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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q3 | Sep 30, 2024 | Antero Peak Group | 7.0% | 28.3% | AAPL, CEG, CP, DHR, ENR.DE, EQIX, GE, ISRG, LIN, LLY, MCO, META, MSFT, MSI, MTD, NDAQ, SAF.PA, SPGI, SPOT, TDG | aerospace, AI, energy, growth, industrials, nuclear, technology | AI is driving structural acceleration in data monetization and enterprise transformation. Machine learning, AI, and cloud are causing the economic value of data to structurally accelerate through new products and applications. Digital transformation represents a paradigm shift with major inflection demand for companies enabling transformation through software, services, and AI. | View | |
| 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 | Jun 30, 2025 | Mar Vista US Quality Select | - | 14.3% | AAPL, AMZN, AVGO, GE, GOOGL, JNJ, META, MSFT, MTD | AI, growth, large cap, Quality, semiconductors, technology, Trade Policy | AI-focused stocks rebounded strongly in Q2, with companies like Broadcom benefiting from accelerating AI semiconductor revenue growth and custom ASIC demand from hyperscalers. Microsoft's Azure AI services showed robust momentum, while the broader AI rally regained strength after earlier volatility. | GE META MSFT AVGO GE JNJ MTD AAPL META MSFT AVGO |
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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 | |
| 2024 Q1 | Apr 15, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, ANSYS, CSGP, DAY, FDS, FICO, GWRE, HLT, IDXX, IT, MTD, PCOR, ROP, SPOT, TECH, TTD, VEEV, VRSK, VRSN | growth, healthcare, industrials, Long Term, mid cap, software, technology | The market has been focused on a narrow group of companies perceived to be AI beneficiaries. Many of Baron's holdings are well positioned to utilize AI to expand their product offerings and competitive differentiation, increase their growth rate and reduce their cost structure. Gartner is expected to emerge as a key decision support resource for every company evaluating AI opportunities and risks. | SPOT PCOR |
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| 2024 Q1 | Apr 15, 2024 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADBE, AMZN, DHR, DIS, EFX, GXO, HON, JNJ, MTD, NFLX, NKE, NVDA, SBUX, TDG | AI, E-Commerce, growth, large cap, Streaming, technology | AI-related firms led the market surge with Nvidia's stock soaring over 82%, adding more than $1 trillion in market value. Adobe stands out as an early leader in generative AI, offering both standalone solutions like Firefly and integrated features within established products like Photoshop. | EFX GXO NKE ADBE AMZN TDG DIS |
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| 2025 Q1 | Mar 31, 2025 | Baron Asset Fund | -3.0% | -3.0% | ACGL, CSGP, DKNG, FICO, GWRE, H, IDEXX, IT, MTD, ONON, ROP, SAIL, SCHW, SPACEX, SPOT, TECH, TTD, VRSK, VRT, WST | AI, Data centers, growth, insurance, mid cap, tariffs, technology | The fund holds X.AI Holdings Corp., which is developing an AI model to understand the true nature of the universe. xAI launched Grok 3, demonstrating elevated user engagement and top scores in evaluation tests, surpassing other industry-leading AI models. The company operates the world's largest coherent training center with over 100,000 GPUs. | DKNG VRT VRSK GDWR |
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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 | |
| 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 | Feb 24, 2025 | Mar Vistas U.S. Quality Select | 0.4% | 13.6% | AAPL, AMT, AMZN, AVGO, CRM, DHR, DIS, EFX, GOOGL, META, MSFT, MTD, NFLX, NVDA, TSLA | AI, Cloud, Concentration, large cap, Quality, semiconductors, technology | Artificial intelligence stands out as a particularly exciting prospect, drawing parallels to the revolutionary impact of automobiles in the 1920s. Industry experts believe artificial intelligence will meaningfully enhance worker productivity and generate efficiencies across various sectors, potentially justifying the current elevated market valuations. The transformative potential of artificial intelligence is one of two key catalysts driving expected mid-teens growth in S&P 500 earnings for 2025. | EFX AMZN CRM AVGO |
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| 2024 Q4 | Feb 24, 2025 | Mar Vistas U.S. Quality | 0.2% | 15.0% | AAPL, AME, AMT, AMZN, AVGO, CRM, DHR, DIS, EFX, GOOGL, GXO, INTU, MCHP, META, MSFT, MTD, NVDA, TSLA | AI, Cloud, growth, large cap, Quality, semiconductors, technology, Valuations | Artificial intelligence stands out as a particularly exciting prospect, drawing parallels to the revolutionary impact of automobiles in the 1920s. Industry experts believe artificial intelligence will meaningfully enhance worker productivity and generate efficiencies across various sectors, potentially justifying the current elevated market valuations. The manager sees AI as one of two key catalysts driving expected mid-teens S&P 500 earnings growth for 2025. | MCHP GXO DIS DHR MTD AMT AMZN CRM AVGO |
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| 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 | Parnassus Mid Cap Growth Fund | -2.5% | 10.6% | A, CSGP, DDOG, EFX, FTNT, GWRE, IDXX, JBHT, KLAC, MELI, MTD, ODFL, PCOR, PGR, POOL, ROK, SHW, SQ, TEAM, TT | Automation, Freight, growth, industrials, mid cap, Quality, semiconductors, technology | The fund maintains a key thematic overweight in semiconductors, identifying innovative, competitively advantaged, market-share gainers that can deliver strong performance over the coming years. Holdings include KLA Corporation, a semiconductor process control solutions provider affected by the industry's cyclical downturn and geopolitical risks including U.S.-China export restrictions. | View | |
| 2024 Q4 | Dec 31, 2024 | Impax Global Environmental Markets Fund | -8.0% | 4.9% | 2454.TW, A, ADSK, AI.PA, LIN, MSFT, MTD, NVDA, SIE.DE, SU.PA, TXN, WAT, WM | Environmental, global, healthcare, industrials, materials, sustainability, technology | AI demand continues to drive growth for portfolio holdings like Nvidia, with strong momentum from continued demand for high energy efficiency GPUs driven by AI and data centre investments. Key client announcements of further data centre spending bolstered growth prospects. | View | |
| 2024 Q4 | Dec 31, 2024 | ClearBridge Investments Mid Cap Growth Strategy | - | - | APP, AZPN, DKNG, HUBS, ICLR, IDXX, MELI, MPWR, MRVL, MTD, NTRA, NU, PLTR, RDDT, RUBK, VEEV | AI, gaming, growth, healthcare, mid cap, semiconductors, software, technology | The fund is positioned in AI beneficiaries including AppLovin with its proprietary AI targeting engine for mobile advertising and Marvell as a key supplier of custom silicon solutions for hyperscale data centers and AI infrastructure. Palantir's AI-powered operating system connects data to existing customer applications across government and commercial markets. | PLTR RDDT MRVL APP |
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| 2023 Q4 | Dec 31, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | ALGN, ANSS, CGNX, CPRT, CSGP, EXPO, FIVN, FTNT, HEI.A, IDXX, IT, JKHY, MTD, MTN, ROL, ROP, VEEV, VRSK, WCN, WST | growth, healthcare, industrials, mid cap, Quality, technology | Conestoga focuses on higher-quality companies with durable competitive advantages, balance sheet strength, and capable management teams. The portfolio faced stylistic headwinds as low-quality, unprofitable businesses outperformed during the quarter, particularly after the October 27th market bottom. | View | |
| 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 | |
| 2023 Q3 | Oct 31, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | ADP, FTNT, IDXX, MC.PA, META, MKC, MSFT, MTD, NKE, NVO, OR.PA, PG, PM, SYK, V, WAT | global, growth, healthcare, long-term, Quality, technology | The fund focuses on high quality businesses that can sustain high returns on operating capital employed with advantages that are difficult to replicate. These businesses do not require significant leverage to generate returns and have a high degree of certainty of growth from reinvestment of cash flows at high rates of return. The portfolio consists of resilient businesses that can withstand technological innovation. | View | |
| 2024 Q3 | Oct 28, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | A, ADSK, BILL, CDNS, EFX, GWRE, IQV, JBHT, KLAC, LPLA, MELI, MTD, NET, NTR, ROST, SHW, TEAM, TER, TT, WDC | growth, healthcare, mid cap, Quality, semiconductors, software, technology, Transportation | Fund maintained overweight position despite third quarter underperformance, expecting holdings to benefit as AI moves from data centers to smartphones and laptops. Increasing semiconductor complexity requires more design, capital equipment and testing. | 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, AMT, AMZN, APH, AVGO, BRK-B, EFX, GOOG, META, MSFT, MTD, NFLX, NVDA, ORCL, ROP, TSM, VLTO | AI, Cloud, growth, large cap, Quality, semiconductors, Streaming, technology | The structural shift driven by Artificial Intelligence is transitioning from proof-of-concept to demonstrable return on investment. Early monetization is visible in advertising, cloud computing, and semiconductors where companies are seeing tangible improvements in ROIC. The transition from infrastructure build-out to enterprise and consumer monetization will accelerate into 2026. Cloud computing continues to show strong growth with Google Cloud reaching 34% revenue growth and a $155 billion backlog. Microsoft's Azure platform remains capacity-constrained with accelerating growth. Premium AI cloud services are driving high utilization and multi-year contracts. Taiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. Semiconductor manufacturing barriers to entry continue rising due to escalating costs. Netflix has built a durable economic moat around its globally-scaled streaming business with over 300 million members. The company enjoys the lowest content cost per subscriber in the industry, enabling it to profitably outspend rivals. The acquisition of Warner Bros. Discovery represents a shift from streaming platform to global media powerhouse. | ROP EFX NFLX TSM MSFT META ORCL AAPL MTD GOOG ROP EFX NFLX TSM LIN MSFT ORCL DHR JNJ GOOG |
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| 2024 Q3 | Sep 30, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, COO, CSGP, DUOL, DXCM, FDS, FICO, GWRE, ICON, IDXX, IT, LPLA, MTD, ROP, SCHW, TRU, VMC, VRSK, WELL, WST | growth, healthcare, mid cap, rates, real estate, software, technology | Gartner positioned to emerge as key resource for companies evaluating AI opportunities and risks on their business. This should provide tailwind to Gartner's volume growth and pricing realization over time. Duolingo's AI tier (Max) allows users to have real-time conversations with AI-based characters. | View | |
| 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 Q3 | Sep 30, 2024 | Impax Global Environmental Markets Fund | 7.9% | 14.0% | A, AI.PA, AMAT, ASML, CARR, CGNX, LIN, MSFT, MTD, PNR, SU.PA, TXN, WAT, WM | Energy Efficiency, Environmental, global, industrials, semiconductors, sustainability, technology | Portfolio holdings providing energy efficiency solutions, such as heat pumps and HVAC technology, continue to benefit from resilient end-market demand and reshoring themes. Data continued to point towards a new recovery cycle in US residential HVAC, along with continuing secular trends in commercial HVAC. Energy efficiency remains a tailwind for portfolio holdings. | 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 | |
| 2023 Q3 | Sep 30, 2023 | Mar Vista Strategic Growth Fund | 5.5% | 0.0% | AAPL, ADBE, AMT, BRK-B, DHR, DIS, GOOGL, HEI, INTU, MCO, MKL, MSFT, MTD, NKE, ORCL, TDG | AI, Cloud, growth, large cap, rates, technology, value | Alphabet benefits from one of the most disruptive trends in technology as a leader in generative AI. Oracle's OCI Gen 2 solution is particularly well-suited for generative AI workloads. Microsoft is effectively executing its strategy by offering businesses cutting-edge AI-driven solutions like ChatGPT. | DHR GOOGL INTU AAPL|MSFT|NFLX|NVDA|UNH ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO AAPL AMT ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 2023 Q4 | Sep 1, 2024 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, ADBE, AMZN, BF.B, DEO, EL, FTNT, GOOGL, IBM, IDXX, MAR, META, MKC, MSFT, MTD, NVDA, NVO, OR.PA, PG, TSLA | AI, global, large cap, Pharmaceuticals, Quality, technology, value | Smith discusses the rise of AI as a driving force behind the Magnificent Seven stocks, particularly Nvidia. He notes AI is not entirely new, citing IBM's Watson from 2011 and Google's DeepMind acquisition in 2014. He questions whether early winners can be identified, drawing parallels to past technology developments where early leaders often failed to maintain dominance. | View | |
| 2024 Q2 | Jul 27, 2024 | Baron Asset Fund | 8.3% | 10.6% | AAPL, ACGL, AMZN, BAH, CSGP, DDAY, FDS, FICO, GOOGL, GWRE, IDXX, IT, META, MSFT, MTD, MTN, NVDA, PCOR, RGEN, ROP, SPOT, TROW, TSLA, VMC, VRSK, VRSN | AI, growth, healthcare, industrials, infrastructure, insurance, mid cap, technology | The Fund participated in X.AI Corp's Series B fundraising round, founded by Elon Musk to develop AI to understand the true nature of the universe. X.AI has unique access to X.com's data representing one of the largest repositories of real-time, multimodal human interaction data with nearly 600 million monthly users. The company plans to deploy one of the world's largest computing clusters with 100,000 GPUs and aims for 300,000 stronger GPUs by summer 2025. | VMC XAI FICO GWRE VRSK |
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| 2024 Q2 | Jul 22, 2024 | Andvari Associates | 0.0% | 20.3% | AJG, MO, MTD, ORLY, PM, POOL, UNH, ZTS | Capital Allocation, Concentration, Essential Services, Quality, Resilience, value | Andvari focuses on companies that provide essential services and products that customers will buy regardless of economic conditions. These businesses demonstrate revenue stability even during challenging periods, with examples like Gallagher showing minimal revenue declines during recessions and O'Reilly selling essential auto parts. The portfolio emphasizes businesses with predictable cash flows and non-discretionary purchase patterns. | View | |
| 2023 Q2 | Jul 7, 2023 | Fundsmith Equity Fund | -2.0% | 7.1% | AAPL, ADBE, ADP, AMS.MC, AMZN, COLOB.CO, EL, GOOGL, IDXX, MC.PA, META, MKC, MSFT, MTD, NVO, OR.PA, PEP, PG, PM, SYK, WAT | consumer, fundamentals, global, healthcare, Quality, technology | L'Oréal continues to impress with execution particularly in China and online channels, contrasting sharply with Estée Lauder's struggles. Estée Lauder fell due to poor figures from inventory build-up and write-offs in anticipation of Chinese reopening, revealing severe supply chain weaknesses with no manufacturing capability in Asia. | View | |
| 2023 Q2 | Jun 30, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | AAPL, ANSS, CPRT, CSGP, FDS, GGG, GWRE, HEI.A, IDXX, MSFT, MTD, RGEN, ROL, ROP, TSCO, VRSK, WCN, WST | consumer discretionary, growth, healthcare, industrials, mid cap, technology | The manager focuses on high quality conservative growth companies with sustainable earnings growth and strong balance sheets. They employ a time horizon arbitrage approach by identifying higher quality companies capable of growing through multiple business cycles. | View | |
| 2022 Q2 | Jun 30, 2022 | Baron Asset Fund | 8.3% | 10.6% | ANSS, ARGX, FND, ICLR, IDXX, MTD, OT, ROL, ZI | - | View | ||
| 2025 Q1 | Apr 4, 2025 | Andvari Associates | 7.2% | 7.2% | AAPL, AMT, AMZN, CSGP, CSU.TO, DHR, GOOGL, IDXX, META, MO, MSFT, MTD, NFLX, NVDA, PM, SBAC, TOI.TO, TSLA, TYL, ZTS | durability, Life Sciences, Quality, REITs, tariffs, Tobacco, value | Andvari made first investments in Philip Morris International and Altria, benefiting from the transition to reduced risk products like nicotine pouches. The ZYN brand has grown 40-80% despite product shortages, while Altria's on! brand grew 32-48%. With 1.1 billion nicotine users globally and only 100 million using reduced risk products, there is significant runway for market share growth. | 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 | ||
| 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 | |
| 2024 Q4 | Jan 29, 2025 | Baron Asset Fund | -0.1% | 10.5% | ACGL, ANSYS, AXON, AZPN, CDW, CSGP, DAY, FICO, GWRE, ICLR, IDXX, IT, MTD, MTN, PCOR, ROP, SCHW, TTAN, VRSK, WELL | growth, healthcare, industrials, Long Term, mid cap, Quality, technology | The fund discusses AI through its investment in X.AI Corp, founded by Elon Musk, which has developed the Grok AI model that has achieved impressive results compared to established AI models. The company operates the Colossus data center with over 100,000 GPUs, making it the largest coherent training center globally. The upcoming Grok 3 release is expected to significantly improve capabilities and expand monetization strategies. | STTN |
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| 2023 Q4 | Jan 27, 2024 | Baron Asset Fund | 8.3% | 10.6% | ACGL, ANSYS, AXON, BIRK, CHH, CSGP, DXCM, FDS, FICO, GWRE, IDXX, IT, MTD, MTN, PWR, TRU, VEEV, VRSK, WST | Diagnostics, growth, healthcare, industrials, mid cap, software, technology | Gartner positioned to emerge as critical decision support resource for companies contemplating AI opportunities and risks. Expected to provide tailwind to volume growth and pricing realization over time. | BIRK |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Mar Vistas U.S. Quality | Mettler-Toledo International Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | Biologic Therapeutics, Healthcare Equipment, Life Sciences Tools, Molecular Diagnostics, Precision Instruments, Scientific Research | View Pitch |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Terry Smith | Fundsmith | $17.1B | $809.3M | 4.73% | 580,507 | -10,147 | -1.72% | 2.8832% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $24.4M | 0.05% | 17,521 | +13,827 | +374.31% | 0.0870% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $85.4M | 0.10% | 61,244 | +7,461 | +13.87% | 0.3042% |
| Ray Dalio | Bridgewater Associates | $27.4B | $666,423 | 0.00% | 478 | +478 | +100.00% | 0.0024% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $443,352 | 0.00% | 318 | -2,524 | -88.81% | 0.0016% |
| Israel Englander | Millennium Management LLC | $233.2B | $30.1M | 0.01% | 21,576 | -3,018 | -12.27% | 0.1072% |
| Jeremy Grantham | GMO LLC | $39.1B | $294,174 | 0.00% | 211 | -270 | -56.13% | 0.0010% |
| Terrence Murphy | Clearbridge Investments | $124.9B | $8.6M | 0.01% | 6,153 | +1,803 | +41.45% | 0.0306% |
| Cliff Asness | AQR Capital Management | $190.6B | $58.0M | 0.03% | 41,601 | +3,614 | +9.51% | 0.2066% |
| Bruce Kovner | Caxton Associates | $3.2B | $504,156 | 0.02% | 412 | +412 | +100.00% | 0.0018% |
| Rich Handler | Jefferies | $19.3B | $9.6M | 0.05% | 6,912 | +4,978 | +257.39% | 0.0343% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $4.4M | 0.01% | 3,124 | -28,421 | -90.10% | 0.0155% |