Baron
Baron Durable Advantage Fund
US Mega-cap
Dec 2024 → Jun 2026
Our archive holds 7 letters from this strategy, behind 25 investment theses and positions in 26 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 3 years · follow all of Baron for every strategy.
Performance
as of Jun 30, 2026 · net of fees · USD
- YTD+3.4%index +10.2%
- 1Y+12.2%index +22.3%
- 3Y · /yr+20.3%index +20.6%
- 5Y · /yr+14.0%index +13.4%
- Inception · /yr+15.7%index +14.1%
Index: S&P 500 Index
| YTD | 1Y | 3Yper year | 5Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| Baron Durable Advantage Fund | +3.4% | +12.2% | +20.3% | +14.0% | +15.7% |
| S&P 500 Index | +10.2% | +22.3% | +20.6% | +13.4% | +14.1% |
Calendar years
- 2025+16.7%index +17.9%
- 2024+27.3%index +25.0%
- 2023+45.9%index +26.3%
- 2022−24.4%index −18.1%
- 2021+32.9%index +28.7%
Since inception: Since Inception (1/31/2018)
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
- New positionArxis, Inc.Jun 2026
During the quarter, we initiated a new position in Arxis, Inc., a leading designer and manufacturer of proprietary, mission critical electronic and mechanical components (such as bearings, springs, connectors or capacitors) engineered for cutting edge performance across the defense and space (50% of sales), industrial technology (30%), and commercial aerospace (20%) end markets.
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 Net Amount Sold ($M) Meta Platforms, Inc. 8.8 Thermo Fisher Scientific Inc. 6.0 Intuit Inc. 4.8 Monolithic Power Systems, Inc. 2.6 LPL Financial Holdings Inc. 2.5
To finance these purchases, we exited two investments: Thermo Fisher Scientific, and Intuit, and reduced nine existing positions.
Top net sales for the quarter Net Amount Sold ($M) Meta Platforms, Inc. 8.8
Top net sales for the quarter Net Amount Sold ($M) Meta Platforms, Inc. 8.8 Thermo Fisher Scientific Inc. 6.0 Intuit Inc. 4.8 Monolithic Power Systems, Inc. 2.6 LPL Financial Holdings Inc. 2.5
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.
To finance these purchases, we exited two investments: Thermo Fisher Scientific, and Intuit, and reduced nine existing positions.
Also held
- LPL Financial Holdings Inc.
- NVIDIA Corporation
- Broadcom Inc.
- Costco Wholesale Corporation
- Alphabet Inc.
- S&P Global Inc.
- Moody's Corporation
- Visa Inc.
- CME Group, Inc.
- Microsoft Corporation
- Taiwan Semiconductor Manufacturing Company Limited
- CME Group Inc.
- Amazon.com, Inc.
- Mastercard Incorporated
- MSCI Inc.
- Welltower Inc.
Its investment theses
- 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.
- Monolithic Power Systems, Inc.Jun 2026Monolithic Power Systems, Inc. benefits from AI server power demand, sticky design wins, and a durable competitive position.
- Arxis, Inc.Jun 2026Arxis, Inc. is a proprietary components compounder with sticky mission-critical products, a strong execution system, and a long growth runway.
- 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.
- Welltower Inc.Mar 2026Welltower is a premium senior housing owner with pricing power, secular demand growth, and astute capital allocation.