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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 18, 2025 | Baron Growth Fund | 0.8% | -3.5% | ACGL, ANSYS, BFAM, CG, CHH, CNS, CSGP, CWAN, DNUT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH | Casinos, growth, insurance, Long Term, Quality, small cap, Veterinary | The fund focuses on owning competitively advantaged businesses with superior financial attributes including higher margins, cash flow, and returns on capital. The portfolio generates 28.5% operating margins and 30.7% free cash flow margins, significantly above historical averages and benchmarks. | View | |
| 2024 Q1 | May 2, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, APH, BF.B, BN, BRO, CDW, CFR, CPRT, CSL, DLTR, FND, GBCI, IT, KMX, LBRDA, LH, MC, MKSI, PCAR, ROST, TTWO | insurance, Manufacturing, mid cap, Quality, Regional Banks, technology | Insurance companies benefited from attractive industry conditions with boosted underwriting profits and high growth in investment income. Arch Capital rolled over their fixed income portfolio at more favorable coupon rates. Insurance broker Brown & Brown advanced on solid organic revenue growth as insurance market pricing remains sound. | View | |
| 2026 Q1 | Apr 18, 2026 | Madison Mid Cap Fund | -4.3% | -4.3% | BRO, BSY, FWONA, IT, MC, MEDP, MKSI, PCAR, ROST, TDY, THO, TTAN, TYL | AI, mid cap, Quality, semiconductors, software, value | BSY TYL |
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| 2024 Q1 | Apr 15, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, LFUS, MC, MORN, MSCI, MSTR, MTD, MTN, NEOG, PENN, PRI, RRR, SMCI, TECH, TREX, VAC, WST | financials, growth, insurance, Long Term, real estate, small caps | Specialty insurers Kinsale Capital and Arch Capital both contributed significantly to performance with strong financial results. Market conditions remain favorable with rising premium rates and more business shifting to the excess and surplus lines market where Kinsale operates. | View | |
| 2025 Q1 | Apr 15, 2024 | The London Company Small Cap | -7.1% | -7.1% | ACIW, ATKR, CNNE, DV, MC, NGVT, RVLV, THG, UNF | Defensive, Quality, Recession, small caps, tariffs, value | The portfolio maintains a defensive, lower volatility posture focused on Quality factors. Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions, typically lagging in early recovery but keeping pace during mid-cycle years. | NGVT UNF ATKR RVLV MC DV SGI THG ACIW |
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| 2026 Q1 | Apr 13, 2026 | The London Company Small Cap | -2.0% | -2.0% | CCC, CERT, GOLF, HAE, HWKN, MATX, MC, NGVT, RVLV, UNF | energy, Geopolitical, healthcare, industrials, Quality, small cap, value, water | HWKN |
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| 2025 Q1 | Mar 31, 2025 | Baron Growth Fund | -4.3% | -4.3% | ACGL, ALTR, ANSYS, ARE, BFAM, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH, TREX | growth, insurance, Quality, real estate, small caps, software | The fund holds multiple specialty insurers including Kinsale Capital Group and Arch Capital Group. Kinsale continues gaining market share in the excess and surplus market with industry-leading margins and robust returns on equity. The E&S insurance market conditions remain favorable with continued double-digit growth due to share gains from the standard market. | 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 | |
| 2024 Q4 | Dec 31, 2024 | Baron Growth Fund | 6.0% | 4.8% | ACGL, ALTR, ANSYS, ARE, BFAM, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH, TREX | Compounding, growth, Long Term, Quality, small cap, underperformance | Fund focuses exclusively on high-quality durable growth assets with sustainable competitive advantages, sticky customer bases, and differentiated products. Manager emphasizes these businesses were out of favor during 2024 as investors preferred lower-quality, more volatile investments. The strategy prioritizes long-term compounding over short-term trends. | MTN CSGP IDXX |
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| 2023 Q2 | Dec 7, 2023 | Madison Mid Cap Fund | 7.2% | 12.4% | ABG, ACGL, ANET, APH, BAM, BRO, CDW, CFR, CHTR, CPRT, CSL, EXPD, FND, FWONA, FWONK, GBCI, GCI, GGG, IT, KNSL, LAD, LBRDA, LH, MC, MCHP, MEDP, MKSI, PCAR, ROST, TDY, TECH, THO, TREX, WAT, WRB | AI, mid cap, Quality, semiconductors, technology, value | AI-related data center spending is driving strong performance in technology holdings like Amphenol and Arista Networks. The fund is participating in this surge while also noting strength in other business areas beyond AI for these companies. | View | |
| 2025 Q3 | Nov 18, 2025 | Baron Growth Fund | -8.7% | -12.0% | ARCH, CG, CHH, CNS, CSGP, CWAN, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, TECH | AI, Buybacks, financials, growth, Quality, small cap, technology, underperformance | The fund exclusively invests in high-quality stocks as defined by MSCI Barra, focusing on competitively advantaged businesses with exceptional management teams. The manager notes this has been the worst six-month period for high-quality stocks since 1975, as investors have rotated to more volatile, riskier stocks. The portfolio's operating margin has improved to 27.6%, which is 640bps above historical average and 1,880bps above benchmark. | View | |
| 2024 Q4 | Jan 9, 2025 | LVS Advisory – Growth | - | 37.0% | EVR, JEF, LAZ, MC, MEDP, NVDA, PJT, PWP | Antitrust, Concentration, Event-Driven, growth, Investment Banks, M&A, Portfolio Management | M&A activity expected to surge in 2025 under Trump administration with less aggressive antitrust enforcement. Investment banks outperformed significantly in 2024 anticipating this recovery. Event-driven portfolio positioned to benefit from wider deal spreads and improved merger arbitrage environment. | View | |
| 2024 Q4 | Jan 9, 2025 | LVS Advisory – Event Driven | - | 8.0% | EVR, JEF, LAZ, MC, MEDP, NVDA, PJT, PWP | Antitrust, Event-Driven, Investment Banks, M&A, Merger Arbitrage, portfolio construction, Trump | M&A activity expected to surge in 2025 due to Trump administration's less aggressive antitrust stance. Investment banks outperformed significantly in 2024 anticipating this recovery. The exit of several large merger arbitrage funds creates supply/demand imbalance for wider deal spreads. | View | |
| 2024 Q4 | Jan 7, 2025 | The London Company Small Cap | 2.3% | 11.4% | ACIW, AUB, AWI, EPRT, LSTR, MATX, MC, RVLV, TPX, WTM | concentrated, downside protection, Quality, small caps, value | The fund focuses on high-quality companies with sustainably high and improving returns on capital and strong balance sheets. Portfolio companies demonstrate superior financial metrics with 13.5% pre-tax ROC versus 6.2% for the Russell 2000 and lower leverage at 1.5x net debt/EBITDA versus 3.8x for the benchmark. | View | |
| 2024 Q3 | Sep 30, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ABG, ACGL, APH, BRO, CDW, CPRT, CSL, DLTR, FND, GGG, IT, KMX, LAD, LBRDK, MC, MCHP, MKSI, PCAR, ROST, WAT | Consolidation, consumer, financials, industrials, mid cap, Quality, technology, value | Added two new positions in Lithia Motors and Asbury Automotive, two of the largest auto franchise dealer groups. Dealers earn more profits from parts and service than new car sales, providing steady business throughout economic cycles. These businesses have a long runway to create value via consolidation of this fragmented industry. | ABG LAD GGG |
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| 2024 Q3 | Sep 30, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, CG, CHH, CLRO, CNS, CSGP, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MTD, MTN, NEOG, PRI, RRR, SMCI, TECH, TREX, WST | financials, growth, long-term, Outperformance, Quality, small caps, technology | The fund focuses on businesses with high barriers to entry, sustainable competitive advantages, recurring revenue, attractive margins, and strong cash generation. Management emphasizes investing in competitively advantaged companies with exceptional management teams that consistently reinvest to raise barriers to entry. | View | |
| 2024 Q2 | Jul 27, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, DNUT, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, MC, MORN, MSCI, MT, MTN, NEOG, PRI, RRR, TECH, TREX, WST | growth, insurance, Long Term, real estate, small cap, software | The fund holds multiple specialty insurance positions including Kinsale Capital Group and Arch Capital Group. Kinsale operates in the excess and surplus market with continued share gains despite slower premium growth. Arch Capital reported strong operating ROE of 21% and book value growth of 40%. | View | |
| 2024 Q2 | Jul 17, 2024 | Madison Mid Cap Fund | 7.2% | 12.4% | ACGL, ANET, APH, BF.B, BRO, CDW, CPRT, CSL, DLTR, FND, FWONA, IT, KMX, LH, MC, MKSI, PCAR, ROST, TDY, THO, WAT | insurance, mid cap, Quality, technology, value | Amphenol and Arista Networks each have exposure to growing AI infrastructure spending, which is benefitting both their businesses and investor sentiment on their stock prices. | TDY |
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| 2023 Q4 | Feb 20, 2024 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, ARE, BFAM, BYD, CG, CHH, CNS, CSGP, CWAN, DEI, ESNT, FDS, FIGS, GLPI, GWRE, HLI, IDXX, IRDM, IT, KNSL, LFUS, MC, MORN, MSCI, MTD, MTN, NEOG, PENN, PRI, RRR, TECH, TREX, VAC, WST | growth, insurance, Long Term, Quality, real estate, small cap, technology, Travel | The fund holds significant positions in specialty insurers Kinsale Capital Group and Arch Capital Group. Both companies operate in the hard market for property and casualty insurance, with Kinsale showing 33% growth in gross written premiums and Arch demonstrating strong fundamentals with 23% growth in net premiums written. | View | |
| 2023 Q4 | Jan 14, 2024 | Madison Small Cap Fund | 6.3% | 17.2% | CFLT, CHRD, EPC, GOGO, HAIN, LZ, MC, OLLI, OSW, PRMW, SAIA, SHAK | energy, financials, healthcare, Quality, rates, small caps, technology, value | Small caps surged 14% in Q4 after benign inflation data, with the worst performers becoming the best in a dash for trash rally. Small caps finally outperformed large caps and mega cap tech after a narrow market year. The fund believes relative valuations remain more attractive for small caps than other domestic equity asset classes despite the recent rally. | CHRD BLZE 0MCB LN CFLT |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | The London Company Small Cap | Moelis & Co. Class A | Financials | Investment Banking & Brokerage | Bull | NYSE | debt-free, financial services, Independent, investment banking, M&A Advisory, shareholder returns | View Pitch |
| Aug 7, 2025 | Seeking Alpha | JP Research | Moelis & Company | Financials | Capital Markets | 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. | ||||||||