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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, LFUS, MC, MORN, MSCI, MSTR, MTD, MTN, NEOG, PENN, PRI, RRR, SMCI, TECH, TREX, VAC, WST | financials, growth, insurance, Long Term, real estate, small caps | Specialty insurers Kinsale Capital and Arch Capital both contributed significantly to performance with strong financial results. Market conditions remain favorable with rising premium rates and more business shifting to the excess and surplus lines market where Kinsale operates. | View | |
| 2025 Q1 | Mar 31, 2025 | Platinum International Fund | 0.2% | 0.2% | ABBV, AZN, BABA, BYD, FANUY, GOOGL, JD, KYCCF, MRK, MUFG, NESN.SW, NTDOY, NVS, SONY, TCEHY, TM, TSM, UBS | China, defensives, Europe, Overweight, Pharmaceuticals, Quality, tariffs, volatility | The Fund maintained an overweight position in Chinese stocks throughout the quarter, benefiting from strong performance in February and early March. Good returns from Chinese holdings led to some profit-taking while retaining strong overweight positioning based on continued economic recovery. | View | |
| 2024 Q3 | Nov 26, 2024 | Voss Value Offshore Fund | 7.4% | 8.9% | BWA, BYD, CAVA, LI, NIO, PHIN, RCM, TM, WMT | Auto Parts, Electric Vehicles, Long/Short, market inefficiency, small caps, value | Phinia represents a compelling opportunity as an ICE auto parts supplier benefiting from EV adoption slowdown and competitive withdrawals. The company's Gasoline Direct Injection technology and aftermarket business provide defensive characteristics with growth potential from market share gains. | PHIN |
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| 2024 Q3 | Nov 26, 2024 | Voss Value Fund | 7.6% | 9.5% | BWA, BYD, CAVA, LI, NIO, PHIN, RCM, TM, WMT | Auto Parts, Electric Vehicles, M&A, small caps, valuation, value | Manager believes EV penetration estimates are too optimistic, with BEV market flatlining in US and China and declining in Europe. Consumer surveys show growing disinterest in BEVs, leading to substantial discounts and bloated inventory. This creates opportunities for ICE-focused suppliers like Phinia. | PHIN |
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| 2025 Q3 | Oct 10, 2025 | Headwaters Capital Management, LLC | -2.9% | -5.4% | AMD, AMZN, BSY, BYD, DRVN, GOOGL, INSP, MEDP, META, MSFT, NVDA, ORCL, VVV | AI, Auto Aftermarket, Biotechnology, Bubble, Capex, mid cap, value | Manager believes AI infrastructure spending represents a massive capital cycle similar to telecom buildout in late 1990s, with hyperscalers spending $405B annually by 2026. Views current AI investment as unsustainable earnings bubble driven by elevated CAPEX rather than valuation bubble. Cites Oracle-OpenAI $300B contract as example of irrational economics requiring OpenAI to reach Google Search scale in two years. | View | |
| 2023 Q3 | Sep 30, 2023 | Baron Discovery Fund | 13.5% | 9.3% | AEIS, AXNX, AXON, BYD, CWAN, EWCZ, GTLB, GTLS, GWRE, INDI, KNSL, LLYVA, MEG, NVTS, PAR, REPG, REXR, RVNC, S, SILK, SITE, TXG | growth, healthcare, semiconductors, small caps, software, technology, value | The fund initiated a position in SentinelOne, a cybersecurity vendor focused on endpoint protection using AI to detect threats. The company serves over 11,000 organizations and is gaining market share from legacy antivirus vendors who struggle with evolving threats. | View | |
| 2024 Q2 | Jul 27, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MT, MTN, NEOG, PRI, RRR, TECH, TREX, WST | growth, insurance, Long Term, real estate, small cap, software | The fund holds multiple specialty insurance positions including Kinsale Capital Group and Arch Capital Group. Kinsale operates in the excess and surplus market with continued share gains despite slower premium growth. Arch Capital reported strong operating ROE of 21% and book value growth of 40%. | View | |
| 2023 Q4 | Feb 20, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, LFUS, MC, MORN, MSCI, MTD, MTN, NEOG, PENN, PRI, RRR, TECH, TREX, VAC, WST | growth, insurance, Long Term, Quality, real estate, small cap, technology, Travel | The fund holds significant positions in specialty insurers Kinsale Capital Group and Arch Capital Group. Both companies operate in the hard market for property and casualty insurance, with Kinsale showing 33% growth in gross written premiums and Arch demonstrating strong fundamentals with 23% growth in net premiums written. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 8, 2025 | Seeking Alpha | Pedro Goulart | Boyd Gaming | Consumer Discretionary | Resorts & Casinos | Bull | NYSE | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Robert J. Lake | Boyd Gaming Corporation | Consumer Discretionary | Resorts & Casinos | Bear | NYSE | — | 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 |
|---|---|---|---|---|---|---|---|---|
| Jo Taylor | Ontario Teachers' Pension Plan | $4.3B | $917,523 | 0.02% | 10,764 | +7,372 | +217.33% | 0.0135% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $34.7M | 0.07% | 407,575 | -27,800 | -85.28% | 0.5112% |
| Ray Dalio | Bridgewater Associates | $27.4B | $18.1M | 0.07% | 211,921 | -3,085 | -1.43% | 0.2658% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $238,672 | 0.00% | 2,800 | -14,200 | -83.53% | 0.0035% |
| Israel Englander | Millennium Management LLC | $233.2B | $25.6M | 0.01% | 300,463 | +103,865 | +52.83% | 0.3768% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $845,069 | 0.00% | 9,914 | -1,631 | -14.13% | 0.0124% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.1M | 0.00% | 12,439 | +1,151 | +10.20% | 0.0156% |
| Mario Gabelli | GAMCO Investors | $10.4B | $21.6M | 0.21% | 253,900 | -45,437 | -15.18% | 0.3184% |
| John Rogers | Ariel Investment | $9.3B | $199.5M | 2.15% | 2,340,172 | -262,288 | -10.08% | 2.9350% |
| Rich Handler | Jefferies | $19.3B | $15.6M | 0.08% | 182,435 | +182,435 | +100.00% | 0.2288% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $767 | 0.00% | 9 | +0 | +0.00% | 0.0000% |