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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Mar 2, 2026 | Baron Global Opportunity Fund | 6.5% | 27.5% | ADYEN, AMZN, ARGX, ASML, BILL, CPNG, CRWD, DDOG, GDS, ILMN, MELI, NET, NU, NVDA, SHOP, SNOW, SQ, TSM, WIX, ZS | AI, Cloud, E-Commerce, global, growth, innovation, semiconductors, technology | AI represents the dominant investment theme with companies adapting to disruptive change. The pace of innovation is unprecedented with LLMs becoming more intelligent, costs declining 10x per year, and agentic AI task duration doubling every 6-7 months. Portfolio companies are categorized as AI infrastructure builders, providers, early adopters, and beneficiaries of productivity gains. E-commerce platforms benefit from AI adoption in recommendation engines, advertising algorithms, and customer support optimization. Companies like Amazon, MercadoLibre, Coupang, and Shopify are leveraging AI to improve conversion rates and reduce service costs while expanding into new markets and verticals. Semiconductor companies, particularly TSMC and NVIDIA, are benefiting from AI demand with TSMC raising revenue guidance to mid-30s% growth. NVIDIA continues evolving from graphics cards to leading AI infrastructure company, while TSMC maintains 90% market share in leading-edge manufacturing with ability to raise prices. Cybersecurity companies are using AI in core algorithms to better identify anomalies and block malicious traffic. CrowdStrike is seeing reacceleration in growth with new Falcon Flex offering, while Netskope continues gaining SASE market share with strong competitive win rates. Biotechnology investments focus on companies with differentiated technologies and expanding addressable markets. Argenx continues strong performance with Vyvgart sales exceeding expectations, while BillionToOne disrupts prenatal and oncology diagnostics with innovative QCT technology achieving superior accuracy. Cloud infrastructure companies are positioned to benefit from AI buildout with AWS aggressively investing in capacity and offering full-stack AI solutions. The data gravity of existing customers provides competitive advantages while companies expand AI inference and development platforms. | View | |
| 2025 Q4 | Feb 11, 2026 | Baron Fifth Avenue Growth Fund | 3.3% | 18.2% | ADYEN, AMZN, ASML, AVGO, CPNG, CRWD, GOOGL, ILMN, IOT, KKR, MELI, META, MPWR, NOW, NVDA, SHOP, SNOW, TEAM, TSLA, TSM | AI, Cloud, E-Commerce, growth, large cap, semiconductors, technology | The fund is positioned for the AI transformation, viewing it as one of the biggest disruptive changes in human history. Portfolio companies are benefiting from AI infrastructure buildout, with NVIDIA at the epicenter, and companies adapting AI into core business operations for productivity gains. Strong positioning in semiconductor companies benefiting from AI demand, including NVIDIA, Broadcom, TSMC, and new addition Monolithic Power Systems. Focus on companies enabling AI infrastructure through custom accelerators, power management, and manufacturing capabilities. Investment in leading e-commerce platforms including Amazon, Shopify, MercadoLibre, and Coupang. These companies are using AI to improve recommendation engines, advertising algorithms, and customer support while expanding into new markets and services. Exposure to cloud infrastructure providers benefiting from AI demand, including Amazon Web Services, Google Cloud Platform, and Cloudflare. These companies offer full-stack AI solutions with both first-party and third-party hardware and models. | MELI CPNG META SHOP NVDA MPWR AVGO GOOGL |
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| 2023 Q4 | Dec 31, 2023 | Baron Global Advantage Fund | 14.7% | 25.3% | 3690.HK, AAPL, ADYEN, AMZN, ARGX, ASML, BILL, BJFNF, CPNG, CRWD, DAVA, DDOG, EPAM, FVRR, GLOB, GOOGL, INPST, MELI, META, MSFT, NET, NVDA, SHOP, SNOW, SQ, TSLA, WIX, ZI, ZS | AI, Cloud, cybersecurity, Digitization, E-Commerce, global, growth, technology | GenAI is creating an inflection point that benefits many portfolio companies beyond just NVIDIA. Enterprises are accelerating digitization trends to benefit from GenAI, with less than 10% of companies having mature data and AI capabilities. This trend should be a tailwind for businesses that enable or benefit from digitization such as cybersecurity, infrastructure monitoring, and data platforms. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Artisan Global Discovery | Adyen NV | Information Technology | Data Processing & Outsourced Services | Bear | Euronext Amsterdam | Competitive pressure, e-commerce, Fintech, Netherlands, payment processing, Payments, Pricing power | View Pitch |
| Apr 28, 2026 | Fund Letters | Stenham Asset Management | Adyen N.V. | Information Technology | Data Processing & Outsourced Services | Bull | EURONEXT | Competition, digital payments, e-commerce, Fintech, Payments, PayPal, Revenue Growth | View Pitch |
| Apr 28, 2026 | Fund Letters | Stenham Asset Management | Adyen N.V. | Information Technology | Data Processing & Outsourced Services | Neutral | Euronext Amsterdam | Competition, Fintech, growth deceleration, North America, Omnichannel, Payments, valuation | View Pitch |
| Apr 28, 2026 | Fund Letters | Polen Capital - Global Growth | Adyen N.V. | Other | Data Processing & Outsourced Services | Bull | Euronext Stock Exchange | enterprise, Fintech, Gateway, Netherlands, opportunity, Payments, Processing, Sentiment | View Pitch |
| Apr 13, 2026 | Fund Letters | Polen Capital - Global Growth | Adyen N.V. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | digital payments, e-commerce, Equity, Fintech, growth, Netherlands, Payments, recurring revenue, SaaS, technology | View Pitch |
| Apr 13, 2026 | Fund Letters | RiverPark Long/Short Opportunity Fund | Adyen N.V. | Information Technology | Data Processing & Outsourced Services | Bull | EURONEXT | e-commerce, Fintech, Global, growth, Omni Channel, Payments, technology platform | View Pitch |
| Apr 13, 2026 | Fund Letters | Lakehouse Global Growth Fund | Adyen N.V. | Information Technology | Data Processing & Outsourced Services | Bull | Euronext Amsterdam | Client Retention, Enterprise Payments, Fintech, Fixed Cost Base, Merchant Services, Netherlands, payment processing, Take-rates | View Pitch |
| Jan 22, 2026 | Twitter / X | @ToffCap | Adyen N.V. | Information Technology | Data Processing & Outsourced Services | Neutral | Euronext Amsterdam | Acceleration Unlikely, Adyen, Payments, Revenue, Revenue Yoy, tariffs, Volume, Yoy | View Pitch |
| Nov 29, 2025 | Fund Letters | Cassandra A. Hardman | Atlassian Corp. | Information Technology | Application Software | Bear | NASDAQ | AI, cloud migration, Collaboration, growth, SaaS, Software | View Pitch |
| Nov 29, 2025 | Fund Letters | Paulina McPadden | Adyen NV | Information Technology | Transaction & Payment Processing | Bull | Digital adoption, e-commerce, EBITDA, Fintech, Margins, Payments, secular growth | View Pitch | |
| Nov 28, 2025 | Fund Letters | Paulina McPadden | Adyen NV | Information Technology | Transaction & Payment Processing | Bull | Digital adoption, e-commerce, EBITDA, Fintech, Margins, Payments, secular growth | 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. | ||||||||