Baron
Baron Focused Growth Fund
US Large-cap Growth
Dec 2024 → Jun 2026
Our archive holds 7 letters from this strategy, behind 11 investment theses and positions in 28 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 3 years — follow all of Baron for every strategy.
What it bought and sold
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
- MSCI Inc.
- Neuralink Corp.
- Gartner, Inc.
- FIGS, Inc.
- Spotify Technology S.A.
- Guidewire Software, Inc.
- Jefferies Financial Group Inc.
- Moderna, Inc.
- On Holding AG
- Figma, Inc.
- Tesla, Inc.
- Interactive Brokers Group, Inc.
- Shopify Inc.
- Airbnb, Inc.
- Vail Resorts, Inc.
- Hyatt Hotels Corporation
- Toll Brothers, Inc.
- Samsara Inc.
- Live Nation Entertainment, Inc.
- Red Rock Resorts, Inc.
- Choice Hotels International, Inc.
- CoStar Group, Inc.
Its investment theses
- Space Exploration Technologies Corp.Jun 2026Space Exploration Technologies Corp. develops rockets, satellites and spacecraft, and the fund believes its massive addressable markets, AI-related deals and Starship progress support long-term growth.
- Hyatt Hotels CorporationJun 2026Hyatt Hotels Corporation operates a global hotel and franchise business, and the fund likes its fee growth, strong balance sheet, free cash flow and discounted valuation.
- Guidewire Software, Inc.Jun 2026Guidewire Software, Inc. provides core P&C insurance software, and the fund expects cloud migration, ARR growth and high margins to make it the critical vendor in a large market.
- Guidewire Software, Inc.Mar 2026Guidewire Software, Inc. is a P&C insurance software leader benefiting from cloud migration, ARR growth, and margin expansion.
- FactSet Research Systems Inc.Mar 2026FactSet Research Systems Inc. is a growth business whose insider buying and valuation reinforce the fund’s conviction.
- TeslaSep 2025Tesla is well positioned for growth due to its expanding energy storage business, strong demand for its refreshed vehicle models, and significant investments in AI and technology.
- GuidewireJun 2025Guidewire is positioned to become the leading software vendor in the global P&C insurance industry, capturing up to 50% of its $15-30 billion market while expanding subscription gross margins and benefiting from accelerated cloud transitions.
- TeslaJun 2025Tesla is well positioned for further growth due to its expanding energy storage business, strong demand for refreshed models, significant AI investments, and a robust balance sheet.
- Vail ResortsJun 2025Vail is well-positioned for long-term growth with strong financial visibility, effective operational planning, and a focus on enhancing guest experience, supported by a strategic cost-cutting plan and a solid balance sheet.
- IDEXX Laboratories, Inc.Dec 2024IDEXX Laboratories, Inc. is expected to achieve accelerated growth and strong financial performance due to the pandemic-driven increase in pet ownership, improved foot traffic, and its significant pricing power.