Baron Fifth Avenue Growth Fund

Investor Summary

Alex Umansky serves as portfolio manager of Baron Fifth Avenue Growth Fund, bringing over 32 years of research experience to the role since joining Baron Capital in 2011. Prior to Baron, Umansky worked at Morgan Stanley where he co-managed several growth-oriented funds including the Morgan Stanley Opportunity Fund from 2007-2011, Global Opportunity Fund for two years, Morgan Stanley Information Fund from 2005-2006, and served as lead manager of the Morgan Stanley Technology Fund from 2000-2003. His extensive background spans technology and growth investing, with particular expertise in identifying secular growth companies with sustainable competitive advantages. Umansky holds a Bachelor of Science in Finance, Information Systems, and Mathematics from New York University Stern School of Business, earned in 1993. His investment approach emphasizes fundamental research, long-term value creation, and conviction-based portfolio construction focusing on companies positioned to benefit from transformative technology trends. Under his management since November 2011, the fund has maintained a concentrated approach with typically 20-30 high-conviction positions in large-cap growth companies.

Fund Strategy

The Baron Fifth Avenue Growth Fund seeks capital appreciation through investments primarily in securities of large-sized growth companies with market values greater than $5 billion. The fund employs a concentrated, long-term growth investment approach focusing on businesses the adviser believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and attractive valuation. Baron Capital emphasizes a long-term, fundamental, active approach to growth investing including proprietary five-year valuation models. The portfolio typically holds about 20 to 30 appropriately capitalized, competitively advantaged, well-run growth businesses at attractive prices. The investment process focuses on secular growth trends including cloud computing, artificial intelligence, e-commerce, semiconductors, and digital transformation technologies. Baron Capital seeks businesses that can double in value over the next 5-7 years with a threshold annualized return expectation of 15% over time.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
9.88%	-10.42%	-10.42%

Executive Summary

Baron Fifth Avenue Growth Fund declined 10.4% in Q1 2026, underperforming the S&P 500 but matching the Russell 1000 Growth Index amid geopolitical tensions and oil price spikes. The quarter was marked by dramatic acceleration in AI adoption, with companies like Anthropic adding $21 billion in ARR and Amazon AI reaching $15 billion revenue run rate. The manager views current valuations as attractive, with the portfolio trading 20.9% below five-year average multiples. Key contributors included SpaceX, TSMC, and ASML, while software names like Shopify and Snowflake detracted amid sector rotation. The fund reduced software exposure and concentrated on highest conviction AI winners, initiating a position in Amphenol to capture data center infrastructure growth. Despite near-term volatility from geopolitical risks and AI disruption uncertainty, the manager remains optimistic about portfolio companies' long-term prospects, believing they are positioned to benefit from what he calls the most significant disruption of his career.

Forward Outlook

The manager believes they are on the cusp of something extraordinary with AI transformation. Despite near-term volatility and geopolitical tensions, they remain optimistic about long-term prospects of portfolio companies and continue searching for new investment opportunities while remaining patient and investing only at attractive prices relative to intrinsic values.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 29 2026	2026 Q1	AMZN, APH, ASML, META, NET, NVDA, SHOP, SNOW, TSM	AI, Cloud, Data centers, growth, large cap, semiconductors, technology	-	Baron Fifth Avenue Growth Fund matched benchmark performance despite 10% decline in Q1 2026. AI adoption accelerated dramatically with clear revenue evidence emerging. Portfolio concentrated on highest conviction AI winners while reducing software exposure. Current valuations 21% below historical averages create attractive opportunity despite geopolitical tensions and oil price volatility.
Feb 11 2026	2025 Q4	ADYEN, AMZN, ASML, AVGO, CPNG, CRWD, GOOGL, ILMN, IOT, KKR, MELI, META, MPWR, NOW, NVDA, SHOP, SNOW, TEAM, TSLA, TSM	AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology	GOOGL AVGO MPWR NVDA SHOP META CPNG MELI	Baron Fifth Avenue Growth Fund gained 18.2% in 2025, outperforming benchmarks by positioning for the AI transformation. The portfolio includes AI infrastructure leaders NVIDIA and new semiconductor positions Broadcom and Monolithic Power Systems, plus e-commerce platforms leveraging AI for competitive advantage. Despite some competitive pressures, the manager remains excited about companies adapting to this historic disruptive change.
Sep 30 2025	2025 Q3	AMZN, CRWD, GOOGL, GTLB, ISRG, KKR, LLY, MBLY, MELI, META, MSFT, NET, NOW, NVDA, ORCL, SHOP, TEAM, TSLA, TSM, TTD	AI, Cloud, growth, innovation, large cap, semiconductors, technology	NVDA SHOP TSLA GOOGL TSM TTD ISRG MELI KKR CRWD META	Baron Fifth Avenue Growth Fund underperformed in Q3 due to stock selection and Magnificent Seven underweight, but maintains strong conviction in AI transformation thesis. Portfolio emphasizes infrastructure providers like NVIDIA and platform companies with data advantages. Manager sees current environment as fundamentally different from dot-com bubble with more rational valuations and favorable rate outlook supporting long-term growth prospects.
Jun 30 2025	2025 Q2	ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE	discount, Europe, Patience, Quality, small caps, value	DPZ.L RIEN.SW	EQUAM Global Value declined 3.9% in Q3 due to zero bank exposure and European small-cap focus. Portfolio of 45 quality companies trades at 112% upside potential. New Domino's UK investment capitalizes on 43% decline. Despite macro headwinds and elevated market valuations, fund positioned as best alternative for capital protection through patient value investing in abandoned European small-caps.
Mar 31 2025	2025 Q1	ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DHG.L, ENO.MC, EXPO, INCH.L, KIN.BR, MRL.L, MTO.L, NOEJ.DE, OGN.L, RHI.L, SESA.MI, STM.DE, TGS.OL	Entertainment, Europe, small cap, Trade Policy, undervaluation, value	KIN.BR	EQUAM Global Value targets undervalued European small and mid-cap companies, gaining 7.1% in Q2 despite trade policy volatility. New cinema investment Kinepolis positioned for blockbuster recovery while multiple holdings unlock value through strategic reviews and takeovers. Fund maintains aggressive deployment with 2% cash, seeing 100% upside potential from persistent valuation discounts.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 29 2026

2026 Q1

AMZN, APH, ASML, META, NET, NVDA, SHOP, SNOW, TSM

AI, Cloud, Data centers, growth, large cap, semiconductors, technology

Baron Fifth Avenue Growth Fund matched benchmark performance despite 10% decline in Q1 2026. AI adoption accelerated dramatically with clear revenue evidence emerging. Portfolio concentrated on highest conviction AI winners while reducing software exposure. Current valuations 21% below historical averages create attractive opportunity despite geopolitical tensions and oil price volatility.

Feb 11 2026

2025 Q4

ADYEN, AMZN, ASML, AVGO, CPNG, CRWD, GOOGL, ILMN, IOT, KKR, MELI, META, MPWR, NOW, NVDA, SHOP, SNOW, TEAM, TSLA, TSM

AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology

GOOGL
AVGO
MPWR
NVDA
SHOP
META
CPNG
MELI

Baron Fifth Avenue Growth Fund gained 18.2% in 2025, outperforming benchmarks by positioning for the AI transformation. The portfolio includes AI infrastructure leaders NVIDIA and new semiconductor positions Broadcom and Monolithic Power Systems, plus e-commerce platforms leveraging AI for competitive advantage. Despite some competitive pressures, the manager remains excited about companies adapting to this historic disruptive change.

Sep 30 2025

2025 Q3

AMZN, CRWD, GOOGL, GTLB, ISRG, KKR, LLY, MBLY, MELI, META, MSFT, NET, NOW, NVDA, ORCL, SHOP, TEAM, TSLA, TSM, TTD

AI, Cloud, growth, innovation, large cap, semiconductors, technology

NVDA
SHOP
TSLA
GOOGL
TSM
TTD
ISRG
MELI
KKR
CRWD
META

Baron Fifth Avenue Growth Fund underperformed in Q3 due to stock selection and Magnificent Seven underweight, but maintains strong conviction in AI transformation thesis. Portfolio emphasizes infrastructure providers like NVIDIA and platform companies with data advantages. Manager sees current environment as fundamentally different from dot-com bubble with more rational valuations and favorable rate outlook supporting long-term growth prospects.

Jun 30 2025

2025 Q2

ACAD.ST, ALLFG.L, AOF.DE, BFSA.MC, CELL.MI, DFS.L, DOM.L, EXRO, HEAD.L, INCH.L, MIDW.L, MON.MI, NOEJ.DE, OIE.L, PSG.MC, RHIM.L, RITN.SW, SESA.MI, STAB.DE, TGS.OL, TTK.DE

discount, Europe, Patience, Quality, small caps, value

DPZ.L
RIEN.SW

EQUAM Global Value declined 3.9% in Q3 due to zero bank exposure and European small-cap focus. Portfolio of 45 quality companies trades at 112% upside potential. New Domino's UK investment capitalizes on 43% decline. Despite macro headwinds and elevated market valuations, fund positioned as best alternative for capital protection through patient value investing in abandoned European small-caps.

Mar 31 2025

2025 Q1

ALLFG.L, BFSA.MC, CELL.MI, DFS.L, DHG.L, ENO.MC, EXPO, INCH.L, KIN.BR, MRL.L, MTO.L, NOEJ.DE, OGN.L, RHI.L, SESA.MI, STM.DE, TGS.OL

Entertainment, Europe, small cap, Trade Policy, undervaluation, value

KIN.BR

EQUAM Global Value targets undervalued European small and mid-cap companies, gaining 7.1% in Q2 despite trade policy volatility. New cinema investment Kinepolis positioned for blockbuster recovery while multiple holdings unlock value through strategic reviews and takeovers. Fund maintains aggressive deployment with 2% cash, seeing 100% upside potential from persistent valuation discounts.

QUARTER	THEMES	TAGS
2026 Q1	AI AI adoption and usage dramatically accelerated in Q1 2026, with companies like Anthropic adding $21 billion in ARR in just over one quarter. Amazon AI reached $15 billion revenue run rate, and AWS custom chips business hit $20 billion ARR. The manager views AI as transformational for portfolio companies and believes we are on the cusp of something extraordinary.	Artificial Intelligence Machine Learning Inference Enterprise Revenue
	Semiconductors TSMC dominates advanced semiconductor foundry market with over 90% share of cutting-edge sub-7nm nodes that power AI servers. The company benefits from a virtuous cycle where massive scale generates capital for R&D and capex, widening technological moat. ASML holds monopoly on EUV lithography technology required for advanced chips.	Foundries Manufacturing Advanced Nodes Equipment Capacity
	Cloud Cloud infrastructure companies are benefiting from AI-driven demand. Amazon's AWS continues to be capacity constrained with growth limited by ability to serve demand. Snowflake's AI product suite became fastest growing offering in company history, generating over $100 million in annualized revenue.	Infrastructure Capacity Growth Services Platforms
	Data Centers Data center infrastructure spending is driving significant growth acceleration for companies like Amphenol, whose IT Datacom segment grew from less than $3 billion to $10 billion annual run rate over two years. The AI buildout is expected to continue driving demand for data center components and infrastructure.	Infrastructure Buildout Components Capacity Growth
2025 Q4	Dividends The Fund invests approximately 50% of its assets in the 10 highest dividend-yielding Dow Jones Industrial Average stocks, known as the Dogs of the Dow strategy. The Investment Manager determines the highest yielding stocks by annualizing the last quarterly or semi-annual ordinary dividend and dividing by market value.	High Yield DJIA Income Dogs of Dow
	Risk Appetite The Fund limits exposure to market risk and volatility by investing approximately 50% of its assets in U.S. Treasury securities with maturity of less than one year. This balanced approach provides downside protection while maintaining equity exposure.	Treasury Volatility Balanced Risk Management
2025 Q3	AI AI infrastructure investment is accelerating with massive scale deals like Oracle's $455 billion backlog and NVIDIA's $100 billion OpenAI investment. Enterprise adoption remains early but tangible impact is growing across the ecosystem with over 50% of global VC investment going to AI startups.	Infrastructure Enterprise Investment Adoption Workloads
	Semiconductors TSMC maintains unmatched competitive positioning in leading-edge manufacturing with 90% market share in advanced nodes. The company benefits from robust demand for next-generation nodes and can raise prices while offsetting margin pressures from US fab expansion.	Manufacturing Advanced Demand Pricing Leadership
	Cloud Cloud computing continues strong growth with Microsoft Azure accelerating to 39% revenue growth despite bringing 2 GW of new datacenter capacity online. Demand continues to outstrip supply as AI workloads drive infrastructure expansion.	Infrastructure Growth Capacity Demand Expansion
	Cybersecurity CrowdStrike is seeing reacceleration in net new annualized recurring revenues driven by strong adoption of Falcon Flex offering. The company expects agentic AI to increase their opportunity by 100 times as asset protection complexity increases exponentially.	Platform Growth Adoption Protection Opportunity
	E-commerce Shopify delivered stellar results with 30% revenue growth driven by sustained market share gains and 29% GMV growth. The company benefits from successful expansion into offline, international, and B2B channels while developing agentic commerce capabilities.	Growth Market Share International Platform Commerce
2025 Q2	Value Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices.	Discount Intrinsic Value Multiples Quality Patience
	Small Caps Fund focuses on European small and medium-sized companies, a market sector that has been abandoned by investors. Currently holds investments in 45 companies with concentration in European SMID cap arena for idea generation efforts.	European SMID Abandoned Concentration Opportunities
2025 Q1	Value The fund continues to focus on European small and mid-cap companies trading at unusually low valuations despite quality business models. The manager believes this valuation disconnect will eventually reverse, though timing remains uncertain.	Undervaluation Discount Intrinsic Value European Small Cap
	Trade Policy The first half was marked by US announcements of import duties on trading partners, creating market volatility and uncertainty. While duties were postponed for negotiations, the final impact on businesses remains unclear.	Import Duties Tariffs US Trade Protectionism Volatility
	Entertainment New investment in Kinepolis, a leading cinema operator, positioned to benefit from recovery in audience numbers as Hollywood blockbuster releases normalize after the 2023 actors' strike impact.	Cinema Kinepolis Blockbusters Recovery Entertainment

QUARTER

THEMES

AI

AI adoption and usage dramatically accelerated in Q1 2026, with companies like Anthropic adding $21 billion in ARR in just over one quarter. Amazon AI reached $15 billion revenue run rate, and AWS custom chips business hit $20 billion ARR. The manager views AI as transformational for portfolio companies and believes we are on the cusp of something extraordinary.

Artificial Intelligence Machine Learning Inference Enterprise Revenue

Semiconductors

TSMC dominates advanced semiconductor foundry market with over 90% share of cutting-edge sub-7nm nodes that power AI servers. The company benefits from a virtuous cycle where massive scale generates capital for R&D and capex, widening technological moat. ASML holds monopoly on EUV lithography technology required for advanced chips.

Foundries Manufacturing Advanced Nodes Equipment Capacity

Cloud

Cloud infrastructure companies are benefiting from AI-driven demand. Amazon's AWS continues to be capacity constrained with growth limited by ability to serve demand. Snowflake's AI product suite became fastest growing offering in company history, generating over $100 million in annualized revenue.

Infrastructure Capacity Growth Services Platforms

Data Centers

Data center infrastructure spending is driving significant growth acceleration for companies like Amphenol, whose IT Datacom segment grew from less than $3 billion to $10 billion annual run rate over two years. The AI buildout is expected to continue driving demand for data center components and infrastructure.

Infrastructure Buildout Components Capacity Growth

2025 Q4

Dividends

The Fund invests approximately 50% of its assets in the 10 highest dividend-yielding Dow Jones Industrial Average stocks, known as the Dogs of the Dow strategy. The Investment Manager determines the highest yielding stocks by annualizing the last quarterly or semi-annual ordinary dividend and dividing by market value.

High Yield DJIA Income Dogs of Dow

Risk Appetite

The Fund limits exposure to market risk and volatility by investing approximately 50% of its assets in U.S. Treasury securities with maturity of less than one year. This balanced approach provides downside protection while maintaining equity exposure.

Treasury Volatility Balanced Risk Management

2025 Q3

AI

AI infrastructure investment is accelerating with massive scale deals like Oracle's $455 billion backlog and NVIDIA's $100 billion OpenAI investment. Enterprise adoption remains early but tangible impact is growing across the ecosystem with over 50% of global VC investment going to AI startups.

Infrastructure Enterprise Investment Adoption Workloads

Semiconductors

TSMC maintains unmatched competitive positioning in leading-edge manufacturing with 90% market share in advanced nodes. The company benefits from robust demand for next-generation nodes and can raise prices while offsetting margin pressures from US fab expansion.

Manufacturing Advanced Demand Pricing Leadership

Cloud

Cloud computing continues strong growth with Microsoft Azure accelerating to 39% revenue growth despite bringing 2 GW of new datacenter capacity online. Demand continues to outstrip supply as AI workloads drive infrastructure expansion.

Infrastructure Growth Capacity Demand Expansion

Cybersecurity

CrowdStrike is seeing reacceleration in net new annualized recurring revenues driven by strong adoption of Falcon Flex offering. The company expects agentic AI to increase their opportunity by 100 times as asset protection complexity increases exponentially.

Platform Growth Adoption Protection Opportunity

E-commerce

Shopify delivered stellar results with 30% revenue growth driven by sustained market share gains and 29% GMV growth. The company benefits from successful expansion into offline, international, and B2B channels while developing agentic commerce capabilities.

Growth Market Share International Platform Commerce

2025 Q2

Value

Fund invests in companies trading at significant discounts to intrinsic value with upside potential of 112%. Portfolio comprises 45 companies trading at attractive multiples with high-quality businesses and low debt levels. Manager emphasizes patience and long-term investment in sound businesses at excellent prices.

Discount Intrinsic Value Multiples Quality Patience

Small Caps

Fund focuses on European small and medium-sized companies, a market sector that has been abandoned by investors. Currently holds investments in 45 companies with concentration in European SMID cap arena for idea generation efforts.

European SMID Abandoned Concentration Opportunities

2025 Q1

Value

The fund continues to focus on European small and mid-cap companies trading at unusually low valuations despite quality business models. The manager believes this valuation disconnect will eventually reverse, though timing remains uncertain.

Undervaluation Discount Intrinsic Value European Small Cap

Trade Policy

The first half was marked by US announcements of import duties on trading partners, creating market volatility and uncertainty. While duties were postponed for negotiations, the final impact on businesses remains unclear.

Import Duties Tariffs US Trade Protectionism Volatility

Entertainment

New investment in Kinepolis, a leading cinema operator, positioned to benefit from recovery in audience numbers as Hollywood blockbuster releases normalize after the 2023 actors' strike impact.

Cinema Kinepolis Blockbusters Recovery Entertainment

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Feb 11, 2026	Fund Letters	Alex Umansky	MPWR	Monolithic Power Systems, Inc.	Semiconductors & Semiconductor Equipment	Semiconductors	Bull	NASDAQ	AI, Analog, Asp, Content, data centers, Electrification, growth, Power, semiconductors	Login
Feb 11, 2026	Fund Letters	Alex Umansky	NVDA	NVIDIA Corporation	Semiconductors & Semiconductor Equipment	Semiconductors	Bull	NASDAQ	AI, Cadence, CapEx, Competition, Ecosystem, GPUs, infrastructure, Margins, semiconductors	Login
Feb 11, 2026	Fund Letters	Alex Umansky	SHOP	Shopify Inc.	Information Technology	IT Services	Bull	New York Stock Exchange	Checkout, Commerce, Ecosystem, efficiency, innovation, Lending, monetization, Payments, platform	Login
Feb 11, 2026	Fund Letters	Alex Umansky	META	Meta Platforms, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, CapEx, Engagement, Margins, monetization, ROAS, scale, Targeting	Login
Feb 11, 2026	Fund Letters	Alex Umansky	CPNG	Coupang, Inc.	Consumer Discretionary	Broadline Retail	Bull	New York Stock Exchange	Competition, Consumption, expansion, Fulfillment, investments, Logistics, Margins, scale, Security	Login
Feb 11, 2026	Fund Letters	Alex Umansky	MELI	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	Competition, ecommerce, Ecosystem, Fintech, Logistics, Margins, Promotions, TakeRates, Volatility	Login
Feb 11, 2026	Fund Letters	Alex Umansky	GOOGL	Alphabet Inc.	Interactive Media & Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, Autonomous, backlog, cloud, Gemini, monetization, platform, Search	Login
Feb 11, 2026	Fund Letters	Alex Umansky	AVGO	Broadcom Inc.	Semiconductors & Semiconductor Equipment	Semiconductors	Bull	NASDAQ	accelerators, AI, backlog, diversification, hyperscalers, infrastructure, Margins, semiconductors, Software	Login
Sep 30, 2025	Fund Letters	Alex Umansky	TSLA	Tesla, Inc.	Consumer Discretionary	Automobile Manufacturers	Bull	NASDAQ	AI, Autonomy, EVs, manufacturing, robotics	Login
Sep 30, 2025	Fund Letters	Alex Umansky	KKR	KKR & Co. Inc.	Financials	Asset Management & Custody Banks	Bull	New York Stock Exchange	Credit, Distribution, diversification, Fundraising, Insurance	Login
Sep 30, 2025	Fund Letters	Baron Fifth Avenue Growth Fund	DPZ.L	Domino's Pizza Group PLC	Consumer Discretionary	Restaurants	Bull	London Stock Exchange	Capital-light, Consumer Discretionary, franchise expansion, market leader, market share gains, Master Franchisee, Pizza Delivery, royalties, UK	Login
Sep 30, 2025	Fund Letters	Alex Umansky	NVDA	NVIDIA Corporation	Information Technology	Semiconductors	Bull	NASDAQ	AI, datacenters, GPUs, infrastructure, semiconductors	Login
Sep 30, 2025	Fund Letters	Alex Umansky	CRWD	CrowdStrike Holdings, Inc.	Information Technology	Systems Software	Bull	NASDAQ	cybersecurity, Endpoint, Identity, SIEM, trust	Login
Sep 30, 2025	Fund Letters	Alex Umansky	GOOGL	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, antitrust, cloud, Ecosystem, Search	Login
Sep 30, 2025	Fund Letters	Alex Umansky	TSM	Taiwan Semiconductor Manufacturing Company Limited	Information Technology	Semiconductors	Bull	New York Stock Exchange	AI, Foundry, Geopolitics, Nodes, Pricing	Login
Sep 30, 2025	Fund Letters	Alex Umansky	META	Meta Platforms, Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, CapEx, Engagement, monetization	Login
Sep 30, 2025	Fund Letters	Alex Umansky	SHOP	Shopify Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	AI, ecommerce, Merchants, Payments, SaaS	Login
Sep 30, 2025	Fund Letters	Alex Umansky	TTD	The Trade Desk, Inc.	Communication Services	Advertising	Bear	NASDAQ	advertising, Competition, CTV, Fees, Programmatic	Login
Sep 30, 2025	Fund Letters	Baron Fifth Avenue Growth Fund	RIEN.SW	Rieter Holding AG	Industrials	Industrial Machinery	Bull	SIX Swiss Exchange	acquisition, arbitrage, Artificial Fibers, Capital Raise, Industrial Equipment, Normalized EBITDA, Switzerland, Textile Machinery	Login
Sep 30, 2025	Fund Letters	Alex Umansky	ISRG	Intuitive Surgical, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Hospitals, Procedures, Reimbursement, robotics, Surgery	Login
Sep 30, 2025	Fund Letters	Alex Umansky	MELI	MercadoLibre, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	ecommerce, Fintech, LatAm, Logistics, Payments	Login
Jun 1, 2025	Fund Letters	Baron Fifth Avenue Growth Fund	KIN.BR	Kinepolis	Communication Services	Movies & Entertainment	Bull	Euronext Brussels	Belgium, Cinema, consolidation, entertainment, FCF yield, operating leverage, premium services, Real Estate, turnaround, Value	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Feb 11, 2026

Fund Letters

Alex Umansky

MPWR

Monolithic Power Systems, Inc.

Semiconductors & Semiconductor Equipment

Semiconductors

Bull

NASDAQ

AI, Analog, Asp, Content, data centers, Electrification, growth, Power, semiconductors

Feb 11, 2026

Fund Letters

Alex Umansky

NVDA

NVIDIA Corporation

Semiconductors & Semiconductor Equipment

Semiconductors

Bull

NASDAQ

AI, Cadence, CapEx, Competition, Ecosystem, GPUs, infrastructure, Margins, semiconductors

Feb 11, 2026

Fund Letters

Alex Umansky

SHOP

Shopify Inc.

Information Technology

IT Services

Bull

New York Stock Exchange

Checkout, Commerce, Ecosystem, efficiency, innovation, Lending, monetization, Payments, platform

Feb 11, 2026

Fund Letters

Alex Umansky

TICKER	COMMENTARY
NVDA	Jensen revealed a $1 trillion order book and proclaimed that OpenClaw did for agentic systems what ChatGPT did for generative systems.
AMZN	Amazon AI is now at a $15 billion revenue run rate (260 times larger than original Amazon Web Services (AWS) at the same point), their combined custom chips business (Graviton, Trainium, and Nitro) is now at a $20 billion ARR, growing triple-digit percentages year-over-year, implying approximately 13% of total AWS revenues. AWS continues to be capacity constrained – growth would be higher if they could serve it. At 8.8% of the Fund's net assets, Amazon is our second largest holding – we would own more if we could.
TSM	Semiconductor giant Taiwan Semiconductor Manufacturing Company Limited (TSMC) shares rose 11.5% during the first quarter, as revenue growth of 20.5% (25.5% in USD) exceeded expectations due to surging demand for AI chips. TSMC dominates the advanced semiconductor foundry market, controlling over 90% share of cutting-edge sub-7 nm nodes that power AI servers, flagship smartphones, and autonomous vehicles. We believe TSMC will deliver 20% earnings growth over the next several years, supported by secular AI-driven demand for leading-edge manufacturing capacity.
META	Shares of Meta Platforms, Inc., the world's largest social network, declined 13.1% in the first quarter. While Meta reported strong quarterly results with 24% year-on-year revenue growth and 41% operating margins and issued a solid Q1 revenue guidance of 29% year-on-year growth rate at the high end (in constant currency), management guided to full-year 2026 operating expenses above Street expectations, implying a 40% increase year-on-year, and raising concerns that it may be overspending on AI for less clear returns relative to competitors.
SHOP	Shares of Shopify Inc., the leading global commerce operating system, declined 26.3% during the first quarter, as a broader software selloff compressed high-multiple growth stocks. The business itself delivered an exceptional year: gross merchandise value (GMV) grew 30% - adding $86 billion of incremental volume - revenue grew 30%, and free cash flow grew 26% to over $2 billion. We view the drawdown as an opportunity to own an exceptional business at a more attractive entry point and see a path for attractive multi-year compounding from current prices.
NET	Cloudflare built a network that operates in over 330 cities across 125 countries where it cross-connects its customers directly with origin servers, bypassing the public internet, significantly reducing latency and reducing costs. The more traffic flows through Cloudflare, the better its routing intelligence becomes, making it more attractive for the next customer. AI further reinforces this moat as its close physical proximity to users globally enables it to offer low-latency AI inference, which in turn drives demand for its core offerings.
SNOW	Snowflake Inc. is a cloud data platform primarily used for data analytics. Shares declined 31.2% during the quarter, as investors became increasingly concerned that AI-native competitors could disrupt traditional software vendors. Even so, the company posted solid results, with product revenue growth of approximately 30%, best-in-class 125% net revenue retention, record new customer wins, and robust cash generation. Its AI product suite has become the fastest growing offering in the company's history, already generating over $100 million in annualized revenue.
ASML	Shares of semiconductor equipment company ASML Holding N.V. increased 23.6% in the first quarter due to robust demand for its lithography systems amid a strong AI-driven semiconductor capex cycle. ASML holds a monopoly on extreme ultraviolet (EUV) lithography, the indispensable technology required to manufacture the world's most advanced chips at 7 nm and below. We also project significant gross margin expansion, driven by ASML's pricing power and increasing scale, supporting strong double-digit earnings growth.
APH	This quarter we initiated a position in Amphenol Corporation, a leading provider of high-technology interconnect, sensor, and antenna solutions to a diverse set of end markets. Recently, however, Amphenol's exposure to data center infrastructure spending through connectors and cables in AI server racks drove a significant growth acceleration, with its IT Datacom segment now close to 40% of sales having grown from a less than $3 billion annual run rate to a $10 billion run rate as of the most recent quarter over just two years.

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductors

Cloud

Data Centers

Dividends

Risk Appetite

AI

Semiconductors

Cloud

Cybersecurity

E-commerce

Value

Small Caps

Value

Trade Policy

Entertainment

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Alex Umansky Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Baron Fifth Avenue Growth Fund