What smart money is saying about AAON, Inc.
6 funds in our archive have pitched AAON, Inc. — most recently Baron Real Estate Fund in June 2026.
AAON, Inc., along with its affiliated companies, focuses on the engineering, manufacturing, promotion, and sale of heating and air conditioning systems throughout the United States and Canada. The enterprise's operations are divided into three distinct divisions: AAON Oklahoma, AAON Coil Products, and BasX. Its comprehensive product portfolio features a wide array of HVAC solutions, including rooftop units, specialized data center cooling, cleanroom climate control, chillers, pre-packaged outdoor mechanical rooms, air handling units, fresh air supply units, energy recovery ventilation, condensing units, geothermal/water-source heat pumps, coils, and integrated control systems. AAON markets and sells these offerings to a diverse set of commercial sectors, such as retail, manufacturing, educational institutions, hospitality, supermarkets, data centers, and the medical and pharmaceutical industries. Product distribution is managed through a dual approach, utilizing a network of independent manufacturing representatives in addition to an in-house sales team. Established in 1987, AAON, Inc. is headquartered in Tulsa, Oklahoma.
Get an email when a fund writes about it
Position history
Between Q1 2025 and Q2 2026, 4 fund letters reported a position in AAON, Inc., with no move described.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 4 | 0 | 0 | 1 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 4 |
Fund activity · 4 positions
- HoldsGiverny Capital Asset Management Model PortfolioJune 2026
“In May, we had a single day in which one of our holdings, AAON, Inc., reported strong earnings and saw its stock rise 31%, while another holding, Installed Building Products (IBP), reported mildly disappointing earnings and lost 28% of its value.”
Read the letterAAON, Inc. - HoldsBaron Real Estate FundJune 2026
“Shares of AAON, Inc. rose during the quarter following an exceptionally strong earnings report which saw the company see drastically faster growth in its data center business, BasX, than expected.”
Read the letterAAON, Inc. - HoldsBaron Real Estate StrategyJune 2026
“Shares of AAON, Inc. rose during the quarter following an exceptionally strong earnings report which saw the company see drastically faster growth in its data center business, BasX, than expected.”
Read the letterAAON, Inc. - HoldsSpyglass Growth StrategyJune 2026
“We continue to believe the depth of the data center opportunity is not fully understood by most investors.”
Read the letterAAON, Inc.
Fund coverage · 6 theses
- Baron Real Estate FundJune 2026
AAON, Inc. is a cooling and HVAC solutions provider whose BasX data center business is growing rapidly and positioned to compound above peers.
Read the full thesis - Baron Real Estate FundSeptember 2025
AAON, Inc. presents a compelling opportunity with its premium, energy-efficient HVAC solutions and rapidly growing BASX subsidiary—poised to double its revenue share by 2027—driving strong organic growth and market share gains amid a recent share price dislocation.
Read the full thesis - Brown Advisory Small Cap GrowthMarch 2025
AAON Inc. is a promising investment with strong growth potential in both the commercial rooftop HVAC market and its rapidly expanding data center cooling business.
Read the full thesis - RoyceMarch 2025
AAON is well-positioned to capitalize on stricter HVAC regulations and the rising demand for cooling in AI-driven data centers, leading to substantial market share gains and earnings growth.
Read the full thesis - Royce InvestMarch 2025
AAON is a leading HVAC solutions provider in the semi-custom market, benefiting from innovation, flexible manufacturing, and strategic acquisitions like BasX to cater to evolving energy efficiency and cooling needs in high-performance environments.
Read the full thesis - Giverny CapitalMarch 2025
Aaon Inc. is a promising investment due to its semi-custom HVAC systems that offer energy efficiency and robust growth potential, especially with upcoming regulatory changes and a strong data center cooling division.
Read the full thesis
Read every full thesis on AAON, Inc.
Unlock all 6 theses — the full reasoning behind what funds are buying, plus unlimited access to the entire archive.
View plans→