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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2023 Q3 | Sep 30, 2023 | Baron FinTech Fund | 1.1% | 11.5% | ACGL, ACN, ADYEY, APO, CME, EFX, FICO, FIS, GPN, HLI, IBKR, INTU, LPLA, MA, MELI, MKTX, MORN, MSCI, NCNO, PGR, SPGI, SQ, TW, V | Capital markets, Fintech, growth, payments, software, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Many fintech stocks have already gone through their own version of a recession with multiples near decade lows, but outlooks are more promising due to cost restructuring and focus on profitability. | ACGL MORN CARTRADE.NS INTU APO |
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| 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 | |
| 2025 Q2 | Aug 11, 2025 | Baron FinTech Fund | 9.2% | 7.7% | ACGL, ACN, ALKT, CME, CWAN, FICO, FIS, GLOB, GWRE, HOOD, IBKR, INTA, INTU, KKR, KNSL, LPLA, MA, MCO, MELI, MORN, MSCI, PGR, SCHW, SPGI, TW, V, VRSK | Capital markets, E-Commerce, Financial Services, Fintech, payments, technology, volatility | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. The portfolio is segmented into seven investment themes including Tech-Enabled Financials, Information Services, Enterprise Software, Capital Markets, Payments, E-Commerce, and Digital IT Services. The manager expects fintech companies to outperform over time due to their competitive advantages and growth prospects. | View | |
| 2025 Q2 | Jul 21, 2025 | Wasatch Long/Short Alpha Fund | 0.5% | - | ENSG, FN, GWRE, HLP, HQY, INSP, KAI, MORN, NSA, OZK, RBC, RKLB, ROP, SG, SKY, WDAY | Beta, Defensive, Long/Short, Quality, risk-on, small cap, tariffs | The fund focuses on high-quality companies with proven earnings growth track records, strong free cash-flow generation, and trusted management teams. This quality focus was a headwind during the quarter as lower-quality stocks outperformed in the risk-on environment, but the manager believes this creates better expected returns for quality investing over the next three-to-five years. | SG RKLB HQY GWRE FN INSP NSA SKY HQY GWRE INSP NSA SKY |
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| 2026 Q1 | May 5, 2026 | Baron Asset Fund | -7.9% | -7.9% | ACGL, CSGP, GWRE, IDXX, IT, MORN, QDEL, TECH, VEEV, VMC, VRT | AI, Data centers, industrials, infrastructure, mid cap, software, Space, technology | GWRE IT CSGP VRT |
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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 | Mar 31, 2025 | Baron FinTech Fund | -1.4% | -1.4% | ACGL, APO, CME, FI, FICO, GLOB, GWRE, HOOD, KKR, LPLA, MA, MELI, MORN, PGR, PRI, SCHW, SPGI, SQ, TW, V | Capital markets, E-Commerce, Fintech, insurance, payments, software, trading | Strong performance from global payment networks Visa and Mastercard driven by accelerating payment volumes and defensive business models. Payment companies benefit from fee-based revenue tied to nominal payment volumes, providing protection against inflationary pressures. | TTAN HOOD SQ APO KKR TW PGR MELI |
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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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| 2024 Q4 | Dec 31, 2024 | Wasatch Long/Short Alpha Fund | -8.3% | 7.2% | ACHC, ENSG, FND, GWRE, HLNE, HQY, ICFI, IONQ, KAI, MORN, NSA, PCTY, RBC, ROP | Beta, Defensive, Long/Short, Mid Caps, risk management, small caps | The Fund has shorted stocks of special purpose acquisition companies because their business models are speculative and their paths to steady compounded earnings growth remain unclear. These stocks experienced sharp gains during the risk-on environment of the quarter. | IONQ ACHC FND ICFI HQY PCTY |
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| 2025 Q3 | Nov 8, 2025 | Baron Asset Fund | -4.3% | 0.1% | ACGL, ALNY, APH, CHH, COIN, COR, CSGP, DAY, DKNG, DUOL, FDS, FICO, FND, GWRE, IDXX, IT, LOAR, MORN, MPWR, MTD, NET, ONON, PLTR, PWR, RBLX, STUB, VRSK, VRT, VST | aerospace, AI, growth, mid cap, Quality, technology, underperformance, valuation | The Fund discusses AI as a primary driver of market strength and data center capital spending growth. AI is creating both opportunities and challenges, with companies seeking guidance on AI risks and opportunities. The Fund believes AI should provide a tailwind for research companies like Gartner as businesses need help understanding AI implications. | STUB |
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| 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 | |
| 2025 Q3 | Nov 13, 2025 | Baron FinTech Fund | -4.4% | 3.0% | COF, FDS, FICO, GWRE, HLI, HOOD, IBKR, INTU, KKR, LPLA, MA, MELI, MORN, NU, PGR, SHOP, SPGI, TW, V, VRSK | AI, Capital markets, credit, financials, Fintech, payments, technology | The fund focuses on competitively advantaged, growing fintech companies across all market capitalizations and geographies. Tech-Enabled Financials represented 29.3% of net assets, with the fund maintaining overweight positions in this category relative to the benchmark. | COF FICO SHOP CN IBKR HOOD |
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| 2025 Q3 | Oct 24, 2025 | Wasatch Long/Short Alpha Fund | -7.3% | - | ENSG, FN, FOUR, FRPT, HQY, INSP, KAI, MEDP, MORN, MPWR, OPEN, OZK, RBC, ROP, SG, WDAY | AI, Biotech, healthcare, Long/Short, Quality, risk-on, small cap, Speculation | The fund focuses on long positions in high-quality companies while shorting low-quality businesses. The manager emphasizes that high-quality stocks have historically outperformed over the long term despite recent underperformance. The fund screens companies based on financial characteristics like return on assets and operating profit margins. | View | |
| 2023 Q3 | Oct 19, 2023 | Polen Capital – Global SMID Company Growth | 7.4% | -2.4% | 0696.HK, ALIT, CCCS, DOXY, FIVE, GSHD, MORN, PGNY, XPEL, YETI | Automotive, global, growth, healthcare, insurance, SMID Cap, technology | Goosehead Insurance delivered robust results with 31% revenue growth and 36% premium increases, continuing to execute its plan to clean up corporate organization and return to pre-COVID productivity metrics. The company benefits from strong broker upgrades and S&P Small Cap Index inclusion. | XPEL PGNY MORN 0696.HK AMDOCS FIVE ALIT CCCS YETI GSHD |
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| 2025 Q3 | Oct 15, 2025 | Parnassus Mid Cap Growth Fund | 7.9% | - | APP, CMG, DDOG, EFX, GWRE, GWW, HLT, HOOD, ICLR, JBHT, KLAC, MELI, MORN, MPWR, NET, ODFL, PODD, SNDK, TEAM, TER, TTD, VRSK | AI, Cyclical, growth, mid cap, semiconductors, technology, value | The portfolio maintains exposure to artificial intelligence through software and semiconductor companies. AI megatrend is boosting demand for memory and storage, particularly ultra-high-capacity drives. Strong demand for AI applications in system-on-a-chip and memory testing is a major growth driver. | View | |
| 2025 Q4 | Jan 18, 2026 | Parnassus Mid Cap Growth Fund | -0.8% | 9.2% | ALC, APP, BILL, BLDR, DASH, GWW, HLT, HUBB, INSM, MORN, MPWR, ODFL, PWR, ROK, SN, SQ, TEAM, TER, WCN, WDAY | AI, growth, industrials, mid cap, portfolio, semiconductors, technology | The ongoing AI megatrend boosted demand for memory and storage while industry supply growth remained constrained. Holdings in Information Technology sector were dominant contributors through exposure to AI, primarily through semiconductor companies. The fund continues to see accelerating demand for AI models and cloud computing with no signs of slowdown. Semiconductor companies were primary beneficiaries of AI demand. Teradyne is starting to win new sockets and gain market share after investing in AI-semiconductor testers. KLA benefited from AI infrastructure build-out with strong earnings growth. The fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus. | MTD ROK KLA TER SNDK |
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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 | |
| 2023 Q3 | Sep 30, 2023 | Baron Asset Fund | 8.3% | 10.6% | ACGL, ANSYS, AXON, AZPN, BAH, CSGP, FDS, FICO, GWRE, IDXX, ILMN, IT, MKTX, MORN, MTD, MTN, ONON, PWR, SBAC, VRSK, ZI | analytics, growth, insurance, mid cap, software, technology | The fund benefits from cloud-based software implementations, particularly through Guidewire's 17 deals for cloud software with Tier 1 insurance carriers. Cloud adoption continues to drive growth for portfolio companies. | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK ONON ACGL ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2023 Q3 | Sep 30, 2023 | Baron Growth Fund | 11.1% | 7.4% | ACGL, ALTR, ANSYS, BFAM, BIO, CHH, CSGP, DNUT, FDS, FIGS, IDXX, IRDM, IT, KNSL, LFUS, MORN, MSCI, MTD, MTN, NEOG, TREX, VLD, WEST | financials, growth, Long Term, small cap, technology | Management teams are allocating time and capital to develop AI capabilities, with product development roadmaps coming into focus. FactSet Research Systems outlined its vision for AI with multiple product enhancements including conversational user interfaces, next best action capabilities, and AI-derived presentation tools. | 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 | |
| 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Polen Capital - Global SMID Company Growth | Morningstar | Financials | Financial Exchanges & Data | Bull | NASDAQ | EPS growth, ESG, financial data, investment management, margin expansion, Private markets, Share Buybacks | View Pitch |
| Apr 28, 2026 | Fund Letters | Baron FinTech Fund | Morningstar, Inc. | Financials | Research & Consulting Services | Bull | NASDAQ | Data Assets, financial data, Investment Research, Margin recovery, operational efficiency, Pricing power, subscription revenue | View Pitch |
| Aug 13, 2025 | Seeking Alpha | Daniel Schönberger | Morningstar Inc. | Financials | Financial Data & Stock Exchanges | Neutral | NASDAQ | — | 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. | ||||||||