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Baron

Dec 2024 → Jun 2026 · Publishes quarterly · 25 funds

Our archive holds 125 letters from Baron, behind 430 investment theses and positions in 262 companies. Every quote below is copied verbatim from the letter it came from.

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Baron’s own letters page
125
Letters
262
Companies
181
Moves
430
Theses

25 strategies

Baron publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.

What they bought and sold · 181 moves

  • ExitedHDFC Bank Limited
    June 2026
    “During the quarter, we also exited several positions including InPost S.A. , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Kuaishou Technology , Park Systems Corporation , Kaynes Technology India Limited , WuXi Biologics (Cayman) Inc. , and HDFC Bank Limited , as we continue our endeavor to allocate capital to our highest conviction ideas.”
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  • New positionRasan Information Technology Company
    June 2026
    “During the quarter, adding to our digitization theme, we accumulated a position in Rasan Information Technology Company , the leading digital insurance and financial services marketplace in Saudi Arabia.”
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  • New positionINOX India Limited
    June 2026
    “We were active in adding to our Make in India/supply chain diversification theme by initiating positions in INOX India Limited (INOXCVA) and KSH International Limited .”
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  • ExitedHDFC Bank Limited
    June 2026
    “We also exited three investments – Indutrade, HDFC Bank, and Wix – reallocating to names in which we saw a more attractive risk-reward profile.”
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  • AddedInterGlobe Aviation Limited
    June 2026
    “Finally, we added to several of our existing positions during the quarter, most notably InterGlobe Aviation Limited , Bajaj Finance Limited , JSW Energy Limited , Acutaas Chemicals Limited , Nuvama Wealth Management Limited , Divi's Laboratories Limited , and Trent Limited .”
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  • AddedNuvama Wealth Management Limited
    June 2026
    “Finally, we added to several of our existing positions during the quarter, most notably InterGlobe Aviation Limited , Bajaj Finance Limited , JSW Energy Limited , Acutaas Chemicals Limited , Nuvama Wealth Management Limited , Divi's Laboratories Limited , and Trent Limited .”
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  • ExitedApogee Therapeutics, Inc.
    June 2026
    “We sold Apogee Therapeutics, Inc. and Terns Pharmaceuticals, Inc. following announcements that they were being acquired, Apogee by AbbVie Inc. and Terns by Merck & Co., Inc. , another Fund holding .”
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  • TrimmedDatadog, Inc.
    June 2026
    “We trimmed our Datadog, Inc. position to a lower portfolio weight after the stock rose 121% in the second quarter.”
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  • AddedBXP, Inc.
    June 2026
    “In the second quarter, we reacquired shares in BXP, Inc. (formerly known as Boston Properties), a blue-chip office REIT that owns a portfolio of premier office properties in coastal U.S. markets including Boston, New York City, San Francisco, Washington, D.C., Los Angeles, and Seattle, following a share price correction in the first quarter.”
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  • Addedd'Alba Global Co., Ltd.
    June 2026
    “We added to several of our existing positions during the quarter, including JSW Energy Limited , Grupo Mexico, S.A.B. de C.V. , SK hynix Inc. , Alibaba Group Holding Limited , Nu Holdings Ltd. , Power Grid Corporation of India Limited , Contemporary Amperex Technology Co., Limited , d'Alba Global Co., Ltd. , and Pony AI Inc.”
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  • ExitedHD Korea Shipbuilding & Offshore Engineering Co., Ltd.
    June 2026
    “During the quarter, we also exited several positions including InPost S.A. , HD Korea Shipbuilding & Offshore Engineering Co., Ltd. , Kuaishou Technology , Park Systems Corporation , Kaynes Technology India Limited , WuXi Biologics (Cayman) Inc. , and HDFC Bank Limited , as we continue our endeavor to allocate capital to our highest conviction ideas.”
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  • AddedTrent Limited
    June 2026
    “Finally, we added to several of our existing positions during the quarter, most notably InterGlobe Aviation Limited , Bajaj Finance Limited , JSW Energy Limited , Acutaas Chemicals Limited , Nuvama Wealth Management Limited , Divi's Laboratories Limited , and Trent Limited .”
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  • AddedMettler-Toledo International Inc.
    June 2026
    “We added to our position in Mettler-Toledo International Inc ., a company we have owned in the Fund since inception.”
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  • AddedEquity Residential
    June 2026
    “In the second quarter of 2026, we increased exposure to multi-family REITs Equity Residential, Essex Property Trust, Inc., and UDR, Inc.”
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  • AddedEssex Property Trust, Inc.
    June 2026
    “In the second quarter of 2026, we increased exposure to multi-family REITs Equity Residential, Essex Property Trust, Inc., and UDR, Inc.”
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  • TrimmedVail Resorts, Inc.
    June 2026

    Listed in Baron’s reported holdings.

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  • TrimmedGDS Holdings Limited
    June 2026
    “we trimmed our position and reallocated capital to companies where we have a higher degree of visibility and lower exogenous risks such as the current geopolitical environment.”
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  • AddedPony AI Inc.
    June 2026
    “We added to several of our existing positions during the quarter, including JSW Energy Limited , Grupo Mexico, S.A.B. de C.V. , SK hynix Inc. , Alibaba Group Holding Limited , Nu Holdings Ltd. , Power Grid Corporation of India Limited , Contemporary Amperex Technology Co., Limited , d'Alba Global Co., Ltd. , and Pony AI Inc.”
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  • AddedAcutaas Chemicals Limited
    June 2026
    “Finally, we added to several of our existing positions during the quarter, most notably InterGlobe Aviation Limited , Bajaj Finance Limited , JSW Energy Limited , Acutaas Chemicals Limited , Nuvama Wealth Management Limited , Divi's Laboratories Limited , and Trent Limited .”
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  • New positionSartorius Stedim Biotech S.A.
    June 2026
    “We established a new position in Sartorius Stedim Biotech S.A. , which supplies equipment and reagents to biopharmaceutical companies for the production of biologic drugs.”
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  • ExitedEssential Properties Realty Trust, Inc.
    June 2026
    “We exited the Fund’s position in Essential Properties Realty Trust, Inc. and reallocated to the proceeds to other REITs that we believe may offer superior return potential.”
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  • New positionOTP Bank Nyrt
    June 2026
    “We also initiated a position in OTP Bank Nyrt , the leading banking franchise in Hungary and one of the premier financial institutions across Central and Eastern Europe, with operations spanning 11 countries.”
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  • New positionRubrik, Inc.
    June 2026
    “We initiated a position in Rubrik, Inc. , a subscription software company focused on automating backup, storage, and recovery of corporate data, as well as creating resilience to cyberattacks on that data.”
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  • TrimmedSiTime Corporation
    June 2026

    Listed in Baron’s reported holdings.

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  • New positionWingstop Inc.
    June 2026
    “Wingstop Inc. was a previous successful investment that remains a best-in-class franchisor with stellar unit economics and long growth runway.”
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  • ExitedTaylor Morrison Home Corporation
    June 2026
    “Following the announcement of Berkshire Hathaway’s agreement to acquire Taylor Morrison Home Corporation , a leading national homebuilder, we exited the Strategy's investment in the company.”
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  • TrimmedEquinix, Inc.
    June 2026
    “Following a 40% increase in the shares of Equinix, Inc. , a leading global operator of data centers, we trimmed the Strategy's large position in the company but remain bullish about the company’s long-term business prospects.”
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  • AddedUDR, Inc.
    June 2026
    “In the second quarter of 2026, we increased exposure to multi-family REITs Equity Residential, Essex Property Trust, Inc., and UDR, Inc.”
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  • ExitedServiceNow, Inc.
    June 2026
    “We exited our position in ServiceNow, Inc. , which was a successful long-term investment for the Fund, and redeployed the capital into the software and digital services names discussed in the Review and Outlook section above.”
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  • AddedShake Shack Inc.
    June 2026
    “During the quarter we purchased Shake Shack Inc. , a premium fast-casual burger chain.”
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Showing the 30 most recent of 181 recorded moves.

Companies held · 262

Every company Baron has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 430

  • Cerebras Systems Inc.
    June 2026

    Cerebras Systems Inc. designs AI accelerators, and the fund believes its differentiated architecture, fast-inference advantage, and AI infrastructure tailwinds support growth.

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  • Hyatt Hotels Corporation
    June 2026

    Hyatt Hotels Corporation operates a global hotel and franchise business, and the fund likes its fee growth, strong balance sheet, free cash flow and discounted valuation.

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  • Space Exploration Technologies Corp.
    June 2026

    Space Exploration Technologies Corp. develops rockets, satellites, and spacecraft, and the fund believes its massive addressable markets and AI-related contracts support long-term growth.

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  • Rasan Information Technology Company
    June 2026

    Rasan Information Technology is a dominant digital insurance marketplace in Saudi Arabia with scale advantages, switching costs, and long structural growth runway.

    Read the full thesis
  • NVIDIA Corporation
    June 2026

    NVIDIA Corporation benefits from a dominant AI infrastructure franchise, strong differentiation, and durable visibility into hyperscaler spending growth.

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  • Vertiv Holdings Co
    June 2026

    Vertiv Holdings Co supplies data-center power and cooling systems and is backed by strong growth, market-leading solutions, and attractive long-term financial targets.

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  • Divi's Laboratories Limited
    June 2026

    Divi's Laboratories is an API and intermediates manufacturer benefiting from supply chain realignment, GLP-1 demand, and multi-year growth visibility.

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  • Axon Enterprise, Inc.
    June 2026

    Axon Enterprise, Inc. is a market-leading public safety technology platform with strong moats and significant five-year upside.

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  • Digital Realty Trust, Inc.
    June 2026

    Digital Realty Trust, Inc. is supported by strong data center fundamentals and secular demand from cloud and AI.

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  • INNIO N.V.
    June 2026

    INNIO makes reciprocating engines and is positioned to benefit from AI-driven behind-the-meter power demand, strong backlog, and a long service tail.

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  • Samsung Electronics Co., Ltd.
    June 2026

    Samsung Electronics is held for secular AI-driven memory demand, constrained supply, and valuation upside with foundry optionality.

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  • Acutaas Chemicals Limited
    June 2026

    Acutaas Chemicals is a high-share pharmaceutical intermediates and specialty chemicals maker with CDMO growth, R&D depth, and strong revenue visibility.

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Showing the 48 most recent of 430 theses. Browse them by company to see the rest.

Letter archive · 125

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2024

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