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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 29, 2025 | Baron Asset Fund | 7.8% | 4.6% | ACGL, APH, COO, CSGP, DKNG, GWRE, IDXX, IOT, IT, LPLA, MSCI, MTD, PCOR, ROP, TECH, VRSK | balanced investing, Compounding, diversification, Quality, risk management | The commentary focuses on diversified equity exposure across growth and value styles to reduce volatility while compounding capital. Management emphasizes investing alongside capable operators in businesses with durable demand. Diversification across industries and business models is positioned as a long-term risk management tool. | View | |
| 2025 Q2 | Jul 22, 2025 | Conestoga Mid Cap Composite | 3.5% | 4.5% | AAON, BSY, CPRT, FICO, GWRE, HEI, IDXX, MTD, NET, POOL, ROP, VEEV, WCN, WSO | Competitive Advantage, earnings, growth, Mid Caps, volatility | The commentary focuses on maintaining high-quality growth exposure despite macro-driven volatility. Management highlights the resilience of companies with strong competitive positions and long runways for earnings expansion. Mid-cap growth is positioned as a balance between scalability and valuation discipline. | MTD NET FICO AAON POOL ROP WSO WCN CPRT VEEV IDXX GWRE HEI.A BSY |
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| 2025 Q2 | Jun 30, 2025 | Mar Vista US Quality Select | - | 14.3% | AAPL, AVGO, JNJ, META, MSFT, MTD | Balance Sheets, Compounding, Discipline, moats, Quality | The letter emphasizes owning a concentrated portfolio of high-quality U.S. businesses with durable competitive advantages, strong balance sheets, and long reinvestment runways. Management argues that recent volatility has not impaired intrinsic value and instead offers opportunities to add to long-term compounders at more reasonable prices. The outlook remains focused on downside resilience and steady compounding rather than short-term macro forecasting. | GE JNJ MTD AAPL META MSFT AVGO |
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| 2024 Q1 | Apr 27, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | ADYEY, BMRN, KLAC, LULU, MELI, MTD, NTR, PGR, SQ, TT, WDAY | - | View | ||
| 2025 Q4 | Feb 5, 2026 | Baron Small Cap Fund | -1.6% | -0.7% | CGNX, CWA, FROG, GWRE, HLI, ICLR, IT, JBT, KNSL, KTOS, MTD, NEPT, NOVT, ODD, PLNT, RBC, RRR, SITE, TDG, VRT | AI, Data centers, defense, growth, Quality, small caps, technology | AI infrastructure buildout drove strong performance in holdings like Vertiv and Legence. JFrog benefited as customers leveraged generative AI to improve developer productivity, driving increased binary creation and platform usage. The manager expects corporations to show continued productivity gains as AI is adopted to reduce costs and open new revenue opportunities. Data center activity was a key driver for several holdings. Vertiv Holdings benefited from robust data center infrastructure demand with 29% organic revenue growth. Legence Corp, an engineering and maintenance services company, was a strong contributor due to robust data center activity. Aerospace and defense players were among the best performers in 2025, including Kratos Defense & Security Solutions, Karman Holdings, and RBC Bearings. The manager notes heightened aerospace and defense spending and improving margins in this sector. The manager expects small-cap companies to grow faster than large caps going forward, which is not typical of recent years. Better growth ahead for small caps could lead to market broadening and leadership change. Small caps have historically grown more slowly than large caps, contributing to extended underperformance. | View | |
| 2025 Q4 | Feb 4, 2026 | Baron Asset Fund | 7.9% | 8.2% | ACGL, APH, AXON, BAH, BIRK, CSGP, DAY, FICO, GWRE, IDXX, IEX, IT, MTD, RPGN, SPOT, TTD, VEEV, VRSK, WELL | AI, Biotechnology, growth, healthcare, mid cap, software, Space, technology | The fund benefits from AI-related investments including SpaceX's Starlink expansion and xAI's rapid development of Grok AI model with massive GPU deployments. Amphenol maintains significant market share in interconnect solutions within NVIDIA's AI server racks with content expected to increase as speeds and system complexity rise. SpaceX represents the fund's largest position at 12.5% of net assets, generating significant value through rapid expansion of Starlink broadband service and establishing itself as a leading launch provider with reusable technology. The company is making tremendous progress on Starship, the largest most powerful rocket ever flown. Guidewire's cloud migration is largely complete with annual recurring revenue benefiting from new customer wins and migrations to InsuranceSuite Cloud product. The landmark 10-year agreement with Liberty Mutual should help drive adoption among other Tier 1 P&C carriers. Repligen operates in fast-growing end markets including monoclonal antibodies and cell and gene therapies, with strong track record of scientific innovation. The company has opportunity to embed differentiated systems into new drug manufacturing processes as biosimilars come to market. | View | |
| 2024 Q4 | Dec 31, 2024 | Parnassus Mid Cap Growth Fund | -2.5% | 10.6% | A, ADYEY, ALGN, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT, XYZ | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Impax Global Environmental Markets Fund | -8.0% | 4.9% | 2454 TT, AI FP, MTD, ZX61 GR | - | View | ||
| 2022 Q3 | Oct 25, 2022 | Baron Asset Fund | 8.3% | 10.6% | CDAY, CSGP, FND, ICLR, IT, LPLA, MTD, SCHW, TECH, TRU, VEEV, WST, ZI | - | 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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| 2025 Q4 | Jan 13, 2026 | Mar Vista US Quality Select | 1.8% | 18.2% | AAPL, EFX, GOOG, META, MSFT, MTD, NFLX, ORCL, ROP, TSM | cash flow, Compounding, Discipline, moats, Quality | The letter emphasizes concentrated ownership of high-quality U.S. businesses with durable competitive advantages, strong balance sheets, and consistent free cash flow generation. Portfolio construction favors downside resilience over short-term momentum, particularly amid valuation dispersion and macro uncertainty. Quality is positioned as a long-term compounding engine as earnings durability reasserts itself. | ROP EFX NFLX TSM MSFT META ORCL AAPL MTD GOOG ROP EFX NFLX TSM LIN MSFT ORCL DHR JNJ GOOG |
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| 2023 Q3 | Sep 30, 2023 | Baron Asset Fund | 8.3% | 10.6% | ACGL, CSGP, FDS, IDXX, MTD, ONON | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, AMT, DHR, GOOG, INTU, MSFT, MTD, ORCL | - | View | ||
| 2023 Q4 | Sep 1, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | DEO, EL, IDXX, META, MTD, NVO | - | View | ||
| 2023 Q2 | Jul 30, 2023 | Baron Asset Fund | 8.3% | 10.6% | ARE, AZPN, BAH, CDAY, CSGP, FDS, IT, MKTX, MORN, MTD, VRSK | - | View | ||
| 2024 Q2 | Jul 22, 2024 | Andvari Associates | 0.0% | 20.3% | AJG, MESA, MTD, ORLY, PM, POOL, UNH, ZTS | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | CPRT, CSGP, FDS, GGG, GWRE, MTD, RGEN, ROL, TSCO, VRSK | - | View | ||
| 2022 Q2 | Jun 30, 2022 | Baron Asset Fund | 8.3% | 10.6% | ANSS, ARGX, FND, ICLR, IDXX, MTD, OT, ROL, ZI | - | View | ||
| 2022 Q4 | Mar 2, 2023 | Baron Asset Fund | 8.3% | 10.6% | ACGLN, AZPN, FICO, FIS, HUBS, ICLR, IDXX, IT, MTD, RIVN, TTD, WIX, WST, ZI | - | View | ||
| 2024 Q4 | Jan 29, 2025 | Baron Asset Fund | -0.1% | 10.5% | ACGL, APP, DAY, IDXX, IT, MTD, MTN, TTAN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | Silas Myers | Mettler-Toledo International Inc. | Life Sciences Tools & Services | Life Sciences Tools & Services | Bull | New York Stock Exchange | Automation, Instrumentation, Labs, Nearshoring, Pricing, tariffs | View Pitch |
| Jan 21, 2026 | Fund Letters | Ian Sexsmith | Mettler-Toledo International Inc. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | Life Sciences Tools, Pricing power, Recurring Demand | View Pitch |
| Jan 8, 2026 | Fund Letters | Silas Myers | Mettler-Toledo International Inc. | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | cashflow, China, instruments, Laboratory, Pricing, Regulation | View Pitch |
| Dec 5, 2025 | Fund Letters | Derek Johnston | Mettler-Toledo International Inc. | Health Care | Health Care Equipment | Bear | NYSE | China, Cyclicality, Geopolitics, instruments, valuation | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Lighting Rock Research | Mettler-Toledo International Inc. | Health Care | Diagnostics & Research | Bear | 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. | ||||||||