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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 21, 2025 | Sands Capital Global Growth Fund | 21.7% | 14.4% | ABNB, AXON, BLDR, CSL, ICE, MELI, NET, NFLX, NKE, NVDA, ONON, PME AU, TEAM, ZAL GR | AI, Cloud, growth, Platforms | NET MELI AXON NFLX NVDA |
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| 2025 Q2 | Jul 21, 2025 | Touchstone Sands Capital International Growth Equity Fund | 18.1% | 19.4% | 6273 JP, EVD GR, GALD SW, HEXAB SS, IMCD NA, LONN SW, MELI, ONON, PME AU, SE, SPOT, TSM, WEB SS | AI, Cloud, growth, Platforms | EVD GR SE 2330 TT SPOT MELI |
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| 2025 Q1 | Mar 31, 2025 | American Century International Growth Fund | 1.9% | 1.9% | 6758 JP, 7203 JP, AI FP, GLBE, GLE FP, NVO, ONON, SIE GR | - | View | ||
| 2025 Q4 | Feb 5, 2026 | Baron Opportunity Fund | 4.6% | 19.4% | ACLX, AMZN, ARGX, AXON, BRCM, CSGP, DUOL, EXAS, GOOGL, GTLB, HRTX, LLY, META, MSFT, NVDA, ONON, ORCL, SPOT, TSLA, TTD | AI, Cloud, growth, innovation, secular trends, semiconductors, Space, technology | AI is the most powerful technology platform shift since the internet, driving stock leadership and returns over the last three years. Baron has investments across all layers of the AI stack, with successful infrastructure investments like NVIDIA being a 10-bagger. AI is already delivering value through software development productivity improvements, customer service cost savings, and emerging applications like Tesla Robotaxis and AI-powered commerce. SpaceX is 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, representing a significant leap forward in space exploration capabilities. Eli Lilly's portfolio of Mounjaro/Zepbound GLP-1/GIP drugs are important treatments for diabetic and non-diabetic obese patients. This drug class should become the standard of care for both diabetes and obesity and grow to at least a $150 billion category. The market is in early innings of uptake with adoption driving Lilly to nearly double revenues by 2030. Microsoft has built a $135 billion run-rate cloud business including Azure cloud infrastructure and Office 365 applications. The company remains well positioned across overlapping software, cloud computing, and AI landscapes with its vertically integrated technology stack and broad sales distribution, driving durable long-term double-digit growth. NVIDIA has been more than a 10-bagger for the Fund, with Baron being early investors over four years before the ChatGPT moment. Broadcom has been a 2.5-bagger resulting from explosive growth not multiple expansion. These investments represent successful positioning in the infrastructure layer of AI computing. Spotify continues to demonstrate double-digit user growth and industry-leading engagement levels with evident pricing power as customer retention held despite recent price hikes. The company is on a path to structurally higher gross margins aided by high-margin artist-promotions marketplace and scaling podcast offering, with potential to reach over 1 billion monthly active users. | View | |
| 2025 Q3 | Nov 8, 2025 | Baron Asset Fund | -4.3% | 0.1% | APH, CHH, CSKD, IDXX, IT, LOAR, ONON, STUB, VRSK | AI, Earnings Quality, Mega Caps, Research, Valuations | The letter highlights that optimism around AI helped drive broader market gains, especially through mega-cap technology leaders. However, the funds high-quality bias lagged as lower-quality, high-volatility stocks surged, creating a challenging backdrop. AI-related concerns weighed on holdings like Gartner and FactSet, though the manager argues AI should ultimately be a tailwind for research-based businesses. | STUB |
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| 2025 Q3 | Oct 28, 2025 | Baron Focused Growth Fund | 4.8% | 8.6% | CHH, FDS, FIGS, IBKR, MTN, ONON, SHOP, SPOT, TSLA, VRSK | Artificial Intelligence, consumer discretionary, growth, innovation, technology | The fund outperformed over the long term despite a modest quarterly lag, with AI and technology remaining central growth drivers. Key contributors included Tesla, Shopify, and SpaceX, benefiting from automation, agentic commerce, and AI-driven compute demand. Management expects continued acceleration in earnings as AI adoption expands and consumer-facing brands leverage innovation to enhance pricing power and profitability. | View | |
| 2024 Q3 | Oct 28, 2024 | Parnassus Mid Cap Growth Fund | 8.6% | 13.3% | ADSK, ARNB, BILL, BIRK, GWRE, H, IBKR, IQV, JBHT, LPLA, MRNA, MTN, NET, NTR, ONON, RRR, SHOP, SPOT, TSLA | - | View | ||
| 2024 Q3 | Oct 17, 2024 | Polen Capital – International Growth | 3.3% | 3.9% | 8035 JP, AON, ASML, ICLR, MELI, ONON, SAP GR | - | View | ||
| 2025 Q4 | Jan 30, 2026 | Unison Asset Management | 0.0% | 0.0% | AAPL, AMAT, AXP, BAC, BRK-B, CDW, DE, ELV, GOOGL, JPM, LMT, META, NOC, NU, NVDA, ONON, TSLA, TSM, UNH, WFC | AI, Cloud, Long Term, semiconductors, technology, value | AI continues to assert itself across markets and the real economy in ways that demand to be addressed. The race is for AGI, with wealth accruing to whoever reaches it first. Big Tech's AI spending accounts for roughly 90% of corporate capex and contributes an estimated half of total U.S. GDP growth in 2025. TSMC represents a durable bottleneck in the infrastructure layer—the point of least slack in the global silicon supply chain. All roads lead to TSMC, with approximately 67% share of global foundry revenue and roughly 90% share of leading-edge nodes. Alphabet's cloud business made meaningful progress with revenue expected to reach approximately $57 billion (+32% YoY), while operating profit is projected to nearly double. Revenue backlog is growing faster than reported revenue, underscoring the persistent supply-demand imbalance. By designing proprietary silicon and committing to capital outlays for data centers on a financial scale attainable by only a handful of nation-states, these firms have constructed a physical moat that is, for all practical purposes, unreplicable. On Holding represents a play on the growing scarcity of the real. As digital marketing becomes commoditized and AI floods the world with generic content, value migrates toward physical community and technical prestige. On is selling membership in a curated, physical ecosystem that AI cannot replicate. | AMRZ HOLN SW NU ONON BRK.B TSM GOOGL |
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| 2025 Q4 | Jan 30, 2026 | Baron Focused Growth Fund | 12.3% | 22.3% | ABNB, ACGL, BIRK, CHH, CSGP, DEI, DUOL, FDS, FIGS, GWRE, H, IBKR, IDXX, IOT, JEF, LVS, LYV, MSCI, MTN, ONON, RRR, SHOP, SPOT, TOL, TSLA, VRSK | AI, consumer, Electric Vehicles, growth, healthcare, real estate, Space, technology | The fund discusses concerns about AI introduction into the economy and its impact on subscription-based software companies. AI competition has hurt valuations of platform investments like Spotify, CoStar, and Guidewire, though it hasn't impacted their financial performance. The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which has developed competitive AI model Grok. The consumer remains quite resilient despite concerns about higher inflation, interest rates, and tighter labor market. Consumer-oriented investments including FIGS, Hyatt Hotels, and On Holding showed strength in the quarter. The fund sees continued resilience in consumer demand for health care apparel and premium products. SpaceX is generating significant value with rapid expansion of Starlink broadband service, deploying vast satellite constellation with substantial user growth. The company has established itself as leading launch provider with reusable technology and is making tremendous progress on Starship rocket. SpaceX represents the fund's largest position at 19.2% of net assets. Tesla remains a core holding representing 8.1% of net assets as an electric vehicle leader. The fund views Tesla as a disruptive growth company with large underpenetrated addressable markets, well financed with significant equity stakes by founder-led management giving further conviction in the investment. | DUOL CSGP SPOT ONON H FIGS GWRE |
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| 2025 Q4 | Jan 12, 2026 | ClearBridge Investment Growth Strategy | - | - | ALNY, AVGO, DLB, DOCS, ELF, FCX, HLT, HOOD, MSGE, MSGS, ODFL, ONON, SHOP, TEL, TJX, TKO, UNH, VRTX, VST, XPO | AI, balance, growth, innovation, semiconductors, technology, volatility | The letter outlines a balanced growth approach combining participation in AI-driven momentum with downside protection through diversified stock selection. Emphasis is placed on companies with durable fundamentals, innovation-led growth, and disciplined capital allocation. Growth investing is positioned as increasingly selective amid heightened volatility and dispersion. | ELF SHOP |
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| 2024 Q3 | Sep 30, 2024 | Baron Focused Growth Fund | 11.7% | 13.2% | ARNB, BIRK, GWRE, H, IBKR, MRNA, MTN, ONON, RRR, SHOP, SPOT, TSLA | - | View | ||
| 2024 Q3 | Sep 30, 2024 | American Century International Growth Fund | 6.6% | 0.0% | 669 HK, 6981 JP, 7011 JP, ASML, BVI FP, CLNX SM, ICON, NESN SW, NVO, ONON | - | View | ||
| 2023 Q3 | Sep 30, 2023 | Baron Asset Fund | 8.3% | 10.6% | ACGL, CSGP, FDS, IDXX, MTD, ONON | - | View | ||
| 2023 Q2 | Jun 30, 2023 | Baron Focused Growth Fund | 11.7% | 13.2% | CSGP, FIGS, GWRE, MSCI, ONON, PENN, TSLA | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 4, 2026 | Fund Letters | Alex | On Holding AG | Consumer Discretionary | Footwear | Bull | New York Stock Exchange | Apparel, Branding, consumer, growth, Pricing power | View Pitch |
| Feb 4, 2026 | Fund Letters | Tyler Hardt | ON Semiconductor Corporation | Information Technology | Semiconductors | Bear | NASDAQ | Cyclicality, Demand, EV, Risk, semiconductors | View Pitch |
| Feb 4, 2026 | Fund Letters | Ronald Baron | On Holding AG | Consumer Discretionary | Footwear | Bull | New York Stock Exchange | Brand, Footwear, growth, innovation, Margins, Pricing | View Pitch |
| Jan 13, 2026 | Seeking Alpha | Seeking Alpha | On Holding AG | Consumer Goods | Apparel & Accessories | Bull | New York Stock Exchange | category expansion, currency headwinds, Free Cash Flow, gross margins, market share, Nike competition, On Holding AG, operating margin, regional expansion, valuation | View Pitch |
| Aug 13, 2025 | Seeking Alpha | LW Research | On Holding AG | Consumer Discretionary | Footwear & Accessories | Bull | NYSE | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Cory Cramer | On Holding AG | Consumer Discretionary | Footwear & Accessories | 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. | ||||||||