Equity Research Database

Institutional Investment Pitches

Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.

Home Letters Funds Account

Baron Discovery Fund's investment thesis on Kratos Defense & Security Solutions Inc. ($KTOS) — Q3 2025 | Buyside Digest

All Pitches

View Letter Analysis

$KTOSNASDAQKratos Defense & Security Solutions Inc.

BULL

Baron Discovery Fund—KTOS

Fund Letter

Q3 2025

Published September 30, 2025

View Fund Profile

$42.69USD

-10.7% vs last month

$96.19Pitched

-55.6% since pitch

Market Cap$10.9B

P/E (TTM)N/A

52-Wk RangeN/A

Div. YieldN/A

Technical Chart

From the Fund Letter

During Q3 2025, Baron Discovery Fund returned 2.85% (Institutional Shares), underperforming its benchmark, the Russell 2000 Growth Index, which gained 12.19%. This underperformance was...

— Randy Gwirtzman

BSD Research Exclusive

Unlock Full Institutional Investment Theses

Full equity research memos, financial breakdowns, and hedge fund thesis write-ups are reserved for BSD Research ($55/mo) and Pro subscribers.

6,000+ Institutional Pitches

Proprietary AI Analysis

100 Letter Unlocks/Cycle

SUBSCRIBE TO BSD RESEARCH ($55/MO)Compare All Plans

Already a Research or Pro subscriber? Sign In

◆ Keep Reading

What other investors think about $KTOS, and what else Baron Discovery Fund is buying.

Other pitches on $KTOS

Other investors who've written on Kratos Defense & Security Solutions Inc.

No other institutional pitches found for this ticker yet.

View all $KTOS pitches →