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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Baron Fifth Avenue Growth Fund delivered 24.6% in Q2 2026, driven by SpaceX's transformative IPO and AI hosting deals, semiconductor strength from NVIDIA and TSMC, and accelerating AI adoption across CrowdStrike, Datadog, and Snowflake. The manager views SpaceX as the ultimate N=1 opportunity at the intersection of AI and space economy."
Baron Fifth Avenue Growth Fund gained 24.6% in Q2 2026, outperforming the Russell 1000 Growth Index by 790 basis points. The quarter mirrored 2025's pattern: a first quarter drawdown driven by geopolitical uncertainty followed by strong second quarter recovery as fears subsided. Stock selection drove all outperformance, contributing 940 basis points, with strength in Communication Services, Information Technology, and Health Care. SpaceX was the top contributor at 404 basis points, benefiting from its $85 billion IPO and landmark AI hosting agreements with Anthropic and Google totaling $26 billion annually. The manager views SpaceX as N=1, positioned at the intersection of AI and space economy with insurmountable competitive advantages. AI-driven companies including CrowdStrike, Datadog, and Snowflake demonstrated accelerating growth as AI creates structural demand. NVIDIA and TSMC continued exceptional performance despite valuation concerns. The portfolio's weighted average multiple expanded 12.2% in the quarter but remains 10.5% below its five-year average, with more than 100% of year-to-date returns driven by fundamental growth rather than multiple expansion. The manager remains focused on long-term value creation through disruptive change investments.
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