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.
Performance
as of Jun 30, 2026 · net of fees · USD · Institutional Shares
- YTD+10.4%index +7.3%
- 1Y+48.8%index +6.2%
- 3Y · /yr+22.7%index +15.6%
- 5Y · /yr+13.8%index +6.0%
- 10Y · /yr+25.5%index +13.0%
- Inception · /yr+18.0%index +11.8%
Index: Russell Midcap Growth Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Baron Partners Fund | +10.4% | +48.8% | +22.7% | +13.8% | +25.5% | +18.0% |
| Russell Midcap Growth Index | +7.3% | +6.2% | +15.6% | +6.0% | +13.0% | +11.8% |
Since inception: Since Conversion (4/30/2003)
Disclaimer
These figures are copied from the manager’s latest letter, as of Jun 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
- AddedSpace Exploration Technologies Corp.Jun 2026
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.