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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Platinum International Brands Fund | 9.0% | - | 6758 JP, BEI GR, BIRK, HEIA NA, HLN LN, META, ZTS | - | View | ||
| 2025 Q2 | Jul 22, 2025 | Artisan Partners Small Cap Fund | 7.3% | -3.6% | BIRK, BWXT, CWAN, FLEX, FRSH, HALO, IOVA, IRTC, LSCC, MDGL, MTSI, SAIA, STVN, TTAN, WING | cash flow, fundamentals, Quality, small caps, Valuation discipline | The letter highlights a challenging environment where speculative stocks outperformed quality businesses. Management remains committed to owning high-quality small-cap companies with strong cash flows and attractive valuations. The outlook favors long-term compounding as fundamentals reassert leadership. | GWRE STVN SVTA BIRK MDGL WING BWXT CWAN IRTC MTSI FLEX |
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| 2024 Q1 | Apr 15, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ACGL, BIRK, CHH, FIGS, H, IRDI, RRR, SPOT, TSLA | - | 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 | Platinum International Brands Fund | 12.0% | 21.0% | AS, BIRK, ELF, GALD SW, JD/ LN, ZTS | - | View | ||
| 2024 Q3 | Oct 28, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | ADSK, ARNB, BILL, BIRK, GWRE, H, IBKR, IQV, JBHT, LPLA, MRNA, MTN, NET, NTR, ONON, RRR, SHOP, SPOT, TSLA | - | View | ||
| 2025 Q3 | Oct 24, 2025 | Titan Wealth | - | - | BIRK, INSP, KRMN, KTOS, MEG, MRCY, NTSK, PAR, PRMB, WING | Artificial Intelligence, cybersecurity, Data centers, defense, infrastructure | The firm reported strong performance across portfolios, driven by AI, emerging markets, and global infrastructure spending. Managers highlighted the expansion of data centers, defense, and renewable projects as key drivers of long-term growth. The Stock in Focus feature on CrowdStrike emphasized cybersecurity as a structural necessity in a digitizing and AI-powered economy, with rising enterprise adoption and high profitability metrics supporting the sectors investment case. | View | |
| 2025 Q3 | Oct 16, 2025 | Platinum International Brands Fund | 1.0% | - | AS, BIRK, WWW | Brand Strength, Consumer Brands, Footwear, quality growth, retail | The fund underperformed amid investor rotation toward AI-driven technology, but Platinum remains confident in brand-based businesses like Birkenstock, Amer Sports, and Wolverine Worldwide. These firms show robust earnings growth, high returns on capital, and long-term resilience versus short-lived tech cycles. Platinum views brand franchises as durable wealth creators with compounding potential once speculative AI enthusiasm fades. | WWW UN AS BIRK LX |
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| 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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| Q4 2025 | Jan 27, 2026 | The Osterweis Opportunity Fund | 3.3% | 0.3% | AX, BIRK, CAVA, CECO, CWST, FSV, GH, GWRE, LSCC, LTH, MOD, MTSI, NOVT, SITM, TREX, TTAN, WAY | AI, Biotech, Fintech, growth, healthcare, semiconductors, small cap, technology | AI was identified as one of the big investment themes driving 2025 returns, with the AI boom propelling many indices to all-time highs. SiTime Corp benefited from 115% growth in its data center segment reflecting surging demand from AI applications. The manager published a piece discussing AI as one of their top five secular trends for the near-to-medium term. The portfolio had strong performance from semiconductor investments including MACOM and SiTime. MACOM delivered strong Q4 results with 30% revenue growth, serving telecommunications, data center, defense, and industrial markets. SiTime revolutionized timing devices with MEMS-based silicon solutions and saw 45% growth driven by AI applications in data centers. Chime was highlighted as a leading online bank and top contributor in the Financial sector. The company's cost-effective, mobile-first, cloud-native infrastructure allows it to serve underbanked populations with free banking services. Revenue continues to increase above 30% annually with profit margins above 65%, and the manager believes Chime can triple its revenue per customer over the next five years. Guardant Health, a provider of blood-based diagnostic tests for cancer, was a significant contributor with strong Q3 results. The core oncology business grew revenues 30% with acceleration driven by innovative product enhancements. The company continues to lead the charge in converting oncology testing from tissue to blood, representing a major shift in cancer diagnostics. Flying taxis were mentioned as one of the speculative investment themes that drove 2025 returns, though the manager deliberately avoided these speculative companies. Drones were also identified as one of the top five secular trends for the near-to-medium term in the manager's recent publication. Robotics was identified as one of the manager's top five secular trends for the near-to-medium term. This represents an area of focus for finding category leaders before they become widely discovered, though specific robotics investments were not detailed in this letter. | View | |
| 2025 Q4 | Jan 23, 2026 | American Century Small Cap Value Fund | -1.1% | -3.3% | AMKR, ARCB, ARW, AVT, AXS, BBWI, BC, BIRK, COLB, EEFT, ENOV, EVTC, GPK, HZO, MARA, OKLO, ONB, PATK, SSB, TKR, UMBF | banks, consumer discretionary, healthcare, industrials, semiconductors, small cap, value | The fund maintains significant overweight exposure to banks, remaining constructive on the industry due to continued positive inflection in net interest income and belief that fears of an extended negative credit cycle were overstated. Many holdings still trade meaningfully below historical multiples. Overweight positioning tilted toward higher-quality, unique businesses targeting high-end consumers including global consumer brands like Brunswick and Birkenstock. Specialty retail exposure includes marine dealers and Bath & Body Works. The sector remains attractive with overweight positioning in higher-quality industrials including machinery, distribution, and commercial services. Many holdings demonstrated strong pricing power during inflationary environment and returned cash to shareholders via dividends, buybacks and debt reduction. Information technology contributed through stock selection, with strong results from Amkor Technology benefiting from AI packaging solutions and domestic chip manufacturing trends. The company is one of two in the US capable of providing large-scale advanced packaging solutions. | View | |
| 2025 Q4 | Jan 21, 2026 | Platinum International Brands Fund | -3.0% | -1.8% | ALLFG.L, AS1R.HE, BIRK, ELF, FICO, GAM.L, GDMA.SW, GOOGL, ITX.MC, STJ.L, V, WWW, ZTS | AI, brands, consumer discretionary, Consumer Staples, global, retail | AI stocks dominated market gains with the Philadelphia Semiconductor Index rising 45% in 2025, nearly triple the S&P 500's 16%. The AI concentration created headwinds for the fund as these businesses compete on technical specifications rather than brand equity, which falls outside the fund's brand-focused mandate. e.l.f. Beauty represents a key holding that fell 44% this quarter despite strong fundamentals. The company has evolved from a 'dupe' brand to a powerful marketing powerhouse with exceptional brand affinity among Gen-Z consumers and returns on capital exceeding 40%. Wolverine Worldwide, with key brands Saucony and Merrill, fell 32% this quarter. Saucony showed strong growth with 27% sales increase in the most recent quarter, expanding retail footprint beyond specialty running stores to generalized retailers. | ELF WWW |
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| 2024 Q3 | Sep 30, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ARNB, BIRK, GWRE, H, IBKR, MRNA, MTN, ONON, RRR, SHOP, SPOT, TSLA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Baron Partners Fund | 13.9% | 4.5% | ARCH, BIRK, GWRE, MTN, SCHW, TSLA | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 3, 2025 | Fund Letters | Craigh Cepukenas | Birkenstock Holding plc | Consumer Discretionary | Footwear | Bull | NYSE | Brand, DTC, expansion, Footwear, Pricing | View Pitch |
| Nov 29, 2025 | Fund Letters | Andrew Peck | Birkenstock Holding plc | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Brand Equity, direct-to-consumer, expansion, gross margins, vertical integration | View Pitch |
| Nov 29, 2025 | Fund Letters | Andrew Peck | Birkenstock Holding plc | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | NYSE | Brand Equity, direct-to-consumer, expansion, gross margins, vertical integration | 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. | ||||||||