FIGS

FIGS

FIGS

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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 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
2024 Q4	Dec 31, 2024	Baron Focused Growth Fund	14.4%	29.5%	ACGL, FIGS, IBKR, IDXX, LYV, RRR, SPOT, TSLA	-			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
2022 Q4	Dec 31, 2022	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, FIGS, IDXX, SCHW, SPOT, TSLA, VLD, XFCH	-			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	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
2023 Q3	Sep 30, 2023	Baron Focused Growth Fund	11.7%	13.2%	ARCH, DNUT, FDS, FIGS, GWRE, MSCI, VAC	-			View
2022 Q3	Sep 30, 2022	Baron Focused Growth Fund	11.7%	13.2%	DNUT, FDS, FIGS, GWRE, H, IRDM, SHOP, TSLA	-			View
2022 Q3	Sep 30, 2022	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, DEI, FIGS, GWRE, H, IRDM, SCHW, TSLA	-			View
2023 Q2	Jun 30, 2023	Baron Focused Growth Fund	11.7%	13.2%	CSGP, FIGS, GWRE, MSCI, ONON, PENN, TSLA	-			View
2022 Q2	Jun 30, 2022	Baron Focused Growth Fund	11.7%	13.2%	CSGP, FIGS, GWRE, H, MSCI, RRR, SPOT, TSLA	-			View
2023 Q1	Mar 31, 2023	Baron Focused Growth Fund	11.7%	13.2%	ANSS, ARE, CSGP, DEI, FIGS, H, IBKR, IRDM, MANU, MGM, MSCI, TSLA	-			View
2023 Q4	Feb 2, 2024	SandbrooK Capital	6.0%	11.1%	FIGS	-			View
2022 Q4	Jan 24, 2023	1 Main Capital	4.0%	11.3%	APG, FIGS	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 4, 2026	Fund Letters	Ronald Baron	FIGS, Inc.	Consumer Discretionary	Apparel Retail	Bull	New York Stock Exchange	Apparel, cashflow, healthcare, International, Margins, Replenishment	View Pitch

BSD Shareholders of FIGS

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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