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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Driven by superb IT stock selection and a sharp V-shaped recovery in core names like NVIDIA. The manager actively leveraged market pullbacks to increase weightings in secular growth champions, particularly Eli Lilly and Samsara."
In Q2 2025, Baron Fifth Avenue Growth Fund gained 24.94% (Institutional Shares), outperforming the Russell 1000 Growth Index's 17.84% gain and S&P 500's 10.94% gain. Stock selection in IT (+34.0%) and Consumer Discretionary (+23.6%) drove the outperformance. NVIDIA was the top contributor, adding 407bps following a Q1 decline, while argenx and Eli Lilly detracted. The fund actively managed position sizing by executing top purchases in Eli Lilly, Samsara, Illumina, TSMC, and ASML, funded by trimming winners like Cloudflare, Intuitive Surgical, and ServiceNow. The manager maintains a long-term bottom-up growth focus, brushing off macro fluctuations to lean into deep secular tailwinds like AI infrastructure and GLP-1 medical therapies.
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