Baron
Baron Partners Fund
Large-cap
Dec 2024 → Jun 2026
Our archive holds 6 letters from this strategy, behind 12 investment theses and positions in 29 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 3 years — follow all of Baron for every strategy.
What it bought and sold
We started accumulating SpaceX shares in 2017 when the company was valued at approximately $21.6 billion, and continued to add shares in subsequent financing rounds.
Also held
- Gaming and Leisure Properties, Inc.
- Moderna, Inc.
- Red Rock Resorts, Inc.
- MSCI Inc.
- Vail Resorts, Inc.
- CoStar Group, Inc.
- Eli Lilly and Company
- FactSet Research Systems Inc.
- The Charles Schwab Corporation
- Birkenstock Holding plc
- Gartner, Inc.
- Spotify Technology S.A.
- Verisk Analytics, Inc.
- IDEXX Laboratories, Inc.
- Kinsale Capital Group, Inc.
- Arch Capital Group Ltd.
- Hyatt Hotels Corporation
- On Holding AG
- Guidewire Software, Inc.
- HEICO Corporation
- Amazon.com, Inc.
- Morningstar, Inc.
- Alphabet Inc.
- Shopify Inc.
- Tesla, Inc.
- Choice Hotels International, Inc.
- NVIDIA Corporation
- Figma, Inc.
Its investment theses
- Tesla, Inc.Jun 2026Tesla, Inc. is an electric vehicle and energy company with a growing autonomy, robotaxi, and physical AI platform that supports its long-term positioning.
- Guidewire Software, Inc.Jun 2026Guidewire Software, Inc. provides mission-critical P&C insurance software and is expected to benefit from cloud migration, large TAM capture, and high margins.
- Space Exploration Technologies Corp.Jun 2026Space Exploration Technologies Corp. is a launch and satellite company whose reusable rockets, Starlink expansion, Starship progress, and AI-related partnerships are expected to drive durable long-term growth.
- Tesla, Inc.Jun 2026Tesla, Inc. is an electric vehicle, energy storage, and AI company whose autonomy progress, robotaxi ambitions, and vertically integrated cost advantages underpin a long-term growth thesis.
- FactSet Research Systems Inc.Jun 2026FactSet Research Systems Inc. provides financial data and analytics, and the thesis centers on its role as AI infrastructure, subscription growth, partnerships, and valuation.
- CoStar Group, Inc.Mar 2026CoStar is a real estate information platform with recurring revenue, differentiated data assets, and long-term growth opportunities.
- Gartner, Inc.Mar 2026Gartner is a syndicated research company with proprietary data, competitive advantages, and AI-enabled upside despite near-term pressure.
- FactSet Research Systems Inc.Mar 2026FactSet is a financial data and workflow provider with sticky customers, strong free cash flow, and AI-enabled product opportunities.
- FactSet Research Systems Inc.Dec 2025FactSet Research Systems Inc. is a leading financial data and software provider with sticky customers, a large TAM, strong cash generation, and a capable new CEO focused on accelerating growth and AI-enhanced product development.
- Gartner, Inc.Dec 2025Gartner, Inc. is a syndicated research leader with proprietary data and tangible ROI that should benefit from AI as an accelerant and a recovery in public sector demand while buybacks exploit discounted valuation.