PRIMECAP

Q4 2018 13F · by Joel Fried, portfolio manager

As of: Dec 31, 2018
Filed: Feb 12, 2019
US stock: $123.4B · prev $148.1B
Positions: 291 · prev 294
Options notional: $0
Documents: 1· no amendments

Picture95.5% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 95.5%
Foreign stock not listed in the US 4.5%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves264 since the prior filing

+3.2 pp in · −3.1 pp out

New 13 +0.39 pp
Added 87 +2.80 pp
Trimmed 148 −2.67 pp
Exited 16 −0.47 pp

The book

Diversified · behaves like 63 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.0 years per position

Low
Moderate
High

Top 5 positions18% of US stock

LLY Eli Lilly & Co. trimmed+0.77 pp trimmed+0.774.7%
ADBE Adobe Inc. trimmed−0.17 pp trimmed−0.173.6%
BIIB Biogen Inc. trimmed+0.04 pp trimmed+0.043.6%
MSFT Microsoft Corp trimmed+0.11 pp trimmed+0.113.2%
AMGN Amgen Inc trimmed+0.22 pp trimmed+0.223.1%

Positions291 in this filing · 16 exited


LLYEli Lilly & Co.	4.74%	50,603,456	$5.9B	trimmed−8%	+0.77 pp	23 q
ADBEAdobe Inc.	3.64%	19,849,680	$4.5B	trimmed−5%	−0.17 pp	23 q
BIIBBiogen Inc.	3.59%	14,716,217	$4.4B	trimmed−1%	+0.04 pp	23 q
MSFTMicrosoft Corp	3.18%	38,651,173	$3.9B	trimmed−3%	+0.11 pp	23 q
AMGNAmgen Inc	3.13%	19,846,216	$3.9B	trimmed−5%	+0.22 pp	23 q
LUVSouthwest Airlines Co.	2.78%	73,760,183	$3.4B	trimmed−0%	−0.34 pp	23 q
UALUnited Airlines Holdings, Inc.	2.60%	38,257,977	$3.2B	trimmed−0%	+0.29 pp	23 q
TXNTexas Instruments Incorporated	2.57%	33,615,175	$3.2B	trimmed−1%	+0.12 pp	23 q
FDXFedEx Corporation	1.97%	15,060,682	$2.4B	trimmed−0%	−0.48 pp	23 q
GOOGLAlphabet Inc. Class A	1.86%	2,194,293	$2.3B	trimmed−3%	+0.01 pp	14 q
JPMJPMorgan Chase & Co.	1.83%	23,155,278	$2.3B	trimmed−0%	+0.06 pp	16 q
AALAmerican Airlines Group Inc.	1.79%	68,904,981	$2.2B	trimmed−0%	−0.13 pp	21 q
GOOGAlphabet Inc. Class C	1.78%	2,123,003	$2.2B	trimmed−4%	0.00 pp	20 q
AZNNAstrazeneca Plc-spons ADR	1.73%	56,147,926	$2.1B	added+1%	+0.25 pp	14 q
NTAPNetApp, Inc	1.71%	35,431,378	$2.1B	trimmed−7%	−0.50 pp	23 q
BABAAlibaba Group Holding Limited	1.70%	15,267,130	$2.1B	trimmed−0%	−0.01 pp	18 q
WFCWells Fargo & Co.	1.70%	45,468,779	$2.1B	added+18%	+0.33 pp	23 q
SONYSony Group Corporation	1.63%	41,783,404	$2.0B	trimmed−3%	−0.13 pp	23 q
NVSNovartis AG	1.59%	22,887,231	$2.0B	added+3%	+0.30 pp	23 q
unresolvedRoche Holding Ag-chf	1.54%	7,695,954	$1.9B	trimmed−4%	+0.23 pp	23 q
MUMicron Technology, Inc.	1.49%	57,864,885	$1.8B	trimmed−0%	−0.28 pp	23 q
unresolvedEads Industrial - Eur	1.37%	17,634,998	$1.7B	trimmed−3%	−0.17 pp	23 q
BSXBoston Scientific Corp.	1.29%	45,062,777	$1.6B	added+1%	+0.13 pp	23 q
unresolvedSIEMENS AG-Reg	1.21%	13,408,553	$1.5B	added+12%	+0.17 pp	10 q
DALDelta Air Lines, Inc.	1.15%	28,455,026	$1.4B	trimmed−0%	+0.04 pp	23 q
QCOMQualcomm Inc	1.11%	24,000,322	$1.4B	added+11%	+0.06 pp	23 q
SCHWThe Charles Schwab Corporation	1.06%	31,531,241	$1.3B	trimmed−1%	0.00 pp	23 q
HPQHP Inc.	1.03%	62,229,738	$1.3B	trimmed−0%	−0.06 pp	13 q
HPEHewlett Packard Enterprise Company	0.99%	92,338,885	$1.2B	trimmed−5%	−0.08 pp	13 q
BMRNBioMarin Pharmaceuticals Inc	0.98%	14,185,173	$1.2B	trimmed−0%	+0.05 pp	23 q
CATCaterpillar Inc.	0.96%	9,367,059	$1.2B	trimmed−0%	−0.01 pp	23 q
ERICEricsson	0.96%	132,970,106	$1.2B	added0%	+0.17 pp	23 q
INTCIntel Corp	0.94%	24,619,897	$1.2B	added0%	+0.16 pp	23 q
TMOThermo Fisher Scientific, Inc.	0.91%	5,020,946	$1.1B	added0%	+0.08 pp	21 q
KLACKLA Corporation	0.89%	12,237,661	$1.1B	trimmed−1%	+0.04 pp	23 q
CCLCarnival Corporation Ltd.	0.88%	22,129,357	$1.1B	added+8%	0.00 pp	23 q
ABMDAbiomed Inc	0.85%	3,230,240	$1.0B	trimmed−4%	−0.17 pp	23 q
ROSTRoss Stores Inc	0.84%	12,422,311	$1.0B	trimmed−0%	+0.01 pp	23 q
CSCOCisco Systems, Inc. (DE)	0.81%	22,954,611	$995M	trimmed−10%	−0.03 pp	23 q
BMYBristol-Myers Squibb Co.	0.78%	18,577,374	$966M	trimmed−2%	−0.01 pp	8 q
RCLRoyal Caribbean Group	0.76%	9,598,511	$939M	trimmed−1%	−0.09 pp	23 q
ABTAbbott Laboratories	0.75%	12,767,557	$923M	trimmed−9%	+0.05 pp	23 q
BACBank of America Corporation	0.71%	35,645,761	$878M	added×2.0	+0.36 pp	8 q
INTUIntuit Inc	0.69%	4,333,166	$853M	trimmed−11%	−0.05 pp	23 q
NVDANvidia Corp	0.67%	6,185,992	$826M	trimmed−10%	−0.63 pp	23 q
WHRWhirlpool Corp.	0.67%	7,749,980	$828M	added+1%	+0.06 pp	23 q
SGENSeagen Inc.	0.65%	14,135,200	$801M	trimmed−2%	−0.10 pp	23 q
SPLKSplunk Inc	0.63%	7,471,350	$783M	added+5%	+0.05 pp	9 q
DFSDiscover Financial Services	0.62%	12,886,896	$760M	added+3%	−0.03 pp	20 q
KMXCarMax Inc.	0.61%	12,068,628	$757M	trimmed−2%	−0.01 pp	23 q
DEDeere & Company	0.59%	4,848,991	$723M	trimmed−4%	+0.08 pp	23 q
TJXTJX Companies, Inc. (The)	0.59%	16,198,348	$725M	trimmed−1%	−0.03 pp	23 q
MRSHMarsh	0.58%	8,928,775	$712M	trimmed−8%	+0.04 pp	23 q
ALKSAlkermes Inc. plc	0.56%	23,280,730	$687M	added0%	−0.11 pp	11 q
MDTMedtronic plc	0.53%	7,234,775	$658M	trimmed−3%	+0.03 pp	16 q
NKTRNektar Therapeutics	0.52%	19,400,022	$638M	trimmed−4%	−0.31 pp	23 q
FLEXFlex Ltd.	0.48%	77,196,259	$587M	added+19%	−0.10 pp	23 q
ETRAE*trade Financial Corp	0.47%	13,335,725	$585M	added+2%	+0.01 pp	17 q
ACMAecom	0.46%	21,512,734	$570M	added+13%	+0.04 pp	23 q
unresolvedQiagen N.V	0.44%	15,888,770	$547M	trimmed−2%	+0.03 pp	9 q
BBBlackBerry Limited	0.42%	72,778,693	$517M	trimmed−1%	−0.15 pp	23 q
MATMattel, Inc.	0.41%	50,840,399	$508M	added0%	−0.13 pp	7 q
VVISA Inc.	0.41%	3,849,039	$508M	trimmed−6%	0.00 pp	23 q
ADIAnalog Devices, Inc.	0.40%	5,800,124	$498M	added+13%	+0.08 pp	23 q
LBBath & Body Works, Inc.	0.40%	19,233,780	$494M	added0%	+0.01 pp	23 q
GLWCorning Incorporated	0.39%	15,813,873	$478M	trimmed−1%	+0.01 pp	23 q
JECJacobs Engineering Group	0.39%	8,231,622	$481M	trimmed−1%	−0.04 pp	23 q
AMZNAmazon.Com Inc	0.38%	312,678	$470M	added+1%	−0.04 pp	23 q
OLEDUniversal Display Corp	0.36%	4,712,919	$441M	added+53%	+0.12 pp	18 q
NTRSNorthern Trust Corp	0.33%	4,863,737	$407M	added+43%	+0.10 pp	12 q
HONHoneywell International, Inc.	0.32%	3,026,055	$400M	trimmed−0%	−0.02 pp	23 q
AIYActivision Blizzard Inc	0.31%	8,179,350	$381M	trimmed−2%	−0.16 pp	23 q
BABoeing Company	0.31%	1,196,829	$386M	held	—	23 q
CMECME Group Inc.	0.31%	2,010,943	$378M	trimmed−1%	+0.08 pp	23 q
PODDInsulet Corporation	0.31%	4,876,258	$387M	trimmed−2%	−0.04 pp	23 q
ORCLOracle Corp	0.31%	8,358,817	$377M	added+2%	+0.02 pp	23 q
ALKAlaska Air Group, Inc.	0.30%	6,024,607	$367M	held	—	23 q
JBLUJetBlue Airways Corp	0.30%	22,922,450	$368M	trimmed−0%	0.00 pp	23 q
UNPUnion Pacific Corp.	0.30%	2,679,586	$370M	trimmed−4%	−0.01 pp	23 q
unresolvedCree Inc	0.29%	8,450,689	$361M	added0%	+0.07 pp	23 q
DISThe Walt Disney Company	0.29%	3,282,900	$360M	trimmed−0%	+0.03 pp	23 q
IRBTiRobot Corporation	0.28%	4,130,500	$346M	trimmed−1%	−0.03 pp	10 q
UPSUnited Parcel Service, Inc. Class B	0.28%	3,592,843	$350M	trimmed−2%	−0.01 pp	23 q
AABAAltaba Inc.	0.27%	5,829,710	$338M	trimmed−0%	0.00 pp	7 q
HESHess Corporation	0.27%	8,293,035	$336M	added×37.1	+0.26 pp	2 q
PYPLPayPal Holdings, Inc.	0.27%	3,910,440	$329M	trimmed−1%	+0.03 pp	14 q
ALBAlbemarle Corporation	0.26%	4,166,780	$321M	added×3.9	+0.19 pp	2 q
AAgilent Technologies Inc.	0.25%	4,553,380	$307M	trimmed−1%	+0.03 pp	23 q
unresolvedSiemens Healthineers AG - Rest	0.25%	7,298,900	$305M	added+1%	+0.03 pp	4 q
CCitigroup Inc.	0.25%	5,856,041	$305M	trimmed−6%	−0.05 pp	8 q
ILMNIllumina Inc	0.25%	1,008,263	$302M	trimmed−6%	−0.02 pp	23 q
TSLATesla, Inc.	0.25%	913,915	$304M	trimmed−17%	+0.05 pp	23 q
TRMBTrimble Inc.	0.25%	9,421,593	$310M	trimmed−0%	−0.03 pp	23 q
CVSCvs Health Corporation	0.24%	4,499,213	$295M	added+23%	+0.05 pp	23 q
unresolvedDowdupont Inc	0.24%	5,464,410	$292M	added+35%	+0.06 pp	6 q
EBAYeBay Inc	0.22%	9,824,900	$276M	added+3%	+0.01 pp	22 q
unresolvedMicro Focus Intl ADR	0.22%	15,423,403	$265M	trimmed−2%	+0.02 pp	6 q
XNCRXencor, Inc.	0.22%	7,612,983	$275M	trimmed−0%	+0.02 pp	21 q
MRKMerck & Co., Inc.	0.21%	3,411,200	$261M	held	—	17 q
KEYSKeysight Technologies, Inc.	0.20%	4,040,905	$251M	trimmed−21%	−0.03 pp	17 q
RVTYRevvity, Inc.	0.20%	3,089,411	$243M	trimmed−2%	−0.01 pp	23 q
PGRProgressive Corporation	0.20%	4,062,877	$245M	trimmed−2%	0.00 pp	18 q
ASMLASML Holding NV	0.20%	1,583,412	$246M	trimmed−1%	0.00 pp	23 q
CHGGChegg, Inc.	0.19%	8,427,690	$240M	trimmed−14%	0.00 pp	20 q
TXTTextron, Inc.	0.19%	5,175,614	$238M	added+4%	−0.05 pp	11 q
USBU.S. Bancorp	0.19%	5,125,479	$234M	trimmed−0%	+0.01 pp	21 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.19%	5,510,450	$234M	added+3%	−0.02 pp	20 q
RIGTransocean LTD.	0.19%	33,824,639	$235M	added+5%	−0.11 pp	23 q
99952EURLinde PLC/OLD	0.18%	1,431,369	$223M	new	+0.18 pp	new
EXKExact Sciences Corp	0.16%	3,195,102	$202M	trimmed−11%	−0.03 pp	19 q
SFLYShutterfly, Inc.	0.16%	4,876,282	$196M	trimmed−1%	−0.06 pp	23 q
unresolvedSprint Corporation	0.16%	34,865,300	$203M	trimmed−5%	0.00 pp	18 q
ZBHZimmer Biomet Holdings, Inc.	0.16%	1,904,350	$198M	added+11%	+0.01 pp	23 q
DXCDXC Technology Company	0.15%	3,491,535	$186M	trimmed−8%	−0.09 pp	7 q
EOGEOG Resources, Inc.	0.15%	2,173,096	$190M	added+1%	−0.04 pp	23 q
VMWVMware, Inc	0.15%	1,313,895	$180M	trimmed−19%	−0.02 pp	23 q
unresolvedEllie Mae	0.14%	2,800,445	$176M	trimmed−3%	−0.04 pp	23 q
AMATApplied Materials Inc	0.13%	4,993,610	$163M	added+16%	+0.02 pp	23 q
ELANElanco Animal Health Incorporated	0.13%	4,962,199	$156M	added+32%	+0.04 pp	2 q
MKTXMarketAxess Holdings Inc.	0.13%	780,220	$165M	trimmed−7%	+0.03 pp	23 q
PLTPlantronics Inc	0.12%	4,485,550	$148M	held	—	23 q
CWCurtiss-Wright Corp.	0.11%	1,343,700	$137M	added+3%	−0.01 pp	22 q
ENTGEntegris Inc	0.11%	4,789,641	$134M	trimmed−0%	+0.02 pp	23 q
SSYSStratasys Inc (ISRAEL)	0.11%	7,646,489	$138M	added0%	−0.01 pp	23 q
AAPLApple Inc.	0.10%	820,100	$129M	trimmed−4%	−0.03 pp	23 q
ONCBeOne Medicines Ltd.	0.10%	921,539	$129M	added+5%	0.00 pp	7 q
SCORcomScore, Inc.	0.10%	8,645,532	$125M	added+3%	0.00 pp	23 q
NUANNuance Communications, Inc.	0.10%	9,182,998	$121M	added+2%	0.00 pp	23 q
RJFRaymond James Financial, Inc.	0.10%	1,594,650	$119M	new	+0.10 pp	new
CSXCSX Corporation	0.09%	1,772,200	$110M	trimmed−1%	0.00 pp	23 q
DSGXDescartes Systems Group Inc	0.09%	4,413,000	$117M	trimmed−0%	−0.01 pp	23 q
GDGeneral Dynamics Corporation	0.09%	697,990	$110M	added×2.7	+0.05 pp	9 q
IMAXImax Corp	0.09%	6,026,300	$113M	trimmed−4%	−0.02 pp	12 q
MGMMgm Resorts International	0.09%	4,464,200	$108M	trimmed−2%	0.00 pp	10 q
MARMarriott International Class A	0.09%	1,064,796	$116M	added+32%	+0.02 pp	14 q
CMCSAComcast Corp	0.08%	2,724,100	$93M	trimmed−6%	+0.01 pp	14 q
JBLJabil Inc.	0.08%	3,938,687	$98M	added+3%	+0.01 pp	23 q
PXDPioneer Natural Resource Co.	0.08%	717,550	$94M	added+39%	+0.02 pp	6 q
ROKRockwell Automation, Inc.	0.08%	658,825	$99M	trimmed−9%	−0.01 pp	23 q
CRMSalesforce, Inc.	0.08%	729,360	$100M	held	—	23 q
SPPISpectrum Pharmaceuticals Inc	0.08%	11,033,730	$97M	trimmed−1%	−0.05 pp	6 q
EWEdwards Lifesciences Corp	0.07%	535,000	$82M	held	—	23 q
EAElectronic Arts Inc	0.07%	1,117,425	$88M	trimmed−3%	−0.02 pp	23 q
MXLMaxLinear, Inc.	0.07%	4,802,144	$85M	added+7%	+0.01 pp	9 q
PROPros Holdings, Inc.	0.07%	2,815,900	$88M	added+5%	+0.01 pp	5 q
RBARB Global, Inc.	0.07%	2,540,275	$83M	trimmed−25%	−0.01 pp	23 q
SNYSanofi	0.07%	1,955,700	$85M	held	—	23 q
unresolvedBeigene Ltd	0.06%	6,350,100	$68M	held	—	2 q
CBOECboe Global Markets, Inc.	0.06%	799,300	$78M	added+23%	+0.02 pp	2 q
CTRACoterra Energy Inc.	0.06%	3,476,854	$78M	added+18%	+0.02 pp	23 q
DELLDell Technologies Inc.	0.06%	1,488,972	$73M	new	+0.06 pp	new
IEXIDEX Corporation	0.06%	595,310	$75M	trimmed−13%	−0.01 pp	23 q
NWLNewell Brands Inc.	0.06%	3,835,960	$71M	trimmed−1%	+0.01 pp	20 q
SLBSLB Limited	0.06%	2,120,892	$77M	trimmed−41%	−0.09 pp	23 q
TDGTransDigm Group Incorporated	0.06%	233,450	$79M	added+11%	+0.01 pp	21 q
TRCOTribune Media Company Class A	0.06%	1,763,114	$80M	trimmed−62%	−0.06 pp	23 q
ULTAUlta Beauty, Inc.	0.06%	281,400	$69M	trimmed−1%	+0.01 pp	5 q
ARNAArena Pharmaceuticals Inc	0.05%	1,464,000	$57M	added+48%	+0.02 pp	2 q
unresolvedCBS Corp	0.05%	1,361,549	$60M	trimmed−25%	−0.02 pp	9 q
EPZMEpizyme, Inc	0.05%	9,556,527	$59M	trimmed−1%	−0.02 pp	23 q
FAROFaro Technologies Inc	0.05%	1,587,078	$64M	trimmed−5%	−0.02 pp	23 q
LABStandard BioTools Inc.	0.05%	6,671,043	$58M	added+14%	+0.02 pp	23 q
FORMFormFactor Inc.	0.05%	4,609,118	$65M	trimmed−1%	+0.01 pp	23 q
HUBSHubspot, Inc.	0.05%	479,250	$60M	trimmed−4%	0.00 pp	12 q
QSRRestaurant Brands International Inc.	0.05%	1,082,400	$57M	added+5%	+0.01 pp	5 q
TERTeradyne, Inc.	0.05%	2,032,622	$64M	added+8%	0.00 pp	14 q
UTXZRTX Corporation	0.05%	606,162	$65M	added+3%	−0.01 pp	21 q
WATWaters Corp	0.05%	316,617	$60M	trimmed−1%	+0.01 pp	23 q
unresolvedMichael Kors Hldgs Ltd	0.05%	1,563,800	$59M	added×5.1	+0.04 pp	3 q
ACLSAxcelis Technologies Inc	0.04%	2,952,400	$53M	trimmed−0%	0.00 pp	10 q
CERSCerus Corp	0.04%	10,800,000	$55M	added+5%	−0.01 pp	16 q
CRLCharles River Laboratories International, Inc.	0.04%	404,100	$46M	trimmed−4%	0.00 pp	23 q
CHTRCharter Comm Inc Del CL A New	0.04%	163,300	$47M	held	—	11 q
HLTHilton Worldwide Holdings Inc.	0.04%	700,965	$50M	trimmed−18%	−0.01 pp	9 q
LVSLas Vegas Sands Corp.	0.04%	857,300	$45M	added+9%	+0.01 pp	23 q
SW5Southwestern Energy Co	0.04%	13,627,825	$46M	added+10%	0.00 pp	23 q
TMUST-Mobile US, Inc.	0.04%	736,900	$47M	added+3%	+0.01 pp	8 q
TRVThe Travelers Companies, Inc.	0.04%	399,775	$48M	held	—	11 q
PNRPentair plc	0.04%	1,466,500	$55M	trimmed−0%	0.00 pp	19 q
ARLOArlo Technologies, Inc.	0.03%	3,373,286	$34M	added+57%	+0.01 pp	2 q
GILGildan Activewear Inc.	0.03%	1,244,500	$38M	trimmed−16%	0.00 pp	19 q
LGFLions Gate Entertainment-a	0.03%	1,939,986	$31M	trimmed−2%	0.00 pp	9 q
LGF.BLions Gate Entertainment Corp. Class B Non-Voting Shares	0.03%	2,886,500	$43M	trimmed−1%	−0.02 pp	9 q
MNTAMomenta Pharmaceuticals, Inc.	0.03%	3,056,695	$34M	added+6%	−0.02 pp	23 q
NMIHNMI Holdings Inc.	0.03%	2,272,349	$41M	added0%	0.00 pp	5 q
NNBRNN Inc	0.03%	6,296,400	$42M	added+9%	−0.03 pp	20 q
NBLNoble Energy, Inc.	0.03%	2,133,847	$40M	trimmed−5%	−0.02 pp	23 q
NSCNorfolk Southern Corp.	0.03%	275,000	$41M	held	—	23 q
NUVANuVasive, Inc.	0.03%	820,200	$41M	trimmed−2%	−0.01 pp	23 q
PRSPPerspecta Inc	0.03%	2,143,256	$37M	trimmed−11%	−0.01 pp	3 q
RYAAYRyanair Holdings plc	0.03%	529,700	$38M	added0%	0.00 pp	5 q
SAVEQSpirit Airlines, Inc.	0.03%	619,765	$36M	trimmed−3%	+0.01 pp	23 q
SYKStryker Corporation	0.03%	225,500	$35M	held	—	23 q
TSNTyson Foods, Inc.	0.03%	691,500	$37M	added+18%	+0.01 pp	17 q
VFCV.F. Corporation	0.03%	600,000	$43M	trimmed−2%	−0.01 pp	23 q
NVTnVent Electric plc	0.03%	1,393,700	$31M	trimmed−5%	0.00 pp	3 q
ALTRAltair Engineering Inc. Class A	0.02%	948,200	$26M	trimmed−6%	−0.01 pp	5 q
MOAltria Group, Inc.	0.02%	597,904	$30M	added+13%	0.00 pp	7 q
ASNAAscena Retail Group Inc	0.02%	9,163,000	$23M	held	—	23 q
AXONAxon Enterprise, Inc.	0.02%	527,000	$23M	held	—	7 q
unresolvedGlaxosmithkline PLC	0.02%	576,900	$22M	trimmed−32%	0.00 pp	23 q
HANHawaiian Holdings Inc	0.02%	919,200	$24M	added+3%	0.00 pp	19 q
MCDMcDonald's Corporation	0.02%	140,600	$25M	held	—	12 q
NFLXNetFlix Inc	0.02%	81,700	$22M	added+16%	0.00 pp	6 q
OSISOSI Systems Inc	0.02%	273,700	$20M	trimmed−1%	+0.01 pp	12 q
ODFLOld Dominion Freight Line	0.02%	161,200	$20M	trimmed−24%	0.00 pp	7 q
OSUROraSure Technologies Inc	0.02%	1,718,000	$20M	held	—	23 q
PEPPepsiCo, Inc.	0.02%	200,000	$22M	held	—	23 q
PEGPublic Service Enterprise Group Incorporated	0.02%	372,379	$19M	held	—	23 q
SGISomnigroup International Inc.	0.02%	452,800	$19M	held	—	9 q
TPCOTribune Publishing Company	0.02%	2,391,726	$27M	new	+0.02 pp	new
WDCWestern Digital Corp.	0.02%	524,330	$19M	trimmed−22%	−0.01 pp	11 q
ARAYAccuray Incorporated	0.01%	4,733,700	$16M	trimmed−11%	−0.01 pp	23 q
AYIAcuity Inc.	0.01%	57,000	$7M	held	—	5 q
unresolvedDhx Media Ltd	0.01%	8,463,500	$14M	trimmed−22%	0.00 pp	3 q
AXPAmerican Express Company	0.01%	137,100	$13M	trimmed−73%	−0.03 pp	23 q
ABUSArbutus Biopharma Corporation	0.01%	4,040,900	$15M	trimmed−1%	−0.02 pp	14 q
ADSKAutodesk Inc	0.01%	91,000	$12M	added+6%	0.00 pp	5 q
BOOTBoot Barn Holdings, Inc.	0.01%	800,000	$14M	held	—	16 q
CVGWCalavo Growers Inc	0.01%	127,200	$9M	trimmed−17%	0.00 pp	6 q
CIRCircor International Inc	0.01%	358,500	$8M	held	—	23 q
STZConstellation Brands, Inc.	0.01%	56,141	$9M	added×3.3	+0.01 pp	7 q
CRAYCray, Inc.	0.01%	326,400	$7M	trimmed−1%	+0.01 pp	18 q
ETMEntercom Communications	0.01%	2,936,538	$17M	added0%	−0.01 pp	5 q
METAMeta Platforms, Inc. Class A	0.01%	119,600	$16M	added+5%	0.00 pp	4 q
ROCKGibraltar Industries, Inc.	0.01%	259,800	$9M	held	—	5 q
GKOSGlaukos Corporation	0.01%	268,700	$15M	trimmed−0%	0.00 pp	5 q
HRIHerc Holdings Inc.	0.01%	250,739	$7M	trimmed−22%	0.00 pp	10 q
ICFIICF International, Inc.	0.01%	101,417	$7M	held	—	4 q
IMGNImmunogen Inc	0.01%	3,765,000	$18M	trimmed−1%	−0.01 pp	23 q
MAMastercard Incorporated	0.01%	81,974	$15M	trimmed−54%	−0.02 pp	23 q
MTLSMaterialise NV	0.01%	914,319	$18M	added+9%	0.00 pp	3 q
MCYMercury General Corp.	0.01%	281,600	$15M	held	—	23 q
NTNXNutanix, Inc. Class A	0.01%	236,050	$10M	trimmed−3%	0.00 pp	7 q
PENPenumbra, Inc.	0.01%	62,970	$8M	trimmed−4%	0.00 pp	14 q
PFNXPfenex Inc.	0.01%	3,347,900	$11M	trimmed−2%	0.00 pp	15 q
PMPhilip Morris International Inc.	0.01%	219,925	$15M	added+29%	0.00 pp	7 q
RMBSRambus Inc	0.01%	1,258,845	$10M	trimmed−43%	−0.01 pp	23 q
6SSServicesource International	0.01%	13,447,133	$15M	trimmed−2%	−0.02 pp	20 q
S9QSpirit Aerosystems Hold-cl A	0.01%	164,200	$12M	held	—	4 q
TIFTiffany & Co.	0.01%	100,300	$8M	new	+0.01 pp	new
SAFRFSafran SA Ord	0.01%	110,000	$13M	new	+0.01 pp	new
LIVNLivaNova PLC	0.01%	78,200	$7M	new	+0.01 pp	new
ADVMAdverum Biotechnologies, Inc.	0.00%	1,052,000	$3M	added+26%	0.00 pp	11 q
ACDVFAir Canada Inc Vtg & Var	0.00%	150,100	$3M	held	—	10 q
unresolvedSyrah Resources	0.00%	400,300	$424,000	held	—	3 q
ALGTAllegiant Travel Company	0.00%	47,100	$5M	held	—	23 q
ANETArista Networks	0.00%	6,050	$1M	held	—	19 q
AWIArmstrong World Industries, Inc.	0.00%	47,000	$3M	held	—	9 q
AZOAutoZone, Inc.	0.00%	4,565	$4M	new	0.00 pp	new
AVYAAvaya Holdings Corp.	0.00%	81,100	$1M	added+51%	0.00 pp	2 q
CARAvis Budget Group, Inc.	0.00%	80,000	$2M	trimmed−83%	−0.01 pp	15 q
BURLBurlington Stores, Inc.	0.00%	32,400	$5M	added+84%	0.00 pp	4 q
CWHCamping World Holdings, Inc.	0.00%	436,800	$5M	added+2%	−0.01 pp	2 q
CECelanese Corporation	0.00%	10,950	$985,000	trimmed−82%	0.00 pp	23 q
CERNCerner Corp	0.00%	19,400	$1M	held	—	23 q
CMAComerica Incorporated	0.00%	43,600	$3M	trimmed−19%	0.00 pp	23 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.00%	140,900	$754,000	trimmed−1%	0.00 pp	21 q
unresolvedDextera Surgical Inc	0.00%	576,840	$19,000	new	0.00 pp	new
DBDDiebold Nixdorf, Incorporated	0.00%	300,000	$747,000	trimmed−56%	0.00 pp	23 q
96669EURDmrc LLC	0.00%	417,000	$6M	added0%	−0.01 pp	14 q
EQIXEquinix, Inc.	0.00%	17,100	$6M	held	—	3 q
FIVEFive Below, Inc.	0.00%	14,200	$1M	added+13%	0.00 pp	3 q
unresolvedFlex Pharma Inc	0.00%	38,500	$13,000	trimmed−80%	0.00 pp	16 q
GTTGTT Communications, Inc.	0.00%	62,700	$1M	added+9%	0.00 pp	5 q
GTXGarrett Motion Inc.	0.00%	49,158	$607,000	new	0.00 pp	new
GEFGreif, Inc.	0.00%	45,000	$2M	trimmed−25%	0.00 pp	23 q
GEF.BGreif, Inc. Class B	0.00%	33,000	$1M	held	—	23 q
HABTThe Habit Restaurants, Inc. - Class A	0.00%	326,000	$3M	held	—	8 q
NGVTIngevity Corporation	0.00%	23,400	$2M	added+7%	0.00 pp	5 q
JNJJohnson & Johnson	0.00%	16,300	$2M	trimmed−94%	−0.03 pp	23 q
LOWLowe's Companies Inc.	0.00%	41,000	$4M	held	—	12 q
MBIIMarrone Bio Innovations, Inc.	0.00%	2,625,600	$4M	held	—	22 q
MAXRMaxar Technologies Inc.	0.00%	282,000	$3M	new	0.00 pp	new
unresolvedMindbody Cl A	0.00%	160,577	$6M	trimmed−63%	−0.01 pp	10 q
unresolvedNci Building Systems	0.00%	340,000	$2M	held	—	21 q
NOVNOV Inc.	0.00%	220,066	$6M	trimmed−66%	−0.02 pp	23 q
LASRnLIGHT, Inc.	0.00%	341,900	$6M	added+43%	0.00 pp	3 q
unresolvedOncomed Pharmaceuticals Inc	0.00%	5,506,300	$4M	trimmed−3%	−0.01 pp	22 q
OCOwens Corning	0.00%	50,900	$2M	held	—	3 q
PFGCPerformance Food Group Company	0.00%	11,100	$358,000	held	—	7 q
PBHPrestige Consumer Healthcare Inc.	0.00%	28,100	$868,000	trimmed−27%	0.00 pp	5 q
REZIResideo Technologies, Inc.	0.00%	129,887	$3M	new	0.00 pp	new
ROKURoku, Inc. Class A	0.00%	51,300	$2M	trimmed−8%	0.00 pp	6 q
RUBIMagnite, Inc.	0.00%	1,332,800	$5M	held	—	15 q
TUESTuesday Morning Corp	0.00%	2,209,000	$4M	held	—	23 q
unresolvedWillscot Corp	0.00%	435,000	$4M	held	—	2 q
ADNTAdient plc	0.00%	73,520	$1M	trimmed−35%	0.00 pp	9 q
unresolvedAxovant Sciences Ltd	0.00%	1,057,600	$1M	trimmed−2%	0.00 pp	15 q
SIGSignet Jewelers Limited	0.00%	49,836	$2M	trimmed−2%	0.00 pp	9 q
FTITechnipFMC plc	0.00%	64,600	$1M	new	0.00 pp	new
unresolvedDell Technologies Inc	—	−3,727,141	—	exited	−0.24 pp	—
PXGBXPraxair Inc	—	−1,439,669	—	exited	−0.16 pp	—
unresolvedTronc Inc	—	−2,682,006	—	exited	−0.03 pp	—
unresolvedSafran	—	−125,000	—	exited	−0.01 pp	—
CBTCabot Corporation	—	−125,000	—	exited	−0.01 pp	—
unresolvedMaxar Technologies Ltd	—	−268,000	—	exited	−0.01 pp	—
RRCRange Resources Corp	—	−1,050,000	—	exited	−0.01 pp	—
BAHBooz Allen Hamilton Holding Corporation	—	−139,750	—	exited	0.00 pp	—
CNACNA Financial Corporation	—	−60,500	—	exited	0.00 pp	—
DXTRDextera Surgical Inc.	—	−600,450	—	exited	0.00 pp	—
XOMExxon Mobil Corp	—	−50,000	—	exited	0.00 pp	—
KEXKirby Corporation	—	−3,000	—	exited	0.00 pp	—
MCOMoody's Corporation	—	−30,200	—	exited	0.00 pp	—
REXXRex Energy Corporation	—	−111,400	—	exited	0.00 pp	—
unresolvedRockwell Collins Inc	—	−50,000	—	exited	0.00 pp	—
CBChubb Limited	—	−41,133	—	exited	0.00 pp	—