13F filer · CIK 1017918 ↗
Baron Capital
You are looking at Q4 2023. See the latest, Q2 2026 →
Reported value
$37.55B
+9.1% on the quarter before
Positions
330
18 new · 22 sold out
Top 10
42.7%
of the value
Est. gain
+$3.33B
on stocks held all quarter
Est. return
+10.0%
on those stocks since Q3 2023
Positions as of Dec 31, 2023, from Baron Capital's 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.
Portfolio at a glance
- New
- Added
- Cut
- Same
- Options
The 24 largest positions, 60% of the reported value, each sized by its share, colored by what the fund did with it since Q3 2023. Striped tiles are options.
Largest buys
Since Q3 2023, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Birkenstock Holding Plc~$143.0MNew · 0.0% → 0.4%+2,934,001 shares
- PDD Holdings~$73.9MNew · 0.0% → 0.2%+504,774 shares
- American Tower~$52.6MAdded · 0.0% → 0.2%+243,853 shares
- Vail Resorts Inc~$42.4MAdded · 3.0% → 2.8%+198,801 shares
- Fox Factory Hldg Corp~$42.2MAdded · 0.1% → 0.2%+625,000 shares
- Equity Residential~$27.5MAdded · 0.0% → 0.1%+449,654 shares
- Red Rock Resorts Inc~$26.8MAdded · 1.2% → 1.5%+501,891 shares
- Nu Hldgs Ltd~$25.2MAdded · 0.1% → 0.2%+3,024,935 shares
- Baidu~$22.5MAdded · 0.2% → 0.2%+188,697 shares
- Las Vegas Sands Corp~$20.1MAdded · 0.1% → 0.2%+407,785 shares
Largest sells
Since Q3 2023, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Marriott Vacations Worldwide~$108.8MCut · 0.8% → 0.3%−1,281,447 shares
- Gartner~$103.8MCut · 4.6% → 5.3%−230,195 shares
- Alibaba~$81.8MCut · 0.7% → 0.3%−1,055,759 shares
- Stoneco Ltd~$52.5MCut · 0.1% → 0.0%−2,913,790 shares
- Sba Communications Corp~$48.5MCut · 0.2% → 0.1%−191,257 shares
- TSMC~$42.3MCut · 0.6% → 0.6%−406,925 shares
- Moderna Inc~$41.7MCut · 0.1% → 0.0%−419,369 shares
- Dexcom Inc~$39.9MCut · 0.4% → 0.3%−321,358 shares
- Transunion~$39.9MCut · 0.3% → 0.2%−580,254 shares
- Brookfield Corp~$37.0MCut · 0.2% → 0.1%−921,478 shares
Holdings
As of Dec 31, 2023. Changes are in shares against Sep 30, 2023, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| TeslaCOM · shares +0.2% · price −0.7% | 11.7% | $4.40B | −$30.7M | ||||||||
| GartnerCOM · shares −4.9% · price +31.3% | 5.3% | $2.00B | +$475.8M | ||||||||
| Costar Group IncCOM · shares +1.0% · price +13.7% | 4.5% | $1.69B | +$201.6M | ||||||||
| Arch Cap Group LtdORD · shares +0.3% · price −6.8% | 4.2% | $1.58B | −$115.5M | ||||||||
| FactSetCOM · shares +0.9% · price +9.1% | 3.5% | $1.33B | +$109.5M | ||||||||
| Msci IncCL A · shares +0.9% · price +10.2% | 3.4% | $1.29B | +$118.8M | ||||||||
| Idexx Labs IncCOM · shares −1.6% · price +26.9% | 3.4% | $1.28B | +$270.9M | ||||||||
| Vail Resorts IncCOM · shares +4.2% · price −3.8% | 2.8% | $1.05B | −$39.8M | ||||||||
| Ansys IncCOM · shares −0.8% · price +22.0% | 1.9% | $721.2M | +$129.8M | ||||||||
| Hyatt Hotels CorpCOM CL A · shares +1.5% · price +22.9% | 1.9% | $704.9M | +$129.6M | ||||||||
| Guidewire SoftwareCOM · shares +2.0% · price +21.2% | 1.8% | $693.6M | +$118.8M | ||||||||
| Kinsale Cap Group IncCOM · shares −3.0% · price −19.1% | 1.7% | $644.9M | −$152.5M | ||||||||
| Iridium Communications IncCOM · shares −3.7% · price −9.5% | 1.5% | $578.1M | −$60.8M | ||||||||
| Schwab Charles CorpCOM · shares +0.3% · price +25.3% | 1.5% | $559.2M | +$112.6M | ||||||||
| Red Rock Resorts IncCL A · shares +5.1% · price +30.1% | 1.5% | $552.4M | +$121.5M | ||||||||
| Choice Hotels Intl IncCOM · shares +3.8% · price −7.5% | 1.5% | $545.0M | −$42.7M | ||||||||
| Gaming & Leisure Pptys IncCOM · shares −0.5% · price +8.3% | 1.1% | $413.3M | +$31.8M | ||||||||
| Bio Techne CorpCOM · shares −0.4% · price +13.4% | 1.1% | $413.0M | +$48.6M | ||||||||
| Mettler Toledo InternationalCOM · shares −1.9% · price +9.5% | 1.1% | $396.3M | +$34.3M | ||||||||
| Primerica IncCOM · shares −0.9% · price +6.1% | 1.0% | $392.8M | +$22.4M | ||||||||
| Morningstar IncCOM · shares −0.3% · price +22.2% | 1.0% | $378.5M | +$68.8M | ||||||||
| West Pharmaceutical Svsc IncCOM · shares −5.0% · price −6.2% | 0.94% | $351.4M | −$23.0M | ||||||||
| Verisk AnalyticsCL A · shares +2.5% · price +1.1% | 0.88% | $329.7M | +$3.5M | ||||||||
| VertivCOM CL A · shares −4.9% · price +29.1% | 0.86% | $324.2M | +$73.1M | ||||||||
| Icon PlcSHS · shares +0.08% · price +15.0% | 0.74% | $279.6M | +$36.3M | ||||||||
| Total · 330 positions | 100% | $37.55B | +$3.33B |
Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.
What made money
From Q3 2023 to Q4 2023: 312 stocks held throughout, up $3.33B (+10.0%).
- Gartner+$475.8M+31%
- Idexx Labs Inc+$270.9M+27%
- Costar Group Inc+$201.6M+14%
- Ansys Inc+$129.8M+22%
- Hyatt Hotels Corp+$129.6M+23%
- Vail Resorts Inc−$39.8M−4%
- Choice Hotels Intl Inc−$42.7M−8%
- Iridium Communications Inc−$60.8M−10%
- Arch Cap Group Ltd−$115.5M−7%
- Kinsale Cap Group Inc−$152.5M−19%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out.
Reported value by quarter
The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q2 2026 | Aug 14, 2026 | $66.64B+101% | SEC ↗ |
| Q1 2026 | May 15, 2026 | $33.13B−10% | SEC ↗ |
| Q4 2025 | Feb 17, 2026 | $36.91B−2% | SEC ↗ |
| Q3 2025 | Nov 14, 2025 | $37.71B+2% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $36.89B+8% | SEC ↗ |
| Q1 2025 | May 15, 2025 | $34.05B−12% | SEC ↗ |
| Q4 2024 | Feb 14, 2025 | $38.69B+3% | SEC ↗ |
| Q3 2024 | Nov 14, 2024 | $37.70B+8% | SEC ↗ |
| Q2 2024 | Aug 14, 2024 | $34.92B−7% | SEC ↗ |
| Q1 2024 | May 15, 2024 | $37.52B−0% | SEC ↗ |
| Q4 2023 | Feb 14, 2024 | $37.55B+9% | SEC ↗ |
| Q3 2023 | Nov 14, 2023 | $34.42B−5% | SEC ↗ |
| Q2 2023 | Aug 14, 2023 | $36.11B+8% | SEC ↗ |
| Q1 2023 | May 15, 2023 | $33.31B+12% | SEC ↗ |
| Q4 2022 | Feb 14, 2023 | $29.78B−4% | SEC ↗ |
| Q3 2022 | Nov 14, 2022 | $30.95B−1% | SEC ↗ |
| Q2 2022 | Aug 15, 2022 | $31.14B−24% | SEC ↗ |
| Q1 2022 | May 13, 2022 | $40.75B−14% | SEC ↗ |
| Q4 2021 | Feb 14, 2022 | $47.14B+7% | SEC ↗ |
| Q3 2021 | Nov 12, 2021 | $44.15B+1% | SEC ↗ |
| Q2 2021 | Aug 13, 2021 | $43.68B+8% | SEC ↗ |
| Q1 2021 | May 19, 2021 | $40.57B+0% | SEC ↗ |
| Q4 2020 | Feb 12, 2021 | $40.42B+24% | SEC ↗ |
| Q3 2020 | Nov 13, 2020 | $32.58B+18% | SEC ↗ |
| Q2 2020 | Aug 14, 2020 | $27.66B+36% | SEC ↗ |
| Q1 2020 | May 15, 2020 | $20.41B−22% | SEC ↗ |
| Q4 2019 | Feb 18, 2020 | $26.19B+8% | SEC ↗ |
| Q3 2019 | Nov 14, 2019 | $24.31B−3% | SEC ↗ |
| Q2 2019 | Aug 15, 2019 | $24.94B+6% | SEC ↗ |
| Q1 2019 | May 15, 2019 | $23.59B+19% | SEC ↗ |
| Q4 2018 | Feb 14, 2019 | $19.76B−18% | SEC ↗ |
| Q3 2018 | Nov 14, 2018 | $24.14B+6% | SEC ↗ |
| Q2 2018 | Aug 14, 2018 | $22.88B+5% | SEC ↗ |
| Q1 2018 | May 9, 2018 | $21.73B+0% | SEC ↗ |
| Q4 2017 | Feb 14, 2018 | $21.69B+3% | SEC ↗ |
| Q3 2017 | Nov 15, 2017 | $21.07B+8% | SEC ↗ |
| Q2 2017 | Aug 14, 2017 | $19.58B+4% | SEC ↗ |
| Q1 2017 | May 15, 2017 | $18.88B+6% | SEC ↗ |
| Q4 2016 | Feb 14, 2017 | $17.76B−6% | SEC ↗ |
| Q3 2016 | Nov 15, 2016 (amended) | $18.86B+0% | SEC ↗ |
| Q2 2016 | Aug 15, 2016 | $18.81B−0% | SEC ↗ |
| Q1 2016 | May 16, 2016 | $18.90B | SEC ↗ |