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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AVGO, INDI, MSFT, NVDA, RIVN, TSLA, TSM, VKTX | - | View | ||
| 2024 Q1 | Apr 15, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AMZN, LBRDA, NVDA, RIVN, SBH, VST | - | View | ||
| 2025 Q4 | Mar 6, 2026 | Bireme Capital | - | 33.0% | AAPL, BLNK, COST, GOOGL, INTC, META, MSFT, NKLA, NVDA, RIVN, SPCE, TSLA | AI, Bubble, Corruption, Institutional, international, Speculation, Valuations | US equity valuations are at perilous highs with S&P 500 forward P/E at 23x and CAPE near 40x, while international markets offer significant discounts. European and Japanese equities trade around 15x forward earnings, roughly 30% discount to US multiples. Latin America trades at mere 10x forward earnings with 5%+ dividend yield. Artificial intelligence investments show artificial profit today due to massive capex creating revenue for picks-and-shovels companies while depreciation lags cash expenses. The AI complex is moving toward commoditization with intense competition evident across cloud providers, compute, and models themselves. Circular investments within the AI ecosystem are reminiscent of dotcom-era vendor financing. American institutional excellence is under unprecedented attack including rule of law, independent judiciary, competent bureaucracy, and fiscal prudence. The current administration has conducted mass purges of government watchdogs, attacked Federal Reserve independence, and systematically undermined the norms that define proper federal government role. Markets are experiencing extreme speculation with vibe investing replacing fundamental analysis. Assets are priced on fantastical stories rather than cash flows, with leveraged ETFs, retail options trading, and story stocks reaching bubble-like levels. This madness can only end in disaster. High-quality international businesses trade at fractions of US multiples, with the manager positioning clients to take advantage of this divergence. Despite US equity market dominating investor mindshare, the rest of the world returned 32.6% in dollar terms in 2025 versus SPY's 17.7%. | View | |
| 2022 Q4 | Dec 31, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | AMD, AMZN, CRWD, INDI, IT, MA, MSFT, NVDA, RCKT, RIVN, TSLA, V, XFCH, ZI | - | View | ||
| 2022 Q4 | Dec 1, 2023 | LF Brook Absolute Return Fund | 21.3% | 10.1% | AO LN, EQT, IWG GR, ONT LN, P2H GR, RIVN, TSLA, UBSFY, VVU GR, ZVX GR | - | View | ||
| 2025 Q4 | Jan 16, 2026 | GDS Investments | - | - | ABNB, AMZN, CRWV, DEO, F, GE, GM, GOOGL, LEN, NVO, ORCL, RIVN, STZ, TDW, TREX, VAL, WMT, ZTS | AI, Buybacks, cyclicals, Electric Vehicles, Quality, Rotation, technology, value | AI-related infrastructure investment is beginning to unwind or recalibrate, with companies shifting from internal cash flows to debt financing. The manager expects a widening gap between pure AI infrastructure companies and those with diversified business models. Market rotation is expected away from speculative AI growth toward more traditional businesses. Share repurchases feature prominently across the portfolio as a signal of management confidence and value creation amplification. Multiple holdings have authorized significant buyback programs, including TDW ($500M), VAL ($600M ongoing), STZ ($4B), and others totaling billions in authorized repurchases. Rivian represents maybe the most exciting position in the portfolio, with the company developing its own autonomy platform and in-house chip (RAP1). The R2 model represents a pivotal moment, and partnerships with Volkswagen and Amazon have strengthened the balance sheet while expanding strategic options. The manager focuses on separating durable value from speculative excess, building positions in under-owned, under-valued businesses with strong balance sheets and leadership positions. The strategy involves finding high-quality businesses facing cyclical headwinds that have pushed market prices below intrinsic value. | RIVN TREX AMZN GOOG |
View |
| 2023 Q3 | Sep 30, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | ARGX, DT, INDU, LEGN, MSFT, NVDA, RIVN | - | View | ||
| 2022 Q3 | Sep 30, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | ARGX, GOOG, INDI, ISRG, IT, MPWR, MSFT, NET, NOW, NVDA, RIVN, SHOP, TSLA, ZI | - | View | ||
| 2023 Q2 | Jul 30, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, DAVA, ILMN, INDU, MBLY, MSFT, NVDA, RIVN, ZI | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Meridian Hedged Equity Fund | 6.2% | 0.0% | AMZN, DIS, LSXMA, RIVN, USB, VST | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Baron Opportunity Fund | 4.0% | 25.1% | AMZN, ARWR, CSGP, DAVA, DXCM, EW, INDU, IT, META, MRVL, MSFT, NVDA, RIVN, TSLA, ZI | - | View | ||
| 2022 Q1 | Mar 31, 2022 | Baron Opportunity Fund | 4.0% | 25.1% | ARWR, CDAY, CRWD, ILMN, MDB, MSFT, RIVN, SHOP, SWAV, TSLA, V | - | 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2026 | Fund Letters | Glenn D. Surowiec | Rivian Automotive Inc. | Consumer Discretionary | Automobile Manufacturers | Bull | NASDAQ | Autonomy Platform, Electric Vehicles, Manufacturing Scale, Partnerships, Software Stack, vertical integration | View Pitch |
| Feb 17, 2026 | Seeking Alpha | Seeking Alpha | Rivian Automotive, Inc. | Automotive | Electric Vehicles | Bear | NASDAQ Stock Market | Automotive Revenues, Capital Raise, cash burn, Electric Vehicles, high valuation, market position, Production Ramp, R2 Platform, Rivian, Volkswagen Joint Venture | View Pitch |
| Aug 13, 2025 | Seeking Alpha | JR Research | Rivian Automotive, Inc. | Consumer Discretionary | Auto Manufacturers | Bear | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Max Greve | Rivian Automotive, Inc. | Consumer Discretionary | Auto Manufacturers | Bear | NASDAQ | — | View Pitch |
| Aug 8, 2025 | Seeking Alpha | Stone Fox Capital | Rivian Automotive, Inc. | Consumer Discretionary | Auto Manufacturers | Bull | 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. | ||||||||