RRR

RRR

RRR

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 18, 2025	Baron Growth Fund	0.8%	-3.5%	ACGL, CHH, GLPI, GWRE, IDXX, RRR	Consumer Sector, quality growth, small caps, technology			View
2025 Q2	Jul 27, 2025	Diamond Hill Mid Cap	6.1%	4.8%	ALK, ASH, COOP, FCN, ICLR, POST, RRR, RRX, TFX, WCC	fundamentals, margin expansion, Mid Caps, self-help, valuation	The letter emphasizes mid-cap companies with strong fundamentals and mispriced growth prospects. Operational improvement, margin expansion, and self-help initiatives are key sources of value creation. Mid-cap volatility is viewed as an opportunity for active managers.	FCN ALK ASH ICLR RRX WCC RRR	View
2025 Q2	Jul 27, 2025	Diamond Hill Small Cap Fund	11.8%	-1.1%	AEO, ASH, ASTH, ASUR, AZZ, CIVI, DCO, ENOV, FA, FBIN, GHM, LEU, NSP, PLOW, RRR, STRW, UTZ	alpha, industrials, Intrinsic Value, Resilience, small caps	The commentary focuses on resilient small-cap businesses trading at meaningful discounts to intrinsic value. Defense, infrastructure, and niche industrial exposure are highlighted as long-term tailwinds. Small-cap inefficiency remains a key source of alpha despite macro uncertainty.	AEO ASUR STRW FBIN AZZ UTZ NSP DCO LEU	View
2025 Q2	Jul 27, 2025	Diamond Hill Small-Mid Cap Strategy	5.4%	1.0%	AEO, ASH, ASUR, AZZ, DCO, FA, FBIN, GHM, LEU, NSP, RRR, UTZ	fundamentals, Intrinsic Value, Mean reversion, small caps, value	The letter emphasizes valuation discipline in small- and mid-cap equities where price dislocations persist due to macro uncertainty and risk aversion. Management argues that fundamentals, not sentiment, ultimately drive long-term returns and that many businesses trade below intrinsic value despite stable cash flows. The outlook favors patient capital as earnings normalization and multiple expansion converge.	FCN WCC RRR	View
2024 Q1	Apr 15, 2024	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ALGT, ERII, GNRC, LANC, POST, PRGO, RRR, RRX, WCC, WNS	-			View
2024 Q1	Apr 15, 2024	Diamond Hill Mid Cap	8.3%	13.3%	ADM, AIG, FANG, JCI, PH, POST, RRR, RRX, SBAC, WCC	-			View
2024 Q1	Apr 15, 2024	Diamond Hill Small Cap Fund	8.5%	12.2%	FTAI, LANC, LOB, OEC, RRR, TKO CN, UFPT, WNS	-			View
2024 Q1	Apr 15, 2024	Baron Focused Growth Fund	11.7%	13.2%	ACGL, BIRK, CHH, FIGS, H, IRDI, RRR, SPOT, TSLA	-			View
2025 Q4	Feb 8, 2026	Baron Partners Fund	19.1%	24.9%	ACGL, BIRK, CHH, CSGP, FDS, GLPI, GWRE, H, HEI, IDXX, IRDM, IT, LLY, MSCI, MTN, RRR, SCHW, SPOT, TSLA	AI, Concentration, Disruptive Growth, Electric Vehicles, growth, mid cap, Space, technology	The fund holds X.AI Holdings Corp., formed through merger of X and xAI, which developed the Grok AI model. xAI rapidly deployed data centers with 100,000 GPUs and is pioneering a 1-gigawatt training facility. The company is positioned for enduring leadership in the competitive AI field. SpaceX is generating significant value through rapid expansion of Starlink broadband service and established 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 in space exploration capabilities. Tesla remains the fund's largest position by average weight and a top holding despite trimming 30.5% of the position. The fund maintains extreme confidence in Tesla's prospects and ability to become significantly more valuable, with average cost basis of only $14.22 per share. Guidewire Software completed multi-year cloud migration and secured landmark 10-year agreement with Liberty Mutual to migrate to cloud. The company is positioned to be critical software vendor for the $2.5 trillion global P&C insurance industry with cloud as the sole path forward. Spotify continues double-digit user growth despite price hikes, with high engagement and sticky subscription model. The company is structurally increasing gross margins through high-margin artist promotions marketplace, growing podcast contribution, and ongoing advertising investments while expanding into video and developing Super Premium tier.	RRR IDXX SCHW FDS IT GWRE SPOT CSGP H	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
2024 Q4	Dec 31, 2024	Baron Focused Growth Fund	14.4%	29.5%	ACGL, FIGS, IBKR, IDXX, LYV, RRR, SPOT, TSLA	-			View
2024 Q4	Dec 31, 2024	Diamond Hill Mid Cap	-2.4%	10.6%	ASH, CUBE, ICLR, LPLA, RRR, SOLV, TDY, WCC	-			View
2024 Q4	Dec 31, 2024	Diamond Hill Small Cap Fund	1.0%	13.2%	ASH, ASTH, CMPR, CURB, FIP, GHM, LEU, MLAB, RRR, USLM	-			View
2024 Q4	Dec 31, 2024	Diamond Hill Small-Mid Cap Strategy	-0.8%	8.3%	ALGT, ASH, CUBE, ICLR, INFA, REXR, RRR, SOLV, TDY, WBS, WCC	-			View
2023 Q3	Dec 31, 2023	Adestella Investment Management	1.1%	14.0%	RRR	-			View
2025 Q3	Nov 8, 2025	Baron Partners Fund	13.1%	4.7%	FDS, IDXX, IT, RRR, STUB, TSLA	AI, Autonomy, Data, disruption, Robotics	The fund emphasizes AI as a major driver of both market sentiment and company fundamentals, highlighted by Teslas rapid autonomous-driving progress and humanoid robotics roadmap. Several holdings faced investor fears of AI-driven disruption, especially in information services, though the manager views proprietary data moats as protective. AI remains central to both growth opportunities and perceived risks across the portfolio.	ANET	View
2025 Q3	Nov 5, 2025	Baron Small Cap Fund	0.5%	0.7%	BWIN, IT, KNSL, KTOS, LGN, NOVT, PAR, RRR, VRT	AI Infrastructure, Data centers, defense, quality growth, small caps	The fund highlights the tension between speculative rallies in unprofitable microcaps and its disciplined focus on quality small-cap compounders. Its holdings in industrial and AI-infrastructure names like Vertiv and Kratos demonstrate long-term growth potential as data center and defense spending expand. Despite near-term underperformance, the strategy remains committed to profitable, defensible businesses with recurring cash flows.		View
2025 Q3	Nov 18, 2025	Baron Growth Fund	-8.7%	-12.0%	FDS, FIGS, IDXX, IT, MORN, RRR	AI, CashFlow, Compounding, Quality, valuation	Quality: The letter emphasizes the Funds disciplined focus on high-quality, profitable growth companies with durable competitive advantages, strong free cash flow, and long holding periods. The manager highlights that these attributes have historically driven superior long-term results despite short-term underperformance. Valuation: The portfolios valuation premium has narrowed as high-quality stocks lag and speculative, high-beta names surge. Management argues current valuations underestimate future earnings durability and margin expansion. AI: Several holdings faced market concern over AI disruptionparticularly Gartner, FactSet, and Morningstaryet the Fund argues AI is a tailwind enhancing proprietary data moats, not a threat.		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
2025 Q3	Oct 24, 2025	Diamond Hill Mid Cap	4.5%	9.5%	AIG, COO, EQH, GDDY, KMX, RRR, RVTY, TTC, WCC	AI, Consumer Demand, industrials, Mid Caps, valuation	The fund notes that AI enthusiasm is inflating valuations across mid-cap equities while creating opportunities in overlooked industrial and consumer names. It highlights investments in defense, data centers, and housing-related sectors that can benefit from secular tailwinds. Managers remain focused on intrinsic value and quality amid macro uncertainty.	HII WCC CIEN	View
2025 Q3	Oct 24, 2025	Diamond Hill Small Cap Fund	7.9%	6.7%	DCO, FIP, LEU, MLAB, RRR, TFIN	AI, defense, energy, small caps, tariffs	The fund trailed its benchmark as speculative small caps surged, though holdings like Centrus Energy and Ducommun benefited from AI-related power demand and defense strength. Managers focus on resilient small-cap businesses positioned for long-term growth amid tariff uncertainty and macro volatility.	FTAI DCO USLM RRR LEU COOP LEU COOP	View
2025 Q3	Oct 24, 2025	Diamond Hill Small-Mid Cap Strategy	6.2%	7.3%	CIEN, COO, EQH, GDDY, KMX, RRR, RVTY, TFIN, TTC, WCC	AI, defense, industrials, infrastructure, valuation	The strategy underperformed as AI-driven rallies boosted large-cap tech, though holdings like Ciena and WESCO benefited from AI infrastructure spending. Managers see opportunities in undervalued industrials and defense suppliers such as Huntington Ingalls, which gain from rearmament trends. The team warns of AI overvaluation and focuses on patient value investing amid market exuberance.	RVTY COO TTC HII CIEN HII WCC CIEN	View
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	View
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
2023 Q3	Sep 30, 2023	Diamond Hill Mid Cap	8.3%	13.3%	AIG, ENOV, LHX, MAA, RRR, WCC	-			View
2023 Q3	Sep 30, 2023	Diamond Hill Small Cap Fund	8.5%	12.2%	CALM, CIVI, ENOV, LEU, RRR	-			View
2023 Q3	Sep 30, 2023	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ENOV, MAA, PRGS, RRR, WCC	-			View
2024 Q2	Jul 27, 2024	Baron Focused Growth Fund	11.7%	13.2%	DNUT, GWRE, H, MNT, RRR, SHOP, SPOT, TSLA	-			View
2024 Q2	Jul 26, 2024	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	ALGT, COOP, FTRE, GDDY, LH, MGY, RRR, SNV, UDR, VRSN, WCC	-			View
2024 Q2	Jul 26, 2024	Diamond Hill Mid Cap	8.3%	13.3%	BSX, CIVI, GDDY, HUM, LH, NXPI, RRR, RRX, SYY, UDR, VRSN, WCC	-			View
2024 Q2	Jul 26, 2024	Diamond Hill Small Cap Fund	8.5%	12.2%	EVO, FTAI, LOB, MAMA, RCKY, RRR, USLM	-			View
2022 Q2	Jun 30, 2022	Baron Focused Growth Fund	11.7%	13.2%	CSGP, FIGS, GWRE, H, MSCI, RRR, SPOT, TSLA	-			View
2023 Q4	Jan 27, 2024	Baron Focused Growth Fund	11.7%	13.2%	ACGL, GWRE, H, IDXX, IRDM, RRR, VAC	-			View
2022 Q4	Jan 27, 2023	Diamond Hill Small Cap Fund	8.5%	12.2%	ALGT, BBCP, ESAB, ESGRP, FTAI, GHM, GTES, ODC, RMNI, RRR, TGB, UFPT, WNS, WWW	-			View
2023 Q4	Jan 2, 2024	Diamond Hill Small-Mid Cap Strategy	8.4%	9.2%	CIVI, CTRA, CUBE, ERII, FBIN, FHN, GDDY, LOB, NSP, NVST, RRR, ST, WBS, WCC, WNS	-			View
2023 Q4	Jan 2, 2024	Diamond Hill Mid Cap	8.3%	13.3%	BWA, CIEN, CTRA, CUBE, FBIN, GDDY, NSP, NVST, PH, RRR, ST, VFC, WBS, WCC	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 21, 2026	Fund Letters	Ronald Baron	Red Rock Resorts, Inc.	Consumer Discretionary	Casinos & Gaming	Bull	NASDAQ	CapEx, development, Durango, EBITDA, Gaming, Locals, Margins, Roi, Visitation	View Pitch
Dec 5, 2025	Fund Letters	Chris Welch	Red Rock Resorts, Inc.	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bull	NASDAQ	cashflow, consumer, Gaming, leverage, resilience	View Pitch
Dec 5, 2025	Fund Letters	Chris Welch	Red Rock Resorts, Inc.	Consumer Discretionary	Hotels, Resorts & Cruise Lines	Bull	NASDAQ	cashflow, consumer, Gaming, leverage, Tourism	View Pitch
Nov 29, 2025	Fund Letters	Chris Welch	Red Rock Resorts Inc.	Consumer Discretionary	Casinos & Gaming	Bull	NASDAQ	Casinos, Demographics, EBITDA, Free Cash Flow, Las Vegas, Margins	View Pitch
Aug 13, 2025	Seeking Alpha	Kenio Fontes	Red Rock Resorts	Consumer Discretionary	Resorts & Casinos	Bull	NASDAQ	—	View Pitch
Aug 13, 2025	Seeking Alpha	Andrew Hecht	Red Rock Resorts, Inc.	Consumer Discretionary	Resorts & Casinos	Bull	NASDAQ	—	View Pitch

BSD Shareholders of RRR

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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