Baron
Baron Fifth Avenue Growth Fund
US Mega-cap Growth
Dec 2024 → Jun 2026
Our archive holds 6 letters from this strategy, behind 11 investment theses and positions in 23 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
Top net sales for the quarter Quarter End Market Cap or Market Cap When Sold ($B) Net Amount Sold ($M) Snowflake Inc. 88.2 5.8 KKR & Co. Inc. 82.4 5.3 Datadog, Inc. 92.7 5.2 argenx SE 57.7 4.1 Samsara Inc. 18.9 4.1
Top net sales for the quarter Quarter End Market Cap or Market Cap When Sold ($B) Net Amount Sold ($M) Snowflake Inc. 88.2 5.8 KKR & Co. Inc. 82.4 5.3 Datadog, Inc. 92.7 5.2 argenx SE 57.7 4.1 Samsara Inc. 18.9 4.1
Top net sales for the quarter Quarter End Market Cap or Market Cap When Sold ($B) Net Amount Sold ($M) Snowflake Inc. 88.2 5.8 KKR & Co. Inc. 82.4 5.3 Datadog, Inc. 92.7 5.2 argenx SE 57.7 4.1 Samsara Inc. 18.9 4.1
During the second quarter, we initiated a new investment in the fast-inference semiconductor company, Cerebras.
We continued building our Amphenol Corporation position in the second quarter after initiating it in the first quarter (see the Q1 letter for a full write-up).
Top net sales for the quarter Quarter End Market Cap or Market Cap When Sold ($B) Net Amount Sold ($M) Snowflake Inc. 88.2 5.8 KKR & Co. Inc. 82.4 5.3 Datadog, Inc. 92.7 5.2 argenx SE 57.7 4.1 Samsara Inc. 18.9 4.1
We added to Eli Lilly & Company in the second quarter as we believe it remains a compelling big idea.
Top net sales for the quarter Quarter End Market Cap or Market Cap When Sold ($B) Net Amount Sold ($M) Snowflake Inc. 88.2 5.8 KKR & Co. Inc. 82.4 5.3 Datadog, Inc. 92.7 5.2 argenx SE 57.7 4.1 Samsara Inc. 18.9 4.1
Also held
Its investment theses
- Space Exploration Technologies Corp.Jun 2026SpaceX is positioned as a uniquely advantaged platform across reusable rockets, Starlink, defense, and AI infrastructure with massive long-term optionality.
- Cerebras Systems Inc.Jun 2026Cerebras Systems Inc. targets fast AI inference with wafer-scale hardware and a durable moat in a still-early market.
- Eli Lilly and CompanyJun 2026Eli Lilly and Company is a leader in GLP-1 drugs with massive underpenetration, strong pipeline optionality, and long-term growth potential.
- Amphenol CorporationMar 2026Amphenol is a diversified interconnect leader with a strong culture, AI-driven growth acceleration, and a long runway for compounding.
- Meta Platforms, Inc.Dec 2025Meta Platforms is a dominant social network benefiting from AI-driven engagement and ad improvements with long-term monetization optionality despite elevated near-term AI spend.
- Broadcom Inc.Dec 2025Broadcom is a leading semiconductor and infrastructure software provider uniquely positioned to co-design custom AI accelerators and networking at scale with accelerating AI revenue and strong margins.
- Monolithic Power Systems, Inc.Dec 2025Monolithic Power Systems designs leading power management semiconductors poised to benefit from surging AI data center power density and automotive electrification.
- Alphabet Inc.Sep 2025Alphabet Inc. is well-positioned for long-term growth despite potential risks from generative AI, leveraging its extensive ecosystem, AI expertise, and diversified revenue streams to maintain a competitive advantage.
- CrowdStrike Holdings, Inc.Sep 2025CrowdStrike Holdings, Inc. is a leading cybersecurity platform experiencing reacceleration in revenue growth through strong product adoption and customer trust, making it a core long-term investment with robust margins and cash flow generation.
- KKRSep 2025KKR & Co. Inc. is a leading alternative asset manager poised for growth with a diversified business model and strong fundraising capabilities, targeting $1 trillion in assets under management.