IDXX

IDXX

IDXX

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	Aug 18, 2025	Baron Partners Fund	12.1%	-7.5%	ACGL, GLPI, IDXX, MTN, SCHW, SPOT, TSLA	Compounding, Concentration, growth, innovation, volatility	The letter emphasizes long-duration growth investing focused on a concentrated set of companies with large addressable markets and durable competitive advantages. Management highlights innovation-driven earnings compounding, particularly in technology-enabled platforms, while accepting volatility as the cost of superior long-term returns. Market pullbacks are viewed as opportunities to add to high-conviction positions.		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
2025 Q2	Jul 29, 2025	Baron Asset Fund	7.8%	4.6%	ACGL, APH, COO, CSGP, DKNG, GWRE, IDXX, IOT, IT, LPLA, MSCI, MTD, PCOR, ROP, TECH, VRSK	balanced investing, Compounding, diversification, Quality, risk management	The commentary focuses on diversified equity exposure across growth and value styles to reduce volatility while compounding capital. Management emphasizes investing alongside capable operators in businesses with durable demand. Diversification across industries and business models is positioned as a long-term risk management tool.		View
2025 Q2	Jul 22, 2025	Conestoga Mid Cap Composite	3.5%	4.5%	AAON, BSY, CPRT, FICO, GWRE, HEI, IDXX, MTD, NET, POOL, ROP, VEEV, WCN, WSO	Competitive Advantage, earnings, growth, Mid Caps, volatility	The commentary focuses on maintaining high-quality growth exposure despite macro-driven volatility. Management highlights the resilience of companies with strong competitive positions and long runways for earnings expansion. Mid-cap growth is positioned as a balance between scalability and valuation discipline.	MTD NET FICO AAON POOL ROP WSO WCN CPRT VEEV IDXX GWRE HEI.A BSY	View
2025 Q2	Jul 17, 2025	Platinum International Brands Fund	6.6%	-	GALD SW, IDXX, WING	Consumer Staples, global brands, Margins, Pricing Power, Resilience	The letter focuses on global consumer brands with pricing power, loyal customer bases, and resilient demand. Management highlights brand equity as a defense against inflation and economic volatility. Long-term returns are driven by reinvestment, global scale, and margin stability.	IDXX WING GALD SW	View
2025 Q2	Jul 16, 2025	Polen Capital – Global SMID Company Growth	7.9%	1.9%	AON, GLOB, IDXX, NVDA, ORCL, SBUX, SHOP	Balance Sheets, Global Growth, Pricing Power, Quality, Resilience	The letter highlights global quality growth as a defensive yet compounding strategy amid geopolitical uncertainty and uneven economic growth. Management stresses balance sheet strength, pricing power, and recurring revenue as key drivers of resilience. The portfolio is positioned to benefit from long-term global demand trends rather than regional macro calls.	GLOB IDXX SBUX ORCL	View
2025 Q2	Jul 15, 2025	Polen Capital – Focus Growth	9.2%	2.3%	AAPL, ADBE, AMZN, IDXX, NOW, ORCL, SBUX, UNH	Concentration, growth, Margins, Quality, Reinvestment	The commentary centers on owning a concentrated portfolio of high-quality growth businesses with durable competitive advantages and long reinvestment runways. Management believes market volatility creates opportunities to add to exceptional companies whose fundamentals remain intact despite valuation compression. The outlook favors consistent organic growth and margin expansion over cyclical or macro-driven outcomes.	UNH AAPL IDXX ORCL	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 Focused Growth Fund	-8.0%	-8.0%	ACGL, CSGP, DNUT, GWRE, H, IDXX, LVS, MTN, SPOT, TSLA	-			View
2025 Q1	Mar 31, 2025	Weitz Large Cap Equity Fund	-3.8%	-3.8%	IDXX, MSFT	-			View
2025 Q1	Mar 31, 2025	Macquarie Large Cap Growth Fund	-7.0%	-7.0%	EA, ICE, IDXX, V	-			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
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
2025 Q4	Feb 3, 2026	Fidelity Growth Strategies Fund	-3.4%	12.6%	ALNY, ATI, AXON, BROS, COHR, COR, DXCM, FICO, FIX, HLT, HOOD, HWM, IDXX, LITE, LVS, NET, RBLX, RCL, ROAD, STRL	aerospace, AI, growth, industrials, mid cap, technology	The fund benefited from AI infrastructure investment driving demand for optical components and semiconductors. Coherent saw surge in demand for products in advanced semiconductor manufacturing due to AI infrastructure spending. The broader market was supported by ongoing boom in artificial intelligence spending. Strong positioning in aerospace and defense components through ATI and Howmet Aerospace holdings. ATI designs and manufactures components for aerospace and defense firms representing two-thirds of its business, with strong earnings growth projected for 2025 and Q1 2026.	IDXX AXON LITE ATI COHR	View
2024 Q4	Dec 31, 2024	Baron Focused Growth Fund	14.4%	29.5%	ACGL, FIGS, IBKR, IDXX, LYV, RRR, SPOT, TSLA	-			View
2024 Q4	Dec 31, 2024	Conestoga Mid Cap Composite	-4.6%	4.4%	ANSS, BFAM, CPRT, EXPO, FTNT, HEI, IDXX, ROL, VRSK, WST	-			View
2024 Q4	Dec 31, 2024	Baron Partners Fund	27.0%	32.7%	ACGL, CSGP, IDXX, SCHW, TSLA	-			View
2024 Q4	Dec 31, 2024	Baron Growth Fund	6.0%	4.8%	ACGL, CHH, CSGP, FDS, IDXX, IT, MTN	-			View
2024 Q4	Dec 31, 2024	Parnassus Mid Cap Growth Fund	-2.5%	10.6%	A, ADYEY, ALGN, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT, XYZ	-			View
2023 Q4	Dec 31, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	ALGN, ANSS, CGNX, CPRT, FTNT, IDXX, IT, MTN, ROL, VEEV, WST	-			View
2023 Q4	Dec 31, 2023	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	0JZ0 LN, APTV, BC, BJ, FIVE, FND, IDXX, LNG, ORLY, PCTY, PINS, RNR	-			View
2023 Q4	Dec 31, 2023	TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy	3.7%	0.0%	BC, CHE, CRWD, IDXX, IT, MLM, PANW, RNR, VRSK	-			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 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 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	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 16, 2025	Polen Capital – Global SMID Company Growth	7.9%	1.9%	IDXX, NVDA, ORCL, SBUX	Artificial Intelligence, consumer, healthcare, quality growth, semiconductors	Polen highlights AI leadership and cyclicals as key market drivers, with semiconductors up nearly 60% for the quarter. While the fund lagged due to limited exposure to semis, it added positions in Oracle, IDEXX, and Starbucks to balance growth exposure. The team maintains a disciplined focus on durable earnings compounding through high-quality, globally diversified franchises.	GLOB IDXX SBUX ORCL	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 12, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	5.3%	-	APP, ARGX, AXON, BJ, BRO, CTAS, DASH, HOOD, HUBS, IBKR, IDXX, INSM, INSP, IT, LSCC, MPWR, NCLH, ORLY, ROST	AI, Automation, Fintech, healthcare, industrials	TimesSquare notes AI investment remains dominant but overextended, signaling a potential capital-cycle risk. The team emphasizes industrial automation, healthcare innovation, and financial technology as more durable mid-cap growth drivers.		View
2025 Q4	Jan 9, 2026	Fundsmith Equity Fund	0.0%	0.0%	AAPL, ADP, AMZN, BF-B, CHD, COLPF, EL.PA, FTNT, GOOGL, IDXX, INTU, META, MSFT, NVDA, NVO, PEP, PM, TSLA, WKL.AS, ZTS	AI, Concentration, Index Funds, Performance, Quality, technology, valuation	Major tech companies are in an arms race to build AI capacity through massive capital expenditure on GPU chips and data centers. Whether this spending produces adequate returns remains an open question, with companies like Apple potentially benefiting by avoiding the race and leveraging others' infrastructure. Index funds now hold over 50% of US equity fund assets, creating momentum-driven buying that distorts markets. This passive investing creates a multiplier effect where $1 of flows can move stock prices by 5.5x, benefiting large index constituents regardless of fundamentals. Weight loss drugs are having a lasting impact on consumer behavior, directly affecting companies in snacks and alcoholic beverages. The manager sold positions in Brown-Forman and PepsiCo due to reduced appetites from these medications. The fund maintains focus on companies with high returns on capital (31% ROCE), strong margins (62% gross, 28% operating), and consistent cash conversion (94%). These quality metrics remain superior to broader market indices despite recent underperformance.		View
2025 Q4	Jan 9, 2026	Tsai Capital	0.0%	7.6%	AAPL, AMZN, BN, BRK-B, COST, GOOGL, IDXX, MA, META, MKL, MSCI, MSFT, NVDA, QXO, TSLA, TYL, V	Compounding, disruption, Ecosystems, growth, innovation, Networks, technology	Tesla is described as a leading artificial intelligence company with formidable competitive advantages. The manager believes Tesla's AI capabilities remain underestimated and undervalued, anticipating the company will eventually operate millions of autonomous vehicles and own the majority of the autonomous market. The letter extensively discusses robotics as a transformative medium that changes workplaces, economies, and society. Amazon's robotic warehouses are highlighted as exemplifying the medium's power, creating unparalleled logistics efficiency and competitive advantages. Tesla is positioned as leading the inexorable shift toward electric vehicles, steadily eroding the foundations of legacy automakers burdened by obsolescent infrastructure. The manager expects Tesla to significantly increase vehicle production as the overall EV market expands. Amazon Web Services is described as the undisputed leader in cloud computing, accounting for more than 50% of Amazon's aggregate operating profits. The transition from local servers to cloud environments is highlighted as a key growth driver. Amazon's e-commerce arm continues to capture additional market share with remarkable agility despite its immense scale. The shift from brick-and-mortar retail to digital marketplaces is identified as a key trend driving Amazon's revenue growth.		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 29, 2026	Weitz Large Cap Equity Fund	0.6%	-0.2%	ADI, CHTR, CSGP, DHR, EFX, GOOGL, IDXX, IEX, IT, KMX, META, ORCL, TMO	AI, Biotechnology, Concentration, healthcare, large cap, Process Enhancement, stock selection, value	The artificial intelligence infrastructure trade took a breather after a red-hot summer. Google's Gemini AI surpassed expectations with performance moving to the front of the pack according to respected industry benchmarks, helping Alphabet solidify its spot as an AI leader.		View
2025 Q4	Jan 29, 2026	Weitz Multi Cap Equity Fund	-1.5%	3.2%	ACN, BRK-B, CDW, CHTR, CMCSA, CSGP, DHR, GOOGL, HEI, IDXX, IEX, IT, KMX, LBRDA, LH, LKQ, META, PRM, SIRI, TECH	healthcare, multi-cap, technology, Telecom, underperformance, value	Google's Gemini AI surpassed expectations with latest release, moving to front of pack among frontier models according to industry benchmarks. Investors questioning value of Gartner's research offerings in rapidly evolving GenAI landscape. Heightened competition continues weighing on broadband investments including Liberty Broadband and Charter Communications. Charter's capital investment cycle beginning to ease, expected to improve free cash flow and support share repurchases at depressed prices. CarMax faces challenging environment with constrained availability and affordability of late model used vehicles. Online competitor Carvana taking share while CarMax's omni-channel investments have yet to deliver improvements, leading to strategic changes and CEO departure.	CHTR KMX PRM	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	Conestoga Mid Cap Composite	-5.8%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology	The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly.	GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY	View
2025 Q4	Jan 18, 2026	Conestoga SMid Cap Composite	-2.7%	-4.7%	AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST	Biotechnology, defense, growth, industrials, Quality, small caps, technology	Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions.	GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN	View
2024 Q3	Sep 30, 2024	SouthernSun SMID Cap	8.8%	13.9%	APG, BOOT, GNRC, IDXX, LPX, NGVT, USPH	-			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	Conestoga Mid Cap Composite	8.4%	9.4%	BALL, CSGP, FDS, FTNT, GGG, GWRE, IDXX, RGEN, ROL, VEEV, VRSK	-			View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy	3.7%	0.0%	BC, CHE, CRWD, IDXX, LNG, MLM, ORLY, PANW, RNR, SNPS, VRSK, WCN	-			View
2023 Q3	Sep 30, 2023	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	4.8%	0.0%	APTV, ARGX, BJ, CSGP, EFX, FIVE, FND, GFL, HCP, IAC, IDXX, LNG, MLM, PINS, PXD, RGEN, RNR, ROST, RPM, RPRX, SNPS, VAC	-			View
2023 Q4	Sep 1, 2024	Fundsmith Equity Fund	-2.0%	7.1%	DEO, EL, IDXX, META, MTD, NVO	-			View
2024 Q2	Jul 31, 2024	ClearBridge Investments All Cap Growth	0.0%	0.0%	ELF, IDXX, UPS	-			View
2024 Q2	Jul 27, 2024	Baron Partners Fund	13.9%	4.5%	ARCH, CSGP, IDXX, MTN, TSLA	-			View
2022 Q2	Jun 30, 2022	Baron Asset Fund	8.3%	10.6%	ANSS, ARGX, FND, ICLR, IDXX, MTD, OT, ROL, ZI	-			View
2022 Q2	Jun 30, 2022	Baron Partners Fund	13.9%	4.5%	GLPI, H, IDXX, SCHW, SPOT, TSLA	-			View
2023 Q1	May 23, 2023	Conestoga Mid Cap Composite	8.4%	9.4%	ANSS, AVLR, BSY, CPRT, CSGP, EXPO, FTNT, IDXX, IT, JKHY, PCOR, TECH, WST, XM, XUL	-			View
2023 Q1	Mar 31, 2023	Baron Asset Fund	8.3%	10.6%	ANSS, CSGP, FRC, GWRE, ICLR, IDXX, IT, LPLA, MKTX, PWR, RGEN, TECH, WST	-			View
2023 Q1	Mar 31, 2023	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, DEI, H, IDXX, ILMN, IRDM, MSCI, SCHW, TSLA	-			View
2022 Q1	Mar 31, 2022	Baron Partners Fund	13.9%	4.5%	ACGL, CSGP, IDXX, IRDM, MTN, SCHW, SHOP, SPOT, TSLA	-			View
2022 Q4	Mar 2, 2023	Baron Asset Fund	8.3%	10.6%	ACGLN, AZPN, FICO, FIS, HUBS, ICLR, IDXX, IT, MTD, RIVN, TTD, WIX, WST, ZI	-			View
2023 Q4	Feb 20, 2024	Baron Partners Fund	13.9%	4.5%	ACGL, IDXX, IRMD, IT, NEOG, TSLA, XRX	-			View
2024 Q4	Jan 29, 2025	Baron Asset Fund	-0.1%	10.5%	ACGL, APP, DAY, IDXX, IT, MTD, MTN, TTAN	-			View
2023 Q4	Jan 27, 2024	Baron Focused Growth Fund	11.7%	13.2%	ACGL, GWRE, H, IDXX, IRDM, RRR, VAC	-			View
2023 Q4	Jan 27, 2024	Baron Asset Fund	8.3%	10.6%	ACGL, FICO, IDXX, IT, TRU, WST	-			View
2024 Q4	Jan 13, 2025	Fundsmith Equity Fund	-	8.9%	AAPL, ADP, ATCOA SS, BF/B, DEO, IDXX, META, MKC, NKE, NVDA, NVO, OR FP, PM, TXN	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Shilpa Marda Mehra	IDEXX Laboratories Inc	Health Care	Health Care Equipment	Neutral	NASDAQ	Competition, diagnostics, growth, Sustainability, valuation	View Pitch
Feb 21, 2026	Fund Letters	Ronald Baron	IDEXX Laboratories, Inc.	Health Care	Health Care Supplies	Bull	NASDAQ	compounding, diagnostics, franchise, growth, innovation, Margins, Pricing, Secular, Utilization	View Pitch
Jan 21, 2026	Fund Letters	Derek Johnston	IDEXX Laboratories, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Defensiveness, diagnostics, Margins, Recurringrevenue, Veterinary	View Pitch
Jan 8, 2026	Fund Letters	Nikola Dvornak	IDEXX Laboratories, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Compounders, diagnostics, healthcare, innovation, Recurring, Veterinary	View Pitch
Jan 8, 2026	Fund Letters	Damon Ficklin	IDEXX Laboratories, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Animal Health, diagnostics, Razor-And-Blade, recurring revenue, secular growth	View Pitch
Jan 8, 2026	Fund Letters	Dan Davidowitz	IDEXX Laboratories, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Animal Health, diagnostics, recurring revenue, secular growth, Veterinary	View Pitch
Dec 5, 2025	Fund Letters	Derek Johnston	IDEXX Laboratories, Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	Consumables, diagnostics, Margins, Secular, Veterinary	View Pitch
Nov 29, 2025	Fund Letters	Damon Ficklin	IDEXX Laboratories Inc.	Health Care	Health Care Equipment	Bull	NASDAQ	FCF, Pricing power, product innovation, recurring revenue, Veterinary diagnostics	View Pitch

BSD Shareholders of IDXX

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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