PRIMECAP

Q4 2025 13F · by Joel Fried, portfolio manager

As of: Dec 31, 2025
Filed: Feb 11, 2026
US stock: $132.1B · prev $130.6B
Positions: 319 · prev 327
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%

Moves309 since the prior filing

+2.9 pp in · −3.0 pp out

New 10 +0.14 pp
Added 60 +2.77 pp
Trimmed 221 −2.85 pp
Exited 18 −0.15 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 11% a year, about 9.5 years per position

Low
Moderate
High

Top 5 positions22% of US stock

Positions319 in this filing · 18 exited


LLYEli Lilly & Co.	7.54%	9,265,782	$10.0B	trimmed−14%	+1.23 pp	25 q
MUMicron Technology, Inc.	5.36%	24,794,936	$7.1B	trimmed−16%	+1.56 pp	25 q
GOOGLAlphabet Inc. Class A	3.58%	15,128,289	$4.7B	trimmed−4%	+0.64 pp	25 q
MSFTMicrosoft Corp	2.67%	7,287,520	$3.5B	trimmed−13%	−0.66 pp	25 q
KLACKLA Corporation	2.65%	2,875,962	$3.5B	trimmed−19%	−0.27 pp	25 q
AZNNAstrazeneca Plc-spons ADR	2.57%	36,915,261	$3.4B	trimmed−7%	+0.23 pp	25 q
NVDANvidia Corp	2.43%	17,227,520	$3.2B	trimmed−8%	−0.25 pp	25 q
BSXBoston Scientific Corp.	2.24%	31,096,184	$3.0B	trimmed−6%	−0.24 pp	25 q
AMGNAmgen Inc	2.21%	8,904,979	$2.9B	trimmed−8%	+0.11 pp	25 q
TSLATesla, Inc.	2.15%	6,317,420	$2.8B	trimmed−5%	−0.11 pp	25 q
AMZNAmazon.Com Inc	2.14%	12,256,188	$2.8B	added+14%	+0.34 pp	25 q
INTCIntel Corp	2.13%	76,132,268	$2.8B	trimmed−4%	+0.09 pp	25 q
BABAAlibaba Group Holding Limited	2.11%	18,977,436	$2.8B	trimmed−5%	−0.63 pp	25 q
BIIBBiogen Inc.	1.97%	14,757,997	$2.6B	trimmed−1%	+0.37 pp	25 q
FDXFedEx Corporation	1.86%	8,512,671	$2.5B	trimmed−10%	+0.15 pp	25 q
SCHWThe Charles Schwab Corporation	1.76%	23,276,071	$2.3B	added+10%	+0.21 pp	25 q
LUVSouthwest Airlines Co.	1.48%	47,392,095	$2.0B	trimmed−1%	+0.31 pp	25 q
GOOGAlphabet Inc. Class C	1.37%	5,762,640	$1.8B	trimmed−6%	+0.23 pp	25 q
UALUnited Airlines Holdings, Inc.	1.35%	15,978,490	$1.8B	trimmed−11%	+0.02 pp	25 q
TXNTexas Instruments Incorporated	1.32%	10,084,686	$1.7B	trimmed−10%	−0.26 pp	25 q
ROSTRoss Stores Inc	1.26%	9,207,200	$1.7B	trimmed−8%	+0.10 pp	25 q
FLEXFlex Ltd.	1.22%	26,702,091	$1.6B	trimmed−10%	−0.09 pp	25 q
ONCBeOne Medicines Ltd.	1.15%	4,980,581	$1.5B	trimmed−2%	−0.18 pp	25 q
RJFRaymond James Financial, Inc.	1.14%	9,342,072	$1.5B	trimmed−3%	−0.14 pp	25 q
SONYSony Group Corporation	1.13%	58,301,430	$1.5B	trimmed−10%	−0.29 pp	25 q
TJXTJX Companies, Inc. (The)	1.13%	9,739,320	$1.5B	trimmed−7%	−0.04 pp	25 q
BIDUBaidu, Inc.	1.10%	11,103,600	$1.5B	trimmed−8%	−0.12 pp	25 q
VVISA Inc.	1.06%	4,008,951	$1.4B	trimmed−1%	0.00 pp	25 q
BMYBristol-Myers Squibb Co.	1.02%	24,875,550	$1.3B	added+13%	+0.26 pp	25 q
ADBEAdobe Inc.	0.97%	3,676,206	$1.3B	trimmed−5%	−0.07 pp	25 q
GSKGSK plc	0.93%	25,130,160	$1.2B	trimmed−2%	+0.08 pp	14 q
DALDelta Air Lines, Inc.	0.92%	17,594,127	$1.2B	trimmed−4%	+0.12 pp	25 q
TMOThermo Fisher Scientific, Inc.	0.90%	2,057,292	$1.2B	trimmed−11%	+0.04 pp	25 q
ORCLOracle Corp	0.89%	6,031,740	$1.2B	trimmed−20%	−0.73 pp	25 q
JPMJPMorgan Chase & Co.	0.88%	3,606,887	$1.2B	trimmed−6%	−0.05 pp	25 q
COPConocoPhillips	0.82%	11,577,465	$1.1B	added+12%	+0.07 pp	8 q
ELANElanco Animal Health Incorporated	0.79%	46,214,088	$1.0B	trimmed−7%	+0.02 pp	25 q
NVSNovartis AG	0.79%	7,579,274	$1.0B	trimmed−19%	−0.13 pp	25 q
NTAPNetApp, Inc	0.74%	9,068,055	$971M	trimmed−6%	−0.13 pp	25 q
NTRSNorthern Trust Corp	0.68%	6,607,717	$903M	trimmed−12%	−0.10 pp	25 q
BMRNBioMarin Pharmaceuticals Inc	0.65%	14,549,314	$865M	trimmed−4%	+0.02 pp	25 q
ADIAnalog Devices, Inc.	0.64%	3,141,640	$852M	trimmed−4%	+0.02 pp	25 q
ACMAecom	0.63%	8,667,283	$826M	trimmed−2%	−0.26 pp	25 q
WFCWells Fargo & Co.	0.59%	8,360,272	$779M	trimmed−44%	−0.37 pp	25 q
JBLJabil Inc.	0.58%	3,343,670	$762M	added0%	+0.03 pp	25 q
AALAmerican Airlines Group Inc.	0.57%	49,002,554	$751M	trimmed−1%	+0.14 pp	25 q
DISThe Walt Disney Company	0.54%	6,236,627	$710M	trimmed−0%	−0.01 pp	25 q
INTUIntuit Inc	0.53%	1,056,337	$700M	trimmed−6%	−0.06 pp	25 q
RCLRoyal Caribbean Group	0.51%	2,410,521	$672M	trimmed−13%	−0.17 pp	25 q
NXTNextpower Inc.	0.46%	6,951,597	$606M	trimmed−7%	+0.04 pp	12 q
JJacobs Solutions Inc.	0.45%	4,525,959	$600M	trimmed−1%	−0.08 pp	14 q
MATMattel, Inc.	0.45%	29,804,075	$591M	trimmed−5%	+0.05 pp	25 q
MKTXMarketAxess Holdings Inc.	0.44%	3,175,425	$576M	added+42%	+0.14 pp	25 q
IEXIDEX Corporation	0.43%	3,226,787	$574M	added+86%	+0.21 pp	25 q
TDGTransDigm Group Incorporated	0.41%	410,217	$546M	trimmed−30%	−0.18 pp	25 q
CMECME Group Inc.	0.39%	1,879,018	$513M	trimmed−3%	−0.01 pp	25 q
METAMeta Platforms, Inc. Class A	0.39%	788,790	$521M	trimmed−22%	−0.18 pp	25 q
CATCaterpillar Inc.	0.38%	880,170	$504M	trimmed−31%	−0.08 pp	25 q
AAPLApple Inc.	0.36%	1,760,880	$479M	held	—	25 q
DLTRDollar Tree Inc.	0.36%	3,832,425	$471M	trimmed−9%	+0.06 pp	23 q
PYPLPayPal Holdings, Inc.	0.36%	8,168,490	$477M	added+22%	+0.02 pp	25 q
HPEHewlett Packard Enterprise Company	0.35%	19,212,717	$461M	trimmed−8%	−0.04 pp	25 q
FICOFair Isaac Corporation	0.31%	243,374	$411M	added+35%	+0.10 pp	3 q
ALBAlbemarle Corporation	0.30%	2,805,069	$397M	trimmed−14%	+0.10 pp	25 q
BAHBooz Allen Hamilton Holding Corporation	0.30%	4,666,298	$394M	added×2.4	+0.15 pp	4 q
HPQHP Inc.	0.30%	17,655,485	$393M	trimmed−3%	−0.08 pp	25 q
QCOMQualcomm Inc	0.30%	2,338,084	$400M	trimmed−5%	−0.01 pp	25 q
GKOSGlaukos Corporation	0.29%	3,376,928	$381M	added+50%	+0.15 pp	25 q
NFLXNetFlix Inc	0.29%	4,023,110	$377M	added×2.1	+0.11 pp	15 q
FLUTFlutter Entertainment plc	0.29%	1,787,790	$384M	added+5%	−0.04 pp	4 q
LINLinde plc	0.29%	888,620	$379M	added+65%	+0.09 pp	12 q
ASMLASML Holding NV	0.29%	356,776	$382M	trimmed−8%	0.00 pp	23 q
CSCOCisco Systems, Inc. (DE)	0.28%	4,841,060	$373M	trimmed−8%	0.00 pp	25 q
RYTMRhythm Pharmaceuticals, Inc.	0.28%	3,478,669	$372M	trimmed−18%	−0.05 pp	25 q
AMTMAmentum Holdings, Inc.	0.27%	12,126,927	$352M	added+2%	+0.05 pp	6 q
BNTXBioNTech SE	0.27%	3,800,011	$362M	trimmed−2%	−0.02 pp	25 q
CVXChevron Corporation	0.27%	2,325,352	$354M	trimmed−63%	−0.49 pp	2 q
GLWCorning Incorporated	0.27%	4,138,172	$362M	trimmed−10%	−0.02 pp	25 q
MDBMongoDB, Inc. Class A	0.27%	848,279	$356M	trimmed−14%	+0.03 pp	22 q
ZBHZimmer Biomet Holdings, Inc.	0.27%	3,999,410	$360M	trimmed−6%	−0.05 pp	25 q
DHRDanaher Corporation	0.26%	1,480,720	$339M	added+2%	+0.04 pp	19 q
SNPSSynopsys Inc	0.26%	734,800	$345M	added×8.4	+0.23 pp	4 q
XMTRXometry, Inc. Class A	0.26%	5,682,907	$338M	trimmed−8%	0.00 pp	19 q
AMATApplied Materials Inc	0.24%	1,233,826	$317M	trimmed−22%	−0.01 pp	25 q
CWCurtiss-Wright Corp.	0.24%	564,000	$311M	trimmed−9%	−0.02 pp	25 q
MAMastercard Incorporated	0.23%	520,791	$297M	trimmed−1%	0.00 pp	25 q
TRMBTrimble Inc.	0.23%	3,931,266	$308M	trimmed−4%	−0.03 pp	25 q
BNYBank of New York Mellon Corporation	0.22%	2,521,678	$293M	added×3.1	+0.15 pp	12 q
CCitigroup Inc.	0.22%	2,468,300	$288M	trimmed−5%	+0.02 pp	25 q
EWEdwards Lifesciences Corp	0.22%	3,418,791	$291M	trimmed−3%	+0.01 pp	25 q
NSCNorfolk Southern Corp.	0.22%	1,002,183	$289M	trimmed−12%	−0.04 pp	25 q
USFDUS Foods Holding Corp.	0.22%	3,911,610	$295M	added+3%	0.00 pp	7 q
SYYSysco Corporation	0.21%	3,685,129	$272M	trimmed−1%	−0.02 pp	20 q
WHRWhirlpool Corp.	0.21%	3,816,068	$275M	trimmed−11%	−0.05 pp	25 q
AVGOBroadcom Inc.	0.20%	755,728	$262M	trimmed−4%	0.00 pp	9 q
ENTGEntegris Inc	0.20%	3,160,334	$266M	trimmed−0%	−0.02 pp	25 q
ILMNIllumina Inc	0.20%	1,989,679	$261M	added+6%	+0.06 pp	25 q
PGRProgressive Corporation	0.20%	1,149,900	$262M	trimmed−9%	−0.04 pp	25 q
XPEVXPeng Inc.	0.20%	12,801,087	$260M	trimmed−8%	−0.05 pp	22 q
LIVNLivaNova PLC	0.20%	4,224,852	$260M	trimmed−5%	+0.02 pp	25 q
ERICEricsson	0.19%	26,629,299	$257M	added+7%	+0.03 pp	25 q
MRVLMarvell Technology, Inc.	0.19%	2,926,805	$249M	trimmed−5%	−0.01 pp	12 q
OLEDUniversal Display Corp	0.19%	2,196,328	$256M	trimmed−3%	−0.06 pp	25 q
BURLBurlington Stores, Inc.	0.18%	807,190	$233M	added+34%	+0.06 pp	25 q
PFGCPerformance Food Group Company	0.17%	2,529,987	$227M	trimmed−1%	−0.03 pp	9 q
UNPUnion Pacific Corp.	0.17%	955,740	$221M	trimmed−9%	−0.02 pp	25 q
UPSUnited Parcel Service, Inc. Class B	0.16%	2,146,931	$213M	trimmed−5%	+0.02 pp	25 q
AMDAdvanced Micro Devices	0.14%	875,699	$188M	added+95%	+0.08 pp	3 q
AAgilent Technologies Inc.	0.14%	1,337,436	$182M	trimmed−5%	0.00 pp	25 q
ADSKAutodesk Inc	0.14%	615,100	$182M	trimmed−8%	−0.02 pp	25 q
CVSCvs Health Corporation	0.14%	2,410,530	$191M	trimmed−10%	−0.01 pp	25 q
OTISOtis Worldwide Corporation	0.14%	2,092,661	$183M	trimmed−12%	−0.03 pp	23 q
PANWPalo Alto Networks, Inc.	0.14%	968,780	$178M	trimmed−0%	−0.01 pp	25 q
SYKStryker Corporation	0.14%	516,792	$182M	added+2%	0.00 pp	25 q
AMEAmetek, Inc.	0.13%	823,154	$169M	added0%	+0.01 pp	24 q
KMXCarMax Inc.	0.13%	4,367,236	$169M	trimmed−4%	−0.03 pp	25 q
EOGEOG Resources, Inc.	0.13%	1,620,262	$170M	trimmed−32%	−0.07 pp	25 q
ALKAlaska Air Group, Inc.	0.12%	3,260,830	$164M	trimmed−6%	−0.01 pp	25 q
CCLCarnival Corporation Ltd.	0.12%	5,366,603	$164M	trimmed−4%	0.00 pp	25 q
CARRCarrier Global Corporation	0.12%	2,919,575	$154M	trimmed−12%	−0.03 pp	23 q
EBAYeBay Inc	0.12%	1,884,020	$164M	trimmed−5%	−0.02 pp	25 q
GRALGRAIL, Inc.	0.12%	1,838,684	$157M	trimmed−9%	+0.03 pp	7 q
XNCRXencor, Inc.	0.12%	10,218,322	$156M	trimmed−4%	+0.02 pp	25 q
SPOTSpotify Technology S.A.	0.12%	263,956	$153M	added+20%	0.00 pp	5 q
BACBank of America Corporation	0.11%	2,540,732	$140M	added+3%	+0.01 pp	25 q
NTNXNutanix, Inc. Class A	0.11%	2,706,553	$140M	trimmed−0%	−0.04 pp	25 q
OKTAOkta, Inc. Class A	0.11%	1,641,028	$142M	added+3%	0.00 pp	24 q
PMPhilip Morris International Inc.	0.11%	900,900	$145M	trimmed−6%	−0.01 pp	25 q
GDGeneral Dynamics Corporation	0.10%	399,010	$134M	trimmed−8%	−0.01 pp	25 q
GSGoldman Sachs Group Inc.	0.10%	155,430	$137M	trimmed−5%	0.00 pp	21 q
IMCRImmunocore Holdings plc	0.10%	3,961,880	$138M	added+6%	0.00 pp	8 q
TERTeradyne, Inc.	0.10%	716,570	$139M	trimmed−72%	−0.17 pp	25 q
WDCWestern Digital Corp.	0.10%	753,540	$130M	trimmed−22%	+0.01 pp	25 q
CIENCiena Corporation	0.09%	511,600	$120M	trimmed−13%	+0.02 pp	23 q
FORMFormFactor Inc.	0.09%	2,081,246	$116M	trimmed−10%	+0.03 pp	25 q
KEYSKeysight Technologies, Inc.	0.09%	592,605	$120M	trimmed−2%	+0.01 pp	25 q
RVTYRevvity, Inc.	0.09%	1,238,285	$120M	trimmed−7%	0.00 pp	25 q
APPApplovin Corporation Class A	0.08%	152,525	$103M	trimmed−13%	−0.02 pp	5 q
DSGXDescartes Systems Group Inc	0.08%	1,178,440	$103M	trimmed−0%	−0.01 pp	25 q
DOWDow Inc.	0.08%	4,432,562	$104M	trimmed−0%	0.00 pp	25 q
JBHTJB Hunt Transport Services Inc	0.08%	517,710	$101M	trimmed−19%	+0.01 pp	14 q
IMNMImmunome, Inc.	0.08%	4,685,441	$101M	added+55%	+0.05 pp	8 q
INDIindie Semiconductor, Inc. Class A	0.08%	29,774,708	$105M	added+3%	−0.01 pp	18 q
LYVLive Nation Entertainment Inc.	0.08%	730,600	$104M	trimmed−4%	−0.02 pp	22 q
MOG.AMoog Inc.	0.08%	439,860	$107M	trimmed−4%	+0.01 pp	10 q
ROKRockwell Automation, Inc.	0.08%	254,910	$99M	trimmed−33%	−0.02 pp	25 q
TXTTextron, Inc.	0.08%	1,264,940	$110M	trimmed−58%	−0.12 pp	25 q
ZMZoom Communications, Inc. Class A	0.08%	1,249,600	$108M	added+6%	+0.01 pp	24 q
STXSeagate Technology Holdings PLC (Ireland)	0.08%	384,282	$106M	trimmed−41%	−0.04 pp	13 q
ALCAlcon Inc.	0.08%	1,340,866	$106M	trimmed−0%	0.00 pp	25 q
ABTAbbott Laboratories	0.07%	762,820	$96M	trimmed−6%	−0.01 pp	25 q
COFCapital One Financial	0.07%	382,970	$93M	trimmed−23%	−0.01 pp	3 q
HONHoneywell International, Inc.	0.07%	488,200	$95M	added+14%	0.00 pp	2 q
IQVIQVIA Holdings Inc.	0.07%	432,071	$97M	trimmed−8%	0.00 pp	24 q
MRSHMarsh	0.07%	518,200	$96M	trimmed−72%	−0.21 pp	25 q
NKENike, Inc.	0.07%	1,466,530	$93M	added+20%	0.00 pp	4 q
TMUST-Mobile US, Inc.	0.07%	438,459	$89M	trimmed−16%	−0.03 pp	25 q
CPRICapri Holdings Limited	0.07%	3,906,744	$95M	trimmed−21%	−0.01 pp	25 q
BJBJs Wholesale Club Holdings, Inc.	0.06%	843,379	$76M	trimmed−1%	0.00 pp	25 q
CSXCSX Corporation	0.06%	2,192,000	$79M	held	—	25 q
CCJCameco Corporation	0.06%	933,670	$85M	trimmed−10%	−0.01 pp	25 q
CVNACarvana Co.	0.06%	177,025	$75M	trimmed−6%	+0.01 pp	5 q
CAVACAVA Group, Inc.	0.06%	1,260,250	$74M	added×14.8	+0.06 pp	3 q
CTVACorteva, Inc.	0.06%	1,190,180	$80M	trimmed−3%	0.00 pp	25 q
DDDuPont de Nemours, Inc.	0.06%	1,997,419	$80M	trimmed−2%	−0.06 pp	25 q
EVREvercore Inc.	0.06%	220,050	$75M	trimmed−2%	0.00 pp	17 q
LYFTLyft, Inc. Class A	0.06%	4,321,300	$84M	trimmed−4%	−0.02 pp	25 q
MARMarriott International Class A	0.06%	264,360	$82M	trimmed−4%	+0.01 pp	25 q
MSMorgan Stanley	0.06%	432,388	$77M	trimmed−18%	0.00 pp	21 q
QQnity Electronics, Inc.	0.06%	972,974	$79M	new	+0.06 pp	new
WSCWillScot Holdings Corporation Class A	0.06%	4,267,400	$80M	added×3.1	+0.04 pp	23 q
XPOXPO, Inc.	0.06%	569,634	$77M	trimmed−3%	0.00 pp	20 q
CTRACoterra Energy Inc.	0.05%	2,289,750	$60M	added+18%	+0.01 pp	25 q
NBIXNeurocrine Biosciences Inc	0.05%	507,740	$72M	trimmed−1%	−0.01 pp	13 q
OSISOSI Systems Inc	0.05%	267,710	$68M	trimmed−13%	−0.01 pp	25 q
PINSPinterest, Inc. Class A	0.05%	2,478,700	$64M	trimmed−3%	−0.01 pp	25 q
RTXRTX Corporation	0.05%	376,262	$69M	trimmed−0%	0.00 pp	25 q
RYAAYRyanair Holdings plc	0.05%	986,972	$71M	trimmed−2%	0.00 pp	25 q
CRMSalesforce, Inc.	0.05%	268,450	$71M	trimmed−50%	−0.05 pp	25 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.05%	193,421	$64M	trimmed−3%	0.00 pp	23 q
WELLWelltower Inc.	0.05%	384,309	$71M	trimmed−2%	0.00 pp	4 q
ALKSAlkermes Inc. plc	0.05%	2,564,300	$72M	trimmed−7%	−0.01 pp	25 q
FTITechnipFMC plc	0.05%	1,388,370	$62M	trimmed−0%	+0.01 pp	25 q
WVEWave Life Sciences Ltd.	0.05%	4,095,282	$70M	added×2.2	+0.04 pp	25 q
ACLSAxcelis Technologies Inc	0.04%	664,942	$53M	trimmed−20%	−0.02 pp	25 q
CRLCharles River Laboratories International, Inc.	0.04%	266,890	$53M	trimmed−1%	+0.01 pp	25 q
DELLDell Technologies Inc.	0.04%	375,150	$47M	trimmed−1%	0.00 pp	25 q
FISFidelity National Information Services, Inc.	0.04%	846,206	$56M	held	—	20 q
IEIvanhoe Electric Inc.	0.04%	3,054,884	$49M	added+8%	+0.01 pp	10 q
OLLIOllie's Bargain Outlet Holdings, Inc.	0.04%	485,990	$53M	trimmed−0%	−0.01 pp	18 q
UBERUber Technologies, Inc.	0.04%	566,100	$46M	trimmed−41%	−0.03 pp	23 q
NVTnVent Electric plc	0.04%	573,850	$59M	held	—	25 q
VIKViking Holdings Ltd	0.04%	784,273	$56M	held	—	4 q
ARLOArlo Technologies, Inc.	0.03%	2,778,740	$39M	trimmed−11%	−0.01 pp	25 q
AURAurora Innovation, Inc. Class A	0.03%	10,203,580	$39M	added+4%	−0.01 pp	17 q
BBIOBridgeBio Pharma, Inc.	0.03%	569,680	$44M	trimmed−1%	+0.01 pp	20 q
EXEExpand Energy Corporation	0.03%	330,947	$37M	trimmed−1%	0.00 pp	5 q
CRWDCrowdStrike Holdings, Inc. Class A	0.03%	91,180	$43M	trimmed−14%	−0.01 pp	25 q
DEDeere & Company	0.03%	72,670	$34M	trimmed−2%	0.00 pp	25 q
ELFe.l.f. Beauty, Inc.	0.03%	583,085	$44M	added+32%	−0.01 pp	6 q
GTLBGitLab Inc. Class A	0.03%	1,159,261	$44M	added+49%	0.00 pp	17 q
KEYKeyCorp	0.03%	1,699,430	$35M	held	—	10 q
KNXKnight-Swift Transportation Holdings Inc. Class A	0.03%	879,677	$46M	added+3%	0.00 pp	13 q
PSNParsons Corporation	0.03%	650,700	$40M	added+45%	0.00 pp	4 q
PRMPerimeter Solutions, Inc.	0.03%	1,644,081	$45M	trimmed−20%	−0.01 pp	5 q
TTDThe Trade Desk, Inc.	0.03%	908,605	$34M	added+62%	+0.01 pp	12 q
TWTradeweb Markets Inc. Class A	0.03%	420,272	$45M	trimmed−23%	−0.02 pp	25 q
ULTAUlta Beauty, Inc.	0.03%	61,420	$37M	trimmed−1%	0.00 pp	25 q
GTMZoomInfo Technologies Inc	0.03%	3,670,164	$37M	trimmed−24%	−0.01 pp	23 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.03%	1,605,905	$36M	trimmed−4%	0.00 pp	25 q
ARMArm Holdings plc	0.02%	233,880	$26M	trimmed−1%	−0.01 pp	10 q
BRKRBruker Corporation	0.02%	655,100	$31M	new	+0.02 pp	new
CASYCasey's General Stores Inc	0.02%	46,000	$25M	held	—	7 q
DOCUDocuSign, Inc.	0.02%	352,410	$24M	trimmed−17%	0.00 pp	8 q
DASHDoorDash, Inc. Class A	0.02%	92,460	$21M	trimmed−26%	−0.01 pp	21 q
XOMExxon Mobil Corp	0.02%	265,630	$32M	trimmed−65%	−0.04 pp	7 q
FLYWFlywire Corporation Voting	0.02%	1,572,500	$22M	added+2%	0.00 pp	15 q
GFLGFL Environmental Inc. Subordinate Voting Shares	0.02%	667,800	$29M	held	—	13 q
ITGartner, Inc.	0.02%	111,500	$28M	added+14%	0.00 pp	9 q
GFFGriffon Corp	0.02%	410,547	$30M	added+24%	0.00 pp	11 q
HUMHumana Inc.	0.02%	100,650	$26M	held	—	19 q
IMAXImax Corp	0.02%	559,502	$21M	trimmed−12%	0.00 pp	25 q
PODDInsulet Corporation	0.02%	103,580	$29M	trimmed−17%	−0.01 pp	25 q
KEXKirby Corporation	0.02%	277,803	$31M	trimmed−3%	0.00 pp	21 q
MBLYMobileye Global Inc. Class A	0.02%	2,644,680	$28M	added+19%	0.00 pp	13 q
VNOMViper Energy, Inc. Class A	0.02%	692,100	$27M	new	+0.02 pp	new
NWLNewell Brands Inc.	0.02%	8,708,943	$32M	trimmed−38%	−0.04 pp	25 q
RGENRepligen Corp	0.02%	186,668	$31M	trimmed−0%	0.00 pp	19 q
TTWOTake-Two Interactive Software Inc	0.02%	93,929	$24M	trimmed−6%	0.00 pp	5 q
TSNTyson Foods, Inc.	0.02%	415,000	$24M	trimmed−4%	0.00 pp	25 q
WEXWEX Inc.	0.02%	214,560	$32M	trimmed−8%	−0.01 pp	20 q
TROXTronox Limited Cl A	0.02%	5,478,402	$23M	added+16%	+0.01 pp	10 q
ALLOAllogene Therapeutics, Inc.	0.01%	8,139,840	$11M	added+15%	0.00 pp	21 q
MOAltria Group, Inc.	0.01%	294,700	$17M	trimmed−14%	−0.01 pp	25 q
AM6Amicus Therapeutics Inc	0.01%	589,400	$8M	trimmed−12%	+0.01 pp	25 q
AXONAxon Enterprise, Inc.	0.01%	12,100	$7M	trimmed−8%	0.00 pp	25 q
BRBRBellRing Brands, Inc.	0.01%	660,400	$18M	trimmed−37%	−0.02 pp	6 q
BBBlackBerry Limited	0.01%	2,874,476	$11M	trimmed−4%	0.00 pp	25 q
BOOTBoot Barn Holdings, Inc.	0.01%	46,080	$8M	trimmed−5%	0.00 pp	25 q
CMAComerica Incorporated	0.01%	125,160	$11M	trimmed−95%	−0.13 pp	6 q
CSGPCoStar Group Inc	0.01%	151,000	$10M	added+54%	0.00 pp	4 q
FMCFMC Corporation	0.01%	755,192	$10M	trimmed−36%	−0.02 pp	4 q
FCXFreeport-McMoran Inc.	0.01%	353,670	$18M	trimmed−86%	−0.07 pp	21 q
GXOGXO Logistics, Inc.	0.01%	150,700	$8M	held	—	18 q
THGThe Hanover Insurance Group, Inc.	0.01%	36,900	$7M	new	+0.01 pp	new
JBLUJetBlue Airways Corp	0.01%	2,400,600	$11M	trimmed−9%	0.00 pp	25 q
MCDMcDonald's Corporation	0.01%	33,930	$10M	held	—	25 q
MUSAMurphy USA Inc.	0.01%	19,926	$8M	held	—	4 q
NMIHNMI Holdings Inc.	0.01%	279,910	$11M	trimmed−4%	0.00 pp	25 q
NKTRNektar Therapeutics	0.01%	280,150	$12M	trimmed−3%	0.00 pp	25 q
LASRnLIGHT, Inc.	0.01%	226,739	$9M	trimmed−8%	0.00 pp	25 q
PCGPG&E Corporation	0.01%	766,700	$12M	added+28%	0.00 pp	3 q
PENPenumbra, Inc.	0.01%	26,260	$8M	trimmed−4%	0.00 pp	25 q
LUNGPulmonx Corporation	0.01%	4,727,791	$10M	trimmed−5%	0.00 pp	21 q
RXORXO, Inc.	0.01%	603,076	$8M	held	—	13 q
RNGRingcentral, Inc.	0.01%	339,075	$10M	held	—	24 q
SAIASaia, Inc.	0.01%	54,420	$18M	held	—	15 q
SLBSLB Limited	0.01%	329,280	$13M	held	—	25 q
SEPNSepterna, Inc.	0.01%	546,100	$15M	new	+0.01 pp	new
SYNASynaptics Inc	0.01%	211,700	$16M	new	+0.01 pp	new
UUnity Software Inc.	0.01%	244,994	$11M	trimmed−22%	0.00 pp	22 q
VSECVSE Corp	0.01%	81,015	$14M	trimmed−51%	−0.01 pp	6 q
WMTWalmart Inc.	0.01%	151,450	$17M	trimmed−20%	0.00 pp	5 q
WATWaters Corp	0.01%	39,047	$15M	trimmed−20%	0.00 pp	21 q
CRDOCredo Technology Group Holding Ltd	0.01%	67,500	$10M	trimmed−44%	0.00 pp	15 q
SNSharkNinja, Inc.	0.01%	133,300	$15M	added×3.8	+0.01 pp	3 q
RIGTransocean LTD.	0.01%	3,984,970	$16M	trimmed−60%	−0.01 pp	25 q
BIRKBirkenstock Holding plc	0.01%	386,800	$16M	new	+0.01 pp	new
CYBRCyberark Software LTD/ISRAEL	0.01%	30,500	$14M	trimmed−5%	0.00 pp	25 q
ALGTAllegiant Travel Company	0.00%	32,750	$3M	held	—	25 q
ANETArista Networks	0.00%	16,000	$2M	held	—	25 q
ARRYArray Technologies, Inc.	0.00%	313,300	$3M	trimmed−66%	−0.01 pp	15 q
BBWIBath & Body Works, Inc.	0.00%	317,190	$6M	trimmed−11%	−0.01 pp	25 q
BABoeing Company	0.00%	9,100	$2M	trimmed−98%	−0.06 pp	9 q
LUCKLucky Strike Entertainment Corporation	0.00%	324,800	$3M	trimmed−1%	0.00 pp	10 q
EATBrinker International, Inc.	0.00%	28,200	$4M	held	—	19 q
CBOECboe Global Markets, Inc.	0.00%	5,900	$1M	trimmed−12%	0.00 pp	25 q
CERSCerus Corp	0.00%	794,500	$2M	trimmed−28%	0.00 pp	25 q
CRCLCircle Internet Group, Inc.	0.00%	2,600	$206,180	trimmed−4%	0.00 pp	3 q
KOCoca-Cola Company	0.00%	35,200	$2M	held	—	3 q
CMCSAComcast Corp	0.00%	44,800	$1M	trimmed−75%	0.00 pp	25 q
VLRSControladora Vuela Compania De Aviacion, S.a.b. De C.v.	0.00%	41,000	$364,080	held	—	25 q
DKSDick's Sporting Goods, Inc.	0.00%	26,050	$5M	added+5%	0.00 pp	3 q
EXKExact Sciences Corp	0.00%	34,300	$3M	trimmed−91%	−0.02 pp	25 q
LABStandard BioTools Inc.	0.00%	153,374	$196,319	trimmed−13%	0.00 pp	25 q
ULCCFrontier Group Holdings, Inc.	0.00%	494,900	$2M	trimmed−39%	0.00 pp	19 q
GLXYGalaxy Digital Inc. Class A	0.00%	290,700	$7M	held	—	3 q
ROCKGibraltar Industries, Inc.	0.00%	95,600	$5M	held	—	25 q
GMEDGlobus Medical Inc	0.00%	29,525	$3M	trimmed−13%	0.00 pp	10 q
GEF.BGreif, Inc. Class B	0.00%	15,000	$1M	trimmed−25%	0.00 pp	25 q
GRWGGrow Generation Corp	0.00%	377,300	$565,950	held	—	16 q
HCATHealth Catalyst, Inc	0.00%	340,418	$813,599	trimmed−75%	0.00 pp	23 q
IBTAIbotta, Inc.	0.00%	87,635	$2M	trimmed−42%	0.00 pp	7 q
NGVTIngevity Corporation	0.00%	69,000	$4M	held	—	25 q
LPLALPL Financial Holdings Inc.	0.00%	16,000	$6M	held	—	24 q
LENZLENZ Therapeutics, Inc.	0.00%	372,200	$6M	new	0.00 pp	new
LESLQLeslie's Inc	0.00%	65,556	$108,167	held	—	2 q
MQMarqeta, Inc. Class A	0.00%	533,600	$3M	added+76%	0.00 pp	18 q
MXLMaxLinear, Inc.	0.00%	242,610	$4M	trimmed−68%	−0.01 pp	25 q
MRKMerck & Co., Inc.	0.00%	38,000	$4M	trimmed−17%	0.00 pp	25 q
NFENew Fortress Energy Inc. Class A	0.00%	2,061,100	$2M	trimmed−39%	−0.01 pp	22 q
OSOneStream, Inc. Class A	0.00%	19,600	$360,248	trimmed−81%	0.00 pp	6 q
RMBSRambus Inc	0.00%	47,500	$4M	trimmed−19%	0.00 pp	25 q
QSRRestaurant Brands International Inc.	0.00%	37,600	$3M	held	—	25 q
RIVNRivian Automotive, Inc. Class A	0.00%	212,360	$4M	trimmed−21%	0.00 pp	17 q
SNYSanofi	0.00%	97,168	$5M	trimmed−90%	−0.04 pp	25 q
SAPSap SE	0.00%	11,000	$3M	new	0.00 pp	new
SVVSavers Value Village, Inc.	0.00%	567,625	$5M	added+12%	−0.01 pp	6 q
SNAPSnap Inc.	0.00%	18,550	$149,699	trimmed−1%	0.00 pp	23 q
SOLSSolstice Advanced Materials Inc.	0.00%	119,750	$6M	new	0.00 pp	new
SNCYSun Country Airlines Holdings, Inc.	0.00%	142,915	$2M	trimmed−0%	0.00 pp	20 q
TPRTapestry, Inc.	0.00%	29,300	$4M	trimmed−88%	−0.02 pp	9 q
TMHCTaylor Morrison Home Corporation	0.00%	46,700	$3M	added+5%	0.00 pp	2 q
TOSTToast, Inc.	0.00%	156,000	$6M	added+94%	0.00 pp	2 q
VLOValero Energy Corporation	0.00%	26,000	$4M	trimmed−17%	0.00 pp	21 q
VVVValvoline Inc.	0.00%	87,030	$3M	added×3.1	0.00 pp	4 q
ZNTLZentalis Pharmaceuticals, Inc.	0.00%	957,420	$1M	trimmed−1%	0.00 pp	23 q
AMBAAmbarella, Inc.	0.00%	19,500	$1M	trimmed−7%	0.00 pp	22 q
MDTMedtronic plc	0.00%	2,440	$234,386	trimmed−36%	0.00 pp	25 q
EAElectronic Arts Inc	—	−339,305	—	exited	−0.05 pp	—
GEGE Aerospace	—	−187,700	—	exited	−0.04 pp	—
VSXYVictorias Secret & Co.	—	−1,855,400	—	exited	−0.04 pp	—
OPTUOptimum Communications, Inc.	—	−4,869,860	—	exited	−0.01 pp	—
AMHAmerican Homes 4 Rent	—	−242,300	—	exited	−0.01 pp	—
GTLSChart Inds Inc	—	−17,000	—	exited	0.00 pp	—
DUOLDuolingo, Inc. Class A	—	−900	—	exited	0.00 pp	—
EPREPR Properties	—	−91,000	—	exited	0.00 pp	—
KYNBKyntra Bio, Inc.	—	−58,879	—	exited	0.00 pp	—
FIVEFive Below, Inc.	—	−1,300	—	exited	0.00 pp	—
LKFTLakefront Biotherapeutics	—	−50,500	—	exited	0.00 pp	—
JAMFJamf Holding Corp.	—	−18,000	—	exited	0.00 pp	—
NRIXNurix Therapeutics, Inc.	—	−170,000	—	exited	0.00 pp	—
SSTKShutterstock, Inc.	—	−11,730	—	exited	0.00 pp	—
WOLFWolfspeed, Inc.	—	−32,634	—	exited	0.00 pp	—
ZIMVZimVie Inc.	—	−31,930	—	exited	0.00 pp	—
MURAMural Oncology PLC	—	−92,800	—	exited	0.00 pp	—
SSYSStratasys Inc (ISRAEL)	—	−165,100	—	exited	0.00 pp	—