Polen Capital

Q2 2025 13F · by Dan Davidowitz, portfolio manager

As of: Jun 30, 2025
Filed: Aug 13, 2025
US stock: $32.6B · prev $31.8B
Positions: 240 · prev 117
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%

Moves268 since the prior filing

+5.8 pp in · −6.0 pp out

New 151 +2.54 pp
Added 9 +3.29 pp
Trimmed 80 −5.97 pp
Exited 28 −0.06 pp

The book

Focused · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 22% a year, about 4.5 years per position

Low
Moderate
High

Top 5 positions37% of US stock

AMZN Amazon.Com Inc trimmed−1.23 pp trimmed−1.239.4%
MSFT Microsoft Corp trimmed+1.28 pp trimmed+1.288.3%
ORCL Oracle Corp trimmed+2.50 pp trimmed+2.508.0%
V VISA Inc. trimmed−0.52 pp trimmed−0.526.1%
SHOP Shopify Inc. Class A subordinate voting shares trimmed+0.62 pp trimmed+0.625.2%

Positions240 in this filing · 28 exited


AMZNAmazon.Com Inc	9.37%	13,921,840	$3.1B	trimmed−22%	−1.23 pp	18 q
MSFTMicrosoft Corp	8.28%	5,426,123	$2.7B	trimmed−9%	+1.28 pp	32 q
ORCLOracle Corp	8.04%	11,983,204	$2.6B	trimmed−5%	+2.50 pp	4 q
VVISA Inc.	6.11%	5,611,098	$2.0B	trimmed−7%	−0.52 pp	49 q
SHOPShopify Inc. Class A subordinate voting shares	5.20%	14,690,160	$1.7B	trimmed−4%	+0.62 pp	17 q
MAMastercard Incorporated	5.16%	2,992,048	$1.7B	trimmed−7%	−0.37 pp	49 q
ABTAbbott Laboratories	4.45%	10,669,498	$1.5B	trimmed−6%	−0.29 pp	24 q
LLYEli Lilly & Co.	4.16%	1,737,910	$1.4B	trimmed−1%	−0.39 pp	8 q
ZTSZoetis Inc.	4.03%	8,421,026	$1.3B	trimmed−4%	−0.52 pp	31 q
ADBEAdobe Inc.	3.99%	3,356,781	$1.3B	added+19%	+0.60 pp	42 q
NOWServicenow, Inc.	3.71%	1,176,895	$1.2B	added+24%	+1.34 pp	23 q
GOOGAlphabet Inc. Class C	3.57%	6,562,265	$1.2B	trimmed−12%	−0.08 pp	45 q
NFLXNetFlix Inc	3.35%	815,234	$1.1B	trimmed−8%	+0.75 pp	18 q
MSCIMSCI, Inc.	3.08%	1,741,389	$1.0B	trimmed−7%	−0.24 pp	8 q
AONAon plc Class A	3.01%	2,745,627	$980M	trimmed−9%	−0.76 pp	20 q
ABNBAirbnb, Inc. Class A	2.99%	7,354,228	$973M	trimmed−5%	+0.09 pp	16 q
TMOThermo Fisher Scientific, Inc.	2.73%	2,190,348	$888M	trimmed−6%	−0.90 pp	11 q
SBUXStarbucks Corp	2.72%	9,668,618	$886M	added+88%	+1.14 pp	2 q
ACNAccenture PLC	2.70%	2,947,158	$881M	trimmed−8%	−0.44 pp	49 q
WDAYWorkday, Inc. Class A	2.63%	3,571,930	$857M	trimmed−9%	−0.26 pp	9 q
PAYCPaycom Software, Inc.	2.06%	2,896,489	$670M	trimmed−7%	−0.07 pp	17 q
IDXXIdexx Laboratories Inc	1.97%	1,195,425	$641M	new	+1.97 pp	new
CSGPCoStar Group Inc	1.71%	6,923,828	$557M	added+5%	+0.07 pp	3 q
ITGartner, Inc.	0.97%	779,216	$315M	trimmed−7%	−0.13 pp	49 q
MELIMercado Libre, Inc	0.50%	62,189	$163M	trimmed−9%	+0.08 pp	17 q
SAPSap SE	0.45%	486,471	$148M	trimmed−10%	−0.01 pp	32 q
GOOGLAlphabet Inc. Class A	0.34%	620,019	$109M	added+1%	+0.04 pp	39 q
WTWWillis Towers Watson Public Limited Company	0.30%	314,075	$96M	trimmed−14%	−0.09 pp	3 q
IWFiShares Russell 1000 Growth ETF	0.29%	225,609	$96M	trimmed−41%	−0.15 pp	47 q
ICLRIcon Plc	0.24%	540,410	$79M	trimmed−15%	−0.11 pp	33 q
HDBHDFC Bank Limited	0.13%	570,679	$44M	trimmed−12%	−0.01 pp	11 q
ASMLASML Holding NV	0.11%	44,525	$36M	trimmed−15%	0.00 pp	17 q
NUNu Holdings Ltd.	0.10%	2,486,803	$34M	trimmed−16%	0.00 pp	3 q
ADPAutomatic Data Processing	0.09%	94,535	$29M	trimmed−43%	−0.07 pp	48 q
MNDYmonday.com Ltd.	0.09%	97,575	$31M	added+37%	+0.04 pp	3 q
ONONOn Holding AG	0.08%	489,827	$25M	added×2.1	+0.05 pp	4 q
GLOBGlobant S.a.	0.08%	272,981	$25M	trimmed−65%	−0.21 pp	29 q
SPOTSpotify Technology S.A.	0.07%	29,446	$23M	trimmed−24%	0.00 pp	3 q
TMETencent Music Entertainment Group	0.06%	991,883	$19M	trimmed−50%	−0.03 pp	19 q
MDTMedtronic plc	0.06%	234,886	$20M	trimmed−63%	−0.12 pp	31 q
IBNICICI Bank Limited	0.05%	500,475	$17M	new	+0.05 pp	new
NVONovo-Nordisk A/S	0.04%	178,669	$12M	trimmed−82%	−0.18 pp	8 q
SESea Limited	0.04%	83,932	$13M	new	+0.04 pp	new
AGXArgan, Inc	0.03%	44,821	$10M	new	+0.03 pp	new
ACWIiShares MSCI ACWI ETF	0.03%	88,558	$11M	trimmed−77%	−0.11 pp	17 q
MMYTMakeMyTrip Limited	0.03%	104,962	$10M	new	+0.03 pp	new
BWXTBWX Technologies, Inc.	0.02%	41,037	$6M	new	+0.02 pp	new
PDDPDD Holdings Inc.	0.02%	64,309	$7M	trimmed−3%	0.00 pp	5 q
POWLPowell Industries Inc	0.02%	25,173	$5M	new	+0.02 pp	new
WGSGeneDx Holdings Corp. Class A	0.02%	80,980	$7M	new	+0.02 pp	new
VSECVSE Corp	0.02%	39,583	$5M	new	+0.02 pp	new
VUGVanguard Morningstar Growth ETF	0.02%	12,907	$6M	trimmed−12%	0.00 pp	4 q
DLODLocal Limited Class A	0.02%	605,885	$7M	trimmed−3%	0.00 pp	11 q
ADPTAdaptive Biotechnologies Corporation	0.01%	142,257	$2M	new	+0.01 pp	new
AFRMAffirm Holdings, Inc. Class A	0.01%	30,027	$2M	new	+0.01 pp	new
AMSCAmerican Superconductor Corp	0.01%	47,221	$2M	new	+0.01 pp	new
AAPLApple Inc.	0.01%	8,526	$2M	trimmed−100%	−1.86 pp	4 q
ACHRArcher Aviation Inc.	0.01%	194,666	$2M	new	+0.01 pp	new
ATROAstronics Corp	0.01%	49,791	$2M	new	+0.01 pp	new
BELFBBel Fuse Inc	0.01%	20,386	$2M	new	+0.01 pp	new
BEBloom Energy Corporation	0.01%	68,316	$2M	new	+0.01 pp	new
CCJCameco Corporation	0.01%	45,616	$3M	new	+0.01 pp	new
CRSCarpenter Technology Corp	0.01%	9,475	$3M	new	+0.01 pp	new
CVNACarvana Co.	0.01%	11,695	$4M	new	+0.01 pp	new
CVLTCommvault Systems, Inc.	0.01%	13,142	$2M	new	+0.01 pp	new
GPGIGPGI, Inc.	0.01%	135,767	$2M	new	+0.01 pp	new
CNMCore & Main, Inc.	0.01%	34,013	$2M	trimmed−73%	−0.01 pp	7 q
DAVEDave Inc. Class A	0.01%	12,621	$3M	new	+0.01 pp	new
ENVXEnovix Corporation	0.01%	193,681	$2M	new	+0.01 pp	new
EXLSExlService Holdings, Inc.	0.01%	42,201	$2M	trimmed−84%	−0.03 pp	8 q
CATHGlobal X S&P 500 Catholic Values ETF	0.01%	46,993	$4M	trimmed−12%	0.00 pp	16 q
GSHDGoosehead Insurance, Inc. Class A	0.01%	16,369	$2M	trimmed−73%	−0.01 pp	20 q
GGALGrupo Financiero Galicia SA	0.01%	39,394	$2M	new	+0.01 pp	new
HCIHCI Group, Inc.	0.01%	13,972	$2M	new	+0.01 pp	new
IESCIES Holdings, Inc.	0.01%	13,821	$4M	new	+0.01 pp	new
IRSIRSA Inversiones y Representaciones S.A. Global	0.01%	163,598	$2M	new	+0.01 pp	new
LMBLimbach Holdings, Inc	0.01%	15,717	$2M	new	+0.01 pp	new
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.01%	187,687	$2M	new	+0.01 pp	new
MODModine Manufacturing Co	0.01%	19,366	$2M	new	+0.01 pp	new
NVDANvidia Corp	0.01%	17,042	$3M	new	+0.01 pp	new
SMRNuScale Power Corporation	0.01%	85,426	$3M	new	+0.01 pp	new
PCTYPaylocity Holding Corporation	0.01%	9,223	$2M	trimmed−71%	−0.01 pp	4 q
87MReal Brokerage INC/THE	0.01%	401,325	$2M	new	+0.01 pp	new
SOFISoFi Technologies, Inc.	0.01%	170,896	$3M	new	+0.01 pp	new
TLNTalen Energy Corporation	0.01%	5,826	$2M	new	+0.01 pp	new
TSLATesla, Inc.	0.01%	6,722	$2M	new	+0.01 pp	new
TWLOTwilio Inc.	0.01%	13,313	$2M	new	+0.01 pp	new
UBERUber Technologies, Inc.	0.01%	18,526	$2M	new	+0.01 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	6,174	$2M	trimmed−99%	−1.70 pp	20 q
WRBYWarby Parker Inc.	0.01%	105,204	$2M	trimmed−28%	0.00 pp	15 q
CRDOCredo Technology Group Holding Ltd	0.01%	24,417	$2M	new	+0.01 pp	new
FTAIFTAI Aviation Ltd.	0.01%	14,662	$2M	new	+0.01 pp	new
JOBYJoby Aviation, Inc.	0.01%	355,465	$4M	new	+0.01 pp	new
FTITechnipFMC plc	0.01%	51,582	$2M	new	+0.01 pp	new
ODDODDITY Tech Ltd. Class A	0.01%	33,751	$3M	new	+0.01 pp	new
KAROKarooooo Ltd.	0.01%	84,767	$4M	added×12.3	+0.01 pp	4 q
AAONAaon Inc	0.00%	3,203	$236,221	trimmed−94%	−0.01 pp	5 q
ADMAADMA Biologics, Inc.	0.00%	30,412	$553,803	new	0.00 pp	new
ADTADT Inc.	0.00%	72,926	$617,683	new	0.00 pp	new
ASPIASP Isotopes Inc.	0.00%	175,138	$1M	new	0.00 pp	new
AYIAcuity Inc.	0.00%	1,540	$459,444	new	0.00 pp	new
AEHRAehr Test Systems	0.00%	21,000	$271,530	new	0.00 pp	new
ALKTAlkami Technology, Inc.	0.00%	18,915	$570,098	new	0.00 pp	new
ALSNAllison Transmission Holdings, Inc.	0.00%	4,389	$416,911	new	0.00 pp	new
ATECAlphatec Holdings, Inc.	0.00%	34,192	$379,531	new	0.00 pp	new
AITApplied Industrial Technologies, Inc.	0.00%	1,565	$363,784	trimmed−93%	−0.01 pp	5 q
ARLOArlo Technologies, Inc.	0.00%	49,190	$834,262	new	0.00 pp	new
ASNDAscendis Pharma A/S	0.00%	2,719	$469,299	new	0.00 pp	new
ASTEAstec Industries Inc	0.00%	10,956	$456,756	new	0.00 pp	new
ADSKAutodesk Inc	0.00%	1,399	$433,177	trimmed−43%	0.00 pp	22 q
AXONAxon Enterprise, Inc.	0.00%	922	$763,361	new	0.00 pp	new
AXSMAxsome Therapeutics, Inc	0.00%	3,232	$337,388	new	0.00 pp	new
BBSIBarrett Business Services	0.00%	30,143	$1M	new	0.00 pp	new
BDCBelden Inc.	0.00%	10,682	$1M	trimmed−65%	−0.01 pp	3 q
BLBlackLine, Inc.	0.00%	4,763	$269,681	trimmed−91%	−0.01 pp	21 q
BBIOBridgeBio Pharma, Inc.	0.00%	35,649	$2M	new	0.00 pp	new
BKDBrookdale Senior Living, Inc.	0.00%	84,013	$584,730	new	0.00 pp	new
BFLYButterfly Network, Inc.	0.00%	134,802	$269,604	new	0.00 pp	new
CCCCCC Intelligent Solutions Holdings Inc.	0.00%	41,498	$390,496	trimmed−92%	−0.02 pp	11 q
CECOCeco Environmental Corp	0.00%	18,317	$518,554	new	0.00 pp	new
CPFCentral Pacific Financial Corporation	0.00%	17,212	$482,452	new	0.00 pp	new
CAKECheesecake Factory (The)	0.00%	15,904	$996,545	new	0.00 pp	new
CWANClearwater Analytics Hds-a	0.00%	11,785	$258,445	trimmed−91%	−0.01 pp	8 q
CEGConstellation Energy Corporation	0.00%	4,010	$1M	new	0.00 pp	new
ROADConstruction Partners, Inc. Class A	0.00%	12,583	$1M	trimmed−64%	−0.01 pp	5 q
CORTCorcept Therapeutics Inc.	0.00%	21,576	$2M	new	0.00 pp	new
CWCurtiss-Wright Corp.	0.00%	2,095	$1M	new	0.00 pp	new
HEPSD-Market Electronic Services & Trading	0.00%	114,817	$310,006	new	0.00 pp	new
DOCSDoximity, Inc.	0.00%	5,915	$362,826	new	0.00 pp	new
BROSDutch Bros Inc.	0.00%	14,663	$1M	trimmed−78%	−0.01 pp	4 q
ELFe.l.f. Beauty, Inc.	0.00%	3,864	$480,836	trimmed−94%	−0.01 pp	4 q
EMBJEmbraer S.A.	0.00%	22,284	$1M	new	0.00 pp	new
ESQEsquire Financial Holdings, Inc.	0.00%	11,692	$1M	new	0.00 pp	new
EVEREverQuote, Inc. Class A	0.00%	28,806	$696,529	new	0.00 pp	new
FSVFirstService Corporation	0.00%	2,247	$392,371	trimmed−92%	−0.02 pp	11 q
GNRCGenerac Holdings Inc	0.00%	2,530	$362,321	trimmed−92%	−0.01 pp	7 q
GRALGRAIL, Inc.	0.00%	21,938	$1M	new	0.00 pp	new
SUPVGrupo Supervielle S.A.	0.00%	97,077	$1M	new	0.00 pp	new
GHGuardant Health, Inc.	0.00%	10,183	$529,923	new	0.00 pp	new
HLNEHamilton Lane Incorporated Class A	0.00%	10,061	$1M	trimmed−81%	−0.02 pp	14 q
HQYHealthEquity, Inc	0.00%	8,243	$863,537	new	0.00 pp	new
HIMSHims & Hers Health, Inc.	0.00%	13,949	$695,358	new	0.00 pp	new
HNSTThe Honest Company, Inc.	0.00%	144,048	$733,204	new	0.00 pp	new
HLIHoulihan Lokey, Inc.	0.00%	2,555	$459,772	trimmed−92%	−0.02 pp	21 q
HURNHuron Consulting Group Inc.	0.00%	10,568	$1M	new	0.00 pp	new
NSITInsight Enterprises Inc	0.00%	9,897	$1M	trimmed−77%	−0.02 pp	4 q
IBPInstalled Building Products, Inc.	0.00%	4,335	$781,687	trimmed−72%	−0.01 pp	5 q
INTAIntapp, Inc.	0.00%	5,595	$288,814	new	0.00 pp	new
IRMDiRadimed Corporation	0.00%	24,889	$1M	new	0.00 pp	new
IVViShares Core S&P 500 ETF	0.00%	355	$220,420	new	0.00 pp	new
ACWXiShares MSCI ACWI ex US ETF	0.00%	22,082	$1M	trimmed−62%	−0.01 pp	17 q
SGOViShares 0-3 Month Treasury Bond ETF	0.00%	4,972	$500,631	trimmed−79%	−0.01 pp	7 q
ITRIItron Inc	0.00%	8,703	$1M	new	0.00 pp	new
IEIvanhoe Electric Inc.	0.00%	114,545	$1M	new	0.00 pp	new
OPLNOPENLANE, Inc	0.00%	50,404	$1M	new	0.00 pp	new
KTOSKratos Defense & Security Solutions, Inc.	0.00%	34,531	$2M	new	0.00 pp	new
KRUSKura Sushi USA, Inc. Class A	0.00%	4,379	$376,944	new	0.00 pp	new
LVSLas Vegas Sands Corp.	0.00%	13,066	$568,502	trimmed−91%	−0.02 pp	11 q
SWIMLatham Group, Inc.	0.00%	119,217	$760,604	new	0.00 pp	new
LTHLife Time Group Holdings, Inc.	0.00%	49,143	$1M	new	0.00 pp	new
LQDTLiquidity Services, Inc.	0.00%	40,628	$958,415	new	0.00 pp	new
LUXELuxExperience B.V.	0.00%	30,459	$241,844	new	0.00 pp	new
MEDPMedpace Holdings, Inc.	0.00%	4,608	$1M	trimmed−81%	−0.02 pp	7 q
MLRMiller Industries, Inc.	0.00%	11,530	$512,624	new	0.00 pp	new
MIRMirion Technologies, Inc.	0.00%	57,230	$1M	new	0.00 pp	new
MIRMMirum Pharmaceuticals, Inc.	0.00%	15,507	$789,151	new	0.00 pp	new
NRGNRG Energy, Inc.	0.00%	6,132	$984,677	new	0.00 pp	new
NTRANatera, Inc.	0.00%	3,223	$544,494	new	0.00 pp	new
NGVCNatural Grocers By Vitamin Cottage, Inc	0.00%	33,669	$1M	new	0.00 pp	new
NTESNetEase, inc.	0.00%	4,242	$570,888	trimmed−2%	0.00 pp	6 q
NKENike, Inc.	0.00%	3,654	$259,598	trimmed−41%	0.00 pp	49 q
LASRnLIGHT, Inc.	0.00%	30,425	$598,764	new	0.00 pp	new
NTNXNutanix, Inc. Class A	0.00%	9,011	$688,801	new	0.00 pp	new
OLLIOllie's Bargain Outlet Holdings, Inc.	0.00%	7,749	$1M	trimmed−14%	0.00 pp	5 q
OPYOppenheimer Holdings, Inc.	0.00%	17,982	$1M	new	0.00 pp	new
OPFIOppFi Inc.	0.00%	60,773	$850,214	new	0.00 pp	new
OSCROscar Health, Inc.	0.00%	48,000	$1M	new	0.00 pp	new
PLTRPalantir Technologies Inc. Class A	0.00%	2,449	$333,848	new	0.00 pp	new
PYPLPayPal Holdings, Inc.	0.00%	4,228	$314,225	trimmed−14%	0.00 pp	26 q
PTONPeloton Interactive, Inc. Class A	0.00%	214,366	$1M	new	0.00 pp	new
PNTGThe Pennant Group, Inc.	0.00%	10,960	$327,156	new	0.00 pp	new
PHRPhreesia, Inc.	0.00%	17,363	$494,151	new	0.00 pp	new
PBIPitney Bowes Inc.	0.00%	68,222	$744,302	new	0.00 pp	new
PLNTPlanet Fitness, Inc.	0.00%	5,842	$637,070	new	0.00 pp	new
PRCHPorch Group, Inc.	0.00%	135,022	$2M	new	0.00 pp	new
PLPCPreformed Line Products Co	0.00%	5,652	$903,246	new	0.00 pp	new
PGNYProgyny, Inc.	0.00%	64,650	$1M	trimmed−75%	−0.02 pp	18 q
PTGXProtagonist Therapeutics, Inc	0.00%	15,999	$884,265	new	0.00 pp	new
PCTPureCycle Technologies, Inc.	0.00%	91,306	$1M	new	0.00 pp	new
QLYSQualys, Inc.	0.00%	1,452	$207,447	trimmed−91%	−0.01 pp	21 q
RMBSRambus Inc	0.00%	20,135	$1M	trimmed−82%	−0.02 pp	4 q
METCRamaco Resources, Inc. Class A	0.00%	62,205	$817,374	new	0.00 pp	new
RDVTRed Violet, Inc.	0.00%	27,072	$1M	new	0.00 pp	new
RGENRepligen Corp	0.00%	1,917	$238,436	trimmed−94%	−0.01 pp	5 q
RHLDResolute Holdings Management, Inc.	0.00%	14,337	$456,920	new	0.00 pp	new
RVLVRevolve Group, Inc.	0.00%	38,091	$763,725	trimmed−76%	−0.01 pp	22 q
RBBNRibbon Communications Inc.	0.00%	130,188	$522,054	new	0.00 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.00%	2,582	$2M	added+78%	0.00 pp	4 q
CRMSalesforce, Inc.	0.00%	4,989	$1M	trimmed−40%	−0.01 pp	23 q
IOTSamsara Inc.	0.00%	36,165	$1M	new	0.00 pp	new
TTANServiceTitan, Inc. Class A	0.00%	3,461	$370,950	new	0.00 pp	new
SHAKShake Shack Inc.	0.00%	9,632	$1M	new	0.00 pp	new
SIONSionna Therapeutics, Inc.	0.00%	16,975	$294,516	new	0.00 pp	new
SITESiteOne Landscape Supply, Inc.	0.00%	1,821	$220,232	trimmed−91%	−0.01 pp	13 q
SITMSiTime Corporation	0.00%	2,312	$492,641	new	0.00 pp	new
SKYWSkywest Inc	0.00%	11,839	$1M	new	0.00 pp	new
SFMSprouts Farmers Market, Inc.	0.00%	6,068	$999,036	new	0.00 pp	new
STRLSterling Infrastructure, Inc.	0.00%	3,569	$823,475	new	0.00 pp	new
LRNStride, Inc.	0.00%	9,420	$1M	new	0.00 pp	new
SGSweetgreen, Inc.	0.00%	22,651	$337,047	new	0.00 pp	new
SYMSymbotic Inc. Class A	0.00%	20,003	$777,117	new	0.00 pp	new
TEMTempus AI, Inc. Class A	0.00%	6,759	$429,467	new	0.00 pp	new
TGTXTG Therapeutics, Inc.	0.00%	14,768	$531,500	new	0.00 pp	new
TDUPThredUp Inc. Class A	0.00%	52,989	$396,888	new	0.00 pp	new
TMDXTransMedics Group, Inc.	0.00%	11,385	$2M	new	0.00 pp	new
TREXTrex Company, Inc.	0.00%	5,961	$324,159	trimmed−92%	−0.01 pp	31 q
UTIUniversal Technical Institute, Inc.	0.00%	48,007	$2M	new	0.00 pp	new
VTVanguard Total World Stock ETF	0.00%	5,534	$711,170	trimmed−50%	0.00 pp	4 q
VCTRVictory Capital Holdings, Inc. Class A	0.00%	21,386	$1M	new	0.00 pp	new
VISTVista Energy S.A.B. de C.V.	0.00%	14,062	$672,304	new	0.00 pp	new
VSTVistra Corp.	0.00%	5,973	$1M	new	0.00 pp	new
WWayfair Inc.	0.00%	17,286	$884,006	new	0.00 pp	new
WALWestern Alliance Bancorporation	0.00%	5,483	$427,564	new	0.00 pp	new
WLFCWillis Lease Finance Corp	0.00%	5,277	$753,450	new	0.00 pp	new
WSCWillScot Holdings Corporation Class A	0.00%	34,182	$936,587	trimmed−71%	−0.01 pp	3 q
XERSXeris Biopharma Holdings, Inc.	0.00%	132,994	$621,082	new	0.00 pp	new
XMTRXometry, Inc. Class A	0.00%	7,702	$260,251	new	0.00 pp	new
YPFYPF Sociedad Anonima	0.00%	13,701	$430,896	new	0.00 pp	new
FNFabrinet	0.00%	4,098	$1M	trimmed−73%	−0.01 pp	3 q
GTESGates Industrial Corporation Ltd.	0.00%	18,615	$428,703	new	0.00 pp	new
9666699DMarex UK Holdings Ltd	0.00%	18,523	$731,103	new	0.00 pp	new
OCSOculis Holding AG	0.00%	19,472	$377,952	new	0.00 pp	new
CAAPCorporacion America Airports S.A.	0.00%	68,380	$1M	new	0.00 pp	new
TIGOMillicom International Cellular S.A.	0.00%	18,753	$702,675	new	0.00 pp	new
FVRRFiverr International Ltd.	0.00%	36,223	$1M	new	0.00 pp	new
KRNTKornit Digital Ltd.	0.00%	36,065	$718,054	new	0.00 pp	new
PGYPagaya Technologies Ltd. Class A	0.00%	34,483	$735,178	new	0.00 pp	new
NYAXNayax Ltd.	0.00%	12,634	$635,111	new	0.00 pp	new
SSYSStratasys Inc (ISRAEL)	0.00%	81,732	$937,466	new	0.00 pp	new
MRUSMerus NV	0.00%	5,834	$306,868	new	0.00 pp	new
TECHBio-Techne Corp.	—	−46,314	—	exited	−0.01 pp	—
EPAMEpam Systems, Inc.	—	−16,512	—	exited	−0.01 pp	—
IWMiShares Russell 2000 ETF	—	−10,362	—	exited	−0.01 pp	—
KNSLKinsale Capital Group, Inc.	—	−4,262	—	exited	−0.01 pp	—
POOLPool Corporation	—	−5,617	—	exited	−0.01 pp	—
YUMCYum China Holdings, Inc.	—	−86,045	—	exited	−0.01 pp	—
AMNAMN Healthcare Services	—	−38,564	—	exited	0.00 pp	—
BSYBentley Systems, Incorporated Class B	—	−19,464	—	exited	0.00 pp	—
BWMNBowman Consulting Group Ltd.	—	−35,417	—	exited	0.00 pp	—
CIGIColliers International Group Inc. Subordinate Voting Shares	—	−7,933	—	exited	0.00 pp	—
FIXComfort Systems USA, Inc.	—	−1,166	—	exited	0.00 pp	—
DTDynatrace, Inc.	—	−26,718	—	exited	0.00 pp	—
ENTGEntegris Inc	—	−11,539	—	exited	0.00 pp	—
FNDFloor & Decor Holdings, Inc.	—	−8,924	—	exited	0.00 pp	—
IOOiShares Global 100 ETF	—	−2,474	—	exited	0.00 pp	—
IWOiShares Russell 2000 Growth ETF	—	−1,528	—	exited	0.00 pp	—
LGIHLGI Homes, Inc.	—	−14,523	—	exited	0.00 pp	—
MANHManhattan Associates Inc	—	−2,226	—	exited	0.00 pp	—
MKTXMarketAxess Holdings Inc.	—	−4,046	—	exited	0.00 pp	—
MORNMorningstar, Inc.	—	−3,534	—	exited	0.00 pp	—
PEverpure, Inc.	—	−9,597	—	exited	0.00 pp	—
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF	—	−5,242	—	exited	0.00 pp	—
SAIASaia, Inc.	—	−2,464	—	exited	0.00 pp	—
SKILSkillsoft Corp.	—	−57,172	—	exited	0.00 pp	—
TTEKTetra Tech Inc	—	−14,061	—	exited	0.00 pp	—
BLDTopBuild Corp.	—	−4,931	—	exited	0.00 pp	—
WINGWingstop Inc	—	−1,476	—	exited	0.00 pp	—
CLBTCellebrite DI Ltd. Class A	—	−14,849	—	exited	0.00 pp	—