Baron
Baron Durable Advantage Fund
US Mega-cap
Dec 2024 → Jun 2026
Our archive holds 6 letters from this strategy, behind 26 investment theses and positions in 26 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 3 years — follow all of Baron for every strategy.
What it bought and sold
We took advantage of market volatility to add to our electrical systems and components designer and manufacturer, Amphenol , and also continued building our recently initiated position in the semiconductor equipment manufacturer, Lam Research.
Top net sales for the quarter Quarter End Market Cap ($B) Net Amount Sold ($M) Meta Platforms, Inc. 1,429.9 8.8 Thermo Fisher Scientific Inc. 162.9 6.0 Intuit Inc. 76.9 4.8 Monolithic Power Systems, Inc. 67.9 2.6
To finance these purchases, we exited two investments: Thermo Fisher Scientific , and Intuit , and reduced nine existing positions.
To finance these purchases, we exited two investments: Thermo Fisher Scientific , and Intuit , and reduced nine existing positions.
Top net sales for the quarter Quarter End Market Cap ($B) Net Amount Sold ($M) Meta Platforms, Inc. 1,429.9 8.8
During the second quarter, we initiated a new position in the aerospace and defense focused proprietary component manufacturer, Arxis .
Also held
Its investment theses
- Arxis, Inc.Jun 2026Arxis, Inc. makes mission-critical proprietary components with sticky annuity-like revenues, a durable growth engine, and a long runway.
- Amphenol CorporationJun 2026Amphenol Corporation is a mission-critical connectivity supplier with a decentralized culture, strong growth, and a long runway.
- Lam Research CorporationJun 2026Lam Research Corporation is a semiconductor equipment supplier benefiting from AI-driven WFE demand and stronger etch and deposition intensity.
- Alphabet Inc.Jun 2026Alphabet Inc. combines full-stack AI integration, scale distribution, and balance-sheet strength that support durable growth and a competitive moat.
- Monolithic Power Systems, Inc.Jun 2026Monolithic Power Systems, Inc. benefits from AI server power demand, sticky design wins, and a durable competitive position.
- Quanta Services, Inc.Mar 2026Quanta Services is a leading specialty contractor with secular infrastructure tailwinds and strong expected EPS growth.
- Lam Research CorporationMar 2026Lam Research is a leading semiconductor equipment supplier with strong switching costs, recurring revenue, and AI-driven secular tailwinds.
- MSCI Inc.Mar 2026MSCI is a proprietary data and index franchise with strong switching costs and multiple secular growth tailwinds.
- Taiwan Semiconductor Manufacturing Company LimitedMar 2026Taiwan Semiconductor Manufacturing Company is the dominant advanced foundry with a widening moat and long-term AI-driven earnings growth.
- Amphenol CorporationMar 2026Amphenol is a leading interconnect supplier benefiting from AI data center buildout and expanding connectivity capabilities.