Baron
Baron Focused Growth Fund
US Large-cap Growth
Dec 2024 → Sep 2026
Our archive holds 8 letters from this strategy, behind 21 investment theses and positions in 29 companies. Every quote below is copied verbatim from the letter it came from.
8 letters in 3 years · follow all of Baron for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Institutional Shares
- YTD+5.1%index +7.3%
- 1Y+18.1%index +7.6%
- 3Y · /yr+22.3%index +14.9%
- 5Y · /yr+11.2%index +3.5%
- 10Y · /yr+21.4%index +10.6%
- Inception · /yr+14.3%index +10.1%
Index: Russell 2500 Growth Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Baron Focused Growth Fund | +5.1% | +18.1% | +22.3% | +11.2% | +21.4% | +14.3% |
| Russell 2500 Growth Index | +7.3% | +7.6% | +14.9% | +3.5% | +10.6% | +10.1% |
Since inception: Since Conversion (6/30/2008)
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 →What it bought and sold
For example, during the third quarter we increased our position in On as we believed its growth prospects and valuation remained attractive and management announced a billion dollar buyback program
As a result, during the quarter we increased our positions in many of these stocks.
As a result, during the quarter we increased our positions in many of these stocks.
As a result, during the quarter we increased our positions in many of these stocks.
As a result, during the quarter we increased our positions in many of these stocks.
As a result, during the quarter we increased our positions in many of these stocks.
Also held
- Space Exploration Technologies Corp.
- Birkenstock Holding plc
- Gartner, Inc.
- Interactive Brokers Group, Inc.
- Vail Resorts, Inc.
- Choice Hotels International, Inc.
- Tesla, Inc.
- Morningstar, Inc.
- Spotify Technology S.A.
- Las Vegas Sands Corporation
- Shopify Inc.
- Hyatt Hotels Corporation
- Arch Capital Group Ltd.
- FIGS, Inc.
- Red Rock Resorts, Inc.
- Jefferies Financial Group Inc.
- FactSet Research Systems Inc.
- Samsara Inc.
- MSCI Inc.
- Neuralink Corp.
- Guidewire Software, Inc.
- Moderna, Inc.
- On Holding AG
- Figma, Inc.
- Airbnb, Inc.
- Toll Brothers, Inc.
- Live Nation Entertainment, Inc.
- CoStar Group, Inc.
Its investment theses
- Space Exploration Technologies Corp.Sep 2026SpaceX is a founder-led rocket, satellite and spacecraft company in the early stages of a multi-decade growth opportunity with rapidly scaling revenue and high incremental margins.
- Tesla, Inc.Sep 2026Tesla is an EV and energy company investing heavily in autonomy, robotics and AI chips, offering a robust long-term physical AI opportunity despite near-term profit pressure.
- On Holding AGSep 2026On is a global sportswear brand with strong direct-to-consumer growth, a long runway for growth and expanding margins, making its valuation attractive.
- Red Rock Resorts, Inc.Sep 2026Red Rock is a Las Vegas locals casino operator gaining market share with strong ROIC, a strong balance sheet and a trough valuation poised to expand as growth reaccelerates.
- Hyatt Hotels CorporationSep 2026Hyatt is a global hotelier with a resilient fee-for-service model, unit growth and margin expansion trading at a significant discount to peers that should narrow.
- Guidewire Software, Inc.Sep 2026Guidewire is a P&C insurance software vendor with a sticky installed base, expanding cloud ARR and margins, and a large addressable market it can dominate.
- Samsara Inc.Sep 2026Samsara is an internet-connected sensor platform for physical operations with strong demand, high customer ROI and continued revenue growth with expanding margins.
- FactSet Research Systems Inc.Sep 2026FactSet is an investment management tools provider with a deep moat around trust, brand and distribution, embedded in customer workflows and generating robust free cash flow.
- Shopify Inc.Sep 2026Shopify is a leading commerce platform and durable compounder whose proprietary merchant and buyer data position it as a key beneficiary of AI-driven commerce.
- Gartner, Inc.Sep 2026Gartner is a syndicated research provider poised to reaccelerate contract value growth, an underappreciated AI beneficiary with earnings and free cash flow growing faster than revenue.