PRIMECAP

Q1 2024 13F · by Joel Fried, portfolio manager

As of: Mar 31, 2024
Filed: May 13, 2024
US stock: $134.1B · prev $126.3B
Positions: 335 · 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%

Moves288 since the prior filing

+1.3 pp in · −1.3 pp out

New 6 +0.28 pp
Added 107 +0.99 pp
Trimmed 170 +0.07 pp
Exited 5 −1.41 pp

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 7.4% a year, about 13.6 years per position

Low
Moderate
High

Top 5 positions25% of US stock

LLY Eli Lilly & Co. trimmed+2.08 pp trimmed+2.0812.3%
MU Micron Technology, Inc. added+0.78 pp added+0.783.3%
MSFT Microsoft Corp trimmed+0.13 pp trimmed+0.133.2%
AMGN Amgen Inc added−0.23 pp added−0.233.1%
KLAC KLA Corporation trimmed+0.30 pp trimmed+0.303.0%

Positions335 in this filing · 5 exited


LLYEli Lilly & Co.	12.33%	21,254,190	$16.5B	trimmed−4%	+2.08 pp	18 q
MUMicron Technology, Inc.	3.31%	37,609,462	$4.4B	added0%	+0.78 pp	18 q
MSFTMicrosoft Corp	3.21%	10,237,595	$4.3B	trimmed−1%	+0.13 pp	18 q
AMGNAmgen Inc	3.10%	14,601,958	$4.2B	added0%	−0.23 pp	18 q
KLACKLA Corporation	3.01%	5,784,869	$4.0B	trimmed−2%	+0.30 pp	18 q
FDXFedEx Corporation	2.79%	12,889,655	$3.7B	trimmed−0%	+0.21 pp	18 q
BIIBBiogen Inc.	2.61%	16,220,716	$3.5B	trimmed−0%	−0.72 pp	18 q
INTCIntel Corp	2.51%	76,125,037	$3.4B	added+1%	−0.48 pp	18 q
ADBEAdobe Inc.	2.21%	5,859,642	$3.0B	trimmed−1%	−0.60 pp	18 q
AZNNAstrazeneca Plc-spons ADR	2.17%	42,945,175	$2.9B	trimmed−0%	−0.12 pp	18 q
GOOGLAlphabet Inc. Class A	2.16%	19,146,550	$2.9B	trimmed−0%	+0.04 pp	18 q
TXNTexas Instruments Incorporated	2.02%	15,518,542	$2.7B	trimmed−1%	−0.09 pp	18 q
BSXBoston Scientific Corp.	1.94%	37,947,665	$2.6B	added0%	+0.21 pp	18 q
WFCWells Fargo & Co.	1.83%	42,419,390	$2.5B	trimmed−1%	+0.16 pp	18 q
NVDANvidia Corp	1.56%	2,309,935	$2.1B	trimmed−10%	+0.55 pp	18 q
GOOGAlphabet Inc. Class C	1.44%	12,675,480	$1.9B	trimmed−1%	+0.02 pp	18 q
SONYSony Group Corporation	1.39%	21,745,283	$1.9B	trimmed−2%	−0.27 pp	18 q
ORCLOracle Corp	1.23%	13,083,701	$1.6B	trimmed−0%	+0.13 pp	18 q
BMRNBioMarin Pharmaceuticals Inc	1.22%	18,713,895	$1.6B	added+2%	−0.19 pp	18 q
TMOThermo Fisher Scientific, Inc.	1.20%	2,757,557	$1.6B	trimmed−8%	−0.06 pp	18 q
TSLATesla, Inc.	1.19%	9,039,080	$1.6B	trimmed−0%	−0.60 pp	18 q
ROSTRoss Stores Inc	1.17%	10,712,924	$1.6B	trimmed−1%	−0.01 pp	18 q
RJFRaymond James Financial, Inc.	1.16%	12,090,097	$1.6B	trimmed−2%	+0.07 pp	18 q
NTAPNetApp, Inc	1.14%	14,504,964	$1.5B	trimmed−1%	+0.11 pp	18 q
BABAAlibaba Group Holding Limited	1.12%	20,796,812	$1.5B	added+14%	0.00 pp	18 q
LUVSouthwest Airlines Co.	1.09%	50,253,328	$1.5B	added+2%	−0.04 pp	18 q
ACMAecom	0.98%	13,426,219	$1.3B	trimmed−4%	−0.05 pp	18 q
TJXTJX Companies, Inc. (The)	0.98%	13,020,748	$1.3B	trimmed−3%	−0.02 pp	18 q
FLEXFlex Ltd.	0.98%	45,765,464	$1.3B	added+1%	−0.11 pp	18 q
BMYBristol-Myers Squibb Co.	0.94%	23,273,407	$1.3B	trimmed−1%	−0.02 pp	18 q
NVSNovartis AG	0.90%	12,417,755	$1.2B	trimmed−4%	−0.13 pp	18 q
HESHess Corporation	0.88%	7,757,522	$1.2B	trimmed−3%	−0.03 pp	18 q
PXDPioneer Natural Resource Co.	0.85%	4,342,556	$1.1B	trimmed−9%	0.00 pp	18 q
UALUnited Airlines Holdings, Inc.	0.85%	23,701,089	$1.1B	added+1%	+0.09 pp	18 q
VVISA Inc.	0.84%	4,058,451	$1.1B	added0%	+0.01 pp	18 q
INTUIntuit Inc	0.82%	1,701,621	$1.1B	trimmed−2%	−0.04 pp	18 q
DALDelta Air Lines, Inc.	0.81%	22,567,823	$1.1B	added+2%	+0.10 pp	18 q
BIDUBaidu, Inc.	0.80%	10,194,129	$1.1B	added+10%	−0.08 pp	18 q
JPMJPMorgan Chase & Co.	0.77%	5,150,246	$1.0B	added+14%	+0.16 pp	18 q
JJacobs Solutions Inc.	0.68%	5,946,252	$914M	trimmed−2%	+0.05 pp	7 q
QCOMQualcomm Inc	0.65%	5,109,007	$865M	trimmed−2%	+0.05 pp	18 q
ELANElanco Animal Health Incorporated	0.64%	52,885,068	$861M	added+5%	+0.04 pp	18 q
DISThe Walt Disney Company	0.60%	6,524,341	$798M	added+4%	+0.15 pp	18 q
AMZNAmazon.Com Inc	0.58%	4,346,000	$784M	added0%	+0.06 pp	18 q
ONCBeOne Medicines Ltd.	0.58%	5,001,839	$782M	added0%	−0.13 pp	18 q
MATMattel, Inc.	0.58%	39,567,394	$784M	trimmed−4%	−0.04 pp	18 q
ADIAnalog Devices, Inc.	0.54%	3,628,170	$718M	trimmed−1%	−0.03 pp	18 q
RCLRoyal Caribbean Group	0.52%	5,001,265	$695M	trimmed−17%	−0.10 pp	18 q
ZBHZimmer Biomet Holdings, Inc.	0.50%	5,062,950	$668M	trimmed−0%	+0.01 pp	18 q
AALAmerican Airlines Group Inc.	0.48%	42,332,046	$650M	added+14%	+0.08 pp	18 q
HPQHP Inc.	0.48%	21,131,365	$639M	added+2%	−0.02 pp	18 q
CATCaterpillar Inc.	0.47%	1,730,972	$634M	trimmed−4%	+0.05 pp	18 q
TDGTransDigm Group Incorporated	0.47%	512,294	$631M	added0%	+0.06 pp	18 q
AMATApplied Materials Inc	0.46%	3,009,083	$621M	trimmed−7%	+0.05 pp	18 q
NTRSNorthern Trust Corp	0.45%	6,785,472	$603M	trimmed−2%	−0.01 pp	18 q
MRSHMarsh	0.44%	2,881,611	$594M	trimmed−1%	0.00 pp	18 q
WHRWhirlpool Corp.	0.43%	4,773,676	$571M	added+1%	−0.03 pp	18 q
HPEHewlett Packard Enterprise Company	0.42%	31,993,666	$567M	trimmed−0%	−0.01 pp	18 q
ASMLASML Holding NV	0.42%	576,071	$559M	trimmed−1%	+0.07 pp	16 q
GSKGSK plc	0.41%	12,738,370	$546M	added+5%	+0.06 pp	7 q
TXTTextron, Inc.	0.38%	5,364,670	$515M	trimmed−0%	+0.04 pp	18 q
ALBAlbemarle Corporation	0.37%	3,725,084	$491M	added+7%	−0.03 pp	18 q
KMXCarMax Inc.	0.36%	5,522,019	$481M	trimmed−1%	+0.02 pp	18 q
JBLJabil Inc.	0.36%	3,575,075	$479M	trimmed−4%	−0.02 pp	18 q
NXTNextpower Inc.	0.34%	8,217,513	$462M	added×8.2	+0.30 pp	5 q
BNTXBioNTech SE	0.33%	4,807,918	$444M	added+1%	−0.07 pp	18 q
UPSUnited Parcel Service, Inc. Class B	0.32%	2,902,305	$431M	added0%	−0.04 pp	18 q
BACBank of America Corporation	0.31%	10,939,006	$415M	trimmed−8%	−0.01 pp	18 q
ENTGEntegris Inc	0.31%	2,982,829	$419M	trimmed−0%	+0.03 pp	18 q
UNPUnion Pacific Corp.	0.30%	1,613,800	$397M	trimmed−1%	−0.02 pp	18 q
CMECME Group Inc.	0.29%	1,801,030	$388M	added+1%	−0.01 pp	18 q
EOGEOG Resources, Inc.	0.27%	2,801,729	$358M	added0%	0.00 pp	18 q
COPConocoPhillips	0.26%	2,746,355	$350M	new	+0.26 pp	new
RIGTransocean LTD.	0.26%	55,744,039	$350M	added+10%	+0.01 pp	18 q
METAMeta Platforms, Inc. Class A	0.25%	689,225	$335M	added+2%	+0.06 pp	18 q
RYTMRhythm Pharmaceuticals, Inc.	0.25%	7,747,591	$336M	trimmed−4%	−0.04 pp	18 q
LIVNLivaNova PLC	0.25%	5,937,151	$332M	added+3%	+0.01 pp	18 q
AAPLApple Inc.	0.24%	1,890,800	$324M	trimmed−2%	−0.05 pp	18 q
TRMBTrimble Inc.	0.24%	4,917,281	$316M	trimmed−2%	+0.03 pp	18 q
OLEDUniversal Display Corp	0.24%	1,887,582	$318M	trimmed−1%	−0.05 pp	18 q
AAgilent Technologies Inc.	0.22%	1,994,516	$290M	trimmed−2%	0.00 pp	18 q
CSCOCisco Systems, Inc. (DE)	0.22%	5,952,490	$297M	trimmed−13%	−0.05 pp	18 q
PGRProgressive Corporation	0.22%	1,456,740	$301M	trimmed−0%	+0.04 pp	18 q
BBWIBath & Body Works, Inc.	0.21%	5,583,225	$279M	trimmed−0%	+0.02 pp	18 q
GLWCorning Incorporated	0.21%	8,722,119	$287M	added+1%	0.00 pp	18 q
NTNXNutanix, Inc. Class A	0.21%	4,510,443	$278M	trimmed−12%	+0.02 pp	18 q
CVSCvs Health Corporation	0.20%	3,395,405	$271M	trimmed−1%	−0.02 pp	18 q
ERICEricsson	0.20%	49,221,099	$271M	trimmed−9%	−0.07 pp	18 q
CWCurtiss-Wright Corp.	0.19%	975,265	$250M	trimmed−4%	+0.01 pp	18 q
DLTRDollar Tree Inc.	0.19%	1,915,185	$255M	added+29%	+0.02 pp	16 q
SYYSysco Corporation	0.19%	3,180,835	$258M	added+45%	+0.06 pp	13 q
GDGeneral Dynamics Corporation	0.18%	835,890	$236M	trimmed−1%	+0.01 pp	18 q
MKTXMarketAxess Holdings Inc.	0.18%	1,125,920	$247M	added0%	−0.08 pp	18 q
CCitigroup Inc.	0.17%	3,655,046	$231M	trimmed−2%	+0.02 pp	18 q
TERTeradyne, Inc.	0.17%	2,050,880	$231M	added+44%	+0.05 pp	18 q
DSGXDescartes Systems Group Inc	0.16%	2,289,753	$210M	trimmed−2%	0.00 pp	18 q
DDDuPont de Nemours, Inc.	0.15%	2,701,550	$207M	trimmed−1%	−0.02 pp	18 q
MAMastercard Incorporated	0.15%	419,400	$202M	held	—	18 q
XNCRXencor, Inc.	0.15%	9,090,707	$201M	added+2%	0.00 pp	18 q
EWEdwards Lifesciences Corp	0.14%	1,901,000	$182M	held	—	18 q
OTISOtis Worldwide Corporation	0.14%	1,884,941	$187M	added0%	+0.01 pp	16 q
CARRCarrier Global Corporation	0.13%	3,063,142	$178M	trimmed−29%	−0.07 pp	16 q
CPRICapri Holdings Limited	0.13%	3,834,753	$174M	trimmed−9%	−0.04 pp	18 q
ALKAlaska Air Group, Inc.	0.12%	3,862,547	$166M	held	—	18 q
ADSKAutodesk Inc	0.12%	606,400	$158M	trimmed−7%	−0.01 pp	18 q
DFSDiscover Financial Services	0.12%	1,268,993	$166M	trimmed−29%	−0.04 pp	18 q
FCXFreeport-McMoran Inc.	0.12%	3,342,900	$157M	added+1%	+0.01 pp	14 q
SYKStryker Corporation	0.12%	446,100	$160M	added+2%	+0.02 pp	18 q
TWTradeweb Markets Inc. Class A	0.12%	1,590,695	$166M	added0%	+0.01 pp	18 q
WOLFWolfspeed, Inc.	0.12%	5,244,770	$155M	added×2.8	+0.05 pp	10 q
BURLBurlington Stores, Inc.	0.11%	607,930	$141M	trimmed−2%	+0.01 pp	18 q
MSMorgan Stanley	0.11%	1,568,714	$148M	trimmed−11%	−0.02 pp	14 q
NFENew Fortress Energy Inc. Class A	0.11%	4,615,500	$141M	added+34%	+0.01 pp	15 q
PANWPalo Alto Networks, Inc.	0.11%	510,650	$145M	added+1%	−0.01 pp	18 q
PINSPinterest, Inc. Class A	0.11%	4,086,050	$142M	trimmed−9%	−0.02 pp	18 q
FISFidelity National Information Services, Inc.	0.10%	1,764,700	$131M	trimmed−3%	+0.01 pp	13 q
FORMFormFactor Inc.	0.10%	3,031,214	$138M	added0%	0.00 pp	18 q
JBHTJB Hunt Transport Services Inc	0.10%	648,500	$129M	held	—	7 q
OKTAOkta, Inc. Class A	0.10%	1,345,416	$141M	added×2.1	+0.05 pp	17 q
LINLinde plc	0.10%	276,000	$128M	held	—	5 q
EBAYeBay Inc	0.09%	2,319,990	$122M	trimmed−1%	+0.01 pp	18 q
EVREvercore Inc.	0.09%	596,450	$115M	trimmed−9%	0.00 pp	10 q
KEYSKeysight Technologies, Inc.	0.09%	757,475	$118M	trimmed−1%	−0.01 pp	18 q
LYFTLyft, Inc. Class A	0.09%	6,161,370	$119M	added0%	+0.02 pp	18 q
PYPLPayPal Holdings, Inc.	0.09%	1,762,300	$118M	added+3%	+0.01 pp	18 q
TMUST-Mobile US, Inc.	0.09%	709,799	$116M	trimmed−0%	0.00 pp	18 q
XPEVXPeng Inc.	0.09%	15,549,225	$119M	added+24%	−0.05 pp	15 q
ABTAbbott Laboratories	0.08%	942,331	$107M	trimmed−67%	−0.17 pp	18 q
ACLSAxcelis Technologies Inc	0.08%	1,012,996	$113M	trimmed−3%	−0.03 pp	18 q
CCLCarnival Corporation Ltd.	0.08%	6,343,878	$104M	added0%	−0.01 pp	18 q
DOWDow Inc.	0.08%	1,755,442	$102M	trimmed−1%	0.00 pp	18 q
EAElectronic Arts Inc	0.08%	820,075	$109M	trimmed−2%	−0.01 pp	18 q
GSGoldman Sachs Group Inc.	0.08%	261,150	$109M	trimmed−26%	−0.03 pp	14 q
PODDInsulet Corporation	0.08%	618,768	$106M	trimmed−4%	−0.03 pp	18 q
NSCNorfolk Southern Corp.	0.08%	439,600	$112M	added+96%	+0.04 pp	18 q
RVTYRevvity, Inc.	0.08%	986,945	$104M	trimmed−0%	−0.01 pp	18 q
UBERUber Technologies, Inc.	0.08%	1,316,450	$101M	trimmed−1%	+0.02 pp	16 q
WEXWEX Inc.	0.08%	441,040	$105M	trimmed−3%	+0.01 pp	13 q
XMTRXometry, Inc. Class A	0.08%	6,711,638	$113M	added+1%	−0.11 pp	12 q
ARMArm Holdings plc	0.07%	777,335	$97M	trimmed−19%	+0.01 pp	3 q
BBBlackBerry Limited	0.07%	34,558,662	$95M	trimmed−1%	−0.03 pp	18 q
CSXCSX Corporation	0.07%	2,499,900	$93M	trimmed−24%	−0.02 pp	18 q
CTRACoterra Energy Inc.	0.07%	3,329,950	$93M	trimmed−6%	0.00 pp	18 q
CTVACorteva, Inc.	0.07%	1,603,164	$92M	trimmed−1%	+0.01 pp	18 q
NFLXNetFlix Inc	0.07%	163,790	$99M	trimmed−2%	+0.01 pp	8 q
NWLNewell Brands Inc.	0.07%	11,939,172	$96M	added+40%	+0.01 pp	18 q
CRMSalesforce, Inc.	0.07%	308,900	$93M	held	—	18 q
SWAVShockwave Medical, Inc.	0.07%	276,770	$90M	trimmed−2%	+0.03 pp	15 q
ALKSAlkermes Inc. plc	0.07%	3,473,190	$94M	trimmed−3%	−0.01 pp	18 q
AVGOBroadcom Inc.	0.06%	59,111	$78M	added+1%	+0.01 pp	2 q
CRLCharles River Laboratories International, Inc.	0.06%	273,930	$74M	held	—	18 q
GKOSGlaukos Corporation	0.06%	848,635	$80M	added+7%	+0.01 pp	18 q
IEXIDEX Corporation	0.06%	322,910	$79M	trimmed−0%	0.00 pp	18 q
IQVIQVIA Holdings Inc.	0.06%	323,956	$82M	added+3%	0.00 pp	17 q
LYVLive Nation Entertainment Inc.	0.06%	811,645	$86M	trimmed−1%	0.00 pp	15 q
MARMarriott International Class A	0.06%	310,900	$78M	trimmed−65%	−0.10 pp	18 q
ROKRockwell Automation, Inc.	0.06%	262,670	$77M	added0%	0.00 pp	18 q
SCHWThe Charles Schwab Corporation	0.06%	1,072,100	$78M	trimmed−15%	−0.01 pp	18 q
WDCWestern Digital Corp.	0.06%	1,275,888	$87M	trimmed−17%	0.00 pp	18 q
MDTMedtronic plc	0.06%	877,175	$76M	added0%	0.00 pp	18 q
AMEAmetek, Inc.	0.05%	386,900	$71M	trimmed−18%	−0.01 pp	17 q
ARLOArlo Technologies, Inc.	0.05%	5,121,431	$65M	added+5%	+0.01 pp	18 q
BJBJs Wholesale Club Holdings, Inc.	0.05%	879,300	$67M	held	—	18 q
BABoeing Company	0.05%	319,300	$62M	added+7%	−0.01 pp	2 q
CHTRCharter Comm Inc Del CL A New	0.05%	239,850	$70M	held	—	18 q
CRWDCrowdStrike Holdings, Inc. Class A	0.05%	201,355	$65M	trimmed−0%	+0.01 pp	18 q
LPLALPL Financial Holdings Inc.	0.05%	234,400	$62M	added+56%	+0.02 pp	17 q
MRVLMarvell Technology, Inc.	0.05%	906,200	$64M	added+18%	+0.01 pp	5 q
MBLYMobileye Global Inc. Class A	0.05%	2,007,050	$65M	added+2%	−0.02 pp	6 q
RYAAYRyanair Holdings plc	0.05%	429,900	$63M	trimmed−17%	0.00 pp	18 q
SW5Southwestern Energy Co	0.05%	8,231,600	$62M	trimmed−5%	+0.01 pp	18 q
XPOXPO, Inc.	0.05%	553,100	$67M	trimmed−5%	+0.01 pp	13 q
ZMZoom Communications, Inc. Class A	0.05%	1,066,950	$70M	added+6%	−0.01 pp	17 q
NVTnVent Electric plc	0.05%	859,000	$65M	held	—	18 q
ALCAlcon Inc.	0.05%	793,215	$66M	added0%	0.00 pp	18 q
CCJCameco Corporation	0.04%	1,356,000	$59M	trimmed−4%	−0.01 pp	18 q
DELLDell Technologies Inc.	0.04%	433,270	$49M	trimmed−0%	+0.01 pp	18 q
ITGartner, Inc.	0.04%	117,800	$56M	added×3.4	+0.03 pp	2 q
HUBSHubspot, Inc.	0.04%	92,350	$58M	held	—	18 q
ILMNIllumina Inc	0.04%	431,750	$59M	added+6%	0.00 pp	18 q
INDIindie Semiconductor, Inc. Class A	0.04%	8,154,322	$58M	added+61%	+0.01 pp	11 q
LHXL3Harris Technologies, Inc.	0.04%	251,300	$54M	held	—	17 q
NBIXNeurocrine Biosciences Inc	0.04%	399,380	$55M	added0%	0.00 pp	6 q
LUNGPulmonx Corporation	0.04%	5,739,427	$53M	added+2%	−0.02 pp	14 q
SNYSanofi	0.04%	1,119,450	$54M	trimmed−0%	0.00 pp	18 q
SLBSLB Limited	0.04%	984,000	$54M	added+2%	0.00 pp	18 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.04%	112,114	$55M	added×5.6	+0.03 pp	16 q
VLOValero Energy Corporation	0.04%	329,700	$56M	trimmed−54%	−0.03 pp	14 q
STXSeagate Technology Holdings PLC (Ireland)	0.04%	546,750	$51M	added+39%	+0.01 pp	6 q
FTITechnipFMC plc	0.04%	1,881,700	$47M	added+2%	+0.01 pp	18 q
MOAltria Group, Inc.	0.03%	986,800	$43M	trimmed−4%	0.00 pp	18 q
BNYBank of New York Mellon Corporation	0.03%	636,800	$37M	held	—	5 q
DEDeere & Company	0.03%	86,780	$36M	trimmed−0%	0.00 pp	18 q
FGENKyntra Bio, Inc.	0.03%	14,421,158	$34M	trimmed−0%	+0.02 pp	18 q
GFLGFL Environmental Inc. Subordinate Voting Shares	0.03%	1,054,200	$36M	added+6%	0.00 pp	6 q
HONHoneywell International, Inc.	0.03%	221,000	$45M	held	—	18 q
KEYKeyCorp	0.03%	2,328,500	$37M	held	—	3 q
LOWLowe's Companies Inc.	0.03%	150,000	$38M	held	—	13 q
MGMMgm Resorts International	0.03%	814,700	$38M	trimmed−1%	0.00 pp	18 q
MXLMaxLinear, Inc.	0.03%	2,347,100	$44M	trimmed−2%	−0.02 pp	18 q
MOG.AMoog Inc.	0.03%	245,200	$39M	added+1%	0.00 pp	3 q
OSISOSI Systems Inc	0.03%	293,100	$42M	added+3%	0.00 pp	18 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.03%	542,570	$43M	trimmed−0%	0.00 pp	11 q
PFGCPerformance Food Group Company	0.03%	502,604	$38M	added×3.1	+0.02 pp	2 q
RTXRTX Corporation	0.03%	401,532	$39M	trimmed−0%	0.00 pp	18 q
SAIASaia, Inc.	0.03%	61,500	$36M	held	—	8 q
TTDThe Trade Desk, Inc.	0.03%	533,000	$47M	trimmed−7%	0.00 pp	5 q
ULTAUlta Beauty, Inc.	0.03%	67,730	$35M	trimmed−0%	0.00 pp	18 q
VSXYVictorias Secret & Co.	0.03%	2,153,118	$42M	trimmed−8%	−0.02 pp	11 q
WSCWillScot Holdings Corporation Class A	0.03%	751,400	$35M	added+11%	+0.01 pp	16 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.03%	2,241,470	$47M	trimmed−2%	−0.01 pp	18 q
ALLOAllogene Therapeutics, Inc.	0.02%	5,448,386	$24M	added+3%	+0.01 pp	14 q
ALTRAltair Engineering Inc. Class A	0.02%	373,133	$32M	trimmed−3%	−0.01 pp	18 q
AURAurora Innovation, Inc. Class A	0.02%	10,114,900	$29M	trimmed−1%	−0.02 pp	10 q
AXONAxon Enterprise, Inc.	0.02%	95,500	$30M	trimmed−9%	0.00 pp	18 q
BBIOBridgeBio Pharma, Inc.	0.02%	927,230	$29M	trimmed−2%	−0.01 pp	13 q
DOCUDocuSign, Inc.	0.02%	369,750	$22M	new	+0.02 pp	new
EXKExact Sciences Corp	0.02%	479,300	$33M	held	—	18 q
LKFTLakefront Biotherapeutics	0.02%	715,240	$23M	added+5%	0.00 pp	5 q
JBLUJetBlue Airways Corp	0.02%	3,236,400	$24M	trimmed−3%	+0.01 pp	18 q
KEXKirby Corporation	0.02%	317,600	$30M	trimmed−3%	0.00 pp	14 q
SPHRSphere Entertainment Co.	0.02%	623,028	$31M	held	—	4 q
MDBMongoDB, Inc. Class A	0.02%	67,150	$24M	added+5%	0.00 pp	15 q
TPRTapestry, Inc.	0.02%	659,193	$31M	added×12.6	+0.02 pp	2 q
WATWaters Corp	0.02%	92,159	$32M	trimmed−0%	0.00 pp	14 q
TROXTronox Limited Cl A	0.02%	1,301,700	$23M	added+5%	+0.01 pp	3 q
SSYSStratasys Inc (ISRAEL)	0.02%	2,698,099	$31M	trimmed−3%	−0.01 pp	18 q
OPTUOptimum Communications, Inc.	0.01%	4,870,800	$13M	trimmed−8%	0.00 pp	17 q
AMHAmerican Homes 4 Rent	0.01%	387,200	$14M	trimmed−3%	0.00 pp	16 q
AM6Amicus Therapeutics Inc	0.01%	1,094,200	$13M	held	—	18 q
ARRYArray Technologies, Inc.	0.01%	872,700	$13M	added+12%	0.00 pp	8 q
AMKAssetMark Financial Holdings, Inc.	0.01%	275,700	$10M	added+10%	0.00 pp	11 q
CERSCerus Corp	0.01%	8,584,000	$16M	trimmed−0%	0.00 pp	18 q
CMCSAComcast Corp	0.01%	345,800	$15M	held	—	18 q
DHRDanaher Corporation	0.01%	64,737	$16M	trimmed−74%	−0.04 pp	12 q
DGDollar General Corp.	0.01%	93,950	$15M	added+55%	0.00 pp	10 q
DASHDoorDash, Inc. Class A	0.01%	126,170	$17M	held	—	14 q
ESABESAB Corporation	0.01%	88,633	$10M	trimmed−33%	0.00 pp	8 q
ETSYEtsy, Inc.	0.01%	116,000	$8M	trimmed−11%	0.00 pp	3 q
FLYWFlywire Corporation Voting	0.01%	555,453	$14M	added×3.8	+0.01 pp	8 q
LABStandard BioTools Inc.	0.01%	3,021,843	$8M	trimmed−1%	0.00 pp	18 q
GXOGXO Logistics, Inc.	0.01%	212,400	$11M	trimmed−9%	0.00 pp	11 q
ROCKGibraltar Industries, Inc.	0.01%	102,300	$8M	held	—	18 q
GTLBGitLab Inc. Class A	0.01%	223,840	$13M	added+81%	0.00 pp	10 q
GFFGriffon Corp	0.01%	224,700	$16M	added+1%	0.00 pp	4 q
HCATHealth Catalyst, Inc	0.01%	2,074,383	$16M	added+46%	0.00 pp	16 q
HUMHumana Inc.	0.01%	30,795	$11M	trimmed−21%	0.00 pp	12 q
IMAXImax Corp	0.01%	975,000	$16M	trimmed−5%	0.00 pp	18 q
IRBTiRobot Corporation	0.01%	1,488,403	$13M	trimmed−16%	−0.04 pp	18 q
JELDJELD-WEN Holding, Inc.	0.01%	338,300	$7M	held	—	13 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.01%	170,700	$9M	trimmed−2%	0.00 pp	6 q
LVSLas Vegas Sands Corp.	0.01%	224,100	$12M	trimmed−50%	−0.01 pp	18 q
MATXMatsons, Inc.	0.01%	172,962	$19M	trimmed−19%	−0.01 pp	18 q
MCDMcDonald's Corporation	0.01%	41,100	$12M	trimmed−86%	−0.06 pp	18 q
MRKMerck & Co., Inc.	0.01%	76,000	$10M	trimmed−10%	0.00 pp	18 q
NMIHNMI Holdings Inc.	0.01%	460,200	$15M	trimmed−3%	0.00 pp	18 q
ODFLOld Dominion Freight Line	0.01%	52,300	$11M	trimmed−56%	−0.01 pp	18 q
PENPenumbra, Inc.	0.01%	42,860	$10M	held	—	18 q
PROPros Holdings, Inc.	0.01%	299,220	$11M	trimmed−2%	0.00 pp	18 q
RXORXO, Inc.	0.01%	845,600	$18M	added+2%	−0.01 pp	6 q
RMBSRambus Inc	0.01%	128,200	$8M	trimmed−5%	0.00 pp	18 q
RPDRapid7, Inc.	0.01%	142,800	$7M	trimmed−24%	0.00 pp	18 q
RGENRepligen Corp	0.01%	58,129	$11M	added+10%	0.00 pp	12 q
QSRRestaurant Brands International Inc.	0.01%	134,300	$11M	trimmed−91%	−0.08 pp	18 q
TSNTyson Foods, Inc.	0.01%	337,000	$20M	trimmed−3%	0.00 pp	18 q
UUnity Software Inc.	0.01%	666,727	$18M	trimmed−1%	−0.01 pp	15 q
ZNTLZentalis Pharmaceuticals, Inc.	0.01%	1,164,610	$18M	added+14%	0.00 pp	16 q
GTMZoomInfo Technologies Inc	0.01%	513,569	$8M	added+14%	0.00 pp	16 q
CRDOCredo Technology Group Holding Ltd	0.01%	842,400	$18M	added0%	0.00 pp	8 q
9900123DPerimeter Solutions SA	0.01%	1,912,851	$14M	trimmed−1%	0.00 pp	10 q
CYBRCyberark Software LTD/ISRAEL	0.01%	61,550	$16M	held	—	18 q
WVEWave Life Sciences Ltd.	0.01%	2,876,440	$18M	trimmed−23%	−0.01 pp	18 q
ARAYAccuray Incorporated	0.00%	177,700	$438,919	trimmed−1%	0.00 pp	18 q
ADPTAdaptive Biotechnologies Corporation	0.00%	146,190	$469,270	held	—	17 q
ALGTAllegiant Travel Company	0.00%	41,950	$3M	held	—	18 q
AMLXAmylyx Pharmaceuticals, Inc.	0.00%	10,000	$28,400	trimmed−94%	0.00 pp	3 q
ANETArista Networks	0.00%	7,150	$2M	held	—	18 q
BEBloom Energy Corporation	0.00%	49,600	$557,504	held	—	18 q
BOOTBoot Barn Holdings, Inc.	0.00%	65,700	$6M	trimmed−0%	0.00 pp	18 q
LUCKLucky Strike Entertainment Corporation	0.00%	326,900	$4M	held	—	3 q
EATBrinker International, Inc.	0.00%	60,200	$3M	trimmed−57%	0.00 pp	12 q
CBOECboe Global Markets, Inc.	0.00%	12,200	$2M	trimmed−6%	0.00 pp	18 q
CIENCiena Corporation	0.00%	125,685	$6M	added+15%	0.00 pp	16 q
ENOVEnovis Corporation	0.00%	88,633	$6M	trimmed−38%	−0.01 pp	8 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.00%	52,700	$391,034	held	—	18 q
DRIDarden Restaurants, Inc.	0.00%	8,000	$1M	held	—	16 q
DECKDeckers Outdoor Corp	0.00%	6,344	$6M	added+31%	0.00 pp	6 q
DUOLDuolingo, Inc. Class A	0.00%	3,750	$827,175	added+60%	0.00 pp	5 q
EPREPR Properties	0.00%	133,800	$6M	trimmed−2%	−0.01 pp	16 q
FIVEFive Below, Inc.	0.00%	12,000	$2M	added+32%	0.00 pp	18 q
FTNTFortinet, Inc.	0.00%	69,450	$5M	trimmed−1%	0.00 pp	5 q
FRSHFreshworks Inc. Class A	0.00%	108,500	$2M	held	—	10 q
ULCCFrontier Group Holdings, Inc.	0.00%	266,600	$2M	added×2.4	0.00 pp	12 q
GILGildan Activewear Inc.	0.00%	99,000	$4M	held	—	18 q
GMEDGlobus Medical Inc	0.00%	49,325	$3M	trimmed−5%	0.00 pp	3 q
GEF.BGreif, Inc. Class B	0.00%	24,000	$2M	held	—	18 q
GRWGGrow Generation Corp	0.00%	1,159,900	$3M	held	—	9 q
GHGuardant Health, Inc.	0.00%	66,176	$1M	trimmed−45%	0.00 pp	15 q
HLNHaleon plc	0.00%	551,400	$5M	held	—	7 q
HTZHertz Global Holdings, Inc	0.00%	349,800	$3M	held	—	9 q
IMNMImmunome, Inc.	0.00%	213,000	$5M	new	0.00 pp	new
IMCRImmunocore Holdings plc	0.00%	49,500	$3M	new	0.00 pp	new
NGVTIngevity Corporation	0.00%	69,000	$3M	added+33%	0.00 pp	18 q
IEIvanhoe Electric Inc.	0.00%	425,800	$4M	held	—	3 q
JAMFJamf Holding Corp.	0.00%	104,900	$2M	added+15%	0.00 pp	12 q
LICYLi-cycle Holdings Corp	0.00%	3,280,200	$3M	held	—	11 q
unresolvedLeslies Inc	0.00%	976,800	$6M	held	—	10 q
MSGEMadison Square Garden Entertainment Corp.	0.00%	77,200	$3M	trimmed−87%	−0.01 pp	4 q
MQMarqeta, Inc. Class A	0.00%	451,700	$3M	added+20%	0.00 pp	11 q
DOORMasonite International Corp	0.00%	7,000	$920,150	trimmed−96%	−0.01 pp	17 q
MREOMereo BioPharma Group plc	0.00%	54,000	$178,200	held	—	18 q
NNBRNN Inc	0.00%	353,600	$2M	trimmed−6%	0.00 pp	18 q
NKTRNektar Therapeutics	0.00%	6,966,647	$7M	trimmed−1%	0.00 pp	18 q
MASS908 Devices Inc.	0.00%	26,870	$202,868	held	—	14 q
LASRnLIGHT, Inc.	0.00%	265,439	$3M	added+1%	0.00 pp	18 q
NRIXNurix Therapeutics, Inc.	0.00%	279,000	$4M	new	0.00 pp	new
OMCLOmnicell Inc	0.00%	122,167	$4M	trimmed−2%	0.00 pp	13 q
OSUROraSure Technologies Inc	0.00%	738,520	$5M	trimmed−3%	0.00 pp	18 q
PMPhilip Morris International Inc.	0.00%	72,600	$7M	trimmed−9%	−0.01 pp	18 q
RNGRingcentral, Inc.	0.00%	20,250	$703,485	added+16%	0.00 pp	17 q
RIVNRivian Automotive, Inc. Class A	0.00%	334,880	$4M	held	—	10 q
RBLXRoblox Corporation	0.00%	50,300	$2M	trimmed−77%	−0.01 pp	11 q
SAFESafehold Inc.	0.00%	53,600	$1M	held	—	5 q
SSTKShutterstock, Inc.	0.00%	99,800	$5M	held	—	4 q
SNAPSnap Inc.	0.00%	123,750	$1M	trimmed−7%	0.00 pp	16 q
SAVEQSpirit Airlines, Inc.	0.00%	22,700	$109,868	trimmed−2%	0.00 pp	18 q
SNCYSun Country Airlines Holdings, Inc.	0.00%	97,805	$1M	trimmed−1%	0.00 pp	13 q
TENBTenable Holdings, Inc.	0.00%	108,900	$5M	held	—	9 q
TXG10x Genomics, Inc. Class A	0.00%	79,400	$3M	added×2.5	0.00 pp	3 q
VLTOVeralto Corporation	0.00%	27,111	$2M	held	—	2 q
ZIMVZimVie Inc.	0.00%	40,510	$668,010	held	—	9 q
AMBAAmbarella, Inc.	0.00%	31,300	$2M	held	—	15 q
BIOXBioceres Crop Solutions Corp.	0.00%	39,700	$502,602	held	—	7 q
MURAMural Oncology PLC	0.00%	247,459	$1M	trimmed−3%	0.00 pp	2 q
PRTAProthena Corporation plc	0.00%	36,500	$904,105	new	0.00 pp	new
SPLKSplunk Inc	—	−10,820,268	—	exited	−1.31 pp	—
HLTHilton Worldwide Holdings Inc.	—	−563,565	—	exited	−0.08 pp	—
IMGNImmunogen Inc	—	−273,100	—	exited	−0.01 pp	—
NICENICE Ltd	—	−50,250	—	exited	−0.01 pp	—
SG7Sage Therapeutics Inc	—	−74,950	—	exited	0.00 pp	—