Polen Capital

Q4 2025 13F · by Dan Davidowitz, portfolio manager

As of: Dec 31, 2025
Filed: Feb 11, 2026
US stock: $23.4B · prev $30.8B
Positions: 231 · prev 232
Options notional: $5M
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%

Moves282 since the prior filing

+4.5 pp in · −4.6 pp out

New 56 +2.15 pp
Added 45 +2.37 pp
Trimmed 121 −4.39 pp
Exited 57 −0.17 pp

Options: 3 moves on a notional base, in the table below.

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.3 years per position

Low
Moderate
High

Top 5 positions34% of US stock

Positions231 in this filing · 57 exited


AMZNAmazon.Com Inc	8.53%	8,653,721	$2.0B	trimmed−23%	+0.51 pp	20 q
MSFTMicrosoft Corp	8.08%	3,909,985	$1.9B	trimmed−22%	−0.36 pp	34 q
ORCLOracle Corp	5.98%	7,185,496	$1.4B	trimmed−23%	−2.50 pp	6 q
LLYEli Lilly & Co.	5.72%	1,246,090	$1.3B	trimmed−23%	+1.70 pp	10 q
GOOGAlphabet Inc. Class C	5.38%	4,018,121	$1.3B	trimmed−13%	+1.71 pp	47 q
AVGOBroadcom Inc.	5.22%	3,531,637	$1.2B	trimmed−21%	+0.42 pp	2 q
MAMastercard Incorporated	5.20%	2,131,727	$1.2B	trimmed−22%	+0.14 pp	51 q
VVISA Inc.	5.06%	3,375,342	$1.2B	trimmed−22%	+0.25 pp	51 q
SHOPShopify Inc. Class A subordinate voting shares	4.95%	7,201,872	$1.2B	trimmed−35%	−0.39 pp	19 q
NVDANvidia Corp	4.24%	5,328,112	$994M	trimmed−15%	+0.43 pp	3 q
NOWServicenow, Inc.	3.72%	5,680,788	$870M	added+1%	+0.36 pp	25 q
MSCIMSCI, Inc.	3.26%	1,331,085	$764M	trimmed−16%	+0.34 pp	10 q
ZTSZoetis Inc.	2.99%	5,562,669	$700M	trimmed−26%	−0.58 pp	33 q
IDXXIdexx Laboratories Inc	2.78%	960,537	$650M	trimmed−15%	+0.44 pp	3 q
AONAon plc Class A	2.78%	1,846,294	$652M	trimmed−26%	−0.10 pp	22 q
SBUXStarbucks Corp	2.44%	6,785,308	$571M	trimmed−24%	0.00 pp	4 q
ACNAccenture PLC	2.16%	1,882,707	$505M	trimmed−24%	+0.19 pp	51 q
ABTAbbott Laboratories	2.12%	3,962,230	$496M	trimmed−47%	−1.11 pp	26 q
ISRGIntuitive Surgical Inc.	2.04%	842,618	$477M	new	+2.04 pp	new
ADBEAdobe Inc.	2.01%	1,345,588	$471M	trimmed−28%	−0.12 pp	44 q
ABNBAirbnb, Inc. Class A	1.76%	3,030,730	$411M	trimmed−24%	+0.19 pp	18 q
SNPSSynopsys Inc	1.69%	844,881	$397M	trimmed−19%	+0.02 pp	2 q
BSXBoston Scientific Corp.	1.64%	4,019,552	$383M	trimmed−28%	−0.13 pp	2 q
IWFiShares Russell 1000 Growth ETF	1.57%	776,086	$367M	added×3.4	+1.22 pp	49 q
INTUIntuit Inc	1.45%	512,656	$340M	trimmed−23%	−0.02 pp	2 q
CSGPCoStar Group Inc	1.40%	4,890,936	$329M	trimmed−23%	−0.35 pp	5 q
PAYCPaycom Software, Inc.	1.25%	1,835,028	$292M	trimmed−30%	−0.53 pp	19 q
UBERUber Technologies, Inc.	1.24%	3,565,793	$291M	trimmed−22%	−0.21 pp	3 q
MELIMercado Libre, Inc	0.41%	47,920	$97M	trimmed−3%	+0.03 pp	19 q
ACWIiShares MSCI ACWI ETF	0.37%	610,133	$86M	added×3.2	+0.28 pp	19 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.26%	200,593	$61M	added+13%	+0.10 pp	2 q
SAPSap SE	0.24%	233,332	$57M	trimmed−32%	−0.06 pp	34 q
SPOTSpotify Technology S.A.	0.18%	71,658	$42M	added×6.5	+0.15 pp	5 q
ICLRIcon Plc	0.08%	105,206	$19M	trimmed−76%	−0.17 pp	35 q
NUNu Holdings Ltd.	0.08%	1,157,836	$19M	trimmed−25%	0.00 pp	5 q
NFLXNetFlix Inc	0.07%	173,797	$16M	trimmed−96%	−1.79 pp	20 q
VUGVanguard Morningstar Growth ETF	0.07%	33,124	$16M	added×2.8	+0.05 pp	6 q
HDBHDFC Bank Limited	0.06%	367,007	$13M	trimmed−38%	−0.01 pp	13 q
MNDYmonday.com Ltd.	0.05%	79,332	$12M	trimmed−37%	−0.03 pp	5 q
ASMLASML Holding NV	0.05%	11,195	$12M	trimmed−43%	−0.01 pp	19 q
GOOGLAlphabet Inc. Class A	0.04%	30,864	$10M	trimmed−93%	−0.33 pp	41 q
IVViShares Core S&P 500 ETF	0.04%	13,669	$9M	new	+0.04 pp	new
ACWXiShares MSCI ACWI ex US ETF	0.04%	126,761	$9M	added×2.1	+0.03 pp	19 q
WTWWillis Towers Watson Public Limited Company	0.04%	27,425	$9M	trimmed−88%	−0.21 pp	5 q
ONONOn Holding AG	0.04%	194,483	$9M	trimmed−25%	0.00 pp	6 q
AGXArgan, Inc	0.03%	24,886	$8M	trimmed−34%	0.00 pp	3 q
BEBloom Energy Corporation	0.03%	75,434	$7M	trimmed−43%	−0.01 pp	3 q
POWLPowell Industries Inc	0.03%	20,341	$6M	trimmed−13%	+0.01 pp	3 q
WGSGeneDx Holdings Corp. Class A	0.03%	59,861	$8M	trimmed−12%	+0.01 pp	3 q
TMETencent Music Entertainment Group	0.03%	412,467	$7M	trimmed−27%	−0.01 pp	21 q
VSECVSE Corp	0.03%	34,390	$6M	trimmed−0%	+0.01 pp	3 q
DLODLocal Limited Class A	0.03%	466,809	$7M	trimmed−33%	0.00 pp	13 q
MDTMedtronic plc	0.03%	84,500	$8M	trimmed−32%	−0.01 pp	33 q
GLOBGlobant S.a.	0.03%	90,462	$6M	trimmed−33%	0.00 pp	31 q
ADPTAdaptive Biotechnologies Corporation	0.02%	325,767	$5M	added+12%	+0.01 pp	3 q
BWXTBWX Technologies, Inc.	0.02%	32,328	$6M	trimmed−12%	0.00 pp	3 q
BELFBBel Fuse Inc	0.02%	22,522	$4M	added+15%	+0.01 pp	3 q
CECOCeco Environmental Corp	0.02%	69,775	$4M	added+16%	+0.01 pp	3 q
CVNACarvana Co.	0.02%	8,974	$4M	trimmed−14%	+0.01 pp	3 q
IESCIES Holdings, Inc.	0.02%	10,941	$4M	trimmed−10%	0.00 pp	3 q
IBNICICI Bank Limited	0.02%	123,872	$4M	trimmed−45%	0.00 pp	3 q
PDDPDD Holdings Inc.	0.02%	31,329	$4M	trimmed−50%	−0.01 pp	7 q
RHLDResolute Holdings Management, Inc.	0.02%	20,915	$4M	held	—	3 q
SPYState Street SPDR S&P 500 ETF Trust	0.02%	6,717	$5M	added×2.7	+0.01 pp	6 q
SESea Limited	0.02%	42,710	$5M	trimmed−39%	−0.02 pp	3 q
TSLATesla, Inc.	0.02%	8,171	$4M	trimmed−5%	+0.01 pp	3 q
VTVanguard Total World Stock ETF	0.02%	33,592	$5M	added×7.3	+0.02 pp	6 q
MMYTMakeMyTrip Limited	0.02%	53,658	$4M	trimmed−39%	−0.01 pp	3 q
AFRMAffirm Holdings, Inc. Class A	0.01%	32,969	$2M	trimmed−0%	0.00 pp	3 q
ATECAlphatec Holdings, Inc.	0.01%	95,761	$2M	added+85%	+0.01 pp	3 q
AMPXAmprius Technologies, Inc.	0.01%	288,290	$2M	trimmed−15%	0.00 pp	2 q
AAPLApple Inc.	0.01%	7,724	$2M	trimmed−50%	0.00 pp	6 q
ATROAstronics Corp	0.01%	53,691	$3M	trimmed−1%	0.00 pp	3 q
BBIOBridgeBio Pharma, Inc.	0.01%	38,241	$3M	added+6%	0.00 pp	3 q
BKDBrookdale Senior Living, Inc.	0.01%	200,588	$2M	added+20%	+0.01 pp	3 q
BFLYButterfly Network, Inc.	0.01%	472,971	$2M	new	+0.01 pp	new
CCJCameco Corporation	0.01%	28,174	$3M	trimmed−27%	0.00 pp	3 q
CRSCarpenter Technology Corp	0.01%	6,062	$2M	trimmed−0%	+0.01 pp	3 q
YOUClear Secure, Inc.	0.01%	39,325	$1M	added+36%	+0.01 pp	2 q
DAVEDave Inc. Class A	0.01%	11,805	$3M	trimmed−5%	0.00 pp	3 q
EROEro Copper Corp.	0.01%	45,544	$1M	new	+0.01 pp	new
ESQEsquire Financial Holdings, Inc.	0.01%	11,709	$1M	held	—	3 q
FSLRFirst Solar, Inc.	0.01%	8,302	$2M	trimmed−26%	0.00 pp	2 q
ITGartner, Inc.	0.01%	8,753	$2M	trimmed−6%	0.00 pp	51 q
CATHGlobal X S&P 500 Catholic Values ETF	0.01%	27,566	$2M	trimmed−11%	0.00 pp	18 q
GHGuardant Health, Inc.	0.01%	19,667	$2M	added+14%	+0.01 pp	3 q
HCIHCI Group, Inc.	0.01%	18,126	$3M	trimmed−0%	0.00 pp	3 q
HURNHuron Consulting Group Inc.	0.01%	15,086	$3M	added+46%	+0.01 pp	3 q
IRSIRSA Inversiones y Representaciones S.A. Global	0.01%	102,911	$2M	added+8%	+0.01 pp	3 q
IRMDiRadimed Corporation	0.01%	26,891	$3M	trimmed−6%	0.00 pp	3 q
IEIvanhoe Electric Inc.	0.01%	157,882	$3M	trimmed−16%	0.00 pp	3 q
OPLNOPENLANE, Inc	0.01%	46,259	$1M	trimmed−3%	+0.01 pp	3 q
KTOSKratos Defense & Security Solutions, Inc.	0.01%	19,697	$1M	trimmed−17%	0.00 pp	3 q
SPHRSphere Entertainment Co.	0.01%	23,828	$2M	new	+0.01 pp	new
MIRMirion Technologies, Inc.	0.01%	79,419	$2M	added+4%	0.00 pp	3 q
MODModine Manufacturing Co	0.01%	14,309	$2M	trimmed−56%	−0.01 pp	3 q
LASRnLIGHT, Inc.	0.01%	61,624	$2M	added+19%	+0.01 pp	3 q
OPYOppenheimer Holdings, Inc.	0.01%	16,343	$1M	held	—	3 q
PLPlanet Labs PBC	0.01%	111,538	$2M	new	+0.01 pp	new
PTGXProtagonist Therapeutics, Inc	0.01%	20,349	$2M	added0%	+0.01 pp	3 q
METCRamaco Resources, Inc. Class A	0.01%	88,507	$2M	trimmed−51%	−0.01 pp	3 q
RDVTRed Violet, Inc.	0.01%	30,328	$2M	added0%	0.00 pp	3 q
SIONSionna Therapeutics, Inc.	0.01%	31,258	$1M	held	—	3 q
SOFISoFi Technologies, Inc.	0.01%	117,450	$3M	trimmed−18%	0.00 pp	3 q
SEISolaris Energy Infrastructure, Inc.	0.01%	28,597	$1M	new	+0.01 pp	new
REALThe RealReal, Inc.	0.01%	175,088	$3M	added×2.4	+0.01 pp	2 q
TMOThermo Fisher Scientific, Inc.	0.01%	2,307	$1M	trimmed−98%	−0.17 pp	13 q
TMDXTransMedics Group, Inc.	0.01%	10,828	$1M	added+90%	+0.01 pp	3 q
VTIVanguard Morningstar Total Stock Market ETF	0.01%	5,677	$2M	new	+0.01 pp	new
WWayfair Inc.	0.01%	26,857	$3M	trimmed−10%	0.00 pp	3 q
WDAYWorkday, Inc. Class A	0.01%	10,782	$2M	trimmed−99%	−1.45 pp	11 q
XMTRXometry, Inc. Class A	0.01%	22,321	$1M	added×2.7	+0.01 pp	3 q
ESTAEstablishment Labs Holdings Inc.	0.01%	17,475	$1M	new	+0.01 pp	new
JOBYJoby Aviation, Inc.	0.01%	250,067	$3M	trimmed−21%	−0.01 pp	3 q
FTITechnipFMC plc	0.01%	35,915	$2M	trimmed−29%	0.00 pp	3 q
CAAPCorporacion America Airports S.A.	0.01%	51,919	$1M	added+19%	+0.01 pp	3 q
PGYPagaya Technologies Ltd. Class A	0.01%	63,497	$1M	trimmed−16%	0.00 pp	3 q
KAROKarooooo Ltd.	0.01%	74,821	$3M	trimmed−9%	−0.01 pp	6 q
ADTADT Inc.	0.00%	49,368	$398,400	trimmed−37%	0.00 pp	3 q
ASPIASP Isotopes Inc.	0.00%	139,511	$746,384	trimmed−40%	−0.01 pp	3 q
AXTIAXT Inc	0.00%	22,215	$363,215	new	0.00 pp	new
ABCLAbCellera Biologics Inc.	0.00%	102,508	$350,577	trimmed−62%	0.00 pp	2 q
AYIAcuity Inc.	0.00%	1,061	$382,002	trimmed−34%	0.00 pp	3 q
AEHRAehr Test Systems	0.00%	30,111	$607,941	added+29%	0.00 pp	3 q
AVAVAeroVironment, Inc.	0.00%	1,689	$408,552	added+49%	0.00 pp	2 q
APEIAmerican Public Education, Inc.	0.00%	14,117	$533,623	new	0.00 pp	new
AMSCAmerican Superconductor Corp	0.00%	23,565	$678,201	trimmed−50%	−0.01 pp	3 q
APPNAppian Corporation Class A	0.00%	10,366	$367,164	new	0.00 pp	new
AWIArmstrong World Industries, Inc.	0.00%	1,511	$288,752	added+27%	0.00 pp	2 q
ASNDAscendis Pharma A/S	0.00%	1,211	$258,234	trimmed−56%	0.00 pp	3 q
ASTEAstec Industries Inc	0.00%	22,344	$967,942	added+23%	0.00 pp	3 q
ADSKAutodesk Inc	0.00%	1,182	$349,785	trimmed−9%	0.00 pp	24 q
ADPAutomatic Data Processing	0.00%	1,976	$508,394	trimmed−20%	0.00 pp	50 q
AXAxos Financial, Inc.	0.00%	10,986	$946,554	added+20%	0.00 pp	2 q
BWBabcock & Wilcox Enterprises, Inc.	0.00%	122,280	$775,255	new	0.00 pp	new
CSIQCanadian Solar Inc. (ON)	0.00%	22,223	$528,241	new	0.00 pp	new
CELCCelcuity Inc.	0.00%	4,660	$464,788	new	0.00 pp	new
CPFCentral Pacific Financial Corporation	0.00%	22,150	$690,194	added+29%	0.00 pp	3 q
CCOClear Channel Outdoor Holdings, Inc.	0.00%	95,912	$211,966	new	0.00 pp	new
GPGIGPGI, Inc.	0.00%	33,395	$643,856	held	—	3 q
CEGConstellation Energy Corporation	0.00%	2,812	$993,395	trimmed−33%	0.00 pp	3 q
ROADConstruction Partners, Inc. Class A	0.00%	10,615	$1M	trimmed−2%	0.00 pp	7 q
CPSCooper-Standard Automotive Inc.	0.00%	7,635	$250,657	new	0.00 pp	new
AORTArtivion, Inc.	0.00%	25,259	$1M	new	0.00 pp	new
CWCurtiss-Wright Corp.	0.00%	1,211	$667,588	trimmed−37%	0.00 pp	3 q
CYTKCytokinetics Inc.	0.00%	9,584	$608,967	new	0.00 pp	new
DNLIDenali Therapeutics Inc.	0.00%	26,900	$444,119	new	0.00 pp	new
EMBJEmbraer S.A.	0.00%	7,924	$510,068	trimmed−60%	0.00 pp	3 q
EOSEEos Energy Enterprises, Inc. Class A	0.00%	21,080	$241,577	held	—	2 q
ESPREsperion Therapeutics Inc Ne	0.00%	116,292	$430,280	new	0.00 pp	new
FIGSFIGS, Inc.	0.00%	48,828	$554,686	new	0.00 pp	new
FIGRFigure Technology Solutions, Inc. Class A	0.00%	12,803	$522,875	new	0.00 pp	new
GAPThe Gap, Inc.	0.00%	12,860	$329,216	new	0.00 pp	new
GHMGraham Corporation	0.00%	6,217	$399,318	new	0.00 pp	new
GRALGRAIL, Inc.	0.00%	13,526	$1M	trimmed−19%	0.00 pp	3 q
GRBKGreen Brick Partners, Inc	0.00%	6,526	$408,919	new	0.00 pp	new
GDYNGrid Dynamics Holdings, Inc. Class A	0.00%	19,383	$175,028	new	0.00 pp	new
GGALGrupo Financiero Galicia SA	0.00%	21,373	$1M	new	0.00 pp	new
HQYHealthEquity, Inc	0.00%	4,980	$456,218	new	0.00 pp	new
HLLYHolley Inc.	0.00%	77,032	$318,142	new	0.00 pp	new
HHHHoward Hughes Holdings Inc.	0.00%	13,980	$1M	trimmed−41%	−0.01 pp	2 q
IHRTiHeartMedia, Inc. Class A	0.00%	155,516	$646,947	added+10%	0.00 pp	2 q
IOOiShares Global 100 ETF	0.00%	2,743	$347,418	new	0.00 pp	new
SGOViShares 0-3 Month Treasury Bond ETF	0.00%	4,972	$499,089	held	—	9 q
KRMNKarman Holdings Inc.	0.00%	6,455	$472,312	new	0.00 pp	new
KODKodiak Sciences Inc	0.00%	41,340	$1M	added+92%	0.00 pp	2 q
KURAKura Oncology, Inc.	0.00%	90,847	$943,900	new	0.00 pp	new
SWIMLatham Group, Inc.	0.00%	112,388	$713,664	trimmed−33%	0.00 pp	3 q
LTHLife Time Group Holdings, Inc.	0.00%	9,609	$255,407	trimmed−71%	0.00 pp	3 q
LMBLimbach Holdings, Inc	0.00%	5,892	$458,692	trimmed−63%	0.00 pp	3 q
LQDALiquidia Corporation	0.00%	33,538	$1M	new	0.00 pp	new
LYFTLyft, Inc. Class A	0.00%	18,239	$353,289	new	0.00 pp	new
LUXELuxExperience B.V.	0.00%	50,258	$419,654	added+65%	0.00 pp	3 q
MAMAMama's Creations, Inc.	0.00%	32,989	$445,022	new	0.00 pp	new
MEDPMedpace Holdings, Inc.	0.00%	696	$390,908	trimmed−12%	0.00 pp	9 q
MESOMesoblast Limited	0.00%	23,005	$415,010	new	0.00 pp	new
MIRMMirum Pharmaceuticals, Inc.	0.00%	13,360	$1M	added0%	0.00 pp	3 q
MLIMueller Industries, Inc.	0.00%	2,720	$312,256	trimmed−45%	0.00 pp	2 q
NRGNRG Energy, Inc.	0.00%	3,033	$482,975	trimmed−50%	0.00 pp	3 q
NSSCNapco Security Technologies, Inc	0.00%	12,567	$524,044	held	—	2 q
NTRANatera, Inc.	0.00%	1,376	$315,228	trimmed−53%	0.00 pp	3 q
NMRKNewmark Group, Inc. Class A	0.00%	23,619	$409,553	added×2.1	0.00 pp	2 q
NUVLNuvalent Inc	0.00%	6,359	$639,652	new	0.00 pp	new
SMRNuScale Power Corporation	0.00%	64,615	$915,595	trimmed−23%	−0.01 pp	3 q
OLMAOlema Pharmaceuticals, Inc.	0.00%	15,206	$380,150	new	0.00 pp	new
OPFIOppFi Inc.	0.00%	40,472	$423,337	trimmed−34%	0.00 pp	3 q
OSCROscar Health, Inc.	0.00%	13,755	$197,659	trimmed−36%	0.00 pp	3 q
PACBPacific Biosciences of California, Inc.	0.00%	137,149	$256,469	new	0.00 pp	new
PYPLPayPal Holdings, Inc.	0.00%	3,487	$203,599	trimmed−9%	0.00 pp	28 q
PTONPeloton Interactive, Inc. Class A	0.00%	36,795	$226,657	trimmed−89%	−0.01 pp	3 q
PSNLPersonalis, Inc.	0.00%	50,705	$403,612	new	0.00 pp	new
PBIPitney Bowes Inc.	0.00%	60,710	$641,705	trimmed−31%	0.00 pp	3 q
PRCHPorch Group, Inc.	0.00%	53,683	$490,126	trimmed−75%	−0.01 pp	3 q
PGENPrecigen, Inc.	0.00%	42,095	$175,957	new	0.00 pp	new
PLPCPreformed Line Products Co	0.00%	5,660	$1M	held	—	3 q
PRLBProto Labs, Inc.	0.00%	4,148	$209,847	new	0.00 pp	new
RRRichtech Robotics Inc. Class B	0.00%	64,298	$207,683	new	0.00 pp	new
RKLBRocket Lab Corporation	0.00%	15,324	$1M	new	0.00 pp	new
SESSES AI Corporation	0.00%	338,156	$608,681	trimmed−15%	0.00 pp	2 q
CRMSalesforce, Inc.	0.00%	2,581	$683,775	trimmed−31%	0.00 pp	25 q
SNDKSandisk Corporation	0.00%	1,860	$441,527	new	0.00 pp	new
SRRKScholar Rock Holding Corporation	0.00%	21,762	$958,616	added+21%	0.00 pp	2 q
SERVServe Robotics Inc.	0.00%	21,833	$226,627	new	0.00 pp	new
TTANServiceTitan, Inc. Class A	0.00%	2,975	$316,838	added+33%	0.00 pp	3 q
SKYWSkywest Inc	0.00%	4,380	$439,796	trimmed−64%	0.00 pp	3 q
STRLSterling Infrastructure, Inc.	0.00%	1,952	$597,761	trimmed−40%	0.00 pp	3 q
SYMSymbotic Inc. Class A	0.00%	4,298	$255,731	trimmed−49%	0.00 pp	3 q
TLNTalen Energy Corporation	0.00%	1,349	$505,659	trimmed−67%	−0.01 pp	3 q
TSHATaysha Gene Therapies, Inc.	0.00%	156,586	$861,223	new	0.00 pp	new
TEMTempus AI, Inc. Class A	0.00%	3,756	$221,792	trimmed−78%	0.00 pp	3 q
TDUPThredUp Inc. Class A	0.00%	145,615	$930,480	added+32%	0.00 pp	3 q
TWLOTwilio Inc.	0.00%	3,056	$434,685	added+1%	0.00 pp	3 q
ULSUL Solutions Inc.	0.00%	3,420	$269,701	new	0.00 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	1,197	$395,225	trimmed−19%	0.00 pp	22 q
UUnity Software Inc.	0.00%	5,449	$240,682	trimmed−37%	0.00 pp	2 q
UPWKUpwork Inc.	0.00%	43,111	$854,460	added×3.8	0.00 pp	2 q
VELOVelo3D, Inc.	0.00%	39,896	$548,171	new	0.00 pp	new
VCTRVictory Capital Holdings, Inc. Class A	0.00%	11,145	$703,138	trimmed−39%	0.00 pp	3 q
WALWestern Alliance Bancorporation	0.00%	3,797	$319,214	trimmed−43%	0.00 pp	3 q
WINAWinmark Corp	0.00%	859	$347,843	new	0.00 pp	new
XERSXeris Biopharma Holdings, Inc.	0.00%	133,416	$1M	added0%	0.00 pp	3 q
CRDOCredo Technology Group Holding Ltd	0.00%	7,915	$1M	trimmed−22%	0.00 pp	3 q
FTAIFTAI Aviation Ltd.	0.00%	2,748	$540,944	trimmed−75%	−0.01 pp	3 q
ROIVRoivant Sciences Ltd.	0.00%	9,662	$209,665	new	0.00 pp	new
SOPHSOPHiA GENETICS SA	0.00%	21,738	$101,516	new	0.00 pp	new
TIGOMillicom International Cellular S.A.	0.00%	17,685	$980,456	added0%	0.00 pp	3 q
FROGJFrog Ltd.	0.00%	9,884	$617,355	new	0.00 pp	new
ODDODDITY Tech Ltd. Class A	0.00%	16,175	$649,912	trimmed−35%	−0.01 pp	3 q
SSYSStratasys Inc (ISRAEL)	0.00%	32,493	$282,039	trimmed−38%	0.00 pp	3 q
ZGNErmenegildo Zegna N.V.	0.00%	42,768	$438,372	new	0.00 pp	new
NAMSNewAmsterdam Pharma Company N.V.	0.00%	11,239	$394,264	new	0.00 pp	new
HYGiShares iBoxx $ High Yield Corporate Bond ETF	—	−200,000	—	exited	−0.05 pp	—
RSPInvesco S&P 500 Equal Weight ETF	—	−44,774	—	exited	−0.03 pp	—
VISTVista Energy S.A.B. de C.V.	—	−210,976	—	exited	−0.02 pp	—
BBSIBarrett Business Services	—	−36,833	—	exited	−0.01 pp	—
CVLTCommvault Systems, Inc.	—	−10,395	—	exited	−0.01 pp	—
CORTCorcept Therapeutics Inc.	—	−28,363	—	exited	−0.01 pp	—
QQEWFirst Trust Nasdaq-100 Select Equal Weight ETF	—	−22,529	—	exited	−0.01 pp	—
LRNStride, Inc.	—	−11,233	—	exited	−0.01 pp	—
VOVanguard Morningstar Mid-Cap ETF	—	−8,690	—	exited	−0.01 pp	—
WRBYWarby Parker Inc.	—	−66,730	—	exited	−0.01 pp	—
BABAAlibaba Group Holding Limited	—	−2,850	—	exited	0.00 pp	—
ALNYAlnylam Pharmaceuticals, Inc.	—	−693	—	exited	0.00 pp	—
APPFAppFolio, Inc. Class A	—	−753	—	exited	0.00 pp	—
ACHRArcher Aviation Inc.	—	−81,485	—	exited	0.00 pp	—
ARLOArlo Technologies, Inc.	—	−60,486	—	exited	0.00 pp	—
AURAurora Innovation, Inc. Class A	—	−18,365	—	exited	0.00 pp	—
AXONAxon Enterprise, Inc.	—	−299	—	exited	0.00 pp	—
BIDUBaidu, Inc.	—	−3,413	—	exited	0.00 pp	—
BEAMBeam Therapeutics Inc.	—	−9,133	—	exited	0.00 pp	—
BRLTBrilliant Earth Group, Inc. Class A	—	−44,586	—	exited	0.00 pp	—
CAVACAVA Group, Inc.	—	−7,922	—	exited	0.00 pp	—
CAKECheesecake Factory (The)	—	−14,226	—	exited	0.00 pp	—
CHEFThe Chef's Warehouse Inc	—	−9,493	—	exited	0.00 pp	—
CHWYChewy, Inc.	—	−5,121	—	exited	0.00 pp	—
KOCoca-Cola Company	—	−10,490	—	exited	0.00 pp	—
DOCSDoximity, Inc.	—	−7,211	—	exited	0.00 pp	—
ELFe.l.f. Beauty, Inc.	—	−6,478	—	exited	0.00 pp	—
EVEREverQuote, Inc. Class A	—	−20,871	—	exited	0.00 pp	—
METAMeta Platforms, Inc. Class A	—	−538	—	exited	0.00 pp	—
GWREGuidewire Software, Inc.	—	−902	—	exited	0.00 pp	—
HIMSHims & Hers Health, Inc.	—	−12,624	—	exited	0.00 pp	—
LQDTLiquidity Services, Inc.	—	−40,688	—	exited	0.00 pp	—
MCDMcDonald's Corporation	—	−1,659	—	exited	0.00 pp	—
MVSTMicrovast Holdings, Inc.	—	−113,150	—	exited	0.00 pp	—
NGVCNatural Grocers By Vitamin Cottage, Inc	—	−14,277	—	exited	0.00 pp	—
NTESNetEase, inc.	—	−2,669	—	exited	0.00 pp	—
NXENexGen Energy Ltd.	—	−12,308	—	exited	0.00 pp	—
NKENike, Inc.	—	−3,509	—	exited	0.00 pp	—
NTNXNutanix, Inc. Class A	—	−8,820	—	exited	0.00 pp	—
NXHNeighborhood Intelligence, Inc.	—	−15,164	—	exited	0.00 pp	—
PEPPepsiCo, Inc.	—	−4,528	—	exited	0.00 pp	—
PGProcter & Gamble Company	—	−4,850	—	exited	0.00 pp	—
PCTPureCycle Technologies, Inc.	—	−92,364	—	exited	0.00 pp	—
PEverpure, Inc.	—	−5,963	—	exited	0.00 pp	—
87MReal Brokerage INC/THE	—	−234,626	—	exited	0.00 pp	—
RBBNRibbon Communications Inc.	—	−87,246	—	exited	0.00 pp	—
RBRKRubrik, Inc.	—	−2,998	—	exited	0.00 pp	—
SVVSavers Value Village, Inc.	—	−13,022	—	exited	0.00 pp	—
SGSweetgreen, Inc.	—	−40,133	—	exited	0.00 pp	—
UTIUniversal Technical Institute, Inc.	—	−25,247	—	exited	0.00 pp	—
VOEVanguard Morningstar Mid-Cap Value ETF	—	−2,000	—	exited	0.00 pp	—
VSTVistra Corp.	—	−2,727	—	exited	0.00 pp	—
WLFCWillis Lease Finance Corp	—	−2,572	—	exited	0.00 pp	—
ZZillow Group, Inc. Class C	—	−6,539	—	exited	0.00 pp	—
GTESGates Industrial Corporation Ltd.	—	−19,344	—	exited	0.00 pp	—
NYAXNayax Ltd.	—	−9,124	—	exited	0.00 pp	—
MRUSMerus NV	—	−11,460	—	exited	0.00 pp	—