Baron
Baron Financials ETF
Financial Services
Dec 2025 → Jun 2026
Our archive holds 4 letters from this strategy, behind 8 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 years · follow all of Baron for every strategy.
Performance
as of Jun 30, 2026 · net of fees · USD · ETF Market Price
- YTD−14.8%index −1.8%
- 1Y−20.1%index +3.4%
- 3Y · /yr+7.0%index +19.0%
- 5Y · /yr−2.3%index +9.7%
- Inception · /yr+6.5%index +10.7%
Index: MSCI USA Financials Index
| YTD | 1Y | 3Yper year | 5Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| Baron Financials ETF | −14.8% | −20.1% | +7.0% | −2.3% | +6.5% |
| MSCI USA Financials Index | −1.8% | +3.4% | +19.0% | +9.7% | +10.7% |
Since inception: Since Inception (12/31/2019)
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
Top net purchases for the quarter Quarter End Market Cap ($B) Net Amount Purchased ($M) JPMorgan Chase & Co. 877.1 1.7 American Express Company 230.8 0.9 AerCap Holdings N.V. 23.6 0.9 Bank of America Corporation 404.4 0.6 Lincoln International, Inc. 2.4 0.3
Top net purchases for the quarter Quarter End Market Cap ($B) Net Amount Purchased ($M) JPMorgan Chase & Co. 877.1 1.7 American Express Company 230.8 0.9 AerCap Holdings N.V. 23.6 0.9 Bank of America Corporation 404.4 0.6 Lincoln International, Inc. 2.4 0.3
- AddedLincoln International, Inc.Jun 2026
Top net purchases for the quarter Quarter End Market Cap ($B) Net Amount Purchased ($M) JPMorgan Chase & Co. 877.1 1.7 American Express Company 230.8 0.9 AerCap Holdings N.V. 23.6 0.9 Bank of America Corporation 404.4 0.6 Lincoln International, Inc. 2.4 0.3
We initiated a position in AerCap Holdings N.V., the largest aircraft leasing company in the world.
We trimmed S&P Global Inc. to manage the position size and fund purchases elsewhere.
We also exited smaller positions in financial software companies due to slower growth outlooks and to fund investments in other higher conviction ideas.
We trimmed Fair Isaac Corporation due to regulatory and competitive risks.
Also held
Its investment theses
- AerCap Holdings N.V.Jun 2026AerCap is the leading aircraft lessor with predictable cash flows, secular demand tailwinds, cheap valuation, and double-digit compounding potential.
- Interactive Brokers Group, Inc.Jun 2026Interactive Brokers is a structurally growing, low-cost, highly automated brokerage platform with operating leverage and sustainable competitive advantages.
- JPMorgan Chase & Co.Jun 2026JPMorgan Chase is an industry-leading bank gaining share in large markets with a trusted brand, strong returns on equity, and attractive valuation.
- American Express CompanyJun 2026American Express is an industry leader serving affluent customers and businesses with strong returns on equity, trusted brand strength, and attractive valuation.
- Bank of America CorporationMar 2026Bank of America is a scale U.S. bank with durable low-cost deposits, leading digital capabilities, and multiple EPS growth and margin expansion drivers at an attractive valuation.
- Morgan StanleyDec 2025Morgan Stanley is a diversified wealth and investment banking leader with durable, capital-light growth, competitive advantages, and potential for 20%+ ROE.
- S&P Global Inc.Dec 2025S&P Global Inc. is a leading ratings and data provider with strong tailwinds from issuance and data demand, supporting sustained organic growth, margin expansion, and double-digit EPS growth.
- Neptune Insurance Holdings Inc.Dec 2025Neptune Insurance Holdings Inc. is a capital-efficient private flood insurance MGA with scalable advantages, large TAM, and 15–20% EBITDA growth potential.