HF Best Ideas
AnalysesQuarterly LettersInsightsChartsWarren AI
All funds

Baron

Dec 2024 → Sep 2026 · Publishes quarterly · 26 funds

Our archive holds 135 letters from Baron, behind 479 investment theses and positions in 381 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

Get an email when this fund publishes its next letter

135
Letters
381
Companies
301
Moves
479
Theses

26 strategies

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

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 301 moves

  • AddedDigital Realty Trust, Inc.
    September 2026
    “We added to our position in Digital Realty Trust, Inc. during the quarter.”
    Read the letter
  • TrimmedMadrigal Pharmaceuticals, Inc.
    September 2026
    “We sold Madrigal Pharmaceuticals, Inc. to manage risk ahead of a competitor’s clinical trial readout.”
    Read the letter
  • AddedBXP, Inc.
    September 2026
    “In the second quarter, we reacquired shares of BXP, Inc. (formerly known as Boston Properties),”
    Read the letter
  • TrimmedBlackstone Digital Infrastructure Trust Inc.
    September 2026
    “We also trimmed the Fund's position in Blackstone Digital Infrastructure Trust Inc.”
    Read the letter
  • New positionBiogen Inc.
    September 2026
    “We initiated a position in Biogen Inc., a neuroscience and immunology-focused biopharmaceutical company that we believe is in the early stages of a transformation.”
    Read the letter
  • New positionJersey Mike's Subs
    September 2026
    “During the quarter, we initiated a position in Jersey Mike’s Subs Inc., a franchisor of fast casual, submarine-style sandwich restaurants.”
    Read the letter
  • AddedTaiwan Semiconductor Manufacturing Company Limited
    September 2026
    “We added to several of our existing positions during the quarter, including Taiwan Semiconductor Manufacturing Company Limited, Samsung Electronics Co., Ltd., SK hynix Inc., Petroleo Brasileiro S.A., Tencent Holdings Limited, Vista Energy, S.A.B. de C.V., Gold Fields Limited, and Alibaba Group Holding Limited.”
    Read the letter
  • New positionAmerican Tower Corporation
    September 2026
    “Currently, the Fund maintains a position in American Tower Corporation.”
    Read the letter
  • AddedData Patterns (India) Limited
    September 2026
    “During the quarter, adding to our global security/supply chain diversification theme, we accumulated positions in Zijin Gold International Company Limited and Data Patterns (India) Limited.”
    Read the letter
  • AddedEuronext N.V.
    September 2026
    “Lastly, we increased our exposure to several existing positions during the quarter, including OHB SE, Spotify Technology S.A., Euronext N.V., Sartorius Stedim Biotech S.A., INNIO N.V., and Tencent Holdings Limited.”
    Read the letter
  • ExitedBoyd Gaming Corporation
    September 2026
    “In the most recent quarter, we exited the Fund’s investments in Fortune Brands Innovations, Inc., a leading provider of plumbing, outdoor, and security products for the residential construction and remodel sectors, and Boyd Gaming Corporation, a casino gaming company, and reallocated the capital to other real estate companies that we believe offer superior total return prospects in the next few years.”
    Read the letter
  • TrimmedAstraZeneca PLC
    September 2026
    “We sold AstraZeneca PLC for the reasons discussed earlier.”
    Read the letter
  • AddedVista Energy, S.A.B. de C.V.
    September 2026
    “We added to several of our existing positions during the quarter, including Divi's Laboratories Limited, Prio S.A., Astra Microwave Products Limited, Vista Energy, S.A.B. de C.V., Godrej Properties Limited, HD Hyundai Marine Solution Co., Ltd., Ceres Power Holdings plc, Nu Holdings Ltd., and China Mengniu Dairy Company Limited.”
    Read the letter
  • New positionLegence Corp.
    September 2026
    “We began acquiring shares of Legence Corp. during the quarter.”
    Read the letter
  • New positionReformation
    September 2026
    “We also purchased Reformation Inc., which went public earlier this year.”
    Read the letter
  • New positionLyntris
    September 2026
    “We participated in the IPO of Lyntris Inc., a fast-growing proprietary defense solutions provider with a 90% sole-sourced portfolio exposed to many of the nation’s key defense offerings.”
    Read the letter
  • ExitedWiseTech Global Limited
    September 2026
    “Disposals included Mitsui Fudosan Co., Ltd., WiseTech Global Limited, Zhejiang Shuanghuan Driveline Co., Ltd., HD Hyundai Heavy Industries Co., Ltd., and Sberbank of Russia PJSC.”
    Read the letter
  • New positionHumana Inc.
    September 2026
    “We initiated a position in Humana Inc., the largest pure-play Medicare Advantage insurer in the U.S., because we believe the stock offers compelling margin recovery opportunities.”
    Read the letter
  • ExitedWynn Resorts, Limited
    September 2026
    “We exited our position in Wynn Resorts, Limited, an operator of hotel and casino resorts, in order to initiate a new position in Texas Roadhouse, Inc., a casual dining restaurant operator.”
    Read the letter
  • ExitedThe Japan Steel Works, Ltd.
    September 2026
    “During the quarter, we also exited a handful of positions including Larsen & Toubro Limited, SK Square Co., Ltd., Tencent Music Entertainment Group, Samsung Heavy Industries Co., Ltd., and The Japan Steel Works, Ltd., as we continue our endeavor to allocate capital to our highest-conviction ideas.”
    Read the letter
  • ExitedTencent Music Entertainment Group
    September 2026
    “During the quarter, we also exited a handful of positions including Larsen & Toubro Limited, SK Square Co., Ltd., Tencent Music Entertainment Group, Samsung Heavy Industries Co., Ltd., and The Japan Steel Works, Ltd., as we continue our endeavor to allocate capital to our highest-conviction ideas.”
    Read the letter
  • AddedTencent Holdings Limited
    September 2026
    “Lastly, we increased our exposure to several existing positions during the quarter, including OHB SE, Spotify Technology S.A., Euronext N.V., Sartorius Stedim Biotech S.A., INNIO N.V., and Tencent Holdings Limited.”
    Read the letter
  • ExitedSamsung Heavy Industries Co., Ltd.
    September 2026
    “During the quarter, we also exited a handful of positions including Larsen & Toubro Limited, SK Square Co., Ltd., Tencent Music Entertainment Group, Samsung Heavy Industries Co., Ltd., and The Japan Steel Works, Ltd., as we continue our endeavor to allocate capital to our highest-conviction ideas.”
    Read the letter
  • TrimmedBillionToOne, Inc.
    September 2026
    “We reduced the positions in BillionToOne, Inc. and RadNet, Inc. due to valuation, though we maintain conviction in both companies.”
    Read the letter
  • New positionCubeSmart
    September 2026
    “In 2026, we re-initiated positions in Public Storage and CubeSmart.”
    Read the letter
  • New positionFirst Industrial Realty Trust, Inc.
    September 2026
    “We remain constructive on the Fund’s industrial REIT holdings, Prologis, Inc., EastGroup Properties, Inc., and our most recent addition, First Industrial Realty Trust, Inc.”
    Read the letter
  • AddedNu Holdings Ltd.
    September 2026
    “We added to several of our existing positions during the quarter, including Divi's Laboratories Limited, Prio S.A., Astra Microwave Products Limited, Vista Energy, S.A.B. de C.V., Godrej Properties Limited, HD Hyundai Marine Solution Co., Ltd., Ceres Power Holdings plc, Nu Holdings Ltd., and China Mengniu Dairy Company Limited.”
    Read the letter
  • TrimmedCareDx
    September 2026
    “We trimmed positions in Rubrik, Inc. and CareDx, Inc. after significant share price gains (up 43.4% and 129.7%, respectively) lifted them to outsized weightings in the Fund.”
    Read the letter
  • New positionNeste Oyj
    September 2026
    “During the quarter, we initiated positions in Neste Oyj and Golar LNG Limited as part of our sustainability/ESG and global security themes.”
    Read the letter
  • TrimmedRadNet, Inc.
    September 2026
    “We reduced the positions in BillionToOne, Inc. and RadNet, Inc. due to valuation, though we maintain conviction in both companies.”
    Read the letter

Showing the 30 most recent of 301 recorded moves.

Companies held · 381

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

Theses · 479

  • Shopify Inc.
    September 2026

    Shopify is the operating system for entrepreneurship, with a merchant-aligned model, AI tailwinds, and a long growth runway supporting durable free cash flow growth.

    Read the full thesis
  • The Macerich Company
    September 2026

    The Macerich Company is a mall REIT with strong leasing fundamentals, an engaged management team, and upside from debt reduction and FFO growth.

    Read the full thesis
  • Meritage Homes Corporation
    September 2026

    Meritage Homes Corporation is a homebuilder with a depressed valuation, book value compounding potential, and a long-term housing growth runway.

    Read the full thesis
  • Gartner, Inc.
    September 2026

    Gartner is a syndicated research provider poised to reaccelerate contract value growth, an underappreciated AI beneficiary with earnings and free cash flow growing faster than revenue.

    Read the full thesis
  • Bachem Holding AG
    September 2026

    Bachem is a peptide CDMO positioned to benefit from structural peptide drug demand growth, with capacity expansion and reshoring tailwinds supporting ~20% revenue growth.

    Read the full thesis
  • Bangkok Bank Public Company Limited
    September 2026

    Bangkok Bank is an attractively valued Thai bank with a strong balance sheet, conservative underwriting, and potential for ROE improvement and valuation rerating.

    Read the full thesis
  • ISC Co., Ltd.
    September 2026

    ISC is a South Korean semiconductor test socket maker with ~90% share of rubber sockets, benefiting from AI chip testing demand and capacity expansion.

    Read the full thesis
  • Piraeus Bank S.A.
    September 2026

    Piraeus Bank is a Greek bank with accelerating earnings momentum, an improving credit profile, and growing capacity to deliver shareholder returns.

    Read the full thesis
  • Lyntris Inc.
    September 2026

    Lyntris is a sole-sourced defense solutions provider with capable management, ~30% growth, expanding margins, and a compelling valuation at 11x EBITDA.

    Read the full thesis
  • Netskope, Inc.
    September 2026

    Netskope is a cloud and AI application security provider with architectural differentiation and strong growth, well positioned for the AI security shift.

    Read the full thesis
  • Legence Corp.
    September 2026

    Legence provides mission-critical building systems services and is attractive due to design-build scale, labor advantages, data center exposure, and valuation.

    Read the full thesis
  • Toll Brothers, Inc.
    September 2026

    Toll Brothers is a luxury homebuilder with a strong customer base, limited competition, a valuable land portfolio, and attractive valuation.

    Read the full thesis

Showing the 48 most recent of 479 theses. Browse them by company to see the rest.

Letter archive · 135

2026

2025

2024

Get Baron’s next letter the day it lands

We track Baron alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund