13F filer · CIK 1017918 ↗
Baron Capital
You are looking at Q4 2025. See the latest, Q2 2026 →
Reported value
$36.91B
−2.1% on the quarter before
Positions
327
34 new · 37 sold out
Top 10
43.0%
of the value
Est. gain
−$459.1M
on stocks held all quarter
Est. return
−1.3%
on those stocks since Q3 2025
Positions as of Dec 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, 61% of the reported value, each sized by its share, colored by what the fund did with it since Q3 2025. Striped tiles are options.
Largest buys
Since Q3 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.
- FactSet~$310.4MAdded · 1.4% → 2.3%+1,069,786 shares
- Msci Inc~$207.5MAdded · 3.6% → 4.3%+361,630 shares
- Choice Hotels Intl Inc~$193.1MAdded · 1.5% → 1.9%+2,026,679 shares
- Liberty Live Holdings Inc~$134.2MNew · 0.0% → 0.4%+1,613,666 shares
- Ventas Inc~$81.2MAdded · 0.0% → 0.3%+1,048,958 shares
- Birkenstock Holding Plc~$65.9MAdded · 0.8% → 0.9%+1,612,236 shares
- Champion Homes Inc~$61.3MNew · 0.0% → 0.2%+725,542 shares
- Brookfield Corp~$56.6MAdded · 0.4% → 0.5%+1,233,637 shares
- Waystar Hldg Corp~$45.6MNew · 0.0% → 0.1%+1,393,634 shares
- Casella Waste Sys Inc~$43.7MNew · 0.0% → 0.1%+446,242 shares
Largest sells
Since Q3 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.
- Gaming & Leisure Pptys Inc~$146.8MCut · 0.6% → 0.2%−3,285,200 shares
- Liberty Media Corp Del~$141.5MSold out · 0.4% → 0.0%−1,458,910 shares
- Exact Sciences Corp~$120.3MCut · 0.3% → 0.3%−1,184,503 shares
- Vail Resorts Inc~$118.6MCut · 2.3% → 1.7%−892,764 shares
- Cohen & Steers Inc~$98.1MCut · 0.3% → 0.0%−1,563,311 shares
- Mettler Toledo International~$90.6MCut · 0.7% → 0.6%−65,018 shares
- Vertiv~$85.1MCut · 0.8% → 0.7%−525,071 shares
- Trex Co Inc~$82.1MSold out · 0.2% → 0.0%−1,589,735 shares
- Integer Hldgs Corp~$79.2MSold out · 0.2% → 0.0%−766,055 shares
- Duolingo Inc~$78.4MSold out · 0.2% → 0.0%−243,708 shares
Holdings
As of Dec 31, 2025. Changes are in shares against Sep 30, 2025, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| TeslaCOM · shares −0.2% · price +1.1% | 14.5% | $5.36B | +$59.6M | ||||||||
| Arch Cap Group LtdORD · shares −4.1% · price +5.7% | 4.7% | $1.73B | +$93.4M | ||||||||
| Msci IncCOM · shares +15% · price +1.1% | 4.3% | $1.58B | +$15.1M | ||||||||
| Costar Group IncCOM · shares +1.3% · price −20.3% | 3.6% | $1.31B | −$329.8M | ||||||||
| Idexx Labs IncCOM · shares −4.6% · price +5.9% | 3.3% | $1.22B | +$67.7M | ||||||||
| GartnerCOM · shares −2.5% · price −4.0% | 2.9% | $1.06B | −$44.6M | ||||||||
| Guidewire SoftwareCOM · shares −0.4% · price −12.6% | 2.8% | $1.03B | −$148.5M | ||||||||
| Hyatt Hotels CorpCOM CL A · shares −0.2% · price +13.0% | 2.7% | $979.0M | +$112.3M | ||||||||
| FactSetCOM · shares +59% · price +1.3% | 2.3% | $838.3M | +$6.7M | ||||||||
| Red Rock Resorts IncCL A · shares +2.0% · price +1.5% | 2.1% | $775.6M | +$10.9M | ||||||||
| Schwab Charles CorpCOM · shares −1.0% · price +4.7% | 1.9% | $705.4M | +$31.3M | ||||||||
| Choice Hotels Intl IncCOM · shares +38% · price −10.9% | 1.9% | $703.6M | −$62.4M | ||||||||
| Kinsale Cap Group IncCOM · shares −0.4% · price −8.0% | 1.9% | $696.7M | −$60.8M | ||||||||
| Figs IncCL A · shares +0.04% · price +69.8% | 1.8% | $681.1M | +$279.9M | ||||||||
| Vail Resorts IncCOM · shares −16% · price −11.2% | 1.7% | $638.8M | −$80.7M | ||||||||
| Spotify Technology S ASHS · shares +0.9% · price −16.8% | 1.6% | $579.1M | −$116.0M | ||||||||
| NvidiaCOM · shares +0.1% · price −0.0% | 1.5% | $557.4M | −$238,824 | ||||||||
| Shopify IncCL A SUB VTG SHS · shares +0.1% · price +8.3% | 1.00% | $368.3M | +$28.2M | ||||||||
| Birkenstock Holding PlcCOM SHS · shares +25% · price −9.6% | 0.88% | $325.8M | −$27.6M | ||||||||
| Interactive Brokers Group InCOM CL A · shares +0.7% · price −6.5% | 0.81% | $298.6M | −$20.7M | ||||||||
| Primerica IncCOM · shares −20% · price −6.9% | 0.79% | $292.6M | −$21.8M | ||||||||
| Verisk AnalyticsCOM · shares +6.7% · price −11.1% | 0.79% | $291.4M | −$34.0M | ||||||||
| AmazonCOM · shares +14% · price +5.1% | 0.77% | $282.8M | +$12.1M | ||||||||
| Morningstar IncCOM · shares −12% · price −6.3% | 0.73% | $269.9M | −$18.3M | ||||||||
| Siteone Landscape Supply IncCOM · shares +3.1% · price −3.3% | 0.68% | $252.7M | −$8.3M | ||||||||
| Total · 327 positions | 100% | $36.91B | −$459.1M |
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 2025 to Q4 2025: 293 stocks held throughout, down $459.1M (−1.3%).
- Figs Inc+$279.9M+70%
- Hyatt Hotels Corp+$112.3M+13%
- Arch Cap Group Ltd+$93.4M+6%
- Idexx Labs Inc+$67.7M+6%
- Tesla+$59.6M+1%
- Choice Hotels Intl Inc−$62.4M−11%
- Vail Resorts Inc−$80.7M−11%
- Spotify Technology S A−$116.0M−17%
- Guidewire Software−$148.5M−13%
- Costar Group Inc−$329.8M−20%
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 ↗ |