Baron
Baron First Principles ETF
Mar 2026 → Jun 2026
Our archive holds 2 letters from this strategy, behind 9 investment theses and positions in 25 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Baron for every strategy.
Also held
- FIGS, Inc.
- Hyatt Hotels Corporation
- CoStar Group, Inc.
- Arch Capital Group Ltd.
- On Holding AG
- Birkenstock Holding plc
- Airbnb, Inc.
- Guidewire Software, Inc.
- Red Rock Resorts, Inc.
- HEICO Corporation
- Vail Resorts, Inc.
- Shopify Inc.
- MSCI Inc.
- Spotify Technology S.A.
- Choice Hotels International, Inc.
- Morningstar, Inc.
- Live Nation Entertainment, Inc.
- FactSet Research Systems Inc.
- Kinsale Capital Group, Inc.
- The Charles Schwab Corporation
- Tesla, Inc.
- Verisk Analytics, Inc.
- Interactive Brokers Group, Inc.
- IDEXX Laboratories, Inc.
- Space Exploration Technologies Corp.
Its investment theses
- 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.
- Space Exploration Technologies Corp.Jun 2026Space Exploration Technologies Corp. combines launch, satellite, and AI infrastructure growth with major new funding and long-term revenue/profit expansion potential.
- 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.
- Guidewire Software, Inc.Jun 2026Guidewire Software, Inc. is a P&C insurance software vendor whose cloud transition, sticky installed base, ARR growth, and large TAM support a long-term bullish case.
- MSCI Inc.Jun 2026MSCI Inc. is identified as a top holding with significant competitive advantages, exclusive data, and large market opportunities.
- The Charles Schwab CorporationJun 2026The Charles Schwab Corporation is described as a top holding with significant competitive advantages and large market opportunities.
- Spotify Technology S.A.Jun 2026Spotify Technology S.A. is cited as a disruptive growth business expected to keep growing significantly and potentially generate exceptional long-term returns.
- 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.