.11%	609,697	$40M	added+11%	−0.01 pp	11 q
BAHBooz Allen Hamilton Holding Corporation	0.11%	469,264	$40M	added+42%	+0.02 pp	15 q
LYVLive Nation Entertainment Inc.	0.11%	277,801	$40M	added+5%	0.00 pp	5 q
SITMSiTime Corporation	0.11%	116,493	$41M	trimmed−35%	−0.03 pp	12 q
STUBStubHub Holdings, Inc.	0.11%	2,953,213	$40M	trimmed−1%	−0.02 pp	2 q
TWTradeweb Markets Inc. Class A	0.11%	381,337	$41M	trimmed−3%	−0.01 pp	27 q
VRNSVaronis Systems, Inc.	0.11%	1,226,240	$40M	added×2.2	+0.02 pp	27 q
STVNStevanato Group S.p.A.	0.11%	2,001,724	$40M	added+1%	−0.02 pp	17 q
GOOGAlphabet Inc. Class C	0.10%	117,784	$37M	added0%	+0.02 pp	47 q
TEAMAtlassian Corporation Class A	0.10%	219,283	$36M	added+25%	+0.03 pp	13 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.10%	2,000,621	$38M	added+18%	+0.02 pp	4 q
FBINFortune Brands Innovations, Inc.	0.10%	773,799	$39M	new	+0.10 pp	new
JEFJefferies Financial Group Inc.	0.10%	596,528	$37M	added+15%	+0.01 pp	17 q
MCMoelis & Company	0.10%	513,197	$35M	trimmed−2%	0.00 pp	47 q
NEOGNeogen Corp	0.10%	5,509,659	$39M	trimmed−20%	0.00 pp	51 q
PARPAR Technology Corp.	0.10%	1,004,536	$36M	trimmed−41%	−0.08 pp	30 q
PONYPony AI Inc.	0.10%	2,586,581	$38M	added+11%	−0.04 pp	3 q
PRMBPrimo Brands Corporation	0.10%	2,252,512	$37M	held	—	4 q
SSentinelOne, Inc.	0.10%	2,536,596	$38M	trimmed−12%	−0.03 pp	10 q
SQMSociedad Quimica y Minera de Chile SA	0.10%	562,105	$39M	trimmed−6%	+0.03 pp	2 q
TMETencent Music Entertainment Group	0.10%	2,068,105	$36M	added+12%	−0.01 pp	8 q
WCNWaste Connections, Inc.	0.10%	200,000	$35M	held	—	38 q
CDWCDW Corporation	0.09%	231,243	$31M	trimmed−12%	−0.02 pp	35 q
CRWDCrowdStrike Holdings, Inc. Class A	0.09%	71,721	$34M	added+27%	+0.02 pp	27 q
EXPOExponent Inc	0.09%	470,868	$33M	trimmed−6%	0.00 pp	8 q
KKRKKR & Co. Inc.	0.09%	246,351	$31M	added+13%	+0.01 pp	7 q
NOWServicenow, Inc.	0.09%	224,966	$34M	trimmed−10%	−0.03 pp	42 q
AVNTAvient Corporation	0.08%	1,000,000	$31M	held	—	25 q
FIGFigma, Inc.	0.08%	750,000	$28M	held	—	2 q
ILMNIllumina Inc	0.08%	219,566	$29M	added+6%	+0.03 pp	51 q
INSPInspire Medical Systems, Inc.	0.08%	337,486	$31M	added+78%	+0.04 pp	28 q
FWONALiberty Media Corporation Series A	0.08%	311,588	$28M	trimmed−2%	0.00 pp	10 q
WTWWillis Towers Watson Public Limited Company	0.08%	86,388	$28M	trimmed−10%	−0.01 pp	40 q
CDROCodere Online Luxembourg, S.A.	0.08%	3,503,284	$28M	held	—	17 q
GLIBKLiberty Capital Corporation Series C GCI Group	0.07%	681,440	$25M	new	+0.07 pp	new
GCMGGCM Grosvenor Inc. Class A	0.07%	2,200,349	$25M	added0%	0.00 pp	6 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.07%	3,000,322	$27M	held	—	24 q
RKTRocket Companies, Inc.	0.07%	1,398,360	$27M	new	+0.07 pp	new
TWFGTWFG, Inc.	0.07%	954,463	$27M	added0%	0.00 pp	6 q
VCYTVeracyte, Inc.	0.07%	645,621	$27M	held	—	27 q
ZLABZai Lab Limited	0.07%	1,418,005	$25M	added+3%	−0.05 pp	32 q
AFYAAfya Limited Class A	0.07%	1,688,274	$26M	trimmed−2%	0.00 pp	26 q
ASMLASML Holding NV	0.07%	24,431	$26M	trimmed−23%	−0.01 pp	50 q
CVCOCavco Industries Inc.	0.06%	37,078	$22M	new	+0.06 pp	new
DLRDigital Realty Trust, Inc.	0.06%	138,178	$21M	trimmed−53%	−0.07 pp	24 q
NPNeptune Insurance Holdings Inc.	0.06%	708,728	$21M	new	+0.06 pp	new
SPGIS&P Global Inc.	0.06%	38,907	$20M	trimmed−14%	0.00 pp	32 q
XYZBlock, Inc.	0.06%	360,345	$23M	trimmed−24%	−0.03 pp	23 q
TMHCTaylor Morrison Home Corporation	0.06%	400,419	$24M	trimmed−57%	−0.10 pp	4 q
TEMTempus AI, Inc. Class A	0.06%	355,446	$21M	added+35%	0.00 pp	7 q
CWKCushman & Wakefield Ltd.	0.06%	1,481,285	$24M	new	+0.06 pp	new
APOApollo Global Management, Inc.	0.05%	124,814	$18M	trimmed−2%	+0.01 pp	12 q
DXCMDexCom, Inc.	0.05%	257,500	$17M	trimmed−6%	0.00 pp	51 q
EPACEnerpac Tool Group Corp.	0.05%	446,217	$17M	held	—	7 q
MCOMoody's Corporation	0.05%	35,709	$18M	trimmed−1%	0.00 pp	31 q
SAILSailPoint, Inc.	0.05%	898,793	$18M	trimmed−19%	−0.01 pp	4 q
TTDThe Trade Desk, Inc.	0.05%	500,036	$19M	trimmed−72%	−0.18 pp	37 q
TMOThermo Fisher Scientific, Inc.	0.05%	28,820	$17M	added+17%	+0.02 pp	26 q
XPEVXPeng Inc.	0.05%	940,642	$19M	added+1%	−0.01 pp	4 q
ARXAccelerant Holdings	0.05%	1,209,114	$20M	trimmed−1%	0.00 pp	2 q
XPXP Inc. Class A	0.05%	1,195,477	$20M	trimmed−36%	−0.04 pp	25 q
AGYSAgilysys, Inc. (DE)	0.04%	120,846	$14M	added+14%	+0.01 pp	4 q
ANDGAndersen Group Inc.	0.04%	500,000	$13M	new	+0.04 pp	new
ARQTArcutis Biotherapeutics, Inc.	0.04%	504,700	$15M	new	+0.04 pp	new
ASICAtegrity Specialty Insurance Company Holdings	0.04%	669,792	$14M	trimmed−1%	0.00 pp	3 q
BLLNBillionToOne, Inc. Class A	0.04%	170,000	$14M	new	+0.04 pp	new
BXPBXP, Inc.	0.04%	202,984	$14M	trimmed−63%	−0.07 pp	3 q
CMECME Group Inc.	0.04%	51,437	$14M	added+6%	+0.01 pp	51 q
DHRDanaher Corporation	0.04%	60,709	$14M	added+28%	+0.02 pp	32 q
EGPEastGroup Properties Inc.	0.04%	84,614	$15M	held	—	4 q
HLLYHolley Inc.	0.04%	3,250,000	$13M	held	—	18 q
INTUIntuit Inc	0.04%	20,463	$14M	trimmed−16%	0.00 pp	24 q
MIRMirion Technologies, Inc.	0.04%	650,000	$15M	added+30%	+0.01 pp	2 q
SPRYARS Pharmaceuticals, Inc.	0.04%	1,268,532	$15M	held	—	3 q
VIAVia Transportation, Inc.	0.04%	519,380	$15M	added+56%	0.00 pp	2 q
WIXWIX.com Ltd.	0.04%	146,216	$15M	trimmed−2%	−0.03 pp	37 q
ANETArista Networks	0.03%	77,982	$10M	trimmed−20%	−0.01 pp	2 q
AZNNAstrazeneca Plc-spons ADR	0.03%	135,025	$12M	trimmed−4%	0.00 pp	31 q
CGThe Carlyle Group Inc.	0.03%	157,000	$9M	trimmed−6%	0.00 pp	19 q
CNSCohen & Steers Inc.	0.03%	165,076	$10M	trimmed−90%	−0.27 pp	51 q
AHRAmerican Healthcare REIT, Inc.	0.03%	226,459	$11M	added+13%	+0.01 pp	5 q
IEXIDEX Corporation	0.03%	71,314	$13M	trimmed−67%	−0.06 pp	46 q
SNPSSynopsys Inc	0.03%	23,255	$11M	trimmed−2%	0.00 pp	2 q
TRNSTranscat Inc	0.03%	203,477	$12M	added+6%	−0.01 pp	4 q
ABBVAbbvie Inc.	0.02%	24,800	$6M	added+18%	+0.01 pp	2 q
AMHAmerican Homes 4 Rent	0.02%	212,379	$7M	trimmed−81%	−0.08 pp	35 q
BYDBoyd Gaming Corporation	0.02%	79,700	$7M	held	—	36 q
EXRExtra Space Storage, Inc.	0.02%	64,735	$8M	new	+0.02 pp	new
HSTHost Hotels & Resorts, Inc.	0.02%	420,544	$7M	trimmed−8%	0.00 pp	3 q
INSMInsmed, Inc.	0.02%	38,200	$7M	held	—	6 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.02%	422,964	$7M	trimmed−6%	0.00 pp	12 q
PDDPDD Holdings Inc.	0.02%	62,386	$7M	held	—	9 q
RPAYRepay Holdings Corporation Class A	0.02%	2,000,000	$7M	trimmed−47%	−0.03 pp	25 q
SHOSunstone Hotel Investors, Inc.	0.02%	686,050	$6M	new	+0.02 pp	new
VRSNVeriSign Inc	0.02%	28,090	$7M	trimmed−68%	−0.05 pp	51 q
WYWeyerhaeuser Company	0.02%	378,848	$9M	new	+0.02 pp	new
DBDeutsche Bank Aktiengesellschaft	0.02%	202,402	$8M	trimmed−6%	0.00 pp	4 q
FVRRFiverr International Ltd.	0.02%	342,344	$7M	trimmed−12%	−0.01 pp	27 q
ABVXAbivax SA	0.01%	25,000	$3M	added+79%	+0.01 pp	2 q
AAgilent Technologies Inc.	0.01%	38,777	$5M	trimmed−6%	0.00 pp	51 q
AEMAgnico Eagle Mines Ltd.	0.01%	14,922	$3M	trimmed−30%	0.00 pp	16 q
ADCAgree Realty Corporation	0.01%	74,128	$5M	held	—	6 q
AAPLApple Inc.	0.01%	14,293	$4M	added+58%	0.00 pp	14 q
BSXBoston Scientific Corp.	0.01%	47,000	$4M	trimmed−33%	−0.01 pp	11 q
COHRCoherent Corp.	0.01%	29,482	$5M	added+55%	0.00 pp	3 q
COSTCostco Wholesale Corp	0.01%	6,349	$5M	held	—	32 q
EWEdwards Lifesciences Corp	0.01%	34,125	$3M	added+16%	0.00 pp	51 q
EHCEncompass Health Corporation	0.01%	17,500	$2M	held	—	3 q
ESSEssex Property Trust, Inc	0.01%	18,525	$5M	new	+0.01 pp	new
GILDGilead Sciences Inc	0.01%	26,500	$3M	added+10%	0.00 pp	4 q
HDBHDFC Bank Limited	0.01%	111,871	$4M	added+4%	0.00 pp	17 q
HGVHilton Grand Vacations Inc.	0.01%	110,200	$5M	held	—	36 q
HUBSHubspot, Inc.	0.01%	6,122	$2M	trimmed−34%	0.00 pp	20 q
PODDInsulet Corporation	0.01%	7,886	$2M	added+38%	+0.01 pp	3 q
IONSIonis Pharmaceuticals, Inc.	0.01%	36,000	$3M	added+44%	+0.01 pp	2 q
IRDMIridium Communications Inc.	0.01%	200,000	$3M	trimmed−71%	−0.02 pp	47 q
SMMDiShares Russell 2500 ETF	0.01%	51,896	$4M	new	+0.01 pp	new
KRCKilroy Realty Corp.	0.01%	142,997	$5M	added×2.1	0.00 pp	2 q
LRCXLam Research Corp	0.01%	28,029	$5M	added×2.1	+0.01 pp	16 q
LITELumentum Holdings Inc.	0.01%	13,930	$5M	added+11%	0.00 pp	2 q
VACMarriott Vacations Worldwide Corporation	0.01%	41,800	$2M	held	—	51 q
MCKMcKesson Corporation	0.01%	5,000	$4M	trimmed−6%	0.00 pp	4 q
PENPenumbra, Inc.	0.01%	13,926	$4M	added+3%	0.00 pp	4 q
POOLPool Corporation	0.01%	16,621	$4M	added+5%	0.00 pp	25 q
SYKStryker Corporation	0.01%	8,000	$3M	trimmed−56%	−0.01 pp	9 q
TRNOTerreno Realty Corporation	0.01%	67,525	$4M	held	—	3 q
TEVATeva Pharmaceutical Industries Limited	0.01%	120,000	$4M	added+9%	0.00 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	6,000	$2M	added+40%	+0.01 pp	2 q
VGTVanguard Information Technology ETF	0.01%	2,682	$2M	new	+0.01 pp	new
VRTXVertex Pharmaceuticals Inc	0.01%	5,200	$2M	held	—	15 q
VKTXViking Therapeutics, Inc	0.01%	125,827	$4M	trimmed−1%	0.00 pp	9 q
VOYGVoyager Technologies, Inc.	0.01%	120,000	$3M	held	—	3 q
WHWyndham Hotels & Resorts, Inc.	0.01%	56,080	$4M	new	+0.01 pp	new
ROIVRoivant Sciences Ltd.	0.01%	125,000	$3M	added+19%	+0.01 pp	2 q
CYBRCyberark Software LTD/ISRAEL	0.01%	8,105	$4M	trimmed−70%	−0.02 pp	13 q
ALNYAlnylam Pharmaceuticals, Inc.	0.00%	3,500	$1M	held	—	2 q
ASNDAscendis Pharma A/S	0.00%	5,600	$1M	held	—	2 q
BWXTBWX Technologies, Inc.	0.00%	859	$148,470	new	0.00 pp	new
BRK.ABerkshire Hathaway Inc.	0.00%	1	$754,800	held	—	38 q
BNTXBioNTech SE	0.00%	776	$73,875	trimmed−85%	0.00 pp	21 q
BLKBlackrock, Inc.	0.00%	1,052	$1M	trimmed−4%	0.00 pp	5 q
COFCapital One Financial	0.00%	6,135	$1M	added+53%	0.00 pp	2 q
KMXCarMax Inc.	0.00%	10,875	$420,210	held	—	51 q
CMGChipotle Mexican Grill, Inc.	0.00%	8,912	$329,744	new	0.00 pp	new
DEIDouglas Emmett, Inc.	0.00%	124,363	$1M	trimmed−93%	−0.07 pp	51 q
ELANElanco Animal Health Incorporated	0.00%	80,000	$2M	new	0.00 pp	new
EFXEquifax, Incorporated	0.00%	2,865	$621,648	trimmed−18%	0.00 pp	16 q
GSGoldman Sachs Group Inc.	0.00%	800	$703,200	held	—	38 q
GRALGRAIL, Inc.	0.00%	7,713	$660,156	held	—	7 q
HLNEHamilton Lane Incorporated Class A	0.00%	2,113	$283,797	new	0.00 pp	new
JKHYHenry (Jack) & Associates	0.00%	5,110	$932,473	trimmed−15%	0.00 pp	24 q
HDHome Depot, Inc.	0.00%	2,000	$688,200	held	—	49 q
PIImpinj, Inc.	0.00%	19	$3,306	held	—	2 q
JNJJohnson & Johnson	0.00%	3,600	$745,020	new	0.00 pp	new
KYMRKymera Therapeutics, Inc.	0.00%	20,000	$2M	added×2.9	0.00 pp	2 q
LSCCLattice Semiconductor Corp	0.00%	3,827	$281,591	new	0.00 pp	new
MDGLMadrigal Pharmaceuticals, Inc.	0.00%	2,500	$1M	trimmed−4%	0.00 pp	2 q
MANHManhattan Associates Inc	0.00%	1,550	$268,630	held	—	46 q
MUMicron Technology, Inc.	0.00%	6,351	$2M	new	0.00 pp	new
MSMorgan Stanley	0.00%	6,600	$1M	new	0.00 pp	new
NTRANatera, Inc.	0.00%	1,652	$378,457	trimmed−53%	0.00 pp	9 q
NVONovo-Nordisk A/S	0.00%	27,426	$1M	added+28%	0.00 pp	9 q
ORCLOracle Corp	0.00%	19	$3,703	new	0.00 pp	new
TROWT Rowe Price Group Inc	0.00%	4,000	$409,520	held	—	51 q
PGRProgressive Corporation	0.00%	3,580	$815,238	trimmed−46%	0.00 pp	15 q
PTGXProtagonist Therapeutics, Inc	0.00%	8,300	$724,922	new	0.00 pp	new
QCOMQualcomm Inc	0.00%	4,000	$684,200	held	—	38 q
RDDTReddit, Inc.	0.00%	793	$182,287	new	0.00 pp	new
RHIRobert Half Inc.	0.00%	57,600	$2M	held	—	51 q
HOODRobinhood Markets, Inc. Class A	0.00%	15,950	$2M	trimmed−24%	−0.01 pp	5 q
RBRKRubrik, Inc.	0.00%	4,752	$363,433	new	0.00 pp	new
RYANRyan Specialty Holdings, Inc.	0.00%	4,621	$238,582	new	0.00 pp	new
SBACSBA Communications Corp	0.00%	600	$116,058	held	—	37 q
THCTenet Healthcare Corporation New	0.00%	3,500	$695,520	held	—	2 q
VCTRVictory Capital Holdings, Inc. Class A	0.00%	16,596	$1M	held	—	13 q
WSOWatsco, Inc.	0.00%	103	$34,706	new	0.00 pp	new
XENEXenon Pharmaceuticals Inc	0.00%	30,000	$1M	held	—	17 q
FLUTFlutter Entertainment plc	0.00%	1,852	$398,254	added×115.8	0.00 pp	2 q
RACEFerrari N.V.	0.00%	98	$36,217	added×8.9	0.00 pp	2 q
LLYVKLiberty Media Corp-liberty-c	—	−1,458,910	—	exited	−0.38 pp	—
TREXTrex Company, Inc.	—	−1,589,735	—	exited	−0.22 pp	—
DUOLDuolingo, Inc. Class A	—	−243,708	—	exited	−0.21 pp	—
ITGRInteger Holdings Corporation	—	−766,055	—	exited	−0.21 pp	—
VNOVornado Realty Trust	—	−1,408,487	—	exited	−0.15 pp	—
IRMIron Mountain Inc.	—	−436,831	—	exited	−0.12 pp	—
DAYDayforce, Inc.	—	−523,064	—	exited	−0.10 pp	—
DHID.R. Horton Inc.	—	−199,717	—	exited	−0.09 pp	—
BEKEKE Holdings Inc.	—	−1,756,357	—	exited	−0.09 pp	—
JBIJanus International Group, Inc.	—	−2,750,000	—	exited	−0.07 pp	—
IRTIndependence Realty Trust Inc.	—	−1,467,193	—	exited	−0.06 pp	—
METCRamaco Resources, Inc. Class A	—	−623,058	—	exited	−0.05 pp	—
GFIGold Fields Ltd	—	−370,774	—	exited	−0.04 pp	—
BLDRBuilders FirstSource, Inc.	—	−57,196	—	exited	−0.02 pp	—
INVHInvitation Homes Inc.	—	−258,156	—	exited	−0.02 pp	—
SMASmartStop Self Storage REIT, Inc.	—	−185,572	—	exited	−0.02 pp	—
VERXVertex, Inc. Class A	—	−248,042	—	exited	−0.02 pp	—
VICIVICI Properties Inc.	—	−239,048	—	exited	−0.02 pp	—
BILLBILL Holdings, Inc.	—	−54,733	—	exited	−0.01 pp	—
DOCSDoximity, Inc.	—	−27,000	—	exited	−0.01 pp	—
FRPTFreshpet, Inc.	—	−38,628	—	exited	−0.01 pp	—
UDRUDR, Inc.	—	−88,575	—	exited	−0.01 pp	—
AREAlexandria Real Estate Equities, Inc.	—	−20,104	—	exited	0.00 pp	—
CVSCvs Health Corporation	—	−13,000	—	exited	0.00 pp	—
CDTXCidara Therapeutics, Inc.	—	−17,500	—	exited	0.00 pp	—
CYHCommunity Health Systems, Inc.	—	−100	—	exited	0.00 pp	—
CFLTConfluent, Inc. Class A	—	−65,000	—	exited	0.00 pp	—
CYTKCytokinetics Inc.	—	−24,500	—	exited	0.00 pp	—
DAVAEndava plc	—	−118,800	—	exited	0.00 pp	—
FISVFiserv, Inc.	—	−5,000	—	exited	0.00 pp	—
IBNICICI Bank Limited	—	−11,708	—	exited	0.00 pp	—
MRPMillrose Properties, Inc.	—	−20	—	exited	0.00 pp	—
MBLYMobileye Global Inc. Class A	—	−13,357	—	exited	0.00 pp	—
ZZillow Group, Inc. Class C	—	−12,150	—	exited	0.00 pp	—
ESNTEssent Group LTD	—	−8,335	—	exited	0.00 pp	—
MANUManchester United PLC	—	−90,448	—	exited	0.00 pp	—
MRUSMerus NV	—	−5,000	—	exited	0.00 pp	—