FDS

FDS

FDS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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 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 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 Growth Fund	-4.3%	-4.3%	ACGL, CSGP, CWAN, FDS, GWRE, KNSL, MSCI, MTN, PRI	-			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
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
2025 Q3	Nov 8, 2025	Baron Partners Fund	13.1%	4.7%	FDS, IDXX, IT, RRR, STUB, TSLA	AI, Autonomy, Data, disruption, Robotics	The fund emphasizes AI as a major driver of both market sentiment and company fundamentals, highlighted by Teslas rapid autonomous-driving progress and humanoid robotics roadmap. Several holdings faced investor fears of AI-driven disruption, especially in information services, though the manager views proprietary data moats as protective. AI remains central to both growth opportunities and perceived risks across the portfolio.	ANET	View
2025 Q3	Nov 18, 2025	Baron Growth Fund	-8.7%	-12.0%	FDS, FIGS, IDXX, IT, MORN, RRR	AI, CashFlow, Compounding, Quality, valuation	Quality: The letter emphasizes the Funds disciplined focus on high-quality, profitable growth companies with durable competitive advantages, strong free cash flow, and long holding periods. The manager highlights that these attributes have historically driven superior long-term results despite short-term underperformance. Valuation: The portfolios valuation premium has narrowed as high-quality stocks lag and speculative, high-beta names surge. Management argues current valuations underestimate future earnings durability and margin expansion. AI: Several holdings faced market concern over AI disruptionparticularly Gartner, FactSet, and Morningstaryet the Fund argues AI is a tailwind enhancing proprietary data moats, not a threat.		View
2025 Q3	Nov 13, 2025	Baron FinTech Fund	-4.4%	3.0%	COF, FDS, FICO, HOOD, IBKR, LPLA, MORN, SHOP, TW, VRSK	AI, analytics, Data, Fintech, software	AI optimism fueled equity strength, shaping valuations, sector rotations, and risk appetite across fintech and software. Managers highlighted both perceived AI threats to incumbents and the long-run efficiency and product expansion opportunities AI enables. AI remains a dominant catalyst influencing earnings expectations, sentiment, and capital deployment.	COF FICO SHOP CN IBKR HOOD	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 Q3	Oct 13, 2025	Conestoga Mid Cap Composite	-3.2%	1.1%	AAON, FDS, FTNT, GNRC, IDXX, IT, JKHY, TYL, VRSK, WST, XYL	earnings, Growth Equities, Mid Caps, Quality, valuation	Mid-cap stocks underperformed large-caps amid concentration in mega-cap tech leadership. Conestogas focus on sustainable earnings growth and conservative valuations left it lagging during speculative phases but positioned for long-term compounding when fundamentals reassert. The firm maintains exposure to industrial and technology companies with steady cash flows.	IDXX US WST US	View
2025 Q3	Oct 11, 2025	Torre Financial	1.7%	6.5%	ADBE, AMD, AMZN, ANET, ASML, CRM, FDS, GOOGL, INTU, MELI, META, MSFT, NVDA, ORCL, TMO, TSM	AI, growth, large cap, Quality, semiconductors, technology, US	AI-related capex spend is boosting the stock market with hyperscalers spending nearly $450 billion in 2025. The AI economy including semiconductors, energy, and data center construction have been clear winners while the rest of the market has struggled. Many large AI infrastructure deals have been announced, benefiting companies like Nvidia, OpenAI, Oracle, and AMD. Semiconductor companies have been major beneficiaries of AI spending. TSMC is described as undisputedly the best semiconductor foundry making chips for Nvidia, Google, and Meta. ASML is highlighted as the only company building critical EUV lithography machines needed for the most advanced chips. Cloud infrastructure and data center companies have outperformed significantly. Arista Networks provides high-performance networking solutions required for data centers and is displacing Cisco. The portfolio maintains exposure to cloud themes within a balanced approach. The manager emphasizes investing in very strong, proven businesses with attractive business models. All portfolio companies exhibit strong returns on capital, competitive advantages, and durable growth. The portfolio has higher ROIC, superior margins, and stronger balance sheets compared to the S&P 500.		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 22, 2026	Pelican Bay Capital Management	8.5%	20.6%	ACM, BF.B, BLDR, CME, CSCO, FDS, GNRC, Gold, GOOG, MU, ODFL, ON, TOL, ZTS	AI, concentrated, healthcare, Homebuilders, Quality, semiconductors, technology, value	Portfolio benefited from strong performance in AI-related businesses, particularly Alphabet which established itself as a leading player with its Gemini Large Language Model alongside Claude and ChatGPT. The manager notes perception has improved significantly since initially purchasing GOOG in March 2023 when consensus was that Google missed the AI boom. Core investment philosophy centers on investing in high-quality companies with durable competitive advantages when they trade at steep discounts to intrinsic value. The manager emphasizes the importance of maintaining wide margins of safety and only investing when securities trade below the bottom end of their intrinsic value ranges. Homebuilding companies were weak performers due to elevated mortgage rates and slowdown in new home sales souring investor sentiment. However, the manager remains bullish on long-term prospects believing there is a housing shortage and these companies trade at large discounts to intrinsic values, adding to positions in both BLDR and TOL.	GOOGL ONON ZTS FDS ACM	View
2025 Q4	Jan 20, 2026	Fairlight Global Small & Mid Cap Fund	0.0%	-7.9%	CPRT, DPLM.L, FDS, G24.DE, HLMA.L, IDXX, IT, MEDP, REC.MI, ULTA	AI, global, healthcare, Quality, small caps, technology, underperformance	Several portfolio companies experienced sharp multiple contractions due to perceived higher risk of disintermediation from expected widespread adoption of Generative Artificial Intelligence. The manager estimates this was an 8% hit to returns, though believes the extent of recent derating is excessive given companies' successful track records of defending market leadership. The fund focuses exclusively on high-quality businesses with demonstrable track records of earning outsized returns on capital, stable management teams, conservative balance sheets, and avoiding single points of failure. Portfolio companies collectively grew revenues by 6% and EPS by 9% in 2025 despite challenging conditions. Healthcare represents 13% of portfolio exposure with holdings like IDEXX Laboratories in companion animal diagnostics and Medpace in clinical research. These companies benefit from recurring revenue models, market share gains, and structural industry growth tailwinds supporting improved diagnosis and drug development.	IT	View
2025 Q4	Jan 18, 2026	Ariel Appreciation Fund	3.0%	11.1%	CRL, FDS, FISV, GNRC, GNTX, IPG, MSGE, OMC, SPHR	Automotive, Biotechnology, Data centers, Entertainment, Financial Services, mid cap, technology, value	Artificial intelligence continues to drive structural trends contributing to productivity gains and shifting competitive positioning across industries. However, the benefits are unevenly distributed, reinforcing market leadership narrowness and raising questions about performance durability. Live entertainment shows strong consumer demand with Sphere Entertainment's success with The Wizard of Oz and Madison Square Garden Entertainment's robust concert and Christmas Spectacular performance. The sector benefits from continued demand for live experiences and valuable real estate assets. Charles River Laboratories maintains its leadership position in outsourced drug development services despite moderated biotech funding and big pharma budget pressures. The company's scale and capabilities position it well for recovery as nonclinical testing remains essential for pipeline replenishment. Generac Holdings sees significant long-term growth potential in the data center market, benefiting from rising energy needs and artificial intelligence infrastructure expansion. This represents a key growth driver alongside traditional backup power solutions.	OMC FDS GNRC FISV MSGE CRL SCHR	View
2025 Q4	Jan 18, 2026	Ariel Small Cap Value Strategy	3.0%	0.0%	AMG, FDS, GNRC, KMT, NCLH, PSKY, REZI, RLI, SPHR, ZBRA	AI, Entertainment, insurance, Manufacturing, small cap, technology, value	Artificial intelligence continues to drive structural trends and productivity gains across industries, though benefits are unevenly distributed. The technology is contributing to market concentration and shifting competitive positioning, while raising questions about the durability of recent performance patterns. Data center market shows significant long-term growth potential driven by rising energy needs and artificial intelligence infrastructure expansion. Management emphasized strong momentum in this sector as a key growth driver. Live entertainment sector demonstrates robust consumer demand with Sphere Entertainment showing strengthening business fundamentals. The success of productions like The Wizard of Oz is accelerating discussions for future venue expansion both domestically and internationally. Cruise industry faces renewed skepticism despite record bookings and robust customer deposits. Norwegian Cruise Line maintains confidence in long-term demand supported by strategic capacity expansion and private island enhancements.	ZBRA RLI FDS NCLH GNRC REZI KMT AMG SPHR	View
2023 Q3	Sep 30, 2023	Baron Asset Fund	8.3%	10.6%	ACGL, CSGP, FDS, IDXX, MTD, ONON	-			View
2023 Q3	Sep 30, 2023	Baron Focused Growth Fund	11.7%	13.2%	ARCH, DNUT, FDS, FIGS, GWRE, MSCI, VAC	-			View
2023 Q3	Sep 30, 2023	Baron Growth Fund	11.1%	7.4%	ARCH, CSGP, DNUT, FDS, IRDM, MSCI, MTN	-			View
2023 Q3	Sep 30, 2023	Baron Partners Fund	13.9%	4.5%	ARCH, CSGP, FDS, GWRE, IRDM, MSCI, TSLA	-			View
2023 Q3	Sep 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	BALL, CSGP, FDS, FTNT, GGG, GWRE, IDXX, RGEN, ROL, VEEV, VRSK	-			View
2022 Q3	Sep 30, 2022	Baron Focused Growth Fund	11.7%	13.2%	DNUT, FDS, FIGS, GWRE, H, IRDM, SHOP, TSLA	-			View
2023 Q2	Jul 30, 2023	Baron Asset Fund	8.3%	10.6%	ARE, AZPN, BAH, CDAY, CSGP, FDS, IT, MKTX, MORN, MTD, VRSK	-			View
2023 Q2	Jun 30, 2023	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, FDS, IBKR, MSCI, SCHW, TSLA	-			View
2023 Q2	Jun 30, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	CPRT, CSGP, FDS, GGG, GWRE, MTD, RGEN, ROL, TSCO, VRSK	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Ronald Baron	FactSet Research Systems Inc.	Financials	Financial Exchanges & Data	Bull	New York Stock Exchange	AI, analytics, buybacks, Data, Margins, monetization, Recurring, Retention, Workflow	View Pitch
Feb 4, 2026	Fund Letters	Tyler Hardt	FactSet Research Systems Inc.	Financials	Financial Data & Exchanges	Bull	New York Stock Exchange	compounder, Data, Margins, Subscriptions, valuation	View Pitch
Jan 20, 2026	Fund Letters	John Rogers	FactSet Research Systems Inc.	Information Technology	Data Processing & Outsourced Services	Bull	New York Stock Exchange	AI, analytics, Financialdata, Margins, Switchingcosts	View Pitch
Jan 20, 2026	Fund Letters	John W. Rogers	FactSet Research Systems, Inc.	Information Technology	Data Processing & Outsourced Services	Bull	New York Stock Exchange	AI, analytics, financial data, Scalability, switching costs	View Pitch
Oct 14, 2025	Substack	Toff Cap Monday Monitor	FactSet Research Systems Inc.	Financials	Financial Data & Stock Exchanges	Neutral		analytics, cash generation, financial data, growth challenges, insider buying, investment potential, market conditions, profitability, strategic initiatives, undervaluation	View Pitch

BSD Shareholders of FDS

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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