PRIMECAP

Q1 2025 13F · by Joel Fried, portfolio manager

As of: Mar 31, 2025
Filed: May 9, 2025
US stock: $121.0B · prev $129.1B
Positions: 335 · prev 329
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%

Moves316 since the prior filing

+1.5 pp in · −1.4 pp out

New 12 +0.37 pp
Added 65 +1.11 pp
Trimmed 233 −1.38 pp
Exited 6 −0.03 pp

The book

Diversified · behaves like 45 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 6.7% a year, about 14.9 years per position

Low
Moderate
High

Top 5 positions22% of US stock

LLY Eli Lilly & Co. trimmed+0.07 pp trimmed+0.0710.1%
AMGN Amgen Inc trimmed+0.57 pp trimmed+0.573.2%
BSX Boston Scientific Corp. trimmed+0.49 pp trimmed+0.493.0%
MSFT Microsoft Corp trimmed−0.30 pp trimmed−0.302.8%
KLAC KLA Corporation trimmed+0.21 pp trimmed+0.212.7%

Positions335 in this filing · 6 exited


LLYEli Lilly & Co.	10.09%	14,779,770	$12.2B	trimmed−12%	+0.07 pp	22 q
AMGNAmgen Inc	3.19%	12,388,295	$3.9B	trimmed−5%	+0.57 pp	22 q
BSXBoston Scientific Corp.	3.04%	36,496,946	$3.7B	trimmed−1%	+0.49 pp	22 q
MSFTMicrosoft Corp	2.82%	9,086,990	$3.4B	trimmed−5%	−0.30 pp	22 q
KLACKLA Corporation	2.74%	4,877,009	$3.3B	trimmed−6%	+0.21 pp	22 q
MUMicron Technology, Inc.	2.68%	37,280,768	$3.2B	trimmed−1%	+0.23 pp	22 q
AZNNAstrazeneca Plc-spons ADR	2.47%	40,661,485	$3.0B	trimmed−1%	+0.39 pp	22 q
FDXFedEx Corporation	2.40%	11,931,800	$2.9B	trimmed−4%	−0.30 pp	22 q
BABAAlibaba Group Holding Limited	2.25%	20,623,697	$2.7B	trimmed−6%	+0.81 pp	22 q
GOOGLAlphabet Inc. Class A	2.10%	16,387,934	$2.5B	trimmed−4%	−0.39 pp	22 q
TXNTexas Instruments Incorporated	2.08%	13,991,539	$2.5B	trimmed−3%	−0.01 pp	22 q
SONYSony Group Corporation	1.97%	93,959,475	$2.4B	trimmed−8%	+0.30 pp	22 q
NVDANvidia Corp	1.84%	20,547,000	$2.2B	trimmed−4%	−0.37 pp	22 q
BIIBBiogen Inc.	1.80%	15,943,259	$2.2B	trimmed−1%	−0.10 pp	22 q
ADBEAdobe Inc.	1.72%	5,421,591	$2.1B	trimmed−1%	−0.17 pp	22 q
TSLATesla, Inc.	1.52%	7,082,210	$1.8B	trimmed−6%	−0.84 pp	22 q
INTCIntel Corp	1.45%	76,984,290	$1.7B	trimmed−0%	+0.25 pp	22 q
GOOGAlphabet Inc. Class C	1.41%	10,895,645	$1.7B	trimmed−4%	−0.27 pp	22 q
LUVSouthwest Airlines Co.	1.38%	49,688,308	$1.7B	added+2%	+0.11 pp	22 q
WFCWells Fargo & Co.	1.30%	21,902,649	$1.6B	trimmed−14%	−0.09 pp	22 q
ORCLOracle Corp	1.25%	10,777,275	$1.5B	trimmed−11%	−0.32 pp	22 q
UALUnited Airlines Holdings, Inc.	1.24%	21,799,645	$1.5B	trimmed−4%	−0.47 pp	22 q
TJXTJX Companies, Inc. (The)	1.18%	11,701,067	$1.4B	trimmed−3%	+0.06 pp	22 q
BMYBristol-Myers Squibb Co.	1.16%	22,970,633	$1.4B	added+1%	+0.16 pp	22 q
ONCBeOne Medicines Ltd.	1.14%	5,055,504	$1.4B	trimmed−1%	+0.41 pp	22 q
RJFRaymond James Financial, Inc.	1.12%	9,718,689	$1.4B	trimmed−15%	−0.26 pp	22 q
VVISA Inc.	1.12%	3,873,280	$1.4B	trimmed−2%	+0.15 pp	22 q
ROSTRoss Stores Inc	1.08%	10,216,935	$1.3B	trimmed−1%	−0.13 pp	22 q
BMRNBioMarin Pharmaceuticals Inc	1.04%	17,773,281	$1.3B	trimmed−2%	+0.11 pp	22 q
JPMJPMorgan Chase & Co.	1.02%	5,048,380	$1.2B	trimmed−5%	+0.03 pp	22 q
FLEXFlex Ltd.	0.99%	36,124,847	$1.2B	trimmed−8%	−0.18 pp	22 q
NVSNovartis AG	0.96%	10,382,879	$1.2B	trimmed−6%	+0.13 pp	22 q
TMOThermo Fisher Scientific, Inc.	0.95%	2,317,302	$1.2B	trimmed−8%	−0.06 pp	22 q
HESHess Corporation	0.94%	7,130,375	$1.1B	trimmed−8%	+0.14 pp	22 q
BIDUBaidu, Inc.	0.91%	11,946,336	$1.1B	trimmed−1%	+0.12 pp	22 q
SCHWThe Charles Schwab Corporation	0.91%	14,002,078	$1.1B	added×3.3	+0.67 pp	22 q
AMZNAmazon.Com Inc	0.87%	5,513,930	$1.0B	added0%	−0.06 pp	22 q
NTAPNetApp, Inc	0.84%	11,502,090	$1.0B	trimmed−6%	−0.26 pp	22 q
GSKGSK plc	0.82%	25,708,020	$996M	added+2%	+0.16 pp	11 q
ACMAecom	0.78%	10,148,730	$941M	trimmed−11%	−0.16 pp	22 q
DALDelta Air Lines, Inc.	0.77%	21,407,647	$933M	trimmed−2%	−0.26 pp	22 q
INTUIntuit Inc	0.70%	1,384,565	$850M	trimmed−4%	0.00 pp	22 q
XOMExxon Mobil Corp	0.61%	6,214,344	$739M	trimmed−5%	+0.07 pp	4 q
RCLRoyal Caribbean Group	0.60%	3,548,768	$729M	trimmed−17%	−0.16 pp	22 q
TDGTransDigm Group Incorporated	0.59%	512,844	$709M	trimmed−0%	+0.09 pp	22 q
ADIAnalog Devices, Inc.	0.58%	3,477,645	$701M	trimmed−1%	0.00 pp	22 q
MATMattel, Inc.	0.56%	35,150,671	$683M	trimmed−4%	+0.06 pp	22 q
MRSHMarsh	0.54%	2,687,926	$656M	trimmed−2%	+0.09 pp	22 q
AALAmerican Airlines Group Inc.	0.53%	60,445,097	$638M	added0%	−0.28 pp	22 q
NTRSNorthern Trust Corp	0.53%	6,523,009	$643M	trimmed−3%	0.00 pp	22 q
DISThe Walt Disney Company	0.51%	6,194,424	$611M	trimmed−2%	−0.03 pp	22 q
HPQHP Inc.	0.49%	21,622,895	$599M	trimmed−1%	−0.06 pp	22 q
QCOMQualcomm Inc	0.48%	3,754,032	$577M	trimmed−10%	−0.02 pp	22 q
JJacobs Solutions Inc.	0.47%	4,653,442	$563M	trimmed−9%	−0.06 pp	11 q
ELANElanco Animal Health Incorporated	0.44%	50,223,535	$527M	trimmed−2%	−0.04 pp	22 q
ZBHZimmer Biomet Holdings, Inc.	0.44%	4,682,970	$530M	trimmed−2%	+0.05 pp	22 q
METAMeta Platforms, Inc. Class A	0.43%	908,910	$524M	added+23%	+0.10 pp	22 q
AAPLApple Inc.	0.41%	2,217,600	$493M	trimmed−2%	−0.03 pp	22 q
COPConocoPhillips	0.41%	4,748,140	$499M	added+3%	+0.06 pp	5 q
CMECME Group Inc.	0.40%	1,831,920	$486M	trimmed−2%	+0.06 pp	22 q
CATCaterpillar Inc.	0.38%	1,379,485	$455M	trimmed−3%	−0.02 pp	22 q
JBLJabil Inc.	0.38%	3,385,760	$461M	trimmed−5%	−0.02 pp	22 q
HPEHewlett Packard Enterprise Company	0.36%	27,968,950	$432M	trimmed−3%	−0.12 pp	22 q
BACBank of America Corporation	0.34%	9,922,932	$414M	trimmed−1%	0.00 pp	22 q
WHRWhirlpool Corp.	0.34%	4,619,526	$416M	trimmed−1%	−0.07 pp	22 q
PYPLPayPal Holdings, Inc.	0.32%	5,973,810	$390M	added0%	−0.07 pp	22 q
KMXCarMax Inc.	0.31%	4,769,306	$372M	trimmed−6%	−0.01 pp	22 q
GLWCorning Incorporated	0.31%	8,251,772	$378M	trimmed−1%	0.00 pp	22 q
PGRProgressive Corporation	0.31%	1,310,760	$371M	trimmed−5%	+0.05 pp	22 q
BNTXBioNTech SE	0.30%	4,046,425	$368M	trimmed−6%	−0.08 pp	22 q
AMATApplied Materials Inc	0.29%	2,454,370	$356M	trimmed−5%	−0.04 pp	22 q
ERICEricsson	0.29%	45,813,999	$356M	trimmed−1%	0.00 pp	22 q
UNPUnion Pacific Corp.	0.29%	1,483,680	$351M	trimmed−1%	+0.03 pp	22 q
ASMLASML Holding NV	0.29%	530,609	$352M	trimmed−3%	0.00 pp	20 q
CSCOCisco Systems, Inc. (DE)	0.28%	5,524,530	$341M	trimmed−0%	+0.03 pp	22 q
TXTTextron, Inc.	0.28%	4,685,635	$339M	trimmed−4%	−0.01 pp	22 q
EOGEOG Resources, Inc.	0.27%	2,543,062	$326M	trimmed−1%	+0.03 pp	22 q
NXTNextpower Inc.	0.26%	7,592,594	$320M	trimmed−1%	+0.04 pp	9 q
SYYSysco Corporation	0.26%	4,115,071	$309M	trimmed−5%	0.00 pp	17 q
RYTMRhythm Pharmaceuticals, Inc.	0.25%	5,787,322	$307M	trimmed−12%	−0.03 pp	22 q
XPEVXPeng Inc.	0.25%	14,383,785	$298M	trimmed−8%	+0.11 pp	19 q
DLTRDollar Tree Inc.	0.24%	3,912,835	$294M	trimmed−2%	+0.01 pp	20 q
MKTXMarketAxess Holdings Inc.	0.24%	1,361,512	$295M	trimmed−1%	0.00 pp	22 q
TRMBTrimble Inc.	0.23%	4,310,306	$283M	trimmed−3%	−0.01 pp	22 q
UPSUnited Parcel Service, Inc. Class B	0.21%	2,305,591	$254M	trimmed−17%	−0.06 pp	22 q
OLEDUniversal Display Corp	0.21%	1,835,722	$256M	added+2%	+0.01 pp	22 q
ALBAlbemarle Corporation	0.20%	3,332,284	$240M	trimmed−1%	−0.02 pp	22 q
ENTGEntegris Inc	0.20%	2,735,864	$239M	trimmed−5%	−0.02 pp	22 q
CWCurtiss-Wright Corp.	0.19%	740,180	$235M	trimmed−4%	−0.02 pp	22 q
MAMastercard Incorporated	0.19%	419,070	$230M	trimmed−0%	+0.02 pp	22 q
NTNXNutanix, Inc. Class A	0.19%	3,312,903	$231M	trimmed−9%	+0.02 pp	22 q
TWTradeweb Markets Inc. Class A	0.19%	1,526,890	$227M	trimmed−2%	+0.03 pp	22 q
CCitigroup Inc.	0.17%	2,875,955	$204M	trimmed−0%	+0.01 pp	22 q
FLUTFlutter Entertainment plc	0.17%	952,109	$211M	new	+0.17 pp	new
CVSCvs Health Corporation	0.16%	2,916,505	$198M	trimmed−3%	+0.06 pp	22 q
DDDuPont de Nemours, Inc.	0.16%	2,556,792	$191M	trimmed−1%	+0.01 pp	22 q
ILMNIllumina Inc	0.16%	2,370,949	$188M	trimmed−3%	−0.09 pp	22 q
AAgilent Technologies Inc.	0.15%	1,537,211	$180M	trimmed−14%	−0.04 pp	22 q
ALKAlaska Air Group, Inc.	0.15%	3,802,750	$187M	trimmed−0%	−0.04 pp	22 q
AMTMAmentum Holdings, Inc.	0.15%	10,061,589	$183M	added+57%	+0.05 pp	3 q
DSGXDescartes Systems Group Inc	0.15%	1,787,352	$180M	trimmed−7%	−0.02 pp	22 q
OTISOtis Worldwide Corporation	0.15%	1,803,131	$186M	trimmed−0%	+0.02 pp	20 q
LIVNLivaNova PLC	0.15%	4,608,410	$181M	trimmed−3%	−0.02 pp	22 q
ADSKAutodesk Inc	0.14%	661,960	$173M	trimmed−0%	−0.01 pp	22 q
EWEdwards Lifesciences Corp	0.14%	2,299,600	$167M	added+13%	+0.02 pp	22 q
GDGeneral Dynamics Corporation	0.14%	602,840	$164M	trimmed−11%	0.00 pp	22 q
NSCNorfolk Southern Corp.	0.14%	704,920	$167M	added+5%	+0.02 pp	22 q
PANWPalo Alto Networks, Inc.	0.14%	988,560	$169M	trimmed−1%	0.00 pp	22 q
PFGCPerformance Food Group Company	0.14%	2,105,700	$166M	added0%	0.00 pp	6 q
RIGTransocean LTD.	0.14%	53,836,071	$171M	trimmed−2%	−0.02 pp	22 q
AVGOBroadcom Inc.	0.13%	943,720	$158M	trimmed−1%	−0.04 pp	6 q
MDBMongoDB, Inc. Class A	0.13%	870,550	$153M	added×9.6	+0.11 pp	19 q
SYKStryker Corporation	0.13%	434,850	$162M	trimmed−0%	+0.01 pp	22 q
TERTeradyne, Inc.	0.13%	1,921,690	$159M	trimmed−2%	−0.06 pp	22 q
XMTRXometry, Inc. Class A	0.13%	6,337,962	$158M	trimmed−3%	−0.08 pp	16 q
EBAYeBay Inc	0.12%	2,134,620	$145M	trimmed−2%	+0.02 pp	22 q
TMUST-Mobile US, Inc.	0.12%	541,009	$144M	trimmed−20%	0.00 pp	22 q
SPOTSpotify Technology S.A.	0.12%	257,815	$142M	added+17%	+0.04 pp	2 q
CARRCarrier Global Corporation	0.11%	2,179,782	$138M	trimmed−8%	−0.02 pp	20 q
MRVLMarvell Technology, Inc.	0.11%	2,164,730	$133M	added+3%	−0.07 pp	9 q
MSMorgan Stanley	0.11%	1,150,145	$134M	trimmed−3%	0.00 pp	18 q
NFLXNetFlix Inc	0.11%	148,720	$139M	trimmed−5%	0.00 pp	12 q
OKTAOkta, Inc. Class A	0.11%	1,306,266	$137M	trimmed−0%	+0.03 pp	21 q
CRMSalesforce, Inc.	0.11%	507,500	$136M	added+1%	−0.02 pp	22 q
USFDUS Foods Holding Corp.	0.11%	1,941,400	$127M	added×2.9	+0.08 pp	4 q
LINLinde plc	0.11%	282,920	$132M	added+2%	+0.02 pp	9 q
ABTAbbott Laboratories	0.10%	882,570	$117M	trimmed−2%	+0.02 pp	22 q
BURLBurlington Stores, Inc.	0.10%	531,940	$127M	added+14%	0.00 pp	22 q
CCLCarnival Corporation Ltd.	0.10%	5,901,750	$115M	trimmed−2%	−0.02 pp	22 q
GKOSGlaukos Corporation	0.10%	1,218,475	$120M	added0%	−0.04 pp	22 q
RVTYRevvity, Inc.	0.10%	1,145,585	$121M	added+20%	+0.02 pp	22 q
PINSPinterest, Inc. Class A	0.10%	3,909,000	$121M	trimmed−3%	+0.01 pp	22 q
APPApplovin Corporation Class A	0.09%	395,100	$105M	added+14%	0.00 pp	2 q
PODDInsulet Corporation	0.09%	425,018	$112M	trimmed−14%	−0.01 pp	22 q
NFENew Fortress Energy Inc. Class A	0.09%	13,042,398	$108M	trimmed−0%	−0.06 pp	19 q
NKENike, Inc.	0.09%	1,756,430	$111M	new	+0.09 pp	new
XNCRXencor, Inc.	0.09%	9,761,012	$104M	added+9%	−0.07 pp	22 q
BJBJs Wholesale Club Holdings, Inc.	0.08%	836,270	$95M	trimmed−2%	+0.02 pp	22 q
CMAComerica Incorporated	0.08%	1,670,110	$99M	added×3.3	+0.06 pp	3 q
DFSDiscover Financial Services	0.08%	574,953	$98M	trimmed−5%	0.00 pp	22 q
FCXFreeport-McMoran Inc.	0.08%	2,576,370	$98M	trimmed−13%	−0.01 pp	18 q
GSGoldman Sachs Group Inc.	0.08%	185,540	$101M	trimmed−3%	−0.01 pp	18 q
JBHTJB Hunt Transport Services Inc	0.08%	640,810	$95M	trimmed−1%	−0.01 pp	11 q
KEYSKeysight Technologies, Inc.	0.08%	669,635	$100M	trimmed−3%	−0.01 pp	22 q
LYVLive Nation Entertainment Inc.	0.08%	759,830	$99M	trimmed−2%	0.00 pp	19 q
UBERUber Technologies, Inc.	0.08%	1,343,050	$98M	trimmed−2%	+0.02 pp	20 q
ALKSAlkermes Inc. plc	0.08%	3,004,095	$99M	trimmed−3%	+0.01 pp	22 q
CPRICapri Holdings Limited	0.08%	5,183,720	$102M	added+11%	0.00 pp	22 q
CHTRCharter Comm Inc Del CL A New	0.07%	233,750	$86M	trimmed−0%	+0.01 pp	22 q
CTVACorteva, Inc.	0.07%	1,306,708	$82M	trimmed−5%	+0.01 pp	22 q
FORMFormFactor Inc.	0.07%	2,784,234	$79M	trimmed−1%	−0.03 pp	22 q
IMCRImmunocore Holdings plc	0.07%	2,678,650	$79M	added0%	+0.01 pp	5 q
NWLNewell Brands Inc.	0.07%	14,498,030	$90M	added+2%	−0.04 pp	22 q
ZMZoom Communications, Inc. Class A	0.07%	1,203,050	$89M	added0%	−0.01 pp	21 q
AURAurora Innovation, Inc. Class A	0.06%	10,134,040	$68M	trimmed−1%	+0.01 pp	14 q
LYFTLyft, Inc. Class A	0.06%	6,204,940	$74M	trimmed−2%	0.00 pp	22 q
MARMarriott International Class A	0.06%	287,220	$68M	trimmed−2%	0.00 pp	22 q
STXSeagate Technology Holdings PLC (Ireland)	0.06%	830,455	$71M	added+9%	+0.01 pp	10 q
ALCAlcon Inc.	0.06%	768,190	$73M	trimmed−1%	+0.01 pp	22 q
AMEAmetek, Inc.	0.05%	350,130	$60M	added0%	0.00 pp	21 q
BNYBank of New York Mellon Corporation	0.05%	706,900	$59M	held	—	9 q
BABoeing Company	0.05%	376,420	$64M	added+18%	+0.01 pp	6 q
CSXCSX Corporation	0.05%	2,237,000	$66M	trimmed−0%	−0.01 pp	22 q
CTRACoterra Energy Inc.	0.05%	2,040,430	$59M	trimmed−3%	+0.01 pp	22 q
EXEExpand Energy Corporation	0.05%	550,741	$61M	trimmed−4%	+0.01 pp	2 q
EAElectronic Arts Inc	0.05%	449,840	$65M	trimmed−33%	−0.03 pp	22 q
FISFidelity National Information Services, Inc.	0.05%	851,020	$64M	trimmed−36%	−0.03 pp	17 q
INDIindie Semiconductor, Inc. Class A	0.05%	28,623,386	$58M	added+9%	−0.03 pp	15 q
MOG.AMoog Inc.	0.05%	355,500	$62M	added+14%	0.00 pp	7 q
OSISOSI Systems Inc	0.05%	334,330	$65M	added+12%	+0.01 pp	22 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.05%	469,260	$55M	trimmed−3%	+0.01 pp	15 q
ROKRockwell Automation, Inc.	0.05%	255,450	$66M	trimmed−1%	−0.01 pp	22 q
SNYSanofi	0.05%	1,100,638	$61M	trimmed−1%	+0.01 pp	22 q
XPOXPO, Inc.	0.05%	540,250	$58M	trimmed−0%	−0.01 pp	17 q
MDTMedtronic plc	0.05%	667,105	$60M	trimmed−8%	+0.01 pp	22 q
BRBRBellRing Brands, Inc.	0.04%	604,400	$45M	added+12%	+0.01 pp	3 q
CCJCameco Corporation	0.04%	1,268,280	$52M	trimmed−4%	−0.01 pp	22 q
CRWDCrowdStrike Holdings, Inc. Class A	0.04%	126,766	$45M	trimmed−3%	+0.01 pp	22 q
DOWDow Inc.	0.04%	1,277,082	$45M	trimmed−1%	0.00 pp	22 q
EVREvercore Inc.	0.04%	252,130	$50M	trimmed−17%	−0.02 pp	14 q
GFLGFL Environmental Inc. Subordinate Voting Shares	0.04%	1,051,200	$51M	held	—	10 q
ITGartner, Inc.	0.04%	106,500	$45M	trimmed−5%	0.00 pp	6 q
GRALGRAIL, Inc.	0.04%	2,051,572	$52M	trimmed−1%	+0.01 pp	4 q
IEXIDEX Corporation	0.04%	273,950	$50M	trimmed−3%	−0.01 pp	22 q
IQVIQVIA Holdings Inc.	0.04%	296,879	$52M	added+1%	0.00 pp	21 q
LHXL3Harris Technologies, Inc.	0.04%	248,000	$52M	trimmed−0%	0.00 pp	21 q
RTXRTX Corporation	0.04%	385,232	$51M	trimmed−0%	+0.01 pp	22 q
RYAAYRyanair Holdings plc	0.04%	1,045,572	$44M	trimmed−0%	0.00 pp	22 q
WDCWestern Digital Corp.	0.04%	1,121,555	$45M	trimmed−3%	−0.01 pp	22 q
WEXWEX Inc.	0.04%	303,190	$48M	trimmed−4%	0.00 pp	17 q
GTMZoomInfo Technologies Inc	0.04%	4,689,906	$47M	added+7%	0.00 pp	20 q
NVTnVent Electric plc	0.04%	859,000	$45M	held	—	22 q
FTITechnipFMC plc	0.04%	1,708,370	$54M	trimmed−7%	0.00 pp	22 q
ARLOArlo Technologies, Inc.	0.03%	4,177,931	$41M	trimmed−10%	−0.01 pp	22 q
ACLSAxcelis Technologies Inc	0.03%	835,066	$41M	trimmed−9%	−0.02 pp	22 q
BBWIBath & Body Works, Inc.	0.03%	1,150,498	$35M	trimmed−78%	−0.13 pp	22 q
BBIOBridgeBio Pharma, Inc.	0.03%	913,200	$32M	trimmed−0%	+0.01 pp	17 q
CVNACarvana Co.	0.03%	199,100	$42M	added+14%	0.00 pp	2 q
CASYCasey's General Stores Inc	0.03%	81,600	$35M	trimmed−3%	0.00 pp	4 q
CRLCharles River Laboratories International, Inc.	0.03%	272,890	$41M	trimmed−0%	−0.01 pp	22 q
DEDeere & Company	0.03%	85,510	$40M	trimmed−0%	0.00 pp	22 q
DELLDell Technologies Inc.	0.03%	404,630	$37M	trimmed−2%	−0.01 pp	22 q
DOCUDocuSign, Inc.	0.03%	459,730	$37M	trimmed−20%	−0.01 pp	5 q
GTLBGitLab Inc. Class A	0.03%	866,740	$41M	added+4%	−0.01 pp	14 q
NBIXNeurocrine Biosciences Inc	0.03%	382,440	$42M	trimmed−3%	−0.01 pp	10 q
LUNGPulmonx Corporation	0.03%	5,414,761	$36M	trimmed−2%	0.00 pp	18 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.03%	1,726,004	$33M	trimmed−1%	0.00 pp	22 q
VIKViking Holdings Ltd	0.03%	763,800	$30M	new	+0.03 pp	new
MOAltria Group, Inc.	0.02%	377,500	$23M	trimmed−24%	0.00 pp	22 q
ARMArm Holdings plc	0.02%	273,610	$29M	trimmed−50%	−0.03 pp	7 q
GTLSChart Inds Inc	0.02%	181,415	$26M	added+19%	0.00 pp	4 q
CIENCiena Corporation	0.02%	478,550	$29M	added+3%	−0.01 pp	20 q
DHRDanaher Corporation	0.02%	121,002	$25M	added×9.8	+0.02 pp	16 q
DASHDoorDash, Inc. Class A	0.02%	128,730	$24M	trimmed−0%	0.00 pp	18 q
ELFe.l.f. Beauty, Inc.	0.02%	395,965	$25M	added+25%	−0.01 pp	3 q
EXKExact Sciences Corp	0.02%	479,300	$21M	held	—	22 q
GFFGriffon Corp	0.02%	275,200	$20M	added+15%	+0.01 pp	8 q
HONHoneywell International, Inc.	0.02%	122,350	$26M	trimmed−38%	−0.01 pp	22 q
HUBSHubspot, Inc.	0.02%	45,050	$26M	trimmed−47%	−0.03 pp	22 q
IMAXImax Corp	0.02%	741,700	$20M	trimmed−12%	0.00 pp	22 q
IMNMImmunome, Inc.	0.02%	3,413,700	$23M	added×12.2	+0.02 pp	5 q
KEYKeyCorp	0.02%	1,699,430	$27M	trimmed−1%	0.00 pp	7 q
KEXKirby Corporation	0.02%	264,350	$27M	trimmed−2%	0.00 pp	18 q
MXLMaxLinear, Inc.	0.02%	1,681,880	$18M	trimmed−12%	−0.01 pp	22 q
MBLYMobileye Global Inc. Class A	0.02%	1,966,200	$28M	added+9%	−0.01 pp	10 q
PSNParsons Corporation	0.02%	334,800	$20M	new	+0.02 pp	new
PRMPerimeter Solutions, Inc.	0.02%	1,919,280	$19M	trimmed−2%	0.00 pp	2 q
PMPhilip Morris International Inc.	0.02%	130,900	$21M	added×7.0	+0.02 pp	22 q
TPRTapestry, Inc.	0.02%	357,495	$25M	trimmed−12%	0.00 pp	6 q
TSNTyson Foods, Inc.	0.02%	423,500	$27M	trimmed−4%	0.00 pp	22 q
ULTAUlta Beauty, Inc.	0.02%	63,500	$23M	trimmed−4%	0.00 pp	22 q
VSECVSE Corp	0.02%	169,165	$20M	added+15%	+0.01 pp	3 q
WATWaters Corp	0.02%	68,901	$25M	trimmed−0%	0.00 pp	18 q
WSCWillScot Holdings Corporation Class A	0.02%	1,016,800	$28M	added+16%	0.00 pp	20 q
WOLFWolfspeed, Inc.	0.02%	6,665,270	$20M	added+2%	−0.01 pp	14 q
CRDOCredo Technology Group Holding Ltd	0.02%	453,450	$18M	trimmed−16%	−0.01 pp	12 q
CYBRCyberark Software LTD/ISRAEL	0.02%	59,090	$20M	trimmed−3%	0.00 pp	22 q
WVEWave Life Sciences Ltd.	0.02%	2,507,520	$20M	trimmed−0%	0.00 pp	22 q
ALLOAllogene Therapeutics, Inc.	0.01%	4,931,840	$7M	added0%	0.00 pp	18 q
OPTUOptimum Communications, Inc.	0.01%	4,869,860	$13M	trimmed−0%	0.00 pp	21 q
AMHAmerican Homes 4 Rent	0.01%	279,330	$11M	trimmed−3%	0.00 pp	20 q
AM6Amicus Therapeutics Inc	0.01%	919,500	$8M	trimmed−2%	0.00 pp	22 q
AXONAxon Enterprise, Inc.	0.01%	31,800	$17M	trimmed−32%	−0.01 pp	22 q
BBBlackBerry Limited	0.01%	4,562,076	$17M	held	—	22 q
BAHBooz Allen Hamilton Holding Corporation	0.01%	60,000	$6M	new	+0.01 pp	new
CMCSAComcast Corp	0.01%	288,650	$11M	trimmed−17%	0.00 pp	22 q
FMCFMC Corporation	0.01%	231,500	$10M	new	+0.01 pp	new
FLYWFlywire Corporation Voting	0.01%	1,795,850	$17M	trimmed−8%	−0.02 pp	12 q
FTNTFortinet, Inc.	0.01%	69,450	$7M	held	—	9 q
GXOGXO Logistics, Inc.	0.01%	215,020	$8M	trimmed−1%	0.00 pp	15 q
HCATHealth Catalyst, Inc	0.01%	2,005,116	$9M	added+4%	0.00 pp	20 q
JBLUJetBlue Airways Corp	0.01%	3,083,700	$15M	trimmed−1%	−0.01 pp	22 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.01%	177,850	$8M	added+1%	0.00 pp	10 q
MGMMgm Resorts International	0.01%	550,370	$16M	trimmed−1%	0.00 pp	22 q
SPHRSphere Entertainment Co.	0.01%	422,908	$14M	trimmed−0%	0.00 pp	8 q
MCDMcDonald's Corporation	0.01%	34,930	$11M	trimmed−15%	0.00 pp	22 q
MUSAMurphy USA Inc.	0.01%	14,255	$7M	new	+0.01 pp	new
NMIHNMI Holdings Inc.	0.01%	351,950	$13M	trimmed−6%	0.00 pp	22 q
PENPenumbra, Inc.	0.01%	30,420	$8M	trimmed−1%	0.00 pp	22 q
QSRRestaurant Brands International Inc.	0.01%	98,240	$7M	trimmed−9%	0.00 pp	22 q
RNGRingcentral, Inc.	0.01%	359,900	$9M	added×5.8	+0.01 pp	21 q
SAIASaia, Inc.	0.01%	49,520	$17M	trimmed−12%	−0.01 pp	12 q
SNDKSandisk Corporation	0.01%	380,212	$18M	new	+0.01 pp	new
SLBSLB Limited	0.01%	420,870	$18M	trimmed−0%	0.00 pp	22 q
SNPSSynopsys Inc	0.01%	41,400	$18M	new	+0.01 pp	new
TTWOTake-Two Interactive Software Inc	0.01%	63,859	$13M	added×3.6	+0.01 pp	2 q
TTDThe Trade Desk, Inc.	0.01%	209,000	$11M	trimmed−2%	−0.01 pp	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	12,815	$7M	trimmed−1%	0.00 pp	20 q
UUnity Software Inc.	0.01%	658,894	$13M	trimmed−0%	0.00 pp	19 q
VLOValero Energy Corporation	0.01%	54,390	$7M	trimmed−49%	0.00 pp	18 q
WMTWalmart Inc.	0.01%	95,250	$8M	added+42%	+0.01 pp	2 q
WELLWelltower Inc.	0.01%	39,500	$6M	new	+0.01 pp	new
TROXTronox Limited Cl A	0.01%	1,455,500	$10M	added+8%	0.00 pp	7 q
SSYSStratasys Inc (ISRAEL)	0.01%	877,155	$9M	trimmed−40%	0.00 pp	22 q
ARAYAccuray Incorporated	0.00%	161,200	$288,548	trimmed−1%	0.00 pp	22 q
ALGTAllegiant Travel Company	0.00%	40,050	$2M	trimmed−3%	0.00 pp	22 q
ANETArista Networks	0.00%	16,800	$1M	held	—	22 q
ARRYArray Technologies, Inc.	0.00%	911,600	$4M	held	—	12 q
BOOTBoot Barn Holdings, Inc.	0.00%	53,300	$6M	trimmed−12%	−0.01 pp	22 q
LUCKLucky Strike Entertainment Corporation	0.00%	326,900	$3M	held	—	7 q
EATBrinker International, Inc.	0.00%	28,200	$4M	trimmed−19%	0.00 pp	16 q
CBOECboe Global Markets, Inc.	0.00%	8,700	$2M	trimmed−7%	0.00 pp	22 q
CERSCerus Corp	0.00%	1,519,200	$2M	trimmed−2%	0.00 pp	22 q
ENOVEnovis Corporation	0.00%	11,967	$457,259	held	—	12 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.00%	41,000	$214,020	held	—	22 q
CSGPCoStar Group Inc	0.00%	56,500	$4M	new	0.00 pp	new
DECKDeckers Outdoor Corp	0.00%	5,414	$605,340	trimmed−83%	0.00 pp	10 q
DUOLDuolingo, Inc. Class A	0.00%	5,350	$2M	held	—	9 q
EPREPR Properties	0.00%	106,900	$6M	trimmed−14%	0.00 pp	20 q
ESABESAB Corporation	0.00%	4,067	$473,806	held	—	12 q
ETSYEtsy, Inc.	0.00%	32,000	$2M	held	—	7 q
FGENKyntra Bio, Inc.	0.00%	3,740,820	$1M	trimmed−19%	0.00 pp	22 q
LABStandard BioTools Inc.	0.00%	632,074	$682,640	trimmed−2%	0.00 pp	22 q
ULCCFrontier Group Holdings, Inc.	0.00%	434,300	$2M	added+13%	0.00 pp	16 q
LKFTLakefront Biotherapeutics	0.00%	147,210	$4M	trimmed−77%	−0.01 pp	9 q
ROCKGibraltar Industries, Inc.	0.00%	102,300	$6M	held	—	22 q
GMEDGlobus Medical Inc	0.00%	38,525	$3M	trimmed−7%	0.00 pp	7 q
GEF.BGreif, Inc. Class B	0.00%	23,000	$1M	trimmed−4%	0.00 pp	22 q
GRWGGrow Generation Corp	0.00%	458,300	$494,964	trimmed−51%	0.00 pp	13 q
GHGuardant Health, Inc.	0.00%	43,686	$2M	held	—	19 q
HTZHertz Global Holdings, Inc	0.00%	137,400	$541,356	held	—	13 q
HUMHumana Inc.	0.00%	19,326	$5M	trimmed−0%	0.00 pp	16 q
IBTAIbotta, Inc.	0.00%	124,675	$5M	trimmed−2%	−0.01 pp	4 q
NGVTIngevity Corporation	0.00%	69,000	$3M	held	—	22 q
IEIvanhoe Electric Inc.	0.00%	477,400	$3M	added+22%	0.00 pp	7 q
JAMFJamf Holding Corp.	0.00%	31,000	$376,650	trimmed−35%	0.00 pp	16 q
JELDJELD-WEN Holding, Inc.	0.00%	322,300	$2M	added+3%	0.00 pp	17 q
LPLALPL Financial Holdings Inc.	0.00%	16,000	$5M	held	—	21 q
unresolvedLeslies Inc	0.00%	1,311,130	$964,336	added+4%	0.00 pp	14 q
MQMarqeta, Inc. Class A	0.00%	309,100	$1M	trimmed−31%	0.00 pp	15 q
MATXMatsons, Inc.	0.00%	19,250	$2M	trimmed−49%	0.00 pp	22 q
MRKMerck & Co., Inc.	0.00%	57,500	$5M	trimmed−5%	0.00 pp	22 q
NNBRNN Inc	0.00%	299,200	$676,192	held	—	22 q
NKTRNektar Therapeutics	0.00%	5,354,586	$4M	trimmed−3%	0.00 pp	22 q
NICENICE Ltd	0.00%	2,250	$346,883	held	—	4 q
LASRnLIGHT, Inc.	0.00%	253,179	$2M	trimmed−3%	0.00 pp	22 q
NRIXNurix Therapeutics, Inc.	0.00%	232,000	$3M	held	—	5 q
ODFLOld Dominion Freight Line	0.00%	23,000	$4M	trimmed−47%	−0.01 pp	22 q
OSOneStream, Inc. Class A	0.00%	145,100	$3M	added0%	0.00 pp	3 q
OSUROraSure Technologies Inc	0.00%	328,500	$1M	trimmed−2%	0.00 pp	22 q
RXORXO, Inc.	0.00%	269,030	$5M	trimmed−11%	−0.01 pp	10 q
RMBSRambus Inc	0.00%	72,900	$4M	trimmed−12%	0.00 pp	22 q
RGENRepligen Corp	0.00%	30,858	$4M	held	—	16 q
RIVNRivian Automotive, Inc. Class A	0.00%	263,940	$3M	held	—	14 q
SVVSavers Value Village, Inc.	0.00%	473,525	$3M	added0%	0.00 pp	3 q
SSTKShutterstock, Inc.	0.00%	20,359	$379,288	trimmed−61%	0.00 pp	8 q
SNAPSnap Inc.	0.00%	18,750	$163,313	trimmed−40%	0.00 pp	20 q
SNCYSun Country Airlines Holdings, Inc.	0.00%	82,815	$1M	trimmed−0%	0.00 pp	17 q
TXG10x Genomics, Inc. Class A	0.00%	30,000	$261,900	trimmed−76%	0.00 pp	7 q
VVVValvoline Inc.	0.00%	27,130	$944,395	new	0.00 pp	new
VSXYVictorias Secret & Co.	0.00%	116,933	$2M	held	—	15 q
ZIMVZimVie Inc.	0.00%	34,840	$376,272	trimmed−0%	0.00 pp	13 q
ZNTLZentalis Pharmaceuticals, Inc.	0.00%	1,264,620	$2M	trimmed−17%	0.00 pp	20 q
AMBAAmbarella, Inc.	0.00%	25,300	$1M	trimmed−2%	0.00 pp	19 q
MURAMural Oncology PLC	0.00%	137,803	$173,633	trimmed−1%	0.00 pp	6 q
ALTRAltair Engineering Inc. Class A	—	−238,363	—	exited	−0.02 pp	—
LVSLas Vegas Sands Corp.	—	−224,100	—	exited	−0.01 pp	—
DGDollar General Corp.	—	−32,350	—	exited	0.00 pp	—
IRBTiRobot Corporation	—	−303,900	—	exited	0.00 pp	—
LICYQLi-cycle Holdings Corp	—	−140,725	—	exited	0.00 pp	—
RBLXRoblox Corporation	—	−50,300	—	exited	0.00 pp	—