Baron Capital

Q1 2026 13F · by Ron Baron, CEO

As of: Mar 31, 2026
Filed: May 15, 2026
US stock: $33.1B · prev $36.9B
Positions: 326 · prev 327
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%

Moves333 since the prior filing

+8.0 pp in · −8.8 pp out

New 36 +2.00 pp
Added 114 +5.96 pp
Trimmed 146 −7.36 pp
Exited 37 −1.45 pp

The book

Focused · behaves like 31 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions326 in this filing · 37 exited


TSLATesla, Inc.	13.39%	11,933,509	$4.4B	added0%	−1.14 pp	49 q
ACGLArch Capital Group Ltd	4.84%	16,709,759	$1.6B	trimmed−7%	+0.17 pp	52 q
MSCIMSCI, Inc.	4.39%	2,699,389	$1.5B	trimmed−2%	+0.11 pp	52 q
GWREGuidewire Software, Inc.	2.98%	6,597,453	$987M	added+28%	+0.18 pp	52 q
ITGartner, Inc.	2.83%	5,917,616	$937M	added+40%	−0.05 pp	52 q
IDXXIdexx Laboratories Inc	2.77%	1,633,367	$918M	trimmed−9%	−0.53 pp	52 q
HHyatt Hotels Corporation	2.75%	6,341,673	$912M	added+4%	+0.10 pp	52 q
FIGSFIGS, Inc.	2.67%	59,959,449	$886M	held	—	20 q
FDSFactset Research Systems	2.46%	3,756,587	$815M	added+30%	+0.19 pp	52 q
CHHChoice Hotels Intnl.	2.40%	7,690,494	$796M	added+4%	+0.49 pp	52 q
RRRRed Rock Resorts, Inc. Class A	2.16%	13,412,846	$716M	added+7%	+0.06 pp	40 q
SCHWThe Charles Schwab Corporation	2.12%	7,464,316	$701M	added+6%	+0.21 pp	52 q
KNSLKinsale Capital Group, Inc.	2.09%	2,027,765	$693M	added+14%	+0.20 pp	38 q
CSGPCoStar Group Inc	1.99%	16,314,175	$658M	trimmed−16%	−1.56 pp	52 q
MTNVail Resorts, Inc.	1.95%	5,043,533	$647M	added+5%	+0.22 pp	52 q
SPOTSpotify Technology S.A.	1.93%	1,319,525	$640M	added+32%	+0.36 pp	32 q
SHOPShopify Inc. Class A subordinate voting shares	1.69%	4,718,230	$560M	added×2.1	+0.69 pp	26 q
NVDANvidia Corp	1.54%	2,919,758	$509M	trimmed−2%	+0.03 pp	31 q
VRSKVerisk Analytics, Inc.	1.44%	2,511,976	$477M	added+93%	+0.65 pp	52 q
BIRKBirkenstock Holding plc	1.01%	9,366,068	$336M	added+18%	+0.13 pp	10 q
ONONOn Holding AG	1.00%	9,714,605	$330M	added+80%	+0.32 pp	17 q
VRTVertiv Holdings Co Class A	0.89%	1,181,144	$296M	trimmed−24%	+0.21 pp	25 q
SITESiteOne Landscape Supply, Inc.	0.83%	2,059,076	$274M	added+2%	+0.15 pp	40 q
IBKRInteractive Brokers Group, Inc. Class A	0.82%	4,047,376	$271M	trimmed−13%	+0.01 pp	13 q
AMZNAmazon.Com Inc	0.81%	1,294,654	$270M	added+6%	+0.04 pp	52 q
WELLWelltower Inc.	0.80%	1,344,941	$266M	added+5%	+0.16 pp	17 q
EQIXEquinix, Inc.	0.72%	243,975	$239M	added+68%	+0.42 pp	45 q
PRIPrimerica, Inc.	0.65%	860,026	$215M	trimmed−24%	−0.14 pp	52 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.65%	636,267	$215M	added0%	+0.13 pp	52 q
APHAmphenol Corporation	0.63%	1,659,690	$210M	trimmed−3%	0.00 pp	28 q
GDSGDS Holdings Limited	0.56%	4,597,246	$185M	added+21%	+0.20 pp	9 q
ABNBAirbnb, Inc. Class A	0.55%	1,441,221	$182M	added+64%	+0.23 pp	7 q
PWRQuanta Services, Inc.	0.54%	325,840	$179M	trimmed−1%	+0.16 pp	13 q
WYNNWynn Resorts Ltd	0.53%	1,736,856	$176M	added+42%	+0.13 pp	13 q
MTDMettler-Toledo International	0.51%	133,639	$169M	trimmed−9%	−0.04 pp	52 q
AVGOBroadcom Inc.	0.49%	523,219	$162M	trimmed−3%	−0.01 pp	17 q
IOTSamsara Inc.	0.49%	5,119,835	$162M	added+24%	+0.09 pp	8 q
HLIHoulihan Lokey, Inc.	0.46%	1,061,403	$152M	trimmed−6%	−0.07 pp	34 q
CBRECbre Group, Inc.	0.44%	1,074,451	$146M	trimmed−21%	−0.15 pp	52 q
METAMeta Platforms, Inc. Class A	0.44%	256,700	$147M	trimmed−5%	−0.04 pp	52 q
LLYVKLiberty Live Holdings, Inc. Series C Liberty Live Group	0.43%	1,525,473	$144M	trimmed−5%	+0.07 pp	2 q
PLDPrologis, Inc.	0.43%	1,065,747	$141M	trimmed−4%	+0.05 pp	5 q
FPSForgent Power Solutions, Inc.	0.41%	4,674,583	$137M	new	+0.41 pp	new
LOARLoar Holdings Inc.	0.41%	2,366,299	$136M	added+12%	+0.02 pp	8 q
MORNMorningstar, Inc.	0.39%	759,515	$128M	trimmed−39%	−0.34 pp	52 q
TOLToll Brothers, Inc.	0.38%	932,031	$127M	trimmed−20%	−0.05 pp	24 q
BNBrookfield Corporation	0.35%	2,905,510	$118M	trimmed−20%	−0.10 pp	14 q
GOOGLAlphabet Inc. Class A	0.33%	382,577	$110M	added×2.4	+0.20 pp	43 q
NOVTNovanta Inc.	0.33%	915,083	$108M	trimmed−2%	+0.03 pp	36 q
ARGXargenx SE	0.31%	138,648	$101M	trimmed−10%	−0.04 pp	34 q
KRMNKarman Holdings Inc.	0.31%	1,279,093	$102M	trimmed−33%	−0.07 pp	5 q
NPOEnpro Inc.	0.30%	391,730	$98M	added+31%	+0.13 pp	6 q
RBCRBC Bearings Incorporated	0.30%	181,481	$99M	trimmed−40%	−0.07 pp	46 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.28%	457,324	$94M	added+12%	+0.06 pp	27 q
DKNGDraftKings Inc. Class A	0.28%	4,218,766	$91M	trimmed−10%	−0.16 pp	24 q
HTFLHeartflow, Inc.	0.28%	3,827,531	$93M	added+66%	+0.10 pp	3 q
TDGTransDigm Group Incorporated	0.28%	78,664	$91M	added+1%	0.00 pp	52 q
BFAMBright Horizons Family Solutions Inc.	0.27%	1,102,308	$91M	added+9%	−0.01 pp	52 q
HEI.AHeico Corp Cl A	0.27%	419,407	$89M	trimmed−3%	−0.03 pp	33 q
PLNTPlanet Fitness, Inc.	0.27%	1,200,064	$89M	added+4%	−0.07 pp	33 q
AEISAdvanced Energy Industries Inc	0.26%	268,725	$87M	trimmed−10%	+0.09 pp	26 q
CGNXCognex Corp	0.26%	1,740,166	$85M	trimmed−8%	+0.07 pp	52 q
DLRDigital Realty Trust, Inc.	0.26%	484,763	$87M	added×3.5	+0.20 pp	25 q
PCORProcore Technologies, Inc.	0.26%	1,499,091	$85M	trimmed−1%	−0.04 pp	11 q
GLPIGaming and Leisure Properties, Inc.	0.25%	1,846,273	$82M	trimmed−1%	+0.02 pp	50 q
JBTMJBT Marel Corporation	0.25%	660,040	$84M	trimmed−6%	−0.04 pp	37 q
VTRVentas, Inc.	0.25%	998,339	$82M	trimmed−18%	−0.01 pp	8 q
BABAAlibaba Group Holding Limited	0.24%	635,540	$80M	trimmed−41%	−0.19 pp	47 q
DTDynatrace, Inc.	0.24%	2,159,694	$80M	added+44%	+0.06 pp	27 q
HLTHilton Worldwide Holdings Inc.	0.24%	265,363	$81M	trimmed−1%	+0.03 pp	14 q
LLYEli Lilly & Co.	0.24%	85,066	$78M	trimmed−2%	−0.01 pp	16 q
INDIindie Semiconductor, Inc. Class A	0.23%	23,337,826	$75M	added+8%	+0.02 pp	20 q
MACThe Macerich Company	0.23%	4,084,693	$77M	added+24%	+0.07 pp	9 q
BAPCredicorp LTD	0.23%	222,224	$75M	trimmed−22%	+0.01 pp	20 q
CRHCRH Public Limited Company	0.23%	739,176	$78M	trimmed−12%	−0.06 pp	5 q
JLLJones Lang LaSalle, Inc.	0.22%	241,208	$73M	trimmed−57%	−0.29 pp	27 q
MELIMercado Libre, Inc	0.22%	42,793	$74M	trimmed−31%	−0.12 pp	31 q
PSAPublic Storage	0.22%	266,847	$72M	new	+0.22 pp	new
AAONAaon Inc	0.21%	844,377	$70M	added+14%	+0.06 pp	3 q
DDOGDatadog, Inc. Class A	0.21%	587,382	$69M	added+20%	+0.03 pp	27 q
LGNLegence Corp. Class A	0.21%	1,245,682	$70M	trimmed−11%	+0.05 pp	3 q
FWONKLiberty Media Corporation Series C	0.21%	800,000	$68M	trimmed−11%	−0.03 pp	11 q
MPWRMonolithic Power Systems, Inc.	0.21%	62,994	$69M	trimmed−3%	+0.05 pp	20 q
TTANServiceTitan, Inc. Class A	0.21%	1,114,416	$71M	added+2%	−0.11 pp	6 q
FNDFloor & Decor Holdings, Inc.	0.20%	1,273,764	$65M	trimmed−6%	−0.02 pp	36 q
LVSLas Vegas Sands Corp.	0.20%	1,226,430	$66M	trimmed−18%	−0.06 pp	18 q
RGENRepligen Corp	0.20%	548,346	$65M	added+1%	−0.04 pp	15 q
ROPRoper Technologies, Inc.	0.20%	186,159	$66M	trimmed−10%	−0.05 pp	52 q
FICOFair Isaac Corporation	0.19%	57,929	$62M	trimmed−16%	−0.12 pp	26 q
HQYHealthEquity, Inc	0.19%	750,025	$63M	trimmed−1%	0.00 pp	47 q
JEFJefferies Financial Group Inc.	0.19%	1,530,228	$63M	added×2.6	+0.09 pp	18 q
BWINThe Baldwin Insurance Group, Inc. Class A	0.18%	2,710,068	$59M	trimmed−10%	−0.02 pp	26 q
BLLNBillionToOne, Inc. Class A	0.18%	741,485	$59M	added×4.4	+0.14 pp	2 q
SNOWSnowflake Inc.	0.18%	398,468	$60M	added+4%	−0.05 pp	23 q
CDNACareDx, Inc.	0.17%	3,336,409	$58M	added+6%	+0.01 pp	9 q
CWSTCasella Waste Systems Inc	0.17%	718,461	$57M	added+61%	+0.05 pp	2 q
CAKECheesecake Factory (The)	0.17%	1,000,037	$55M	trimmed−20%	0.00 pp	52 q
DRVNDriven Brands Holdings Inc.	0.17%	4,500,196	$57M	trimmed−10%	−0.03 pp	21 q
INTAIntapp, Inc.	0.17%	2,144,270	$55M	trimmed−36%	−0.24 pp	9 q
WAYWaystar Holding Corp.	0.17%	2,325,569	$56M	added+67%	+0.05 pp	2 q
ESTAEstablishment Labs Holdings Inc.	0.17%	964,167	$55M	added0%	−0.02 pp	20 q
CPNGCoupang, Inc.	0.16%	2,809,513	$53M	trimmed−34%	−0.11 pp	21 q
IBPInstalled Building Products, Inc.	0.16%	198,216	$53M	trimmed−53%	−0.14 pp	34 q
IRMIron Mountain Inc.	0.16%	525,270	$54M	new	+0.16 pp	new
MSGSMadison Square Garden Sports Corp.	0.16%	165,015	$53M	trimmed−18%	+0.02 pp	42 q
ROLRollins, Inc.	0.16%	998,020	$53M	trimmed−17%	−0.04 pp	39 q
TXRHTexas Roadhouse, Inc.	0.16%	315,698	$52M	added0%	+0.02 pp	16 q
VVISA Inc.	0.16%	180,092	$54M	added+2%	−0.01 pp	52 q
AXONAxon Enterprise, Inc.	0.15%	117,942	$50M	added+11%	−0.01 pp	17 q
KTOSKratos Defense & Security Solutions, Inc.	0.15%	715,395	$50M	trimmed−41%	−0.10 pp	25 q
LOWLowe's Companies Inc.	0.15%	206,788	$49M	trimmed−7%	+0.01 pp	30 q
WSTWest Pharmaceutical Services, Inc.	0.15%	199,750	$50M	trimmed−24%	−0.05 pp	52 q
NUNu Holdings Ltd.	0.15%	3,529,651	$51M	added+6%	0.00 pp	12 q
XPXP Inc. Class A	0.15%	2,674,571	$51M	added×2.2	+0.10 pp	26 q
BMIBadger Meter, Inc.	0.14%	312,213	$48M	added+4%	0.00 pp	3 q
HEIHEICO Corporation	0.14%	167,976	$46M	trimmed−5%	−0.02 pp	32 q
ISRGIntuitive Surgical Inc.	0.14%	97,297	$45M	trimmed−0%	−0.01 pp	38 q
LYVLive Nation Entertainment Inc.	0.14%	296,628	$45M	added+7%	+0.03 pp	6 q
MRCYMercury Systems Inc.	0.14%	645,066	$47M	trimmed−23%	−0.03 pp	45 q
ONTOnterris, Inc.	0.14%	2,168,183	$47M	added0%	−0.01 pp	23 q
NEOGNeogen Corp	0.14%	5,009,659	$47M	trimmed−9%	+0.04 pp	52 q
RDNTRadNet, Inc.	0.14%	810,066	$45M	held	—	9 q
SQMSociedad Quimica y Minera de Chile SA	0.14%	560,774	$45M	trimmed−0%	+0.04 pp	3 q
ICLRIcon Plc	0.14%	426,805	$47M	trimmed−20%	−0.12 pp	52 q
ASMLASML Holding NV	0.14%	35,625	$47M	added+46%	+0.07 pp	51 q
CZRCaesars Entertainment, Inc.	0.13%	1,643,199	$43M	new	+0.13 pp	new
CRWDCrowdStrike Holdings, Inc. Class A	0.13%	110,588	$43M	added+54%	+0.04 pp	28 q
FIGFigma, Inc.	0.13%	2,052,204	$43M	added×2.7	+0.05 pp	3 q
FAFirst Advantage Corporation	0.13%	3,750,173	$44M	held	—	20 q
HNGEHinge Health, Inc.	0.13%	1,130,053	$44M	added+13%	0.00 pp	4 q
TWTradeweb Markets Inc. Class A	0.13%	367,448	$43M	trimmed−4%	+0.02 pp	28 q
TRUTransUnion	0.13%	641,179	$44M	trimmed−21%	−0.06 pp	36 q
VMCVulcan Materials Company(Holding Company)	0.13%	153,819	$42M	trimmed−32%	−0.04 pp	29 q
EFOREverforth, Inc.	0.12%	1,060,800	$41M	trimmed−19%	−0.05 pp	31 q
WMSAdvanced Drainage Systems, Inc.	0.12%	291,152	$40M	trimmed−1%	0.00 pp	5 q
GOOGAlphabet Inc. Class C	0.12%	139,018	$40M	added+18%	+0.02 pp	48 q
BAHBooz Allen Hamilton Holding Corporation	0.12%	507,649	$40M	added+8%	+0.01 pp	16 q
MAMastercard Incorporated	0.12%	79,754	$40M	trimmed−0%	0.00 pp	52 q
PRMBPrimo Brands Corporation	0.12%	2,186,585	$41M	trimmed−3%	+0.02 pp	5 q
RKTRocket Companies, Inc.	0.12%	2,828,334	$40M	added×2.0	+0.05 pp	2 q
SSNCSS&C Technologies Inc	0.12%	572,451	$39M	trimmed−1%	−0.02 pp	52 q
SITMSiTime Corporation	0.12%	116,961	$40M	added0%	+0.01 pp	13 q
STEPStepStone Group Inc. Class A	0.12%	830,574	$40M	added+14%	−0.01 pp	13 q
TEMTempus AI, Inc. Class A	0.12%	899,278	$41M	added×2.5	+0.06 pp	8 q
VISTVista Energy S.A.B. de C.V.	0.12%	530,237	$40M	new	+0.12 pp	new
ALKTAlkami Technology, Inc.	0.11%	2,308,036	$36M	trimmed−23%	−0.08 pp	20 q
BBDBanco Bradesco S.A.	0.11%	10,083,509	$37M	new	+0.11 pp	new
LPLALPL Financial Holdings Inc.	0.11%	121,778	$37M	trimmed−31%	−0.06 pp	18 q
MGMMgm Resorts International	0.11%	996,534	$37M	new	+0.11 pp	new
SKYChampion Homes, Inc.	0.11%	469,822	$35M	trimmed−35%	−0.06 pp	2 q
COOThe Cooper Companies, Inc.	0.10%	454,864	$33M	trimmed−32%	−0.05 pp	9 q
EXPOExponent Inc	0.10%	496,733	$32M	added+5%	+0.01 pp	9 q
YMMFull Truck Alliance Co. Ltd.	0.10%	4,184,358	$35M	trimmed−28%	−0.07 pp	18 q
NTSKNetskope, Inc. Class A	0.10%	3,824,078	$32M	added+28%	−0.04 pp	3 q
TMHCTaylor Morrison Home Corporation	0.10%	554,505	$32M	added+38%	+0.04 pp	5 q
WINGWingstop Inc	0.10%	207,987	$32M	trimmed−3%	−0.04 pp	5 q
STVNStevanato Group S.p.A.	0.10%	2,500,438	$34M	added+25%	−0.01 pp	18 q
AVNTAvient Corporation	0.09%	778,000	$28M	trimmed−22%	+0.01 pp	26 q
TECHBio-Techne Corp.	0.09%	561,441	$29M	trimmed−54%	−0.10 pp	46 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.09%	1,568,430	$30M	trimmed−22%	−0.01 pp	5 q
NCNOnCino, Inc.	0.09%	2,050,073	$31M	trimmed−3%	−0.06 pp	23 q
OFRMOnce Upon a Farm, PBC	0.09%	1,749,858	$29M	new	+0.09 pp	new
PENNPENN Entertainment, Inc.	0.09%	2,092,244	$31M	new	+0.09 pp	new
SPGSimon Property Group, Inc.	0.09%	166,058	$31M	trimmed−34%	−0.04 pp	10 q
VEEVVeeva Systems Inc.	0.09%	168,126	$30M	trimmed−36%	−0.07 pp	36 q
WCNWaste Connections, Inc.	0.09%	192,621	$31M	trimmed−4%	−0.01 pp	39 q
ZLABZai Lab Limited	0.09%	1,658,318	$31M	added+17%	+0.02 pp	33 q
CDROCodere Online Luxembourg, S.A.	0.09%	3,503,284	$30M	held	—	18 q
FROGJFrog Ltd.	0.09%	620,313	$29M	trimmed−58%	−0.16 pp	6 q
ARQTArcutis Biotherapeutics, Inc.	0.08%	1,072,189	$25M	added×2.1	+0.04 pp	2 q
VMRKVivmark Residential	0.08%	473,496	$28M	trimmed−30%	−0.04 pp	37 q
GLIBKLiberty Capital Corporation Series C GCI Group	0.08%	688,388	$26M	added+1%	+0.01 pp	2 q
ILMNIllumina Inc	0.08%	219,359	$27M	trimmed−0%	0.00 pp	52 q
LRCXLam Research Corp	0.08%	116,670	$25M	added×4.2	+0.07 pp	17 q
MSFTMicrosoft Corp	0.08%	73,753	$27M	trimmed−78%	−0.37 pp	34 q
UDRUDR, Inc.	0.08%	772,594	$26M	new	+0.08 pp	new
VRNSVaronis Systems, Inc.	0.08%	1,239,294	$27M	added+1%	−0.03 pp	28 q
WTWWillis Towers Watson Public Limited Company	0.08%	85,918	$25M	trimmed−1%	0.00 pp	41 q
NVMINova Ltd.	0.08%	59,858	$26M	trimmed−61%	−0.06 pp	30 q
ANDGAndersen Group Inc.	0.07%	900,149	$24M	added+80%	+0.03 pp	2 q
CDWCDW Corporation	0.07%	202,373	$24M	trimmed−12%	−0.02 pp	36 q
GCMGGCM Grosvenor Inc. Class A	0.07%	2,200,349	$22M	held	—	7 q
IRTCiRhythm Holdings, Inc.	0.07%	183,900	$22M	new	+0.07 pp	new
KKRKKR & Co. Inc.	0.07%	233,268	$22M	trimmed−5%	−0.02 pp	8 q
FWONALiberty Media Corporation Series A	0.07%	316,574	$25M	added+2%	−0.01 pp	11 q
MIRMirion Technologies, Inc.	0.07%	1,213,748	$23M	added+87%	+0.03 pp	3 q
SSentinelOne, Inc.	0.07%	1,908,204	$25M	trimmed−25%	−0.03 pp	11 q
SHWThe Sherwin-Williams Company	0.07%	70,846	$23M	new	+0.07 pp	new
ZSZscaler, Inc.	0.07%	173,025	$24M	trimmed−9%	−0.05 pp	33 q
AFYAAfya Limited Class A	0.07%	1,483,658	$22M	trimmed−12%	0.00 pp	27 q
AXGNAxogen, Inc.	0.06%	643,743	$21M	new	+0.06 pp	new
PONYPony AI Inc.	0.06%	2,125,643	$20M	trimmed−18%	−0.04 pp	4 q
TWFGTWFG, Inc.	0.06%	1,135,099	$21M	added+19%	−0.01 pp	7 q
TMETencent Music Entertainment Group	0.06%	2,059,399	$19M	trimmed−0%	−0.04 pp	9 q
VCYTVeracyte, Inc.	0.06%	655,522	$21M	added+2%	−0.01 pp	28 q
BAMBrookfield Asset Management Ltd.	0.05%	398,072	$18M	trimmed−60%	−0.09 pp	14 q
CMECME Group Inc.	0.05%	51,700	$15M	added+1%	+0.01 pp	52 q
COHRCoherent Corp.	0.05%	66,982	$16M	added×2.3	+0.04 pp	4 q
DXCMDexCom, Inc.	0.05%	241,000	$15M	trimmed−6%	0.00 pp	52 q
EGPEastGroup Properties Inc.	0.05%	84,614	$16M	held	—	5 q
EPACEnerpac Tool Group Corp.	0.05%	447,643	$16M	added0%	0.00 pp	8 q
GDYNGrid Dynamics Holdings, Inc. Class A	0.05%	3,000,322	$17M	held	—	25 q
INSPInspire Medical Systems, Inc.	0.05%	298,470	$15M	trimmed−12%	−0.03 pp	29 q
MCOMoody's Corporation	0.05%	36,232	$16M	added+1%	0.00 pp	32 q
NPNeptune Insurance Holdings Inc.	0.05%	708,474	$17M	trimmed−0%	−0.01 pp	2 q
SPGIS&P Global Inc.	0.05%	39,177	$17M	added+1%	−0.01 pp	33 q
TRNSTranscat Inc	0.05%	230,354	$17M	added+13%	+0.02 pp	5 q
ARXAccelerant Holdings	0.05%	1,208,794	$16M	trimmed−0%	0.00 pp	3 q
AGYSAgilysys, Inc. (DE)	0.04%	206,401	$15M	added+71%	0.00 pp	5 q
APOApollo Global Management, Inc.	0.04%	110,119	$12M	trimmed−12%	−0.01 pp	13 q
ANETArista Networks	0.04%	104,728	$13M	added+34%	+0.01 pp	3 q
EPRTEssential Properties Realty Trust, Inc.	0.04%	434,808	$13M	new	+0.04 pp	new
HSTHost Hotels & Resorts, Inc.	0.04%	694,087	$13M	added+65%	+0.02 pp	4 q
LITELumentum Holdings Inc.	0.04%	20,980	$15M	added+51%	+0.03 pp	3 q
VACMarriott Vacations Worldwide Corporation	0.04%	214,280	$14M	added×5.1	+0.03 pp	52 q
PARPAR Technology Corp.	0.04%	944,301	$13M	trimmed−6%	−0.06 pp	31 q
RBRKRubrik, Inc.	0.04%	277,535	$14M	added×58.4	+0.04 pp	2 q
NOWServicenow, Inc.	0.04%	134,330	$14M	trimmed−40%	−0.05 pp	43 q
STUBStubHub Holdings, Inc.	0.04%	1,931,317	$12M	trimmed−35%	−0.07 pp	3 q
TMOThermo Fisher Scientific, Inc.	0.04%	23,670	$12M	trimmed−18%	−0.01 pp	27 q
VSECVSE Corp	0.04%	75,011	$14M	new	+0.04 pp	new
AZNAstraZeneca PLC	0.04%	63,835	$13M	new	+0.04 pp	new
WIXWIX.com Ltd.	0.04%	136,080	$12M	trimmed−7%	0.00 pp	38 q
BXBlackstone Inc.	0.03%	94,599	$11M	trimmed−84%	−0.21 pp	17 q
CNSCohen & Steers Inc.	0.03%	165,076	$10M	held	—	52 q
AHRAmerican Healthcare REIT, Inc.	0.03%	204,159	$10M	trimmed−10%	0.00 pp	6 q
HLLYHolley Inc.	0.03%	3,250,000	$10M	held	—	19 q
IEXIDEX Corporation	0.03%	52,776	$10M	trimmed−26%	0.00 pp	47 q
INTUIntuit Inc	0.03%	20,335	$9M	trimmed−1%	−0.01 pp	25 q
MCMoelis & Company	0.03%	163,197	$9M	trimmed−68%	−0.07 pp	48 q
PEBPebblebrook Hotel Trust	0.03%	699,157	$9M	new	+0.03 pp	new
SPRYARS Pharmaceuticals, Inc.	0.03%	1,273,341	$10M	added0%	−0.01 pp	4 q
XYZBlock, Inc.	0.03%	165,728	$10M	trimmed−54%	−0.03 pp	24 q
WYWeyerhaeuser Company	0.03%	451,631	$11M	added+19%	+0.01 pp	2 q
ADCAgree Realty Corporation	0.02%	83,347	$6M	added+12%	+0.01 pp	7 q
BYDBoyd Gaming Corporation	0.02%	79,700	$7M	held	—	37 q
CGThe Carlyle Group Inc.	0.02%	157,000	$8M	held	—	20 q
COSTCostco Wholesale Corp	0.02%	6,349	$6M	held	—	33 q
CUBECubeSmart	0.02%	187,813	$7M	new	+0.02 pp	new
EXRExtra Space Storage, Inc.	0.02%	60,011	$8M	trimmed−7%	0.00 pp	2 q
JANJanus Living, Inc.	0.02%	225,000	$5M	new	+0.02 pp	new
JNJJohnson & Johnson	0.02%	22,500	$5M	added×6.3	+0.02 pp	2 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.02%	336,533	$6M	trimmed−20%	0.00 pp	13 q
PDDPDD Holdings Inc.	0.02%	61,948	$6M	trimmed−1%	0.00 pp	10 q
VIAVia Transportation, Inc.	0.02%	370,985	$6M	trimmed−29%	−0.02 pp	3 q
NBISNebius Group N.V. Class A	0.02%	54,832	$6M	new	+0.02 pp	new
ABBVAbbvie Inc.	0.01%	8,000	$2M	trimmed−68%	−0.01 pp	3 q
AAgilent Technologies Inc.	0.01%	36,589	$4M	trimmed−6%	0.00 pp	52 q
AEMAgnico Eagle Mines Ltd.	0.01%	13,367	$3M	trimmed−10%	0.00 pp	17 q
AMHAmerican Homes 4 Rent	0.01%	93,977	$3M	trimmed−56%	−0.01 pp	36 q
AMTAmerican Tower Corporation	0.01%	23,709	$4M	trimmed−91%	−0.12 pp	5 q
CWANClearwater Analytics Hds-a	0.01%	154,864	$4M	trimmed−98%	−0.50 pp	19 q
EWEdwards Lifesciences Corp	0.01%	41,176	$3M	added+21%	0.00 pp	52 q
ELANElanco Animal Health Incorporated	0.01%	163,463	$4M	added×2.0	+0.01 pp	2 q
ESSEssex Property Trust, Inc	0.01%	16,125	$4M	trimmed−13%	0.00 pp	2 q
GILDGilead Sciences Inc	0.01%	30,000	$4M	added+13%	0.00 pp	5 q
GHGuardant Health, Inc.	0.01%	32,000	$3M	new	+0.01 pp	new
HGVHilton Grand Vacations Inc.	0.01%	110,200	$4M	held	—	37 q
INSMInsmed, Inc.	0.01%	20,000	$3M	trimmed−48%	−0.01 pp	7 q
PODDInsulet Corporation	0.01%	11,229	$2M	added+42%	0.00 pp	4 q
IONSIonis Pharmaceuticals, Inc.	0.01%	45,000	$3M	added+25%	0.00 pp	3 q
KYMRKymera Therapeutics, Inc.	0.01%	20,000	$2M	held	—	3 q
MDGLMadrigal Pharmaceuticals, Inc.	0.01%	5,300	$3M	added×2.1	+0.01 pp	3 q
MRKMerck & Co., Inc.	0.01%	25,000	$3M	new	+0.01 pp	new
NTRANatera, Inc.	0.01%	16,646	$3M	added×10.1	+0.01 pp	10 q
PLTRPalantir Technologies Inc. Class A	0.01%	13,005	$2M	new	+0.01 pp	new
PANWPalo Alto Networks, Inc.	0.01%	17,932	$3M	new	+0.01 pp	new
SAILSailPoint, Inc.	0.01%	292,597	$4M	trimmed−67%	−0.04 pp	5 q
SEISolaris Energy Infrastructure, Inc.	0.01%	38,970	$2M	new	+0.01 pp	new
SYKStryker Corporation	0.01%	5,500	$2M	trimmed−31%	0.00 pp	10 q
SNPSSynopsys Inc	0.01%	4,473	$2M	trimmed−81%	−0.02 pp	3 q
430Terns Pharmaceuticals Inc	0.01%	35,000	$2M	new	+0.01 pp	new
TRNOTerreno Realty Corporation	0.01%	67,525	$4M	held	—	4 q
TEVATeva Pharmaceutical Industries Limited	0.01%	130,000	$4M	added+8%	0.00 pp	4 q
MANEVeradermics, Incorporated	0.01%	59,668	$4M	new	+0.01 pp	new
VRSNVeriSign Inc	0.01%	14,404	$4M	trimmed−49%	−0.01 pp	52 q
VRTXVertex Pharmaceuticals Inc	0.01%	7,500	$3M	added+44%	0.00 pp	16 q
VKTXViking Therapeutics, Inc	0.01%	125,486	$4M	trimmed−0%	0.00 pp	10 q
VOYGVoyager Technologies, Inc.	0.01%	120,000	$3M	held	—	4 q
DBDeutsche Bank Aktiengesellschaft	0.01%	139,697	$4M	trimmed−31%	−0.01 pp	5 q
ROIVRoivant Sciences Ltd.	0.01%	125,000	$3M	held	—	3 q
FVRRFiverr International Ltd.	0.01%	327,869	$3M	trimmed−4%	−0.01 pp	28 q
ABVXAbivax SA	0.00%	5,500	$612,425	trimmed−78%	−0.01 pp	3 q
APGEApogee Therapeutics, Inc.	0.00%	15,000	$1M	new	0.00 pp	new
APPApplovin Corporation Class A	0.00%	179	$71,242	new	0.00 pp	new
ASNDAscendis Pharma A/S	0.00%	5,600	$1M	held	—	3 q
TEAMAtlassian Corporation Class A	0.00%	1,845	$125,921	trimmed−99%	−0.10 pp	14 q
BWXTBWX Technologies, Inc.	0.00%	1,626	$332,501	added+89%	0.00 pp	2 q
BACBank of America Corporation	0.00%	28,200	$1M	new	0.00 pp	new
BRK.ABerkshire Hathaway Inc.	0.00%	1	$718,140	held	—	39 q
BNTXBioNTech SE	0.00%	776	$68,971	held	—	22 q
BLKBlackrock, Inc.	0.00%	1,110	$1M	added+6%	0.00 pp	6 q
COFCapital One Financial	0.00%	6,000	$1M	trimmed−2%	0.00 pp	3 q
KMXCarMax Inc.	0.00%	10,875	$452,182	held	—	52 q
CMGChipotle Mexican Grill, Inc.	0.00%	13,803	$441,834	added+55%	0.00 pp	2 q
CHDNChurchill Downs Inc	0.00%	5,201	$467,206	new	0.00 pp	new
CYTKCytokinetics Inc.	0.00%	23,000	$2M	new	0.00 pp	new
DEIDouglas Emmett, Inc.	0.00%	124,363	$1M	held	—	52 q
EFXEquifax, Incorporated	0.00%	2,704	$486,909	trimmed−6%	0.00 pp	17 q
GSGoldman Sachs Group Inc.	0.00%	800	$676,792	held	—	39 q
GRALGRAIL, Inc.	0.00%	7,713	$398,608	held	—	8 q
HDBHDFC Bank Limited	0.00%	63,292	$2M	trimmed−43%	−0.01 pp	18 q
HLNEHamilton Lane Incorporated Class A	0.00%	4,000	$397,600	added+89%	0.00 pp	2 q
JKHYHenry (Jack) & Associates	0.00%	5,016	$792,729	trimmed−2%	0.00 pp	25 q
HDHome Depot, Inc.	0.00%	2,000	$657,780	held	—	50 q
PIImpinj, Inc.	0.00%	19	$1,951	held	—	3 q
LSCCLattice Semiconductor Corp	0.00%	7,292	$676,406	added+91%	0.00 pp	2 q
MPMP Materials Corp.	0.00%	2,455	$118,478	new	0.00 pp	new
MANHManhattan Associates Inc	0.00%	1,550	$206,336	held	—	47 q
MDLNMedline Inc. Class A	0.00%	14,000	$623,000	new	0.00 pp	new
MUMicron Technology, Inc.	0.00%	3,347	$1M	trimmed−47%	0.00 pp	2 q
MSMorgan Stanley	0.00%	9,100	$1M	added+38%	0.00 pp	2 q
TROWT Rowe Price Group Inc	0.00%	4,000	$360,560	held	—	52 q
PGRProgressive Corporation	0.00%	3,452	$684,324	trimmed−4%	0.00 pp	16 q
PTGXProtagonist Therapeutics, Inc	0.00%	15,000	$2M	added+81%	0.00 pp	2 q
QCOMQualcomm Inc	0.00%	4,000	$515,120	held	—	39 q
RMBSRambus Inc	0.00%	3,111	$267,639	new	0.00 pp	new
RDDTReddit, Inc.	0.00%	2,760	$371,634	added×3.5	0.00 pp	2 q
RVMDRevolution Medicines, Inc.	0.00%	2,500	$243,125	new	0.00 pp	new
RHIRobert Half Inc.	0.00%	15,600	$396,240	trimmed−73%	0.00 pp	52 q
HOODRobinhood Markets, Inc. Class A	0.00%	7,720	$534,996	trimmed−52%	0.00 pp	6 q
SBACSBA Communications Corp	0.00%	600	$103,266	held	—	38 q
WSOWatsco, Inc.	0.00%	227	$82,580	added×2.2	0.00 pp	2 q
XENEXenon Pharmaceuticals Inc	0.00%	25,000	$1M	trimmed−17%	0.00 pp	18 q
ODDODDITY Tech Ltd. Class A	0.00%	62,630	$837,989	trimmed−95%	−0.15 pp	11 q
RACEFerrari N.V.	0.00%	1,503	$508,690	added×15.3	0.00 pp	3 q
EXKExact Sciences Corp	—	−954,547	—	exited	−0.26 pp	—
GTLBGitLab Inc. Class A	—	−1,426,527	—	exited	−0.15 pp	—
LPXLouisiana-Pacific Corp.	—	−674,577	—	exited	−0.15 pp	—
MASIMasimo Corporation	—	−373,899	—	exited	−0.13 pp	—
ACLXArcellx, Inc.	—	−609,697	—	exited	−0.11 pp	—
FBINFortune Brands Innovations, Inc.	—	−773,799	—	exited	−0.10 pp	—
CVCOCavco Industries Inc.	—	−37,078	—	exited	−0.06 pp	—
CWKCushman & Wakefield Ltd.	—	−1,481,285	—	exited	−0.06 pp	—
TTDThe Trade Desk, Inc.	—	−500,036	—	exited	−0.05 pp	—
XPEVXPeng Inc.	—	−940,642	—	exited	−0.05 pp	—
ASICAtegrity Specialty Insurance Company Holdings	—	−669,792	—	exited	−0.04 pp	—
BXPBXP, Inc.	—	−202,984	—	exited	−0.04 pp	—
DHRDanaher Corporation	—	−60,709	—	exited	−0.04 pp	—
AZNNAstrazeneca Plc-spons ADR	—	−135,025	—	exited	−0.03 pp	—
RPAYRepay Holdings Corporation Class A	—	−2,000,000	—	exited	−0.02 pp	—
SHOSunstone Hotel Investors, Inc.	—	−686,050	—	exited	−0.02 pp	—
AAPLApple Inc.	—	−14,293	—	exited	−0.01 pp	—
BSXBoston Scientific Corp.	—	−47,000	—	exited	−0.01 pp	—
EHCEncompass Health Corporation	—	−17,500	—	exited	−0.01 pp	—
HUBSHubspot, Inc.	—	−6,122	—	exited	−0.01 pp	—
IRDMIridium Communications Inc.	—	−200,000	—	exited	−0.01 pp	—
SMMDiShares Russell 2500 ETF	—	−51,896	—	exited	−0.01 pp	—
KRCKilroy Realty Corp.	—	−142,997	—	exited	−0.01 pp	—
MCKMcKesson Corporation	—	−5,000	—	exited	−0.01 pp	—
PENPenumbra, Inc.	—	−13,926	—	exited	−0.01 pp	—
POOLPool Corporation	—	−16,621	—	exited	−0.01 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−6,000	—	exited	−0.01 pp	—
VGTVanguard Information Technology ETF	—	−2,682	—	exited	−0.01 pp	—
WHWyndham Hotels & Resorts, Inc.	—	−56,080	—	exited	−0.01 pp	—
CYBRCyberark Software LTD/ISRAEL	—	−8,105	—	exited	−0.01 pp	—
ALNYAlnylam Pharmaceuticals, Inc.	—	−3,500	—	exited	0.00 pp	—
NVONovo-Nordisk A/S	—	−27,426	—	exited	0.00 pp	—
ORCLOracle Corp	—	−19	—	exited	0.00 pp	—
RYANRyan Specialty Holdings, Inc.	—	−4,621	—	exited	0.00 pp	—
THCTenet Healthcare Corporation New	—	−3,500	—	exited	0.00 pp	—
VCTRVictory Capital Holdings, Inc. Class A	—	−16,596	—	exited	0.00 pp	—
FLUTFlutter Entertainment plc	—	−1,852	—	exited	0.00 pp	—