Baron
Baron Technology Fund
Global Mega-cap Technology
Sep 2025 → Jun 2026
Our archive holds 4 letters from this strategy, behind 18 investment theses and positions in 24 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 years · follow all of Baron for every strategy.
Performance
as of Jun 30, 2026 · net of fees · USD
- YTD+29.4%index +29.7%
- 1Y+36.0%index +50.5%
- 3Y · /yr+37.5%index +33.5%
- Inception · /yr+21.9%index +22.4%
Index: MSCI ACWI Information Technology Index
| YTD | 1Y | 3Yper year | Since inceptionper year | |
|---|---|---|---|---|
| Baron Technology Fund | +29.4% | +36.0% | +37.5% | +21.9% |
| MSCI ACWI Information Technology Index | +29.7% | +50.5% | +33.5% | +22.4% |
Calendar years
- 2025+17.7%index +26.4%
- 2024+48.7%index +31.6%
- 2023+64.9%index +51.0%
Since inception: Since Inception (1/31/2022)
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
We exited our position in Solaris Energy Infrastructure, Inc., which we discussed as a new position in our first quarter letter.
With forward estimates at risk of further revision and no clear catalyst for a near-term inflection in go-to-market productivity, we chose to exit our position during the quarter.
To Quanta Services, Inc., our long-standing holding in electric grid construction and hardening, and Forgent, initiated last quarter, we added new positions in Bloom Energy Corporation and INNIO N.V. in on-site and distributed generation, Fervo Energy Company in next-generation geothermal, and DPC Holdings Limited, which manufactures castings utilized in Industrial Gas Turbines used in power generation.
We trimmed our position in NVIDIA Corporation , which had grown to represent an outsized share of the Fund.
We trimmed our position in Amazon.com, Inc. to add to Alphabet Inc. , where we see a more compelling near-term risk/reward.
- AddedFervo Energy CompanyJun 2026
To Quanta Services, Inc. , our long-standing holding in electric grid construction and hardening, and Forgent, initiated last quarter, we added new positions in Bloom Energy Corporation and INNIO N.V. in on-site and distributed generation, Fervo Energy Company in next-generation geothermal, and DPC Holdings Limited , which manufactures castings utilized in Industrial Gas Turbines used in power generation.
Among others, during the second quarter we initiated or added to the following positions:
- AddedINNIO N.V.Jun 2026
To Quanta Services, Inc. , our long-standing holding in electric grid construction and hardening, and Forgent, initiated last quarter, we added new positions in Bloom Energy Corporation and INNIO N.V. in on-site and distributed generation, Fervo Energy Company in next-generation geothermal, and DPC Holdings Limited , which manufactures castings utilized in Industrial Gas Turbines used in power generation.
We initiated a position in Advanced Micro Devices, Inc. during the second quarter.
We trimmed our positions in Datadog, Inc. and Lumentum Holdings Inc. following meaningful appreciation in both stocks that, in our view, left near-term upside more limited relative to our other holdings.
We trimmed our positions in Datadog, Inc. and Lumentum Holdings Inc. following meaningful appreciation in both stocks that, in our view, left near-term upside more limited relative to our other holdings.
- New positionCerebras Systems Inc.Jun 2026
We initiated positions in AMD and Cerebras Systems Inc. in AI compute, and in SK hynix, which, alongside our larger holding in Micron, deepens the Fund's exposure to the high-bandwidth memory (HBM) at the heart of every AI accelerator.
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.
Micron Technology, Inc. is an industry leader in innovative memory and storage solutions that enable advances in AI applications.
To Quanta Services, Inc. , our long-standing holding in electric grid construction and hardening, and Forgent, initiated last quarter, we added new positions in Bloom Energy Corporation and INNIO N.V. in on-site and distributed generation, Fervo Energy Company in next-generation geothermal, and DPC Holdings Limited , which manufactures castings utilized in Industrial Gas Turbines used in power generation.
Among others, during the second quarter we initiated or added to the following positions:
We initiated positions in AMD and Cerebras Systems Inc. in AI compute, and in SK hynix, which, alongside our larger holding in Micron, deepens the Fund's exposure to the high-bandwidth memory (HBM) at the heart of every AI accelerator.
We initiated positions in AMD and Cerebras Systems Inc. in AI compute, and in SK hynix, which, alongside our larger holding in Micron, deepens the Strategy's exposure to the high-bandwidth memory (HBM) at the heart of every AI accelerator.
- New positionDPC Holdings LimitedJun 2026
To Quanta Services, Inc., our long-standing holding in electric grid construction and hardening, and Forgent, initiated last quarter, we added new positions in Bloom Energy Corporation and INNIO N.V. in on-site and distributed generation, Fervo Energy Company in next-generation geothermal, and DPC Holdings Limited, which manufactures castings utilized in Industrial Gas Turbines used in power generation.
- New positionFervo Energy CompanyJun 2026
To Quanta Services, Inc., our long-standing holding in electric grid construction and hardening, and Forgent, initiated last quarter, we added new positions in Bloom Energy Corporation and INNIO N.V. in on-site and distributed generation, Fervo Energy Company in next-generation geothermal, and DPC Holdings Limited, which manufactures castings utilized in Industrial Gas Turbines used in power generation.
- New positionINNIO N.V.Jun 2026
To Quanta Services, Inc., our long-standing holding in electric grid construction and hardening, and Forgent, initiated last quarter, we added new positions in Bloom Energy Corporation and INNIO N.V. in on-site and distributed generation, Fervo Energy Company in next-generation geothermal, and DPC Holdings Limited, which manufactures castings utilized in Industrial Gas Turbines used in power generation.
- AddedSpace Exploration Technologies Corp.Jun 2026
As part of its record-breaking IPO, we acquired shares in Space Exploration Technologies Corp.
- New positionSpace Exploration Technologies Corp.Jun 2026
As part of its record-breaking IPO, we acquired shares in Space Exploration Technologies Corp.
- AddedDPC Holdings LimitedJun 2026
To Quanta Services, Inc. , our long-standing holding in electric grid construction and hardening, and Forgent, initiated last quarter, we added new positions in Bloom Energy Corporation and INNIO N.V. in on-site and distributed generation, Fervo Energy Company in next-generation geothermal, and DPC Holdings Limited , which manufactures castings utilized in Industrial Gas Turbines used in power generation.
Also held
- Hinge Health, Inc.
- Quanta Services, Inc.
- Taiwan Semiconductor Manufacturing Company Limited
- GDS Holdings Limited
- Forgent Power Solutions, Inc.
- Guidewire Software, Inc.
- Coherent Corp.
- Lam Research Corporation
Its investment theses
- Alphabet Inc.Jun 2026Alphabet Inc. is a highly integrated AI and cloud leader with massive cash flow, custom silicon, and compounding growth drivers.
- Taiwan Semiconductor Manufacturing Company LimitedJun 2026Taiwan Semiconductor Manufacturing Company Limited is the indispensable AI chip foundry with a deep moat, pricing power, and long-term earnings growth runway.
- Advanced Micro Devices, Inc.Jun 2026Advanced Micro Devices, Inc. is a leading chip designer gaining secular upside from agentic AI and a strengthening GPU position.
- Lam Research CorporationJun 2026Lam Research Corporation is a leading semiconductor equipment supplier with a compounding installed-base advantage and secular demand tailwinds that should support strong earnings growth.
- Micron Technology, Inc.Jun 2026Micron Technology, Inc. is a memory leader benefiting from AI demand, long-term supply agreements, and a more strategic, less cyclical memory market.
- Guidewire Software, Inc.Jun 2026Guidewire Software, Inc. is the core insurance system of record with a large recurring revenue opportunity and AI-driven upside.
- GDS Holdings LimitedJun 2026GDS Holdings Limited is a data center operator with long-term contracts and secular AI, cloud, and power-constraint tailwinds.
- Space Exploration Technologies Corp.Jun 2026Space Exploration Technologies Corp. combines reusable launch dominance, Starlink growth, and AI infrastructure optionality with a durable cost advantage.
- Tesla, Inc.Mar 2026Tesla, Inc. is investing aggressively in AI, autonomy, and manufacturing to strengthen its long-term position across EVs, energy storage, and potential robotaxi/robot platforms.
- Amazon.com, Inc.Mar 2026Amazon.com, Inc. is scaling an AI business across AWS and custom chips with strong customer commitments while its retail platform deepens its moat and margins.