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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 23, 2026 | Baron Real Estate Fund | -1.4% | 4.9% | AMH, AMT, BX, CSGP, DHI, FBIN, GDS, GMG.AX, H, HLT, IRM, JLL, PLD, RKT, SKY, TMHC, TREX, VNO, VTR, WELL | Commercial, Data centers, Housing, Industrial, real estate, REITs, Travel | Fund invests in leading commercial real estate services companies CBRE, JLL, and Cushman & Wakefield that benefit from outsourcing trends, institutionalization of commercial real estate, and market share opportunities in a fragmented industry. These companies are expected to generate 15%+ annual earnings growth as commercial real estate sales and leasing activity rebounds. Multi-year setup for data centers is as strong as ever with expanding demand from cloud computing, IT outsourcing, and AI workloads from Magnificent 7 companies. New supply is constrained due to elevated construction costs and power constraints while rents are rising. Fund owns Equinix, Digital Realty Trust, GDS Holdings, and Goodman as multi-year beneficiaries. Travel companies benefit from favorable shift in consumer preferences away from goods spending to prioritizing travel experiences. Fund owns best-in-class hotel companies Hilton and Hyatt which should continue benefiting from these secular trends including flexible work arrangements allowing more travel and cyclically depressed business activity creating opportunities. Despite near-term housing market challenges from affordability issues and buyer/seller strikes, there is structural underinvestment in housing relative to demographic needs. US builds same number of homes today as 1960 despite 160 million more people. Fund sees long-term bullish opportunity in companies like Toll Brothers and Champion Homes as housing market rebounds. Industrial real estate benefits from multi-year demand drivers including e-commerce growth, last mile infrastructure needs, onshoring trends, and shift from just-in-time to just-in-case inventory management. AI's physical manifestation through robotics and automation will require more industrial facilities. Fund owns Prologis, EastGroup Properties, and Terreno Realty. | IRM VTR WELL FBIN SKY CSGP H PLD JLL |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Aug 8, 2025 | Seeking Alpha | Ahan Analytics | Taylor Morrison Home Corporation | Consumer Discretionary | Residential Construction | 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 |
|---|---|---|---|---|---|---|---|---|
| Ronald Muhlenkamp | Muhlenkamp & Co Inc | $371.8M | $9.3M | 2.51% | 158,548 | +1,150 | +0.73% | 0.1421% |
| Donald G. Smith | Donald Smith & Co. | $5.3B | $97.3M | 1.82% | 1,652,725 | -29,134 | -1.73% | 1.4810% |
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $19.2M | 0.04% | 325,820 | -325,838 | -50.00% | 0.2920% |
| Ray Dalio | Bridgewater Associates | $27.4B | $6.5M | 0.02% | 110,721 | -54,170 | -32.85% | 0.0992% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $17.6M | 0.02% | 298,953 | -485,466 | -61.89% | 0.2679% |
| Israel Englander | Millennium Management LLC | $233.2B | $41.2M | 0.02% | 699,199 | -229,540 | -24.72% | 0.6265% |
| Jeremy Grantham | GMO LLC | $39.1B | $233,478 | 0.00% | 3,966 | -22,126 | -84.80% | 0.0036% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $16.4M | 0.02% | 278,938 | +220,614 | +378.26% | 0.2500% |
| Cliff Asness | AQR Capital Management | $190.6B | $218.3M | 0.11% | 3,710,885 | +1,497,329 | +67.64% | 3.3225% |
| Bruce Kovner | Caxton Associates | $3.2B | $1.9M | 0.06% | 30,952 | -14,334 | -31.65% | 0.0288% |
| Mario Gabelli | GAMCO Investors | $10.4B | $776,495 | 0.01% | 13,190 | +3,200 | +32.03% | 0.0118% |
| Cory Martin | Barrow, Hanley, Mewhinney & Strauss | $30.0B | $16,719 | 0.00% | 284 | +20 | +7.58% | 0.0003% |
| Rich Handler | Jefferies | $19.3B | $1.5M | 0.01% | 25,400 | -920 | -3.50% | 0.0228% |