Baron Capital

Q2 2026 13F · by Ron Baron, CEO

As of: Jun 30, 2026
Filed: Aug 14, 2026
US stock: $66.6B · prev $33.1B
Positions: 345 · prev 326
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%

Moves360 since the prior filing

+18.4 pp in · −16.5 pp out

New 54 +39.20 pp
Added 117 −20.81 pp
Trimmed 154 −15.32 pp
Exited 35 −1.15 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 14% a year, about 7.4 years per position

Low
Moderate
High

Top 5 positions52% of US stock

Positions345 in this filing · 35 exited


SPCXSpace Exploration Technologies Corp. Class A	37.38%	145,775,147	$24.9B	new	+37.38 pp	new
TSLATesla, Inc.	7.90%	12,524,752	$5.3B	added+5%	−5.49 pp	50 q
MSCIMSCI, Inc.	2.70%	3,211,753	$1.8B	added+19%	−1.69 pp	53+ q
ACGLArch Capital Group Ltd	2.31%	15,872,450	$1.5B	trimmed−5%	−2.53 pp	53+ q
HHyatt Hotels Corporation	2.12%	7,279,087	$1.4B	added+15%	−0.63 pp	53+ q
SHOPShopify Inc. Class A subordinate voting shares	1.91%	11,155,546	$1.3B	added×2.4	+0.22 pp	27 q
SPOTSpotify Technology S.A.	1.68%	2,433,114	$1.1B	added+84%	−0.25 pp	33 q
GWREGuidewire Software, Inc.	1.66%	8,994,456	$1.1B	added+36%	−1.32 pp	53+ q
SCHWThe Charles Schwab Corporation	1.61%	11,655,694	$1.1B	added+56%	−0.51 pp	53+ q
RRRRed Rock Resorts, Inc. Class A	1.60%	16,391,131	$1.1B	added+22%	−0.56 pp	41 q
IDXXIdexx Laboratories Inc	1.56%	1,976,778	$1.0B	added+21%	−1.21 pp	53+ q
CHHChoice Hotels Intnl.	1.54%	9,328,354	$1.0B	added+21%	−0.86 pp	53+ q
ITGartner, Inc.	1.48%	7,601,009	$985M	added+28%	−1.35 pp	53+ q
FDSFactset Research Systems	1.45%	4,200,856	$967M	added+12%	−1.01 pp	53+ q
MTNVail Resorts, Inc.	1.34%	6,536,697	$890M	added+30%	−0.61 pp	53+ q
KNSLKinsale Capital Group, Inc.	1.32%	2,663,958	$879M	added+31%	−0.77 pp	39 q
VRSKVerisk Analytics, Inc.	1.27%	4,702,605	$844M	added+87%	−0.17 pp	53+ q
BIRKBirkenstock Holding plc	0.95%	14,739,609	$634M	added+57%	−0.06 pp	11 q
CSGPCoStar Group Inc	0.92%	21,626,763	$612M	added+33%	−1.07 pp	53+ q
FIGSFIGS, Inc.	0.92%	59,959,449	$613M	held	—	21 q
ONONOn Holding AG	0.90%	16,929,770	$600M	added+74%	−0.10 pp	18 q
NVDANvidia Corp	0.89%	2,965,306	$593M	added+2%	−0.65 pp	32 q
MORNMorningstar, Inc.	0.82%	3,499,146	$546M	added×4.6	+0.43 pp	53+ q
AMZNAmazon.Com Inc	0.70%	1,956,523	$466M	added+51%	−0.11 pp	53+ q
IBKRInteractive Brokers Group, Inc. Class A	0.63%	4,807,214	$418M	added+19%	−0.19 pp	14 q
VRTVertiv Holdings Co Class A	0.49%	979,821	$328M	trimmed−17%	−0.40 pp	26 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.48%	667,698	$319M	added+5%	−0.17 pp	53+ q
APHAmphenol Corporation	0.42%	1,598,059	$282M	trimmed−4%	−0.21 pp	29 q
WELLWelltower Inc.	0.42%	1,232,060	$280M	trimmed−8%	−0.38 pp	18 q
ABNBAirbnb, Inc. Class A	0.38%	1,758,065	$252M	added+22%	−0.17 pp	8 q
IOTSamsara Inc.	0.38%	7,881,752	$256M	added+54%	−0.11 pp	9 q
SITESiteOne Landscape Supply, Inc.	0.35%	2,028,799	$232M	trimmed−1%	−0.48 pp	41 q
FPSForgent Power Solutions, Inc.	0.34%	4,072,575	$227M	trimmed−13%	−0.07 pp	2 q
PWRQuanta Services, Inc.	0.34%	315,789	$227M	trimmed−3%	−0.20 pp	14 q
EQIXEquinix, Inc.	0.31%	195,637	$204M	trimmed−20%	−0.41 pp	46 q
LOARLoar Holdings Inc.	0.31%	2,523,332	$203M	added+7%	−0.10 pp	9 q
GOOGAlphabet Inc. Class C	0.29%	541,579	$191M	added×3.9	+0.17 pp	49 q
GOOGLAlphabet Inc. Class A	0.29%	546,232	$195M	added+43%	−0.04 pp	44 q
AVGOBroadcom Inc.	0.29%	514,536	$194M	trimmed−2%	−0.20 pp	18 q
PRIPrimerica, Inc.	0.29%	671,453	$191M	trimmed−22%	−0.36 pp	53+ q
MTDMettler-Toledo International	0.27%	138,464	$177M	added+4%	−0.24 pp	53+ q
LVSLas Vegas Sands Corp.	0.26%	3,784,278	$175M	added×3.1	+0.06 pp	19 q
BXDCBlackstone Digital Infrastructure Trust Inc.	0.25%	7,620,555	$165M	new	+0.25 pp	new
LLYEli Lilly & Co.	0.25%	140,540	$169M	added+65%	+0.01 pp	17 q
TOLToll Brothers, Inc.	0.25%	1,009,102	$166M	added+8%	−0.13 pp	25 q
NPOEnpro Inc.	0.23%	399,482	$151M	added+2%	−0.07 pp	7 q
HEI.AHeico Corp Cl A	0.22%	562,662	$145M	added+34%	−0.05 pp	34 q
MRNAModerna, Inc.	0.21%	1,989,386	$139M	new	+0.21 pp	new
NOVTNovanta Inc.	0.21%	850,494	$138M	trimmed−7%	−0.12 pp	37 q
CBRECbre Group, Inc.	0.20%	978,961	$132M	trimmed−9%	−0.24 pp	53+ q
DDOGDatadog, Inc. Class A	0.20%	508,356	$132M	trimmed−13%	−0.01 pp	28 q
METAMeta Platforms, Inc. Class A	0.20%	233,313	$131M	trimmed−9%	−0.24 pp	53+ q
LLYVKLiberty Live Holdings, Inc. Series C Liberty Live Group	0.20%	1,240,273	$131M	trimmed−19%	−0.23 pp	3 q
ARGXargenx SE	0.19%	136,654	$127M	trimmed−1%	−0.12 pp	35 q
GDSGDS Holdings Limited	0.19%	4,245,033	$127M	trimmed−8%	−0.37 pp	10 q
MACThe Macerich Company	0.19%	4,999,756	$126M	added+22%	−0.04 pp	10 q
HLIHoulihan Lokey, Inc.	0.18%	869,544	$117M	trimmed−18%	−0.28 pp	35 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.17%	471,598	$116M	added+3%	−0.11 pp	28 q
MTHMeritage Homes Corporation	0.17%	1,341,653	$112M	new	+0.17 pp	new
WMSAdvanced Drainage Systems, Inc.	0.16%	680,431	$107M	added×2.3	+0.04 pp	6 q
INDIindie Semiconductor, Inc. Class A	0.16%	23,012,611	$103M	trimmed−1%	−0.07 pp	21 q
JEFJefferies Financial Group Inc.	0.16%	2,141,744	$107M	added+40%	−0.03 pp	19 q
PLDPrologis, Inc.	0.16%	790,347	$107M	trimmed−26%	−0.27 pp	6 q
TDGTransDigm Group Incorporated	0.16%	78,501	$105M	trimmed−0%	−0.12 pp	53+ q
RGENRepligen Corp	0.15%	748,466	$102M	added+37%	−0.05 pp	16 q
BNBrookfield Corporation	0.14%	2,132,011	$91M	trimmed−27%	−0.21 pp	15 q
CWSTCasella Waste Systems Inc	0.14%	965,239	$94M	added+34%	−0.03 pp	3 q
CGNXCognex Corp	0.14%	1,251,099	$91M	trimmed−28%	−0.12 pp	53+ q
CRWDCrowdStrike Holdings, Inc. Class A	0.14%	126,394	$96M	added+14%	+0.01 pp	29 q
DKNGDraftKings Inc. Class A	0.14%	3,768,624	$95M	trimmed−11%	−0.14 pp	25 q
HTFLHeartflow, Inc.	0.14%	3,225,133	$95M	trimmed−16%	−0.14 pp	4 q
HLTHilton Worldwide Holdings Inc.	0.14%	291,397	$96M	added+10%	−0.10 pp	15 q
HNGEHinge Health, Inc.	0.14%	1,117,678	$93M	trimmed−1%	+0.01 pp	5 q
JBTMJBT Marel Corporation	0.14%	660,557	$96M	added0%	−0.11 pp	38 q
RBCRBC Bearings Incorporated	0.14%	149,226	$96M	trimmed−18%	−0.16 pp	47 q
AXONAxon Enterprise, Inc.	0.13%	153,615	$86M	added+30%	−0.02 pp	18 q
BLLNBillionToOne, Inc. Class A	0.13%	742,093	$89M	added0%	−0.05 pp	3 q
RBRKRubrik, Inc.	0.13%	1,115,395	$90M	added×4.0	+0.09 pp	3 q
SNOWSnowflake Inc.	0.13%	341,931	$87M	trimmed−14%	−0.05 pp	24 q
FIGFigma, Inc.	0.12%	4,264,145	$77M	added×2.1	−0.01 pp	4 q
GLPIGaming and Leisure Properties, Inc.	0.12%	1,844,141	$82M	trimmed−0%	−0.13 pp	51 q
HEIHEICO Corporation	0.12%	218,976	$78M	added+30%	−0.02 pp	33 q
MELIMercado Libre, Inc	0.12%	46,955	$80M	added+10%	−0.10 pp	32 q
MPWRMonolithic Power Systems, Inc.	0.12%	58,604	$81M	trimmed−7%	−0.09 pp	21 q
PSAPublic Storage	0.12%	241,020	$77M	trimmed−10%	−0.10 pp	2 q
RDNTRadNet, Inc.	0.12%	1,260,992	$78M	added+56%	−0.02 pp	10 q
BABAAlibaba Group Holding Limited	0.11%	740,460	$71M	added+17%	−0.13 pp	48 q
BWINThe Baldwin Insurance Group, Inc. Class A	0.11%	2,712,386	$72M	added0%	−0.07 pp	27 q
BFAMBright Horizons Family Solutions Inc.	0.11%	1,055,150	$75M	trimmed−4%	−0.16 pp	53+ q
KRMNKarman Holdings Inc.	0.11%	1,450,878	$72M	added+13%	−0.20 pp	6 q
FWONKLiberty Media Corporation Series C	0.11%	800,000	$76M	held	—	12 q
MRCYMercury Systems Inc.	0.11%	606,919	$74M	trimmed−6%	−0.03 pp	46 q
MIRMirion Technologies, Inc.	0.11%	3,906,083	$70M	added×3.2	+0.04 pp	4 q
WINGWingstop Inc	0.11%	430,165	$75M	added×2.1	+0.01 pp	6 q
NUNu Holdings Ltd.	0.11%	5,597,914	$75M	added+59%	−0.04 pp	13 q
ASMLASML Holding NV	0.11%	36,286	$72M	added+2%	−0.03 pp	52 q
AAONAaon Inc	0.10%	544,402	$69M	trimmed−36%	−0.11 pp	4 q
BXBlackstone Inc.	0.10%	591,248	$70M	added×6.3	+0.07 pp	18 q
CBRSCerebras Systems Inc. Class A	0.10%	295,028	$65M	new	+0.10 pp	new
DTDynatrace, Inc.	0.10%	1,569,714	$69M	trimmed−27%	−0.14 pp	28 q
FBINFortune Brands Innovations, Inc.	0.10%	1,158,552	$64M	new	+0.10 pp	new
HQYHealthEquity, Inc	0.10%	750,394	$68M	added0%	−0.09 pp	48 q
VMCVulcan Materials Company(Holding Company)	0.10%	218,448	$64M	added+42%	−0.03 pp	30 q
WYNNWynn Resorts Ltd	0.10%	692,338	$67M	trimmed−60%	−0.43 pp	14 q
CRHCRH Public Limited Company	0.10%	649,916	$70M	trimmed−12%	−0.13 pp	6 q
ICLRIcon Plc	0.10%	376,805	$65M	trimmed−12%	−0.04 pp	53+ q
DRVNDriven Brands Holdings Inc.	0.09%	4,502,594	$63M	added0%	−0.08 pp	22 q
FAFirst Advantage Corporation	0.09%	3,502,140	$63M	trimmed−7%	−0.04 pp	21 q
HDHome Depot, Inc.	0.09%	165,104	$58M	added×82.6	+0.09 pp	51 q
MSGSMadison Square Garden Sports Corp.	0.09%	150,116	$60M	trimmed−9%	−0.07 pp	43 q
PENNPENN Entertainment, Inc.	0.09%	2,744,568	$59M	added+31%	0.00 pp	2 q
PCORProcore Technologies, Inc.	0.09%	1,529,188	$62M	added+2%	−0.17 pp	12 q
ROPRoper Technologies, Inc.	0.09%	173,931	$59M	trimmed−7%	−0.11 pp	53+ q
SHAKShake Shack Inc.	0.09%	1,035,680	$58M	new	+0.09 pp	new
TXRHTexas Roadhouse, Inc.	0.09%	311,275	$60M	trimmed−1%	−0.07 pp	17 q
VVISA Inc.	0.09%	180,071	$62M	trimmed−0%	−0.07 pp	53+ q
WSTWest Pharmaceutical Services, Inc.	0.09%	164,174	$59M	trimmed−18%	−0.06 pp	53+ q
AEISAdvanced Energy Industries Inc	0.08%	139,367	$52M	trimmed−48%	−0.18 pp	27 q
CDNACareDx, Inc.	0.08%	1,937,326	$55M	trimmed−42%	−0.09 pp	10 q
INTAIntapp, Inc.	0.08%	1,990,657	$50M	trimmed−7%	−0.09 pp	10 q
KTOSKratos Defense & Security Solutions, Inc.	0.08%	1,077,941	$54M	added+51%	−0.07 pp	26 q
LRCXLam Research Corp	0.08%	129,318	$56M	added+11%	0.00 pp	18 q
LYVLive Nation Entertainment Inc.	0.08%	309,044	$57M	added+4%	−0.06 pp	7 q
MUMicron Technology, Inc.	0.08%	43,335	$50M	added×12.9	+0.08 pp	3 q
PLNTPlanet Fitness, Inc.	0.08%	1,075,674	$56M	trimmed−10%	−0.19 pp	34 q
PRMBPrimo Brands Corporation	0.08%	2,211,413	$54M	added+1%	−0.04 pp	6 q
SITMSiTime Corporation	0.08%	70,204	$52M	trimmed−40%	−0.04 pp	14 q
TEMTempus AI, Inc. Class A	0.08%	904,259	$52M	added+1%	−0.04 pp	9 q
TWTradeweb Markets Inc. Class A	0.08%	510,853	$51M	added+39%	−0.05 pp	29 q
BAPCredicorp LTD	0.08%	128,884	$50M	trimmed−42%	−0.15 pp	21 q
DPCDPC Holdings PLC	0.08%	1,038,331	$51M	new	+0.08 pp	new
AADXApplied Aerospace & Defense, Inc.	0.07%	2,173,823	$50M	new	+0.07 pp	new
ARXSArxis, Inc. Class A	0.07%	982,805	$45M	new	+0.07 pp	new
CZRCaesars Entertainment, Inc.	0.07%	1,644,259	$50M	added0%	−0.06 pp	2 q
CPNGCoupang, Inc.	0.07%	2,779,552	$48M	trimmed−1%	−0.09 pp	22 q
DLRDigital Realty Trust, Inc.	0.07%	261,118	$47M	trimmed−46%	−0.19 pp	26 q
IBPInstalled Building Products, Inc.	0.07%	198,310	$46M	added0%	−0.09 pp	35 q
JLLJones Lang LaSalle, Inc.	0.07%	151,040	$47M	trimmed−37%	−0.15 pp	28 q
LOWLowe's Companies Inc.	0.07%	198,685	$44M	trimmed−4%	−0.08 pp	31 q
MAIRMadison Air Solutions Corporation	0.07%	1,169,540	$46M	new	+0.07 pp	new
NEOGNeogen Corp	0.07%	5,015,968	$45M	added0%	−0.07 pp	53+ q
NTSKNetskope, Inc. Class A	0.07%	4,567,336	$50M	added+19%	−0.03 pp	4 q
PHMPultegroup, Inc.	0.07%	329,727	$45M	new	+0.07 pp	new
TTANServiceTitan, Inc. Class A	0.07%	705,163	$50M	trimmed−37%	−0.14 pp	7 q
STVNStevanato Group S.p.A.	0.07%	2,494,871	$45M	trimmed−0%	−0.03 pp	19 q
BYDBoyd Gaming Corporation	0.06%	466,256	$41M	added×5.9	+0.04 pp	38 q
ILMNIllumina Inc	0.06%	227,094	$40M	added+4%	−0.02 pp	53+ q
ISRGIntuitive Surgical Inc.	0.06%	93,927	$37M	trimmed−3%	−0.08 pp	39 q
IRMIron Mountain Inc.	0.06%	310,721	$39M	trimmed−41%	−0.10 pp	2 q
KBHKB Home	0.06%	599,141	$38M	new	+0.06 pp	new
LGNLegence Corp. Class A	0.06%	475,469	$41M	trimmed−62%	−0.15 pp	4 q
FWONALiberty Media Corporation Series A	0.06%	479,738	$42M	added+52%	−0.01 pp	12 q
MAMastercard Incorporated	0.06%	79,709	$41M	trimmed−0%	−0.06 pp	53+ q
ONTOnterris, Inc.	0.06%	2,137,406	$43M	trimmed−1%	−0.08 pp	24 q
ROLRollins, Inc.	0.06%	1,003,324	$42M	added+1%	−0.10 pp	40 q
TRUTransUnion	0.06%	544,036	$39M	trimmed−15%	−0.07 pp	37 q
VCYTVeracyte, Inc.	0.06%	650,686	$38M	trimmed−1%	0.00 pp	29 q
WAYWaystar Holding Corp.	0.06%	1,787,600	$37M	trimmed−23%	−0.11 pp	3 q
XPXP Inc. Class A	0.06%	2,634,268	$43M	trimmed−2%	−0.09 pp	27 q
FROGJFrog Ltd.	0.06%	410,585	$37M	trimmed−34%	−0.03 pp	7 q
ANDGAndersen Group Inc.	0.05%	901,874	$34M	added0%	−0.02 pp	3 q
ARQTArcutis Biotherapeutics, Inc.	0.05%	1,253,120	$33M	added+17%	−0.03 pp	3 q
AXGNAxogen, Inc.	0.05%	740,210	$34M	added+15%	−0.01 pp	2 q
CAKECheesecake Factory (The)	0.05%	450,000	$36M	trimmed−55%	−0.12 pp	53+ q
COOThe Cooper Companies, Inc.	0.05%	427,888	$31M	trimmed−6%	−0.05 pp	10 q
FICOFair Isaac Corporation	0.05%	29,748	$36M	trimmed−49%	−0.14 pp	27 q
YMMFull Truck Alliance Co. Ltd.	0.05%	4,429,188	$36M	added+6%	−0.05 pp	19 q
HROWHarrow, Inc.	0.05%	809,350	$34M	new	+0.05 pp	new
LPLALPL Financial Holdings Inc.	0.05%	114,224	$32M	trimmed−6%	−0.06 pp	19 q
LCLNLincoln International, Inc.	0.05%	1,511,824	$36M	new	+0.05 pp	new
NCNOnCino, Inc.	0.05%	1,867,719	$31M	trimmed−9%	−0.04 pp	24 q
OFRMOnce Upon a Farm, PBC	0.05%	1,752,844	$36M	added0%	−0.04 pp	2 q
RKTRocket Companies, Inc.	0.05%	2,265,775	$36M	trimmed−20%	−0.07 pp	3 q
SSNCSS&C Technologies Inc	0.05%	560,789	$35M	trimmed−2%	−0.07 pp	53+ q
SSentinelOne, Inc.	0.05%	1,910,096	$32M	added0%	−0.02 pp	12 q
SPGSimon Property Group, Inc.	0.05%	163,566	$37M	trimmed−2%	−0.04 pp	11 q
STEPStepStone Group Inc. Class A	0.05%	828,911	$34M	trimmed−0%	−0.07 pp	14 q
VISTVista Energy S.A.B. de C.V.	0.05%	523,234	$33M	trimmed−1%	−0.07 pp	2 q
WCNWaste Connections, Inc.	0.05%	193,920	$32M	added+1%	−0.04 pp	40 q
ZLABZai Lab Limited	0.05%	1,623,694	$31M	trimmed−2%	−0.04 pp	34 q
JHXJames Hardie Industries plc	0.05%	1,221,587	$32M	new	+0.05 pp	new
CDROCodere Online Luxembourg, S.A.	0.05%	3,503,284	$34M	held	—	19 q
NVMINova Ltd.	0.05%	60,244	$33M	added+1%	−0.03 pp	31 q
AVNTAvient Corporation	0.04%	700,000	$26M	trimmed−10%	−0.05 pp	27 q
BBDBanco Bradesco S.A.	0.04%	7,302,361	$25M	trimmed−28%	−0.07 pp	2 q
CDWCDW Corporation	0.04%	172,116	$24M	trimmed−15%	−0.03 pp	37 q
COHRCoherent Corp.	0.04%	63,346	$25M	trimmed−5%	−0.01 pp	5 q
DFTXDefinium Therapeutics, Inc.	0.04%	520,108	$24M	new	+0.04 pp	new
GCMGGCM Grosvenor Inc. Class A	0.04%	2,204,959	$27M	added0%	−0.03 pp	8 q
MPMP Materials Corp.	0.04%	455,258	$25M	added×185.4	+0.04 pp	2 q
MSFTMicrosoft Corp	0.04%	63,695	$24M	trimmed−14%	−0.04 pp	35 q
TWFGTWFG, Inc.	0.04%	1,135,091	$27M	trimmed0%	−0.02 pp	8 q
VEEVVeeva Systems Inc.	0.04%	167,676	$30M	trimmed−0%	−0.05 pp	37 q
VTRVentas, Inc.	0.04%	281,483	$25M	trimmed−72%	−0.21 pp	9 q
MANEVeradermics, Incorporated	0.04%	229,581	$28M	added×3.8	+0.03 pp	2 q
ESTAEstablishment Labs Holdings Inc.	0.04%	286,098	$25M	trimmed−70%	−0.13 pp	21 q
NBISNebius Group N.V. Class A	0.04%	99,259	$27M	added+81%	+0.02 pp	2 q
AGYSAgilysys, Inc. (DE)	0.03%	197,104	$21M	trimmed−5%	−0.01 pp	6 q
AREAlexandria Real Estate Equities, Inc.	0.03%	336,176	$18M	new	+0.03 pp	new
ANETArista Networks	0.03%	101,174	$17M	trimmed−3%	−0.01 pp	4 q
BXPBXP, Inc.	0.03%	312,545	$21M	new	+0.03 pp	new
EWEdwards Lifesciences Corp	0.03%	229,603	$21M	added×5.6	+0.02 pp	53+ q
VMRKVivmark Residential	0.03%	288,564	$20M	trimmed−39%	−0.05 pp	38 q
EXPOExponent Inc	0.03%	364,297	$21M	trimmed−27%	−0.07 pp	10 q
FRVOFervo Energy Company Class A	0.03%	751,114	$22M	new	+0.03 pp	new
GDYNGrid Dynamics Holdings, Inc. Class A	0.03%	3,000,000	$17M	trimmed−0%	−0.02 pp	26 q
IRTCiRhythm Holdings, Inc.	0.03%	181,430	$22M	trimmed−1%	−0.04 pp	2 q
LITELumentum Holdings Inc.	0.03%	20,447	$18M	trimmed−3%	−0.01 pp	4 q
MGMMgm Resorts International	0.03%	479,107	$23M	trimmed−52%	−0.08 pp	2 q
MHKMohawk Industries, Inc.	0.03%	171,703	$21M	new	+0.03 pp	new
NPNeptune Insurance Holdings Inc.	0.03%	608,692	$19M	trimmed−14%	−0.02 pp	3 q
PONYPony AI Inc.	0.03%	2,720,081	$19M	added+28%	−0.03 pp	5 q
SQMSociedad Quimica y Minera de Chile SA	0.03%	256,786	$19M	trimmed−54%	−0.11 pp	4 q
STUBStubHub Holdings, Inc.	0.03%	1,571,955	$20M	trimmed−19%	−0.01 pp	4 q
TMETencent Music Entertainment Group	0.03%	2,424,631	$20M	added+18%	−0.03 pp	10 q
TRNSTranscat Inc	0.03%	190,243	$18M	trimmed−17%	−0.02 pp	6 q
VSECVSE Corp	0.03%	100,166	$23M	added+34%	−0.01 pp	2 q
ZSZscaler, Inc.	0.03%	140,953	$20M	trimmed−19%	−0.04 pp	34 q
AFYAAfya Limited Class A	0.03%	1,176,247	$17M	trimmed−21%	−0.04 pp	28 q
CWKCushman & Wakefield Ltd.	0.03%	1,557,978	$21M	new	+0.03 pp	new
WTWWillis Towers Watson Public Limited Company	0.03%	84,157	$22M	trimmed−2%	−0.05 pp	42 q
EFOREverforth, Inc.	0.02%	910,800	$16M	trimmed−14%	−0.10 pp	32 q
APOApollo Global Management, Inc.	0.02%	109,894	$13M	trimmed−0%	−0.02 pp	14 q
BAHBooz Allen Hamilton Holding Corporation	0.02%	220,626	$13M	trimmed−57%	−0.10 pp	17 q
BIPCBrookfield Infrastructure Corporation Class A Exchangeable Subordinate Voting Shares	0.02%	287,744	$11M	new	+0.02 pp	new
CMECME Group Inc.	0.02%	50,234	$11M	trimmed−3%	−0.03 pp	53+ q
CNSCohen & Steers Inc.	0.02%	153,511	$12M	trimmed−7%	−0.01 pp	53+ q
DXCMDexCom, Inc.	0.02%	245,000	$17M	added+2%	−0.03 pp	53+ q
EGPEastGroup Properties Inc.	0.02%	67,985	$14M	trimmed−20%	−0.03 pp	6 q
EPACEnerpac Tool Group Corp.	0.02%	445,669	$16M	trimmed−0%	−0.03 pp	9 q
HAWKHawkEye 360, Inc.	0.02%	694,909	$14M	new	+0.02 pp	new
HSTHost Hotels & Resorts, Inc.	0.02%	452,588	$11M	trimmed−35%	−0.02 pp	5 q
IEXIDEX Corporation	0.02%	46,717	$11M	trimmed−11%	−0.01 pp	48 q
JANJanus Living, Inc.	0.02%	459,600	$13M	added×2.0	0.00 pp	2 q
KKRKKR & Co. Inc.	0.02%	173,118	$16M	trimmed−26%	−0.05 pp	9 q
VACMarriott Vacations Worldwide Corporation	0.02%	144,788	$15M	trimmed−32%	−0.02 pp	53+ q
MCOMoody's Corporation	0.02%	36,429	$16M	added+1%	−0.03 pp	33 q
PEBPebblebrook Hotel Trust	0.02%	624,157	$12M	trimmed−11%	−0.01 pp	2 q
SPGIS&P Global Inc.	0.02%	36,576	$15M	trimmed−7%	−0.03 pp	34 q
SAILSailPoint, Inc.	0.02%	1,087,053	$16M	added×3.7	+0.01 pp	6 q
XYZBlock, Inc.	0.02%	142,692	$11M	trimmed−14%	−0.01 pp	25 q
UDRUDR, Inc.	0.02%	372,699	$15M	trimmed−52%	−0.06 pp	2 q
WYWeyerhaeuser Company	0.02%	454,031	$11M	added+1%	−0.01 pp	3 q
XEX-Energy, Inc. Class A	0.02%	695,538	$13M	new	+0.02 pp	new
XPEVXPeng Inc.	0.02%	1,014,717	$13M	new	+0.02 pp	new
AMDAdvanced Micro Devices	0.01%	12,293	$7M	new	+0.01 pp	new
AAgilent Technologies Inc.	0.01%	36,589	$5M	held	—	53+ q
BAMBrookfield Asset Management Ltd.	0.01%	102,513	$5M	trimmed−74%	−0.04 pp	15 q
COSTCostco Wholesale Corp	0.01%	5,569	$5M	trimmed−12%	−0.01 pp	34 q
CUBECubeSmart	0.01%	233,813	$9M	added+24%	−0.01 pp	2 q
CURBCurbline Properties Corp.	0.01%	189,643	$6M	new	+0.01 pp	new
ESSEssex Property Trust, Inc	0.01%	25,225	$7M	added+56%	0.00 pp	3 q
EXRExtra Space Storage, Inc.	0.01%	33,611	$5M	trimmed−44%	−0.01 pp	3 q
FLINFranklin FTSE India ETF	0.01%	185,954	$7M	new	+0.01 pp	new
HGVHilton Grand Vacations Inc.	0.01%	110,200	$6M	held	—	38 q
HLLYHolley Inc.	0.01%	3,250,000	$8M	held	—	20 q
IEMGiShares Core MSCI Emerging Markets ETF	0.01%	111,940	$9M	new	+0.01 pp	new
JNJJohnson & Johnson	0.01%	25,172	$6M	added+12%	−0.01 pp	3 q
MUFGMitsubishi UFJ Financial Group, Inc.	0.01%	336,533	$7M	held	—	14 q
PANWPalo Alto Networks, Inc.	0.01%	10,774	$4M	trimmed−40%	0.00 pp	2 q
TRNOTerreno Realty Corporation	0.01%	67,525	$4M	held	—	5 q
TEVATeva Pharmaceutical Industries Limited	0.01%	138,987	$5M	added+7%	0.00 pp	5 q
TMOThermo Fisher Scientific, Inc.	0.01%	9,219	$5M	trimmed−61%	−0.03 pp	28 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	10,059	$4M	new	+0.01 pp	new
VOYGVoyager Technologies, Inc.	0.01%	120,000	$4M	held	—	5 q
AZNAstraZeneca PLC	0.01%	47,835	$9M	trimmed−25%	−0.03 pp	2 q
ROIVRoivant Sciences Ltd.	0.01%	125,000	$4M	held	—	4 q
INIOInnio N.v.	0.01%	175,001	$7M	new	+0.01 pp	new
ABVXAbivax SA	0.00%	2,500	$333,150	trimmed−55%	0.00 pp	4 q
AEMAgnico Eagle Mines Ltd.	0.00%	12,129	$2M	trimmed−9%	−0.01 pp	18 q
AXPAmerican Express Company	0.00%	2,700	$913,275	new	0.00 pp	new
AMEAmetek, Inc.	0.00%	1,680	$406,459	new	0.00 pp	new
ELVElevance Health, Inc.	0.00%	5,000	$2M	new	0.00 pp	new
AAPLApple Inc.	0.00%	408	$118,059	new	0.00 pp	new
AMATApplied Materials Inc	0.00%	3,392	$2M	new	0.00 pp	new
APPApplovin Corporation Class A	0.00%	276	$142,203	added+54%	0.00 pp	2 q
AXSMAxsome Therapeutics, Inc	0.00%	3,000	$734,310	new	0.00 pp	new
BWXTBWX Technologies, Inc.	0.00%	1,782	$346,866	added+10%	0.00 pp	3 q
BACBank of America Corporation	0.00%	40,994	$2M	added+45%	0.00 pp	2 q
BRK.ABerkshire Hathaway Inc.	0.00%	1	$748,850	held	—	40 q
TECHBio-Techne Corp.	0.00%	1,800	$127,170	trimmed−100%	−0.09 pp	47 q
BNTXBioNTech SE	0.00%	776	$72,207	held	—	23 q
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.00%	190,942	$3M	trimmed−88%	−0.09 pp	6 q
BLKBlackrock, Inc.	0.00%	1,352	$1M	added+22%	0.00 pp	7 q
BEBloom Energy Corporation	0.00%	7,204	$2M	new	0.00 pp	new
COFCapital One Financial	0.00%	5,919	$1M	trimmed−1%	0.00 pp	4 q
CMGChipotle Mexican Grill, Inc.	0.00%	13,643	$463,862	trimmed−1%	0.00 pp	3 q
CHDNChurchill Downs Inc	0.00%	3,290	$294,916	trimmed−37%	0.00 pp	2 q
CYTKCytokinetics Inc.	0.00%	10,000	$851,900	trimmed−57%	0.00 pp	2 q
DEIDouglas Emmett, Inc.	0.00%	124,363	$1M	held	—	53+ q
ELANElanco Animal Health Incorporated	0.00%	118,039	$3M	trimmed−28%	−0.01 pp	3 q
ELVNEnliven Therapeutics, Inc.	0.00%	7,500	$380,625	new	0.00 pp	new
EFXEquifax, Incorporated	0.00%	2,668	$423,465	trimmed−1%	0.00 pp	18 q
FNDFloor & Decor Holdings, Inc.	0.00%	740	$43,926	trimmed−100%	−0.20 pp	37 q
GEVGE Vernova Inc.	0.00%	15	$17,623	new	0.00 pp	new
GILDGilead Sciences Inc	0.00%	18,000	$2M	trimmed−40%	−0.01 pp	6 q
GSGoldman Sachs Group Inc.	0.00%	800	$809,096	held	—	40 q
GRALGRAIL, Inc.	0.00%	7,449	$508,543	trimmed−3%	0.00 pp	9 q
GHGuardant Health, Inc.	0.00%	16,500	$2M	trimmed−48%	−0.01 pp	2 q
HDBHDFC Bank Limited	0.00%	11,373	$293,765	trimmed−82%	0.00 pp	19 q
HLNEHamilton Lane Incorporated Class A	0.00%	5,884	$463,836	added+47%	0.00 pp	3 q
JKHYHenry (Jack) & Associates	0.00%	4,947	$681,400	trimmed−1%	0.00 pp	26 q
PIImpinj, Inc.	0.00%	314	$44,974	added×16.5	0.00 pp	4 q
INSMInsmed, Inc.	0.00%	10,000	$1M	trimmed−50%	−0.01 pp	8 q
INTUIntuit Inc	0.00%	500	$130,500	trimmed−98%	−0.03 pp	26 q
IONSIonis Pharmaceuticals, Inc.	0.00%	14,000	$1M	trimmed−69%	−0.01 pp	4 q
ITUBItau Unibanco Holding S.A.	0.00%	83,966	$686,002	new	0.00 pp	new
JPMJPMorgan Chase & Co.	0.00%	5,300	$2M	new	0.00 pp	new
KYMRKymera Therapeutics, Inc.	0.00%	20,000	$2M	held	—	4 q
LSCCLattice Semiconductor Corp	0.00%	5,147	$787,285	trimmed−29%	0.00 pp	3 q
MDGLMadrigal Pharmaceuticals, Inc.	0.00%	4,500	$2M	trimmed−15%	−0.01 pp	4 q
MANHManhattan Associates Inc	0.00%	1,550	$215,837	held	—	48 q
MRKMerck & Co., Inc.	0.00%	22,000	$3M	trimmed−12%	−0.01 pp	2 q
MCMoelis & Company	0.00%	43,050	$3M	trimmed−74%	−0.03 pp	49 q
MSMorgan Stanley	0.00%	9,620	$2M	added+6%	0.00 pp	3 q
NTRANatera, Inc.	0.00%	10,238	$3M	trimmed−39%	−0.01 pp	11 q
PLTRPalantir Technologies Inc. Class A	0.00%	123	$14,350	trimmed−99%	−0.01 pp	2 q
PARPAR Technology Corp.	0.00%	2,166	$37,732	trimmed−100%	−0.04 pp	32 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	18,666	$301,643	new	0.00 pp	new
TROWT Rowe Price Group Inc	0.00%	4,000	$454,760	held	—	53+ q
PGRProgressive Corporation	0.00%	3,050	$666,272	trimmed−12%	0.00 pp	17 q
PTGXProtagonist Therapeutics, Inc	0.00%	16,000	$2M	added+7%	0.00 pp	3 q
QCOMQualcomm Inc	0.00%	4,000	$739,160	held	—	40 q
RDDTReddit, Inc.	0.00%	3,036	$526,989	added+10%	0.00 pp	3 q
RVMDRevolution Medicines, Inc.	0.00%	12,500	$2M	added×5.0	0.00 pp	2 q
HOODRobinhood Markets, Inc. Class A	0.00%	7,500	$752,100	trimmed−3%	0.00 pp	7 q
SBACSBA Communications Corp	0.00%	600	$105,876	held	—	39 q
SCCOSouthern Copper Corporation	0.00%	5,203	$906,675	new	0.00 pp	new
SNPSSynopsys Inc	0.00%	985	$439,379	trimmed−78%	−0.01 pp	4 q
TNGXTango Therapeutics, Inc.	0.00%	15,000	$468,900	new	0.00 pp	new
TXNTexas Instruments Incorporated	0.00%	49	$14,605	new	0.00 pp	new
VALEVale S.a.	0.00%	14,474	$217,689	new	0.00 pp	new
VRSNVeriSign Inc	0.00%	11,326	$3M	trimmed−21%	−0.01 pp	53+ q
VRTXVertex Pharmaceuticals Inc	0.00%	6,000	$3M	trimmed−20%	−0.01 pp	17 q
WSOWatsco, Inc.	0.00%	269	$112,100	added+19%	0.00 pp	3 q
WHWyndham Hotels & Resorts, Inc.	0.00%	25,964	$2M	new	0.00 pp	new
XENEXenon Pharmaceuticals Inc	0.00%	25,000	$2M	held	—	19 q
DBDeutsche Bank Aktiengesellschaft	0.00%	51,421	$2M	trimmed−63%	−0.01 pp	6 q
LINLinde plc	0.00%	88	$45,667	new	0.00 pp	new
VIKViking Holdings Ltd	0.00%	4,477	$468,608	new	0.00 pp	new
ASNDAscendis Pharma A/S	0.00%	1,500	$400,080	new	0.00 pp	new
ODDODDITY Tech Ltd. Class A	0.00%	89,307	$1M	added+43%	0.00 pp	12 q
AERAercap Holdings N.V.	0.00%	6,200	$903,836	new	0.00 pp	new
RACEFerrari N.V.	0.00%	1,958	$728,944	added+30%	0.00 pp	4 q
NAMSNewAmsterdam Pharma Company N.V.	0.00%	9,000	$305,010	new	0.00 pp	new
BMIBadger Meter, Inc.	—	−312,213	—	exited	−0.14 pp	—
ALKTAlkami Technology, Inc.	—	−2,308,036	—	exited	−0.11 pp	—
SKYChampion Homes, Inc.	—	−469,822	—	exited	−0.11 pp	—
TMHCTaylor Morrison Home Corporation	—	−554,505	—	exited	−0.10 pp	—
GLIBKLiberty Capital Corporation Series C GCI Group	—	−688,388	—	exited	−0.08 pp	—
VRNSVaronis Systems, Inc.	—	−1,239,294	—	exited	−0.08 pp	—
SHWThe Sherwin-Williams Company	—	−70,846	—	exited	−0.07 pp	—
INSPInspire Medical Systems, Inc.	—	−298,470	—	exited	−0.05 pp	—
ARXAccelerant Holdings	—	−1,208,794	—	exited	−0.05 pp	—
EPRTEssential Properties Realty Trust, Inc.	—	−434,808	—	exited	−0.04 pp	—
NOWServicenow, Inc.	—	−134,330	—	exited	−0.04 pp	—
WIXWIX.com Ltd.	—	−136,080	—	exited	−0.04 pp	—
AHRAmerican Healthcare REIT, Inc.	—	−204,159	—	exited	−0.03 pp	—
SPRYARS Pharmaceuticals, Inc.	—	−1,273,341	—	exited	−0.03 pp	—
ADCAgree Realty Corporation	—	−83,347	—	exited	−0.02 pp	—
CGThe Carlyle Group Inc.	—	−157,000	—	exited	−0.02 pp	—
PDDPDD Holdings Inc.	—	−61,948	—	exited	−0.02 pp	—
VIAVia Transportation, Inc.	—	−370,985	—	exited	−0.02 pp	—
ABBVAbbvie Inc.	—	−8,000	—	exited	−0.01 pp	—
AMHAmerican Homes 4 Rent	—	−93,977	—	exited	−0.01 pp	—
AMTAmerican Tower Corporation	—	−23,709	—	exited	−0.01 pp	—
CWANClearwater Analytics Hds-a	—	−154,864	—	exited	−0.01 pp	—
PODDInsulet Corporation	—	−11,229	—	exited	−0.01 pp	—
SEISolaris Energy Infrastructure, Inc.	—	−38,970	—	exited	−0.01 pp	—
SYKStryker Corporation	—	−5,500	—	exited	−0.01 pp	—
430Terns Pharmaceuticals Inc	—	−35,000	—	exited	−0.01 pp	—
VKTXViking Therapeutics, Inc	—	−125,486	—	exited	−0.01 pp	—
FVRRFiverr International Ltd.	—	−327,869	—	exited	−0.01 pp	—
APGEApogee Therapeutics, Inc.	—	−15,000	—	exited	0.00 pp	—
ASNDAscendis Pharma A/S	—	−5,600	—	exited	0.00 pp	—
TEAMAtlassian Corporation Class A	—	−1,845	—	exited	0.00 pp	—
KMXCarMax Inc.	—	−10,875	—	exited	0.00 pp	—
MDLNMedline Inc. Class A	—	−14,000	—	exited	0.00 pp	—
RMBSRambus Inc	—	−3,111	—	exited	0.00 pp	—
RHIRobert Half Inc.	—	−15,600	—	exited	0.00 pp	—