Baron
Baron Global Opportunity Fund
Global Large-cap Opportunistic
Sep 2025 → Sep 2026
Our archive holds 6 letters from this strategy, behind 24 investment theses and positions in 38 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 2 years · follow all of Baron for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Institutional Shares
- YTD+24.6%index +13.0%
- 1Y+32.7%index +16.8%
- 3Y · /yr+32.1%index +21.7%
- 5Y · /yr+3.4%index +11.6%
- 10Y · /yr+15.7%index +12.4%
- Inception · /yr+13.8%index +11.0%
Index: MSCI ACWI Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Baron Global Opportunity Fund | +24.6% | +32.7% | +32.1% | +3.4% | +15.7% | +13.8% |
| MSCI ACWI Index | +13.0% | +16.8% | +21.7% | +11.6% | +12.4% | +11.0% |
Since inception: Since Inception (4/30/2012)
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
We have exited six stub positions during the quarter – Alphabet, Adyen, InPost, Afya, INNIO, and Taboola.com.
We have exited six stub positions during the quarter – Alphabet, Adyen, InPost, Afya, INNIO, and Taboola.com.
We also reduced five existing positions: SpaceX, which continues to be our highest conviction investment and the largest holding in the portfolio, and the four software companies— Cloudflare, CrowdStrike, Datadog, and Netskope – whose valuations had become more demanding following a period of strong share price appreciation.
- TrimmedSpace Exploration Technologies Corp.Sep 2026
We also reduced five existing positions: SpaceX, which continues to be our highest conviction investment and the largest holding in the portfolio, and the four software companies— Cloudflare, CrowdStrike, Datadog, and Netskope – whose valuations had become more demanding following a period of strong share price appreciation.
We also reduced five existing positions: SpaceX, which continues to be our highest conviction investment and the largest holding in the portfolio, and the four software companies— Cloudflare, CrowdStrike, Datadog, and Netskope – whose valuations had become more demanding following a period of strong share price appreciation.
We have exited six stub positions during the quarter – Alphabet, Adyen, InPost, Afya, INNIO, and Taboola.com.
During the quarter, we initiated a new position in the optical networking solutions provider, Coherent.
We have exited six stub positions during the quarter – Alphabet, Adyen, InPost, Afya, INNIO, and Taboola.com.
- ExitedINNIO GroupSep 2026
We have exited six stub positions during the quarter – Alphabet, Adyen, InPost, Afya, INNIO, and Taboola.com.
We have exited six stub positions during the quarter – Alphabet, Adyen, InPost, Afya, INNIO, and Taboola.com.
We also reduced five existing positions: SpaceX, which continues to be our highest conviction investment and the largest holding in the portfolio, and the four software companies— Cloudflare, CrowdStrike, Datadog, and Netskope – whose valuations had become more demanding following a period of strong share price appreciation.
- TrimmedNetskope, Inc.Sep 2026
We also reduced five existing positions: SpaceX, which continues to be our highest conviction investment and the largest holding in the portfolio, and the four software companies— Cloudflare, CrowdStrike, Datadog, and Netskope – whose valuations had become more demanding following a period of strong share price appreciation.
- New positionINNIO Group Holdings GmbHJun 2026
we initiated five new positions: the leading search and AI company, Alphabet, one of the leading memory providers, Samsung Electronics, a fast-inferencing AI chip provider, Cerebras, a supplier of critical parts used in aerospace engines and industrial gas turbines, DPC Holdings, and an engine provider for power generation, INNIO.
We added to our position during the quarter, seeing evidence of the growing AI wave in China through significant bookings growth
- New positionCerebras Systems Inc.Jun 2026
we participated in the company’s IPO during the quarter.
We have sold four stub positions during the quarter: PDD, Wix, Viking Therapeutics, and Fiverr.
We also took advantage of stock price volatility and significant inflows into the Fund to add to many existing positions including Shopify, Nu, NVIDIA, Amazon, GDS, ASML, TSMC, MercadoLibre, Tesla, ServiceTitan, and others.
During the second quarter, we initiated five new positions: the leading search and AI company, Alphabet, one of the leading memory providers, Samsung Electronics, a fast-inferencing AI chip provider, Cerebras, a supplier of critical parts used in aerospace engines and industrial gas turbines, DPC Holdings, and an engine provider for power generation, Innio.
The market’s reaction as an attractive opportunity to increase our position, taking advantage of the pullback in the share price.
We have sold four stub positions during the quarter: PDD, Wix, Viking Therapeutics, and Fiverr.
We also took advantage of stock price volatility and significant inflows into the Strategy to add to many existing positions including Shopify, Nu, NVIDIA, Amazon, GDS, ASML, TSMC, MercadoLibre, Tesla, ServiceTitan, and others.
We have sold four stub positions during the quarter: PDD, Wix, Viking Therapeutics, and Fiverr.
- New positionDPC Holdings LimitedJun 2026
We also initiated a new position in DPC Holdings Limited, a leading manufacturer of precision-cast superalloy components
During the second quarter, we initiated five new positions: the leading search and AI company, Alphabet, one of the leading memory providers, Samsung Electronics, a fast-inferencing AI chip provider, Cerebras, a supplier of critical parts used in aerospace engines and industrial gas turbines, DPC Holdings, and an engine provider for power generation, Innio.
Also held
- Amazon.com, Inc.
- ASML Holding N.V.
- Zscaler, Inc.
- Taiwan Semiconductor Manufacturing Company Limited
- Cerebras Systems Inc.
- NVIDIA Corporation
- MercadoLibre, Inc.
- GDS Holdings Limited
- Illumina, Inc.
- Heartflow, Inc.
- Nu Holdings Ltd.
- Nebius Group N.V.
- Shopify Inc.
- Snowflake Inc.
- Space Exploration Technologies Corp.
- Datadog, Inc.
- CrowdStrike Holdings, Inc.
Its investment theses
- Shopify Inc.Sep 2026Shopify is a leading commerce platform whose proprietary merchant and buyer data position it to benefit as AI-driven discovery and agentic checkout grow in commerce.
- Cloudflare, Inc.Sep 2026Cloudflare operates one of the world's largest networks, and its scale and architecture give it a durable advantage as AI agents reshape internet use.
- CrowdStrike Holdings, Inc.Sep 2026CrowdStrike is a cloud-native cybersecurity platform with modules across every major security category that benefits from structural consolidation of security spending.
- Forgent Power Solutions, Inc.Sep 2026Forgent Power Solutions makes custom low- and medium-voltage electrical distribution equipment and is gaining share through industry-leading lead times, with years of growth and margin expansion ahead.
- Loar Holdings Inc.Sep 2026Loar Holdings makes highly engineered, mission-critical aerospace components and holds unused pricing power plus a strong new product pipeline.
- Coherent Corp.Sep 2026Coherent makes optical networking components for data centers, and its vertical integration and photonics expertise position it for sustained growth as AI clusters require more optical connections.
- Space Exploration Technologies Corp.Jun 2026Space Exploration Technologies Corp. is viewed as a unique, vertically integrated platform benefiting from reusable rockets, Starlink, AI infrastructure, and multiple long-duration optionality layers.
- Samsung Electronics Co., Ltd.Jun 2026Samsung Electronics Co., Ltd. is a vertically integrated memory leader benefiting from AI-driven demand, constrained supply, and foundry optionality at an inexpensive valuation.
- DPC Holdings LimitedJun 2026DPC Holdings Limited supplies precision superalloy components for aircraft engines and gas turbines and benefits from qualification barriers, long-term agreements, and operating leverage.
- CrowdStrike Holdings, Inc.Jun 2026CrowdStrike Holdings, Inc. is a cloud-native cybersecurity platform positioned to benefit from enterprise AI adoption and efficient cross-sell into its installed base.