Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 5, 2025 | Baron Small Cap Fund | 10.3% | 0.3% | ASGN, BWIN, CAKE, CWA, DKNG, DXCM, ENS, FROG, GDYN, GWRE, HH, HLLY, ICLR, IDXX, INSM, IT, KNSL, KTOS, LLYVA, NCNO, NEOG, ODD, PLNT, RRR, SEMI, SIZE, TDG, UTZ, VRT | AI, defense, growth, small caps, technology, value | AI remains the dominant and most compelling market theme. Vertiv Holdings, the fund's largest position, is a direct play on AI infrastructure buildout for data centers. The market became increasingly confident in the durability and longevity of AI growth during the quarter. | 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 Q2 | Jul 16, 2024 | Pittenger & Anderson | - | - | AAPL, AMZN, BRK.A, DDS, GOOGL, LLYVA, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, Concentration, cyclicals, energy, technology, Trump, value | Manager discusses AI hype and concentration in tech stocks, comparing current environment to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful cost-focused AI implementation in warehouses. | SIRI SLB VAL TDW NKE |
View |
| 2025 Q1 | Mar 31, 2025 | Baron Discovery Fund | -6.2% | -6.2% | AXON, CWAN, CYBR, DKNG, EXAS, GTLS, GWRE, INDI, INSP, KTOS, LLYVA, MASI, MEG, MRCY, NARI, PAR, RDDT, TEM, TTAN, WING | Biotechnology, defense, growth, Market Dislocation, small cap, tariffs, Value Investing | The fund has significant exposure to defense companies including Kratos Defense & Security Solutions and newly added Karman Holdings. These companies are positioned to benefit from growing defense spending on hypersonic missiles, space programs, and unmanned aircraft solutions. Karman specifically targets the fastest-growing segments of defense with 90% sole-sourced sales and proprietary IP-driven solutions. | ACLX KARM WING MEG INDI EXAS |
View |
| 2024 Q4 | Feb 15, 2025 | GDS Investments | - | - | AAPL, AMZN, BRK.A, DDS, GOOGL, LLYVA, META, NFLX, NKE, NVDA, PLTR, SIRI, SLB, TDW, VAL | AI, cyclicals, energy, inflation, technology, Trump, value | Manager discusses AI hype and concentration in tech stocks, comparing current environment to dot-com bubble. Notes concerns about commoditization of AI tools and lack of clear profit models, while highlighting Amazon's successful cost-focused AI implementation in warehouses. | SIRI SLB VAL TDW NKE SLB VAL TDW NKE |
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 28, 2025 | Baron Discovery Fund | 2.8% | 10.6% | AAON, AEIS, BIRK, BMI, CDNA, CYBR, DKNG, DT, EXAS, GTLS, INSP, KTOS, LLYVA, MEG, MRCY, PAR, PRMB, SPRY, WING, WYNN | cybersecurity, defense, earnings, growth, Quality, small cap, technology, water | The Fund benefits from a generational increase in defense spending amid heightened global conflicts. Defense companies like Kratos, Mercury Systems, and Karman Holdings are winning new contracts across multiple divisions and benefiting from the current administration's openness to smaller, agile defense contractors. The defense spending cycle appears to be in a generational upswing. | KTOS WING INSP PAR BIRK KTOS WING INSP BIRK |
View |
| 2024 Q3 | Oct 16, 2024 | Longleaf Partners Small-Cap Fund | 8.9% | 11.5% | BATRA, CNX, DOLE, GHC, GRUMA, H, HHH, HOUS, IMKTA, KODK, LLYVA, LMCA, MAT, OSCR, PCH, PK, SAM, WEST, WMT | Buybacks, Coffee, healthcare, Natural Gas, real estate, small caps, value | Fund focuses on small-cap stocks with 19 holdings and P/V ratio in low-70s%. Manager welcomes volatile small-cap environment that presents attractive opportunities to enhance portfolio with undervalued, high-quality businesses. Holdings consist of competitively advantaged businesses with strong balance sheets. | WEST HOUS CNX OSCR |
View |
| 2025 Q4 | Jan 26, 2026 | Baron Discovery Fund | 0.2% | 11.0% | ALKT, CWAN, CWST, DKNG, DT, ESTA, EXAS, FROG, GCI, GTLB, INDIE, LLYVA, LOAR, MRCY, PRMB, RGEN, S, SITM, TREX, VRNS, WAY | AI, defense, growth, healthcare, Quality, small caps, software | The fund discusses AI as a transformative force requiring careful alignment of goals with humanity's interests. They view AI advancement as creating massive capital investment opportunities, particularly in datacenter buildout, while acknowledging concerns about AI's impact on software competitive advantages. The fund maintains significant exposure to enterprise software companies, particularly cybersecurity and systems software. They believe complexity of enterprise integration protects established players from AI disruption, with companies like Dynatrace, Varonis, and SentinelOne offering defensive moats through proven resilience and security. The fund focuses on innovative healthcare companies including molecular diagnostics (Exact Sciences), medical devices (Establishment Labs), and healthcare IT (Waystar). They see opportunities in companies improving patient outcomes through technology and automation in healthcare processes. The fund holds defense companies benefiting from increased defense budgets, including allocations for unmanned vehicles and missile defense systems. They trimmed positions after meaningful valuation increases but maintain defense as a core holding area. | CWST GLIBA PRMB LLYVA VRNS INDI FROG CAS WAY CWAN ESTA EXAS |
View |
| 2024 Q3 | Sep 30, 2024 | Baron Discovery Fund | 13.5% | 9.3% | AEIS, AXON, BASE, CDNA, CWAN, CYBR, DKNG, EXAS, GTLS, GWRE, INDI, KTOS, LLYVA, MEG, NARI, PTECH, SIZE, TEM, TWFG, VCYT | growth, healthcare, rates, Rotation, small caps, technology, valuation | The fund believes the bear market in small-cap growth stocks that started in February 2021 is finally ending. Small-cap growth is trading at its largest discount relative to large cap in 25 years, with investors under-allocated to the asset class. The combination of lower interest rates, stronger economic growth, attractive valuations, and easier earnings comparisons creates a backdrop conducive for stronger small company fundamentals and valuation multiples. | NARI TWFG TEM AXON CDNA |
View |
| 2023 Q3 | Sep 30, 2023 | Baron Discovery Fund | 13.5% | 9.3% | AEIS, AXNX, AXON, BYD, CWAN, EWCZ, GTLB, GTLS, GWRE, INDI, KNSL, LLYVA, MEG, NVTS, PAR, REPG, REXR, RVNC, S, SILK, SITE, TXG | growth, healthcare, semiconductors, small caps, software, technology, value | The fund initiated a position in SentinelOne, a cybersecurity vendor focused on endpoint protection using AI to detect threats. The company serves over 11,000 organizations and is gaining market share from legacy antivirus vendors who struggle with evolving threats. | View | |
| 2024 Q2 | Jul 28, 2024 | Weitz Multi Cap Equity Fund | 10.4% | 16.3% | ACIW, AON, BRK-B, CHTR, CSGP, GOOG, GWRE, HEI, IEX, LBRDA, LKQ, LLYVA, LSXMK, LYV, META, ODFL, PRM, SIRI, TXN, VRSN | Logistics, multi-cap, Quality, technology, value | The letter discusses an AI-driven feeding frenzy of tech stocks, with Meta Platforms and Alphabet garnering favor given their position at the vanguard of artificial intelligence development. However, their traditional ad-supported businesses continue to demonstrate strength and drive healthy business value growth. | ODFL |
View |
| 2024 Q2 | Jul 28, 2024 | Weitz Partners III Opportunity Fund | 9.1% | 14.1% | AAPL, AMZN, AON, BRK-B, CCRD, CSGP, FIS, GOOG, GPN, IEX, KMX, LBRDA, LLYVA, LSXMK, LYV, MA, META, MSFT, NVDA, ODFL, PRM, SIRI, TXN | Long/Short, Mega Cap, Multi Cap, technology, value | AI initiatives have captivated investors' interest as companies like Alphabet, Amazon, and Meta are at the forefront of developing and deploying artificial intelligence in consumer and business applications. While AI development drives investor enthusiasm, these companies' traditional businesses continue to outperform and generate significant cash flow. | View | |
| 2024 Q4 | Jan 16, 2025 | Longleaf Partners Small-Cap Fund | -1.6% | 9.7% | BATRA, CNX, DOLE, GHC, GRUMA.MX, HHH, HOUS, KODK, LLYVA, MAT, OSCR, PCH, PK, WEST, WTM | Buybacks, Cash, Concentration, Natural Gas, small cap, Trump, value | Fund operates with concentrated value investing approach, holding 18 positions at high-60s% price-to-value ratio and 11x price/earnings power multiple. Portfolio grouped into companies where value per share growth has turned the corner (75%), those expected to turn within 18 months (15%), and recent additions. Management emphasizes fundamental appraisal-driven research and patient capital deployment. | GRUMAB WEST HOUS GHC KODK LLYVA OSCR CNX |
View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Longleaf Partners Fund | Live Nation Entertainment | Communication Services | Entertainment | Bull | NYSE | Concerts, contrarian, entertainment, Equity, live events, Ticketing, Value | View Pitch |
| Apr 28, 2026 | Fund Letters | Longleaf Partners Global Fund | Live Nation Entertainment | Communication Services | Entertainment | Bull | NYSE | Concerts, Consumer Discretionary, entertainment, Equity, live events, media, Ticketing | View Pitch |
| Apr 13, 2026 | Fund Letters | Longleaf Partners Small-Cap Fund | Liberty Live | Communication Services | Entertainment | Bull | NASDAQ | antitrust, corporate actions, Live entertainment, Live Nation, margin expansion, Revenue Growth, Value Realization | View Pitch |
| Jan 28, 2026 | Fund Letters | Andrew Peck | Liberty Live Group | Communication Services | Entertainment | Bull | NASDAQ | Live entertainment, NAV discount, Pricing power, Sponsorship, Ticketing | 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. | ||||||||