What smart money is saying about On Holding AG
4 funds in our archive have pitched On Holding AG — most recently Baron Opportunity Fund in December 2025.
On Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.
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Position history
Between Q1 2025 and Q2 2026, 11 fund letters reported a position in On Holding AG — 2 opened or added to the position, 3 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2026 | 10 | 1 | 3 | 0 |
| Q1 2026 | 1 | 1 | 0 | 0 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 1 |
Fund activity · 11 positions · 5 moves
- June 2026
“Technology. In our Deep Value bucket, ON Semiconductor (ON) manufactures power management and image sensing semiconductor products for automotive and industrial end markets. ON is a leader in silicon carbide semiconductors, which are used primarily in electric vehicles (EVs), renewable energy inverters, and high-power industrial equipment to reduce energy loss and improve efficiency. ON endured a cyclical deceleration in its auto and clean-energy-related markets that began in 2023. Throughout the downturn, management implemented a robust self-help playbook that optimized the company's manufacturing footprint and product portfolio for both a cyclical upturn and secular growth drivers. This included a new product platform with much higher profit margins than the existing business. More recently, the company has gained market share with leading global EV manufacturers, enjoying outsized representation in newer car models. In AI datacenters, power voltage requirements are rising, helping to drive adoption for ON's next-generation power management solutions. However, investors counting on rapid datacenter-related growth should keep in mind that, even in the most optimistic scenarios, datacenter-related revenue will be a materially smaller percentage of ON's sales compared to its core automotive and industrial end markets. Nevertheless, the market was willing to capitalize future datacenter benefits in short order. After more than doubling in price by early June, the stock reached our price target, and we reduced our weighting.”
Read the letterOn Holding AG - June 2026
Listed in Baron First Principles ETF’s reported holdings.
Read the letterOn Holding AG - June 2026
“Technology. In our Deep Value bucket, ON Semiconductor (ON) manufactures power management and image sensing semiconductor products for automotive and industrial end markets. ON is a leader in silicon carbide semiconductors, which are used primarily in electric vehicles (EVs), renewable energy inverters, and high-power industrial equipment to reduce energy loss and improve efficiency. ON endured a cyclical deceleration in its auto and clean-energy-related markets that began in 2023. Throughout the downturn, management implemented a robust self-help playbook that optimized the company’s manufacturing footprint and product portfolio for both a cyclical upturn and secular growth drivers. This included a new product platform with much higher profit margins than the existing business. More recently, the company has gained market share with leading global EV manufacturers, enjoying outsized representation in newer car models. In AI datacenters, power voltage requirements are rising, helping to drive adoption for ON’s next-generation power management solutions. However, investors counting on rapid datacenter-related growth should keep in mind that, even in the most optimistic scenarios, datacenter-related revenue will be a materially smaller percentage of ON’s sales compared to its core automotive and industrial end markets. Nevertheless, the market was willing to capitalize future datacenter benefits in short order. After more than doubling in price by early June, the stock reached our price target, and we reduced our weighting.”
Read the letterOn Holding AG - June 2026
“Lastly, we increased our exposure to several existing positions during the quarter, including Industria de Diseno Textil, S.A. , Alibaba Group Holding Limited , Symrise AG , SK hynix Inc. , JSW Energy Limited , On Holding AG , and SMS Co., Ltd.”
Read the letterOn Holding AG - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Read the letterOn Holding AG - June 2026
Listed in Baron Focused Growth Fund’s reported holdings.
Read the letterOn Holding AG - June 2026
“ON Semiconductor Corporation (ON) is a leading provider of advanced power management and sensing products. They are positioned as a vendor of choice to help solve complex technical problems within electric vehicle power management, advanced driver assistance, industrial automation, datacenter power management, and renewable energy deployment. The stock continued its outperformance from the prior quarter as investor excitement around the company’s datacenter opportunity grew. We eliminated the investment in the quarter as the stock exceeded our view of fair value and believe better risk-reward opportunities exist within Semiconductors.”
Read the letterOn Holding AG - June 2026
“The portfolio had exposure to the rallying semiconductor industry via our holdings in Lattice Semi and On Semiconductor, which helped to offset a pullback in Dolby Laboratories.”
Read the letterOn Holding AG - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Read the letterOn Holding AG - HoldsBaron CapitalJune 2026
Listed in Baron Capital’s reported holdings.
Read the letterOn Holding AG - New positionCambiar SMID FundMarch 2026
“We also made a swap within the Tech sector, selling IT services provider Amdocs in favor of ON Semiconductor.”
Read the letterOn Holding AG
Also mentioned · 1
These funds discuss On Holding AG — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedBuffalo Mid Cap Growth FundMarch 2026
“TOP CONTRIBUTORS ON Semiconductor Corporation (ON) ON Semiconductor is a leading provider of advanced power management and sensing products. They are positioned as a vendor of choice to help solve complex technical problems within electric vehicle power management, advanced driver assistance, industrial automation, datacenter power management and renewable energy deployment. The stock outperformed in the quarter as automotive and industrial markets showed signs of cyclical improvement while robust growth from datacenter expansion continued.”
Read the letterOn Holding AG
Fund coverage · 4 theses
- Baron Opportunity FundDecember 2025
On Holding AG is a fast-growing premium athletic footwear brand with strong multi-channel distribution and a long runway for >20% revenue growth and margin expansion.
Read the full thesis - Clearbridge Growth StrategySeptember 2025
On Holding is a disruptive Swiss designer of premium footwear and apparel poised for market share growth through increased brand awareness and expansion into new sports categories.
Read the full thesis - Sands Capital Global GrowthJune 2025
On Holding is an emerging premium global sportswear brand focused on innovation and sustainability, with strong growth potential in the sports footwear market despite near-term risks.
Read the full thesis - Baron International Growth FundMarch 2025
On Holding AG is a rapidly growing premium sportswear brand with strong market potential in footwear and apparel, benefiting from brand loyalty, sustainability, and a multi-channel distribution strategy.
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