PRIMECAP

Q3 2025 13F · by Joel Fried, portfolio manager

As of: Sep 30, 2025
Filed: Nov 10, 2025
US stock: $130.6B · prev $126.2B
Positions: 327 · prev 333
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%

Moves311 since the prior filing

+2.2 pp in · −2.1 pp out

New 6 +0.83 pp
Added 60 +1.40 pp
Trimmed 233 −1.13 pp
Exited 12 −0.92 pp

The book

Diversified · behaves like 57 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 10% a year, about 9.8 years per position

Low
Moderate
High

Top 5 positions19% of US stock

Positions327 in this filing · 12 exited


LLYEli Lilly & Co.	6.31%	10,795,338	$8.2B	trimmed−11%	−1.20 pp	24 q
MUMicron Technology, Inc.	3.80%	29,655,435	$5.0B	trimmed−6%	+0.73 pp	24 q
MSFTMicrosoft Corp	3.33%	8,389,305	$4.3B	trimmed−8%	−0.26 pp	24 q
GOOGLAlphabet Inc. Class A	2.94%	15,777,214	$3.8B	trimmed−6%	+0.60 pp	24 q
KLACKLA Corporation	2.92%	3,535,182	$3.8B	trimmed−21%	−0.26 pp	24 q
BABAAlibaba Group Holding Limited	2.74%	19,988,166	$3.6B	trimmed−4%	+0.87 pp	24 q
NVDANvidia Corp	2.68%	18,765,600	$3.5B	trimmed−8%	+0.14 pp	24 q
BSXBoston Scientific Corp.	2.48%	33,102,094	$3.2B	trimmed−5%	−0.47 pp	24 q
AZNNAstrazeneca Plc-spons ADR	2.34%	39,857,971	$3.1B	trimmed−3%	+0.06 pp	24 q
TSLATesla, Inc.	2.26%	6,622,130	$2.9B	trimmed−4%	+0.52 pp	24 q
AMGNAmgen Inc	2.10%	9,707,609	$2.7B	trimmed−9%	−0.25 pp	24 q
INTCIntel Corp	2.04%	79,405,510	$2.7B	trimmed−1%	+0.61 pp	24 q
AMZNAmazon.Com Inc	1.80%	10,713,238	$2.4B	added+42%	+0.49 pp	24 q
FDXFedEx Corporation	1.71%	9,442,250	$2.2B	trimmed−6%	−0.11 pp	24 q
ORCLOracle Corp	1.62%	7,536,326	$2.1B	trimmed−33%	−0.32 pp	24 q
BIIBBiogen Inc.	1.60%	14,954,697	$2.1B	trimmed−5%	+0.03 pp	24 q
TXNTexas Instruments Incorporated	1.58%	11,231,376	$2.1B	trimmed−9%	−0.45 pp	24 q
SCHWThe Charles Schwab Corporation	1.55%	21,209,187	$2.0B	added+11%	+0.17 pp	24 q
SONYSony Group Corporation	1.42%	64,442,090	$1.9B	trimmed−9%	−0.04 pp	24 q
ONCBeOne Medicines Ltd.	1.33%	5,080,461	$1.7B	trimmed−0%	+0.35 pp	24 q
UALUnited Airlines Holdings, Inc.	1.33%	18,002,960	$1.7B	trimmed−4%	+0.14 pp	24 q
FLEXFlex Ltd.	1.31%	29,610,278	$1.7B	trimmed−12%	−0.02 pp	24 q
RJFRaymond James Financial, Inc.	1.28%	9,646,282	$1.7B	trimmed−4%	+0.06 pp	24 q
BIDUBaidu, Inc.	1.22%	12,112,300	$1.6B	trimmed−0%	+0.40 pp	24 q
LUVSouthwest Airlines Co.	1.17%	47,996,113	$1.5B	trimmed−2%	−0.09 pp	24 q
TJXTJX Companies, Inc. (The)	1.17%	10,524,552	$1.5B	trimmed−9%	+0.04 pp	24 q
ROSTRoss Stores Inc	1.16%	9,954,910	$1.5B	trimmed−3%	+0.12 pp	24 q
GOOGAlphabet Inc. Class C	1.14%	6,126,946	$1.5B	trimmed−28%	−0.05 pp	24 q
VVISA Inc.	1.06%	4,064,781	$1.4B	trimmed−4%	−0.14 pp	24 q
ADBEAdobe Inc.	1.04%	3,857,505	$1.4B	trimmed−7%	−0.23 pp	24 q
WFCWells Fargo & Co.	0.96%	14,926,855	$1.3B	trimmed−18%	−0.19 pp	24 q
JPMJPMorgan Chase & Co.	0.93%	3,838,067	$1.2B	trimmed−24%	−0.23 pp	24 q
NVSNovartis AG	0.92%	9,341,854	$1.2B	trimmed−10%	−0.08 pp	24 q
ACMAecom	0.89%	8,878,363	$1.2B	trimmed−7%	+0.03 pp	24 q
NTAPNetApp, Inc	0.87%	9,630,055	$1.1B	trimmed−14%	−0.07 pp	24 q
TMOThermo Fisher Scientific, Inc.	0.86%	2,303,322	$1.1B	trimmed−4%	+0.09 pp	24 q
GSKGSK plc	0.85%	25,766,950	$1.1B	trimmed−7%	+0.01 pp	13 q
DALDelta Air Lines, Inc.	0.80%	18,293,987	$1.0B	trimmed−9%	+0.01 pp	24 q
NTRSNorthern Trust Corp	0.78%	7,541,367	$1.0B	trimmed−3%	0.00 pp	24 q
ELANElanco Animal Health Incorporated	0.77%	49,958,156	$1.0B	trimmed−3%	+0.18 pp	24 q
BMYBristol-Myers Squibb Co.	0.76%	22,094,320	$996M	trimmed−4%	−0.08 pp	24 q
CVXChevron Corporation	0.76%	6,362,826	$988M	new	+0.76 pp	new
COPConocoPhillips	0.75%	10,351,010	$979M	added+31%	+0.19 pp	7 q
RCLRoyal Caribbean Group	0.68%	2,756,921	$892M	trimmed−13%	−0.11 pp	24 q
BMRNBioMarin Pharmaceuticals Inc	0.63%	15,229,287	$825M	trimmed−3%	−0.06 pp	24 q
ADIAnalog Devices, Inc.	0.62%	3,280,120	$806M	trimmed−5%	−0.03 pp	24 q
INTUIntuit Inc	0.59%	1,121,452	$766M	trimmed−14%	−0.23 pp	24 q
TDGTransDigm Group Incorporated	0.59%	585,373	$772M	added+5%	−0.08 pp	24 q
METAMeta Platforms, Inc. Class A	0.57%	1,010,840	$742M	trimmed−1%	−0.03 pp	24 q
DISThe Walt Disney Company	0.55%	6,247,506	$715M	trimmed−2%	−0.07 pp	24 q
JBLJabil Inc.	0.55%	3,331,070	$723M	trimmed−2%	−0.04 pp	24 q
JJacobs Solutions Inc.	0.53%	4,590,999	$688M	trimmed−3%	+0.04 pp	13 q
CATCaterpillar Inc.	0.46%	1,270,428	$606M	trimmed−7%	+0.04 pp	24 q
AALAmerican Airlines Group Inc.	0.43%	49,641,939	$558M	trimmed−7%	−0.05 pp	24 q
NXTNextpower Inc.	0.42%	7,460,451	$552M	trimmed−3%	+0.09 pp	11 q
CMECME Group Inc.	0.40%	1,940,588	$524M	trimmed−2%	−0.03 pp	24 q
MATMattel, Inc.	0.40%	31,354,147	$528M	trimmed−6%	−0.12 pp	24 q
HPEHewlett Packard Enterprise Company	0.39%	20,889,987	$513M	trimmed−12%	0.00 pp	24 q
HPQHP Inc.	0.38%	18,132,345	$494M	trimmed−3%	+0.02 pp	24 q
AAPLApple Inc.	0.34%	1,760,880	$448M	trimmed−16%	0.00 pp	24 q
PYPLPayPal Holdings, Inc.	0.34%	6,680,930	$448M	added+2%	−0.05 pp	24 q
RYTMRhythm Pharmaceuticals, Inc.	0.33%	4,262,859	$431M	trimmed−13%	+0.09 pp	24 q
FLUTFlutter Entertainment plc	0.33%	1,699,488	$432M	trimmed−1%	−0.06 pp	3 q
ZBHZimmer Biomet Holdings, Inc.	0.32%	4,250,630	$419M	trimmed−10%	−0.02 pp	24 q
QCOMQualcomm Inc	0.31%	2,461,722	$410M	trimmed−27%	−0.12 pp	24 q
DLTRDollar Tree Inc.	0.30%	4,194,049	$396M	added+7%	−0.01 pp	22 q
MKTXMarketAxess Holdings Inc.	0.30%	2,230,595	$389M	added+67%	+0.06 pp	24 q
BNTXBioNTech SE	0.29%	3,870,766	$382M	trimmed−3%	−0.05 pp	24 q
GLWCorning Incorporated	0.29%	4,600,372	$377M	trimmed−8%	+0.08 pp	24 q
ASMLASML Holding NV	0.29%	387,476	$375M	trimmed−8%	+0.02 pp	22 q
CSCOCisco Systems, Inc. (DE)	0.28%	5,248,560	$359M	trimmed−5%	−0.02 pp	24 q
MRSHMarsh	0.28%	1,821,016	$367M	trimmed−7%	−0.06 pp	24 q
TERTeradyne, Inc.	0.27%	2,551,268	$351M	trimmed−16%	+0.05 pp	24 q
CWCurtiss-Wright Corp.	0.26%	619,650	$336M	trimmed−9%	0.00 pp	24 q
NSCNorfolk Southern Corp.	0.26%	1,132,583	$340M	added+8%	+0.05 pp	24 q
TRMBTrimble Inc.	0.26%	4,089,601	$334M	trimmed−3%	+0.01 pp	24 q
WHRWhirlpool Corp.	0.26%	4,309,878	$339M	trimmed−6%	−0.11 pp	24 q
XMTRXometry, Inc. Class A	0.26%	6,168,167	$336M	trimmed−1%	+0.09 pp	18 q
AMATApplied Materials Inc	0.25%	1,584,226	$324M	trimmed−9%	0.00 pp	24 q
OLEDUniversal Display Corp	0.25%	2,258,378	$324M	added+2%	−0.02 pp	24 q
XPEVXPeng Inc.	0.25%	13,886,057	$325M	trimmed−4%	+0.05 pp	21 q
MDBMongoDB, Inc. Class A	0.24%	989,279	$307M	trimmed−5%	+0.07 pp	21 q
PGRProgressive Corporation	0.24%	1,265,690	$313M	trimmed−6%	−0.04 pp	24 q
MAMastercard Incorporated	0.23%	527,341	$300M	held	—	24 q
SYYSysco Corporation	0.23%	3,705,599	$305M	trimmed−2%	0.00 pp	19 q
AMTMAmentum Holdings, Inc.	0.22%	11,918,586	$285M	trimmed−1%	−0.01 pp	5 q
DHRDanaher Corporation	0.22%	1,449,920	$287M	added+17%	+0.03 pp	18 q
ENTGEntegris Inc	0.22%	3,161,635	$292M	added+3%	+0.02 pp	24 q
IEXIDEX Corporation	0.22%	1,730,580	$282M	added×3.5	+0.15 pp	24 q
USFDUS Foods Holding Corp.	0.22%	3,793,209	$291M	added+6%	0.00 pp	6 q
EWEdwards Lifesciences Corp	0.21%	3,523,291	$274M	added+2%	0.00 pp	24 q
FICOFair Isaac Corporation	0.21%	180,650	$270M	added×9.7	+0.18 pp	2 q
ALBAlbemarle Corporation	0.20%	3,255,909	$264M	trimmed−2%	+0.04 pp	24 q
AVGOBroadcom Inc.	0.20%	783,708	$259M	trimmed−5%	+0.02 pp	8 q
CCitigroup Inc.	0.20%	2,590,055	$263M	trimmed−7%	+0.01 pp	24 q
EOGEOG Resources, Inc.	0.20%	2,370,062	$266M	trimmed−6%	−0.04 pp	24 q
MRVLMarvell Technology, Inc.	0.20%	3,093,805	$260M	trimmed−2%	+0.01 pp	11 q
PFGCPerformance Food Group Company	0.20%	2,567,817	$267M	trimmed−0%	+0.02 pp	8 q
TXTTextron, Inc.	0.20%	3,043,220	$257M	trimmed−24%	−0.05 pp	24 q
LINLinde plc	0.20%	538,920	$256M	added+3%	+0.01 pp	11 q
UNPUnion Pacific Corp.	0.19%	1,048,140	$248M	trimmed−5%	−0.01 pp	24 q
NFLXNetFlix Inc	0.18%	196,240	$235M	trimmed−1%	−0.03 pp	14 q
LIVNLivaNova PLC	0.18%	4,444,832	$233M	trimmed−4%	+0.01 pp	24 q
OTISOtis Worldwide Corporation	0.17%	2,374,621	$217M	added+3%	−0.01 pp	22 q
ADSKAutodesk Inc	0.16%	670,900	$213M	trimmed−1%	−0.01 pp	24 q
KMXCarMax Inc.	0.16%	4,560,371	$205M	trimmed−4%	−0.09 pp	24 q
ERICEricsson	0.16%	24,893,699	$206M	trimmed−6%	−0.02 pp	24 q
BAHBooz Allen Hamilton Holding Corporation	0.15%	1,983,838	$198M	added+57%	+0.05 pp	3 q
CVSCvs Health Corporation	0.15%	2,671,880	$201M	trimmed−9%	−0.01 pp	24 q
CARRCarrier Global Corporation	0.15%	3,326,325	$199M	added+25%	0.00 pp	22 q
NTNXNutanix, Inc. Class A	0.15%	2,709,533	$202M	trimmed−5%	−0.02 pp	24 q
PANWPalo Alto Networks, Inc.	0.15%	972,250	$198M	trimmed−3%	−0.01 pp	24 q
AAgilent Technologies Inc.	0.14%	1,412,706	$181M	trimmed−8%	0.00 pp	24 q
CMAComerica Incorporated	0.14%	2,625,625	$180M	added+1%	+0.02 pp	5 q
EBAYeBay Inc	0.14%	1,992,080	$181M	trimmed−4%	+0.02 pp	24 q
GKOSGlaukos Corporation	0.14%	2,253,788	$184M	added+23%	−0.01 pp	24 q
ILMNIllumina Inc	0.14%	1,885,279	$179M	trimmed−4%	−0.01 pp	24 q
SYKStryker Corporation	0.14%	508,502	$188M	added+1%	−0.02 pp	24 q
UPSUnited Parcel Service, Inc. Class B	0.14%	2,262,131	$189M	trimmed−2%	−0.04 pp	24 q
ALKAlaska Air Group, Inc.	0.13%	3,459,409	$172M	trimmed−5%	−0.01 pp	24 q
AMEAmetek, Inc.	0.12%	819,154	$154M	added+5%	+0.01 pp	23 q
BURLBurlington Stores, Inc.	0.12%	603,970	$154M	added0%	+0.01 pp	24 q
CCLCarnival Corporation Ltd.	0.12%	5,618,787	$162M	trimmed−4%	−0.01 pp	24 q
DDDuPont de Nemours, Inc.	0.12%	2,032,804	$158M	trimmed−8%	0.00 pp	24 q
PMPhilip Morris International Inc.	0.12%	953,700	$155M	added+4%	−0.01 pp	24 q
STXSeagate Technology Holdings PLC (Ireland)	0.12%	654,557	$155M	trimmed−33%	+0.01 pp	12 q
SPOTSpotify Technology S.A.	0.12%	219,866	$153M	trimmed−14%	−0.04 pp	4 q
GDGeneral Dynamics Corporation	0.11%	431,470	$147M	trimmed−19%	−0.01 pp	24 q
OKTAOkta, Inc. Class A	0.11%	1,589,038	$146M	added0%	−0.02 pp	23 q
APPApplovin Corporation Class A	0.10%	174,325	$125M	trimmed−57%	−0.01 pp	4 q
BACBank of America Corporation	0.10%	2,461,832	$127M	trimmed−8%	0.00 pp	24 q
GSGoldman Sachs Group Inc.	0.10%	163,830	$130M	trimmed−12%	0.00 pp	20 q
IMCRImmunocore Holdings plc	0.10%	3,754,560	$136M	trimmed−0%	+0.01 pp	7 q
LYVLive Nation Entertainment Inc.	0.10%	761,880	$124M	trimmed−3%	+0.01 pp	21 q
ROKRockwell Automation, Inc.	0.10%	381,112	$133M	trimmed−1%	0.00 pp	24 q
CRMSalesforce, Inc.	0.10%	533,200	$126M	trimmed−12%	−0.03 pp	24 q
TMUST-Mobile US, Inc.	0.10%	523,499	$125M	trimmed−4%	0.00 pp	24 q
XNCRXencor, Inc.	0.10%	10,675,022	$125M	added+1%	+0.03 pp	24 q
DSGXDescartes Systems Group Inc	0.09%	1,183,140	$111M	trimmed−21%	−0.03 pp	24 q
GRALGRAIL, Inc.	0.09%	2,020,940	$119M	trimmed−2%	+0.01 pp	6 q
INDIindie Semiconductor, Inc. Class A	0.09%	28,900,768	$118M	trimmed−1%	+0.01 pp	17 q
RVTYRevvity, Inc.	0.09%	1,332,831	$117M	trimmed−2%	−0.01 pp	24 q
WDCWestern Digital Corp.	0.09%	965,070	$116M	trimmed−10%	+0.04 pp	24 q
ABTAbbott Laboratories	0.08%	810,390	$109M	trimmed−7%	−0.01 pp	24 q
COFCapital One Financial	0.08%	498,081	$106M	trimmed−9%	−0.01 pp	2 q
DOWDow Inc.	0.08%	4,451,122	$102M	trimmed−6%	−0.02 pp	24 q
FCXFreeport-McMoran Inc.	0.08%	2,589,270	$102M	trimmed−0%	−0.01 pp	20 q
KEYSKeysight Technologies, Inc.	0.08%	606,695	$106M	trimmed−5%	0.00 pp	24 q
LYFTLyft, Inc. Class A	0.08%	4,518,430	$99M	trimmed−3%	+0.02 pp	24 q
CPRICapri Holdings Limited	0.08%	4,952,884	$99M	trimmed−5%	+0.01 pp	24 q
ALCAlcon Inc.	0.08%	1,344,906	$100M	trimmed−1%	−0.01 pp	24 q
BNYBank of New York Mellon Corporation	0.07%	801,440	$87M	trimmed−0%	+0.01 pp	11 q
CCJCameco Corporation	0.07%	1,036,470	$87M	trimmed−8%	0.00 pp	24 q
CIENCiena Corporation	0.07%	587,200	$86M	added+6%	+0.03 pp	22 q
HONHoneywell International, Inc.	0.07%	427,400	$90M	new	+0.07 pp	new
JBHTJB Hunt Transport Services Inc	0.07%	640,810	$86M	held	—	13 q
IQVIQVIA Holdings Inc.	0.07%	469,161	$89M	trimmed−14%	0.00 pp	23 q
MOG.AMoog Inc.	0.07%	456,560	$95M	added+2%	+0.01 pp	9 q
NKENike, Inc.	0.07%	1,219,930	$85M	trimmed−31%	−0.03 pp	3 q
UBERUber Technologies, Inc.	0.07%	961,300	$94M	trimmed−5%	0.00 pp	22 q
ZMZoom Communications, Inc. Class A	0.07%	1,176,750	$97M	trimmed−0%	0.00 pp	23 q
AMDAdvanced Micro Devices	0.06%	448,010	$72M	added×2.0	+0.04 pp	2 q
ACLSAxcelis Technologies Inc	0.06%	833,676	$81M	trimmed−2%	+0.01 pp	24 q
BJBJs Wholesale Club Holdings, Inc.	0.06%	853,999	$80M	trimmed−1%	−0.01 pp	24 q
BABoeing Company	0.06%	391,720	$85M	added+4%	0.00 pp	8 q
CSXCSX Corporation	0.06%	2,192,000	$78M	trimmed−0%	0.00 pp	24 q
CTVACorteva, Inc.	0.06%	1,223,250	$83M	trimmed−5%	−0.02 pp	24 q
EVREvercore Inc.	0.06%	224,350	$76M	trimmed−3%	+0.01 pp	16 q
XOMExxon Mobil Corp	0.06%	748,831	$84M	trimmed−83%	−0.31 pp	6 q
FORMFormFactor Inc.	0.06%	2,324,614	$85M	added0%	0.00 pp	24 q
MSMorgan Stanley	0.06%	528,971	$84M	trimmed−17%	−0.01 pp	20 q
NBIXNeurocrine Biosciences Inc	0.06%	512,260	$72M	trimmed−2%	+0.01 pp	12 q
NWLNewell Brands Inc.	0.06%	14,017,989	$73M	trimmed−6%	0.00 pp	24 q
OSISOSI Systems Inc	0.06%	306,630	$76M	trimmed−5%	0.00 pp	24 q
PINSPinterest, Inc. Class A	0.06%	2,560,200	$82M	trimmed−2%	−0.01 pp	24 q
XPOXPO, Inc.	0.06%	587,534	$76M	added+6%	0.00 pp	19 q
ALKSAlkermes Inc. plc	0.06%	2,759,080	$83M	trimmed−5%	−0.01 pp	24 q
CVNACarvana Co.	0.05%	187,325	$71M	trimmed−2%	0.00 pp	4 q
EAElectronic Arts Inc	0.05%	339,305	$68M	trimmed−10%	0.00 pp	24 q
MARMarriott International Class A	0.05%	274,260	$71M	trimmed−2%	−0.01 pp	24 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.05%	486,540	$62M	trimmed−0%	0.00 pp	17 q
RTXRTX Corporation	0.05%	377,362	$63M	trimmed−2%	+0.01 pp	24 q
RYAAYRyanair Holdings plc	0.05%	1,002,672	$60M	trimmed−0%	0.00 pp	24 q
TWTradeweb Markets Inc. Class A	0.05%	547,012	$61M	trimmed−64%	−0.12 pp	24 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.05%	199,982	$69M	trimmed−41%	−0.03 pp	22 q
WELLWelltower Inc.	0.05%	390,509	$70M	added+1%	0.00 pp	3 q
ARLOArlo Technologies, Inc.	0.04%	3,135,889	$53M	trimmed−14%	−0.01 pp	24 q
AURAurora Innovation, Inc. Class A	0.04%	9,858,580	$53M	added0%	0.00 pp	16 q
CTRACoterra Energy Inc.	0.04%	1,941,380	$46M	trimmed−2%	0.00 pp	24 q
CRWDCrowdStrike Holdings, Inc. Class A	0.04%	105,816	$52M	trimmed−2%	0.00 pp	24 q
DELLDell Technologies Inc.	0.04%	379,850	$54M	trimmed−3%	0.00 pp	24 q
ELFe.l.f. Beauty, Inc.	0.04%	442,950	$59M	trimmed−2%	0.00 pp	5 q
FISFidelity National Information Services, Inc.	0.04%	846,206	$56M	trimmed−4%	−0.02 pp	19 q
GEGE Aerospace	0.04%	187,700	$56M	held	—	2 q
PRMPerimeter Solutions, Inc.	0.04%	2,049,340	$46M	trimmed−2%	+0.02 pp	4 q
SNYSanofi	0.04%	986,468	$47M	trimmed−13%	0.00 pp	24 q
VSXYVictorias Secret & Co.	0.04%	1,855,400	$50M	trimmed−6%	+0.01 pp	17 q
GTMZoomInfo Technologies Inc	0.04%	4,843,471	$53M	trimmed−3%	0.00 pp	22 q
NVTnVent Electric plc	0.04%	573,850	$57M	trimmed−4%	+0.01 pp	24 q
FTITechnipFMC plc	0.04%	1,393,370	$55M	trimmed−3%	0.00 pp	24 q
VIKViking Holdings Ltd	0.04%	784,273	$49M	trimmed−16%	0.00 pp	3 q
ARMArm Holdings plc	0.03%	235,340	$33M	trimmed−0%	0.00 pp	9 q
BRBRBellRing Brands, Inc.	0.03%	1,042,609	$38M	trimmed−9%	−0.02 pp	5 q
CRLCharles River Laboratories International, Inc.	0.03%	270,540	$42M	trimmed−0%	0.00 pp	24 q
EXEExpand Energy Corporation	0.03%	334,886	$36M	trimmed−27%	−0.01 pp	4 q
DEDeere & Company	0.03%	74,210	$34M	trimmed−13%	0.00 pp	24 q
DASHDoorDash, Inc. Class A	0.03%	124,640	$34M	trimmed−3%	0.00 pp	20 q
FMCFMC Corporation	0.03%	1,188,243	$40M	added+14%	0.00 pp	3 q
GTLBGitLab Inc. Class A	0.03%	775,640	$35M	trimmed−4%	0.00 pp	16 q
IMNMImmunome, Inc.	0.03%	3,018,009	$35M	trimmed−0%	+0.01 pp	7 q
PODDInsulet Corporation	0.03%	124,110	$38M	trimmed−34%	−0.02 pp	24 q
IEIvanhoe Electric Inc.	0.03%	2,828,284	$35M	added+80%	+0.02 pp	9 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.03%	858,177	$34M	added+32%	+0.01 pp	12 q
PSNParsons Corporation	0.03%	449,300	$37M	added+26%	+0.01 pp	3 q
SNPSSynopsys Inc	0.03%	87,100	$43M	added+32%	0.00 pp	3 q
ULTAUlta Beauty, Inc.	0.03%	61,930	$34M	trimmed−1%	+0.01 pp	24 q
WEXWEX Inc.	0.03%	233,560	$37M	trimmed−3%	0.00 pp	19 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.03%	1,680,004	$41M	trimmed−2%	0.00 pp	24 q
MOAltria Group, Inc.	0.02%	341,800	$23M	trimmed−8%	0.00 pp	24 q
BBIOBridgeBio Pharma, Inc.	0.02%	576,370	$30M	trimmed−2%	0.00 pp	19 q
CASYCasey's General Stores Inc	0.02%	46,000	$26M	trimmed−22%	0.00 pp	6 q
DOCUDocuSign, Inc.	0.02%	423,940	$31M	trimmed−7%	−0.01 pp	7 q
EXKExact Sciences Corp	0.02%	378,400	$21M	held	—	24 q
FLYWFlywire Corporation Voting	0.02%	1,545,240	$21M	added+1%	+0.01 pp	14 q
GFLGFL Environmental Inc. Subordinate Voting Shares	0.02%	667,800	$32M	held	—	12 q
ITGartner, Inc.	0.02%	97,500	$26M	added×2.4	+0.01 pp	8 q
GFFGriffon Corp	0.02%	330,697	$25M	added+17%	0.00 pp	10 q
HUMHumana Inc.	0.02%	100,650	$26M	held	—	18 q
IMAXImax Corp	0.02%	635,502	$21M	trimmed−15%	0.00 pp	24 q
KEYKeyCorp	0.02%	1,699,430	$32M	held	—	9 q
KEXKirby Corporation	0.02%	285,853	$24M	added+18%	0.00 pp	20 q
MBLYMobileye Global Inc. Class A	0.02%	2,215,800	$31M	trimmed−1%	−0.01 pp	12 q
RGENRepligen Corp	0.02%	186,868	$25M	added+35%	+0.01 pp	18 q
TTWOTake-Two Interactive Software Inc	0.02%	99,459	$26M	added+1%	0.00 pp	4 q
TPRTapestry, Inc.	0.02%	241,740	$27M	trimmed−2%	0.00 pp	8 q
TTDThe Trade Desk, Inc.	0.02%	561,255	$28M	added×2.2	+0.01 pp	11 q
TSNTyson Foods, Inc.	0.02%	431,500	$23M	added+3%	0.00 pp	24 q
VSECVSE Corp	0.02%	166,248	$28M	trimmed−5%	0.00 pp	5 q
WSCWillScot Holdings Corporation Class A	0.02%	1,372,500	$29M	added+31%	0.00 pp	22 q
RIGTransocean LTD.	0.02%	10,081,990	$31M	trimmed−23%	−0.01 pp	24 q
ALLOAllogene Therapeutics, Inc.	0.01%	7,079,308	$9M	added+24%	0.00 pp	20 q
OPTUOptimum Communications, Inc.	0.01%	4,869,860	$12M	held	—	23 q
AMHAmerican Homes 4 Rent	0.01%	242,300	$8M	trimmed−13%	0.00 pp	22 q
ARRYArray Technologies, Inc.	0.01%	911,600	$7M	held	—	14 q
AXONAxon Enterprise, Inc.	0.01%	13,200	$9M	trimmed−25%	0.00 pp	24 q
BBWIBath & Body Works, Inc.	0.01%	354,950	$9M	trimmed−17%	0.00 pp	24 q
BBBlackBerry Limited	0.01%	2,994,176	$15M	trimmed−6%	0.00 pp	24 q
BOOTBoot Barn Holdings, Inc.	0.01%	48,400	$8M	trimmed−5%	0.00 pp	24 q
CSGPCoStar Group Inc	0.01%	98,000	$8M	added+11%	0.00 pp	3 q
GXOGXO Logistics, Inc.	0.01%	150,700	$8M	held	—	17 q
GLXYGalaxy Digital Inc. Class A	0.01%	290,700	$10M	held	—	2 q
JBLUJetBlue Airways Corp	0.01%	2,637,100	$13M	trimmed−3%	0.00 pp	24 q
MXLMaxLinear, Inc.	0.01%	761,040	$12M	trimmed−36%	0.00 pp	24 q
MCDMcDonald's Corporation	0.01%	33,930	$10M	held	—	24 q
MUSAMurphy USA Inc.	0.01%	19,926	$8M	held	—	3 q
NMIHNMI Holdings Inc.	0.01%	290,930	$11M	trimmed−5%	0.00 pp	24 q
NKTRNektar Therapeutics	0.01%	289,050	$16M	trimmed−4%	0.00 pp	24 q
NFENew Fortress Energy Inc. Class A	0.01%	3,406,049	$8M	trimmed−74%	−0.02 pp	21 q
LASRnLIGHT, Inc.	0.01%	246,039	$7M	trimmed−0%	+0.01 pp	24 q
PCGPG&E Corporation	0.01%	600,200	$9M	held	—	2 q
PENPenumbra, Inc.	0.01%	27,370	$7M	trimmed−0%	0.00 pp	24 q
LUNGPulmonx Corporation	0.01%	4,956,691	$8M	trimmed−4%	0.00 pp	20 q
RXORXO, Inc.	0.01%	603,076	$9M	held	—	12 q
RNGRingcentral, Inc.	0.01%	339,075	$10M	trimmed−4%	0.00 pp	23 q
SAIASaia, Inc.	0.01%	54,420	$16M	added+10%	0.00 pp	14 q
SVVSavers Value Village, Inc.	0.01%	504,925	$7M	added+7%	+0.01 pp	5 q
SLBSLB Limited	0.01%	329,280	$11M	trimmed−17%	0.00 pp	24 q
UUnity Software Inc.	0.01%	315,014	$13M	trimmed−39%	0.00 pp	21 q
WMTWalmart Inc.	0.01%	188,450	$19M	added+43%	0.00 pp	4 q
WATWaters Corp	0.01%	48,567	$15M	trimmed−1%	0.00 pp	20 q
CRDOCredo Technology Group Holding Ltd	0.01%	120,500	$18M	trimmed−58%	−0.01 pp	14 q
TROXTronox Limited Cl A	0.01%	4,704,502	$19M	added+11%	−0.01 pp	9 q
CYBRCyberark Software LTD/ISRAEL	0.01%	32,040	$15M	trimmed−37%	−0.01 pp	24 q
WVEWave Life Sciences Ltd.	0.01%	1,898,650	$14M	trimmed−23%	0.00 pp	24 q
ALGTAllegiant Travel Company	0.00%	32,750	$2M	trimmed−18%	0.00 pp	24 q
AM6Amicus Therapeutics Inc	0.00%	667,900	$5M	trimmed−16%	0.00 pp	24 q
ANETArista Networks	0.00%	16,000	$2M	trimmed−5%	0.00 pp	24 q
LUCKLucky Strike Entertainment Corporation	0.00%	326,900	$3M	held	—	9 q
EATBrinker International, Inc.	0.00%	28,200	$4M	held	—	18 q
CBOECboe Global Markets, Inc.	0.00%	6,700	$2M	trimmed−8%	0.00 pp	24 q
CAVACAVA Group, Inc.	0.00%	85,250	$5M	added×3.2	0.00 pp	2 q
CERSCerus Corp	0.00%	1,100,000	$2M	trimmed−16%	0.00 pp	24 q
GTLSChart Inds Inc	0.00%	17,000	$3M	trimmed−91%	−0.03 pp	6 q
CRCLCircle Internet Group, Inc.	0.00%	2,700	$357,966	held	—	2 q
KOCoca-Cola Company	0.00%	35,200	$2M	held	—	2 q
CMCSAComcast Corp	0.00%	182,100	$6M	trimmed−14%	−0.01 pp	24 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.00%	41,000	$294,380	held	—	24 q
DKSDick's Sporting Goods, Inc.	0.00%	24,850	$6M	added+35%	0.00 pp	2 q
DUOLDuolingo, Inc. Class A	0.00%	900	$289,656	trimmed−75%	0.00 pp	11 q
EPREPR Properties	0.00%	91,000	$5M	trimmed−4%	0.00 pp	22 q
KYNBKyntra Bio, Inc.	0.00%	58,879	$721,268	trimmed−34%	0.00 pp	24 q
FIVEFive Below, Inc.	0.00%	1,300	$201,110	new	0.00 pp	new
LABStandard BioTools Inc.	0.00%	176,174	$229,026	trimmed−39%	0.00 pp	24 q
ULCCFrontier Group Holdings, Inc.	0.00%	804,900	$4M	trimmed−6%	0.00 pp	18 q
LKFTLakefront Biotherapeutics	0.00%	50,500	$2M	trimmed−65%	0.00 pp	11 q
ROCKGibraltar Industries, Inc.	0.00%	95,600	$6M	held	—	24 q
GMEDGlobus Medical Inc	0.00%	34,125	$2M	trimmed−4%	0.00 pp	9 q
GEF.BGreif, Inc. Class B	0.00%	20,000	$1M	trimmed−13%	0.00 pp	24 q
GRWGGrow Generation Corp	0.00%	377,300	$705,551	held	—	15 q
HCATHealth Catalyst, Inc	0.00%	1,369,067	$4M	trimmed−31%	−0.01 pp	22 q
IBTAIbotta, Inc.	0.00%	150,165	$4M	added+25%	0.00 pp	6 q
NGVTIngevity Corporation	0.00%	69,000	$4M	held	—	24 q
JAMFJamf Holding Corp.	0.00%	18,000	$192,600	held	—	18 q
LPLALPL Financial Holdings Inc.	0.00%	16,000	$5M	held	—	23 q
LESLQLeslie's Inc	0.00%	65,556	$360,558	new	0.00 pp	new
MQMarqeta, Inc. Class A	0.00%	303,600	$2M	added+13%	0.00 pp	17 q
MRKMerck & Co., Inc.	0.00%	46,000	$4M	trimmed−11%	0.00 pp	24 q
NRIXNurix Therapeutics, Inc.	0.00%	170,000	$2M	trimmed−19%	0.00 pp	7 q
OSOneStream, Inc. Class A	0.00%	102,900	$2M	trimmed−3%	0.00 pp	5 q
RMBSRambus Inc	0.00%	59,000	$6M	trimmed−5%	0.00 pp	24 q
QSRRestaurant Brands International Inc.	0.00%	37,600	$2M	trimmed−45%	0.00 pp	24 q
RIVNRivian Automotive, Inc. Class A	0.00%	268,760	$4M	trimmed−1%	0.00 pp	16 q
SSTKShutterstock, Inc.	0.00%	11,730	$244,571	trimmed−42%	0.00 pp	10 q
SNAPSnap Inc.	0.00%	18,750	$144,563	held	—	22 q
SNCYSun Country Airlines Holdings, Inc.	0.00%	143,115	$2M	added+75%	0.00 pp	19 q
TMHCTaylor Morrison Home Corporation	0.00%	44,400	$3M	new	0.00 pp	new
TOSTToast, Inc.	0.00%	80,500	$3M	new	0.00 pp	new
VLOValero Energy Corporation	0.00%	31,500	$5M	trimmed−14%	0.00 pp	20 q
VVVValvoline Inc.	0.00%	27,630	$992,193	held	—	3 q
WOLFWolfspeed, Inc.	0.00%	32,634	$933,334	trimmed−99%	0.00 pp	16 q
ZIMVZimVie Inc.	0.00%	31,930	$604,754	trimmed−8%	0.00 pp	15 q
ZNTLZentalis Pharmaceuticals, Inc.	0.00%	962,620	$1M	trimmed−6%	0.00 pp	22 q
AMBAAmbarella, Inc.	0.00%	20,900	$2M	trimmed−5%	0.00 pp	21 q
MDTMedtronic plc	0.00%	3,820	$363,818	trimmed−99%	−0.03 pp	24 q
MURAMural Oncology PLC	0.00%	92,800	$192,096	held	—	8 q
SNSharkNinja, Inc.	0.00%	35,500	$4M	trimmed−0%	0.00 pp	2 q
SSYSStratasys Inc (ISRAEL)	0.00%	165,100	$2M	trimmed−38%	0.00 pp	24 q
HESHess Corporation	—	−7,652,265	—	exited	−0.84 pp	—
CHTRCharter Comm Inc Del CL A New	—	−143,490	—	exited	−0.05 pp	—
HUBSHubspot, Inc.	—	−32,150	—	exited	−0.01 pp	—
SPHRSphere Entertainment Co.	—	−419,498	—	exited	−0.01 pp	—
SNDKSandisk Corporation	—	−283,370	—	exited	−0.01 pp	—
ARAYAccuray Incorporated	—	−33,700	—	exited	0.00 pp	—
FTNTFortinet, Inc.	—	−7,000	—	exited	0.00 pp	—
GHGuardant Health, Inc.	—	−65,990	—	exited	0.00 pp	—
JELDJELD-WEN Holding, Inc.	—	−18,700	—	exited	0.00 pp	—
unresolvedLeslies Inc	—	−1,311,130	—	exited	0.00 pp	—
NICENICE Ltd	—	−1,250	—	exited	0.00 pp	—
OSUROraSure Technologies Inc	—	−76,100	—	exited	0.00 pp	—