13F filer · CIK 1017918 ↗
Baron Capital
You are looking at Q3 2025. See the latest, Q2 2026 →
Reported value
$37.71B
+2.2% on the quarter before
Positions
330
37 new · 13 sold out
Top 10
42.4%
of the value
Est. gain
+$1.39B
on stocks held all quarter
Est. return
+4.1%
on those stocks since Q2 2025
Positions as of Sep 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 Q2 2025. Striped tiles are options.
Largest buys
Since Q2 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.
- Gartner~$176.0MAdded · 4.0% → 3.0%+669,352 shares
- Msci Inc~$127.0MAdded · 3.4% → 3.6%+223,784 shares
- Loar Holdings Inc~$90.2MAdded · 0.2% → 0.4%+1,127,033 shares
- Birkenstock Holding Plc~$84.9MAdded · 0.6% → 0.8%+1,876,398 shares
- Aaon Inc~$67.9MNew · 0.0% → 0.2%+726,907 shares
- Duolingo Inc~$54.4MAdded · 0.1% → 0.2%+169,049 shares
- Netskope~$52.9MNew · 0.0% → 0.1%+2,326,779 shares
- Stubhub Hldgs Inc~$50.4MNew · 0.0% → 0.1%+2,994,330 shares
- Primo Brands Corporation~$45.7MAdded · 0.0% → 0.1%+2,069,093 shares
- Badger Meter Inc~$45.4MNew · 0.0% → 0.1%+254,423 shares
Largest sells
Since Q2 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~$476.4MCut · 11.2% → 14.1%−1,071,184 shares
- Kratos Defense~$196.6MCut · 0.5% → 0.5%−2,151,380 shares
- Chart Inds Inc~$145.8MSold out · 0.4% → 0.0%−885,306 shares
- Iridium Communications Inc~$134.4MCut · 0.7% → 0.0%−7,694,981 shares
- Dayforce Inc~$131.4MCut · 0.4% → 0.1%−1,907,428 shares
- FactSet~$118.3MCut · 2.7% → 1.4%−412,857 shares
- Cyberark Software Ltd~$106.9MCut · 0.3% → 0.0%−221,322 shares
- Gaming & Leisure Pptys Inc~$103.6MCut · 0.9% → 0.6%−2,221,809 shares
- Guidewire Software~$96.7MCut · 3.6% → 3.2%−420,669 shares
- Idexx Labs Inc~$94.9MCut · 3.0% → 3.2%−148,491 shares
Holdings
As of Sep 30, 2025. Changes are in shares against Jun 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| TeslaCOM · shares −8.2% · price +40.0% | 14.1% | $5.31B | +$1.52B | ||||||||
| Arch Cap Group LtdORD · shares −4.9% · price −0.4% | 4.5% | $1.70B | −$6.0M | ||||||||
| Costar Group IncCOM · shares −2.2% · price +4.9% | 4.3% | $1.62B | +$76.4M | ||||||||
| Msci IncCOM · shares +10% · price −1.6% | 3.6% | $1.36B | −$20.2M | ||||||||
| Idexx Labs IncCOM · shares −7.3% · price +19.1% | 3.2% | $1.20B | +$193.2M | ||||||||
| Guidewire SoftwareCOM · shares −7.5% · price −2.4% | 3.2% | $1.19B | −$28.9M | ||||||||
| GartnerCOM · shares +18% · price −35.0% | 3.0% | $1.14B | −$516.3M | ||||||||
| Hyatt Hotels CorpCOM CL A · shares +2.7% · price +1.6% | 2.3% | $868.1M | +$13.6M | ||||||||
| Vail Resorts IncCOM · shares +4.1% · price −4.8% | 2.3% | $853.0M | −$41.4M | ||||||||
| Kinsale Cap Group IncCOM · shares +1.4% · price −12.1% | 2.0% | $760.6M | −$103.4M | ||||||||
| Red Rock Resorts IncCL A · shares +0.00% · price +17.4% | 2.0% | $749.2M | +$110.8M | ||||||||
| Spotify Technology S ASHS · shares +5.5% · price −9.0% | 1.8% | $690.1M | −$65.0M | ||||||||
| Schwab Charles CorpCOM · shares +1.1% · price +4.6% | 1.8% | $680.9M | +$29.8M | ||||||||
| Choice Hotels Intl IncCOM · shares +7.4% · price −15.7% | 1.5% | $573.0M | −$99.7M | ||||||||
| NvidiaCOM · shares +3.3% · price +18.1% | 1.5% | $557.0M | +$82.6M | ||||||||
| FactSetCOM · shares −18% · price −35.9% | 1.4% | $521.1M | −$292.5M | ||||||||
| Figs IncCL A · shares −0.07% · price +18.6% | 1.1% | $401.0M | +$62.9M | ||||||||
| Primerica IncCOM · shares −11% · price +1.4% | 1.0% | $390.9M | +$5.5M | ||||||||
| Shopify IncCL A SUB VTG SHS · shares −14% · price +28.8% | 0.90% | $339.6M | +$76.0M | ||||||||
| Morningstar IncCOM · shares +9.2% · price −26.1% | 0.87% | $328.1M | −$106.1M | ||||||||
| Interactive Brokers Group InCOM CL A · shares +9.8% · price +24.2% | 0.84% | $317.2M | +$56.3M | ||||||||
| VertivCOM CL A · shares −19% · price +17.5% | 0.83% | $312.4M | +$46.5M | ||||||||
| Verisk AnalyticsCOM · shares +0.6% · price −19.3% | 0.81% | $307.1M | −$72.8M | ||||||||
| Birkenstock Holding PlcCOM SHS · shares +42% · price −8.0% | 0.76% | $287.5M | −$17.6M | ||||||||
| Mettler Toledo InternationalCOM · shares −12% · price +4.5% | 0.69% | $259.5M | +$11.2M | ||||||||
| Total · 330 positions | 100% | $37.71B | +$1.39B |
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 Q2 2025 to Q3 2025: 293 stocks held throughout, up $1.39B (+4.1%).
- Tesla+$1.52B+40%
- Idexx Labs Inc+$193.2M+19%
- Red Rock Resorts Inc+$110.8M+17%
- Kratos Defense+$86.8M+97%
- Nvidia+$82.6M+18%
- Choice Hotels Intl Inc−$99.7M−16%
- Kinsale Cap Group Inc−$103.4M−12%
- Morningstar Inc−$106.1M−26%
- FactSet−$292.5M−36%
- Gartner−$516.3M−35%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out, 2 splits read into the share counts.
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 ↗ |