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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 22, 2025 | Baron Real Estate Fund | 3.6% | -3.5% | ABNB, AMH, AMT, AVB, BAM, BN, BXP, CBRE, CHDN, CSGP, EQIX, EQR, EXR, GDS, IRT, JLL, LPX, PLD, SITE, SPG, TOL, WELL, WYNN | Data centers, Homebuilders, real estate, Recovery, REITs, Travel, Valuations | Fund invests across REITs and non-REIT real estate categories with focus on demand exceeding supply dynamics. Manager sees compelling valuations with many properties trading below replacement cost and expects transaction market recovery. | View | |
| 2025 Q2 | Jul 25, 2025 | Baron Discovery Fund | 14.7% | 7.6% | ALKT, BASE, CW, CYBR, DAY, DKNG, DT, EXAS, GWRE, INSP, IRT, KTOS, LLYVA, MAC, MEG, MRCY, NOVT, PAR, RH, TEM, WYNN | AI, Cloud, cybersecurity, defense, growth, small caps, sports betting, technology | The fund is positioned across multiple defense companies benefiting from increased funding and demand for advanced military technologies. Companies like Kratos Defense & Security Solutions and Karman Holdings are well positioned for accelerated multi-year growth in areas such as hypersonic technology, drone engines, missile defense, and space launch components. | WYNN INSP CLWR KARH MEG KTOS |
View |
| 2024 Q4 | Dec 31, 2024 | Baron Discovery Fund | 6.1% | 16.0% | AXON, CDNA, CWAN, CYBR, DAY, DKNG, EXAS, FND, GTLS, GWRE, IRT, KTOS, LLYVA, MAC, MEG, PAR, RDDT, S, TTAN, VRNS | contrarian, growth, REITs, small caps, software, technology, value | Axon highlighted the 2025 launch of an AI bundle oriented around its innovative Draft One product which automates the process of report writing for public safety officers. This represents a significant expansion opportunity as Axon continues to find new areas of growth and pulls ahead of competition. | BC.MI IRT TTAN MAC PAR CHT |
View |
| 2025 Q3 | Oct 21, 2025 | Baron Real Estate Fund | 10.2% | 6.4% | AAON, ABNB, AMH, AMT, BN, BX, CBRE, CRH, CSGP, EQIX, FND, HLT, IRM, IRT, JLL, TOL, VMC, VNO, WELL, WYNN | Commercial, Data centers, Homebuilders, real estate, Recovery, REITs, Travel, value | Fund believes commercial real estate services companies like CBRE and JLL will benefit from structural tailwinds including outsourcing and institutionalization of commercial real estate. Early days of rebound in sales and leasing activity expected with potential for 20%+ annual earnings growth. | FND AAON WYNN FND AAON WYNN |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Baron Discovery Fund | Independence Realty Trust, Inc. | Real Estate | Residential REITs | Bull | NYSE | affordable housing, Development Projects, Multifamily REIT, supply constraints, valuation discount, Value-Add, Workforce Housing | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||