PRIMECAP

Q4 2024 13F · by Joel Fried, portfolio manager

As of: Dec 31, 2024
Filed: Feb 10, 2025
US stock: $129.1B · prev $136.0B
Positions: 329 · prev 336
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%

Moves315 since the prior filing

+1.5 pp in · −1.6 pp out

New 7 +0.26 pp
Added 52 +1.25 pp
Trimmed 242 −1.58 pp
Exited 14 −0.06 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.2% a year, about 19.1 years per position

Low
Moderate
High

Top 5 positions21% of US stock

Positions329 in this filing · 14 exited


LLYEli Lilly & Co.	10.02%	16,756,654	$12.9B	trimmed−5%	−1.50 pp	21 q
MSFTMicrosoft Corp	3.12%	9,548,640	$4.0B	trimmed−3%	0.00 pp	21 q
FDXFedEx Corporation	2.70%	12,390,945	$3.5B	trimmed−3%	+0.14 pp	21 q
AMGNAmgen Inc	2.62%	13,002,125	$3.4B	trimmed−9%	−0.76 pp	21 q
BSXBoston Scientific Corp.	2.55%	36,929,666	$3.3B	trimmed−2%	+0.22 pp	21 q
KLACKLA Corporation	2.53%	5,184,569	$3.3B	trimmed−2%	−0.49 pp	21 q
GOOGLAlphabet Inc. Class A	2.49%	17,008,935	$3.2B	trimmed−9%	+0.21 pp	21 q
MUMicron Technology, Inc.	2.45%	37,596,461	$3.2B	trimmed−0%	−0.42 pp	21 q
TSLATesla, Inc.	2.36%	7,555,735	$3.1B	trimmed−13%	+0.68 pp	21 q
NVDANvidia Corp	2.21%	21,292,680	$2.9B	trimmed−1%	+0.29 pp	21 q
TXNTexas Instruments Incorporated	2.09%	14,370,519	$2.7B	trimmed−4%	−0.17 pp	21 q
AZNNAstrazeneca Plc-spons ADR	2.08%	41,019,527	$2.7B	trimmed−2%	−0.32 pp	21 q
BIIBBiogen Inc.	1.90%	16,046,209	$2.5B	trimmed−2%	−0.43 pp	21 q
ADBEAdobe Inc.	1.89%	5,487,401	$2.4B	trimmed−3%	−0.27 pp	21 q
UALUnited Airlines Holdings, Inc.	1.71%	22,679,475	$2.2B	trimmed−4%	+0.72 pp	21 q
GOOGAlphabet Inc. Class C	1.68%	11,379,775	$2.2B	trimmed−8%	+0.16 pp	21 q
SONYSony Group Corporation	1.67%	101,995,855	$2.2B	trimmed−4%	+0.16 pp	21 q
ORCLOracle Corp	1.57%	12,156,455	$2.0B	trimmed−4%	−0.01 pp	21 q
BABAAlibaba Group Holding Limited	1.44%	21,955,107	$1.9B	added0%	−0.27 pp	21 q
WFCWells Fargo & Co.	1.39%	25,539,184	$1.8B	trimmed−20%	+0.06 pp	21 q
RJFRaymond James Financial, Inc.	1.38%	11,469,156	$1.8B	trimmed−4%	+0.30 pp	21 q
LUVSouthwest Airlines Co.	1.27%	48,900,053	$1.6B	trimmed−2%	+0.19 pp	21 q
ROSTRoss Stores Inc	1.21%	10,364,825	$1.6B	trimmed−2%	+0.04 pp	21 q
INTCIntel Corp	1.20%	77,049,937	$1.5B	trimmed−0%	−0.13 pp	21 q
FLEXFlex Ltd.	1.17%	39,190,841	$1.5B	trimmed−9%	+0.11 pp	21 q
TJXTJX Companies, Inc. (The)	1.12%	12,003,367	$1.5B	trimmed−2%	+0.06 pp	21 q
NTAPNetApp, Inc	1.10%	12,220,339	$1.4B	trimmed−9%	−0.12 pp	21 q
DALDelta Air Lines, Inc.	1.03%	21,932,007	$1.3B	trimmed−2%	+0.19 pp	21 q
TMOThermo Fisher Scientific, Inc.	1.01%	2,505,151	$1.3B	trimmed−3%	−0.16 pp	21 q
BMYBristol-Myers Squibb Co.	1.00%	22,773,180	$1.3B	trimmed−3%	+0.11 pp	21 q
JPMJPMorgan Chase & Co.	0.99%	5,319,450	$1.3B	trimmed−6%	+0.11 pp	21 q
VVISA Inc.	0.97%	3,964,780	$1.3B	trimmed−1%	+0.16 pp	21 q
ACMAecom	0.94%	11,381,582	$1.2B	trimmed−9%	−0.01 pp	21 q
AMZNAmazon.Com Inc	0.93%	5,494,750	$1.2B	added+25%	+0.33 pp	21 q
BMRNBioMarin Pharmaceuticals Inc	0.93%	18,189,171	$1.2B	trimmed−4%	−0.05 pp	21 q
NVSNovartis AG	0.83%	11,025,039	$1.1B	trimmed−8%	−0.19 pp	21 q
AALAmerican Airlines Group Inc.	0.81%	60,225,707	$1.0B	added+5%	+0.34 pp	21 q
HESHess Corporation	0.80%	7,768,296	$1.0B	trimmed−2%	+0.01 pp	21 q
BIDUBaidu, Inc.	0.79%	12,114,236	$1.0B	trimmed−0%	−0.15 pp	21 q
RCLRoyal Caribbean Group	0.76%	4,268,658	$985M	trimmed−11%	+0.14 pp	21 q
ONCBeOne Medicines Ltd.	0.73%	5,098,904	$942M	added+3%	−0.09 pp	21 q
INTUIntuit Inc	0.70%	1,440,875	$906M	trimmed−13%	−0.05 pp	21 q
GSKGSK plc	0.66%	25,261,660	$854M	added+70%	+0.21 pp	10 q
ADIAnalog Devices, Inc.	0.58%	3,523,385	$749M	trimmed−2%	−0.03 pp	21 q
HPQHP Inc.	0.55%	21,915,405	$715M	trimmed−2%	−0.04 pp	21 q
DISThe Walt Disney Company	0.54%	6,296,234	$701M	trimmed−2%	+0.08 pp	21 q
XOMExxon Mobil Corp	0.54%	6,522,990	$702M	trimmed−8%	−0.07 pp	3 q
JJacobs Solutions Inc.	0.53%	5,106,852	$682M	trimmed−3%	+0.02 pp	10 q
NTRSNorthern Trust Corp	0.53%	6,720,607	$689M	trimmed−5%	+0.06 pp	21 q
MATMattel, Inc.	0.50%	36,512,081	$647M	trimmed−4%	−0.03 pp	21 q
QCOMQualcomm Inc	0.50%	4,167,852	$640M	trimmed−15%	−0.11 pp	21 q
TDGTransDigm Group Incorporated	0.50%	513,194	$650M	held	—	21 q
ELANElanco Animal Health Incorporated	0.48%	51,165,165	$620M	trimmed−3%	−0.09 pp	21 q
HPEHewlett Packard Enterprise Company	0.48%	28,902,400	$617M	trimmed−8%	+0.01 pp	21 q
MRSHMarsh	0.45%	2,732,326	$580M	trimmed−5%	−0.02 pp	21 q
AAPLApple Inc.	0.44%	2,270,500	$569M	added0%	+0.05 pp	21 q
WHRWhirlpool Corp.	0.41%	4,670,586	$535M	trimmed−3%	+0.03 pp	21 q
CATCaterpillar Inc.	0.40%	1,424,446	$517M	trimmed−4%	−0.03 pp	21 q
JBLJabil Inc.	0.40%	3,572,660	$514M	trimmed−3%	+0.07 pp	21 q
PYPLPayPal Holdings, Inc.	0.39%	5,944,806	$507M	trimmed−1%	+0.04 pp	21 q
ZBHZimmer Biomet Holdings, Inc.	0.39%	4,797,150	$507M	trimmed−4%	0.00 pp	21 q
BNTXBioNTech SE	0.38%	4,295,817	$490M	trimmed−5%	−0.01 pp	21 q
COPConocoPhillips	0.35%	4,603,895	$457M	added+7%	+0.02 pp	4 q
BACBank of America Corporation	0.34%	10,027,332	$441M	trimmed−2%	+0.04 pp	21 q
CMECME Group Inc.	0.34%	1,864,920	$433M	added0%	+0.04 pp	21 q
AMATApplied Materials Inc	0.33%	2,596,280	$422M	trimmed−5%	−0.08 pp	21 q
METAMeta Platforms, Inc. Class A	0.33%	736,100	$431M	added+2%	+0.03 pp	21 q
KMXCarMax Inc.	0.32%	5,080,456	$415M	trimmed−4%	+0.02 pp	21 q
GLWCorning Incorporated	0.31%	8,325,672	$396M	trimmed−3%	+0.03 pp	21 q
ERICEricsson	0.29%	46,270,799	$373M	trimmed−3%	+0.02 pp	21 q
TXTTextron, Inc.	0.29%	4,874,615	$373M	trimmed−8%	−0.05 pp	21 q
ASMLASML Holding NV	0.29%	546,309	$379M	trimmed−1%	−0.05 pp	19 q
RYTMRhythm Pharmaceuticals, Inc.	0.28%	6,571,190	$368M	trimmed−9%	0.00 pp	21 q
UPSUnited Parcel Service, Inc. Class B	0.27%	2,788,761	$352M	trimmed−2%	−0.02 pp	21 q
PGRProgressive Corporation	0.26%	1,382,330	$331M	trimmed−3%	−0.01 pp	21 q
SYYSysco Corporation	0.26%	4,337,229	$332M	trimmed−10%	−0.02 pp	16 q
UNPUnion Pacific Corp.	0.26%	1,497,280	$341M	trimmed−7%	−0.03 pp	21 q
CSCOCisco Systems, Inc. (DE)	0.25%	5,541,030	$328M	trimmed−3%	+0.03 pp	21 q
ILMNIllumina Inc	0.25%	2,455,819	$328M	trimmed−2%	+0.01 pp	21 q
EOGEOG Resources, Inc.	0.24%	2,575,742	$316M	trimmed−5%	−0.01 pp	21 q
MKTXMarketAxess Holdings Inc.	0.24%	1,369,102	$309M	added+2%	−0.01 pp	21 q
SCHWThe Charles Schwab Corporation	0.24%	4,252,350	$315M	added×4.1	+0.19 pp	21 q
TRMBTrimble Inc.	0.24%	4,425,156	$313M	trimmed−2%	+0.03 pp	21 q
DLTRDollar Tree Inc.	0.23%	3,978,425	$298M	added+31%	+0.07 pp	19 q
ALBAlbemarle Corporation	0.22%	3,349,954	$288M	trimmed−13%	−0.05 pp	21 q
ENTGEntegris Inc	0.22%	2,873,164	$285M	trimmed−3%	−0.02 pp	21 q
NXTNextpower Inc.	0.22%	7,701,847	$281M	trimmed−2%	0.00 pp	8 q
CWCurtiss-Wright Corp.	0.21%	771,130	$274M	trimmed−6%	+0.01 pp	21 q
XMTRXometry, Inc. Class A	0.21%	6,501,962	$277M	trimmed−6%	+0.12 pp	15 q
OLEDUniversal Display Corp	0.20%	1,797,132	$263M	trimmed−3%	−0.09 pp	21 q
AAgilent Technologies Inc.	0.19%	1,789,661	$240M	trimmed−6%	−0.02 pp	21 q
ALKAlaska Air Group, Inc.	0.19%	3,821,450	$247M	trimmed−1%	+0.06 pp	21 q
TERTeradyne, Inc.	0.19%	1,958,250	$247M	trimmed−0%	0.00 pp	21 q
MRVLMarvell Technology, Inc.	0.18%	2,098,430	$232M	added+10%	+0.08 pp	8 q
AVGOBroadcom Inc.	0.17%	957,880	$222M	added+1%	+0.05 pp	5 q
DSGXDescartes Systems Group Inc	0.17%	1,917,553	$218M	trimmed−9%	+0.01 pp	21 q
MAMastercard Incorporated	0.17%	419,400	$221M	held	—	21 q
NTNXNutanix, Inc. Class A	0.17%	3,621,453	$222M	trimmed−10%	−0.01 pp	21 q
LIVNLivaNova PLC	0.17%	4,754,060	$220M	trimmed−16%	−0.05 pp	21 q
BBWIBath & Body Works, Inc.	0.16%	5,335,727	$207M	trimmed−2%	+0.03 pp	21 q
CCitigroup Inc.	0.16%	2,888,355	$203M	trimmed−2%	+0.02 pp	21 q
TWTradeweb Markets Inc. Class A	0.16%	1,553,480	$203M	trimmed−3%	+0.01 pp	21 q
XNCRXencor, Inc.	0.16%	8,984,432	$206M	trimmed−2%	+0.02 pp	21 q
RIGTransocean LTD.	0.16%	54,816,411	$206M	trimmed−3%	−0.02 pp	21 q
ADSKAutodesk Inc	0.15%	662,030	$196M	trimmed−3%	+0.01 pp	21 q
DDDuPont de Nemours, Inc.	0.15%	2,580,092	$197M	trimmed−3%	−0.02 pp	21 q
NFENew Fortress Energy Inc. Class A	0.15%	13,096,998	$198M	added+14%	+0.07 pp	18 q
GDGeneral Dynamics Corporation	0.14%	679,750	$179M	trimmed−15%	−0.04 pp	21 q
GKOSGlaukos Corporation	0.14%	1,214,325	$182M	trimmed−2%	+0.02 pp	21 q
PANWPalo Alto Networks, Inc.	0.14%	1,000,640	$182M	trimmed−2%	+0.01 pp	21 q
PFGCPerformance Food Group Company	0.14%	2,103,380	$178M	added0%	+0.02 pp	5 q
XPEVXPeng Inc.	0.14%	15,691,975	$185M	trimmed−2%	0.00 pp	18 q
CARRCarrier Global Corporation	0.13%	2,374,582	$162M	added+14%	+0.01 pp	19 q
OTISOtis Worldwide Corporation	0.13%	1,809,921	$168M	trimmed−0%	−0.01 pp	19 q
CRMSalesforce, Inc.	0.13%	501,600	$168M	trimmed−1%	+0.03 pp	21 q
CCLCarnival Corporation Ltd.	0.12%	6,004,150	$150M	trimmed−4%	+0.04 pp	21 q
EWEdwards Lifesciences Corp	0.12%	2,043,500	$151M	added+15%	+0.03 pp	21 q
NSCNorfolk Southern Corp.	0.12%	673,200	$158M	added+47%	+0.04 pp	21 q
SYKStryker Corporation	0.12%	436,100	$157M	trimmed−3%	0.00 pp	21 q
TMUST-Mobile US, Inc.	0.12%	674,779	$149M	trimmed−3%	+0.01 pp	21 q
MSMorgan Stanley	0.11%	1,179,595	$148M	trimmed−19%	0.00 pp	17 q
NFLXNetFlix Inc	0.11%	157,240	$140M	trimmed−2%	+0.03 pp	11 q
NWLNewell Brands Inc.	0.11%	14,146,420	$141M	trimmed−4%	+0.03 pp	21 q
AMTMAmentum Holdings, Inc.	0.10%	6,414,379	$135M	added+22%	−0.02 pp	2 q
BURLBurlington Stores, Inc.	0.10%	465,350	$133M	trimmed−7%	0.00 pp	21 q
CVSCvs Health Corporation	0.10%	2,997,455	$135M	trimmed−7%	−0.05 pp	21 q
EBAYeBay Inc	0.10%	2,178,870	$135M	trimmed−3%	−0.01 pp	21 q
FORMFormFactor Inc.	0.10%	2,799,064	$123M	trimmed−1%	0.00 pp	21 q
PODDInsulet Corporation	0.10%	493,218	$129M	trimmed−11%	+0.01 pp	21 q
APPApplovin Corporation Class A	0.09%	348,100	$113M	new	+0.09 pp	new
FCXFreeport-McMoran Inc.	0.09%	2,958,786	$113M	trimmed−8%	−0.03 pp	17 q
GSGoldman Sachs Group Inc.	0.09%	192,000	$110M	trimmed−25%	0.00 pp	17 q
JBHTJB Hunt Transport Services Inc	0.09%	648,500	$111M	held	—	10 q
KEYSKeysight Technologies, Inc.	0.09%	687,275	$110M	trimmed−2%	+0.01 pp	21 q
PINSPinterest, Inc. Class A	0.09%	4,027,300	$117M	trimmed−0%	−0.01 pp	21 q
LINLinde plc	0.09%	277,000	$116M	added0%	−0.01 pp	8 q
ABTAbbott Laboratories	0.08%	898,150	$102M	trimmed−2%	0.00 pp	21 q
DFSDiscover Financial Services	0.08%	604,903	$105M	trimmed−14%	+0.01 pp	21 q
EAElectronic Arts Inc	0.08%	668,930	$98M	trimmed−6%	+0.01 pp	21 q
FISFidelity National Information Services, Inc.	0.08%	1,333,700	$108M	trimmed−13%	−0.01 pp	16 q
INDIindie Semiconductor, Inc. Class A	0.08%	26,287,766	$106M	added+3%	+0.01 pp	14 q
LYVLive Nation Entertainment Inc.	0.08%	771,775	$100M	trimmed−2%	+0.02 pp	18 q
OKTAOkta, Inc. Class A	0.08%	1,308,766	$103M	trimmed−2%	+0.01 pp	20 q
RVTYRevvity, Inc.	0.08%	951,885	$106M	added+2%	−0.01 pp	21 q
ZMZoom Communications, Inc. Class A	0.08%	1,202,250	$98M	trimmed−7%	+0.01 pp	20 q
CPRICapri Holdings Limited	0.08%	4,688,333	$99M	added+13%	−0.05 pp	21 q
SPOTSpotify Technology S.A.	0.08%	219,800	$98M	new	+0.08 pp	new
ALKSAlkermes Inc. plc	0.07%	3,095,510	$89M	trimmed−6%	0.00 pp	21 q
BJBJs Wholesale Club Holdings, Inc.	0.06%	849,480	$76M	trimmed−2%	+0.01 pp	21 q
CSXCSX Corporation	0.06%	2,239,600	$72M	trimmed−4%	0.00 pp	21 q
CHTRCharter Comm Inc Del CL A New	0.06%	234,200	$80M	trimmed−2%	0.00 pp	21 q
CTVACorteva, Inc.	0.06%	1,382,081	$79M	trimmed−12%	−0.01 pp	21 q
EVREvercore Inc.	0.06%	302,670	$84M	trimmed−14%	−0.01 pp	13 q
IMCRImmunocore Holdings plc	0.06%	2,668,550	$79M	added+8%	0.00 pp	4 q
LYFTLyft, Inc. Class A	0.06%	6,315,080	$81M	trimmed−3%	0.00 pp	21 q
MARMarriott International Class A	0.06%	292,140	$81M	trimmed−0%	+0.01 pp	21 q
ROKRockwell Automation, Inc.	0.06%	257,030	$73M	trimmed−1%	+0.01 pp	21 q
UBERUber Technologies, Inc.	0.06%	1,376,200	$83M	added+4%	−0.01 pp	19 q
XPOXPO, Inc.	0.06%	542,200	$71M	trimmed−2%	+0.02 pp	16 q
AMEAmetek, Inc.	0.05%	349,900	$63M	trimmed−2%	+0.01 pp	20 q
ARMArm Holdings plc	0.05%	546,620	$67M	trimmed−4%	−0.01 pp	6 q
AURAurora Innovation, Inc. Class A	0.05%	10,197,130	$64M	trimmed−0%	+0.01 pp	13 q
ACLSAxcelis Technologies Inc	0.05%	916,426	$64M	trimmed−6%	−0.03 pp	21 q
CCJCameco Corporation	0.05%	1,320,100	$68M	trimmed−2%	0.00 pp	21 q
HUBSHubspot, Inc.	0.05%	84,450	$59M	trimmed−7%	+0.01 pp	21 q
IEXIDEX Corporation	0.05%	283,270	$59M	trimmed−4%	0.00 pp	21 q
MOG.AMoog Inc.	0.05%	313,000	$62M	added+1%	0.00 pp	6 q
WDCWestern Digital Corp.	0.05%	1,158,615	$69M	trimmed−0%	−0.01 pp	21 q
NVTnVent Electric plc	0.05%	859,000	$59M	held	—	21 q
STXSeagate Technology Holdings PLC (Ireland)	0.05%	762,155	$66M	added+27%	0.00 pp	9 q
ALCAlcon Inc.	0.05%	776,300	$66M	trimmed−2%	−0.01 pp	21 q
ARLOArlo Technologies, Inc.	0.04%	4,633,691	$52M	trimmed−7%	0.00 pp	21 q
BNYBank of New York Mellon Corporation	0.04%	706,900	$54M	trimmed−2%	0.00 pp	8 q
BABoeing Company	0.04%	319,300	$57M	held	—	5 q
CTRACoterra Energy Inc.	0.04%	2,114,020	$54M	trimmed−36%	−0.02 pp	21 q
CRLCharles River Laboratories International, Inc.	0.04%	272,980	$50M	trimmed−0%	0.00 pp	21 q
EXEExpand Energy Corporation	0.04%	574,518	$57M	new	+0.04 pp	new
DELLDell Technologies Inc.	0.04%	411,320	$47M	trimmed−2%	0.00 pp	21 q
DOCUDocuSign, Inc.	0.04%	574,530	$52M	added+18%	+0.02 pp	4 q
DOWDow Inc.	0.04%	1,292,492	$52M	trimmed−24%	−0.03 pp	21 q
GFLGFL Environmental Inc. Subordinate Voting Shares	0.04%	1,051,200	$47M	trimmed−0%	+0.01 pp	9 q
ITGartner, Inc.	0.04%	111,800	$54M	added+1%	0.00 pp	5 q
GTLBGitLab Inc. Class A	0.04%	835,940	$47M	added+2%	+0.01 pp	13 q
IQVIQVIA Holdings Inc.	0.04%	294,989	$58M	trimmed−10%	−0.02 pp	20 q
LHXL3Harris Technologies, Inc.	0.04%	248,400	$52M	trimmed−1%	0.00 pp	20 q
NBIXNeurocrine Biosciences Inc	0.04%	393,710	$54M	trimmed−3%	+0.01 pp	9 q
OSISOSI Systems Inc	0.04%	297,710	$50M	added+1%	+0.01 pp	21 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.04%	481,510	$53M	trimmed−0%	+0.01 pp	14 q
RYAAYRyanair Holdings plc	0.04%	1,045,772	$46M	trimmed−2%	0.00 pp	21 q
SNYSanofi	0.04%	1,110,928	$54M	trimmed−0%	−0.01 pp	21 q
WEXWEX Inc.	0.04%	315,280	$55M	added+8%	0.00 pp	16 q
GTMZoomInfo Technologies Inc	0.04%	4,371,901	$46M	added+70%	+0.02 pp	19 q
MDTMedtronic plc	0.04%	727,185	$58M	trimmed−16%	−0.02 pp	21 q
FTITechnipFMC plc	0.04%	1,829,100	$53M	trimmed−3%	0.00 pp	21 q
BRBRBellRing Brands, Inc.	0.03%	540,000	$41M	added+95%	+0.02 pp	2 q
CVNACarvana Co.	0.03%	174,900	$36M	new	+0.03 pp	new
CASYCasey's General Stores Inc	0.03%	84,300	$33M	added+13%	+0.01 pp	3 q
CIENCiena Corporation	0.03%	463,680	$39M	added×3.6	+0.02 pp	19 q
CRWDCrowdStrike Holdings, Inc. Class A	0.03%	130,436	$45M	trimmed−4%	0.00 pp	21 q
DEDeere & Company	0.03%	85,700	$36M	trimmed−1%	0.00 pp	21 q
ELFe.l.f. Beauty, Inc.	0.03%	316,039	$40M	trimmed−1%	0.00 pp	2 q
FLYWFlywire Corporation Voting	0.03%	1,959,533	$40M	trimmed−0%	+0.01 pp	11 q
GRALGRAIL, Inc.	0.03%	2,079,416	$37M	trimmed−5%	+0.01 pp	3 q
HONHoneywell International, Inc.	0.03%	197,930	$45M	trimmed−10%	0.00 pp	21 q
MXLMaxLinear, Inc.	0.03%	1,904,880	$38M	trimmed−8%	+0.01 pp	21 q
MBLYMobileye Global Inc. Class A	0.03%	1,804,400	$36M	added+2%	+0.01 pp	9 q
LUNGPulmonx Corporation	0.03%	5,512,291	$37M	trimmed−3%	0.00 pp	17 q
RTXRTX Corporation	0.03%	385,432	$45M	trimmed−0%	0.00 pp	21 q
USFDUS Foods Holding Corp.	0.03%	659,021	$44M	added×2.3	+0.02 pp	3 q
WOLFWolfspeed, Inc.	0.03%	6,519,164	$43M	added+3%	−0.02 pp	13 q
CRDOCredo Technology Group Holding Ltd	0.03%	539,300	$36M	trimmed−23%	+0.01 pp	11 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.03%	1,738,005	$45M	trimmed−21%	0.00 pp	21 q
ALTRAltair Engineering Inc. Class A	0.02%	238,363	$26M	trimmed−26%	0.00 pp	21 q
MOAltria Group, Inc.	0.02%	498,900	$26M	trimmed−46%	−0.01 pp	21 q
AXONAxon Enterprise, Inc.	0.02%	46,500	$28M	trimmed−39%	0.00 pp	21 q
BBIOBridgeBio Pharma, Inc.	0.02%	915,500	$25M	added+1%	0.00 pp	16 q
GTLSChart Inds Inc	0.02%	152,400	$29M	trimmed−2%	+0.01 pp	3 q
CMAComerica Incorporated	0.02%	508,000	$31M	added+14%	0.00 pp	2 q
DASHDoorDash, Inc. Class A	0.02%	128,870	$22M	trimmed−1%	+0.01 pp	17 q
EXKExact Sciences Corp	0.02%	479,300	$27M	trimmed−3%	0.00 pp	21 q
IMAXImax Corp	0.02%	842,000	$22M	trimmed−9%	+0.01 pp	21 q
JBLUJetBlue Airways Corp	0.02%	3,107,300	$24M	trimmed−2%	0.00 pp	21 q
KEYKeyCorp	0.02%	1,709,500	$29M	held	—	6 q
KEXKirby Corporation	0.02%	270,150	$29M	added+1%	0.00 pp	17 q
MDBMongoDB, Inc. Class A	0.02%	90,350	$21M	added+29%	+0.01 pp	18 q
PRMPerimeter Solutions, Inc.	0.02%	1,953,126	$25M	new	+0.02 pp	new
SAIASaia, Inc.	0.02%	56,400	$26M	trimmed−20%	0.00 pp	11 q
TPRTapestry, Inc.	0.02%	407,095	$27M	trimmed−40%	0.00 pp	5 q
TTDThe Trade Desk, Inc.	0.02%	213,400	$25M	trimmed−37%	−0.01 pp	8 q
TSNTyson Foods, Inc.	0.02%	442,400	$25M	added+2%	0.00 pp	21 q
ULTAUlta Beauty, Inc.	0.02%	65,940	$29M	trimmed−1%	0.00 pp	21 q
WATWaters Corp	0.02%	69,041	$26M	trimmed−30%	−0.01 pp	17 q
WSCWillScot Holdings Corporation Class A	0.02%	873,500	$29M	trimmed−1%	0.00 pp	19 q
CYBRCyberark Software LTD/ISRAEL	0.02%	61,130	$20M	trimmed−1%	+0.01 pp	21 q
WVEWave Life Sciences Ltd.	0.02%	2,519,520	$31M	trimmed−2%	0.00 pp	21 q
ALLOAllogene Therapeutics, Inc.	0.01%	4,927,340	$10M	trimmed−13%	0.00 pp	17 q
OPTUOptimum Communications, Inc.	0.01%	4,870,800	$12M	held	—	20 q
AMHAmerican Homes 4 Rent	0.01%	289,440	$11M	trimmed−6%	0.00 pp	19 q
AM6Amicus Therapeutics Inc	0.01%	934,800	$9M	trimmed−9%	0.00 pp	21 q
BBBlackBerry Limited	0.01%	4,562,076	$17M	trimmed−84%	−0.04 pp	21 q
BOOTBoot Barn Holdings, Inc.	0.01%	60,300	$9M	trimmed−4%	0.00 pp	21 q
CMCSAComcast Corp	0.01%	345,800	$13M	held	—	21 q
FTNTFortinet, Inc.	0.01%	69,450	$7M	held	—	8 q
GXOGXO Logistics, Inc.	0.01%	216,500	$9M	trimmed−6%	0.00 pp	14 q
LKFTLakefront Biotherapeutics	0.01%	631,210	$17M	trimmed−12%	−0.01 pp	8 q
GFFGriffon Corp	0.01%	238,400	$17M	added+2%	0.00 pp	7 q
HCATHealth Catalyst, Inc	0.01%	1,932,617	$14M	trimmed−20%	0.00 pp	19 q
IBTAIbotta, Inc.	0.01%	127,340	$8M	trimmed−11%	0.00 pp	3 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.01%	176,700	$9M	trimmed−0%	0.00 pp	9 q
LVSLas Vegas Sands Corp.	0.01%	224,100	$12M	held	—	21 q
MGMMgm Resorts International	0.01%	558,490	$19M	trimmed−30%	−0.01 pp	21 q
SPHRSphere Entertainment Co.	0.01%	423,598	$17M	trimmed−1%	0.00 pp	7 q
MCDMcDonald's Corporation	0.01%	41,100	$12M	held	—	21 q
NMIHNMI Holdings Inc.	0.01%	374,780	$14M	trimmed−14%	0.00 pp	21 q
ODFLOld Dominion Freight Line	0.01%	43,200	$8M	trimmed−9%	0.00 pp	21 q
PENPenumbra, Inc.	0.01%	30,730	$7M	trimmed−22%	0.00 pp	21 q
RXORXO, Inc.	0.01%	301,496	$7M	trimmed−58%	0.00 pp	9 q
QSRRestaurant Brands International Inc.	0.01%	108,300	$7M	trimmed−9%	0.00 pp	21 q
SLBSLB Limited	0.01%	422,300	$16M	trimmed−58%	−0.02 pp	21 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	12,920	$7M	trimmed−89%	−0.04 pp	19 q
UUnity Software Inc.	0.01%	661,294	$15M	trimmed−19%	0.00 pp	18 q
VSECVSE Corp	0.01%	147,270	$14M	added+11%	0.00 pp	2 q
VLOValero Energy Corporation	0.01%	107,270	$13M	trimmed−23%	0.00 pp	17 q
TROXTronox Limited Cl A	0.01%	1,349,700	$14M	added+4%	0.00 pp	6 q
SSYSStratasys Inc (ISRAEL)	0.01%	1,472,830	$13M	trimmed−43%	−0.01 pp	21 q
ARAYAccuray Incorporated	0.00%	162,300	$321,354	trimmed−6%	0.00 pp	21 q
ALGTAllegiant Travel Company	0.00%	41,150	$4M	held	—	21 q
ANETArista Networks	0.00%	16,800	$2M	held	—	21 q
ARRYArray Technologies, Inc.	0.00%	911,600	$6M	held	—	11 q
LUCKLucky Strike Entertainment Corporation	0.00%	326,900	$3M	held	—	6 q
EATBrinker International, Inc.	0.00%	34,800	$5M	held	—	15 q
CBOECboe Global Markets, Inc.	0.00%	9,400	$2M	trimmed−8%	0.00 pp	21 q
CERSCerus Corp	0.00%	1,544,300	$2M	trimmed−82%	−0.01 pp	21 q
ENOVEnovis Corporation	0.00%	11,967	$525,112	trimmed−86%	0.00 pp	11 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.00%	41,000	$305,040	trimmed−22%	0.00 pp	21 q
DHRDanaher Corporation	0.00%	12,402	$3M	trimmed−61%	−0.01 pp	15 q
DECKDeckers Outdoor Corp	0.00%	31,064	$6M	trimmed−3%	0.00 pp	9 q
DGDollar General Corp.	0.00%	32,350	$2M	trimmed−72%	−0.01 pp	13 q
DUOLDuolingo, Inc. Class A	0.00%	5,350	$2M	held	—	8 q
EPREPR Properties	0.00%	123,990	$5M	trimmed−4%	0.00 pp	19 q
ESABESAB Corporation	0.00%	4,067	$487,796	trimmed−39%	0.00 pp	11 q
ETSYEtsy, Inc.	0.00%	32,000	$2M	held	—	6 q
FGENKyntra Bio, Inc.	0.00%	4,616,130	$2M	trimmed−53%	0.00 pp	21 q
LABStandard BioTools Inc.	0.00%	641,974	$1M	trimmed−78%	0.00 pp	21 q
ULCCFrontier Group Holdings, Inc.	0.00%	384,300	$3M	added+44%	0.00 pp	15 q
ROCKGibraltar Industries, Inc.	0.00%	102,300	$6M	held	—	21 q
GMEDGlobus Medical Inc	0.00%	41,225	$3M	trimmed−11%	0.00 pp	6 q
GEF.BGreif, Inc. Class B	0.00%	24,000	$2M	held	—	21 q
GRWGGrow Generation Corp	0.00%	927,100	$2M	trimmed−20%	0.00 pp	12 q
GHGuardant Health, Inc.	0.00%	43,686	$1M	trimmed−34%	0.00 pp	18 q
HTZHertz Global Holdings, Inc	0.00%	137,400	$502,884	trimmed−61%	0.00 pp	12 q
HUMHumana Inc.	0.00%	19,376	$5M	trimmed−48%	−0.01 pp	15 q
IMNMImmunome, Inc.	0.00%	280,800	$3M	held	—	4 q
NGVTIngevity Corporation	0.00%	69,000	$3M	held	—	21 q
IRBTiRobot Corporation	0.00%	303,900	$2M	trimmed−79%	−0.01 pp	21 q
IEIvanhoe Electric Inc.	0.00%	391,800	$3M	trimmed−8%	0.00 pp	6 q
JAMFJamf Holding Corp.	0.00%	48,000	$674,400	held	—	15 q
JELDJELD-WEN Holding, Inc.	0.00%	312,300	$3M	held	—	16 q
LICYQLi-cycle Holdings Corp	0.00%	140,725	$251,898	trimmed−66%	0.00 pp	14 q
LPLALPL Financial Holdings Inc.	0.00%	16,000	$5M	trimmed−61%	−0.01 pp	20 q
unresolvedLeslies Inc	0.00%	1,260,900	$3M	added+29%	0.00 pp	13 q
MQMarqeta, Inc. Class A	0.00%	448,600	$2M	trimmed−8%	0.00 pp	14 q
MATXMatsons, Inc.	0.00%	37,900	$5M	trimmed−36%	−0.01 pp	21 q
MRKMerck & Co., Inc.	0.00%	60,400	$6M	trimmed−10%	−0.01 pp	21 q
NNBRNN Inc	0.00%	299,200	$978,384	trimmed−11%	0.00 pp	21 q
NKTRNektar Therapeutics	0.00%	5,540,386	$5M	trimmed−6%	−0.01 pp	21 q
NICENICE Ltd	0.00%	2,250	$382,140	held	—	3 q
LASRnLIGHT, Inc.	0.00%	262,129	$3M	trimmed−0%	0.00 pp	21 q
NRIXNurix Therapeutics, Inc.	0.00%	232,000	$4M	trimmed−20%	0.00 pp	4 q
OSOneStream, Inc. Class A	0.00%	144,700	$4M	trimmed−46%	−0.01 pp	2 q
OSUROraSure Technologies Inc	0.00%	336,300	$1M	trimmed−53%	0.00 pp	21 q
PMPhilip Morris International Inc.	0.00%	18,800	$2M	trimmed−71%	−0.01 pp	21 q
RMBSRambus Inc	0.00%	82,500	$4M	trimmed−13%	0.00 pp	21 q
RGENRepligen Corp	0.00%	30,858	$4M	trimmed−44%	−0.01 pp	15 q
RNGRingcentral, Inc.	0.00%	62,500	$2M	held	—	20 q
RIVNRivian Automotive, Inc. Class A	0.00%	263,940	$4M	trimmed−8%	0.00 pp	13 q
RBLXRoblox Corporation	0.00%	50,300	$3M	held	—	14 q
SVVSavers Value Village, Inc.	0.00%	471,750	$5M	added×7.6	0.00 pp	2 q
SSTKShutterstock, Inc.	0.00%	52,300	$2M	trimmed−48%	0.00 pp	7 q
SNAPSnap Inc.	0.00%	31,250	$336,563	trimmed−75%	0.00 pp	19 q
SNCYSun Country Airlines Holdings, Inc.	0.00%	83,015	$1M	trimmed−43%	0.00 pp	16 q
TTWOTake-Two Interactive Software Inc	0.00%	17,639	$3M	new	0.00 pp	new
TXG10x Genomics, Inc. Class A	0.00%	127,600	$2M	trimmed−57%	0.00 pp	6 q
VSXYVictorias Secret & Co.	0.00%	116,933	$5M	trimmed−93%	−0.03 pp	14 q
WMTWalmart Inc.	0.00%	67,200	$6M	new	0.00 pp	new
ZIMVZimVie Inc.	0.00%	34,860	$486,298	held	—	12 q
ZNTLZentalis Pharmaceuticals, Inc.	0.00%	1,520,630	$5M	added+2%	0.00 pp	19 q
AMBAAmbarella, Inc.	0.00%	25,800	$2M	trimmed−12%	0.00 pp	18 q
MURAMural Oncology PLC	0.00%	139,245	$448,368	trimmed−1%	0.00 pp	5 q
SW5Southwestern Energy Co	—	−7,431,779	—	exited	−0.04 pp	—
9900123DPerimeter Solutions SA	—	−1,845,691	—	exited	−0.02 pp	—
ADPTAdaptive Biotechnologies Corporation	—	−76,030	—	exited	0.00 pp	—
FIVEFive Below, Inc.	—	−3,700	—	exited	0.00 pp	—
GILGildan Activewear Inc.	—	−96,500	—	exited	0.00 pp	—
HLNHaleon plc	—	−548,000	—	exited	0.00 pp	—
LOARLoar Holdings Inc.	—	−8,380	—	exited	0.00 pp	—
MSGEMadison Square Garden Entertainment Corp.	—	−76,100	—	exited	0.00 pp	—
MREOMereo BioPharma Group plc	—	−54,000	—	exited	0.00 pp	—
MASS908 Devices Inc.	—	−20,000	—	exited	0.00 pp	—
PROPros Holdings, Inc.	—	−254,980	—	exited	0.00 pp	—
RPDRapid7, Inc.	—	−95,830	—	exited	0.00 pp	—
BIOXBioceres Crop Solutions Corp.	—	−39,700	—	exited	0.00 pp	—
PRTAProthena Corporation plc	—	−35,500	—	exited	0.00 pp	—