Baillie Gifford & Co.

Name: BAILLIE GIFFORD & CO 13F holdings, Q2 2025
Creator: BAILLIE GIFFORD & CO
Published: 2025-08-06

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 6, 2025), Baillie Gifford & Co. reported 263 stock positions worth $133.9 billion. Its top holding was MercadoLibre (MELI) at 6.8% of the portfolio, followed by Nvidia (NVDA, 5.8%) and Spotify Technology (SPOT, 5.5%). Compared with Q1 2025, it opened 19 new positions, sold out of 20, added to 55 and reduced 175. The biggest buy was Nvidia (NVDA, shares +5%) and the biggest sale PDD (PDD, shares −14%).

Most Recent 13F: Q2 2026
Location: EDINBURGH, X0
CIK: 0001088875
Portfolio Value: $133.9B (Q2 2025)
SEC Filing: 0001088875-25-000057 ↗ filed Aug 6, 2025

Holdings Value

Holdings 263 stocks · $133.9B


MELI MercadoLibre Inc.	6.84%	3,505,672	$9.2B	Reduce -7.4%
NVDA Nvidia Corp.	5.79%	49,063,121	$7.8B	Add +4.6%
SPOT Spotify Technology SA	5.52%	9,628,910	$7.4B	Reduce -11.2%
AMZN Amazon.com Inc.	5.46%	33,294,360	$7.3B	Reduce -4.4%
SE Sea Ltd.-ADR	4.97%	41,623,294	$6.7B	Add +5.3%
NFLX Netflix Inc.	3.90%	3,903,505	$5.2B	Reduce -3.3%
NET Cloudflare Inc. Class A	3.73%	25,525,131	$5.0B	Reduce -6.9%
CPNG Coupang Inc.	3.60%	160,899,909	$4.8B	Add +3.6%
SHOP Shopify Inc. Class A	3.25%	37,748,072	$4.4B	Reduce -32.5%
META Meta Platforms Inc. Class A	3.01%	5,453,213	$4.0B	Reduce -7.2%
PDD PDD Holdings Inc.	2.69%	34,372,712	$3.6B	Reduce -14.2%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	2.67%	260,981,788	$3.6B	Reduce -1.6%
MSFT Microsoft Corp.	2.24%	6,029,276	$3.0B	Reduce -14.1%
RBLX Roblox Corp. Class A	2.07%	26,378,405	$2.8B	Reduce -4.0%
APP AppLovin Corp. Class A	1.67%	6,400,229	$2.2B	Add +21.4%
DASH DoorDash Inc. Class A	1.66%	8,988,826	$2.2B	Reduce -24.8%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC	1.65%	30,702,638	$2.2B	Reduce -2.3%
RACE Ferrari NV	1.55%	4,256,100	$2.1B	Reduce -8.0%
IOT Samsara Inc. Class A	1.30%	43,893,738	$1.7B	Add +24.4%
TEAM Atlassian Corp. Class A	1.29%	8,527,513	$1.7B	Reduce -1.9%
ISRG Intuitive Surgical Inc.	1.26%	3,114,665	$1.7B	Reduce -1.9%
DDOG Datadog Inc. Class A	1.20%	11,957,462	$1.6B	Reduce -2.6%
DXCM Dexcom Inc.	1.09%	16,705,195	$1.5B	Add +17.8%
ALNY Alnylam Pharmaceuticals Inc.	0.74%	3,031,891	$988.7M	Reduce -17.1%
RDDT Reddit Inc. Class A	0.73%	6,482,328	$976.0M	Add +764.3%
ELF Elf Beauty Inc.	0.72%	7,770,771	$967.0M	Reduce -2.1%
RYAAY Ryanair Holdings PLC-SP ADR	0.68%	15,820,053	$912.3M	Reduce -16.9%
DUOL Duolingo	0.67%	2,198,891	$901.6M	Reduce -11.3%
MA Mastercard Inc. Class A	0.67%	1,591,049	$894.1M	Reduce -2.5%
ELV Elevance Health Inc.	0.65%	2,237,022	$870.1M	Reduce -2.9%
BNTX Biontech SE-ADR	0.64%	8,038,872	$855.9M	Reduce -1.5%
XYZ Block Inc.	0.61%	12,012,644	$816.0M	Reduce -4.3%
SCI Service Corp. International	0.61%	10,000,054	$814.0M	Reduce -2.3%
TEM Tempus AI Inc. Class A	0.57%	12,094,029	$768.5M	New
CSGP Costar Group Inc.	0.51%	8,540,369	$686.6M	Add +1.2%
MLM Martin Marietta Materials	0.50%	1,230,943	$675.7M	Reduce -1.9%
PODD Insulet Corp.	0.50%	2,135,068	$670.8M	Reduce -5.1%
RIVN Rivian Automotive Inc. Class A	0.49%	47,584,480	$653.8M	Reduce -2.0%
RPRX Royalty Pharma PLC Class A	0.48%	18,020,455	$649.3M	Add +34.5%
SNOW Snowflake Inc.	0.48%	2,848,124	$637.3M	Reduce -2.8%
MRNA Moderna Inc.	0.46%	22,094,124	$609.6M	Reduce -11.4%
MMYT Makemytrip Ltd.	0.42%	5,716,130	$560.3M	Add +10.9%
JOBY Joby Aviation Inc.	0.42%	52,824,729	$557.3M	Reduce -1.9%
AVAV Aerovironment Inc.	0.41%	1,938,698	$552.4M	Reduce -2.1%
AZO AutoZone Inc.	0.41%	148,109	$549.8M	Reduce -2.3%
TSLA Tesla Inc.	0.40%	1,700,116	$540.1M	Reduce -3.5%
GOOG Alphabet Inc. Class C	0.39%	2,969,828	$526.8M	Reduce -4.4%
SYM Symbotic Inc.	0.39%	13,440,113	$522.1M	Reduce -1.9%
AFRM Affirm Holdings Inc.	0.39%	7,532,410	$520.8M	Reduce -16.3%
TSM Taiwan Semiconductor-SP ADR	0.38%	2,265,239	$513.1M	Reduce -9.2%
PBR Petroleo Brasileiro-Spon ADR	0.38%	40,397,064	$505.4M	Reduce -21.9%
TXN Texas Instruments Inc.	0.36%	2,335,618	$484.9M	Reduce -2.4%
WIX Wix.com Ltd.	0.35%	2,983,935	$472.8M	Reduce -7.5%
ODD Oddity Tech Ltd. Class A	0.34%	6,117,671	$461.7M	Reduce -2.2%
FMX Fomento Economico Mex-SP ADR	0.33%	4,257,335	$438.4M	Reduce -0.3%
WSO Watsco Inc.	0.32%	976,344	$431.2M	Reduce -4.2%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	0.32%	5,031,214	$427.1M	Reduce -4.3%
CBRE CBRE Group Inc. Class A	0.31%	2,997,219	$420.0M	Reduce -2.5%
SPGI S&P Global Inc.	0.30%	773,670	$407.9M	Reduce -2.8%
MKL Markel Group Inc.	0.30%	201,623	$402.7M	Reduce -4.2%
AUR Aurora Innovation Inc.	0.30%	76,600,315	$401.4M	Reduce -2.6%
UBER Uber Technologies Inc.	0.30%	4,278,756	$399.2M	Add +86.1%
WDAY Workday Inc. Class A	0.29%	1,606,807	$385.6M	Reduce -71.4%
DG Dollar General Corp.	0.29%	3,355,848	$383.8M	New
MCO Moody's Corp.	0.28%	736,778	$369.6M	Reduce -2.9%
BAP Credicorp Ltd.	0.27%	1,636,721	$365.8M	Add +1.2%
PAYC Paycom Software Inc.	0.27%	1,549,695	$358.6M	Reduce -2.2%
ENPH Enphase Energy Inc.	0.27%	8,977,315	$356.0M	Reduce -18.8%
DKNG Draftkings Inc. Class A	0.25%	7,931,263	$340.2M	Reduce -5.5%
TME Tencent Music Entertainm-ADR	0.24%	16,813,324	$327.7M	Reduce -16.7%
SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE	0.24%	9,230,909	$325.6M	Reduce -1.5%
CPA Copa Holdings SA Class A	0.24%	2,903,095	$319.3M	Reduce -2.9%
CRM Salesforce Inc.	0.24%	1,163,119	$317.2M	Reduce -2.9%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.22%	940,528	$301.1M	Reduce -9.3%
FTAI Ftai Aviation Ltd.	0.22%	2,569,289	$295.6M	New
BN Brookfield Corp.	0.22%	4,764,393	$294.7M	Reduce -1.1%
W Wayfair Inc. Class A	0.22%	5,664,163	$289.7M	Reduce -4.1%
PINS Pinterest Inc. Class A	0.21%	8,009,740	$287.2M	Reduce -4.7%
WMS Advanced Drainage Systems Inc.	0.21%	2,472,510	$284.0M	Reduce -0.8%
DE Deere & Co.	0.21%	553,898	$281.7M	Add +21.4%
ON On Semiconductor	0.21%	5,335,777	$279.6M	Reduce -0.9%
HDB HDFC Bank Ltd.-ADR	0.20%	3,453,709	$264.8M	Reduce -3.0%
ETN Eaton Corp. PLC	0.19%	725,199	$258.9M	Reduce -2.9%
GH Guardant Health Inc.	0.19%	4,809,786	$250.3M	Reduce -5.0%
BROS Dutch Bros Inc. Class A	0.18%	3,621,656	$247.6M	Reduce -4.7%
MBLY Mobileye Global Inc. Class A	0.18%	13,537,373	$243.4M	Reduce -1.8%
CHWY Chewy Inc. Class A	0.18%	5,696,990	$242.8M	Reduce -4.7%
GRAB Grab Holdings Ltd. Class A	0.18%	48,131,916	$242.1M	Reduce -4.6%
DOCS Doximity Inc. Class A	0.18%	3,934,031	$241.3M	Reduce -4.6%
PEN Penumbra Inc.	0.18%	922,127	$236.6M	Add +33.8%
FIX Comfort Systems USA Inc.	0.17%	432,542	$231.9M	Reduce -3.0%
ADSK Autodesk Inc.	0.17%	741,833	$229.6M	Reduce -4.7%
ENSG The Ensign Group Inc.	0.17%	1,436,574	$221.6M	Add +51.9%
UNH Unitedhealth Group Inc.	0.16%	691,852	$215.8M	Reduce -2.3%
SN Sharkninja Inc.	0.16%	2,153,588	$213.2M	Reduce -4.3%
MSCI MSCI Inc.	0.16%	360,514	$207.9M	New
TMO Thermo Fisher Scientific Inc.	0.15%	504,676	$204.6M	Reduce -0.9%
ECL Ecolab Inc.	0.15%	728,342	$196.2M	Reduce -4.4%
SG Sweetgreen Inc. Class A	0.14%	12,997,690	$193.4M	Add +11.0%
EPAM Epam Systems Inc.	0.14%	1,072,313	$189.6M	New
NYT New York Times Co. Class A	0.13%	3,225,252	$180.5M	Add +6.8%
BLDR Builders Firstsource Inc.	0.13%	1,524,282	$177.9M	Reduce -2.4%
IBN Icici Bank Ltd.-Spon ADR	0.13%	5,265,942	$177.1M	Reduce -5.9%
FN Fabrinet	0.13%	589,171	$173.6M	Reduce -8.6%
YMM Full Truck Alliance -SPN ADR	0.13%	14,486,413	$171.1M	Reduce -1.6%
DNLI Denali Therapeutics Inc.	0.12%	11,955,323	$167.3M	Reduce -1.1%
ILMN Illumina Inc.	0.12%	1,741,153	$166.1M	Reduce -42.2%
ENTG Entegris Inc.	0.12%	2,058,007	$166.0M	Reduce -2.7%
MEDP Medpace Holdings Inc.	0.12%	522,293	$163.9M	Add +12040.7%
RKLB Rocket Lab Corp.	0.12%	4,391,122	$157.1M	New
RELY Remitly Global Inc.	0.11%	8,033,147	$150.8M	Reduce -4.9%
PG The Procter & Gamble Co.	0.11%	945,395	$150.6M	Reduce -2.6%
AAPL Apple Inc.	0.11%	721,726	$148.1M	Reduce -8.1%
INSP Inspire Medical Systems Inc.	0.11%	1,113,888	$144.5M	Reduce -4.0%
WSC Willscot Holdings Corp.	0.10%	5,109,735	$140.0M	Reduce -2.3%
LMND Lemonade Inc.	0.10%	3,110,282	$136.3M	Reduce -1.8%
ADI Analog Devices Inc.	0.10%	571,160	$135.9M	Reduce -2.1%
GOOGL Alphabet Inc. Class A	0.10%	770,160	$135.7M	Reduce -3.2%
CME Cme Group Inc.	0.10%	470,637	$129.7M	Add +3.5%
LINE Lineage Inc.	0.10%	2,955,958	$128.6M	Add +0.0%
FND Floor & Decor Holdings Inc. Class A	0.10%	1,683,949	$127.9M	Reduce -2.1%
RXRX Recursion Pharmaceuticals-A	0.09%	24,173,815	$122.3M	Reduce -0.9%
FAST Fastenal Co.	0.09%	2,775,081	$116.6M	Reduce -43.3%
BCH Banco DE Chile-ADR	0.08%	3,649,920	$111.0M	Add +15.8%
INTU Intuit Inc.	0.08%	139,505	$109.9M	Add +7.5%
AXON Axon Enterprise Inc.	0.08%	128,250	$106.2M	Reduce -11.0%
BC Brunswick Corp.	0.08%	1,893,167	$104.6M	Reduce -1.5%
SVV Savers Value Village Inc.	0.07%	9,572,853	$97.6M	Add +47.0%
VRTX Vertex Pharmaceuticals Inc.	0.07%	212,479	$94.6M	Add +58.0%
PONY Pony AI Inc.	0.07%	7,137,437	$94.2M	New
MNDY Monday.com Ltd.	0.07%	299,430	$94.2M	Reduce -0.7%
TFII Tfi International Inc.	0.07%	1,051,089	$94.2M	Reduce -1.5%
PEP Pepsico Inc.	0.07%	684,006	$90.3M	Reduce -3.0%
CP Canadian Pacific Kansas City	0.07%	1,122,284	$89.0M	Reduce -3.6%
BBD Banco Bradesco-ADR	0.07%	28,652,167	$88.5M	Reduce -4.1%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC	0.06%	2,690,733	$84.8M	Reduce -62.8%
PBR.A Petroleo Brasil-SP Pref ADR	0.06%	6,530,941	$75.4M	Reduce -4.0%
CSCO Cisco Systems Inc.	0.05%	1,055,185	$73.2M	Reduce -1.1%
ACN Accenture PLC Class A	0.05%	234,565	$70.1M	New
ITUB Itau Unibanco H-Spon PRF ADR	0.05%	10,148,531	$68.9M	Reduce -0.7%
COUR Coursera Inc.	0.05%	7,577,646	$66.4M	Reduce -4.9%
SBUX Starbucks Corp.	0.05%	715,874	$65.6M	Reduce -10.1%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC	0.05%	346,095	$62.4M	New
BZ Kanzhun Ltd. - ADR	0.04%	3,185,137	$56.8M	Reduce -14.1%
KO The Coca-Cola Co.	0.04%	782,221	$55.3M	Reduce -4.4%
AMSC American Superconductor Corp.	0.04%	1,452,679	$53.3M	Reduce -4.4%
INFY Infosys Ltd.-SP ADR	0.04%	2,867,601	$53.1M	Reduce -0.6%
PRCT Procept Biorobotics Corp.	0.04%	876,363	$50.5M	Add +179.2%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC	0.04%	506,947	$48.9M	Add +17.5%
HD Home Depot Inc.	0.04%	132,304	$48.5M	Reduce -3.8%
CYBR Cyberark Software Ltd./Israel	0.04%	117,918	$48.0M	Reduce -0.7%
Z Zillow Group Inc. Class C	0.04%	670,254	$47.0M	Reduce -17.0%
PAYX Paychex Inc.	0.03%	318,223	$46.3M	Add +77.2%
EW Edwards Lifesciences Corp.	0.03%	582,598	$45.6M	Add +0.2%
MP MP Materials Corp.	0.03%	1,317,974	$43.8M	Add +1.0%
XMTR Xometry Inc. Class A	0.03%	1,296,313	$43.8M	Add +78.0%
MDT Medtronic PLC	0.03%	492,854	$43.0M	Reduce -2.4%
FROG Jfrog Ltd.	0.03%	973,397	$42.7M	Reduce -8.3%
MKTX Marketaxess Holdings Inc.	0.03%	186,689	$41.7M	Reduce -15.6%
EXAS Exact Sciences Corp.	0.03%	780,016	$41.5M	Reduce -6.3%
MCD McDonald's Corp.	0.03%	136,286	$39.8M	Reduce -5.4%
WRBY Warby Parker Inc. Class A	0.03%	1,801,620	$39.5M	Reduce -1.4%
CGNX Cognex Corp.	0.03%	1,168,992	$37.1M	Reduce -3.8%
DNA Ginkgo Bioworks Holdings Inc.	0.03%	3,276,051	$36.9M	Reduce -2.2%
ABCL Abcellera Biologics Inc.	0.03%	10,360,004	$35.5M	Reduce -7.5%
TMDX Transmedics Group Inc.	0.03%	262,961	$35.2M	Add +1.3%
CRCL Circle Internet Group Inc.	0.03%	189,085	$34.3M	New
RAMP Liveramp Holdings Inc.	0.03%	1,037,266	$34.3M	Reduce -20.9%
TRUP Trupanion Inc.	0.02%	599,110	$33.2M	Reduce -11.6%
DLO Dlocal Ltd.	0.02%	2,699,607	$30.6M	Add +3.7%
APPN Appian Corp. Class A	0.02%	1,006,201	$30.0M	Reduce -6.5%
TWST Twist Bioscience Corp.	0.02%	775,687	$28.5M	Add +6.0%
IPGP Ipg Photonics Corp.	0.02%	411,007	$28.2M	Add +11.1%
PGNY Progyny Inc.	0.02%	1,267,134	$27.9M	Reduce -0.7%
SANA Sana Biotechnology Inc.	0.02%	10,064,728	$27.5M	Reduce -1.2%
LU Lufax Holding Ltd.-ADR	0.02%	9,287,204	$25.9M	Reduce -9.7%
BKNG Booking Holdings Inc.	0.02%	4,449	$25.8M	No change
AEHR Aehr Test Systems	0.02%	1,989,413	$25.7M	Reduce -0.7%
AMPL Amplitude Inc. Class A	0.02%	1,978,568	$24.5M	Reduce -0.6%
ALB Albemarle Corp.	0.02%	390,158	$24.5M	Reduce -1.9%
CFLT Confluent Inc. Class A	0.02%	962,726	$24.0M	Reduce -0.7%
UPWK Upwork Inc.	0.02%	1,757,900	$23.6M	Reduce -21.9%
CHYM Chime Financial Inc. Class A	0.02%	678,717	$23.4M	New
WAB Wabtec Corp.	0.02%	101,924	$21.3M	Reduce -5.2%
TTEK Tetra Tech Inc.	0.02%	587,870	$21.1M	Add +63453.5%
ALAB Astera Labs Inc.	0.02%	233,227	$21.1M	New
TNDM Tandem Diabetes Care Inc.	0.02%	1,125,728	$21.0M	Add +53.7%
MRSH Marsh & McLennan Cos	0.02%	92,648	$20.3M	Reduce -5.2%
NVCR Novocure Ltd.	0.01%	1,128,652	$20.1M	Reduce -0.7%
SDGR Schrodinger Inc.	0.01%	985,660	$19.8M	Reduce -0.9%
KRNT Kornit Digital Ltd.	0.01%	970,890	$19.3M	New
BEPC Brookfield Renewable Corp.	0.01%	544,881	$17.9M	Reduce -3.1%
OSCR Oscar Health Inc. Class A	0.01%	822,088	$17.6M	No change
AMBA Ambarella Inc.	0.01%	259,380	$17.1M	Reduce -10.5%
HSY The Hershey Co.	0.01%	101,388	$16.8M	Reduce -29.9%
MNST Monster Beverage Corp.	0.01%	267,928	$16.8M	Add +0.0%
SKYT Skywater Technology Inc.	0.01%	1,627,329	$16.0M	No change
MSA Msa Safety Inc.	0.01%	93,073	$15.6M	Reduce -4.8%
VECO Veeco Instruments Inc.	0.01%	750,006	$15.2M	Reduce -0.8%
EOG EOG Resources Inc.	0.01%	127,328	$15.2M	Add +21.8%
AMT American Tower Corp.	0.01%	67,818	$15.0M	Reduce -3.3%
PGR Progressive Corp.	0.01%	55,014	$14.7M	Add +0.0%
CRWD CrowdStrike Holdings Inc. Class A	0.01%	28,040	$14.3M	Add +0.0%
ES Eversource Energy	0.01%	199,110	$12.7M	Reduce -52.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.01%	101,881	$12.6M	Add +7.6%
QS Quantumscape Corp.	0.01%	1,869,646	$12.6M	Reduce -0.5%
CDNS Cadence Design SYS Inc.	0.01%	40,721	$12.5M	Reduce -4.9%
CSL Carlisle Cos Inc.	0.01%	31,556	$11.8M	Reduce -5.5%
SNPS Synopsys Inc.	0.01%	22,038	$11.3M	Reduce -4.9%
SPT Sprout Social Inc. Class A	0.01%	526,655	$11.0M	Reduce -82.6%
BL Blackline Inc.	0.01%	193,739	$11.0M	Reduce -27.7%
FTS Fortis Inc.	0.01%	222,674	$10.6M	Reduce -22.1%
PYPL PayPal Holdings Inc.	0.01%	125,296	$9.3M	No change
BUR Burford Capital Ltd.	0.01%	789,152	$9.2M	Reduce -16.6%
NKE Nike Inc. Class B	0.01%	128,984	$9.2M	Add +0.0%
GGG Graco Inc.	0.01%	104,425	$9.0M	Add +0.0%
WEC WEC Energy Group Inc.	0.01%	85,886	$8.9M	Reduce -6.5%
KMX Carmax Inc.	0.01%	126,439	$8.5M	Add +0.0%
EIC Eagle Point Income Co.-USA Inc.	0.01%	553,305	$7.6M	Reduce -2.9%
BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC	0.01%	423,790	$7.5M	Reduce -66.5%
ZG Zillow Group Inc. Class A	0.00%	91,491	$6.3M	Reduce -0.9%
DMRC Digimarc Corp.	0.00%	474,190	$6.3M	Reduce -0.5%
RXST Rxsight Inc.	0.00%	468,945	$6.1M	Add +19.6%
PLD Prologis Inc.	0.00%	53,205	$5.6M	Reduce -4.3%
BEAM Beam Therapeutics Inc.	0.00%	300,137	$5.1M	Reduce -0.9%
SUI Sun Communities Inc. filed as SUN CMNTYS INC	0.00%	38,083	$4.8M	Add +1.0%
CDXS Codexis Inc.	0.00%	1,685,664	$4.1M	Reduce -0.8%
ABNB Airbnb Inc. Class A	0.00%	30,762	$4.1M	New
QTRX Quanterix Corp.	0.00%	600,812	$4.0M	No change
CABLE ONE INC (CABO 1.125 03/15/28)	0.00%	4,888,000	$3.8M	New
MDB Mongodb Inc.	0.00%	17,871	$3.8M	Add +0.0%
EXC Exelon Corp.	0.00%	86,030	$3.7M	No change
PM Philip Morris International	0.00%	15,921	$2.9M	Add +33.5%
TBBB BBB Foods Inc. Class A	0.00%	87,229	$2.4M	New
NEE Nextera Energy Inc.	0.00%	31,967	$2.2M	Add +49.7%
CNP Centerpoint Energy Inc.	0.00%	58,164	$2.1M	Reduce -18.0%
SO The Southern Co.	0.00%	21,972	$2.0M	Reduce -10.8%
AER Aercap Holdings NV	0.00%	16,737	$2.0M	New
ED Consolidated Edison Inc.	0.00%	19,093	$1.9M	No change
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL	0.00%	17,275	$1.2M	Add +5.9%
DLR Digital Realty Trust Inc.	0.00%	6,474	$1.1M	Reduce -15.2%
FCN Fti Consulting Inc.	0.00%	6,735	$1.1M	Add +0.1%
EIX Edison International	0.00%	18,900	$975K	No change
DOC Healthpeak Properties Inc.	0.00%	51,493	$902K	Add +7.2%
FRPT Freshpet Inc.	0.00%	13,052	$887K	Add +0.1%
NYAX Nayax Ltd.	0.00%	8,235	$414K	Reduce -70.6%
DCBO Docebo Inc.	0.00%	13,359	$386K	Reduce -86.6%
BSLK Bolt Projects Holdings Inc.	0.00%	123,290	$348K	New
XYL Xylem Inc.	0.00%	1,826	$236K	Reduce -99.9%
STN Stantec Inc.	0.00%	403	$44K	No change
TER Teradyne Inc.	0.00%	312	$28K	No change
CRH CRH PLC	0.00%	238	$22K	Reduce -30.4%
UL Unilever PLC	0.00%	335	$20K	Reduce -19.1%
HUBB Hubbell Inc.	0.00%	43	$18K	No change
URI United Rentals Inc.	0.00%	22	$17K	No change
VEEV Veeva Systems Inc. Class A	0.00%	42	$12K	No change
RIO Rio Tinto PLC-Spon ADR	0.00%	200	$12K	Reduce -37.3%
NVO Novo-Nordisk A/S-Spons ADR	0.00%	130	$9K	Reduce -26.1%
TTE Totalenergies SE -Spon ADR	0.00%	128	$8K	Add +120.7%
BUD Anheuser-Busch Inbev-SPN ADR	0.00%	113	$8K	Add +13.0%
UBS UBS Group AG-Reg	0.00%	172	$6K	New
LI Li Auto Inc. - ADR	0.00%	112	$3K	No change
GMAB Genmab A/S -SP ADR	0.00%	12	$248	Reduce -77.8%

Other holdings (1): bonds, preferreds, convertibles and warrants · $3.9M (not counted above)

Security	Class	Shares / Principal	Value	Change
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	120,000	$3.9M	No change

Total filed on the 13F, all lines: $133.9B.

Portfolio Sells Q1 2025 → Q2 2025


PDD PDD Holdings Inc.	Reduce -14.2%	2.69%	−1.45
SHOP Shopify Inc. Class A	Reduce -32.5%	3.25%	−1.40
ONC Beone Medicines Ltd.-ADR	Sold out	0.00%	−0.86
WDAY Workday Inc. Class A	Reduce -71.4%	0.29%	−0.86
ESTC Elastic NV	Sold out	0.00%	−0.61
ENPH Enphase Energy Inc.	Reduce -18.8%	0.27%	−0.33
AMZN Amazon.com Inc.	Reduce -4.4%	5.46%	−0.33
TEAM Atlassian Corp. Class A	Reduce -1.9%	1.29%	−0.32
PBR Petroleo Brasileiro-Spon ADR	Reduce -21.9%	0.38%	−0.27
DASH DoorDash Inc. Class A	Reduce -24.8%	1.66%	−0.25
ELV Elevance Health Inc.	Reduce -2.9%	0.65%	−0.22
UNH Unitedhealth Group Inc.	Reduce -2.3%	0.16%	−0.16
MRNA Moderna Inc.	Reduce -11.4%	0.46%	−0.16
AUR Aurora Innovation Inc.	Reduce -2.6%	0.30%	−0.16
RACE Ferrari NV	Reduce -8.0%	1.55%	−0.16
ROKU Roku Inc.	Sold out	0.00%	−0.15
YETI Yeti Holdings Inc.	Reduce -62.8%	0.06%	−0.15
SITE Siteone Landscape Supply Inc.	Sold out	0.00%	−0.14
XYL Xylem Inc.	Reduce -99.9%	0.00%	−0.13
WSO Watsco Inc.	Reduce -4.2%	0.32%	−0.13
ALNY Alnylam Pharmaceuticals Inc.	Reduce -17.1%	0.74%	−0.12
NCLH Norwegian Cruise Line Holdin	Sold out	0.00%	−0.12
MA Mastercard Inc. Class A	Reduce -2.5%	0.67%	−0.11
SCI Service Corp. International	Reduce -2.3%	0.61%	−0.11
ISRG Intuitive Surgical Inc.	Reduce -1.9%	1.26%	−0.11
KSPI JSC Kaspi.kz ADR	Reduce -4.3%	0.32%	−0.11
WIX Wix.com Ltd.	Reduce -7.5%	0.35%	−0.11
AZO AutoZone Inc.	Reduce -2.3%	0.41%	−0.09
AJG Arthur J Gallagher & Co.	Reduce -9.3%	0.22%	−0.09
ILMN Illumina Inc.	Reduce -42.2%	0.12%	−0.08
SQM Quimica Y Minera Chil-SP ADR	Reduce -1.5%	0.24%	−0.08
FAST Fastenal Co.	Reduce -43.3%	0.09%	−0.08
NEOG Neogen Corp.	Sold out	0.00%	−0.07
TMO Thermo Fisher Scientific Inc.	Reduce -0.9%	0.15%	−0.07
MSFT Microsoft Corp.	Reduce -14.1%	2.24%	−0.06
INSP Inspire Medical Systems Inc.	Reduce -4.0%	0.11%	−0.05
SPT Sprout Social Inc. Class A	Reduce -82.6%	0.01%	−0.05
SPGI S&P Global Inc.	Reduce -2.8%	0.30%	−0.05
CRM Salesforce Inc.	Reduce -2.9%	0.24%	−0.04
MKL Markel Group Inc.	Reduce -4.2%	0.30%	−0.04
AAPL Apple Inc.	Reduce -8.1%	0.11%	−0.04
RELY Remitly Global Inc.	Reduce -4.9%	0.11%	−0.04
RIVN Rivian Automotive Inc. Class A	Reduce -2.0%	0.49%	−0.04
ENTG Entegris Inc.	Reduce -2.7%	0.12%	−0.04
BLDR Builders Firstsource Inc.	Reduce -2.4%	0.13%	−0.04
CBRE CBRE Group Inc. Class A	Reduce -2.5%	0.31%	−0.04
YMM Full Truck Alliance -SPN ADR	Reduce -1.6%	0.13%	−0.04
FMX Fomento Economico Mex-SP ADR	Reduce -0.3%	0.33%	−0.04
PAYC Paycom Software Inc.	Reduce -2.2%	0.27%	−0.03
MCO Moody's Corp.	Reduce -2.9%	0.28%	−0.03

Portfolio Buys Q1 2025 → Q2 2025


NVDA Nvidia Corp.	Add +4.6%	5.79%	+1.35
RDDT Reddit Inc. Class A	Add +764.3%	0.73%	+0.66
CPNG Coupang Inc.	Add +3.6%	3.60%	+0.63
TEM Tempus AI Inc. Class A	New	0.57%	+0.57
SE Sea Ltd.-ADR	Add +5.3%	4.97%	+0.47
APP AppLovin Corp. Class A	Add +21.4%	1.67%	+0.45
DG Dollar General Corp.	New	0.29%	+0.29
DXCM Dexcom Inc.	Add +17.8%	1.09%	+0.24
FTAI Ftai Aviation Ltd.	New	0.22%	+0.22
MSCI MSCI Inc.	New	0.16%	+0.16
UBER Uber Technologies Inc.	Add +86.1%	0.30%	+0.15
EPAM Epam Systems Inc.	New	0.14%	+0.14
IOT Samsara Inc. Class A	Add +24.4%	1.30%	+0.12
MEDP Medpace Holdings Inc.	Add +12040.7%	0.12%	+0.12
RPRX Royalty Pharma PLC Class A	Add +34.5%	0.48%	+0.12
RKLB Rocket Lab Corp.	New	0.12%	+0.12
PONY Pony AI Inc.	New	0.07%	+0.07
ENSG The Ensign Group Inc.	Add +51.9%	0.17%	+0.06
ACN Accenture PLC Class A	New	0.05%	+0.05
JKHY Jack Henry & Associates Inc.	New	0.05%	+0.05
SVV Savers Value Village Inc.	Add +47.0%	0.07%	+0.03
CRCL Circle Internet Group Inc.	New	0.03%	+0.03
DE Deere & Co.	Add +21.4%	0.21%	+0.02
PRCT Procept Biorobotics Corp.	Add +179.2%	0.04%	+0.02
CHYM Chime Financial Inc. Class A	New	0.02%	+0.02
XMTR Xometry Inc. Class A	Add +78.0%	0.03%	+0.02
PEN Penumbra Inc.	Add +33.8%	0.18%	+0.02
ALAB Astera Labs Inc.	New	0.02%	+0.02
TTEK Tetra Tech Inc.	Add +63453.5%	0.02%	+0.02
KRNT Kornit Digital Ltd.	New	0.01%	+0.01
VRTX Vertex Pharmaceuticals Inc.	Add +58.0%	0.07%	+0.01
INTU Intuit Inc.	Add +7.5%	0.08%	+0.01
TMDX Transmedics Group Inc.	Add +1.3%	0.03%	+0.01
BAP Credicorp Ltd.	Add +1.2%	0.27%	+0.01
PAYX Paychex Inc.	Add +77.2%	0.03%	+0.01
BCH Banco DE Chile-ADR	Add +15.8%	0.08%	+0.01
MP MP Materials Corp.	Add +1.0%	0.03%	+0.01
NYT New York Times Co. Class A	Add +6.8%	0.13%	+0.00
DLO Dlocal Ltd.	Add +3.7%	0.02%	+0.00
TNDM Tandem Diabetes Care Inc.	Add +53.7%	0.02%	+0.00
ABNB Airbnb Inc. Class A	New	0.00%	+0.00
CABLE ONE INC (CABO 1.125 03/15/28)	New	0.00%	+0.00
CRWD CrowdStrike Holdings Inc. Class A	Add +0.0%	0.01%	+0.00
TROW T Rowe Price Group Inc.	Add +17.5%	0.04%	+0.00
TBBB BBB Foods Inc. Class A	New	0.00%	+0.00
AER Aercap Holdings NV	New	0.00%	+0.00
IPGP Ipg Photonics Corp.	Add +11.1%	0.02%	+0.00
PM Philip Morris International	Add +33.5%	0.00%	+0.00
BSLK Bolt Projects Holdings Inc.	New	0.00%	+0.00
NEE Nextera Energy Inc.	Add +49.7%	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