Baron
Baron SMID Cap ETF
US Mid-cap
Mar 2026 → Jun 2026
Our archive holds 2 letters from this strategy, behind 8 investment theses and positions in 22 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year — follow all of Baron for every strategy.
What it bought and sold
Monolithic Power Systems, Inc. 2025 45.6 67.9 327.5
During the quarter we purchased Shake Shack Inc. , a premium fast-casual burger chain.
Viking Holdings Ltd 2026 46.7 355.0
During the quarter, we initiated a position in Advanced Drainage Systems, Inc. (ADS), the leading U.S. manufacturer of stormwater and onsite wastewater management products.
Rambus Inc. 2026 10.7 12.0 363.3
We sold the position in the quarter as we grew incrementally more concerned with the presence of competitors on the market.
We sold our position in the quarter to re-evaluate the accelerating competitive landscape and to assess a series of safety issues that have affected Insulet’s AID production.
Top net sales for the quarter Year Acquired Market Cap When Acquired ($B) Market Cap When Sold ($B) Net Amount Sold ($K) Booz Allen Hamilton Holding Corporation 2025 11.3 8.5 652.6
Also held
Its investment theses
- Advanced Drainage Systems, Inc.Jun 2026Advanced Drainage Systems, Inc. has scale, cost advantages, and secular tailwinds that support multi-year growth, margin expansion, and an attractive valuation.
- Karman Holdings Inc.Jun 2026Karman Holdings Inc. has proprietary, mission-critical defense systems, high-margin economics, and strong organic growth supported by missile production tailwinds.
- Shake Shack Inc.Jun 2026Shake Shack Inc. has a differentiated brand, attractive unit economics, and a long runway for double-digit growth and margin expansion.
- Guidewire Software, Inc.Jun 2026Guidewire Software, Inc. is a critical insurance system of record with large recurring revenue potential and AI-driven upside to growth and profitability.
- Axon Enterprise, Inc.Jun 2026Axon Enterprise, Inc. is a market-leading public safety technology platform with strong moats and significant five-year upside.
- Forgent Power Solutions, Inc.Jun 2026Forgent Power Solutions, Inc. is positioned to benefit from AI infrastructure and grid buildout with customized products, share gains, and significant growth and margin expansion ahead.
- Guidewire Software, Inc.Mar 2026Guidewire Software is accelerating cloud ARR with a sticky installed base and AI tailwinds, supporting significant free cash flow-driven upside.
- Samsara Inc.Mar 2026Samsara is an IoT and software platform leveraging a compounding proprietary sensor dataset to deliver ROI, expand share, and benefit from secular infrastructure tailwinds.