CHH

CHH

CHH

Letters With This Ticker

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	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
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	Mar 4, 2026	Voss Value Fund	-2.1%	-3.7%	CHH, CLBT, FLYW, PAR	Artificial Intelligence, Automation, Data centers, Software Adoption, Vertical Software	The letter discusses the disruptive potential of AI and agentic systems across the software ecosystem, noting that multi-agent models capable of planning and executing coding workflows have widened uncertainty for software companies as investors reassess valuations. While markets fear AI-driven disruption and margin compression, the manager argues that adoption across the broader economy remains slow and that incumbent software firms may ultimately capture the largest economic benefits through proprietary data, systems of record, and integration advantages. The investment outlook therefore favors dominant vertical software platforms and infrastructure businesses that can integrate AI capabilities while maintaining switching costs and customer entrenchment.		View
2025 Q4	Mar 4, 2026	Voss Value Offshore Fund	-2.2%	-4.4%	CHH, CLBT, FLYW, PAR	Artificial Intelligence, Automation, Data Infrastructure, Enterprise Software, Software Platforms	The letter examines how rapid advances in AI and multi-agent software systems are driving market volatility and reshaping expectations for the software industry, creating a wave of uncertainty and valuation compression across technology stocks. Despite this disruption, the manager believes incumbent software companies with strong data assets, mission-critical workflows, and established customer relationships are best positioned to benefit from AI adoption over time. The strategy focuses on identifying high-quality platforms where AI enhances productivity and product capabilities rather than destroying industry economics.		View
2023 Q1	Mar 31, 2023	Fenimore Small Cap Strategy	6.0%	6.0%	CHH, TSU	-			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	View
2024 Q4	Dec 31, 2024	Baron Growth Fund	6.0%	4.8%	ACGL, CHH, CSGP, FDS, IDXX, IT, MTN	-			View
2023 Q4	Dec 31, 2023	Fenimore Small Cap Strategy	12.8%	20.1%	CHH, CSV, DFH	-			View
2025 Q3	Nov 8, 2025	Baron Asset Fund	-4.3%	0.1%	APH, CHH, CSKD, IDXX, IT, LOAR, ONON, STUB, VRSK	AI, Earnings Quality, Mega Caps, Research, Valuations	The letter highlights that optimism around AI helped drive broader market gains, especially through mega-cap technology leaders. However, the funds high-quality bias lagged as lower-quality, high-volatility stocks surged, creating a challenging backdrop. AI-related concerns weighed on holdings like Gartner and FactSet, though the manager argues AI should ultimately be a tailwind for research-based businesses.	STUB	View
2025 Q3	Oct 28, 2025	Baron Focused Growth Fund	4.8%	8.6%	CHH, FDS, FIGS, IBKR, MTN, ONON, SHOP, SPOT, TSLA, VRSK	Artificial Intelligence, consumer discretionary, growth, innovation, technology	The fund outperformed over the long term despite a modest quarterly lag, with AI and technology remaining central growth drivers. Key contributors included Tesla, Shopify, and SpaceX, benefiting from automation, agentic commerce, and AI-driven compute demand. Management expects continued acceleration in earnings as AI adoption expands and consumer-facing brands leverage innovation to enhance pricing power and profitability.		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	View
2025 Q4	Jan 13, 2026	Fenimore Small Cap Strategy	-4.1%	-11.6%	APH, BIPC, BROS, BWIN, CASS, CHH, CIGI, DFH, EXLS, EXPO, FND, FSV, FTDR, JKHY, LSTR, NOVT, OSW, PNFP, ROST, SPSC, TRRSF	AI, Quality, small cap, Speculation, underperformance, value	The update highlights selective small-cap growth investing focused on companies with niche leadership, strong balance sheets, and long runway opportunities. Volatility is viewed as a source of opportunity to add to high-quality businesses at reasonable valuations. Small-cap growth is positioned for recovery as earnings growth reaccelerates.		View
2023 Q4	Feb 20, 2024	Baron Growth Fund	11.1%	7.4%	ACGL, CHH, IRDM, KNSL, MTN, NEOG	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Mar 16, 2026	Substack	Voss Capital	Choice Hotels	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bull	New York Stock Exchange	asset-light, Choice Hotels, cyclical headwinds, extended stay, growth initiatives, high-margin operations, hospitality sector, international expansion, Share Buybacks, valuation	View Pitch

BSD Shareholders of CHH

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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