The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Adobe Systems, Inc. COM 00724F101 752 1,582 SH   SOLE   1,582 0 0
Aerojet Rocketdyne Holdings, I COM 007800105 7,739 164,809 SH   SOLE   164,809 0 0
Alexion Pharmaceuticals COM 015351109 10,704 70,000 SH   SOLE   70,000 0 0
Alphabet, Inc. - Class C COM 02079K107 14,127 6,829 SH   SOLE   6,829 0 0
Amazon.com, Inc. COM 023135106 14,412 4,658 SH   SOLE   4,658 0 0
Amphenol Corp. - Cl A COM 032095101 1,383 20,970 SH   SOLE   20,970 0 0
Apple, Inc. COM 037833100 13,539 110,840 SH   SOLE   110,840 0 0
Ball Corp. COM 058498106 1,618 19,090 SH   SOLE   19,090 0 0
Bank of America Corp. COM 060505104 14,515 375,163 SH   SOLE   375,163 0 0
Black Knight, Inc. COM 09215C105 1,680 22,705 SH   SOLE   22,705 0 0
Boeing Co. COM 097023105 5,254 20,627 SH   SOLE   20,627 0 0
Boston Beer Company, Inc. COM 100557107 3,752 3,110 SH   SOLE   3,110 0 0
Butterfly Networks, Inc. COM 124155102 994 59,055 SH   SOLE   59,055 0 0
CRH Medical Corp. COM 12626F105 2,330 589,996 SH   SOLE   589,996 0 0
Change Healthcare, Inc. COM 15912K100 3,238 146,500 SH   SOLE   146,500 0 0
Chipotle Mexican Grill, Inc. COM 169656105 4,940 3,477 SH   SOLE   3,477 0 0
CoStar Group, Inc. COM 22160N109 793 965 SH   SOLE   965 0 0
Condor Hospitality Trust, Inc. COM 20676Y403 2,963 851,349 SH   SOLE   851,349 0 0
Costco Wholesale Corp. COM 22160K105 2,852 8,091 SH   SOLE   8,091 0 0
Crocs, Inc. COM 227046109 650 8,080 SH   SOLE   8,080 0 0
DexCom, Inc. COM 252131107 4,962 13,806 SH   SOLE   13,806 0 0
Edwards Lifesciences Corp. COM 28176E108 2,506 29,965 SH   SOLE   29,965 0 0
Estee Lauder Companies - CL A COM 518439104 1,588 5,460 SH   SOLE   5,460 0 0
Extended Stay America, Inc. COM 30224P200 2,074 105,000 SH   SOLE   105,000 0 0
FLIR Systems, Inc. COM 302445101 12,432 220,149 SH   SOLE   220,149 0 0
Facebook, Inc. - A COM 30303M102 9,596 32,580 SH   SOLE   32,580 0 0
Five Prime Therapeutics, Inc COM 33830X104 8,911 236,565 SH   SOLE   236,565 0 0
Five9, Inc. COM 338307101 962 6,155 SH   SOLE   6,155 0 0
Goldman Sachs Group, Inc. COM 38141G104 7,410 22,660 SH   SOLE   22,660 0 0
HMS Holdings Corp. COM 40425J101 25,105 678,973 SH   SOLE   678,973 0 0
Humana, Inc. COM 444859102 12,419 29,623 SH   SOLE   29,623 0 0
Inphi Corp. COM 45772F107 17,883 100,237 SH   SOLE   100,237 0 0
Intuitive Surgical, Inc. COM 46120E602 5,266 7,127 SH   SOLE   7,127 0 0
Las Vegas Sands Corp. COM 517834107 7,071 116,382 SH   SOLE   116,382 0 0
Lockheed Martin Corporation COM 539830109 7,410 20,055 SH   SOLE   20,055 0 0
MSCI, Inc. COM 55354G100 2,327 5,550 SH   SOLE   5,550 0 0
Marriott International, Inc. COM 571903202 2,359 15,928 SH   SOLE   15,928 0 0
Mastercard Inc. - Class A COM 57636Q104 14,408 40,465 SH   SOLE   40,465 0 0
Maxim Integrated Products, Inc COM 57772K101 13,422 146,895 SH   SOLE   146,895 0 0
Mellanox Technologies, Ltd. COM M51363113 9,098 72,785 SH   SOLE   72,785 0 0
Microsoft Corp. COM 594918104 7,982 33,856 SH   SOLE   33,856 0 0
Monster Beverage Corp. COM 61174X109 1,245 13,670 SH   SOLE   13,670 0 0
NIC, Inc. COM 62914B100 12,839 378,398 SH   SOLE   378,398 0 0
NVIDIA Corp. COM 67066G104 5,517 10,333 SH   SOLE   10,333 0 0
NXP Semiconductors NV COM N6596X109 8,807 43,741 SH   SOLE   43,741 0 0
Netflix, Inc. COM 64110L106 2,822 5,410 SH   SOLE   5,410 0 0
Nike, Inc. Class B COM 654106103 8,948 67,331 SH   SOLE   67,331 0 0
PACCAR, Inc. COM 693718108 2,701 29,070 SH   SOLE   29,070 0 0
Pacific Merchantile Bancorp COM 694552100 465 52,232 SH   SOLE   52,232 0 0
Pandion Therapeutics, Inc. COM 698340106 1,501 25,000 SH   SOLE   25,000 0 0
Parker Hannifin Corp. COM 701094104 3,504 11,110 SH   SOLE   11,110 0 0
PayPal Holdings, Inc. COM 70450Y103 8,707 35,853 SH   SOLE   35,853 0 0
Perspecta, Inc. COM 715347100 18,134 624,247 SH   SOLE   624,247 0 0
Pioneer Natural Resources Comp COM 723787107 5,575 35,101 SH   SOLE   35,101 0 0
Pluralsight, Inc. COM 72941B106 4,449 199,157 SH   SOLE   199,157 0 0
Q2 Holdings, Inc. COM 74736L109 2,039 20,350 SH   SOLE   20,350 0 0
RealPage, Inc. COM 75606N109 24,078 276,123 SH   SOLE   276,123 0 0
Rignet, Inc. COM 766582100 12,379 1,419,565 SH   SOLE   1,419,565 0 0
SPDR Gold Shares COM 78463V107 3,260 20,380 SH   SOLE   20,380 0 0
Salesforce.com, Inc. COM 79466L302 8,250 38,940 SH   SOLE   38,940 0 0
ServiceNow, Inc. COM 81762P102 2,264 4,527 SH   SOLE   4,527 0 0
Severn Bancorp, Inc. COM 81811M100 1,841 152,119 SH   SOLE   152,119 0 0
Shopify, Inc. - CL A COM 82509L107 5,506 4,976 SH   SOLE   4,976 0 0
Simon Property Group, Inc. COM 828806109 5,167 45,415 SH   SOLE   45,415 0 0
Slack Technologies, Inc. - CL COM 83088V102 12,189 300,000 SH   SOLE   300,000 0 0
Spirit AeroSystems Holdings, I COM 848574109 1,744 35,849 SH   SOLE   35,849 0 0
Spotify Technology S.A. COM L8681T102 6,509 24,292 SH   SOLE   24,292 0 0
Standard AVB Financial Corp. COM 85303B100 2,842 87,033 SH   SOLE   87,033 0 0
Starbucks Corp. COM 855244109 5,258 48,117 SH   SOLE   48,117 0 0
Synacor, Inc. COM 871561106 3,073 1,403,026 SH   SOLE   1,403,026 0 0
TCF Financial, Corp. COM 872307103 10,252 220,659 SH   SOLE   220,659 0 0
Take-Two Interactive Software, COM 874054109 9,201 52,070 SH   SOLE   52,070 0 0
Texas Instruments COM 882508104 1,086 5,745 SH   SOLE   5,745 0 0
The Sherwin-Williams Company COM 824348106 4,213 5,708 SH   SOLE   5,708 0 0
TransDigm Group, Inc. COM 893641100 3,771 6,414 SH   SOLE   6,414 0 0
Varian Medical Systems, Inc. COM 92220P105 22,767 128,971 SH   SOLE   128,971 0 0
Verisign, Inc. COM 92343E102 5,005 25,180 SH   SOLE   25,180 0 0
Vertex Pharmaceuticals COM 92532F100 4,559 21,216 SH   SOLE   21,216 0 0
Visa Inc. COM 92826C839 691 3,264 SH   SOLE   3,264 0 0
Walt Disney Company/The COM 254687106 5,051 27,375 SH   SOLE   27,375 0 0
Willis Towers Watson PLC COM G96629103 12,738 55,655 SH   SOLE   55,655 0 0
Xilinx Inc. COM 983919101 6,670 53,837 SH   SOLE   53,837 0 0
lululemon athletica, Inc. COM 550021109 5,244 17,099 SH   SOLE   17,099 0 0