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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 2024 Q2 | Jul 2, 2024 | Miller Value Partners Deep Value Strategies | 4.6% | 20.1% | GTN, IT, NBR, UNFI | - | View | ||
| 2025 Q1 | May 1, 2025 | Conestoga SMid Cap Composite | -5.7% | -5.7% | ALTR MM, BFAM, CCCS, HBCP, IT, MMSI, PCTY, QTWO, ROAD, ROL, SPSC, WK | - | View | ||
| 2025 Q1 | May 1, 2025 | Conestoga Mid Cap Composite | 1.0% | 1.0% | GNRC, HEI, IT, RGEN, ROL, ROP, TECH, VRSK, WCN, WST | - | View | ||
| 2025 Q1 | Apr 6, 2025 | Seeking Winners | -0.5% | -0.5% | APPF, BRO, CMG, CPRT, HEI, IT | - | View | ||
| 2025 Q1 | Apr 30, 2025 | Bell Global Equities Fund | -8.6% | -8.6% | 4684 JP, AUTO LN, BJ, BNZL LN, DECK, ENX FP, IT | - | 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 Partners Fund | -17.4% | -17.4% | ACGL, CSGP, GWRE, H, HEI, IT, TSLA | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Asset Fund | -3.0% | -3.0% | ACGL, CSGP, DKNG, GWRE, IT, ROP, SCHW, TECH, TTD, VRSK, VRT, WST | - | View | ||
| 2025 Q1 | Mar 31, 2025 | Baron Small Cap Fund | -9.1% | -9.1% | AZPN, BRP, GWRE, IT, KNSL, PAR, RDNT, TTD, VRT | - | View | ||
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 2.2% | 2.2% | BJ, COR, CRWD, EME, IT, ORLY, TPG, VRSK, WCN | - | View | ||
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. Mid Cap Growth Strategy | -3.5% | -3.5% | ALL, BC, BJ, COR, EME, FICO, FROG, HOOD, HXL, INSM, IT, ITCI, ORLY, TER, TPG, VRSK, WCN | - | View | ||
| 2025 Q4 | Mar 1, 2026 | Baron Growth Fund | -2.8% | -14.4% | ACGL, CHH, CNS, CSGP, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH | AI, financials, growth, Quality, small caps, underperformance, valuation | The fund experienced significant underperformance due to market concerns about AI disruption affecting portfolio companies like Gartner, CoStar, Clearwater Analytics, FactSet, MSCI, and Guidewire. These AI-impacted stocks declined 15% despite 10% revenue growth and 15% EPS growth, representing 42% of the portfolio. The manager believes the market's assessment of AI risk differs from their own and expects valuations to recover as AI concerns moderate. The fund focuses exclusively on high-quality businesses with superior characteristics including competitive advantages, sustainable growth, and strong financial metrics. This quality-focused strategy was out of favor in 2025 as investors sold higher-quality investments to buy riskier stocks. The Earnings Quality factor performance was in the 100th percentile, demonstrating the fund's quality bias during a period when quality was penalized. The fund invests in a portfolio of competitively advantaged small and medium-sized businesses, which remained out of favor for most of the quarter. The strategy of owning leading small-cap businesses has been the foundation since inception, delivering 354 basis points of annual outperformance over the benchmark since inception despite recent headwinds. | View | |
| 2025 Q4 | Feb 8, 2026 | SGA – Global Growth | -0.3% | 3.1% | 1299.HK, 9983.T, ADYEN.AS, ALC, AMZN, AON, ARM, AVGO, BABA, CMG, CP, CRM, DHR, EXPN.L, GOOGL, HDB, INFY, INTU, IT, MELI, META, MSFT, NFLX, NOW, NVDA, SAP, SE, SNPS, SPGI, STE, TSM, UMG.AS, UNH, V, WM | AI, cyclicals, global, growth, Quality, valuation | AI capital expenditure growth is expected to moderate due to structural constraints including power availability, skilled labor shortages, and capital availability limits. Hyperscalers are approaching 90% of operating cash flows for CapEx spending, creating natural constraints on future growth rates. Quality factors including sales stability and high gross margins continued to underperform in 2025 as markets favored cyclical and momentum-driven assets. The portfolio's quality growth companies are trading at historically attractive relative valuations. Market leadership was dominated by momentum and cyclical assets while quality growth strategies faced headwinds. Extreme concentration and momentum effects created significant winners and losers independent of company fundamentals. | INFY NOW ARM MELI MSFT SE NFLX AVGO 9983 JP TSM GOOG |
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| 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 |
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| 2025 Q4 | Feb 5, 2026 | Baron Small Cap Fund | -1.6% | -0.7% | CGNX, CWA, FROG, GWRE, HLI, ICLR, IT, JBT, KNSL, KTOS, MTD, NEPT, NOVT, ODD, PLNT, RBC, RRR, SITE, TDG, VRT | AI, Data centers, defense, growth, Quality, small caps, technology | AI infrastructure buildout drove strong performance in holdings like Vertiv and Legence. JFrog benefited as customers leveraged generative AI to improve developer productivity, driving increased binary creation and platform usage. The manager expects corporations to show continued productivity gains as AI is adopted to reduce costs and open new revenue opportunities. Data center activity was a key driver for several holdings. Vertiv Holdings benefited from robust data center infrastructure demand with 29% organic revenue growth. Legence Corp, an engineering and maintenance services company, was a strong contributor due to robust data center activity. Aerospace and defense players were among the best performers in 2025, including Kratos Defense & Security Solutions, Karman Holdings, and RBC Bearings. The manager notes heightened aerospace and defense spending and improving margins in this sector. The manager expects small-cap companies to grow faster than large caps going forward, which is not typical of recent years. Better growth ahead for small caps could lead to market broadening and leadership change. Small caps have historically grown more slowly than large caps, contributing to extended underperformance. | 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 | |
| 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 | Conestoga SMid Cap Composite | 12.9% | 12.1% | CCCS, FICO, IT, JBT, MSA, PYCR, ROAD, SITE, SSD, STVN, TREX, WST | - | 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. FOCUS Growth Equity Strategy | 3.7% | 0.0% | BC, CHE, CRWD, IDXX, IT, MLM, PANW, RNR, VRSK | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, CRWD, INDI, IT, MA, MSFT, NVDA, RCKT, RIVN, TSLA, V, XFCH, ZI | - | View | ||
| 2022 Q4 | Dec 31, 2022 | Baron Small Cap Fund | 9.6% | 14.5% | ASGN, DXCM, EWCZ, GDYN, GTLS, INSP, IT, NEOG, PLNT, TTD, VRT | - | 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 |
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| 2025 Q3 | Nov 8, 2025 | Baron Opportunity Fund | 5.4% | 14.2% | ANET, AVGO, HTFL, IT, NVDA, PAR, SNPS, SPOT, TEAM, TSLA, TTD | AI, Cloud, compute, innovation, semiconductors | The fund notes unprecedented AI-driven capital spending, including multigigawatt compute commitments and expanding TAM projections across software, semiconductors, and cloud. Managers evaluate AI through multiple vectorscommercial displacement, labor transformation, and innovation accelerationwhile emphasizing real monetization pathways. AI remains the dominant secular growth engine shaping portfolio construction and opportunity assessment. | PAR IT TTD AVGO TSLA NVDA FFBC NEE |
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| 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 |
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| 2025 Q3 | Nov 5, 2025 | Baron Small Cap Fund | 0.5% | 0.7% | BWIN, IT, KNSL, KTOS, LGN, NOVT, PAR, RRR, VRT | AI Infrastructure, Data centers, defense, quality growth, small caps | The fund highlights the tension between speculative rallies in unprofitable microcaps and its disciplined focus on quality small-cap compounders. Its holdings in industrial and AI-infrastructure names like Vertiv and Kratos demonstrate long-term growth potential as data center and defense spending expand. Despite near-term underperformance, the strategy remains committed to profitable, defensible businesses with recurring cash flows. | View | |
| 2025 Q3 | Nov 30, 2025 | Bell Global Emerging Companies Fund | - | - | AUTO LN, GMO JP, IT, JKHY | AI, earnings, Quality, Smidcap, volatility | The letter emphasizes global small- and mid-cap investing with a focus on high-quality businesses exhibiting strong returns on equity, recurring revenue, and balance sheet discipline. Short-term volatility driven by AI disruption fears and macro uncertainty is viewed as an opportunity to add to fundamentally sound companies where market pessimism has overshot reality. Quality remains central as sustained earnings growth and competitive advantages are expected to drive long-term outperformance. | AUTO LN 3769 JP JKHY |
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| 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 9, 2025 | Polen Capital – Focus Growth | 3.1% | 5.5% | AVGO, BSX, INTU, IT, NVDA, ORCL, SNPS, TMO, UBER | AI, Cloud, growth, Quality, semiconductors | Market performance remains dominated by AI enthusiasm and semiconductor strength. Polen emphasizes high-quality, durable businesses like Oracle and Broadcom, expecting AI infrastructure demand to sustain earnings growth despite short-term volatility. | UBER SNPS BSX INTU AVGO NVDA |
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| 2022 Q3 | Oct 25, 2022 | Baron Asset Fund | 8.3% | 10.6% | CDAY, CSGP, FND, ICLR, IT, LPLA, MTD, SCHW, TECH, TRU, VEEV, WST, ZI | - | View | ||
| 2025 Q3 | Oct 21, 2025 | Renaissance Investment Management – Large Cap Growth | - | - | APP, CTAS, FI, FIX, GOOG, IT, TPR, TW | AI, diversification, Large Caps, technology, valuation | U.S. large caps hit new highs as tech and AI continue to lead performance. Companies like Alphabet and AppLovin benefit from AI monetization, while investors face valuation concerns as mega-caps dominate indices. The managers emphasize diversification and quality growth selection amid elevated valuations. | View | |
| 2025 Q3 | Oct 14, 2025 | Madison Investors Fund | -2.2% | -0.1% | BN, FI, IT, LBRDK, MSCI | Artificial Intelligence, Financial Technology, industrials, Quality, retail | The fund underperformed due to its bias toward durable, high-quality companies while AI and momentum stocks surged. It emphasizes staying disciplined despite short-term underperformance, citing strong fundamentals in industrials, retail, and payments. The team added MSCI as a financial technology leader and remains cautious on AI speculation. | View | |
| 2025 Q3 | Oct 14, 2025 | Madison Mid Cap Fund | 1.9% | 2.8% | BRO, GCI, IT | Artificial Intelligence, Mid Caps, momentum, Quality, tariffs | The fund notes that AI and utilities dominated mid-cap performance as momentum trading surged. Managers remain skeptical of AI speculation, favoring durable, shareholder-friendly firms like Medpace and Ross Stores. They highlight tariff uncertainty and maintain focus on high-quality, undervalued companies for long-term compounding. | ANET APH MEDP |
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| 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 |
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| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. FOCUS Growth Equity Strategy | 3.8% | - | APH, BJ, CTAS, CWRD, EME, IT, MLM, ORLY, VRSK | AI, Automation, consumer, growth, industrials | AI investment remains a dominant but maturing theme, with rising skepticism about sustainability. The fund highlights strong performance in industrial automation and select consumer names benefiting from cyclical recovery. | 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 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 |
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| 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 |
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| 2025 Q4 | Jan 19, 2026 | Forager International Shares Fund | -2.0% | 15.0% | AUTO.L, BKNG, CRH, CRM, FISV, FIX, FLUT, G24.DE, INCH.L, INGA.AS, IT, LNR.TO, NUTX, NXT, PSI.TO, REA.AX, SES.MI, WISE.L, XRO.AX, ZEG.L | AI, global, Quality, small caps, technology, Travel, value | AI companies' insatiable demand for data centres and power generation led to significant returns for heating and cooling system installer Comfort Systems and solar equipment company Nextpower. Markets are increasingly questioning whether new AI-enabled competitors and solutions threaten the dominance of application software companies. The fund added three technology companies that have each halved over 2025 and hopes to add more. Many tech stocks had become expensive but recent falls present opportunities, though most still aren't cheap enough including Xero. International arrivals into Australia set post-Covid records in recent months, with August, September and October combined seeing arrivals hit 97% of 2019 levels. Travel has historically grown at a multiple of GDP growth and there is still catching up to do. Quality businesses with strong moats and decades of earnings growth suffered in 2025 as share prices had been growing faster than earnings. High multiples became a problem even for the best businesses, resulting in years of no returns or significant derating. | ARX AU ZEG LN NXT NUTX FISV |
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| 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 |
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| 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 |
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| 2025 Q4 | Jan 13, 2026 | Oakmark Global Fund | 5.2% | 21.2% | 005930.KS, BABA, CHTR, CNHI, DSV.CO, GM, IQV, IT, MBG.DE, MDLZ | consumer, global, healthcare, Performance, semiconductors, technology, value | Samsung Electronics was the top contributor as earnings staged a sharp recovery due to strength in its core semiconductor business. The company's High Bandwidth Memory product lineup has continued to improve under new management, positioning Samsung as one of the world's leading semiconductor companies with a long runway for future growth. Alibaba Group was the top detractor despite its core E-commerce business continuing to perform well and Cloud revenue growth accelerating. The company was negatively impacted by significant spending on subsidies to grow their Quick Commerce business, though losses are expected to be reduced over time. Mondelez International is a global snacking powerhouse with leading market share positions in crackers, cookies and chocolate. The company possesses a unique global footprint that over-indexes to snacking occasions, benefiting from robust pricing power, low private label competition and rising per capita consumption. | MDLZ IT BABA 005930 KS |
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| 2024 Q4 | Jan 11, 2025 | Seeking Winners | - | 26.6% | APPF, BRK/A, CSGP, HEI, IT | - | View | ||
| 2024 Q3 | Sep 30, 2024 | Baron Asset Fund | 8.3% | 10.6% | COO, CSGP, DUOL, DXCM, FICO, GWRE, IT, SCHW, VRSK, WELL, WST | - | View | ||
| 2022 Q3 | Sep 30, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | ARGX, GOOG, INDI, ISRG, IT, MPWR, MSFT, NET, NOW, NVDA, RIVN, SHOP, TSLA, ZI | - | View | ||
| 2022 Q3 | Sep 30, 2022 | Baron Small Cap Fund | 9.6% | 14.5% | AVNT, AXNX, AZPN, CAKE, CLVT, GDYN, HLLY, ICLR, IT, KNSL, MRCY, RPAY, TTD | - | 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 | ||
| 2024 Q2 | Jul 27, 2024 | Baron Asset Fund | 8.3% | 10.6% | ARCH, CSGP, FICO, GWRE, IT, MNT, VMC, VRSK | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Baron Small Cap Fund | 9.6% | 14.5% | ASGN, CGNX, COLD, DRVN, GDYN, GTLS, IT, SHLS, SPT | - | 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 | Apr 14, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ANET, BKI, CPRT, CSL, FND, GBCI, IT, PCAR, ROST, WRB | - | 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 Opportunity Fund | 4.0% | 25.1% | AMZN, ARWR, CSGP, DAVA, DXCM, EW, INDU, IT, META, MRVL, MSFT, NVDA, RIVN, TSLA, ZI | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Baron Small Cap Fund | 9.6% | 14.5% | ALTR, AXNX, CLVT, DAVA, FND, GWRE, IBP, IT, RPAY, SITE | - | 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 Small Cap Fund | 9.6% | 14.5% | FF0 GR, GTLS, IBP, IT, KNSL, NCNO, SKIN | - | View | ||
| 2023 Q4 | Jan 27, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, FICO, IDXX, IT, TRU, WST | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2026 | Fund Letters | Ronald Baron | Gartner, Inc. | Information Technology | IT Consulting & Other Services | Bull | New York Stock Exchange | AI, buybacks, productivity, research, Subscriptions | View Pitch |
| Feb 21, 2026 | Fund Letters | Tucker Brown | Gartner Inc | Information Technology | IT Consulting & Other Services | Bull | New York Stock Exchange | cashflow, Governance, Incentives, Margins, Subscriptions | View Pitch |
| Feb 4, 2026 | Seeking Alpha | Seeking Alpha | Gartner, Inc. | Information Technology | Research and Advisory Services | Neutral | New York Stock Exchange | AI threat, cash flow, DCF Model, Gartner, Inc., information technology, market sentiment, profitability, Research and Advisory Services, stock valuation, technological adaptation | View Pitch |
| Jan 27, 2026 | Fund Letters | David G. Herro | Gartner, Inc. | Information Technology | IT Consulting & Other Services | Bull | New York Stock Exchange | AI, cashflow, research, Subscriptions, valuation | View Pitch |
| Jan 23, 2026 | Fund Letters | Nicholas Cregan | Gartner, Inc. | Information Technology | IT Consulting & Other Services | Bull | New York Stock Exchange | Advisory, AI, buybacks, Insiders, research | View Pitch |
| Jan 22, 2026 | Twitter / X | @Fierce__beast | Gartner, Inc. | Information Technology | IT Consulting & Other Services | Bear | New York Stock Exchange | Gartner, Negative, Net Contract, research, SEAT, Summaries, Tools, Uplifts | View Pitch |
| Jan 22, 2026 | Twitter / X | @NWFCapital | Gartner, Inc. | Information Technology | IT Consulting & Other Services | Bear | New York Stock Exchange | Customers Are, Defend, Fed, Gartner, Gartner License, License, Proposition Gartner, Renewal | View Pitch |
| Nov 29, 2025 | Fund Letters | Michael A. Lippert | Gartner, Inc. | Information Technology | Technology research & advisory | Bull | NYSE | competitive moat, Free Cash Flow, generative AI, Pricing power, recurring revenue, research, subscription revenue | View Pitch |
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | Gartner, Inc. | Information Technology Services | Bull | Federal Government Customers, Gartner, generative AI, information technology, IT Advisory, long-term growth, market share, subscription model, Tariff Uncertainty, Technological Disruption | View Pitch | ||
| Nov 10, 2025 | Seeking Alpha | Seeking Alpha | Gartner, Inc. | Information Technology Services | Bull | conferences, contract value growth, Gartner, generative AI, IT executives, market position, research and advisory, Subscriptions | View Pitch | ||
| Oct 15, 2025 | Value Investors Club | lars | Gartner Inc. | Information Technology | Research & Consulting Services | Bull | NYSE | AI trough of disillusionment, buybacks, Contract Value (CV), federal budget cycle, GBS, GTS, Magic Quadrant, negative working capital, subscription research, tariffs | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Narek Hovhannisyan | Gartner, Inc. | Information Technology | Information Technology Services | Bull | NYSE | — | 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. | ||||||||