Baron
Baron Asset Fund
US Large-cap
Jun 2025 → Jun 2026
Our archive holds 6 letters from this strategy, behind 18 investment theses and positions in 23 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 2 years · follow all of Baron for every strategy.
Performance
as of Jun 30, 2026 · net of fees · USD · Institutional Shares
- YTD+9.7%index +7.3%
- 1Y+13.3%index +6.2%
- 3Y · /yr+12.2%index +15.6%
- 5Y · /yr+3.7%index +6.0%
- 10Y · /yr+12.3%index +13.0%
- Inception · /yr+11.4%index +10.5%
Index: Russell Midcap Growth Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Baron Asset Fund | +9.7% | +13.3% | +12.2% | +3.7% | +12.3% | +11.4% |
| Russell Midcap Growth Index | +7.3% | +6.2% | +15.6% | +6.0% | +13.0% | +10.5% |
Since inception: Since Inception (6/12/1987)
Disclaimer
These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We added to about a dozen positions during the quarter, with the largest being construction aggregates producer Vulcan Materials Company , electronic trading platform Tradeweb Markets Inc. , and public safety technology company Axon Enterprise, Inc.
We initiated a position in Edwards Lifesciences Corporation , a leading manufacturer of heart valve replacement and repair products.
We added to about a dozen positions during the quarter, with the largest being construction aggregates producer Vulcan Materials Company , electronic trading platform Tradeweb Markets Inc. , and public safety technology company Axon Enterprise, Inc.
We managed down the Fund’s weightings in several long-held positions, including Amphenol Corporation , Gartner, Inc. , IDEXX Laboratories, Inc. , and Hyatt Hotels Corporation .
We reduced our position in Fair Isaac Corporation , which produces the FICO score that is widely used by lenders to evaluate consumers’ creditworthiness, in response to ongoing uncertainty about potential regulatory changes in the mortgage market.
We added to about a dozen positions during the quarter, with the largest being construction aggregates producer Vulcan Materials Company , electronic trading platform Tradeweb Markets Inc. , and public safety technology company Axon Enterprise, Inc.
We managed down the Fund’s weightings in several long-held positions, including Amphenol Corporation , Gartner, Inc. , IDEXX Laboratories, Inc. , and Hyatt Hotels Corporation .
We managed down the Fund’s weightings in several long-held positions, including Amphenol Corporation , Gartner, Inc. , IDEXX Laboratories, Inc. , and Hyatt Hotels Corporation .
We sold our position in Floor & Decor Holdings, Inc. , a retailer of home flooring, over concerns that market demand trends will remain depressed for longer than we had expected.
We reduced our position in Booz Allen Hamilton Holding Corporation , which primarily provides technology consulting and implementation services to the U.S. defense establishment, over concerns about the looming impact of AI on their business.
- New positionCerebras Systems Inc.Jun 2026
We initiated a position in Cerebras Systems Inc. , a semiconductor design company building accelerators for AI that completed its IPO during the quarter.
Also held
- Arch Capital Group Ltd.
- Guidewire Software, Inc.
- Space Exploration Technologies Corp.
- The Charles Schwab Corporation
- Gartner, Inc.
- CoStar Group, Inc.
Its investment theses
- Cerebras Systems Inc.Jun 2026Cerebras Systems Inc. designs AI accelerators, and the fund believes its differentiated architecture, fast-inference advantage, and AI infrastructure tailwinds support growth.
- Edwards Lifesciences CorporationJun 2026Edwards Lifesciences Corporation makes heart valve replacement and repair products, and the fund sees dominant market share, expanding markets, and attractive margins.
- Space Exploration Technologies Corp.Jun 2026Space Exploration Technologies Corp. develops rockets, satellites, and spacecraft, and the fund believes its massive addressable markets and AI-related contracts support long-term growth.
- Guidewire Software, Inc.Jun 2026Guidewire Software, Inc. sells core software for P&C insurers, and the fund sees a large recurring-revenue opportunity and AI-driven expansion of adoption and profitability.
- Quanta Services, Inc.Jun 2026Quanta Services, Inc. provides infrastructure contracting services, and the fund sees strong secular tailwinds and mid-to-high teens earnings growth potential.
- CoStar Group, Inc.Mar 2026CoStar Group is a leading real estate information and marketplaces provider with differentiated data assets, high recurring revenue, and meaningful cash flow potential.
- Gartner, Inc.Mar 2026Gartner is a syndicated research provider with a large addressable market, competitive advantages, robust free cash flow, and potential AI-enabled product enhancements.
- Vulcan Materials CompanyMar 2026Vulcan Materials Company is the largest U.S. aggregates producer with high barriers to entry, strong pricing power, and multi-year infrastructure and construction tailwinds driving expected low-to-mid teens earnings growth.
- Quanta Services, Inc.Mar 2026Quanta Services is a leading specialty contractor positioned to compound earnings at mid-to-high teens driven by grid modernization, electrification, and data center demand.
- Forgent Power Solutions, Inc.Mar 2026Forgent Power Solutions is a custom low- and medium-voltage equipment manufacturer poised to benefit from AI data center and grid capex with expanding margins and significant growth ambitions.