Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
Baron Focused Growth gained 13.26% in Q2 2026, lagging the benchmark due to AI-driven valuation compression in software holdings despite unchanged fundamentals. SpaceX's record $85 billion IPO drove 987 bps of returns. Consumer investments rebounded strongly as macro fears eased. Portfolio companies accelerated buybacks at depressed valuations while maintaining strong balance sheets and recurring revenue growth. The concentrated 28-stock portfolio trades at historically low valuations with multiple paths to value realization as rates decline.
Full Quick Take
Baron Focused Growth gained 13.26% in Q2 2026, lagging the benchmark due to AI-driven valuation compression in software holdings despite unchanged fundamentals. SpaceX's record $85 billion IPO drove 987 bps of returns. Consumer investments rebounded strongly as macro fears eased. Portfolio companies accelerated buybacks at depressed valuations while maintaining strong balance sheets and recurring revenue growth. The concentrated 28-stock portfolio trades at historically low valuations with multiple paths to value realization as rates decline.
Ariel Appreciation Fund gained 9.90% in Q3 as value outperformed growth and small caps beat large caps. Strong earnings from Stanley Black & Decker and Lazard drove performance while oil services names lagged despite solid fundamentals. The fund expects market broadening beyond mega-caps to benefit their differentiated mid-cap value strategy.
Full Quick Take
Ariel Appreciation Fund gained 9.90% in Q3 as value outperformed growth and small caps beat large caps. Strong earnings from Stanley Black & Decker and Lazard drove performance while oil services names lagged despite solid fundamentals. The fund expects market broadening beyond mega-caps to benefit their differentiated mid-cap value strategy.
