PRIMECAP

Q2 2025 13F · by Joel Fried, portfolio manager

As of: Jun 30, 2025
Filed: Aug 11, 2025
US stock: $126.2B · prev $121.0B
Positions: 333 · prev 335
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%

Moves325 since the prior filing

+5.6 pp in · −5.7 pp out

New 11 +0.20 pp
Added 124 +5.39 pp
Trimmed 177 −5.51 pp
Exited 13 −0.15 pp

The book

Diversified · behaves like 55 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 17% a year, about 5.8 years per position

Low
Moderate
High

Top 5 positions20% of US stock

LLY Eli Lilly & Co. trimmed−2.58 pp trimmed−2.587.5%
MSFT Microsoft Corp added+0.77 pp added+0.773.6%
KLAC KLA Corporation trimmed+0.44 pp trimmed+0.443.2%
MU Micron Technology, Inc. trimmed+0.39 pp trimmed+0.393.1%
BSX Boston Scientific Corp. trimmed−0.09 pp trimmed−0.093.0%

Positions333 in this filing · 13 exited


LLYEli Lilly & Co.	7.51%	12,154,908	$9.5B	trimmed−18%	−2.58 pp	23 q
MSFTMicrosoft Corp	3.59%	9,115,265	$4.5B	added0%	+0.77 pp	23 q
KLACKLA Corporation	3.18%	4,480,277	$4.0B	trimmed−8%	+0.44 pp	23 q
MUMicron Technology, Inc.	3.07%	31,465,876	$3.9B	trimmed−16%	+0.39 pp	23 q
BSXBoston Scientific Corp.	2.95%	34,662,722	$3.7B	trimmed−5%	−0.09 pp	23 q
NVDANvidia Corp	2.54%	20,322,650	$3.2B	trimmed−1%	+0.70 pp	23 q
AMGNAmgen Inc	2.35%	10,631,709	$3.0B	trimmed−14%	−0.84 pp	23 q
GOOGLAlphabet Inc. Class A	2.34%	16,748,294	$3.0B	added+2%	+0.24 pp	23 q
AZNNAstrazeneca Plc-spons ADR	2.28%	41,200,091	$2.9B	added+1%	−0.19 pp	23 q
TXNTexas Instruments Incorporated	2.03%	12,334,019	$2.6B	trimmed−12%	−0.05 pp	23 q
ORCLOracle Corp	1.94%	11,182,800	$2.4B	added+4%	+0.69 pp	23 q
BABAAlibaba Group Holding Limited	1.87%	20,764,276	$2.4B	added+1%	−0.38 pp	23 q
FDXFedEx Corporation	1.82%	10,091,340	$2.3B	trimmed−15%	−0.58 pp	23 q
TSLATesla, Inc.	1.74%	6,917,165	$2.2B	trimmed−2%	+0.22 pp	23 q
BIIBBiogen Inc.	1.57%	15,802,122	$2.0B	trimmed−1%	−0.23 pp	23 q
SONYSony Group Corporation	1.46%	70,741,440	$1.8B	trimmed−25%	−0.51 pp	23 q
INTCIntel Corp	1.43%	80,298,180	$1.8B	added+4%	−0.02 pp	23 q
SCHWThe Charles Schwab Corporation	1.38%	19,034,806	$1.7B	added+36%	+0.47 pp	23 q
FLEXFlex Ltd.	1.33%	33,603,616	$1.7B	trimmed−7%	+0.34 pp	23 q
AMZNAmazon.Com Inc	1.31%	7,540,338	$1.7B	added+37%	+0.44 pp	23 q
ADBEAdobe Inc.	1.27%	4,157,536	$1.6B	trimmed−23%	−0.45 pp	23 q
LUVSouthwest Airlines Co.	1.26%	48,844,143	$1.6B	trimmed−2%	−0.12 pp	23 q
RJFRaymond James Financial, Inc.	1.22%	10,013,852	$1.5B	added+3%	+0.10 pp	23 q
VVISA Inc.	1.20%	4,247,543	$1.5B	added+10%	+0.08 pp	23 q
GOOGAlphabet Inc. Class C	1.19%	8,476,357	$1.5B	trimmed−22%	−0.22 pp	23 q
UALUnited Airlines Holdings, Inc.	1.19%	18,834,710	$1.5B	trimmed−14%	−0.05 pp	23 q
JPMJPMorgan Chase & Co.	1.16%	5,045,127	$1.5B	trimmed−0%	+0.14 pp	23 q
WFCWells Fargo & Co.	1.15%	18,177,960	$1.5B	trimmed−17%	−0.15 pp	23 q
TJXTJX Companies, Inc. (The)	1.13%	11,536,892	$1.4B	trimmed−1%	−0.05 pp	23 q
ROSTRoss Stores Inc	1.04%	10,268,700	$1.3B	added+1%	−0.04 pp	23 q
NVSNovartis AG	1.00%	10,401,434	$1.3B	added0%	+0.04 pp	23 q
ONCBeOne Medicines Ltd.	0.98%	5,088,279	$1.2B	added+1%	−0.16 pp	23 q
NTAPNetApp, Inc	0.94%	11,166,845	$1.2B	trimmed−3%	+0.10 pp	23 q
ACMAecom	0.86%	9,563,252	$1.1B	trimmed−6%	+0.08 pp	23 q
BMYBristol-Myers Squibb Co.	0.84%	22,944,650	$1.1B	trimmed−0%	−0.32 pp	23 q
GSKGSK plc	0.84%	27,726,780	$1.1B	added+8%	+0.02 pp	12 q
HESHess Corporation	0.84%	7,652,265	$1.1B	added+7%	−0.10 pp	23 q
BIDUBaidu, Inc.	0.82%	12,116,750	$1.0B	added+1%	−0.09 pp	23 q
INTUIntuit Inc	0.82%	1,307,737	$1.0B	trimmed−6%	+0.12 pp	23 q
DALDelta Air Lines, Inc.	0.79%	20,193,832	$993M	trimmed−6%	+0.02 pp	23 q
RCLRoyal Caribbean Group	0.79%	3,175,668	$994M	trimmed−11%	+0.19 pp	23 q
NTRSNorthern Trust Corp	0.78%	7,793,757	$988M	added+19%	+0.25 pp	23 q
TMOThermo Fisher Scientific, Inc.	0.77%	2,406,192	$976M	added+4%	−0.18 pp	23 q
BMRNBioMarin Pharmaceuticals Inc	0.69%	15,772,173	$867M	trimmed−11%	−0.35 pp	23 q
TDGTransDigm Group Incorporated	0.67%	557,923	$848M	added+9%	+0.08 pp	23 q
ADIAnalog Devices, Inc.	0.65%	3,446,280	$820M	trimmed−1%	+0.07 pp	23 q
DISThe Walt Disney Company	0.62%	6,345,497	$787M	added+2%	+0.11 pp	23 q
METAMeta Platforms, Inc. Class A	0.60%	1,017,530	$751M	added+12%	+0.17 pp	23 q
ELANElanco Animal Health Incorporated	0.59%	51,766,814	$739M	added+3%	+0.15 pp	23 q
JBLJabil Inc.	0.59%	3,410,410	$744M	added+1%	+0.21 pp	23 q
COPConocoPhillips	0.56%	7,883,455	$707M	added+66%	+0.15 pp	6 q
MATMattel, Inc.	0.52%	33,218,261	$655M	trimmed−6%	−0.04 pp	23 q
JJacobs Solutions Inc.	0.49%	4,749,829	$624M	added+2%	+0.02 pp	12 q
AALAmerican Airlines Group Inc.	0.48%	53,472,382	$600M	trimmed−12%	−0.05 pp	23 q
CMECME Group Inc.	0.43%	1,988,495	$548M	added+9%	+0.03 pp	23 q
QCOMQualcomm Inc	0.43%	3,383,567	$539M	trimmed−10%	−0.05 pp	23 q
CATCaterpillar Inc.	0.42%	1,370,898	$532M	trimmed−1%	+0.04 pp	23 q
HPEHewlett Packard Enterprise Company	0.39%	23,804,787	$487M	trimmed−15%	+0.03 pp	23 q
PYPLPayPal Holdings, Inc.	0.39%	6,542,450	$486M	added+10%	+0.07 pp	23 q
FLUTFlutter Entertainment plc	0.39%	1,717,089	$491M	added+80%	+0.22 pp	2 q
XOMExxon Mobil Corp	0.37%	4,365,796	$471M	trimmed−30%	−0.24 pp	5 q
WHRWhirlpool Corp.	0.37%	4,595,012	$466M	trimmed−1%	+0.03 pp	23 q
HPQHP Inc.	0.36%	18,644,020	$456M	trimmed−14%	−0.13 pp	23 q
AAPLApple Inc.	0.34%	2,089,680	$429M	trimmed−6%	−0.07 pp	23 q
BNTXBioNTech SE	0.34%	4,001,466	$426M	trimmed−1%	+0.04 pp	23 q
MRSHMarsh	0.34%	1,962,826	$429M	trimmed−27%	−0.20 pp	23 q
ZBHZimmer Biomet Holdings, Inc.	0.34%	4,710,830	$430M	added+1%	−0.10 pp	23 q
NXTNextpower Inc.	0.33%	7,675,821	$417M	added+1%	+0.07 pp	10 q
DLTRDollar Tree Inc.	0.31%	3,925,510	$389M	added0%	+0.07 pp	21 q
CSCOCisco Systems, Inc. (DE)	0.30%	5,499,360	$382M	trimmed−0%	+0.02 pp	23 q
PGRProgressive Corporation	0.28%	1,339,480	$357M	added+2%	−0.03 pp	23 q
OLEDUniversal Display Corp	0.27%	2,215,308	$342M	added+21%	+0.06 pp	23 q
ASMLASML Holding NV	0.27%	422,609	$339M	trimmed−20%	−0.02 pp	21 q
CWCurtiss-Wright Corp.	0.26%	683,840	$334M	trimmed−8%	+0.07 pp	23 q
AMATApplied Materials Inc	0.25%	1,750,026	$320M	trimmed−29%	−0.04 pp	23 q
KMXCarMax Inc.	0.25%	4,737,911	$318M	trimmed−1%	−0.06 pp	23 q
TXTTextron, Inc.	0.25%	3,988,340	$320M	trimmed−15%	−0.03 pp	23 q
TRMBTrimble Inc.	0.25%	4,232,541	$322M	trimmed−2%	+0.02 pp	23 q
EOGEOG Resources, Inc.	0.24%	2,522,462	$302M	trimmed−1%	−0.03 pp	23 q
MKTXMarketAxess Holdings Inc.	0.24%	1,339,292	$299M	trimmed−2%	0.00 pp	23 q
RYTMRhythm Pharmaceuticals, Inc.	0.24%	4,878,037	$308M	trimmed−16%	−0.01 pp	23 q
AMTMAmentum Holdings, Inc.	0.23%	12,030,656	$284M	added+20%	+0.08 pp	4 q
MAMastercard Incorporated	0.23%	527,341	$296M	added+26%	+0.04 pp	23 q
SYYSysco Corporation	0.23%	3,777,119	$286M	trimmed−8%	−0.03 pp	18 q
TERTeradyne, Inc.	0.22%	3,047,558	$274M	added+59%	+0.09 pp	23 q
USFDUS Foods Holding Corp.	0.22%	3,580,710	$276M	added+84%	+0.11 pp	5 q
GLWCorning Incorporated	0.21%	4,984,372	$262M	trimmed−40%	−0.10 pp	23 q
EWEdwards Lifesciences Corp	0.21%	3,446,891	$270M	added+50%	+0.07 pp	23 q
NFLXNetFlix Inc	0.21%	197,240	$264M	added+33%	+0.10 pp	13 q
NSCNorfolk Southern Corp.	0.21%	1,050,083	$269M	added+49%	+0.07 pp	23 q
ENTGEntegris Inc	0.20%	3,065,170	$247M	added+12%	0.00 pp	23 q
UNPUnion Pacific Corp.	0.20%	1,100,366	$253M	trimmed−26%	−0.09 pp	23 q
XPEVXPeng Inc.	0.20%	14,423,077	$258M	added0%	−0.05 pp	20 q
CCitigroup Inc.	0.19%	2,786,955	$237M	trimmed−3%	+0.02 pp	23 q
DHRDanaher Corporation	0.19%	1,239,320	$245M	added×10.2	+0.17 pp	17 q
MRVLMarvell Technology, Inc.	0.19%	3,163,835	$245M	added+46%	+0.08 pp	10 q
LINLinde plc	0.19%	523,920	$246M	added+85%	+0.08 pp	10 q
AVGOBroadcom Inc.	0.18%	823,998	$227M	trimmed−13%	+0.05 pp	7 q
ERICEricsson	0.18%	26,493,699	$225M	trimmed−42%	−0.11 pp	23 q
OTISOtis Worldwide Corporation	0.18%	2,314,361	$229M	added+28%	+0.03 pp	21 q
PFGCPerformance Food Group Company	0.18%	2,571,507	$225M	added+22%	+0.04 pp	7 q
UPSUnited Parcel Service, Inc. Class B	0.18%	2,297,531	$232M	trimmed−0%	−0.03 pp	23 q
ADSKAutodesk Inc	0.17%	680,960	$211M	added+3%	+0.03 pp	23 q
MDBMongoDB, Inc. Class A	0.17%	1,045,719	$220M	added+20%	+0.04 pp	20 q
NTNXNutanix, Inc. Class A	0.17%	2,861,613	$219M	trimmed−14%	−0.02 pp	23 q
TWTradeweb Markets Inc. Class A	0.17%	1,503,312	$220M	trimmed−2%	−0.02 pp	23 q
XMTRXometry, Inc. Class A	0.17%	6,252,867	$211M	trimmed−1%	+0.04 pp	17 q
LIVNLivaNova PLC	0.17%	4,641,352	$209M	added+1%	+0.02 pp	23 q
ALBAlbemarle Corporation	0.16%	3,305,839	$207M	trimmed−1%	−0.04 pp	23 q
CVSCvs Health Corporation	0.16%	2,929,400	$202M	added0%	0.00 pp	23 q
PANWPalo Alto Networks, Inc.	0.16%	1,005,840	$206M	added+2%	+0.02 pp	23 q
SYKStryker Corporation	0.16%	504,762	$200M	added+16%	+0.03 pp	23 q
SPOTSpotify Technology S.A.	0.16%	256,866	$197M	trimmed−0%	+0.04 pp	3 q
CARRCarrier Global Corporation	0.15%	2,664,015	$195M	added+22%	+0.04 pp	21 q
GKOSGlaukos Corporation	0.15%	1,827,998	$189M	added+50%	+0.05 pp	23 q
ILMNIllumina Inc	0.15%	1,958,499	$187M	trimmed−17%	−0.01 pp	23 q
AAgilent Technologies Inc.	0.14%	1,531,156	$181M	trimmed−0%	−0.01 pp	23 q
ALKAlaska Air Group, Inc.	0.14%	3,634,420	$180M	trimmed−4%	−0.01 pp	23 q
CCLCarnival Corporation Ltd.	0.13%	5,834,987	$164M	trimmed−1%	+0.03 pp	23 q
OKTAOkta, Inc. Class A	0.13%	1,586,578	$159M	added+21%	+0.02 pp	22 q
PMPhilip Morris International Inc.	0.13%	915,300	$167M	added×7.0	+0.11 pp	23 q
CRMSalesforce, Inc.	0.13%	603,050	$164M	added+19%	+0.02 pp	23 q
CMAComerica Incorporated	0.12%	2,593,800	$155M	added+55%	+0.04 pp	4 q
DSGXDescartes Systems Group Inc	0.12%	1,490,153	$151M	trimmed−17%	−0.03 pp	23 q
DDDuPont de Nemours, Inc.	0.12%	2,210,569	$152M	trimmed−14%	−0.04 pp	23 q
EBAYeBay Inc	0.12%	2,082,900	$155M	trimmed−2%	0.00 pp	23 q
GDGeneral Dynamics Corporation	0.12%	534,680	$156M	trimmed−11%	−0.02 pp	23 q
AMEAmetek, Inc.	0.11%	778,754	$141M	added×2.2	+0.06 pp	22 q
APPApplovin Corporation Class A	0.11%	407,525	$143M	added+3%	+0.02 pp	3 q
BURLBurlington Stores, Inc.	0.11%	602,860	$140M	added+13%	+0.01 pp	23 q
STXSeagate Technology Holdings PLC (Ireland)	0.11%	983,207	$142M	added+18%	+0.05 pp	11 q
BACBank of America Corporation	0.10%	2,686,532	$127M	trimmed−73%	−0.24 pp	23 q
BAHBooz Allen Hamilton Holding Corporation	0.10%	1,267,058	$132M	added×21.1	+0.09 pp	2 q
DOWDow Inc.	0.10%	4,725,656	$125M	added×3.7	+0.06 pp	23 q
GSGoldman Sachs Group Inc.	0.10%	185,540	$131M	held	—	19 q
NKENike, Inc.	0.10%	1,776,130	$126M	added+1%	+0.01 pp	2 q
RVTYRevvity, Inc.	0.10%	1,359,641	$132M	added+19%	0.00 pp	23 q
ROKRockwell Automation, Inc.	0.10%	386,032	$128M	added+51%	+0.05 pp	23 q
TMUST-Mobile US, Inc.	0.10%	545,949	$130M	added+1%	−0.02 pp	23 q
ABTAbbott Laboratories	0.09%	875,490	$119M	trimmed−1%	−0.01 pp	23 q
COFCapital One Financial	0.09%	545,321	$116M	new	+0.09 pp	new
FCXFreeport-McMoran Inc.	0.09%	2,591,770	$112M	added+1%	+0.01 pp	19 q
IMCRImmunocore Holdings plc	0.09%	3,771,474	$118M	added+41%	+0.02 pp	6 q
LYVLive Nation Entertainment Inc.	0.09%	788,330	$119M	added+4%	+0.01 pp	20 q
ALCAlcon Inc.	0.09%	1,355,486	$120M	added+76%	+0.03 pp	23 q
CTVACorteva, Inc.	0.08%	1,293,646	$96M	trimmed−1%	+0.01 pp	23 q
GRALGRAIL, Inc.	0.08%	2,054,286	$106M	added0%	+0.04 pp	5 q
INDIindie Semiconductor, Inc. Class A	0.08%	29,160,176	$104M	added+2%	+0.03 pp	16 q
KEYSKeysight Technologies, Inc.	0.08%	637,815	$105M	trimmed−5%	0.00 pp	23 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.08%	336,782	$105M	added×26.3	+0.07 pp	21 q
BJBJs Wholesale Club Holdings, Inc.	0.07%	859,949	$93M	added+3%	−0.01 pp	23 q
CCJCameco Corporation	0.07%	1,129,870	$84M	trimmed−11%	+0.03 pp	23 q
JBHTJB Hunt Transport Services Inc	0.07%	640,810	$92M	held	—	12 q
IEXIDEX Corporation	0.07%	493,451	$87M	added+80%	+0.03 pp	23 q
IQVIQVIA Holdings Inc.	0.07%	543,571	$86M	added+83%	+0.03 pp	22 q
MSMorgan Stanley	0.07%	635,781	$90M	trimmed−45%	−0.04 pp	19 q
PINSPinterest, Inc. Class A	0.07%	2,603,400	$93M	trimmed−33%	−0.03 pp	23 q
UBERUber Technologies, Inc.	0.07%	1,006,750	$94M	trimmed−25%	−0.01 pp	21 q
XNCRXencor, Inc.	0.07%	10,527,322	$83M	added+8%	−0.02 pp	23 q
ZMZoom Communications, Inc. Class A	0.07%	1,182,450	$92M	trimmed−2%	0.00 pp	22 q
ALKSAlkermes Inc. plc	0.07%	2,902,510	$83M	trimmed−3%	−0.01 pp	23 q
CPRICapri Holdings Limited	0.07%	5,215,404	$92M	added+1%	−0.01 pp	23 q
BNYBank of New York Mellon Corporation	0.06%	805,230	$73M	added+14%	+0.01 pp	10 q
BABoeing Company	0.06%	376,420	$79M	held	—	7 q
CSXCSX Corporation	0.06%	2,202,000	$72M	trimmed−2%	+0.01 pp	23 q
FISFidelity National Information Services, Inc.	0.06%	877,906	$71M	added+3%	+0.01 pp	18 q
FORMFormFactor Inc.	0.06%	2,321,324	$80M	trimmed−17%	−0.01 pp	23 q
LYFTLyft, Inc. Class A	0.06%	4,674,220	$74M	trimmed−25%	0.00 pp	23 q
MARMarriott International Class A	0.06%	279,020	$76M	trimmed−3%	0.00 pp	23 q
MOG.AMoog Inc.	0.06%	447,660	$81M	added+26%	+0.01 pp	8 q
NWLNewell Brands Inc.	0.06%	14,972,100	$81M	added+3%	−0.01 pp	23 q
OSISOSI Systems Inc	0.06%	321,420	$72M	trimmed−4%	+0.01 pp	23 q
XPOXPO, Inc.	0.06%	552,484	$70M	added+2%	+0.01 pp	18 q
ARLOArlo Technologies, Inc.	0.05%	3,654,291	$62M	trimmed−13%	+0.02 pp	23 q
ACLSAxcelis Technologies Inc	0.05%	852,296	$59M	added+2%	+0.02 pp	23 q
BRBRBellRing Brands, Inc.	0.05%	1,145,218	$66M	added+89%	+0.01 pp	4 q
CVNACarvana Co.	0.05%	191,125	$64M	trimmed−4%	+0.02 pp	3 q
CHTRCharter Comm Inc Del CL A New	0.05%	143,490	$59M	trimmed−39%	−0.02 pp	23 q
EAElectronic Arts Inc	0.05%	378,240	$60M	trimmed−16%	0.00 pp	23 q
EVREvercore Inc.	0.05%	230,720	$62M	trimmed−8%	+0.01 pp	15 q
PODDInsulet Corporation	0.05%	188,721	$59M	trimmed−56%	−0.04 pp	23 q
NBIXNeurocrine Biosciences Inc	0.05%	524,040	$66M	added+37%	+0.02 pp	11 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.05%	488,600	$64M	added+4%	0.00 pp	16 q
RYAAYRyanair Holdings plc	0.05%	1,006,672	$58M	trimmed−4%	+0.01 pp	23 q
WELLWelltower Inc.	0.05%	386,509	$59M	added×9.8	+0.04 pp	2 q
WDCWestern Digital Corp.	0.05%	1,072,090	$69M	trimmed−4%	+0.01 pp	23 q
AURAurora Innovation, Inc. Class A	0.04%	9,834,060	$52M	trimmed−3%	−0.02 pp	15 q
CTRACoterra Energy Inc.	0.04%	1,989,550	$50M	trimmed−2%	−0.01 pp	23 q
EXEExpand Energy Corporation	0.04%	459,791	$54M	trimmed−17%	−0.01 pp	3 q
CIENCiena Corporation	0.04%	554,500	$45M	added+16%	+0.02 pp	21 q
CRWDCrowdStrike Holdings, Inc. Class A	0.04%	107,716	$55M	trimmed−15%	0.00 pp	23 q
DELLDell Technologies Inc.	0.04%	391,000	$48M	trimmed−3%	+0.01 pp	23 q
ELFe.l.f. Beauty, Inc.	0.04%	450,000	$56M	added+14%	+0.02 pp	4 q
GEGE Aerospace	0.04%	187,700	$48M	new	+0.04 pp	new
RTXRTX Corporation	0.04%	384,432	$56M	trimmed−0%	0.00 pp	23 q
SNYSanofi	0.04%	1,135,528	$55M	added+3%	−0.01 pp	23 q
GTMZoomInfo Technologies Inc	0.04%	5,001,871	$51M	added+7%	0.00 pp	21 q
FTITechnipFMC plc	0.04%	1,443,370	$50M	trimmed−16%	0.00 pp	23 q
VIKViking Holdings Ltd	0.04%	934,073	$50M	added+22%	+0.01 pp	2 q
ARMArm Holdings plc	0.03%	235,590	$38M	trimmed−14%	+0.01 pp	8 q
CRLCharles River Laboratories International, Inc.	0.03%	270,600	$41M	trimmed−1%	0.00 pp	23 q
GTLSChart Inds Inc	0.03%	194,475	$32M	added+7%	+0.01 pp	5 q
DEDeere & Company	0.03%	85,510	$43M	held	—	23 q
DOCUDocuSign, Inc.	0.03%	453,970	$35M	trimmed−1%	0.00 pp	6 q
DASHDoorDash, Inc. Class A	0.03%	128,560	$32M	trimmed−0%	+0.01 pp	19 q
FMCFMC Corporation	0.03%	1,040,843	$43M	added×4.5	+0.02 pp	2 q
FICOFair Isaac Corporation	0.03%	18,600	$34M	new	+0.03 pp	new
GFLGFL Environmental Inc. Subordinate Voting Shares	0.03%	667,800	$34M	trimmed−36%	−0.01 pp	11 q
GTLBGitLab Inc. Class A	0.03%	804,540	$36M	trimmed−7%	0.00 pp	15 q
MBLYMobileye Global Inc. Class A	0.03%	2,233,200	$40M	added+14%	+0.01 pp	11 q
NFENew Fortress Energy Inc. Class A	0.03%	13,132,578	$44M	added+1%	−0.06 pp	20 q
SNPSSynopsys Inc	0.03%	65,800	$34M	added+59%	+0.02 pp	2 q
VSXYVictorias Secret & Co.	0.03%	1,972,333	$37M	added×16.9	+0.03 pp	16 q
WEXWEX Inc.	0.03%	241,660	$35M	trimmed−20%	−0.01 pp	18 q
MDTMedtronic plc	0.03%	448,990	$39M	trimmed−33%	−0.02 pp	23 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.03%	1,716,705	$35M	trimmed−1%	0.00 pp	23 q
NVTnVent Electric plc	0.03%	600,000	$44M	trimmed−30%	−0.01 pp	23 q
RIGTransocean LTD.	0.03%	13,112,822	$34M	trimmed−76%	−0.11 pp	23 q
AMDAdvanced Micro Devices	0.02%	220,700	$31M	new	+0.02 pp	new
MOAltria Group, Inc.	0.02%	370,900	$22M	trimmed−2%	0.00 pp	23 q
BBIOBridgeBio Pharma, Inc.	0.02%	588,710	$25M	trimmed−36%	−0.01 pp	18 q
CASYCasey's General Stores Inc	0.02%	58,900	$30M	trimmed−28%	−0.01 pp	5 q
EXKExact Sciences Corp	0.02%	378,400	$20M	trimmed−21%	0.00 pp	23 q
GFFGriffon Corp	0.02%	283,589	$21M	added+3%	0.00 pp	9 q
HUMHumana Inc.	0.02%	100,650	$25M	added×5.2	+0.02 pp	17 q
IMAXImax Corp	0.02%	751,602	$21M	added+1%	0.00 pp	23 q
IMNMImmunome, Inc.	0.02%	3,020,210	$28M	trimmed−12%	0.00 pp	6 q
KEYKeyCorp	0.02%	1,699,430	$30M	held	—	8 q
KEXKirby Corporation	0.02%	241,853	$27M	trimmed−9%	0.00 pp	19 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.02%	648,877	$29M	added×3.6	+0.01 pp	11 q
PSNParsons Corporation	0.02%	357,100	$26M	added+7%	0.00 pp	2 q
PRMPerimeter Solutions, Inc.	0.02%	2,097,551	$29M	added+9%	0.00 pp	3 q
TTWOTake-Two Interactive Software Inc	0.02%	98,859	$24M	added+55%	+0.01 pp	3 q
TPRTapestry, Inc.	0.02%	247,140	$22M	trimmed−31%	0.00 pp	7 q
TSNTyson Foods, Inc.	0.02%	418,500	$23M	trimmed−1%	0.00 pp	23 q
ULTAUlta Beauty, Inc.	0.02%	62,430	$29M	trimmed−2%	0.00 pp	23 q
VSECVSE Corp	0.02%	175,338	$23M	added+4%	0.00 pp	4 q
WSCWillScot Holdings Corporation Class A	0.02%	1,043,800	$29M	added+3%	0.00 pp	21 q
CRDOCredo Technology Group Holding Ltd	0.02%	290,000	$27M	trimmed−36%	0.00 pp	13 q
TROXTronox Limited Cl A	0.02%	4,252,502	$22M	added×2.9	+0.01 pp	8 q
CYBRCyberark Software LTD/ISRAEL	0.02%	50,856	$21M	trimmed−14%	0.00 pp	23 q
ALLOAllogene Therapeutics, Inc.	0.01%	5,719,140	$6M	added+16%	0.00 pp	19 q
OPTUOptimum Communications, Inc.	0.01%	4,869,860	$10M	held	—	22 q
AMHAmerican Homes 4 Rent	0.01%	277,770	$10M	trimmed−1%	0.00 pp	21 q
AXONAxon Enterprise, Inc.	0.01%	17,600	$15M	trimmed−45%	0.00 pp	23 q
BBWIBath & Body Works, Inc.	0.01%	427,600	$13M	trimmed−63%	−0.02 pp	23 q
BBBlackBerry Limited	0.01%	3,201,076	$15M	trimmed−30%	0.00 pp	23 q
BOOTBoot Barn Holdings, Inc.	0.01%	50,760	$8M	trimmed−5%	+0.01 pp	23 q
CMCSAComcast Corp	0.01%	211,300	$8M	trimmed−27%	0.00 pp	23 q
CSGPCoStar Group Inc	0.01%	88,000	$7M	added+56%	+0.01 pp	2 q
FLYWFlywire Corporation Voting	0.01%	1,537,240	$18M	trimmed−14%	0.00 pp	13 q
GXOGXO Logistics, Inc.	0.01%	150,700	$7M	trimmed−30%	0.00 pp	16 q
GLXYGalaxy Digital Inc. Class A	0.01%	290,700	$6M	new	+0.01 pp	new
ITGartner, Inc.	0.01%	40,500	$16M	trimmed−62%	−0.03 pp	7 q
HCATHealth Catalyst, Inc	0.01%	1,986,687	$7M	trimmed−1%	0.00 pp	21 q
HUBSHubspot, Inc.	0.01%	32,150	$18M	trimmed−29%	−0.01 pp	23 q
IEIvanhoe Electric Inc.	0.01%	1,574,884	$14M	added×3.3	+0.01 pp	8 q
JBLUJetBlue Airways Corp	0.01%	2,711,000	$11M	trimmed−12%	0.00 pp	23 q
SPHRSphere Entertainment Co.	0.01%	419,498	$18M	trimmed−1%	0.00 pp	9 q
MXLMaxLinear, Inc.	0.01%	1,188,798	$17M	trimmed−29%	−0.01 pp	23 q
MCDMcDonald's Corporation	0.01%	33,930	$10M	trimmed−3%	0.00 pp	23 q
MUSAMurphy USA Inc.	0.01%	19,926	$8M	added+40%	0.00 pp	2 q
NMIHNMI Holdings Inc.	0.01%	305,100	$13M	trimmed−13%	0.00 pp	23 q
NKTRNektar Therapeutics	0.01%	299,718	$8M	trimmed−16%	+0.01 pp	23 q
PCGPG&E Corporation	0.01%	600,200	$8M	new	+0.01 pp	new
PENPenumbra, Inc.	0.01%	27,420	$7M	trimmed−10%	0.00 pp	23 q
LUNGPulmonx Corporation	0.01%	5,164,681	$13M	trimmed−5%	−0.02 pp	19 q
RXORXO, Inc.	0.01%	603,076	$9M	added×2.2	+0.01 pp	11 q
RGENRepligen Corp	0.01%	138,278	$17M	added×4.5	+0.01 pp	17 q
RNGRingcentral, Inc.	0.01%	354,900	$10M	trimmed−1%	0.00 pp	22 q
SAIASaia, Inc.	0.01%	49,520	$14M	held	—	13 q
SNDKSandisk Corporation	0.01%	283,370	$13M	trimmed−25%	0.00 pp	2 q
SLBSLB Limited	0.01%	398,870	$13M	trimmed−5%	0.00 pp	23 q
TTDThe Trade Desk, Inc.	0.01%	254,925	$18M	added+22%	0.00 pp	10 q
UUnity Software Inc.	0.01%	516,814	$13M	trimmed−22%	0.00 pp	20 q
WMTWalmart Inc.	0.01%	131,450	$13M	added+38%	0.00 pp	3 q
WATWaters Corp	0.01%	49,047	$17M	trimmed−29%	−0.01 pp	19 q
WVEWave Life Sciences Ltd.	0.01%	2,465,850	$16M	trimmed−2%	−0.01 pp	23 q
ARAYAccuray Incorporated	0.00%	33,700	$46,169	trimmed−79%	0.00 pp	23 q
ALGTAllegiant Travel Company	0.00%	40,050	$2M	held	—	23 q
AM6Amicus Therapeutics Inc	0.00%	796,100	$5M	trimmed−13%	−0.01 pp	23 q
ANETArista Networks	0.00%	16,800	$2M	held	—	23 q
ARRYArray Technologies, Inc.	0.00%	911,600	$5M	held	—	13 q
LUCKLucky Strike Entertainment Corporation	0.00%	326,900	$3M	held	—	8 q
EATBrinker International, Inc.	0.00%	28,200	$5M	held	—	17 q
CBOECboe Global Markets, Inc.	0.00%	7,300	$2M	trimmed−16%	0.00 pp	23 q
CAVACAVA Group, Inc.	0.00%	26,300	$2M	new	0.00 pp	new
CERSCerus Corp	0.00%	1,315,400	$2M	trimmed−13%	0.00 pp	23 q
CRCLCircle Internet Group, Inc.	0.00%	2,700	$489,483	new	0.00 pp	new
KOCoca-Cola Company	0.00%	35,200	$2M	new	0.00 pp	new
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.00%	41,000	$194,750	held	—	23 q
DKSDick's Sporting Goods, Inc.	0.00%	18,450	$4M	new	0.00 pp	new
DUOLDuolingo, Inc. Class A	0.00%	3,650	$1M	trimmed−32%	0.00 pp	10 q
EPREPR Properties	0.00%	94,970	$6M	trimmed−11%	0.00 pp	21 q
KYNBKyntra Bio, Inc.	0.00%	89,696	$475,389	trimmed−40%	0.00 pp	23 q
LABStandard BioTools Inc.	0.00%	288,774	$346,529	trimmed−54%	0.00 pp	23 q
FTNTFortinet, Inc.	0.00%	7,000	$740,040	trimmed−90%	−0.01 pp	10 q
ULCCFrontier Group Holdings, Inc.	0.00%	854,900	$3M	added+97%	0.00 pp	17 q
LKFTLakefront Biotherapeutics	0.00%	143,310	$4M	trimmed−3%	0.00 pp	10 q
ROCKGibraltar Industries, Inc.	0.00%	95,600	$6M	trimmed−7%	0.00 pp	23 q
GMEDGlobus Medical Inc	0.00%	35,625	$2M	trimmed−8%	0.00 pp	8 q
GEF.BGreif, Inc. Class B	0.00%	23,000	$2M	held	—	23 q
GRWGGrow Generation Corp	0.00%	377,300	$352,813	trimmed−18%	0.00 pp	14 q
GHGuardant Health, Inc.	0.00%	65,990	$3M	added+51%	0.00 pp	20 q
IBTAIbotta, Inc.	0.00%	119,975	$4M	trimmed−4%	0.00 pp	5 q
NGVTIngevity Corporation	0.00%	69,000	$3M	held	—	23 q
JAMFJamf Holding Corp.	0.00%	18,000	$171,180	trimmed−42%	0.00 pp	17 q
JELDJELD-WEN Holding, Inc.	0.00%	18,700	$73,304	trimmed−94%	0.00 pp	18 q
LPLALPL Financial Holdings Inc.	0.00%	16,000	$6M	held	—	22 q
unresolvedLeslies Inc	0.00%	1,311,130	$550,543	held	—	15 q
MQMarqeta, Inc. Class A	0.00%	268,600	$2M	trimmed−13%	0.00 pp	16 q
MRKMerck & Co., Inc.	0.00%	51,900	$4M	trimmed−10%	0.00 pp	23 q
NICENICE Ltd	0.00%	1,250	$211,138	trimmed−44%	0.00 pp	5 q
LASRnLIGHT, Inc.	0.00%	246,139	$5M	trimmed−3%	0.00 pp	23 q
NRIXNurix Therapeutics, Inc.	0.00%	210,000	$2M	trimmed−9%	0.00 pp	6 q
OSOneStream, Inc. Class A	0.00%	105,900	$3M	trimmed−27%	0.00 pp	4 q
OSUROraSure Technologies Inc	0.00%	76,100	$228,300	trimmed−77%	0.00 pp	23 q
RMBSRambus Inc	0.00%	62,300	$4M	trimmed−15%	0.00 pp	23 q
QSRRestaurant Brands International Inc.	0.00%	68,240	$5M	trimmed−31%	−0.01 pp	23 q
RIVNRivian Automotive, Inc. Class A	0.00%	271,840	$4M	added+3%	0.00 pp	15 q
SVVSavers Value Village, Inc.	0.00%	473,525	$5M	held	—	4 q
SSTKShutterstock, Inc.	0.00%	20,359	$386,006	held	—	9 q
SNAPSnap Inc.	0.00%	18,750	$162,938	held	—	21 q
SNCYSun Country Airlines Holdings, Inc.	0.00%	82,015	$963,676	trimmed−1%	0.00 pp	18 q
VLOValero Energy Corporation	0.00%	36,500	$5M	trimmed−33%	−0.01 pp	19 q
VVVValvoline Inc.	0.00%	27,630	$1M	added+2%	0.00 pp	2 q
WOLFWolfspeed, Inc.	0.00%	6,075,113	$2M	trimmed−9%	−0.02 pp	15 q
ZIMVZimVie Inc.	0.00%	34,840	$325,755	held	—	14 q
ZNTLZentalis Pharmaceuticals, Inc.	0.00%	1,027,620	$1M	trimmed−19%	0.00 pp	21 q
AMBAAmbarella, Inc.	0.00%	21,900	$1M	trimmed−13%	0.00 pp	20 q
MURAMural Oncology PLC	0.00%	92,800	$229,216	trimmed−33%	0.00 pp	7 q
SNSharkNinja, Inc.	0.00%	35,600	$4M	new	0.00 pp	new
SSYSStratasys Inc (ISRAEL)	0.00%	265,800	$3M	trimmed−70%	−0.01 pp	23 q
DFSDiscover Financial Services	—	−574,953	—	exited	−0.08 pp	—
LHXL3Harris Technologies, Inc.	—	−248,000	—	exited	−0.04 pp	—
HONHoneywell International, Inc.	—	−122,350	—	exited	−0.02 pp	—
MGMMgm Resorts International	—	−550,370	—	exited	−0.01 pp	—
ENOVEnovis Corporation	—	−11,967	—	exited	0.00 pp	—
DECKDeckers Outdoor Corp	—	−5,414	—	exited	0.00 pp	—
ESABESAB Corporation	—	−4,067	—	exited	0.00 pp	—
ETSYEtsy, Inc.	—	−32,000	—	exited	0.00 pp	—
HTZHertz Global Holdings, Inc	—	−137,400	—	exited	0.00 pp	—
MATXMatsons, Inc.	—	−19,250	—	exited	0.00 pp	—
NNBRNN Inc	—	−299,200	—	exited	0.00 pp	—
ODFLOld Dominion Freight Line	—	−23,000	—	exited	0.00 pp	—
TXG10x Genomics, Inc. Class A	—	−30,000	—	exited	0.00 pp	—