13F filer · CIK 1017918 ↗
Baron Capital
You are looking at Q1 2025. See the latest, Q2 2026 →
Reported value
$34.05B
−12% on the quarter before
Positions
314
29 new · 31 sold out
Top 10
42.6%
of the value
Est. gain
−$3.64B
on stocks held all quarter
Est. return
−10.1%
on those stocks since Q4 2024
Positions as of Mar 31, 2025, 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 Q4 2024. Striped tiles are options.
Largest buys
Since Q4 2024, 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.
- American Tower~$152.2MNew · 0.0% → 0.4%+699,676 shares
- Figs Inc~$127.8MAdded · 0.5% → 0.8%+27,833,825 shares
- Prologis~$88.6MNew · 0.0% → 0.3%+792,536 shares
- Karman Hldgs Inc~$80.2MNew · 0.0% → 0.2%+2,400,648 shares
- Wynn Resorts Ltd~$62.2MAdded · 0.0% → 0.2%+745,404 shares
- Crh Plc~$49.9MNew · 0.0% → 0.1%+566,834 shares
- Taylor Morrison Home Corp~$47.3MNew · 0.0% → 0.1%+787,616 shares
- American Homes 4 Rent~$45.0MAdded · 0.1% → 0.2%+1,188,874 shares
- On Hldg Ag~$37.3MAdded · 0.4% → 0.5%+849,425 shares
- Wingstop Inc~$33.9MNew · 0.0% → 0.1%+150,392 shares
Largest sells
Since Q4 2024, 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.
- Ansys Inc~$178.5MCut · 1.2% → 0.8%−563,914 shares
- Equinix~$124.2MCut · 0.7% → 0.3%−152,299 shares
- Tesla~$94.8MCut · 15.2% → 10.8%−365,676 shares
- Gds Hldgs Ltd~$91.3MCut · 0.4% → 0.2%−3,605,821 shares
- Microsoft~$79.7MCut · 0.6% → 0.4%−212,226 shares
- Douglas Emmett Inc~$68.2MCut · 0.3% → 0.1%−4,264,793 shares
- Inari Med Inc~$67.0MSold out · 0.2% → 0.0%−1,312,528 shares
- Aspen Technology Inc~$63.2MSold out · 0.2% → 0.0%−253,214 shares
- Digital Realty~$61.7MCut · 0.3% → 0.1%−430,250 shares
- Gartner~$60.7MCut · 4.9% → 4.6%−144,594 shares
Holdings
As of Mar 31, 2025. Changes are in shares against Dec 31, 2024, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| TeslaCOM · shares −2.5% · price −35.8% | 10.8% | $3.68B | −$2.06B | ||||||||
| Arch Cap Group LtdORD · shares −2.4% · price +4.1% | 5.6% | $1.92B | +$76.5M | ||||||||
| GartnerCOM · shares −3.7% · price −13.4% | 4.6% | $1.58B | −$244.1M | ||||||||
| Costar Group IncCOM · shares −0.9% · price +10.7% | 4.4% | $1.51B | +$145.4M | ||||||||
| Msci IncCOM · shares −2.8% · price −5.8% | 3.4% | $1.17B | −$71.5M | ||||||||
| Guidewire SoftwareCOM · shares −4.2% · price +11.1% | 3.1% | $1.06B | +$106.4M | ||||||||
| FactSetCOM · shares −4.6% · price −5.3% | 3.0% | $1.02B | −$57.6M | ||||||||
| Idexx Labs IncCOM · shares +2.7% · price +1.6% | 2.5% | $865.0M | +$13.1M | ||||||||
| Kinsale Cap Group IncCOM · shares +0.7% · price +4.6% | 2.5% | $846.3M | +$37.3M | ||||||||
| Vail Resorts IncCOM · shares −0.1% · price −14.6% | 2.5% | $845.6M | −$144.9M | ||||||||
| Hyatt Hotels CorpCOM CL A · shares +4.3% · price −22.0% | 2.1% | $709.1M | −$191.4M | ||||||||
| Choice Hotels Intl IncCOM · shares −0.2% · price −6.5% | 1.8% | $620.5M | −$43.0M | ||||||||
| Schwab Charles CorpCOM · shares +0.09% · price +5.8% | 1.7% | $565.5M | +$30.8M | ||||||||
| Red Rock Resorts IncCL A · shares +2.2% · price −6.2% | 1.5% | $503.2M | −$32.6M | ||||||||
| Spotify Technology S ASHS · shares −1.0% · price +22.9% | 1.4% | $488.4M | +$91.1M | ||||||||
| Primerica IncCOM · shares −3.1% · price +4.8% | 1.3% | $456.4M | +$21.0M | ||||||||
| Morningstar IncCOM · shares −0.4% · price −11.0% | 1.1% | $389.7M | −$47.9M | ||||||||
| Gaming & Leisure Pptys IncCOM · shares −2.9% · price +5.7% | 1.1% | $386.6M | +$20.8M | ||||||||
| Verisk AnalyticsCOM · shares −3.2% · price +8.1% | 1.1% | $360.9M | +$26.9M | ||||||||
| Mettler Toledo InternationalCOM · shares −0.02% · price −3.5% | 0.97% | $331.7M | −$12.0M | ||||||||
| NvidiaCOM · shares +0.9% · price −19.3% | 0.91% | $311.3M | −$73.8M | ||||||||
| Ansys IncCOM · shares −40% · price −6.2% | 0.79% | $269.8M | −$17.7M | ||||||||
| Figs IncCL A · shares +90% · price −25.8% | 0.79% | $269.3M | −$49.3M | ||||||||
| Iridium Communications IncCOM · shares −14% · price −5.9% | 0.74% | $253.3M | −$15.8M | ||||||||
| Shopify IncCL A · shares −2.4% · price −10.2% | 0.71% | $240.6M | −$27.3M | ||||||||
| Total · 314 positions | 100% | $34.05B | −$3.64B |
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 Q4 2024 to Q1 2025: 285 stocks held throughout, down $3.64B (−10.1%).
- Costar Group Inc+$145.4M+11%
- Guidewire Software+$106.4M+11%
- Spotify Technology S A+$91.1M+23%
- Arch Cap Group Ltd+$76.5M+4%
- Alibaba+$68.1M+56%
- Vertiv−$113.9M−36%
- Vail Resorts Inc−$144.9M−15%
- Hyatt Hotels Corp−$191.4M−22%
- Gartner−$244.1M−13%
- Tesla−$2.06B−36%
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 ↗ |