Baron
Baron Global Advantage Fund
Global
Dec 2024 → Jun 2025
Our archive holds 2 letters from this strategy, behind 4 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years · follow all of Baron for every strategy.
What it bought and sold
Our largest add during the quarter was Taiwan Semiconductor Manufacturing Company Limited as we continued to build our position.
We also added to our position in the leading DNA sequencing platform, Illumina, Inc.
We recently initiated a position in Loar Holdings Inc., a niche aerospace parts manufacturer founded in 2012.
While we continue to believe that Cloudflare, Inc. (up 74% during the quarter) and Snowflake Inc. (up 53% during the quarter) are high-quality businesses with significant opportunities ahead, we took advantage of market volatility to manage position sizing and to reallocate to other ideas.
During the quarter, we initiated a position in Nu Holdings Ltd., a leading Latin American digital bank operating in Brazil, Mexico, and Colombia.
We also took advantage of stock price volatility and continued to build our position in the leading semiconductor manufacturer, TSMC, as well as our newer position in the leading software provider for the trades, ServiceTitan.
Top net sales for the quarter Quarter End Market Cap ($B) Net Amount Sold ($M) Cloudflare, Inc. 67.9 25.2 Snowflake Inc. 74.7 4.4 BILL Holdings, Inc. 4.8 4.3 Fiverr International Ltd. 1.1 1.3 Wix.com Ltd. 8.8 1.2
During the second quarter, we established two new positions in leading Latin American digital bank, Nu Holdings, and aerospace and defense components supplier, Loar Holdings. We also took advantage of stock price volatility and continued to build our position in the leading semiconductor manufacturer, TSMC, as well as our newer position in the leading software provider for the trades, ServiceTitan. We also added to the leading DNA sequencing tools supplier, Illumina, and the electric vehicle manufacturer Tesla.
Top net sales for the quarter Quarter End Market Cap ($B) Net Amount Sold ($M) Cloudflare, Inc. 67.9 25.2 Snowflake Inc. 74.7 4.4 BILL Holdings, Inc. 4.8 4.3 Fiverr International Ltd. 1.1 1.3 Wix.com Ltd. 8.8 1.2
While we continue to believe that Cloudflare, Inc. (up 74% during the quarter) and Snowflake Inc. (up 53% during the quarter) are high-quality businesses with significant opportunities ahead, we took advantage of market volatility to manage position sizing and to reallocate to other ideas.
Top net sales for the quarter Quarter End Market Cap ($B) Net Amount Sold ($M) Cloudflare, Inc. 67.9 25.2 Snowflake Inc. 74.7 4.4 BILL Holdings, Inc. 4.8 4.3 Fiverr International Ltd. 1.1 1.3 Wix.com Ltd. 8.8 1.2
Also held
- Space Exploration Technologies Corp.
- argenx SE
- Bajaj Finance Limited
- NVIDIA Corporation
- Eternal Ltd.
- Endava plc
- Coupang, Inc.
- Globant S.A.
- MercadoLibre, Inc.
Its investment theses
- Illumina, Inc.Jun 2025Illumina, Inc. is a leading DNA sequencing platform with strong long-term growth potential despite recent pressures, driven by its competitive advantages in the expanding $40 billion clinical diagnostics market.
- Loar Holdings Inc.Jun 2025Loar Holdings Inc. is a niche aerospace parts manufacturer with a strong proprietary product portfolio, significant aftermarket exposure, and a disciplined M&A strategy, positioning it for robust organic revenue and EBITDA growth.
- Nu Holdings Ltd.Jun 2025Nu Holdings Ltd. is a rapidly growing digital bank in Latin America, disrupting traditional banking with a tech-first platform, a strong brand, and significant growth potential in underserved markets.
- Taiwan Semiconductor Manufacturing Company LimitedJun 2025Taiwan Semiconductor Manufacturing Company Limited is well-positioned for long-term growth due to its unmatched semiconductor manufacturing capabilities and the accelerating adoption of AI across industries.