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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 18, 2025 | Baron Growth Fund | 0.8% | -3.5% | ACGL, CHH, GLPI, GWRE, IDXX, RRR | Consumer Sector, quality growth, small caps, technology | View | ||
| 2025 Q2 | Aug 18, 2025 | Baron Partners Fund | 12.1% | -7.5% | ACGL, GLPI, IDXX, MTN, SCHW, SPOT, TSLA | Compounding, Concentration, growth, innovation, volatility | The letter emphasizes long-duration growth investing focused on a concentrated set of companies with large addressable markets and durable competitive advantages. Management highlights innovation-driven earnings compounding, particularly in technology-enabled platforms, while accepting volatility as the cost of superior long-term returns. Market pullbacks are viewed as opportunities to add to high-conviction positions. | View | |
| 2025 Q2 | Jul 31, 2025 | Baron Focused Growth Fund | 12.7% | 3.7% | ACGL, CHH, FDS, GWRE, IBKR, IDXX, MTN, SPOT, TSLA | Balance Sheets, Concentration, disruption, earnings acceleration, focused growth | The commentary emphasizes concentrated investments in disruptive and core growth businesses with strong balance sheets and accelerating earnings potential. Management highlights resilience through tariffs and macro uncertainty due to pricing power and reinvestment capacity. Valuation upside is expected to come from long-term earnings compounding. | View | |
| 2025 Q2 | Jul 29, 2025 | Baron Asset Fund | 7.8% | 4.6% | ACGL, APH, COO, CSGP, DKNG, GWRE, IDXX, IOT, IT, LPLA, MSCI, MTD, PCOR, ROP, TECH, VRSK | balanced investing, Compounding, diversification, Quality, risk management | The commentary focuses on diversified equity exposure across growth and value styles to reduce volatility while compounding capital. Management emphasizes investing alongside capable operators in businesses with durable demand. Diversification across industries and business models is positioned as a long-term risk management tool. | View | |
| 2025 Q2 | Jul 22, 2025 | Madison Investors Fund | 3.1% | 2.3% | ABNB, ACGL, ADI, BRK/A, CDW, FERG, FI | Compounding, Discipline, downside risk, fundamentals, Quality | The letter emphasizes long-term fundamental investing with a focus on business quality and downside risk management. Management highlights disciplined security selection over macro forecasting. Steady compounding is expected as fundamentals drive returns over time. | CDW ABNB ACGL FI ADI FERG |
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| 2024 Q1 | May 2, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, BN, CSL, DLTR | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, CSGP, FDS, MSFY, PENN, PRI, SMCI | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, FDS, H, IRDM, TSLA | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, BIRK, CHH, FIGS, H, IRDI, RRR, SPOT, TSLA | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, ANSS, CSGP, DAY, FDS, IDXX, IT, PCOR, SPOT, TECH, TTD, VRSK, VRSN | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Focused Growth Fund | -8.0% | -8.0% | ACGL, CSGP, DNUT, GWRE, H, IDXX, LVS, MTN, SPOT, TSLA | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Partners Fund | -17.4% | -17.4% | ACGL, CSGP, GWRE, H, HEI, IT, TSLA | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Asset Fund | -3.0% | -3.0% | ACGL, CSGP, DKNG, GWRE, IT, ROP, SCHW, TECH, TTD, VRSK, VRT, WST | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Growth Fund | -4.3% | -4.3% | ACGL, CSGP, CWAN, FDS, GWRE, KNSL, MSCI, MTN, PRI | - | View | ||
| 2025 Q4 | Mar 1, 2026 | Baron Growth Fund | -2.8% | -14.4% | ACGL, CHH, CSGP, CWAN, FIGS, IDXX, KNSL | AI Risk, Earnings Quality, Return on Capital, Small Cap Growth, Valuation Compression | Baron Growth Fund declined 2.69% in Q4 2025, lagging the Russell 2000 Growth Indexs 1.22% gain, as high-quality small and mid-cap growth stocks remained out of favor. Approximately 60% of the years relative underperformance was attributed to market disagreement over AI risk in core holdings, leading to valuation compression despite continued double-digit earnings growth. Management emphasizes long-term compounding through competitively advantaged businesses with durable growth, high returns on capital, and resilient cash flow generation, arguing that recent multiple contraction creates embedded upside. | View | |
| 2025 Q4 | Feb 8, 2026 | Baron Partners Fund | 19.1% | 24.9% | ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, RRR, SCHW, SPOT, TSLA | AI, Concentration, Disruptive Growth, Electric Vehicles, growth, mid cap, Space, technology | The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which developed the Grok AI model. xAI rapidly deployed data centers with 100,000 GPUs and is pioneering a 1-gigawatt training facility. The company is positioned for enduring leadership in the competitive AI field. SpaceX is generating significant value through rapid expansion of Starlink broadband service and established itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown, representing a significant leap in space exploration capabilities. Tesla remains the fund's largest position by average weight and a top holding despite trimming 30.5% of the position. The fund maintains extreme confidence in Tesla's prospects and ability to become significantly more valuable, with average cost basis of only $14.22 per share. Guidewire Software completed multi-year cloud migration and secured landmark 10-year agreement with Liberty Mutual to migrate to cloud. The company is positioned to be critical software vendor for the $2.5 trillion global P&C insurance industry with cloud as the sole path forward. Spotify continues double-digit user growth despite price hikes, with high engagement and sticky subscription model. The company is structurally increasing gross margins through high-margin artist promotions marketplace, growing podcast contribution, and ongoing advertising investments while expanding into video and developing Super Premium tier. | RRR IDXX SCHW FDS IT GWRE SPOT CSGP H |
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| 2025 Q4 | Feb 4, 2026 | Baron Asset Fund | 7.9% | 8.2% | ACGL, APH, AXON, BAH, BIRK, CSGP, DAY, FICO, GWRE, IDXX, IEX, IT, MTD, RPGN, SPOT, TTD, VEEV, VRSK, WELL | AI, Biotechnology, growth, healthcare, mid cap, software, Space, technology | The fund benefits from AI-related investments including SpaceX's Starlink expansion and xAI's rapid development of Grok AI model with massive GPU deployments. Amphenol maintains significant market share in interconnect solutions within NVIDIA's AI server racks with content expected to increase as speeds and system complexity rise. SpaceX represents the fund's largest position at 12.5% of net assets, generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown. Guidewire's cloud migration is largely complete with annual recurring revenue benefiting from new customer wins and migrations to InsuranceSuite Cloud product. The landmark 10-year agreement with Liberty Mutual should help drive adoption among other Tier 1 P&C carriers. Repligen operates in fast-growing end markets including monoclonal antibodies and cell and gene therapies, with strong track record of scientific innovation. The company has opportunity to embed differentiated systems into new drug manufacturing processes as biosimilars come to market. | View | |
| 2024 Q4 | Dec 31, 2024 | FMI International Equity | -7.0% | 3.0% | ACGL, ICLR | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Madison Mid Cap Fund | -1.9% | 10.3% | ACGL, BAM, CDW, KMX | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Madison Investors Fund | -0.4% | 16.4% | ACGL, ALC, CPRT, DLTR, ELV, GOOG, PH | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Baron Focused Growth Fund | 14.4% | 29.5% | ACGL, FIGS, IBKR, IDXX, LYV, RRR, SPOT, TSLA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Baron Partners Fund | 27.0% | 32.7% | ACGL, CSGP, IDXX, SCHW, TSLA | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Baron FinTech Fund | 5.2% | 22.9% | ACGL, APO, HOOD, IBKR, LPLA, MELI, NU, WISE LN | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Baron Growth Fund | 6.0% | 4.8% | ACGL, CHH, CSGP, FDS, IDXX, IT, MTN | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, CSGP, DNUT, FDS, FIGS, GWRE, H, IRDM, MTN, PENN, SPOT, TSLA | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, FIGS, IDXX, SCHW, SPOT, TSLA, VLD, XFCH | - | View | ||
| 2023 Q2 | Dec 7, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, BRO, GBCI, PGR, WAT | - | View | ||
| 2023 Q2 | Dec 7, 2023 | Madison Small Cap Fund | 6.3% | 17.2% | ACGL, AYX, CNM, WAL | - | View | ||
| 2025 Q3 | Oct 19, 2025 | American Century Small Cap Value Fund | 4.7% | - | ACGL, ASH, AXS, BBWI, VC | consumer, financials, industrials, small caps, Value Investing | Small-cap equities benefited from steady U.S. growth and improving valuations despite volatility from rate and policy shifts. The fund emphasized financials and consumer discretionary sectors, citing underappreciated earnings potential and resilient demand. Industrial holdings with pricing power and cash flow generation also supported the value recovery trend. | View | |
| 2023 Q3 | Oct 15, 2023 | Madison Investors Fund | 7.8% | 17.0% | A, ACGL, ADBE, DLTR, J, TEL, TXN | - | View | ||
| 2025 Q4 | Jan 30, 2026 | Baron Focused Growth Fund | 12.3% | 22.3% | ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | AI, consumer, Electric Vehicles, growth, healthcare, real estate, Space, technology | The fund discusses concerns about AI introduction into the economy and its impact on subscription-based software companies. AI competition has hurt valuations of platform investments like Spotify, CoStar, and Guidewire, though it hasn't impacted their financial performance. The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which has developed competitive AI model Grok. The consumer remains quite resilient despite concerns about higher inflation, interest rates, and tighter labor market. Consumer-oriented investments including FIGS, Hyatt Hotels, and On Holding showed strength in the quarter. The fund sees continued resilience in consumer demand for health care apparel and premium products. SpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. Tesla remains a core holding representing 8.1% of net assets as an electric vehicle leader. The fund views Tesla as a disruptive growth company with large underpenetrated addressable markets, well financed with significant equity stakes by founder-led management giving further conviction in the investment. | DUOL CSGP SPOT ONON H FIGS GWRE |
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| 2025 Q4 | Jan 20, 2026 | Appalaches Capital | 1.7% | 16.5% | ACGL, ASML, AZO, EXP, GOOGL, PGR, PM, VMC | alpha, Concentration, large cap, long-term, Patience, Quality, value | The manager emphasizes investing in companies with steep competitive advantages and durable value propositions. Portfolio construction focuses on 12-15 concentrated investments in unique, independent businesses with barriers to entry that protect economic profitability for decades. Earning acceptable returns requires buying at acceptable prices, which requires patience. The manager focuses on finding quality companies that are undervalued at specific points in time, rebalancing toward those with more attractive prices when discounts appear. | ASML GOOG |
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| 2025 Q4 | Jan 20, 2026 | Madison Large Cap Fund | 3.4% | 3.4% | A, ACGL, ADI, AMZN, BN, CDW, CPRT, DHR, FERG, FI, GOOGL, HON, KEYS, LOW, NKE, PCAR, PGR, PH, TXN, WDAY | AI, Automation, financials, industrials, large cap, Quality, technology, value | The portfolio is populated with high-quality, durable businesses across a wide range of industries, selling for reasonable prices. The fund invests in the proven over the promise, the long-term over the short-term, and durability over momentum. This focus on quality businesses has been a strong foundation for attractive long-term investment performance. Alphabet released new AI models that gave investors further confidence that the company is well positioned for growth. Workday is investing in commercializing AI agents, which should be additive to revenue growth. The fund acknowledges heightened concerns of AI-related disruption affecting some businesses. Honeywell is undergoing a portfolio transformation with the anticipated separation of the aerospace and automation businesses in the second half of 2026. This separation will further enhance the return on invested capital and growth opportunities for each business. | WDAY FISV |
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| 2025 Q4 | Jan 20, 2026 | Madison Mid Cap Fund | -1.2% | 1.8% | ACGL, ANET, AOS, APH, BRO, CDW, EXPD, FND, LBRDA, MCHP, MKSI, MSA, PCAR, ROST, TDY, TECH, TREX, TTAN, WAT, WRB | AI, financials, industrials, mid cap, Quality, technology, value | The fund focuses on high-quality, highly profitable, durable businesses with shareholder-oriented management teams selling below intrinsic value assessments. This quality-focused approach has historically provided strong long-term performance despite being temporarily out of favor in speculative market environments. Several portfolio companies are benefiting from AI-related applications and data center spending. MKS's Electronics and Packaging business shows accelerating growth partly due to AI applications, while Amphenol's IT/Datacom business produces spectacular organic growth driven by AI-related data center spending. | MCHP MSA AOS TTAN BIO ROST |
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| 2023 Q3 | Sep 30, 2023 | Baron Asset Fund | 8.3% | 10.6% | ACGL, CSGP, FDS, IDXX, MTD, ONON | - | View | ||
| 2022 Q3 | Sep 30, 2022 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, DEI, FIGS, GWRE, H, IRDM, SCHW, TSLA | - | View | ||
| 2024 Q2 | Jul 18, 2024 | ClearBridge Investments Mid Cap Growth Strategy | 0.0% | 0.0% | ACGL, CASY, CHWY, RBRK, WK | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, FDS, IBKR, MSCI, SCHW, TSLA | - | View | ||
| 2025 Q1 | Apr 21, 2025 | Appalaches Capital | 0.5% | 0.5% | ACGL, ASML, AZO, CNR CN, CSX, LAD, LRCX | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Madison Mid Cap Fund | -4.2% | -4.2% | ACGL, AWI, BRO, KNSL, MKSI, ROST, TREX | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Madison Investors Fund | -0.9% | -0.9% | ACGL, ACN, ELV, FI, GOOG, PGR, USB | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, DEI, H, IDXX, ILMN, IRDM, MSCI, SCHW, TSLA | - | View | ||
| 2022 Q1 | Mar 31, 2022 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, CSGP, GWRE, H, IRDM, MTN, SPOT, TSLA, VLD, WRBY | - | View | ||
| 2022 Q1 | Mar 31, 2022 | Baron Partners Fund | 13.9% | 4.5% | ACGL, CSGP, IDXX, IRDM, MTN, SCHW, SHOP, SPOT, TSLA | - | View | ||
| 2023 Q4 | Feb 20, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, CHH, IRDM, KNSL, MTN, NEOG | - | View | ||
| 2023 Q4 | Feb 20, 2024 | Baron Partners Fund | 13.9% | 4.5% | ACGL, IDXX, IRMD, IT, NEOG, TSLA, XRX | - | View | ||
| 2024 Q4 | Jan 29, 2025 | Baron Asset Fund | -0.1% | 10.5% | ACGL, APP, DAY, IDXX, IT, MTD, MTN, TTAN | - | View | ||
| 2023 Q4 | Jan 27, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, GWRE, H, IDXX, IRDM, RRR, VAC | - | View | ||
| 2023 Q4 | Jan 27, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, FICO, IDXX, IT, TRU, WST | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Fund Letters | Alex Umansky | Arch Capital Group Ltd. | Financials | Property & Casualty Insurance | Bull | NASDAQ | capital allocation, Cyclicality, Discipline, Insurance, underwriting | View Pitch |
| Jan 8, 2026 | Fund Letters | Rich Eisinger | Arch Capital Group Ltd. | Financials | Reinsurance | Bull | NASDAQ | Insurance, Pricingcycle, profitability, Reinsurance, underwriting | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||