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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Sep 30, 2025 | Baron Health Care Fund | 5.4% | -2.7% | ABBV, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, IMVT, INSM, IONS, ISRG, JNJ, LLY, MASI, PFE, RDNT, ROIV, SYK, TMO, UNH, WAT, XENE | AI, Biotechnology, GLP1, growth, healthcare, Medical Devices, Pharmaceuticals | Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The third quarter saw several positive biotechnology clinical data readouts, a strong rebound in biotechnology funding, and an acceleration in M&A activity. | View | |
| 2024 Q3 | Sep 30, 2024 | Peapack Private | - | - | ABBV, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, INSM, IONS, ISRG, JNJ, LLY, MASI, PFE, RDNT, ROIV, SYK, TMO, UNH, WAT, XENE | AI, Biotechnology, GLP-1, healthcare, M&A, Medical Devices, Pharmaceuticals | Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The quarter saw several positive biotechnology clinical data readouts, a strong rebound in biotechnology funding, and an acceleration in M&A activity. | View | |
| 2025 Q2 | Aug 14, 2025 | FPA Source Capital | 6.7% | - | ABBV, ABT, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, IMVT, INSM, IONS, ISRG, JNJ, LLY, MASI, MDT, PFE, RDNT, ROIV, SYK, TMO, UNH, WAT, XEN.TO | AI, Biotechnology, GLP1, healthcare, Managed Care, Medical Devices, Pharmaceuticals | Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The quarter saw several positive biotechnology clinical data readouts, a strong rebound in biotechnology funding, and an acceleration in M&A activity. | View | |
| 2025 Q1 | Apr 4, 2025 | Carrington Wealth Management | - | - | ABBV, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, INSM, IONS, ISRG, JNJ, LLY, MASI, RDNT, ROIV, SYK, TMO, UNH, WAT, XENE | AI, Biotechnology, GLP1, healthcare, M&A, Medical Devices, Pharmaceuticals | Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The quarter saw several positive biotechnology clinical data readouts, a strong rebound in biotechnology funding, and an acceleration in M&A activity. | View | |
| 2026 Q1 | Apr 25, 2026 | Baron Discovery Fund | -10.7% | -10.7% | AEIS, ARQT, DKNG, DT, HRTX, INTA, MASI, WAY | AI, cybersecurity, Data centers, healthcare, semiconductors, small cap, software, technology | View | ||
| 2026 Q1 | Apr 22, 2026 | Baird Small/Mid Cap Growth Equity Fund | -4.8% | -4.8% | ADMA, AFRM, ALGN, BMI, BRBR, BSX, BURL, CASY, CRBG, CROX, DHR, DXCM, ELF, EQH, EXAS, FIX, FN, FND, FOUR, FTAI, HLI, HUBB, ILMN, INSP, JBL, KNSL, KTOS, LFUS, LII, MASI, MTDR, NSA, PEN, PODD, PSA, RGEN, SOFI, TMDX, TTAN, TWST, VSCO, WWD, XPO | AI, defense, growth, healthcare, industrials, semiconductors, small caps, technology | View | ||
| 2024 Q1 | Apr 15, 2024 | Ensemble Capital | 0.0% | 8.0% | AAPL, AMZN, BR, CMG, FAF, FAST, GOOGL, HEI, IEX, MASI, META, MSFT, NFLX, NKE, NOW, NTDOY, NVDA, NVR, RACE, TDG | growth, industrials, large cap, Luxury, Quality, technology, value | Ferrari demonstrates exceptional pricing power with average selling prices approaching €400,000, up €100,000 over five years. The company successfully expanded its appeal through new form factors like the Purosangue SUV while maintaining exclusivity. Management has built one of the strongest luxury brands with a robust business model that plays to these strengths. | IEX RACE |
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| 2024 Q1 | Apr 15, 2024 | Baron Discovery Fund | 13.5% | 9.3% | AEIS, ALGM, AXNX, AXON, CDNA, CYBR, DKNG, ENDV, ESTA, FND, GTLB, INTA, KNSL, MASI, MRCY, NARI, NVTS, RH, S, SITE | cybersecurity, growth, healthcare, semiconductors, small cap, technology, Valuations | Fund focuses on small-cap growth stocks which remain in a three-plus year bear market while large-cap stocks reach all-time highs. Small-cap growth stocks have attractive valuations both on an absolute basis and relative to large-cap stocks, and typically show significant appreciation coming out of deep market downturns. | INTA MASI CYBR DKNG KNSL |
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| 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 |
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| 2025 Q1 | Mar 31, 2025 | Baird Small/Mid Cap Growth Equity Fund | -10.6% | -10.6% | BJ, BOOT, BRBR, BROS, DKNG, EXL, GKOS, ITCI, JNJ, KAI, MASI, PEN, PLNT, PODD, POOL, PRCT, RGEN, TECH, ULS, WSO | AI, consumer, growth, healthcare, industrials, small cap, technology, volatility | AI-related spending faced questions regarding untethered pace as DeepSeek emerged as a potentially cheaper alternative platform from China. Microsoft's datacenter appetite showed signs of moderation, slowing positive market sentiment. Portfolio holdings with AI data center spending exposure experienced volatility. | View | |
| 2025 Q1 | Mar 31, 2025 | EQUAM Global Value Fund | -1.2% | -1.2% | ABBV, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, IMVT, INSM, IONS, ISRG, JNJ, LLY, MASI, PFE, RDNT, ROIV, SYK, TMO, UNH, WAT, XENE | AI, Biotechnology, GLP1, healthcare, M&A, Medical Devices, Pharmaceuticals | Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The quarter saw several positive biotechnology clinical data readouts, a strong rebound in biotechnology funding, and an acceleration in M&A activity. | ACAD SS BFSA GR STM GR CIE SM BME LN |
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| 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 | |
| 2025 Q3 | Nov 8, 2025 | Baird Small/Mid Cap Growth Equity Fund | -3.2% | -9.6% | AAON, ADMA, AFRM, ALAB, BMI, BOOT, BRBR, BROS, BURL, BWXT, CASY, CAVA, CLWD, COCO, DKNG, ELF, EXAS, FDS, FOUR, FSS, HLI, INSM, INSP, IONQ, LII, MASI, MKTX, MTSI, NBIX, PEN, PODD, QBTS, RGTI, SOFI, TARS, TTAN, TWLO, TXRH, WAY, WING, WSO | AI, growth, healthcare, momentum, Quality, semiconductors, small cap, software | AI enthusiasm drove significant benchmark outperformance through semiconductor and infrastructure plays, with quantum computing stocks adding over 2% to benchmark weight despite extreme valuations. The market's insatiable desire for AI beneficiaries created meaningful factor headwinds for the portfolio. | View | |
| 2023 Q3 | Oct 31, 2023 | Ensemble Capital | 0.0% | 8.0% | ADI, BKNG, BR, GOOGL, ILMN, MA, MASI, NFLX, TXN | growth, interest rates, large cap, payments, semiconductors, technology, value | The 10-year treasury yield rose 0.73% in Q3 as investors recalibrated long-term interest rate expectations. The Fed shifted from expecting recession to a more positive economic outlook, forecasting they would not need to cut rates as soon or by as much. Higher rates driven by real economic growth rather than inflation have mixed but generally positive impacts on equity valuations. | 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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| 2023 Q4 | Jan 22, 2024 | Biondo Investment Advisors | - | - | ABBV, ACLX, ARGX, AZN, BSX, CDTX, COO, HRTX, INSM, IONS, ISRG, JNJ, LLY, MASI, PFE, RDNT, ROIV, SYK, TMO, UNH, WAT, XENE | AI, Biotechnology, Diagnostics, GLP1, healthcare, Medical Devices, Pharmaceuticals | Strong stock selection in biotechnology contributed the vast majority of relative gains, with main drivers being argenx SE and Insmed Incorporated. The fund holds 31.8% in biotechnology companies and sees multiple secular growth opportunities in genomics, genetic testing, and genetic medicine. | View | |
| 2024 Q4 | Jan 20, 2025 | Baird Small/Mid Cap Growth Equity Fund | 5.1% | 8.0% | ACLS, ALAB, APPF, CACI, CHX, CYBR, GKOS, LW, MASI, MEDP, MNDY, NBIX, ONTO, PEN, PODD, PSTG, RXST, SITM, TARS, VERX, VITA | AI, growth, healthcare, Outperformance, semiconductors, small caps, technology | The fund holds Astera Labs, a fast-growing semiconductor company with exposure to AI and data center infrastructure. The company's stock increased over 150% in the quarter following new product announcements and stronger than expected sales growth. Pure Storage was initiated as a new position, expected to benefit from hyperscaler AI spending with recent design wins. | View | |
| 2023 Q4 | Jan 17, 2024 | Ensemble Capital | 0.0% | 8.0% | BKNG, BR, DIS, GOOGL, ILMN, MA, MASI, NFLX, NKE, NOW, NTDOY, PAYX, WBD | AI, earnings, growth, Streaming, technology | The fund extensively discusses artificial intelligence adoption across portfolio companies. Booking Holdings rolled out an AI trip planner using natural language processing. Broadridge deployed BondGPT and OpsGPT for bond trading and operations. ServiceNow launched Now Assist for workflow automation. | AAPL|MSFT|NFLX|NVDA|UNH |
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| 2024 Q2 | Jul 13, 2022 | Blue Tower Asset Management | 8.8% | 0.0% | AAPL, ACDVF, AMZN, BELFB, BGEO.L, CMT, GOOGL, MASI, META, MSFT, NVDA, RGEN, TFII, TSLA | AI, Concentration, Georgia, Russia, Sanctions, small caps, value | Russian investments frozen due to escalating sanctions regime. TCS Group became further sanctioned and segregated to OFAC escrow accounts. Risk of expropriation increases as war continues. | CGEO.L |
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| 2023 Q4 | Jan 20, 2024 | Blue Tower Asset Management | 8.8% | 0.0% | AAPL, EBIX, EZPW, GCAP.L, MASI, SBRCY | global, Retrospective, Russia, Sanctions, value | TCS Group came under blocking sanctions from the US in the 2nd half of 2023 when it was added to the SDN list. The fund will likely be unable to exit any Russian investments until there is a bilateral ceasefire in Ukraine and a mutual easing of sanctions. Sanctions have frozen Russian investments, leading to high levels of dispersion among accounts in the composite. | EBIX EZPW CGEO.L SBER.ME CNR |
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| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Baron Discovery Fund | Masimo Corporation | Health Care | Health Care Equipment | Bull | NASDAQ | business separation, Healthcare Equipment, medical technology, Patent Litigation, razor-and-blade model, Special Situation, Vital Sign Monitoring | 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. | ||||||||