Baillie Gifford & Co.

Name: BAILLIE GIFFORD & CO 13F holdings, Q1 2025
Creator: BAILLIE GIFFORD & CO
Published: 2025-05-07

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Baillie Gifford & Co. reported 264 stock positions worth $114.6 billion. Its top holding was MercadoLibre (MELI) at 6.4% of the portfolio, followed by Amazon.com (AMZN, 5.8%) and Spotify Technology (SPOT, 5.2%). Compared with Q4 2024, it opened 15 new positions, sold out of 21, added to 46 and reduced 188. The biggest buy was PDD (PDD, shares +5%) and the biggest sale Tesla (TSLA, shares −76%).

Most Recent 13F: Q2 2026
Location: EDINBURGH, X0
CIK: 0001088875
Portfolio Value: $114.6B (Q1 2025)
SEC Filing: 0001088875-25-000049 ↗ filed May 7, 2025

Holdings Value

Holdings 264 stocks · $114.6B


MELI MercadoLibre Inc.	6.44%	3,784,477	$7.4B	Reduce -11.9%
AMZN Amazon.com Inc.	5.78%	34,831,430	$6.6B	Reduce -3.4%
SPOT Spotify Technology SA	5.20%	10,838,982	$6.0B	Reduce -17.6%
SHOP Shopify Inc. Class A	4.66%	55,877,748	$5.3B	Reduce -6.5%
SE Sea Ltd.-ADR	4.50%	39,525,842	$5.2B	Reduce -3.5%
NVDA Nvidia Corp.	4.44%	46,893,508	$5.1B	Reduce -11.3%
PDD PDD Holdings Inc.	4.14%	40,047,278	$4.7B	Add +5.2%
NFLX Netflix Inc.	3.28%	4,034,633	$3.8B	Reduce -9.9%
CPNG Coupang Inc.	2.97%	155,258,559	$3.4B	Reduce -3.6%
META Meta Platforms Inc. Class A	2.95%	5,872,957	$3.4B	Reduce -0.2%
NET Cloudflare Inc. Class A	2.70%	27,425,821	$3.1B	Reduce -14.0%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	2.37%	265,160,474	$2.7B	Add +17.9%
MSFT Microsoft Corp.	2.30%	7,021,856	$2.6B	Reduce -4.8%
DASH DoorDash Inc. Class A	1.91%	11,950,266	$2.2B	Reduce -9.5%
RACE Ferrari NV	1.71%	4,623,463	$2.0B	Reduce -16.3%
TEAM Atlassian Corp. Class A	1.61%	8,694,755	$1.8B	Add +7.1%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC	1.50%	31,413,946	$1.7B	Reduce -10.7%
RBLX Roblox Corp. Class A	1.40%	27,478,545	$1.6B	Reduce -2.0%
ISRG Intuitive Surgical Inc.	1.37%	3,174,667	$1.6B	Reduce -16.1%
APP AppLovin Corp. Class A	1.22%	5,270,355	$1.4B	Add +29.0%
IOT Samsara Inc. Class A	1.18%	35,277,488	$1.4B	Add +7.1%
WDAY Workday Inc. Class A	1.15%	5,623,652	$1.3B	Reduce -11.2%
DDOG Datadog Inc. Class A	1.06%	12,274,655	$1.2B	Add +12.6%
ELV Elevance Health Inc.	0.87%	2,303,038	$1.0B	Reduce -7.4%
ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD	0.86%	3,630,710	$988.2M	Reduce -1.1%
ALNY Alnylam Pharmaceuticals Inc.	0.86%	3,657,607	$987.6M	Reduce -9.5%
DXCM Dexcom Inc.	0.85%	14,179,830	$968.3M	Reduce -3.0%
MA Mastercard Inc. Class A	0.78%	1,631,605	$894.3M	Reduce -9.3%
SCI Service Corp. International	0.72%	10,235,684	$820.9M	Reduce -7.1%
RYAAY Ryanair Holdings PLC-SP ADR	0.70%	19,048,110	$807.1M	Reduce -12.4%
DUOL Duolingo	0.67%	2,477,752	$769.4M	Reduce -9.6%
BNTX Biontech SE-ADR	0.65%	8,159,682	$743.0M	Reduce -0.7%
PBR Petroleo Brasileiro-Spon ADR	0.65%	51,748,747	$742.1M	Reduce -6.6%
MRNA Moderna Inc.	0.62%	24,948,558	$707.3M	Reduce -35.9%
ESTC Elastic NV	0.61%	7,843,557	$698.9M	Reduce -11.6%
ENPH Enphase Energy Inc.	0.60%	11,052,357	$685.8M	Add +32.0%
XYZ Block Inc.	0.60%	12,553,165	$682.0M	Add +12.4%
CSGP Costar Group Inc.	0.58%	8,436,199	$668.4M	Add +6.6%
RIVN Rivian Automotive Inc. Class A	0.53%	48,542,887	$604.4M	Reduce -2.1%
MLM Martin Marietta Materials	0.52%	1,255,116	$600.1M	Reduce -34.3%
PODD Insulet Corp.	0.52%	2,250,755	$591.1M	Reduce -4.5%
AZO AutoZone Inc.	0.50%	151,612	$578.1M	Reduce -7.0%
AUR Aurora Innovation Inc.	0.46%	78,635,013	$528.8M	Reduce -2.9%
WIX Wix.com Ltd.	0.46%	3,227,099	$527.2M	Reduce -42.5%
WSO Watsco Inc.	0.45%	1,019,100	$518.0M	Reduce -7.2%
MMYT Makemytrip Ltd.	0.44%	5,155,202	$505.2M	Add +40.0%
ELF Elf Beauty Inc.	0.44%	7,939,144	$498.5M	Reduce -0.9%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	0.43%	5,260,033	$488.4M	Add +17.1%
GOOG Alphabet Inc. Class C	0.42%	3,105,472	$485.2M	Reduce -6.4%
TSLA Tesla Inc.	0.40%	1,762,022	$456.6M	Reduce -76.3%
TXN Texas Instruments Inc.	0.38%	2,393,554	$430.1M	Reduce -7.1%
SNOW Snowflake Inc.	0.37%	2,928,696	$428.1M	Add +8.2%
RPRX Royalty Pharma PLC Class A	0.36%	13,402,284	$417.2M	Reduce -5.2%
FMX Fomento Economico Mex-SP ADR	0.36%	4,268,594	$416.5M	Reduce -1.3%
TSM Taiwan Semiconductor-SP ADR	0.36%	2,495,073	$414.2M	Add +28.3%
AFRM Affirm Holdings Inc.	0.36%	9,003,471	$406.9M	Reduce -4.0%
SPGI S&P Global Inc.	0.35%	796,189	$404.5M	Reduce -6.7%
CBRE CBRE Group Inc. Class A	0.35%	3,074,246	$402.0M	Reduce -20.7%
MKL Markel Group Inc.	0.34%	210,484	$393.5M	Reduce -7.4%
SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE	0.33%	9,371,786	$372.3M	Add +587.9%
UNH Unitedhealth Group Inc.	0.32%	707,792	$370.7M	Reduce -6.7%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.31%	1,036,663	$357.9M	Reduce -36.4%
MCO Moody's Corp.	0.31%	758,516	$353.2M	Reduce -6.2%
PAYC Paycom Software Inc.	0.30%	1,584,493	$346.2M	Add +1918.4%
JOBY Joby Aviation Inc.	0.28%	53,877,308	$324.3M	Reduce -2.1%
CRM Salesforce Inc.	0.28%	1,197,896	$321.5M	New
BAP Credicorp Ltd.	0.26%	1,617,353	$301.1M	Reduce -0.3%
SG Sweetgreen Inc. Class A	0.26%	11,707,090	$292.9M	Add +3.4%
TME Tencent Music Entertainm-ADR	0.25%	20,176,398	$290.7M	Reduce -3.7%
DKNG Draftkings Inc. Class A	0.24%	8,390,236	$278.6M	Add +26.5%
SYM Symbotic Inc.	0.24%	13,706,465	$277.0M	Reduce -1.4%
CPA Copa Holdings SA Class A	0.24%	2,988,263	$276.3M	Reduce -2.4%
WMS Advanced Drainage Systems Inc.	0.24%	2,492,319	$270.8M	Reduce -6.6%
ODD Oddity Tech Ltd. Class A	0.24%	6,255,326	$270.6M	Add +4.8%
PINS Pinterest Inc. Class A	0.23%	8,407,556	$260.6M	Reduce -5.7%
TMO Thermo Fisher Scientific Inc.	0.22%	509,377	$253.5M	Reduce -5.5%
BN Brookfield Corp.	0.22%	4,816,082	$252.4M	Add +31.0%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC	0.21%	7,232,651	$239.4M	Reduce -6.2%
DOCS Doximity Inc. Class A	0.21%	4,123,174	$239.3M	Reduce -16.6%
ILMN Illumina Inc.	0.21%	3,010,792	$238.9M	Reduce -0.3%
HDB HDFC Bank Ltd.-ADR	0.21%	3,562,073	$236.7M	Reduce -1.5%
AVAV Aerovironment Inc.	0.21%	1,980,150	$236.0M	Reduce -7.3%
BROS Dutch Bros Inc. Class A	0.20%	3,800,684	$234.7M	Reduce -38.1%
GRAB Grab Holdings Ltd. Class A	0.20%	50,443,998	$228.5M	Add +7.3%
ON On Semiconductor	0.19%	5,382,186	$219.0M	New
GH Guardant Health Inc.	0.19%	5,061,011	$215.6M	Reduce -7.1%
DE Deere & Co.	0.19%	456,367	$214.2M	Reduce -10.3%
ADSK Autodesk Inc.	0.18%	778,173	$203.7M	Reduce -15.8%
ETN Eaton Corp. PLC	0.18%	746,590	$202.9M	Reduce -6.4%
MBLY Mobileye Global Inc. Class A	0.17%	13,783,833	$198.4M	Reduce -4.9%
BLDR Builders Firstsource Inc.	0.17%	1,560,975	$195.0M	Reduce -6.2%
CHWY Chewy Inc. Class A	0.17%	5,980,689	$194.4M	Reduce -63.9%
ECL Ecolab Inc.	0.17%	762,060	$193.2M	Reduce -19.8%
FAST Fastenal Co.	0.17%	2,445,409	$189.6M	Reduce -5.2%
W Wayfair Inc. Class A	0.17%	5,907,930	$189.2M	Reduce -4.4%
YMM Full Truck Alliance -SPN ADR	0.16%	14,729,137	$188.1M	Reduce -2.1%
SN Sharkninja Inc.	0.16%	2,250,868	$187.7M	Reduce -7.4%
ENTG Entegris Inc.	0.16%	2,114,909	$185.0M	Reduce -6.7%
INSP Inspire Medical Systems Inc.	0.16%	1,159,754	$184.7M	Reduce -7.7%
PEN Penumbra Inc.	0.16%	688,995	$184.2M	Reduce -5.7%
IBN Icici Bank Ltd.-Spon ADR	0.15%	5,594,714	$176.3M	Reduce -8.1%
RELY Remitly Global Inc.	0.15%	8,450,654	$175.8M	Reduce -10.0%
ROKU Roku Inc.	0.15%	2,489,007	$175.3M	Reduce -5.6%
AAPL Apple Inc.	0.15%	785,534	$174.5M	Reduce -4.3%
LINE Lineage Inc.	0.15%	2,954,723	$173.2M	Reduce -4.6%
UBER Uber Technologies Inc.	0.15%	2,299,369	$167.5M	New
PG The Procter & Gamble Co.	0.14%	970,577	$165.4M	Add +2.8%
DNLI Denali Therapeutics Inc.	0.14%	12,090,040	$164.4M	Reduce -1.8%
SITE Siteone Landscape Supply Inc.	0.14%	1,343,678	$163.2M	Reduce -18.1%
XYL Xylem Inc.	0.13%	1,269,337	$151.6M	Reduce -22.5%
NYT New York Times Co. Class A	0.13%	3,018,477	$149.7M	Add +19.0%
WSC Willscot Holdings Corp.	0.13%	5,229,918	$145.4M	New
FIX Comfort Systems USA Inc.	0.13%	445,915	$143.7M	Reduce -26.3%
NCLH Norwegian Cruise Line Holdin	0.12%	7,372,932	$139.8M	Reduce -7.8%
FND Floor & Decor Holdings Inc. Class A	0.12%	1,720,794	$138.5M	Reduce -6.5%
RXRX Recursion Pharmaceuticals-A	0.11%	24,393,015	$129.0M	Reduce -1.9%
FN Fabrinet	0.11%	644,557	$127.3M	Add +16.6%
GOOGL Alphabet Inc. Class A	0.11%	795,825	$123.1M	Reduce -4.4%
ENSG The Ensign Group Inc.	0.11%	945,592	$122.4M	Reduce -4.0%
CME Cme Group Inc.	0.11%	454,643	$120.6M	Add +14.5%
ADI Analog Devices Inc.	0.10%	583,320	$117.6M	Reduce -80.8%
PEP Pepsico Inc.	0.09%	705,022	$105.7M	Reduce -0.6%
BC Brunswick Corp.	0.09%	1,921,588	$103.5M	Reduce -6.3%
LMND Lemonade Inc.	0.09%	3,167,845	$99.6M	Reduce -6.4%
PBR.A Petroleo Brasil-SP Pref ADR	0.08%	6,801,133	$88.7M	Reduce -2.3%
BCH Banco DE Chile-ADR	0.07%	3,152,335	$83.5M	Reduce -2.6%
TFII Tfi International Inc.	0.07%	1,066,750	$82.6M	Reduce -3.1%
CP Canadian Pacific Kansas City	0.07%	1,164,566	$81.7M	Reduce -3.5%
INTU Intuit Inc.	0.07%	129,759	$79.7M	Add +32.0%
NEOG Neogen Corp.	0.07%	9,158,876	$79.4M	Reduce -6.0%
RDDT Reddit Inc. Class A	0.07%	750,000	$78.7M	New
SBUX Starbucks Corp.	0.07%	796,031	$78.1M	Add +7.9%
AXON Axon Enterprise Inc.	0.07%	144,104	$75.8M	Reduce -15.6%
MNDY Monday.com Ltd.	0.06%	301,506	$73.3M	Reduce -3.3%
BZ Kanzhun Ltd. - ADR	0.06%	3,709,515	$71.1M	New
BBD Banco Bradesco-ADR	0.06%	29,880,816	$66.6M	Reduce -2.8%
SPT Sprout Social Inc. Class A	0.06%	3,023,523	$66.5M	Reduce -13.5%
CSCO Cisco Systems Inc.	0.06%	1,067,032	$65.8M	Reduce -2.0%
VRTX Vertex Pharmaceuticals Inc.	0.06%	134,465	$65.2M	Reduce -10.3%
KO The Coca-Cola Co.	0.05%	818,008	$58.6M	Reduce -4.0%
ITUB Itau Unibanco H-Spon PRF ADR	0.05%	10,215,409	$56.2M	Add +10.1%
Z Zillow Group Inc. Class C	0.05%	807,329	$55.4M	Reduce -18.3%
COUR Coursera Inc.	0.05%	7,965,247	$53.0M	Reduce -10.3%
INFY Infosys Ltd.-SP ADR	0.05%	2,886,016	$52.7M	Reduce -0.7%
HD Home Depot Inc.	0.04%	137,553	$50.4M	Reduce -0.5%
MKTX Marketaxess Holdings Inc.	0.04%	221,240	$47.9M	Reduce -27.0%
MDT Medtronic PLC	0.04%	505,128	$45.4M	Reduce -2.4%
MCD McDonald's Corp.	0.04%	144,028	$45.0M	Reduce -2.6%
SVV Savers Value Village Inc.	0.04%	6,509,978	$44.9M	Add +76.5%
EW Edwards Lifesciences Corp.	0.04%	581,441	$42.1M	Reduce -17.7%
CYBR Cyberark Software Ltd./Israel	0.04%	118,801	$40.2M	Reduce -3.6%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC	0.03%	431,453	$39.6M	Reduce -0.0%
CGNX Cognex Corp.	0.03%	1,215,625	$36.3M	Reduce -4.1%
EXAS Exact Sciences Corp.	0.03%	832,568	$36.0M	Reduce -17.8%
CX Cemex Sab-Spons ADR Part Cer	0.03%	6,150,122	$34.5M	Reduce -80.6%
RAMP Liveramp Holdings Inc.	0.03%	1,312,023	$34.3M	Reduce -7.4%
FROG Jfrog Ltd.	0.03%	1,061,158	$34.0M	Reduce -11.2%
WRBY Warby Parker Inc. Class A	0.03%	1,827,764	$33.3M	Reduce -14.9%
MP MP Materials Corp.	0.03%	1,304,856	$31.9M	Reduce -12.0%
APPN Appian Corp. Class A	0.03%	1,076,198	$31.0M	Reduce -1.7%
LU Lufax Holding Ltd.-ADR	0.03%	10,281,698	$30.5M	Reduce -29.9%
UPWK Upwork Inc.	0.03%	2,250,827	$29.4M	Reduce -19.6%
TWST Twist Bioscience Corp.	0.03%	732,007	$28.7M	Reduce -5.9%
ALB Albemarle Corp.	0.03%	397,700	$28.6M	Reduce -81.4%
PGNY Progyny Inc.	0.02%	1,276,167	$28.5M	Reduce -4.2%
PAYX Paychex Inc.	0.02%	179,557	$27.7M	Reduce -1.0%
AMSC American Superconductor Corp.	0.02%	1,518,890	$27.6M	Reduce -7.9%
ES Eversource Energy	0.02%	417,379	$25.9M	Reduce -8.1%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC	0.02%	1,266,623	$25.4M	Reduce -3.9%
TRUP Trupanion Inc.	0.02%	678,036	$25.3M	Reduce -3.3%
ABCL Abcellera Biologics Inc.	0.02%	11,195,832	$25.0M	Reduce -8.5%
HSY The Hershey Co.	0.02%	144,657	$24.7M	Reduce -21.3%
MRSH Marsh & McLennan Cos	0.02%	97,682	$23.8M	Reduce -10.3%
IPGP Ipg Photonics Corp.	0.02%	369,873	$23.4M	Reduce -1.5%
CFLT Confluent Inc. Class A	0.02%	969,306	$22.7M	Add +114.9%
DLO Dlocal Ltd.	0.02%	2,602,563	$21.7M	Reduce -0.4%
BKNG Booking Holdings Inc.	0.02%	4,449	$20.5M	Reduce -17.2%
AMPL Amplitude Inc. Class A	0.02%	1,991,397	$20.3M	New
NVCR Novocure Ltd.	0.02%	1,136,980	$20.3M	Reduce -2.1%
SDGR Schrodinger Inc.	0.02%	994,819	$19.6M	Reduce -5.7%
WAB Wabtec Corp.	0.02%	107,472	$19.5M	Reduce -29.7%
DNA Ginkgo Bioworks Holdings Inc.	0.02%	3,350,891	$19.1M	Reduce -0.2%
JMIA Jumia Technologies AG-ADR	0.02%	8,629,656	$18.6M	Reduce -1.7%
PRCT Procept Biorobotics Corp.	0.02%	313,884	$18.3M	New
XMTR Xometry Inc. Class A	0.02%	728,281	$18.1M	Add +2.5%
TMDX Transmedics Group Inc.	0.02%	259,677	$17.5M	Reduce -3.8%
ERII Energy Recovery Inc.	0.02%	1,099,276	$17.5M	Reduce -1.8%
SANA Sana Biotechnology Inc.	0.01%	10,191,476	$17.1M	Reduce -0.4%
ARCC Ares Capital Corp.	0.01%	753,649	$16.7M	Add +27.8%
BXSL Blackstone Secured Lending F	0.01%	505,229	$16.3M	Add +23.8%
BEPC Brookfield Renewable Corp.	0.01%	562,266	$15.7M	Reduce -15.2%
MNST Monster Beverage Corp.	0.01%	267,890	$15.7M	Reduce -11.8%
PGR Progressive Corp.	0.01%	55,010	$15.6M	Reduce -18.5%
AMT American Tower Corp.	0.01%	70,099	$15.3M	Reduce -8.0%
VECO Veeco Instruments Inc.	0.01%	756,312	$15.2M	Reduce -2.8%
AEHR Aehr Test Systems	0.01%	2,003,067	$14.6M	Reduce -1.0%
AMBA Ambarella Inc.	0.01%	289,923	$14.6M	Reduce -11.9%
MSA Msa Safety Inc.	0.01%	97,761	$14.3M	Reduce -10.2%
TNDM Tandem Diabetes Care Inc.	0.01%	732,574	$14.0M	Reduce -1.8%
EOG EOG Resources Inc.	0.01%	104,519	$13.4M	Add +11.4%
FTS Fortis Inc.	0.01%	285,991	$13.0M	Add +17.9%
BL Blackline Inc.	0.01%	268,024	$13.0M	Reduce -10.0%
BUR Burford Capital Ltd.	0.01%	946,037	$12.5M	Reduce -36.4%
SKYT Skywater Technology Inc.	0.01%	1,627,329	$11.5M	Reduce -2.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.01%	94,684	$11.5M	Reduce -22.7%
CSL Carlisle Cos Inc.	0.01%	33,394	$11.4M	Reduce -10.9%
CDNS Cadence Design SYS Inc.	0.01%	42,817	$10.9M	New
OSCR Oscar Health Inc. Class A	0.01%	822,088	$10.8M	No change
WEC WEC Energy Group Inc.	0.01%	91,849	$10.0M	Add +53.9%
SNPS Synopsys Inc.	0.01%	23,177	$9.9M	New
RXST Rxsight Inc.	0.01%	392,231	$9.9M	Reduce -1.7%
CRWD CrowdStrike Holdings Inc. Class A	0.01%	28,038	$9.9M	Reduce -24.4%
KMX Carmax Inc.	0.01%	126,428	$9.9M	Reduce -24.4%
GGG Graco Inc.	0.01%	104,413	$8.7M	Reduce -22.6%
EIC Eagle Point Income Co.-USA Inc.	0.01%	569,544	$8.5M	New
TSLX Sixth Street Specialty Lendi	0.01%	373,254	$8.4M	Add +21.8%
GBDC Golub Capital BDC Inc.	0.01%	548,319	$8.3M	Add +30.9%
NKE Nike Inc. Class B	0.01%	128,970	$8.2M	Reduce -28.5%
PYPL PayPal Holdings Inc.	0.01%	125,296	$8.2M	Reduce -24.9%
OBDC Blue Owl Capital Corp.	0.01%	551,430	$8.1M	New
QS Quantumscape Corp.	0.01%	1,878,989	$7.8M	Reduce -1.0%
IBP Installed Building Products	0.01%	36,482	$6.3M	Reduce -23.7%
PLD Prologis Inc.	0.01%	55,578	$6.2M	Reduce -11.8%
ZG Zillow Group Inc. Class A	0.01%	92,289	$6.2M	Add +0.3%
DMRC Digimarc Corp.	0.01%	476,543	$6.1M	Reduce -3.3%
BEAM Beam Therapeutics Inc.	0.01%	302,734	$5.9M	Reduce -1.8%
EVER Everquote Inc. Class A	0.01%	221,286	$5.8M	Reduce -7.1%
SUI Sun Communities Inc. filed as SUN CMNTYS INC	0.00%	37,713	$4.9M	Reduce -8.4%
CDXS Codexis Inc.	0.00%	1,699,644	$4.6M	Add +0.3%
EXC Exelon Corp.	0.00%	86,030	$4.0M	No change
QTRX Quanterix Corp.	0.00%	600,812	$3.9M	Reduce -4.6%
MDB Mongodb Inc.	0.00%	17,867	$3.1M	Reduce -39.7%
DCBO Docebo Inc.	0.00%	100,016	$2.9M	Reduce -57.8%
CNP Centerpoint Energy Inc.	0.00%	70,923	$2.6M	No change
SO The Southern Co.	0.00%	24,639	$2.3M	No change
ED Consolidated Edison Inc.	0.00%	19,093	$2.1M	No change
SEDG Solaredge Technologies Inc.	0.00%	125,898	$2.0M	Add +17.7%
PM Philip Morris International	0.00%	11,922	$1.9M	No change
NEE Nextera Energy Inc.	0.00%	21,348	$1.5M	No change
MEDP Medpace Holdings Inc.	0.00%	4,302	$1.3M	Reduce -70.3%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL	0.00%	16,312	$1.2M	Add +10.0%
EIX Edison International	0.00%	18,900	$1.1M	No change
FCN Fti Consulting Inc.	0.00%	6,729	$1.1M	Reduce -77.9%
DLR Digital Realty Trust Inc.	0.00%	7,632	$1.1M	Add +15.0%
FRPT Freshpet Inc.	0.00%	13,040	$1.1M	Reduce -73.3%
DOC Healthpeak Properties Inc.	0.00%	48,045	$971K	Add +26.3%
NYAX Nayax Ltd.	0.00%	27,985	$959K	Reduce -45.4%
MTLS Materialise NV-ADR	0.00%	83,119	$409K	No change
CLLS Cellectis - ADR	0.00%	139,047	$172K	Reduce -52.1%
STN Stantec Inc.	0.00%	403	$33K	Add +3.6%
CRH CRH PLC	0.00%	342	$30K	Reduce -9.8%
TTEK Tetra Tech Inc.	0.00%	925	$27K	New
TER Teradyne Inc.	0.00%	312	$26K	No change
UL Unilever PLC	0.00%	414	$25K	Add +4.0%
RIO Rio Tinto PLC-Spon ADR	0.00%	319	$19K	No change
HUBB Hubbell Inc.	0.00%	43	$14K	New
URI United Rentals Inc.	0.00%	22	$14K	New
NVO Novo-Nordisk A/S-Spons ADR	0.00%	176	$12K	Add +232.1%
VEEV Veeva Systems Inc. Class A	0.00%	42	$10K	Reduce -61.8%
CRL Charles River Laboratories	0.00%	49	$7K	Reduce -99.9%
BUD Anheuser-Busch Inbev-SPN ADR	0.00%	100	$6K	No change
TTE Totalenergies SE -Spon ADR	0.00%	58	$4K	No change
LI Li Auto Inc. - ADR	0.00%	112	$3K	No change
GMAB Genmab A/S -SP ADR	0.00%	54	$1K	No change

Other holdings (1): bonds, preferreds, convertibles and warrants · $4.3M (not counted above)

Security	Class	Shares / Principal	Value	Change
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	120,000	$4.3M	No change

Total filed on the 13F, all lines: $114.6B.

Portfolio Sells Q4 2024 → Q1 2025


TSLA Tesla Inc.	Reduce -76.3%	0.40%	−1.90
TTD Trade Desk Inc./the Class A	Reduce -10.7%	1.50%	−1.68
NVDA Nvidia Corp.	Reduce -11.3%	4.44%	−1.02
MRNA Moderna Inc.	Reduce -35.9%	0.62%	−0.63
AMD Advanced Micro Devices	Sold out	0.00%	−0.59
WIX Wix.com Ltd.	Reduce -42.5%	0.46%	−0.47
ADI Analog Devices Inc.	Reduce -80.8%	0.10%	−0.39
ELF Elf Beauty Inc.	Reduce -0.9%	0.44%	−0.34
AMZN Amazon.com Inc.	Reduce -3.4%	5.78%	−0.29
CHWY Chewy Inc. Class A	Reduce -63.9%	0.17%	−0.26
MLM Martin Marietta Materials	Reduce -34.3%	0.52%	−0.23
SHOP Shopify Inc. Class A	Reduce -6.5%	4.66%	−0.23
ISRG Intuitive Surgical Inc.	Reduce -16.1%	1.37%	−0.15
ALB Albemarle Corp.	Reduce -81.4%	0.03%	−0.12
WDAY Workday Inc. Class A	Reduce -11.2%	1.15%	−0.11
CX Cemex Sab-Spons ADR Part Cer	Reduce -80.6%	0.03%	−0.11
RACE Ferrari NV	Reduce -16.3%	1.71%	−0.10
ILMN Illumina Inc.	Reduce -0.3%	0.21%	−0.10
MSFT Microsoft Corp.	Reduce -4.8%	2.30%	−0.09
AFRM Affirm Holdings Inc.	Reduce -4.0%	0.36%	−0.08
FIX Comfort Systems USA Inc.	Reduce -26.3%	0.13%	−0.07
BNTX Biontech SE-ADR	Reduce -0.7%	0.65%	−0.07
ESTC Elastic NV	Reduce -11.6%	0.61%	−0.07
GOOG Alphabet Inc. Class C	Reduce -6.4%	0.42%	−0.06
JOBY Joby Aviation Inc.	Reduce -2.1%	0.28%	−0.06
UPS United Parcel Service Class B	Sold out	0.00%	−0.06
DNLI Denali Therapeutics Inc.	Reduce -1.8%	0.14%	−0.05
MBLY Mobileye Global Inc. Class A	Reduce -4.9%	0.17%	−0.05
AVAV Aerovironment Inc.	Reduce -7.3%	0.21%	−0.05
W Wayfair Inc. Class A	Reduce -4.4%	0.17%	−0.05
AJG Arthur J Gallagher & Co.	Reduce -36.4%	0.31%	−0.04
BROS Dutch Bros Inc. Class A	Reduce -38.1%	0.20%	−0.04
TFII Tfi International Inc.	Reduce -3.1%	0.07%	−0.04
CBRE CBRE Group Inc. Class A	Reduce -20.7%	0.35%	−0.04
NCLH Norwegian Cruise Line Holdin	Reduce -7.8%	0.12%	−0.04
ADSK Autodesk Inc.	Reduce -15.8%	0.18%	−0.03
DXCM Dexcom Inc.	Reduce -3.0%	0.85%	−0.03
ETN Eaton Corp. PLC	Reduce -6.4%	0.18%	−0.03
SPT Sprout Social Inc. Class A	Reduce -13.5%	0.06%	−0.02
RYAAY Ryanair Holdings PLC-SP ADR	Reduce -12.4%	0.70%	−0.02
SITE Siteone Landscape Supply Inc.	Reduce -18.1%	0.14%	−0.02
NEOG Neogen Corp.	Reduce -6.0%	0.07%	−0.02
STAA Staar Surgical Co.	Sold out	0.00%	−0.02
FND Floor & Decor Holdings Inc. Class A	Reduce -6.5%	0.12%	−0.02
YETI Yeti Holdings Inc.	Reduce -6.2%	0.21%	−0.02
SN Sharkninja Inc.	Reduce -7.4%	0.16%	−0.02
INSP Inspire Medical Systems Inc.	Reduce -7.7%	0.16%	−0.02
RXRX Recursion Pharmaceuticals-A	Reduce -1.9%	0.11%	−0.02
GOOGL Alphabet Inc. Class A	Reduce -4.4%	0.11%	−0.01
XYL Xylem Inc.	Reduce -22.5%	0.13%	−0.01

Portfolio Buys Q4 2024 → Q1 2025


PDD PDD Holdings Inc.	Add +5.2%	4.14%	+1.30
NU Nu Holdings Ltd./Cayman Isl-A	Add +17.9%	2.37%	+0.58
PAYC Paycom Software Inc.	Add +1918.4%	0.30%	+0.29
SQM Quimica Y Minera Chil-SP ADR	Add +587.9%	0.33%	+0.29
CRM Salesforce Inc.	New	0.28%	+0.28
APP AppLovin Corp. Class A	Add +29.0%	1.22%	+0.20
ON On Semiconductor	New	0.19%	+0.19
ENPH Enphase Energy Inc.	Add +32.0%	0.60%	+0.16
CSGP Costar Group Inc.	Add +6.6%	0.58%	+0.15
UBER Uber Technologies Inc.	New	0.15%	+0.15
WSC Willscot Holdings Corp.	New	0.13%	+0.13
MMYT Makemytrip Ltd.	Add +40.0%	0.44%	+0.12
KSPI JSC Kaspi.kz ADR	Add +17.1%	0.43%	+0.10
TEAM Atlassian Corp. Class A	Add +7.1%	1.61%	+0.09
IOT Samsara Inc. Class A	Add +7.1%	1.18%	+0.07
RDDT Reddit Inc. Class A	New	0.07%	+0.07
TSM Taiwan Semiconductor-SP ADR	Add +28.3%	0.36%	+0.07
BZ Kanzhun Ltd. - ADR	New	0.06%	+0.06
BN Brookfield Corp.	Add +31.0%	0.22%	+0.06
DKNG Draftkings Inc. Class A	Add +26.5%	0.24%	+0.05
SNOW Snowflake Inc.	Add +8.2%	0.37%	+0.05
ODD Oddity Tech Ltd. Class A	Add +4.8%	0.24%	+0.04
CME Cme Group Inc.	Add +14.5%	0.11%	+0.03
NYT New York Times Co. Class A	Add +19.0%	0.13%	+0.03
GRAB Grab Holdings Ltd. Class A	Add +7.3%	0.20%	+0.03
PG The Procter & Gamble Co.	Add +2.8%	0.14%	+0.02
INTU Intuit Inc.	Add +32.0%	0.07%	+0.02
AMPL Amplitude Inc. Class A	New	0.02%	+0.02
FN Fabrinet	Add +16.6%	0.11%	+0.02
SBUX Starbucks Corp.	Add +7.9%	0.07%	+0.02
PRCT Procept Biorobotics Corp.	New	0.02%	+0.02
ITUB Itau Unibanco H-Spon PRF ADR	Add +10.1%	0.05%	+0.01
CFLT Confluent Inc. Class A	Add +114.9%	0.02%	+0.01
SVV Savers Value Village Inc.	Add +76.5%	0.04%	+0.01
CDNS Cadence Design SYS Inc.	New	0.01%	+0.01
SNPS Synopsys Inc.	New	0.01%	+0.01
EIC Eagle Point Income Co.-USA Inc.	New	0.01%	+0.01
OBDC Blue Owl Capital Corp.	New	0.01%	+0.01
ARCC Ares Capital Corp.	Add +27.8%	0.01%	+0.00
WEC WEC Energy Group Inc.	Add +53.9%	0.01%	+0.00
BXSL Blackstone Secured Lending F	Add +23.8%	0.01%	+0.00
FTS Fortis Inc.	Add +17.9%	0.01%	+0.00
EOG EOG Resources Inc.	Add +11.4%	0.01%	+0.00
GBDC Golub Capital BDC Inc.	Add +30.9%	0.01%	+0.00
TSLX Sixth Street Specialty Lendi	Add +21.8%	0.01%	+0.00
SEDG Solaredge Technologies Inc.	Add +17.7%	0.00%	+0.00
ZG Zillow Group Inc. Class A	Add +0.3%	0.01%	+0.00
DOC Healthpeak Properties Inc.	Add +26.3%	0.00%	+0.00
VMRK Vivmark Residential	Add +10.0%	0.00%	+0.00
DLR Digital Realty Trust Inc.	Add +15.0%	0.00%	+0.00

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	272	$110.2B	SPCX, NVDA, AMZN, MELI, SE
Q1 2026	270	$97.9B	NVDA, AMZN, MELI, SPOT, NU
Q4 2025	265	$120.3B	NVDA, MELI, AMZN, SHOP, SE
Q3 2025	264	$135.0B	NVDA, MELI, SE, AMZN, SPOT
Q2 2025	263	$133.9B	MELI, NVDA, SPOT, AMZN, SE
Q1 2025	264	$114.6B	MELI, AMZN, SPOT, SHOP, SE
Q4 2024	270	$130.1B	AMZN, MELI, NVDA, SHOP, SPOT
Q3 2024	276	$133.6B	MELI, NVDA, AMZN, SPOT, SHOP
Q2 2024	284	$128.4B	NVDA, MELI, AMZN, MRNA, SPOT
Q1 2024	289	$128.6B	NVDA, MELI, AMZN, SPOT, MRNA