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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Baron Global Opportunity Fund surged 26.7% in Q2 2026, driven by SpaceX's record IPO and AI hosting deals contributing 847bps. The manager maintains maximum conviction in SpaceX as the N=1 opportunity combining AI and Space Economy, alongside concentrated positions in AI infrastructure leaders including Datadog, CrowdStrike, TSMC, and NVIDIA."
Baron Global Opportunity Fund gained 26.7% in Q2 2026, outperforming the MSCI ACWI Index by 1,173bps through strong stock selection and sector allocation. SpaceX drove 847bps of absolute return as the largest position at 20.2% of assets, following its record-breaking IPO and landmark AI hosting deals with Anthropic and Google. The manager views SpaceX as the N=1 opportunity at the intersection of AI and Space Economy, with durable competitive advantages across launch, connectivity via Starlink, terrestrial and orbital data centers, and deeper AI stack integration. Additional strong contributors included Datadog up 121%, CrowdStrike up 96%, TSMC, ASML, and NVIDIA, reflecting the Fund's positioning in AI infrastructure and semiconductors. The manager initiated five new positions including Samsung Electronics in memory and Cerebras in fast AI inference, while exiting Wix due to core business deceleration. Despite three consecutive years of 25%-plus gains and elevated geopolitical risks, the portfolio trades 16.9% below its five-year average multiple. Year-to-date returns were driven entirely by fundamental growth rather than multiple expansion. The manager maintains high conviction in disruptive change investments while refusing to compromise on quality standards, with top 35 positions representing 96.1% of assets and cash at just 2.2%.
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