13F filer · CIK 1017918 ↗
Baron Capital
You are looking at Q2 2025. See the latest, Q2 2026 →
Reported value
$36.89B
+8.3% on the quarter before
Positions
306
20 new · 28 sold out
Top 10
41.6%
of the value
Est. gain
+$3.09B
on stocks held all quarter
Est. return
+9.7%
on those stocks since Q1 2025
Positions as of Jun 30, 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 Q1 2025. Striped tiles are options.
Largest buys
Since Q1 2025, 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.
- Interactive Brokers Group In~$182.0MAdded · 0.4% → 0.6%+3,284,457 shares
- Toll Brothers Inc~$69.8MAdded · 0.2% → 0.4%+611,523 shares
- Samsara~$64.9MAdded · 0.1% → 0.3%+1,632,626 shares
- Msci Inc~$56.9MAdded · 3.4% → 3.4%+98,680 shares
- Costar Group Inc~$52.1MAdded · 4.4% → 4.3%+647,413 shares
- Eli Lilly~$51.3MAdded · 0.1% → 0.2%+65,795 shares
- Hinge Health Inc~$48.9MNew · 0.0% → 0.1%+945,762 shares
- Airbnb~$48.2MAdded · 0.0% → 0.2%+364,499 shares
- Wynn Resorts Ltd~$45.2MAdded · 0.2% → 0.3%+482,570 shares
- Equinix~$42.3MAdded · 0.3% → 0.4%+53,130 shares
Largest sells
Since Q1 2025, 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.
- Tesla~$379.4MCut · 10.8% → 11.2%−1,194,335 shares
- Ansys Inc~$231.0MCut · 0.8% → 0.2%−657,758 shares
- Alibaba~$65.2MCut · 0.6% → 0.3%−574,800 shares
- Cloudflare~$64.3MCut · 0.3% → 0.3%−328,409 shares
- Apple~$63.3MCut · 0.2% → 0.0%−308,395 shares
- Vertiv~$50.9MCut · 0.6% → 0.9%−396,003 shares
- Mettler Toledo International~$49.3MCut · 1.0% → 0.8%−41,992 shares
- Gartner~$48.0MCut · 4.6% → 4.0%−118,848 shares
- Utz Brands Inc~$45.8MSold out · 0.1% → 0.0%−3,250,000 shares
- Dayforce Inc~$39.3MCut · 0.5% → 0.4%−709,940 shares
Holdings
As of Jun 30, 2025. Changes are in shares against Mar 31, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| TeslaCOM · shares −8.4% · price +22.6% | 11.2% | $4.14B | +$761.6M | ||||||||
| Arch Cap Group LtdORD · shares −1.2% · price −5.3% | 4.9% | $1.80B | −$101.2M | ||||||||
| Costar Group IncCOM · shares +3.4% · price +1.5% | 4.3% | $1.58B | +$22.3M | ||||||||
| GartnerCOM · shares −3.2% · price −3.7% | 4.0% | $1.48B | −$56.7M | ||||||||
| Guidewire SoftwareCOM · shares −1.4% · price +25.7% | 3.6% | $1.32B | +$268.8M | ||||||||
| Msci IncCOM · shares +4.8% · price +2.0% | 3.4% | $1.25B | +$23.3M | ||||||||
| Idexx Labs IncCOM · shares −1.3% · price +27.7% | 3.0% | $1.09B | +$236.6M | ||||||||
| FactSetCOM · shares −0.7% · price −1.6% | 2.7% | $998.3M | −$16.4M | ||||||||
| Vail Resorts IncCOM · shares +3.6% · price −1.8% | 2.3% | $860.4M | −$15.3M | ||||||||
| Kinsale Cap Group IncCOM · shares +1.4% · price −0.6% | 2.3% | $853.5M | −$4.9M | ||||||||
| Hyatt Hotels CorpCOM CL A · shares +2.9% · price +14.0% | 2.3% | $831.6M | +$99.3M | ||||||||
| Spotify Technology S ASHS · shares +5.6% · price +39.5% | 1.9% | $719.2M | +$193.0M | ||||||||
| Schwab Charles CorpCOM · shares −2.4% · price +16.6% | 1.7% | $643.4M | +$91.4M | ||||||||
| Red Rock Resorts IncCL A · shares +5.7% · price +20.0% | 1.7% | $638.4M | +$100.5M | ||||||||
| Choice Hotels Intl IncCOM · shares +6.8% · price −4.4% | 1.7% | $633.2M | −$27.6M | ||||||||
| NvidiaCOM · shares +0.6% · price +45.8% | 1.2% | $456.5M | +$142.5M | ||||||||
| Primerica IncCOM · shares −0.9% · price −3.8% | 1.2% | $434.8M | −$17.3M | ||||||||
| Morningstar IncCOM · shares −0.3% · price +4.7% | 1.1% | $406.6M | +$18.2M | ||||||||
| Verisk AnalyticsCOM · shares +0.2% · price +4.7% | 1.0% | $378.3M | +$16.8M | ||||||||
| Gaming & Leisure Pptys IncCOM · shares −3.0% · price −8.3% | 0.93% | $343.8M | −$31.1M | ||||||||
| Figs IncCL A · shares +2.2% · price +22.9% | 0.92% | $338.3M | +$61.6M | ||||||||
| VertivCOM CL A · shares −13% · price +77.9% | 0.89% | $330.1M | +$144.5M | ||||||||
| Shopify IncCL A SUB VTG SHS · shares +5.8% · price +20.8% | 0.83% | $307.4M | +$50.1M | ||||||||
| Mettler Toledo InternationalCOM · shares −15% · price −0.5% | 0.76% | $280.7M | −$1.5M | ||||||||
| Iridium Communications IncCOM · shares −9.6% · price +10.4% | 0.69% | $252.8M | +$23.9M | ||||||||
| Total · 306 positions | 100% | $36.89B | +$3.09B |
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 Q1 2025 to Q2 2025: 286 stocks held throughout, up $3.09B (+9.7%).
- Tesla+$761.6M+23%
- Guidewire Software+$268.8M+26%
- Idexx Labs Inc+$236.6M+28%
- Spotify Technology S A+$193.0M+40%
- Vertiv+$144.5M+78%
- Choice Hotels Intl Inc−$27.6M−4%
- Gaming & Leisure Pptys Inc−$31.1M−8%
- Gartner−$56.7M−4%
- Interactive Brokers Group In−$100.7M−67%
- Arch Cap Group Ltd−$101.2M−5%
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 ↗ |