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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | Baron Discovery Fund | 13.5% | 9.3% | ALGM, CDNA, CYBR PM, DAVA, DKNG, ICHR, INTA, KNSL, MASI, NARI, NVTS, RGEN, RH, SMCI | - | View | ||
| 2025 Q4 | Feb 3, 2026 | Baird Small/Mid Cap Growth Equity Fund | 1.2% | -8.5% | ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO | AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology | The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. | View | |
| 2023 Q3 | Oct 31, 2023 | Ensemble Capital | 0.0% | 8.0% | ADI, BKNG, BR, GOOG, ILMN, MA, MASI, NFLX | - | View | ||
| 2022 Q3 | Oct 17, 2022 | Ensemble Capital | 0.0% | 8.0% | MASI, NVR, SCHW | - | View | ||
| 2025 Q4 | Jan 23, 2026 | Baron Health Care Fund | 13.1% | 10.3% | ABBV, ACLX, ARGX, ARQT, AZN, BSX, DHR, DSXY, EHC, ELAN, INSM, ISRG, LLY, MASI, MTD, PEN, RDNT, RGEN, SYK, TEVA, TMO, WELL | Biotechnology, GLP1, healthcare, Life Sciences, M&A, Medical Devices, Pharmaceuticals | Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being Cidara Therapeutics and Abivax. Biotechnology funding surged 94% year-over-year in December, making it the strongest month in the last three years. The Fund maintains 33.2% allocation to biotechnology companies. Eli Lilly's Mounjaro and Zepbound GLP-1/GIP therapies are viewed as transformational for diabetic and non-diabetic obese patients. The manager expects this drug class to become the standard of care for both diabetes and obesity, ultimately representing a $150 billion-plus market opportunity. M&A activity has been accelerating, with notable deals including Cidara Therapeutics acquired by Merck for $9.2 billion and Penumbra acquired by Boston Scientific for $14.5 billion. Large pharmaceutical companies will lose patent protection on products generating $400 billion of sales over the next eight years. The Fund maintains 14.2% allocation to life sciences tools & services. End markets are improving with strong biotechnology funding, stable biopharmaceutical R&D investment, and reduced risk of industry disruption following drug pricing agreements with the Trump Administration. | RGEN ELAN WELL ARQT TMO EHC DOCS ARQQ TEVA ARGX LLY |
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| 2024 Q4 | Jan 20, 2025 | Baird Small/Mid Cap Growth Equity Fund | 5.1% | 8.0% | ALAB, MASI, PSTG | - | View | ||
| 2023 Q4 | Jan 17, 2024 | Ensemble Capital | 0.0% | 8.0% | 0K85 LN, BKNG, BR, GOOG, ILMN, MA, MASI, NFLX, NKE, NOW, PAYX | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Ensemble Capital | 0.0% | 8.0% | FRC, GOOG, HD, ILMN, MASI, NFLX, NKE, NOW | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Ensemble Capital | 0.0% | 8.0% | BKNG, CMG, FRC, GOOG, MASI, NVR, RACE LN | - | View | ||
| 2023 Q4 | Jan 20, 2024 | Blue Tower Asset Management | 8.8% | 0.0% | CGEO LN, CNR, EWZ GR, EZPW, MASI, TCSN MM | - | View | ||
| 2022 Q4 | Jan 17, 2023 | Ensemble Capital | 0.0% | 8.0% | CMG, FRC, GOOG, ILMN, MA, MASI, NFLX, NKE, PAYX | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| 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 |
|---|---|---|---|---|---|---|---|---|
| Andreas Halvorsen | Viking Global Investors | $37.7B | $66.9M | 0.18% | 514,340 | -559,093 | -52.08% | 0.7095% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $2.1M | 0.00% | 16,242 | -47,040 | -74.33% | 0.0224% |
| Ray Dalio | Bridgewater Associates | $27.4B | $210,567 | 0.00% | 1,619 | -95 | -5.54% | 0.0022% |
| Israel Englander | Millennium Management LLC | $233.2B | $24.4M | 0.01% | 187,965 | +171,834 | +1065.24% | 0.2593% |
| Jeremy Grantham | GMO LLC | $39.1B | $18.7M | 0.05% | 143,825 | -98,997 | -40.77% | 0.1984% |
| Cliff Asness | AQR Capital Management | $190.6B | $141.9M | 0.07% | 1,091,326 | +1,060,292 | +3416.55% | 1.5055% |
| Mario Gabelli | GAMCO Investors | $10.4B | $10.8M | 0.10% | 83,000 | -800 | -0.95% | 0.1145% |
| James E. Flynn | Deerfield Management | $6.9B | $2.1M | 0.03% | 16,147 | +16,147 | +100.00% | 0.0223% |
| Roderick Wong | RTW Investments | $10.0B | $88.9M | 0.89% | 683,294 | +0 | +0.00% | 0.9426% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $2.1M | 0.01% | 15,932 | -825 | -4.92% | 0.0220% |