Baron
Baron First Principles ETF
Mar 2026 → Sep 2026
Our archive holds 3 letters from this strategy, behind 7 investment theses and positions in 25 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in a year · follow all of Baron for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · ETF Market Price
- YTD−6.3%index +6.4%
- Inception · total−6.7%index +6.8%
Index: Russell 3000 Growth Index
| YTD | Since inceptiontotal | |
|---|---|---|
| Baron First Principles ETF | −6.3% | −6.7% |
| Russell 3000 Growth Index | +6.4% | +6.8% |
Since inception: Since Inception (12/12/2025)
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 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 →Also held
- Tesla, Inc.
- Shopify Inc.
- Red Rock Resorts, Inc.
- The Charles Schwab Corporation
- Airbnb, Inc.
- Spotify Technology S.A.
- HEICO Corporation
- Guidewire Software, Inc.
- FactSet Research Systems Inc.
- Space Exploration Technologies Corp.
- Choice Hotels International, Inc.
- Birkenstock Holding plc
- FIGS, Inc.
- Hyatt Hotels Corporation
- Arch Capital Group Ltd.
- Kinsale Capital Group, Inc.
- MSCI Inc.
- On Holding AG
- IDEXX Laboratories, Inc.
- Live Nation Entertainment, Inc.
- Interactive Brokers Group, Inc.
- Morningstar, Inc.
- Verisk Analytics, Inc.
- CoStar Group, Inc.
- Vail Resorts, Inc.
Its investment theses
- Space Exploration Technologies Corp.Sep 2026SpaceX nearly doubled revenue with sharply narrowing losses on compute-hosting deals and Starlink, and the manager sees it at the center of the AI and space secular trends.
- Hyatt Hotels CorporationSep 2026Hyatt is growing units at a mid-single-digit rate with accelerating RevPAR, and the manager expects its discount to peers to narrow as growth continues.
- Tesla, Inc.Jun 2026Tesla, Inc. is an EV and energy company whose autonomous driving, robotaxi, and physical AI initiatives support a large long-term growth opportunity.
- Hyatt Hotels CorporationJun 2026Hyatt Hotels Corporation is a global hotelier with fee-driven growth, strong free cash flow, a solid balance sheet, and valuation upside versus peers.
- The Charles Schwab CorporationJun 2026The Charles Schwab Corporation is described as a top holding with significant competitive advantages and large market opportunities.
- FIGS, Inc.Mar 2026FIGS is a healthcare apparel company expanding its customer base, product assortment, and international footprint.
- CoStar Group, Inc.Mar 2026CoStar Group is a real estate data and marketing platform with recurring revenue, differentiated assets, and long-term cash flow potential.