Polen Capital

Q3 2025 13F · by Dan Davidowitz, portfolio manager

As of: Sep 30, 2025
Filed: Nov 12, 2025
US stock: $30.8B · prev $32.6B
Positions: 232 · prev 240
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%

Moves291 since the prior filing

+15.6 pp in · −15.5 pp out

New 52 +10.00 pp
Added 67 +5.58 pp
Trimmed 112 −15.42 pp
Exited 60 −0.11 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 62% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions35% of US stock

Positions232 in this filing · 60 exited


ORCLOracle Corp	8.48%	9,288,638	$2.6B	trimmed−22%	+0.44 pp	5 q
MSFTMicrosoft Corp	8.44%	5,020,158	$2.6B	trimmed−7%	+0.16 pp	33 q
AMZNAmazon.Com Inc	8.02%	11,246,528	$2.5B	trimmed−19%	−1.35 pp	19 q
SHOPShopify Inc. Class A subordinate voting shares	5.34%	11,060,906	$1.6B	trimmed−25%	+0.14 pp	18 q
MAMastercard Incorporated	5.06%	2,741,243	$1.6B	trimmed−8%	−0.10 pp	50 q
VVISA Inc.	4.81%	4,340,224	$1.5B	trimmed−23%	−1.30 pp	50 q
AVGOBroadcom Inc.	4.80%	4,485,854	$1.5B	new	+4.80 pp	new
LLYEli Lilly & Co.	4.02%	1,622,967	$1.2B	trimmed−7%	−0.14 pp	9 q
NVDANvidia Corp	3.81%	6,297,034	$1.2B	added×369.5	+3.80 pp	2 q
GOOGAlphabet Inc. Class C	3.67%	4,640,242	$1.1B	trimmed−29%	+0.10 pp	46 q
ZTSZoetis Inc.	3.57%	7,516,911	$1.1B	trimmed−11%	−0.46 pp	32 q
NOWServicenow, Inc.	3.36%	1,124,076	$1.0B	trimmed−4%	−0.35 pp	24 q
ABTAbbott Laboratories	3.23%	7,420,604	$994M	trimmed−30%	−1.22 pp	25 q
MSCIMSCI, Inc.	2.92%	1,583,939	$899M	trimmed−9%	−0.16 pp	9 q
AONAon plc Class A	2.88%	2,490,167	$888M	trimmed−9%	−0.13 pp	21 q
SBUXStarbucks Corp	2.44%	8,881,141	$751M	trimmed−8%	−0.28 pp	3 q
IDXXIdexx Laboratories Inc	2.34%	1,127,147	$720M	trimmed−6%	+0.37 pp	2 q
ADBEAdobe Inc.	2.13%	1,857,198	$655M	trimmed−45%	−1.86 pp	43 q
ACNAccenture PLC	1.97%	2,461,759	$607M	trimmed−16%	−0.73 pp	50 q
NFLXNetFlix Inc	1.86%	478,880	$574M	trimmed−41%	−1.49 pp	19 q
PAYCPaycom Software, Inc.	1.78%	2,636,423	$549M	trimmed−9%	−0.28 pp	18 q
BSXBoston Scientific Corp.	1.77%	5,598,286	$547M	new	+1.77 pp	new
CSGPCoStar Group Inc	1.75%	6,380,909	$538M	trimmed−8%	+0.04 pp	4 q
SNPSSynopsys Inc	1.67%	1,044,800	$515M	new	+1.67 pp	new
ABNBAirbnb, Inc. Class A	1.57%	3,974,571	$483M	trimmed−46%	−1.42 pp	17 q
INTUIntuit Inc	1.47%	661,727	$452M	new	+1.47 pp	new
WDAYWorkday, Inc. Class A	1.46%	1,862,271	$448M	trimmed−48%	−1.17 pp	10 q
UBERUber Technologies, Inc.	1.45%	4,570,653	$448M	added×246.7	+1.44 pp	2 q
MELIMercado Libre, Inc	0.38%	49,515	$116M	trimmed−20%	−0.12 pp	18 q
GOOGLAlphabet Inc. Class A	0.37%	473,431	$115M	trimmed−24%	+0.03 pp	40 q
IWFiShares Russell 1000 Growth ETF	0.35%	227,851	$107M	added+1%	+0.06 pp	48 q
SAPSap SE	0.30%	344,952	$92M	trimmed−29%	−0.15 pp	33 q
ICLRIcon Plc	0.25%	443,461	$78M	trimmed−18%	+0.01 pp	34 q
WTWWillis Towers Watson Public Limited Company	0.25%	219,784	$76M	trimmed−30%	−0.05 pp	4 q
TMOThermo Fisher Scientific, Inc.	0.18%	114,513	$56M	trimmed−95%	−2.55 pp	12 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.16%	177,059	$49M	new	+0.16 pp	new
ACWIiShares MSCI ACWI ETF	0.09%	190,449	$26M	added×2.2	+0.06 pp	18 q
NUNu Holdings Ltd.	0.08%	1,541,162	$25M	trimmed−38%	−0.02 pp	4 q
MNDYmonday.com Ltd.	0.08%	125,811	$24M	added+29%	−0.01 pp	4 q
HDBHDFC Bank Limited	0.07%	593,360	$20M	trimmed−48%	−0.06 pp	12 q
ASMLASML Holding NV	0.06%	19,797	$19M	trimmed−56%	−0.05 pp	18 q
HYGiShares iBoxx $ High Yield Corporate Bond ETF	0.05%	200,000	$16M	new	+0.05 pp	new
BEBloom Energy Corporation	0.04%	131,390	$11M	added+92%	+0.03 pp	2 q
SESea Limited	0.04%	70,233	$13M	trimmed−16%	0.00 pp	2 q
TMETencent Music Entertainment Group	0.04%	561,433	$13M	trimmed−43%	−0.02 pp	20 q
MDTMedtronic plc	0.04%	124,956	$12M	trimmed−47%	−0.02 pp	32 q
ONONOn Holding AG	0.04%	258,374	$11M	trimmed−47%	−0.04 pp	5 q
AGXArgan, Inc	0.03%	37,533	$10M	trimmed−16%	0.00 pp	2 q
RSPInvesco S&P 500 Equal Weight ETF	0.03%	44,774	$8M	new	+0.03 pp	new
PDDPDD Holdings Inc.	0.03%	63,283	$8M	trimmed−2%	+0.01 pp	6 q
DLODLocal Limited Class A	0.03%	699,379	$10M	added+15%	+0.01 pp	12 q
GLOBGlobant S.a.	0.03%	135,108	$8M	trimmed−51%	−0.05 pp	30 q
SPOTSpotify Technology S.A.	0.03%	11,075	$8M	trimmed−62%	−0.04 pp	4 q
MMYTMakeMyTrip Limited	0.03%	87,289	$8M	trimmed−17%	0.00 pp	2 q
BWXTBWX Technologies, Inc.	0.02%	36,748	$7M	trimmed−10%	0.00 pp	2 q
IESCIES Holdings, Inc.	0.02%	12,144	$5M	trimmed−12%	+0.01 pp	2 q
IBNICICI Bank Limited	0.02%	224,267	$7M	trimmed−55%	−0.03 pp	2 q
MODModine Manufacturing Co	0.02%	32,523	$5M	added+68%	+0.01 pp	2 q
POWLPowell Industries Inc	0.02%	23,357	$7M	trimmed−7%	0.00 pp	2 q
METCRamaco Resources, Inc. Class A	0.02%	182,332	$6M	added×2.9	+0.02 pp	2 q
WGSGeneDx Holdings Corp. Class A	0.02%	68,169	$7M	trimmed−16%	0.00 pp	2 q
VSECVSE Corp	0.02%	34,420	$6M	trimmed−13%	0.00 pp	2 q
VUGVanguard Morningstar Growth ETF	0.02%	11,625	$6M	trimmed−10%	0.00 pp	5 q
VISTVista Energy S.A.B. de C.V.	0.02%	210,976	$7M	added×15.0	+0.02 pp	2 q
JOBYJoby Aviation, Inc.	0.02%	318,267	$5M	trimmed−10%	+0.01 pp	2 q
KAROKarooooo Ltd.	0.02%	82,608	$5M	trimmed−3%	+0.01 pp	5 q
ASPIASP Isotopes Inc.	0.01%	232,913	$2M	added+33%	+0.01 pp	2 q
ADPTAdaptive Biotechnologies Corporation	0.01%	291,197	$4M	added×2.0	0.00 pp	2 q
AFRMAffirm Holdings, Inc. Class A	0.01%	33,096	$2M	added+10%	0.00 pp	2 q
AMSCAmerican Superconductor Corp	0.01%	47,291	$3M	added0%	0.00 pp	2 q
AMPXAmprius Technologies, Inc.	0.01%	339,427	$4M	new	+0.01 pp	new
AAPLApple Inc.	0.01%	15,355	$4M	added+80%	0.00 pp	5 q
ATROAstronics Corp	0.01%	53,993	$2M	added+8%	0.00 pp	2 q
BBSIBarrett Business Services	0.01%	36,833	$2M	added+22%	+0.01 pp	2 q
BELFBBel Fuse Inc	0.01%	19,539	$3M	trimmed−4%	0.00 pp	2 q
BBIOBridgeBio Pharma, Inc.	0.01%	36,164	$2M	added+1%	+0.01 pp	2 q
CECOCeco Environmental Corp	0.01%	60,223	$3M	added×3.3	+0.01 pp	2 q
CCJCameco Corporation	0.01%	38,622	$3M	trimmed−15%	0.00 pp	2 q
CVNACarvana Co.	0.01%	10,456	$4M	trimmed−11%	0.00 pp	2 q
CVLTCommvault Systems, Inc.	0.01%	10,395	$2M	trimmed−21%	0.00 pp	2 q
CORTCorcept Therapeutics Inc.	0.01%	28,363	$2M	added+31%	+0.01 pp	2 q
DAVEDave Inc. Class A	0.01%	12,429	$2M	trimmed−2%	0.00 pp	2 q
FSLRFirst Solar, Inc.	0.01%	11,214	$2M	new	+0.01 pp	new
QQEWFirst Trust Nasdaq-100 Select Equal Weight ETF	0.01%	22,529	$3M	new	+0.01 pp	new
ITGartner, Inc.	0.01%	9,284	$2M	trimmed−99%	−0.96 pp	50 q
CATHGlobal X S&P 500 Catholic Values ETF	0.01%	30,866	$3M	trimmed−34%	0.00 pp	17 q
HCIHCI Group, Inc.	0.01%	18,168	$3M	added+30%	0.00 pp	2 q
HHHHoward Hughes Holdings Inc.	0.01%	23,823	$2M	new	+0.01 pp	new
IRMDiRadimed Corporation	0.01%	28,459	$2M	added+14%	+0.01 pp	2 q
ACWXiShares MSCI ACWI ex US ETF	0.01%	61,612	$4M	added×2.8	+0.01 pp	18 q
IEIvanhoe Electric Inc.	0.01%	188,274	$2M	added+64%	+0.01 pp	2 q
KTOSKratos Defense & Security Solutions, Inc.	0.01%	23,719	$2M	trimmed−31%	+0.01 pp	2 q
MIRMirion Technologies, Inc.	0.01%	76,119	$2M	added+33%	+0.01 pp	2 q
SMRNuScale Power Corporation	0.01%	83,543	$3M	trimmed−2%	0.00 pp	2 q
PTONPeloton Interactive, Inc. Class A	0.01%	324,372	$3M	added+51%	+0.01 pp	2 q
PRCHPorch Group, Inc.	0.01%	217,423	$4M	added+61%	+0.01 pp	2 q
RDVTRed Violet, Inc.	0.01%	30,233	$2M	added+12%	+0.01 pp	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.01%	2,507	$2M	trimmed−3%	+0.01 pp	5 q
SOFISoFi Technologies, Inc.	0.01%	143,218	$4M	trimmed−16%	0.00 pp	2 q
LRNStride, Inc.	0.01%	11,233	$2M	added+19%	+0.01 pp	2 q
TLNTalen Energy Corporation	0.01%	4,032	$2M	trimmed−31%	0.00 pp	2 q
TSLATesla, Inc.	0.01%	8,590	$4M	added+28%	0.00 pp	2 q
VOVanguard Morningstar Mid-Cap ETF	0.01%	8,690	$3M	new	+0.01 pp	new
WRBYWarby Parker Inc.	0.01%	66,730	$2M	trimmed−37%	0.00 pp	16 q
WWayfair Inc.	0.01%	29,861	$3M	added+73%	+0.01 pp	2 q
FTAIFTAI Aviation Ltd.	0.01%	10,805	$2M	trimmed−26%	0.00 pp	2 q
FTITechnipFMC plc	0.01%	50,920	$2M	trimmed−1%	0.00 pp	2 q
ODDODDITY Tech Ltd. Class A	0.01%	24,909	$2M	trimmed−26%	0.00 pp	2 q
PGYPagaya Technologies Ltd. Class A	0.01%	75,870	$2M	added×2.2	+0.01 pp	2 q
ADTADT Inc.	0.00%	78,137	$680,573	added+7%	0.00 pp	2 q
ABCLAbCellera Biologics Inc.	0.00%	269,248	$1M	new	0.00 pp	new
AYIAcuity Inc.	0.00%	1,603	$552,057	added+4%	0.00 pp	2 q
AEHRAehr Test Systems	0.00%	23,308	$701,804	added+11%	0.00 pp	2 q
AVAVAeroVironment, Inc.	0.00%	1,135	$357,400	new	0.00 pp	new
BABAAlibaba Group Holding Limited	0.00%	2,850	$509,381	new	0.00 pp	new
ALNYAlnylam Pharmaceuticals, Inc.	0.00%	693	$316,008	new	0.00 pp	new
ATECAlphatec Holdings, Inc.	0.00%	51,700	$751,718	added+51%	0.00 pp	2 q
APPFAppFolio, Inc. Class A	0.00%	753	$207,572	new	0.00 pp	new
ACHRArcher Aviation Inc.	0.00%	81,485	$780,626	trimmed−58%	−0.01 pp	2 q
ARLOArlo Technologies, Inc.	0.00%	60,486	$1M	added+23%	0.00 pp	2 q
AWIArmstrong World Industries, Inc.	0.00%	1,187	$232,664	new	0.00 pp	new
ASNDAscendis Pharma A/S	0.00%	2,766	$549,908	added+2%	0.00 pp	2 q
ASTEAstec Industries Inc	0.00%	18,108	$871,538	added+65%	0.00 pp	2 q
AURAurora Innovation, Inc. Class A	0.00%	18,365	$98,987	new	0.00 pp	new
ADSKAutodesk Inc	0.00%	1,302	$413,542	trimmed−7%	0.00 pp	23 q
ADPAutomatic Data Processing	0.00%	2,461	$722,317	trimmed−97%	−0.09 pp	49 q
AXONAxon Enterprise, Inc.	0.00%	299	$214,574	trimmed−68%	0.00 pp	2 q
AXAxos Financial, Inc.	0.00%	9,179	$777,002	new	0.00 pp	new
BIDUBaidu, Inc.	0.00%	3,413	$449,731	new	0.00 pp	new
BEAMBeam Therapeutics Inc.	0.00%	9,133	$221,658	new	0.00 pp	new
BRLTBrilliant Earth Group, Inc. Class A	0.00%	44,586	$92,293	new	0.00 pp	new
BKDBrookdale Senior Living, Inc.	0.00%	166,855	$1M	added+99%	0.00 pp	2 q
CRSCarpenter Technology Corp	0.00%	6,087	$1M	trimmed−36%	−0.01 pp	2 q
CAVACAVA Group, Inc.	0.00%	7,922	$478,568	new	0.00 pp	new
CPFCentral Pacific Financial Corporation	0.00%	17,237	$522,971	added0%	0.00 pp	2 q
CAKECheesecake Factory (The)	0.00%	14,226	$777,309	trimmed−11%	0.00 pp	2 q
CHEFThe Chef's Warehouse Inc	0.00%	9,493	$553,727	new	0.00 pp	new
CHWYChewy, Inc.	0.00%	5,121	$207,144	new	0.00 pp	new
YOUClear Secure, Inc.	0.00%	28,871	$963,714	new	0.00 pp	new
KOCoca-Cola Company	0.00%	10,490	$695,697	new	0.00 pp	new
GPGIGPGI, Inc.	0.00%	33,395	$695,284	trimmed−75%	−0.01 pp	2 q
CEGConstellation Energy Corporation	0.00%	4,199	$1M	added+5%	0.00 pp	2 q
ROADConstruction Partners, Inc. Class A	0.00%	10,873	$1M	trimmed−14%	0.00 pp	6 q
CWCurtiss-Wright Corp.	0.00%	1,909	$1M	trimmed−9%	0.00 pp	2 q
DOCSDoximity, Inc.	0.00%	7,211	$527,485	added+22%	0.00 pp	2 q
ELFe.l.f. Beauty, Inc.	0.00%	6,478	$858,205	added+68%	0.00 pp	5 q
EMBJEmbraer S.A.	0.00%	19,858	$1M	trimmed−11%	0.00 pp	2 q
EOSEEos Energy Enterprises, Inc. Class A	0.00%	21,080	$240,101	new	0.00 pp	new
ESQEsquire Financial Holdings, Inc.	0.00%	11,709	$1M	added0%	0.00 pp	2 q
EVEREverQuote, Inc. Class A	0.00%	20,871	$477,320	trimmed−28%	0.00 pp	2 q
METAMeta Platforms, Inc. Class A	0.00%	538	$394,995	new	0.00 pp	new
GRALGRAIL, Inc.	0.00%	16,673	$985,874	trimmed−24%	0.00 pp	2 q
GHGuardant Health, Inc.	0.00%	17,271	$1M	added+70%	0.00 pp	2 q
GWREGuidewire Software, Inc.	0.00%	902	$207,334	new	0.00 pp	new
HIMSHims & Hers Health, Inc.	0.00%	12,624	$716,033	trimmed−10%	0.00 pp	2 q
HURNHuron Consulting Group Inc.	0.00%	10,298	$2M	trimmed−3%	0.00 pp	2 q
IRSIRSA Inversiones y Representaciones S.A. Global	0.00%	95,306	$1M	trimmed−42%	−0.01 pp	2 q
IHRTiHeartMedia, Inc. Class A	0.00%	141,709	$406,705	new	0.00 pp	new
SGOViShares 0-3 Month Treasury Bond ETF	0.00%	4,972	$500,680	held	—	8 q
OPLNOPENLANE, Inc	0.00%	47,742	$1M	trimmed−5%	0.00 pp	2 q
KODKodiak Sciences Inc	0.00%	21,567	$353,052	new	0.00 pp	new
SWIMLatham Group, Inc.	0.00%	166,689	$1M	added+40%	0.00 pp	2 q
LTHLife Time Group Holdings, Inc.	0.00%	32,740	$903,624	trimmed−33%	0.00 pp	2 q
LMBLimbach Holdings, Inc	0.00%	15,740	$2M	added0%	−0.01 pp	2 q
LQDTLiquidity Services, Inc.	0.00%	40,688	$1M	added0%	0.00 pp	2 q
LUXELuxExperience B.V.	0.00%	30,504	$259,284	added0%	0.00 pp	2 q
MCDMcDonald's Corporation	0.00%	1,659	$504,154	new	0.00 pp	new
MEDPMedpace Holdings, Inc.	0.00%	792	$407,215	trimmed−83%	0.00 pp	8 q
MVSTMicrovast Holdings, Inc.	0.00%	113,150	$435,628	new	0.00 pp	new
MIRMMirum Pharmaceuticals, Inc.	0.00%	13,339	$977,882	trimmed−14%	0.00 pp	2 q
MLIMueller Industries, Inc.	0.00%	4,977	$503,224	new	0.00 pp	new
NRGNRG Energy, Inc.	0.00%	6,009	$973,158	trimmed−2%	0.00 pp	2 q
NSSCNapco Security Technologies, Inc	0.00%	12,567	$539,753	new	0.00 pp	new
NTRANatera, Inc.	0.00%	2,926	$470,998	trimmed−9%	0.00 pp	2 q
NGVCNatural Grocers By Vitamin Cottage, Inc	0.00%	14,277	$571,080	trimmed−58%	0.00 pp	2 q
NTESNetEase, inc.	0.00%	2,669	$405,661	trimmed−37%	0.00 pp	7 q
NMRKNewmark Group, Inc. Class A	0.00%	11,081	$206,661	new	0.00 pp	new
NXENexGen Energy Ltd.	0.00%	12,308	$110,157	new	0.00 pp	new
NKENike, Inc.	0.00%	3,509	$244,710	trimmed−4%	0.00 pp	50 q
LASRnLIGHT, Inc.	0.00%	51,818	$2M	added+70%	0.00 pp	2 q
NTNXNutanix, Inc. Class A	0.00%	8,820	$656,120	trimmed−2%	0.00 pp	2 q
OPYOppenheimer Holdings, Inc.	0.00%	16,343	$1M	trimmed−9%	0.00 pp	2 q
OPFIOppFi Inc.	0.00%	60,986	$690,971	added0%	0.00 pp	2 q
OSCROscar Health, Inc.	0.00%	21,536	$407,676	trimmed−55%	0.00 pp	2 q
NXHNeighborhood Intelligence, Inc.	0.00%	15,164	$148,456	new	0.00 pp	new
PYPLPayPal Holdings, Inc.	0.00%	3,815	$255,830	trimmed−10%	0.00 pp	27 q
PEPPepsiCo, Inc.	0.00%	4,528	$635,912	new	0.00 pp	new
PBIPitney Bowes Inc.	0.00%	88,476	$1M	added+30%	0.00 pp	2 q
PLPCPreformed Line Products Co	0.00%	5,660	$1M	added0%	0.00 pp	2 q
PGProcter & Gamble Company	0.00%	4,850	$745,203	new	0.00 pp	new
PTGXProtagonist Therapeutics, Inc	0.00%	20,325	$1M	added+27%	0.00 pp	2 q
PCTPureCycle Technologies, Inc.	0.00%	92,364	$1M	added+1%	0.00 pp	2 q
PEverpure, Inc.	0.00%	5,963	$499,759	new	0.00 pp	new
87MReal Brokerage INC/THE	0.00%	234,626	$980,737	trimmed−42%	−0.01 pp	2 q
RHLDResolute Holdings Management, Inc.	0.00%	20,915	$2M	added+46%	0.00 pp	2 q
RBBNRibbon Communications Inc.	0.00%	87,246	$331,535	trimmed−33%	0.00 pp	2 q
RBRKRubrik, Inc.	0.00%	2,998	$246,586	new	0.00 pp	new
SESSES AI Corporation	0.00%	399,134	$666,554	new	0.00 pp	new
CRMSalesforce, Inc.	0.00%	3,752	$889,335	trimmed−25%	0.00 pp	24 q
SVVSavers Value Village, Inc.	0.00%	13,022	$172,542	new	0.00 pp	new
SRRKScholar Rock Holding Corporation	0.00%	18,060	$672,554	new	0.00 pp	new
TTANServiceTitan, Inc. Class A	0.00%	2,242	$226,061	trimmed−35%	0.00 pp	2 q
SIONSionna Therapeutics, Inc.	0.00%	31,258	$919,298	added+84%	0.00 pp	2 q
SKYWSkywest Inc	0.00%	12,199	$1M	added+3%	0.00 pp	2 q
STRLSterling Infrastructure, Inc.	0.00%	3,273	$1M	trimmed−8%	0.00 pp	2 q
SGSweetgreen, Inc.	0.00%	40,133	$320,261	added+77%	0.00 pp	2 q
SYMSymbotic Inc. Class A	0.00%	8,385	$451,952	trimmed−58%	0.00 pp	2 q
TEMTempus AI, Inc. Class A	0.00%	16,845	$1M	added×2.5	0.00 pp	2 q
REALThe RealReal, Inc.	0.00%	72,088	$766,295	new	0.00 pp	new
TDUPThredUp Inc. Class A	0.00%	110,370	$1M	added×2.1	0.00 pp	2 q
TMDXTransMedics Group, Inc.	0.00%	5,690	$638,418	trimmed−50%	0.00 pp	2 q
TWLOTwilio Inc.	0.00%	3,011	$301,371	trimmed−77%	−0.01 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	1,483	$511,943	trimmed−76%	−0.01 pp	21 q
UUnity Software Inc.	0.00%	8,635	$345,745	new	0.00 pp	new
UTIUniversal Technical Institute, Inc.	0.00%	25,247	$821,790	trimmed−47%	0.00 pp	2 q
UPWKUpwork Inc.	0.00%	11,384	$211,401	new	0.00 pp	new
VTVanguard Total World Stock ETF	0.00%	4,586	$631,889	trimmed−17%	0.00 pp	5 q
VOEVanguard Morningstar Mid-Cap Value ETF	0.00%	2,000	$349,160	new	0.00 pp	new
VCTRVictory Capital Holdings, Inc. Class A	0.00%	18,135	$1M	trimmed−15%	0.00 pp	2 q
VSTVistra Corp.	0.00%	2,727	$534,274	trimmed−54%	0.00 pp	2 q
WALWestern Alliance Bancorporation	0.00%	6,652	$576,861	added+21%	0.00 pp	2 q
WLFCWillis Lease Finance Corp	0.00%	2,572	$352,595	trimmed−51%	0.00 pp	2 q
XERSXeris Biopharma Holdings, Inc.	0.00%	133,191	$1M	added0%	0.00 pp	2 q
XMTRXometry, Inc. Class A	0.00%	8,290	$451,556	added+8%	0.00 pp	2 q
ZZillow Group, Inc. Class C	0.00%	6,539	$503,830	new	0.00 pp	new
CRDOCredo Technology Group Holding Ltd	0.00%	10,104	$1M	trimmed−59%	−0.01 pp	2 q
GTESGates Industrial Corporation Ltd.	0.00%	19,344	$480,118	added+4%	0.00 pp	2 q
CAAPCorporacion America Airports S.A.	0.00%	43,651	$790,956	trimmed−36%	0.00 pp	2 q
TIGOMillicom International Cellular S.A.	0.00%	17,662	$857,313	trimmed−6%	0.00 pp	2 q
NYAXNayax Ltd.	0.00%	9,124	$434,394	trimmed−28%	0.00 pp	2 q
SSYSStratasys Inc (ISRAEL)	0.00%	52,828	$591,674	trimmed−35%	0.00 pp	2 q
MRUSMerus NV	0.00%	11,460	$1M	added+96%	0.00 pp	2 q
NVONovo-Nordisk A/S	—	−178,669	—	exited	−0.04 pp	—
CNMCore & Main, Inc.	—	−34,013	—	exited	−0.01 pp	—
ENVXEnovix Corporation	—	−221,350	—	exited	−0.01 pp	—
EXLSExlService Holdings, Inc.	—	−42,201	—	exited	−0.01 pp	—
GSHDGoosehead Insurance, Inc. Class A	—	−16,369	—	exited	−0.01 pp	—
GGALGrupo Financiero Galicia SA	—	−39,394	—	exited	−0.01 pp	—
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	—	−187,687	—	exited	−0.01 pp	—
PCTYPaylocity Holding Corporation	—	−9,223	—	exited	−0.01 pp	—
AAONAaon Inc	—	−3,203	—	exited	0.00 pp	—
ADMAADMA Biologics, Inc.	—	−30,412	—	exited	0.00 pp	—
ALKTAlkami Technology, Inc.	—	−18,915	—	exited	0.00 pp	—
ALSNAllison Transmission Holdings, Inc.	—	−4,389	—	exited	0.00 pp	—
AITApplied Industrial Technologies, Inc.	—	−1,565	—	exited	0.00 pp	—
AXSMAxsome Therapeutics, Inc	—	−3,232	—	exited	0.00 pp	—
BDCBelden Inc.	—	−10,682	—	exited	0.00 pp	—
BLBlackLine, Inc.	—	−4,763	—	exited	0.00 pp	—
BFLYButterfly Network, Inc.	—	−134,802	—	exited	0.00 pp	—
CCCCCC Intelligent Solutions Holdings Inc.	—	−41,498	—	exited	0.00 pp	—
CWANClearwater Analytics Hds-a	—	−11,785	—	exited	0.00 pp	—
HEPSD-Market Electronic Services & Trading	—	−114,817	—	exited	0.00 pp	—
BROSDutch Bros Inc.	—	−14,663	—	exited	0.00 pp	—
FSVFirstService Corporation	—	−2,247	—	exited	0.00 pp	—
GNRCGenerac Holdings Inc	—	−2,530	—	exited	0.00 pp	—
SUPVGrupo Supervielle S.A.	—	−97,077	—	exited	0.00 pp	—
HLNEHamilton Lane Incorporated Class A	—	−10,061	—	exited	0.00 pp	—
HQYHealthEquity, Inc	—	−8,243	—	exited	0.00 pp	—
HNSTThe Honest Company, Inc.	—	−144,048	—	exited	0.00 pp	—
HLIHoulihan Lokey, Inc.	—	−2,555	—	exited	0.00 pp	—
NSITInsight Enterprises Inc	—	−9,897	—	exited	0.00 pp	—
IBPInstalled Building Products, Inc.	—	−4,335	—	exited	0.00 pp	—
INTAIntapp, Inc.	—	−5,595	—	exited	0.00 pp	—
IVViShares Core S&P 500 ETF	—	−355	—	exited	0.00 pp	—
ITRIItron Inc	—	−8,703	—	exited	0.00 pp	—
KRUSKura Sushi USA, Inc. Class A	—	−4,379	—	exited	0.00 pp	—
LVSLas Vegas Sands Corp.	—	−13,066	—	exited	0.00 pp	—
MLRMiller Industries, Inc.	—	−11,530	—	exited	0.00 pp	—
OLLIOllie's Bargain Outlet Holdings, Inc.	—	−7,749	—	exited	0.00 pp	—
PLTRPalantir Technologies Inc. Class A	—	−2,449	—	exited	0.00 pp	—
PNTGThe Pennant Group, Inc.	—	−10,960	—	exited	0.00 pp	—
PHRPhreesia, Inc.	—	−17,363	—	exited	0.00 pp	—
PLNTPlanet Fitness, Inc.	—	−5,842	—	exited	0.00 pp	—
PGNYProgyny, Inc.	—	−64,650	—	exited	0.00 pp	—
QLYSQualys, Inc.	—	−1,452	—	exited	0.00 pp	—
RMBSRambus Inc	—	−20,135	—	exited	0.00 pp	—
RGENRepligen Corp	—	−1,917	—	exited	0.00 pp	—
RVLVRevolve Group, Inc.	—	−38,091	—	exited	0.00 pp	—
IOTSamsara Inc.	—	−36,165	—	exited	0.00 pp	—
SHAKShake Shack Inc.	—	−9,632	—	exited	0.00 pp	—
SITESiteOne Landscape Supply, Inc.	—	−1,821	—	exited	0.00 pp	—
SITMSiTime Corporation	—	−2,312	—	exited	0.00 pp	—
SFMSprouts Farmers Market, Inc.	—	−6,068	—	exited	0.00 pp	—
TGTXTG Therapeutics, Inc.	—	−14,768	—	exited	0.00 pp	—
TREXTrex Company, Inc.	—	−5,961	—	exited	0.00 pp	—
WSCWillScot Holdings Corporation Class A	—	−34,182	—	exited	0.00 pp	—
YPFYPF Sociedad Anonima	—	−13,701	—	exited	0.00 pp	—
FNFabrinet	—	−4,098	—	exited	0.00 pp	—
9666699DMarex UK Holdings Ltd	—	−18,523	—	exited	0.00 pp	—
OCSOculis Holding AG	—	−19,472	—	exited	0.00 pp	—
FVRRFiverr International Ltd.	—	−36,223	—	exited	0.00 pp	—
KRNTKornit Digital Ltd.	—	−36,065	—	exited	0.00 pp	—