PRIMECAP

Q1 2023 13F · by Joel Fried, portfolio manager

As of: Mar 31, 2023
Filed: May 10, 2023
US stock: $114.7B · prev $109.2B
Positions: 331 · prev 334
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%

Moves307 since the prior filing

+2.2 pp in · −2.2 pp out

New 10 +0.24 pp
Added 89 +1.95 pp
Trimmed 195 −2.13 pp
Exited 13 −0.11 pp

The book

Diversified · behaves like 53 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.5% a year, about 11.8 years per position

Low
Moderate
High

Top 5 positions20% of US stock

LLY Eli Lilly & Co. trimmed−1.07 pp trimmed−1.077.6%
BIIB Biogen Inc. added−0.10 pp added−0.103.9%
AMGN Amgen Inc trimmed−0.49 pp trimmed−0.493.2%
MSFT Microsoft Corp trimmed−0.04 pp trimmed−0.042.9%
AZNN Astrazeneca Plc-spons ADR added−0.04 pp added−0.042.8%

Positions331 in this filing · 13 exited


LLYEli Lilly & Co.	7.60%	25,367,550	$8.7B	trimmed−2%	−1.07 pp	14 q
BIIBBiogen Inc.	3.88%	16,001,166	$4.4B	added+2%	−0.10 pp	14 q
AMGNAmgen Inc	3.19%	15,112,703	$3.7B	trimmed−1%	−0.49 pp	14 q
MSFTMicrosoft Corp	2.88%	11,441,058	$3.3B	trimmed−14%	−0.04 pp	14 q
AZNNAstrazeneca Plc-spons ADR	2.75%	45,389,857	$3.2B	added+1%	−0.04 pp	14 q
FDXFedEx Corporation	2.70%	13,568,892	$3.1B	trimmed−3%	+0.49 pp	14 q
TXNTexas Instruments Incorporated	2.70%	16,644,445	$3.1B	trimmed−3%	+0.12 pp	14 q
KLACKLA Corporation	2.21%	6,349,889	$2.5B	trimmed−6%	−0.13 pp	14 q
ADBEAdobe Inc.	2.11%	6,293,153	$2.4B	trimmed−1%	+0.16 pp	14 q
MUMicron Technology, Inc.	2.05%	38,949,937	$2.4B	trimmed−2%	+0.23 pp	14 q
INTCIntel Corp	1.97%	69,103,171	$2.3B	added+22%	+0.60 pp	14 q
SONYSony Group Corporation	1.90%	24,024,958	$2.2B	trimmed−1%	+0.20 pp	14 q
GOOGLAlphabet Inc. Class A	1.88%	20,781,745	$2.2B	trimmed−1%	+0.18 pp	14 q
TSLATesla, Inc.	1.79%	9,878,900	$2.0B	trimmed−2%	+0.66 pp	14 q
TMOThermo Fisher Scientific, Inc.	1.79%	3,564,109	$2.1B	trimmed−3%	−0.05 pp	14 q
BSXBoston Scientific Corp.	1.67%	38,328,229	$1.9B	added+2%	+0.08 pp	14 q
BMRNBioMarin Pharmaceuticals Inc	1.55%	18,243,429	$1.8B	added+4%	−0.12 pp	14 q
BABAAlibaba Group Holding Limited	1.54%	17,283,277	$1.8B	added0%	+0.15 pp	14 q
WFCWells Fargo & Co.	1.54%	47,378,950	$1.8B	trimmed−1%	−0.26 pp	14 q
LUVSouthwest Airlines Co.	1.44%	50,852,629	$1.7B	trimmed−3%	−0.17 pp	14 q
NVSNovartis AG	1.32%	16,427,035	$1.5B	trimmed−4%	−0.11 pp	14 q
BMYBristol-Myers Squibb Co.	1.30%	21,514,405	$1.5B	trimmed−2%	−0.14 pp	14 q
GOOGAlphabet Inc. Class C	1.25%	13,744,985	$1.4B	trimmed−3%	+0.09 pp	14 q
BIDUBaidu, Inc.	1.23%	9,382,524	$1.4B	trimmed−1%	+0.24 pp	14 q
ACMAecom	1.18%	16,116,639	$1.4B	trimmed−8%	−0.19 pp	14 q
ORCLOracle Corp	1.13%	13,984,991	$1.3B	added+10%	+0.18 pp	14 q
RJFRaymond James Financial, Inc.	1.04%	12,836,557	$1.2B	trimmed−2%	−0.24 pp	14 q
ROSTRoss Stores Inc	1.04%	11,275,424	$1.2B	added+1%	−0.15 pp	14 q
FLEXFlex Ltd.	0.99%	49,377,864	$1.1B	trimmed−5%	−0.03 pp	14 q
TJXTJX Companies, Inc. (The)	0.96%	14,009,748	$1.1B	trimmed−1%	−0.07 pp	14 q
ONCBeOne Medicines Ltd.	0.95%	5,045,924	$1.1B	trimmed−0%	−0.07 pp	14 q
HESHess Corporation	0.94%	8,180,075	$1.1B	trimmed−3%	−0.15 pp	14 q
SPLKSplunk Inc	0.93%	11,131,228	$1.1B	added+2%	+0.07 pp	14 q
UALUnited Airlines Holdings, Inc.	0.92%	23,905,209	$1.1B	trimmed−1%	+0.09 pp	14 q
PXDPioneer Natural Resource Co.	0.90%	5,037,656	$1.0B	trimmed−1%	−0.16 pp	14 q
NTAPNetApp, Inc	0.89%	15,909,474	$1.0B	trimmed−1%	0.00 pp	14 q
SGENSeagen Inc.	0.86%	4,894,808	$991M	added+3%	+0.30 pp	14 q
VVISA Inc.	0.83%	4,202,441	$947M	added+4%	+0.06 pp	14 q
INTUIntuit Inc	0.73%	1,877,691	$837M	trimmed−2%	+0.05 pp	14 q
QCOMQualcomm Inc	0.72%	6,444,042	$822M	trimmed−2%	+0.06 pp	14 q
MATMattel, Inc.	0.70%	43,647,759	$804M	trimmed−2%	−0.02 pp	14 q
DALDelta Air Lines, Inc.	0.69%	22,646,708	$791M	added+2%	+0.02 pp	14 q
JPMJPMorgan Chase & Co.	0.69%	6,078,651	$792M	trimmed−34%	−0.45 pp	14 q
ADIAnalog Devices, Inc.	0.67%	3,903,640	$770M	trimmed−4%	+0.06 pp	14 q
NVDANvidia Corp	0.67%	2,756,115	$766M	trimmed−2%	+0.29 pp	14 q
JJacobs Solutions Inc.	0.65%	6,358,327	$747M	added+4%	−0.02 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	0.56%	4,934,912	$638M	added+2%	0.00 pp	14 q
HPQHP Inc.	0.55%	21,539,285	$632M	trimmed−4%	0.00 pp	14 q
WHRWhirlpool Corp.	0.55%	4,773,935	$630M	trimmed−1%	−0.07 pp	14 q
CATCaterpillar Inc.	0.51%	2,534,148	$580M	trimmed−4%	−0.07 pp	14 q
BNTXBioNTech SE	0.50%	4,574,263	$570M	added+10%	−0.07 pp	14 q
DISThe Walt Disney Company	0.50%	5,749,467	$576M	trimmed−1%	+0.04 pp	14 q
MRSHMarsh	0.50%	3,421,011	$570M	trimmed−3%	−0.04 pp	14 q
UPSUnited Parcel Service, Inc. Class B	0.50%	2,967,791	$576M	added+20%	+0.11 pp	14 q
AALAmerican Airlines Group Inc.	0.49%	37,738,441	$557M	trimmed−1%	+0.05 pp	14 q
HPEHewlett Packard Enterprise Company	0.48%	34,356,196	$547M	trimmed−10%	−0.08 pp	14 q
NTRSNorthern Trust Corp	0.45%	5,884,232	$519M	added+23%	+0.06 pp	14 q
AMATApplied Materials Inc	0.42%	3,948,183	$485M	trimmed−2%	+0.06 pp	14 q
AIYActivision Blizzard Inc	0.41%	5,516,380	$472M	added+8%	+0.05 pp	14 q
ALBAlbemarle Corporation	0.39%	2,040,895	$451M	added+1%	−0.01 pp	14 q
AMZNAmazon.Com Inc	0.39%	4,308,300	$445M	added+1%	+0.06 pp	14 q
MKTXMarketAxess Holdings Inc.	0.38%	1,109,230	$434M	added+13%	+0.13 pp	14 q
RCLRoyal Caribbean Group	0.38%	6,649,061	$434M	trimmed−1%	+0.08 pp	14 q
ABTAbbott Laboratories	0.37%	4,240,768	$429M	trimmed−8%	−0.09 pp	14 q
BACBank of America Corporation	0.37%	14,689,706	$420M	trimmed−32%	−0.29 pp	14 q
ASMLASML Holding NV	0.37%	622,779	$424M	trimmed−5%	+0.04 pp	12 q
ELANElanco Animal Health Incorporated	0.36%	43,801,209	$412M	added+33%	−0.01 pp	14 q
TDGTransDigm Group Incorporated	0.36%	555,394	$409M	trimmed−6%	+0.02 pp	14 q
UNPUnion Pacific Corp.	0.36%	2,049,500	$412M	trimmed−21%	−0.13 pp	14 q
KMXCarMax Inc.	0.33%	5,936,361	$382M	trimmed−1%	0.00 pp	14 q
CSCOCisco Systems, Inc. (DE)	0.33%	7,280,620	$381M	trimmed−3%	0.00 pp	14 q
CMECME Group Inc.	0.31%	1,860,930	$356M	added+15%	+0.06 pp	14 q
GSKGSK plc	0.31%	9,871,510	$351M	added×2.6	+0.19 pp	3 q
JBLJabil Inc.	0.31%	4,065,600	$358M	added+13%	+0.09 pp	14 q
TXTTextron, Inc.	0.31%	5,035,220	$356M	trimmed−1%	−0.02 pp	14 q
ERICEricsson	0.30%	58,314,717	$341M	trimmed−14%	−0.06 pp	14 q
AAPLApple Inc.	0.29%	1,984,600	$327M	trimmed−0%	+0.05 pp	14 q
EOGEOG Resources, Inc.	0.29%	2,948,529	$338M	added+1%	−0.06 pp	14 q
AAgilent Technologies Inc.	0.28%	2,303,421	$319M	trimmed−5%	−0.05 pp	14 q
OLEDUniversal Display Corp	0.28%	2,078,919	$323M	trimmed−0%	+0.07 pp	14 q
GLWCorning Incorporated	0.27%	8,909,919	$314M	trimmed−2%	0.00 pp	14 q
RIGTransocean LTD.	0.26%	46,321,989	$295M	trimmed−1%	+0.07 pp	14 q
CVSCvs Health Corporation	0.24%	3,722,585	$277M	trimmed−3%	−0.09 pp	14 q
METAMeta Platforms, Inc. Class A	0.23%	1,221,325	$259M	trimmed−1%	+0.09 pp	14 q
FGENKyntra Bio, Inc.	0.23%	14,126,697	$264M	added+2%	+0.03 pp	14 q
TRMBTrimble Inc.	0.23%	5,072,616	$266M	trimmed−3%	−0.01 pp	14 q
ENTGEntegris Inc	0.21%	3,003,244	$246M	trimmed−0%	+0.03 pp	14 q
MSMorgan Stanley	0.21%	2,720,353	$239M	trimmed−23%	−0.07 pp	10 q
DSGXDescartes Systems Group Inc	0.20%	2,911,706	$235M	trimmed−5%	0.00 pp	14 q
DLTRDollar Tree Inc.	0.20%	1,575,515	$226M	added+4%	0.00 pp	12 q
PODDInsulet Corporation	0.20%	725,308	$231M	trimmed−11%	−0.02 pp	14 q
LIVNLivaNova PLC	0.20%	5,176,100	$226M	added+13%	−0.03 pp	14 q
CARRCarrier Global Corporation	0.19%	4,878,562	$223M	added+1%	+0.01 pp	12 q
PGRProgressive Corporation	0.19%	1,510,690	$216M	trimmed−1%	+0.01 pp	14 q
BBWIBath & Body Works, Inc.	0.18%	5,769,475	$211M	trimmed−0%	−0.04 pp	14 q
DDDuPont de Nemours, Inc.	0.18%	2,934,646	$211M	added+15%	+0.02 pp	14 q
FISFidelity National Information Services, Inc.	0.18%	3,763,985	$204M	added+14%	−0.02 pp	9 q
GDGeneral Dynamics Corporation	0.18%	903,610	$206M	trimmed−5%	−0.04 pp	14 q
XNCRXencor, Inc.	0.18%	7,562,819	$211M	added+22%	+0.03 pp	14 q
CCitigroup Inc.	0.17%	4,115,246	$193M	trimmed−1%	0.00 pp	14 q
CWCurtiss-Wright Corp.	0.17%	1,100,805	$194M	trimmed−3%	0.00 pp	14 q
DFSDiscover Financial Services	0.17%	2,017,139	$199M	trimmed−13%	−0.04 pp	14 q
GSGoldman Sachs Group Inc.	0.17%	603,650	$197M	trimmed−4%	−0.03 pp	10 q
ALKAlaska Air Group, Inc.	0.15%	4,220,947	$177M	trimmed−2%	−0.02 pp	14 q
CPRICapri Holdings Limited	0.15%	3,709,075	$174M	added+5%	−0.03 pp	14 q
ACLSAxcelis Technologies Inc	0.14%	1,165,226	$155M	trimmed−9%	+0.05 pp	14 q
BBBlackBerry Limited	0.14%	35,473,222	$162M	trimmed−1%	+0.03 pp	14 q
EWEdwards Lifesciences Corp	0.14%	1,936,000	$160M	trimmed−2%	+0.01 pp	14 q
SYYSysco Corporation	0.14%	2,037,050	$157M	added+3%	0.00 pp	9 q
TERTeradyne, Inc.	0.14%	1,523,255	$164M	trimmed−1%	+0.02 pp	14 q
KEYSKeysight Technologies, Inc.	0.13%	891,285	$144M	trimmed−7%	−0.02 pp	14 q
MARMarriott International Class A	0.13%	890,146	$148M	added+3%	+0.01 pp	14 q
MAMastercard Incorporated	0.13%	421,800	$153M	added+2%	0.00 pp	14 q
NTNXNutanix, Inc. Class A	0.13%	5,621,893	$146M	trimmed−1%	−0.01 pp	14 q
OTISOtis Worldwide Corporation	0.13%	1,713,641	$145M	added+5%	+0.01 pp	12 q
RVTYRevvity, Inc.	0.13%	1,154,335	$154M	trimmed−5%	−0.03 pp	14 q
ADSKAutodesk Inc	0.12%	650,400	$135M	trimmed−5%	0.00 pp	14 q
FCXFreeport-McMoran Inc.	0.12%	3,228,200	$132M	trimmed−23%	−0.03 pp	10 q
PYPLPayPal Holdings, Inc.	0.12%	1,866,700	$142M	trimmed−5%	−0.01 pp	14 q
RYTMRhythm Pharmaceuticals, Inc.	0.12%	7,607,311	$136M	added+10%	−0.06 pp	14 q
SYKStryker Corporation	0.12%	464,570	$133M	added+4%	+0.02 pp	14 q
TMUST-Mobile US, Inc.	0.12%	932,269	$135M	trimmed−10%	−0.01 pp	14 q
WEXWEX Inc.	0.12%	747,540	$137M	trimmed−12%	−0.01 pp	9 q
XPEVXPeng Inc.	0.12%	12,111,877	$135M	added0%	+0.01 pp	11 q
BURLBurlington Stores, Inc.	0.11%	631,830	$128M	trimmed−5%	−0.01 pp	14 q
PINSPinterest, Inc. Class A	0.11%	4,736,000	$129M	trimmed−2%	0.00 pp	14 q
TWTradeweb Markets Inc. Class A	0.11%	1,574,685	$124M	added+16%	+0.03 pp	14 q
VLOValero Energy Corporation	0.11%	905,125	$126M	trimmed−2%	0.00 pp	10 q
WOLFWolfspeed, Inc.	0.11%	1,864,894	$121M	trimmed−0%	−0.01 pp	6 q
CSXCSX Corporation	0.10%	4,011,000	$120M	trimmed−0%	−0.01 pp	14 q
CTVACorteva, Inc.	0.10%	1,866,127	$113M	trimmed−1%	0.00 pp	14 q
DOWDow Inc.	0.10%	2,012,429	$110M	trimmed−0%	+0.01 pp	14 q
JBHTJB Hunt Transport Services Inc	0.10%	655,200	$115M	held	—	3 q
ALKSAlkermes Inc. plc	0.10%	4,198,290	$118M	trimmed−13%	−0.01 pp	14 q
CTRACoterra Energy Inc.	0.09%	3,985,450	$98M	trimmed−3%	0.00 pp	14 q
EBAYeBay Inc	0.09%	2,427,640	$108M	trimmed−3%	0.00 pp	14 q
EAElectronic Arts Inc	0.09%	850,825	$102M	added+11%	0.00 pp	14 q
FORMFormFactor Inc.	0.09%	3,086,524	$98M	trimmed−3%	+0.03 pp	14 q
ILMNIllumina Inc	0.09%	466,148	$108M	trimmed−10%	−0.01 pp	14 q
MXLMaxLinear, Inc.	0.09%	2,967,042	$104M	trimmed−2%	0.00 pp	14 q
PANWPalo Alto Networks, Inc.	0.09%	520,342	$104M	trimmed−1%	+0.02 pp	14 q
QSRRestaurant Brands International Inc.	0.09%	1,464,900	$98M	added+7%	+0.01 pp	14 q
LINLinde plc	0.09%	290,000	$103M	new	+0.09 pp	new
CHTRCharter Comm Inc Del CL A New	0.08%	241,750	$86M	trimmed−1%	0.00 pp	14 q
MBLYMobileye Global Inc. Class A	0.08%	2,021,070	$87M	trimmed−2%	+0.01 pp	2 q
WDCWestern Digital Corp.	0.08%	2,415,076	$91M	trimmed−10%	0.00 pp	14 q
HLTHilton Worldwide Holdings Inc.	0.07%	563,565	$79M	added+2%	+0.01 pp	14 q
IEXIDEX Corporation	0.07%	349,495	$81M	trimmed−4%	−0.01 pp	14 q
IRBTiRobot Corporation	0.07%	1,885,953	$82M	trimmed−2%	−0.02 pp	14 q
MCDMcDonald's Corporation	0.07%	291,600	$82M	added+10%	+0.01 pp	14 q
ROKRockwell Automation, Inc.	0.07%	271,040	$80M	trimmed−1%	+0.01 pp	14 q
CRMSalesforce, Inc.	0.07%	378,400	$76M	added+31%	+0.03 pp	14 q
VSXYVictorias Secret & Co.	0.07%	2,432,705	$83M	trimmed−8%	−0.02 pp	7 q
MDTMedtronic plc	0.07%	940,430	$76M	trimmed−10%	0.00 pp	14 q
AMEAmetek, Inc.	0.06%	510,400	$74M	added+2%	0.00 pp	13 q
CCLCarnival Corporation Ltd.	0.06%	6,649,378	$67M	trimmed−29%	−0.01 pp	14 q
EVREvercore Inc.	0.06%	621,280	$72M	added+7%	0.00 pp	6 q
SNYSanofi	0.06%	1,189,050	$65M	trimmed−2%	+0.01 pp	14 q
SCHWThe Charles Schwab Corporation	0.06%	1,305,908	$68M	trimmed−52%	−0.15 pp	14 q
SWAVShockwave Medical, Inc.	0.06%	293,250	$64M	added+1%	+0.01 pp	11 q
BJBJs Wholesale Club Holdings, Inc.	0.05%	806,500	$61M	added+12%	+0.01 pp	14 q
CRLCharles River Laboratories International, Inc.	0.05%	273,980	$55M	trimmed−4%	−0.01 pp	14 q
DHRDanaher Corporation	0.05%	248,737	$63M	added×2.3	+0.02 pp	8 q
DEDeere & Company	0.05%	138,150	$57M	trimmed−46%	−0.05 pp	14 q
IQVIQVIA Holdings Inc.	0.05%	313,781	$62M	trimmed−46%	−0.06 pp	13 q
LYVLive Nation Entertainment Inc.	0.05%	847,120	$59M	trimmed−7%	−0.01 pp	11 q
NFLXNetFlix Inc	0.05%	173,910	$60M	added+24%	+0.01 pp	4 q
LUNGPulmonx Corporation	0.05%	5,502,721	$62M	held	—	10 q
VMWVMware, Inc	0.05%	476,995	$60M	trimmed−2%	0.00 pp	14 q
XMTRXometry, Inc. Class A	0.05%	4,211,438	$63M	added×2.2	−0.01 pp	8 q
ALCAlcon Inc.	0.05%	794,865	$56M	trimmed−11%	−0.01 pp	14 q
SSYSStratasys Inc (ISRAEL)	0.05%	3,175,749	$52M	added+4%	+0.02 pp	14 q
MOAltria Group, Inc.	0.04%	1,118,700	$50M	trimmed−8%	−0.01 pp	14 q
HONHoneywell International, Inc.	0.04%	228,300	$44M	held	—	14 q
HUBSHubspot, Inc.	0.04%	104,350	$45M	added0%	+0.01 pp	14 q
LHXL3Harris Technologies, Inc.	0.04%	251,300	$49M	held	—	13 q
LVSLas Vegas Sands Corp.	0.04%	884,200	$51M	trimmed−24%	−0.01 pp	14 q
NWLNewell Brands Inc.	0.04%	3,939,800	$49M	trimmed−6%	−0.01 pp	14 q
NXTNextpower Inc.	0.04%	1,229,400	$45M	new	+0.04 pp	new
OKTAOkta, Inc. Class A	0.04%	577,866	$50M	added+23%	+0.01 pp	13 q
RTXRTX Corporation	0.04%	414,032	$41M	trimmed−0%	0.00 pp	14 q
RYAAYRyanair Holdings plc	0.04%	515,300	$49M	trimmed−1%	0.00 pp	14 q
SLBSLB Limited	0.04%	959,000	$47M	added×6.5	+0.03 pp	14 q
SW5Southwestern Energy Co	0.04%	9,846,850	$49M	trimmed−2%	−0.01 pp	14 q
TTDThe Trade Desk, Inc.	0.04%	767,800	$47M	new	+0.04 pp	new
UBERUber Technologies, Inc.	0.04%	1,392,850	$44M	added+15%	+0.01 pp	12 q
ALTRAltair Engineering Inc. Class A	0.03%	539,450	$39M	trimmed−22%	0.00 pp	14 q
ARLOArlo Technologies, Inc.	0.03%	4,840,460	$29M	trimmed−0%	+0.01 pp	14 q
BNYBank of New York Mellon Corporation	0.03%	645,800	$29M	new	+0.03 pp	new
CCJCameco Corporation	0.03%	1,419,800	$37M	added+14%	0.00 pp	14 q
EXKExact Sciences Corp	0.03%	479,300	$33M	held	—	14 q
GFLGFL Environmental Inc. Subordinate Voting Shares	0.03%	937,500	$32M	added+28%	+0.01 pp	2 q
GKOSGlaukos Corporation	0.03%	608,200	$30M	added+10%	+0.01 pp	14 q
INDIindie Semiconductor, Inc. Class A	0.03%	3,063,700	$32M	added0%	+0.01 pp	7 q
JBLUJetBlue Airways Corp	0.03%	5,110,400	$37M	trimmed−3%	0.00 pp	14 q
LPLALPL Financial Holdings Inc.	0.03%	150,000	$30M	trimmed−18%	−0.01 pp	13 q
LOWLowe's Companies Inc.	0.03%	150,000	$30M	held	—	9 q
LYFTLyft, Inc. Class A	0.03%	4,260,311	$39M	trimmed−1%	−0.01 pp	14 q
MGMMgm Resorts International	0.03%	833,610	$37M	trimmed−1%	0.00 pp	14 q
NBIXNeurocrine Biosciences Inc	0.03%	371,740	$38M	added×72.9	+0.03 pp	2 q
OSISOSI Systems Inc	0.03%	294,340	$30M	added0%	+0.01 pp	14 q
ODFLOld Dominion Freight Line	0.03%	104,350	$36M	trimmed−4%	0.00 pp	14 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.03%	546,790	$32M	trimmed−5%	+0.01 pp	7 q
ULTAUlta Beauty, Inc.	0.03%	68,750	$38M	trimmed−0%	0.00 pp	14 q
ZMZoom Communications, Inc. Class A	0.03%	408,050	$30M	added+1%	0.00 pp	13 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.03%	2,403,570	$32M	trimmed−2%	0.00 pp	14 q
NVTnVent Electric plc	0.03%	880,400	$38M	held	—	14 q
ALLOAllogene Therapeutics, Inc.	0.02%	5,768,986	$28M	added+17%	−0.01 pp	10 q
AMHAmerican Homes 4 Rent	0.02%	547,650	$17M	trimmed−1%	0.00 pp	12 q
ARRYArray Technologies, Inc.	0.02%	1,162,000	$25M	trimmed−36%	−0.01 pp	4 q
AXONAxon Enterprise, Inc.	0.02%	118,300	$27M	trimmed−16%	0.00 pp	14 q
EATBrinker International, Inc.	0.02%	749,110	$28M	trimmed−1%	0.00 pp	8 q
CERSCerus Corp	0.02%	8,816,100	$26M	trimmed−0%	−0.01 pp	14 q
CRWDCrowdStrike Holdings, Inc. Class A	0.02%	202,585	$28M	held	—	14 q
DELLDell Technologies Inc.	0.02%	441,660	$18M	trimmed−0%	0.00 pp	14 q
LKFTLakefront Biotherapeutics	0.02%	657,377	$25M	new	+0.02 pp	new
IMAXImax Corp	0.02%	1,082,300	$21M	trimmed−10%	0.00 pp	14 q
KEXKirby Corporation	0.02%	367,100	$26M	trimmed−9%	0.00 pp	10 q
MRVLMarvell Technology, Inc.	0.02%	490,900	$21M	new	+0.02 pp	new
MATXMatsons, Inc.	0.02%	327,492	$20M	trimmed−2%	0.00 pp	14 q
MAXRMaxar Technologies Inc.	0.02%	528,150	$27M	trimmed−20%	−0.01 pp	14 q
MDBMongoDB, Inc. Class A	0.02%	87,500	$20M	added+1%	0.00 pp	11 q
NSCNorfolk Southern Corp.	0.02%	126,300	$27M	added+44%	0.00 pp	14 q
TSNTyson Foods, Inc.	0.02%	355,300	$21M	held	—	14 q
UUnity Software Inc.	0.02%	684,807	$22M	trimmed−2%	0.00 pp	11 q
WATWaters Corp	0.02%	77,844	$24M	added+54%	0.00 pp	10 q
WSCWillScot Holdings Corporation Class A	0.02%	420,100	$20M	added×8.7	+0.02 pp	12 q
XPOXPO, Inc.	0.02%	725,300	$23M	trimmed−8%	0.00 pp	9 q
ZNTLZentalis Pharmaceuticals, Inc.	0.02%	1,128,920	$19M	trimmed−0%	0.00 pp	12 q
STXSeagate Technology Holdings PLC (Ireland)	0.02%	279,700	$18M	added+24%	+0.01 pp	2 q
FTITechnipFMC plc	0.02%	1,814,700	$25M	added+7%	0.00 pp	14 q
WVEWave Life Sciences Ltd.	0.02%	4,181,108	$18M	trimmed−0%	−0.01 pp	14 q
AM6Amicus Therapeutics Inc	0.01%	1,153,400	$13M	held	—	14 q
AMKAssetMark Financial Holdings, Inc.	0.01%	251,700	$8M	held	—	7 q
AURAurora Innovation, Inc. Class A	0.01%	10,375,600	$14M	held	—	6 q
AZOAutoZone, Inc.	0.01%	2,750	$7M	trimmed−55%	0.00 pp	14 q
BBIOBridgeBio Pharma, Inc.	0.01%	739,992	$12M	trimmed−19%	0.00 pp	9 q
ENOVEnovis Corporation	0.01%	143,066	$8M	held	—	4 q
CMCSAComcast Corp	0.01%	346,000	$13M	trimmed−14%	0.00 pp	14 q
STZConstellation Brands, Inc.	0.01%	25,700	$6M	trimmed−15%	0.00 pp	14 q
DGDollar General Corp.	0.01%	61,250	$13M	added×2.6	0.00 pp	6 q
DASHDoorDash, Inc. Class A	0.01%	142,690	$9M	trimmed−2%	0.00 pp	10 q
ESABESAB Corporation	0.01%	132,565	$8M	trimmed−7%	0.00 pp	4 q
LABStandard BioTools Inc.	0.01%	4,497,573	$9M	trimmed−3%	+0.01 pp	14 q
GXOGXO Logistics, Inc.	0.01%	223,400	$11M	trimmed−43%	−0.01 pp	7 q
ROCKGibraltar Industries, Inc.	0.01%	247,100	$12M	held	—	14 q
HCATHealth Catalyst, Inc	0.01%	590,334	$7M	added+25%	+0.01 pp	12 q
HUMHumana Inc.	0.01%	31,295	$15M	added+32%	0.00 pp	8 q
LICYLi-cycle Holdings Corp	0.01%	2,177,700	$12M	added+5%	0.00 pp	7 q
unresolvedLeslies Inc	0.01%	976,800	$11M	held	—	6 q
DOORMasonite International Corp	0.01%	183,300	$17M	trimmed−15%	−0.01 pp	13 q
MRKMerck & Co., Inc.	0.01%	100,900	$11M	trimmed−6%	0.00 pp	14 q
NMIHNMI Holdings Inc.	0.01%	658,400	$15M	held	—	14 q
NKTRNektar Therapeutics	0.01%	11,483,026	$8M	trimmed−27%	−0.02 pp	14 q
NFENew Fortress Energy Inc. Class A	0.01%	307,600	$9M	added+64%	0.00 pp	11 q
LASRnLIGHT, Inc.	0.01%	629,374	$6M	trimmed−30%	0.00 pp	14 q
ORLYO'Reilly Automotive, Inc.	0.01%	11,000	$9M	trimmed−41%	0.00 pp	9 q
OMCLOmnicell Inc	0.01%	124,707	$7M	trimmed−5%	0.00 pp	9 q
PENPenumbra, Inc.	0.01%	43,290	$12M	trimmed−0%	0.00 pp	14 q
PMPhilip Morris International Inc.	0.01%	136,800	$13M	trimmed−14%	0.00 pp	14 q
PROPros Holdings, Inc.	0.01%	314,260	$9M	trimmed−1%	0.00 pp	14 q
RXORXO, Inc.	0.01%	708,011	$14M	trimmed−13%	0.00 pp	2 q
RMBSRambus Inc	0.01%	238,663	$12M	held	—	14 q
RPDRapid7, Inc.	0.01%	193,600	$9M	added0%	0.00 pp	14 q
RGENRepligen Corp	0.01%	47,379	$8M	held	—	8 q
RBLXRoblox Corporation	0.01%	258,350	$12M	trimmed−15%	0.00 pp	7 q
SAIASaia, Inc.	0.01%	59,300	$16M	trimmed−23%	0.00 pp	4 q
USBU.S. Bancorp	0.01%	442,700	$16M	trimmed−70%	−0.05 pp	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	19,084	$9M	added+19%	0.00 pp	12 q
GTMZoomInfo Technologies Inc	0.01%	278,569	$7M	added+1%	0.00 pp	12 q
AMBAAmbarella, Inc.	0.01%	90,600	$7M	trimmed−1%	0.00 pp	11 q
CRDOCredo Technology Group Holding Ltd	0.01%	756,150	$7M	added×10.4	+0.01 pp	4 q
9900123DPerimeter Solutions SA	0.01%	2,035,251	$16M	trimmed−0%	−0.01 pp	6 q
CYBRCyberark Software LTD/ISRAEL	0.01%	61,600	$9M	trimmed−3%	0.00 pp	14 q
ARAYAccuray Incorporated	0.00%	235,300	$698,841	trimmed−0%	0.00 pp	14 q
ADPTAdaptive Biotechnologies Corporation	0.00%	146,190	$1M	held	—	13 q
ALGTAllegiant Travel Company	0.00%	44,050	$4M	held	—	14 q
OPTUOptimum Communications, Inc.	0.00%	1,575,700	$5M	trimmed−16%	−0.01 pp	13 q
ABUSArbutus Biopharma Corporation	0.00%	345,900	$1M	trimmed−2%	0.00 pp	14 q
ANETArista Networks	0.00%	7,150	$1M	held	—	14 q
AWIArmstrong World Industries, Inc.	0.00%	3,200	$227,968	trimmed−68%	0.00 pp	14 q
BEBloom Energy Corporation	0.00%	49,600	$988,528	held	—	14 q
BOOTBoot Barn Holdings, Inc.	0.00%	67,100	$5M	held	—	14 q
CBOECboe Global Markets, Inc.	0.00%	20,000	$3M	held	—	14 q
CVGWCalavo Growers Inc	0.00%	7,600	$218,652	trimmed−79%	0.00 pp	14 q
CIENCiena Corporation	0.00%	102,485	$5M	added+1%	0.00 pp	12 q
SCORcomScore, Inc.	0.00%	743,425	$914,413	trimmed−74%	0.00 pp	14 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.00%	72,000	$895,680	held	—	14 q
DRIDarden Restaurants, Inc.	0.00%	8,000	$1M	trimmed−87%	−0.01 pp	12 q
DECKDeckers Outdoor Corp	0.00%	4,414	$2M	trimmed−21%	0.00 pp	2 q
DUOLDuolingo, Inc. Class A	0.00%	2,350	$335,086	new	0.00 pp	new
EPREPR Properties	0.00%	144,200	$5M	trimmed−3%	−0.01 pp	12 q
FLYWFlywire Corporation Voting	0.00%	18,500	$543,160	added+4%	0.00 pp	4 q
FAROFaro Technologies Inc	0.00%	12,800	$315,008	trimmed−65%	0.00 pp	14 q
FIVEFive Below, Inc.	0.00%	9,200	$2M	trimmed−59%	0.00 pp	14 q
FTNTFortinet, Inc.	0.00%	69,005	$5M	new	0.00 pp	new
FRSHFreshworks Inc. Class A	0.00%	123,900	$2M	held	—	6 q
ULCCFrontier Group Holdings, Inc.	0.00%	99,900	$983,016	held	—	8 q
GILGildan Activewear Inc.	0.00%	99,430	$3M	held	—	14 q
GTLBGitLab Inc. Class A	0.00%	129,690	$4M	trimmed−2%	−0.01 pp	6 q
GEF.BGreif, Inc. Class B	0.00%	24,000	$2M	held	—	14 q
GOGrocery Outlet Holding Corp.	0.00%	10,000	$282,600	trimmed−91%	0.00 pp	7 q
GRWGGrow Generation Corp	0.00%	1,159,900	$4M	held	—	5 q
GHGuardant Health, Inc.	0.00%	181,044	$4M	trimmed−10%	−0.01 pp	11 q
HLNHaleon plc	0.00%	551,400	$4M	held	—	3 q
HANHawaiian Holdings Inc	0.00%	158,500	$1M	held	—	14 q
HTZHertz Global Holdings, Inc	0.00%	349,800	$6M	trimmed−53%	−0.01 pp	5 q
IMGNImmunogen Inc	0.00%	283,100	$1M	trimmed−60%	0.00 pp	14 q
NGVTIngevity Corporation	0.00%	49,000	$4M	held	—	14 q
JAMFJamf Holding Corp.	0.00%	97,300	$2M	held	—	8 q
JELDJELD-WEN Holding, Inc.	0.00%	361,600	$5M	added+1%	0.00 pp	9 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.00%	81,700	$5M	held	—	2 q
MQMarqeta, Inc. Class A	0.00%	115,200	$526,464	trimmed−8%	0.00 pp	7 q
MREOMereo BioPharma Group plc	0.00%	296,530	$209,617	trimmed−0%	0.00 pp	14 q
NNBRNN Inc	0.00%	676,500	$723,855	trimmed−55%	0.00 pp	14 q
MASS908 Devices Inc.	0.00%	26,870	$231,082	held	—	10 q
NUVANuVasive, Inc.	0.00%	73,200	$3M	trimmed−1%	0.00 pp	14 q
OSUROraSure Technologies Inc	0.00%	796,220	$5M	trimmed−1%	0.00 pp	14 q
unresolvedThe Real Good Food Company I	0.00%	10,000	$42,200	new	0.00 pp	new
RNGRingcentral, Inc.	0.00%	13,500	$414,045	added+9%	0.00 pp	13 q
RIVNRivian Automotive, Inc. Class A	0.00%	343,500	$5M	trimmed−1%	−0.01 pp	6 q
SAFESafehold Inc.	0.00%	53,600	$2M	new	0.00 pp	new
SG7Sage Therapeutics Inc	0.00%	66,400	$3M	added+3%	0.00 pp	6 q
SNAPSnap Inc.	0.00%	137,050	$2M	added0%	0.00 pp	12 q
SAVEQSpirit Airlines, Inc.	0.00%	234,600	$4M	trimmed−0%	0.00 pp	14 q
SNCYSun Country Airlines Holdings, Inc.	0.00%	99,905	$2M	trimmed−0%	0.00 pp	9 q
TENBTenable Holdings, Inc.	0.00%	112,600	$5M	added×2.4	0.00 pp	5 q
TSPHCreateai Holdings Inc A	0.00%	32,000	$47,040	held	—	8 q
ZIMVZimVie Inc.	0.00%	315,448	$2M	trimmed−11%	0.00 pp	5 q
BIOXBioceres Crop Solutions Corp.	0.00%	48,300	$560,763	trimmed−27%	0.00 pp	3 q
GANGan Ltd	0.00%	626,980	$808,804	trimmed−59%	0.00 pp	12 q
99952EURLinde PLC/OLD	—	−280,000	—	exited	−0.08 pp	—
SPHRSphere Entertainment Co.	—	−642,751	—	exited	−0.03 pp	—
CALACalithera Biosciences Inc	—	−401,080	—	exited	0.00 pp	—
KRThe Kroger Co.	—	−25,000	—	exited	0.00 pp	—
LM05Liberty Media Corp-liberty-a	—	−22,400	—	exited	0.00 pp	—
MSGSMadison Square Garden Sports Corp.	—	−6,773	—	exited	0.00 pp	—
MTLSMaterialise NV	—	−155,000	—	exited	0.00 pp	—
AVOMission Produce, Inc.	—	−43,280	—	exited	0.00 pp	—
NOKNokia Corporation	—	−500,000	—	exited	0.00 pp	—
PBHPrestige Consumer Healthcare Inc.	—	−31,400	—	exited	0.00 pp	—
SAFESafehold Inc.	—	−53,600	—	exited	0.00 pp	—
AXONSio Gene Therapies Inc	—	−12,000	—	exited	0.00 pp	—
TUEMQTuesday Morning Crp New	—	−29,666	—	exited	0.00 pp	—