Baron
Baron Opportunity Fund
US Large-cap Opportunistic
Dec 2024 → Jun 2026
Our archive holds 7 letters from this strategy, behind 27 investment theses and positions in 40 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
During the quarter, we added to our position in Welltower Inc. , which owns and operates senior housing communities in the U.S. and internationally.
We trimmed our Datadog, Inc. position to a lower portfolio weight after the stock rose 121% in the second quarter.
Cybersecurity and systems software: Rubrik, Inc., CrowdStrike Holdings, Inc., and Cloudflare, Inc.
Cybersecurity and systems software: Rubrik, Inc., CrowdStrike Holdings, Inc., and Cloudflare, Inc.
We exited our position in ServiceNow, Inc. , which was a successful long-term investment for the Fund, and redeployed the capital into the software and digital services names discussed in the Review and Outlook section above.
Cybersecurity and systems software: Rubrik, Inc., CrowdStrike Holdings, Inc., and Cloudflare, Inc.
During the quarter, we participated in the IPO of Cerebras Systems Inc. , a semiconductor design and compute services company building AI accelerators around one of the most differentiated architectures in the market.
Micron Technology, Inc., one of the three largest memory chip manufacturers globally and a stock we added to the Strategy during the quarter, appreciated 242%, vaulting it into the trillion-dollar market-cap club alongside fellow semiconductor giants NVIDIA Corporation and Broadcom Inc.
We sold out of our long-term investment in CoStar Group, Inc., as described above.
During the quarter, we initiated a position in Fervo Energy Company, a pioneer in enhanced geothermal systems (EGS).
During the quarter, we added to our position in Alphabet Inc. , the parent company of Google—the world’s largest search and digital advertising franchise—as well as YouTube and Google Cloud Platform, one of the three leading hyperscale cloud infrastructure businesses globally.
Also held
- Spotify Technology S.A.
- GDS Holdings Limited
- Coherent Corp.
- Eli Lilly and Company
- Amazon.com, Inc.
- Broadcom Inc.
- Taiwan Semiconductor Manufacturing Company Limited
- Space Exploration Technologies Corp.
- Snowflake Inc.
- ASML Holding N.V.
- Guidewire Software, Inc.
- Tesla, Inc.
- Forgent Power Solutions, Inc.
- indie Semiconductor, Inc.
- Meta Platforms, Inc.
Its investment theses
- Broadcom Inc.Jun 2026Broadcom Inc. is positioned to benefit from AI-related custom silicon demand, anchored by deep customer relationships and a leading market position.
- Alphabet Inc.Jun 2026Alphabet Inc. combines dominant search, cloud, and AI capabilities with vertical integration and strong cash generation.
- Cerebras Systems Inc.Jun 2026Cerebras Systems Inc. targets fast AI inference with differentiated hardware, major customer commitments, and category leadership.
- Welltower Inc.Jun 2026Welltower Inc. benefits from senior housing demographic tailwinds, software-enabled margin expansion, and disciplined capital allocation.
- Fervo Energy CompanyJun 2026Fervo Energy Company is a market-leading enhanced geothermal developer with proprietary technology, strong contracted demand, and attractive cost-down potential.
- Micron Technology, Inc.Jun 2026Micron Technology, Inc. is increasingly central to AI through memory bottlenecks, long-term demand tailwinds, and a more defensible product structure.
- NVIDIA CorporationJun 2026NVIDIA Corporation benefits from a dominant AI infrastructure franchise, strong differentiation, and durable visibility into hyperscaler spending growth.
- Guidewire Software, Inc.Jun 2026Guidewire Software, Inc. owns a mission-critical insurance system of record with significant ARR potential and an AI-driven expansion opportunity.
- GDS Holdings LimitedJun 2026GDS Holdings Limited benefits from long-term data center demand, AI tailwinds in China, and underappreciated value in its DayOne stake.
- Space Exploration Technologies Corp.Jun 2026Space Exploration Technologies Corp. combines launch, Starlink, and emerging AI infrastructure into a vertically integrated platform with massive long-term growth optionality and cost leadership potential.