
	Ron Baron 13F
	Baron Funds

	Last update 2025-05-15	314 Stocks (29 new)
	Value $34.05 Bil	Turnover 5 %
	Countries: Top Holdings: TSLA(10.82%)ACGL(5.64%)IT(4.65%)CSGP(4.43%)MSCI(3.44%) SEC Filings Portfolio Report

Ron Baron Profile

Ron Baron is the founder of Baron Capital Management. He is Co-Portfolio Manager of Baron Asset Fund and remains Portfolio Manager of the Growth and Partners Funds. Baron graduated from Bucknell University with a B.A. in Chemistry, and later attended George Washington University Law School in the evenings.

Ron Baron Investing Philosophy

Ron Baron invests primarily in small and mid-size growth companies. He likes companies with open-ended growth opportunities and defensible niches. He applies a bottom-up company research, invests for the long-term, and tries to purchase companies at what he believes are attractive prices. He invests in growth companies using a value-oriented purchase discipline. Baron ignores short-term market fluctuations when he believes the fundamental reasons for purchasing a company have not changed. He holds investments for longer than five years on average.

Ron Baron Portfolio and Latest Trades

Ticker
Ticker
ANSS
AMT
TSLA
EQIX
FIGS
PLD
DNUT
KRMN
MSFT
GDS
DEI
DLR
IT
WYNN
NARI Unlock Delisted
TECH
EXPE
AZPN Unlock Delisted
AXON
CRH
ALTR Unlock Delisted
TMHC
AMH
FDS
IBTA
ARE
ACGL
BX
TSM
GWRE
IRDM
ONON
WMS
PAR
RDNT
TREX
VNO
WING
BIRK
BFAM
H
ILMN
IRT
BEKE
MSCI
WEX
EXR
KRC
MAC
WELL
CHDN
DAY
EXAS
IDXX
LI
MPWR
RDDT
BN
DHI
LEN
TTAN
SNOW
VMC
BZ
ARGX
ASML
NU
SAIL
IOT
VRT
XPEV
CG
EGP
NPO
FICO
INSP
JLL
LVS
LOAR
LPLA
MA
MELI
NVMI
PRI
TTD
BABA
ASGN
TEAM
AVNT
CAKE
CGNX
CSGP
LLY
GLPI
ITGR
JD
LYV
NEOG
PLNT
RRR

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
ANSS	Ansys Inc	2025-03-31	Reduce Reduce	-0.49%	● 316.56 ($335.47) 360.36	$351.22	4.69%	Reduce -39.82%	852,310	-563,914
AMT	American Tower Corp	2025-03-31	New Buy New Buy	+0.45%	● 173.46 ($196.17) 217.6	$221.02	12.67%	New holding	699,676	699,676
TSLA	Tesla Inc	2025-03-31	Reduce Reduce	-0.38%	● 222.15 ($333.26) 428.22	$317.66	-4.68%	Reduce -2.51%	14,213,133	-365,676
EQIX	Equinix Inc	2025-03-31	Reduce Reduce	-0.37%	● 803 ($898.89) 959.97	$795.47	-11.51%	Reduce -52.23%	139,288	-152,299
FIGS	FIGS Inc	2025-03-31	Add Add	+0.37%	● 4.33 ($5.31) 6.18	$5.64	6.21%	Add 90.26%	58,671,584	27,833,825
PLD	Prologis Inc	2025-03-31	New Buy New Buy	+0.26%	● 103.59 ($115.69) 124.04	$105.12	-9.14%	New holding	792,536	792,536
DNUT	Krispy Kreme Inc	2025-03-31	Reduce Reduce	-0.25%	● 4.92 ($7.64) 9.82	$2.90	-61.98%	Reduce -72.1%	3,645,959	-9,423,758
KRMN	Karman Holdings Inc	2025-03-31	New Buy New Buy	+0.24%	● 28.16 ($32.27) 37.51	$50.37	56.09%	New holding	2,400,648	2,400,648
MSFT	Microsoft Corp	2025-03-31	Reduce Reduce	-0.23%	● 375.39 ($407.71) 447.2	$497.41	22.00%	Reduce -36.83%	364,015	-212,226
GDS	GDS Holdings Ltd	2025-03-31	Reduce Reduce	-0.22%	● 19.92 ($30.31) 48.5	$30.57	0.86%	Reduce -54.03%	3,067,405	-3,605,821
DEI	Douglas Emmett Inc	2025-03-31	Reduce Reduce	-0.21%	● 15.39 ($16.97) 18.94	$15.04	-11.37%	Reduce -66.76%	2,123,363	-4,264,793
DLR	Digital Realty Trust Inc	2025-03-31	Reduce Reduce	-0.20%	● 142.1 ($162.65) 183.56	$174.33	7.18%	Reduce -68.16%	201,007	-430,250
IT	Gartner Inc	2025-03-31	Reduce Reduce	-0.18%	● 418.25 ($492.81) 548.38	$404.22	-17.98%	Reduce -3.69%	3,771,609	-144,594
WYNN	Wynn Resorts Ltd	2025-03-31	Add Add	+0.18%	● 77 ($85.28) 93.47	$93.67	9.84%	Add 682.22%	854,666	745,404
NARI Unlock Delisted	Inari Medical Inc	2025-03-31	Sold Out Sold Out	-0.17%	● 49.77 ($77.39) 79.97	$79.97	3.33%	Sold Out	0	-1,312,528
TECH	Bio-Techne Corp	2025-03-31	Reduce Reduce	-0.16%	● 58.47 ($67.77) 78.75	$51.45	-24.08%	Reduce -20.82%	3,275,806	-861,178
EXPE	Expedia Group Inc	2025-03-31	Reduce Reduce	-0.16%	● 157.11 ($182.16) 206.52	$168.67	-7.41%	Reduce -74.22%	110,979	-319,475
AZPN Unlock Delisted	Aspen Technology Inc	2025-03-31	Sold Out Sold Out	-0.16%	● 249.06 ($260.82) 274.8	$264.33	1.35%	Sold Out	0	-253,214
AXON	Axon Enterprise Inc	2025-03-31	Reduce Reduce	-0.15%	● 496.65 ($585.29) 710.01	$827.40	41.37%	Reduce -62.88%	57,412	-97,238
CRH	CRH PLC	2025-03-31	New Buy New Buy	+0.15%	● 87.97 ($98.34) 110.51	$91.80	-6.65%	New holding	566,834	566,834
ALTR Unlock Delisted	Altair Engineering Inc	2025-03-31	Sold Out Sold Out	-0.15%	● 109.31 ($110.86) 111.85	$111.85	0.89%	Sold Out	0	-539,002
TMHC	Taylor Morrison Home Corp	2025-03-31	New Buy New Buy	+0.14%	● 58.09 ($62.25) 67.02	$61.42	-1.33%	New holding	787,616	787,616
AMH	American Homes 4 Rent	2025-03-31	Add Add	+0.13%	● 34.43 ($35.72) 37.81	$36.07	0.98%	Add 167.53%	1,898,519	1,188,874
FDS	FactSet Research Systems Inc	2025-03-31	Reduce Reduce	-0.13%	● 427.5 ($455.27) 476.51	$447.28	-1.76%	Reduce -4.57%	2,248,026	-107,585
IBTA	Ibotta Inc	2025-03-31	Sold Out Sold Out	-0.13%	● 32.56 ($58.54) 74.78	$36.60	-37.48%	Sold Out	0	-756,087
ARE	Alexandria Real Estate Equities Inc	2025-03-31	Reduce Reduce	-0.12%	● 92.51 ($97.93) 102.81	$72.63	-25.83%	Reduce -71.42%	196,326	-490,506
ACGL	Arch Capital Group Ltd	2025-03-31	Reduce Reduce	-0.12%	● 88.13 ($92.28) 96.94	$91.05	-1.33%	Reduce -2.42%	19,966,752	-495,972
BX	Blackstone Inc	2025-03-31	Reduce Reduce	-0.12%	● 136.53 ($162.31) 186.74	$149.58	-7.84%	Reduce -35.14%	509,556	-276,126
TSM	Taiwan Semiconductor Manufacturing Co Ltd Taiwan Semiconductor Manufacturing Co Ltd	2025-03-31	Reduce Reduce	-0.12%	● 165.25 ($194.34) 224.62	$226.49	16.54%	Reduce -26.68%	643,097	-233,956
GWRE	Guidewire Software Inc	2025-03-31	Reduce Reduce	-0.11%	● 166.74 ($194.38) 218.22	$235.45	21.13%	Reduce -4.18%	5,667,682	-247,501
IRDM	Iridium Communications Inc	2025-03-31	Reduce Reduce	-0.11%	● 26.87 ($29.31) 32.66	$30.16	2.90%	Reduce -13.91%	9,271,284	-1,498,093
ONON	On Holding AG	2025-03-31	Add Add	+0.11%	● 43.92 ($52.56) 63.62	$52.05	-0.97%	Add 26.9%	4,007,218	849,425
WMS	Advanced Drainage Systems Inc	2025-03-31	New Buy New Buy	+0.10%	● 105.29 ($116.57) 126.99	$114.86	-1.47%	New holding	307,855	307,855
PAR	PAR Technology Corp	2025-03-31	Add Add	+0.10%	● 58.73 ($67.08) 76	$69.37	3.41%	Add 51.46%	1,613,953	548,374
RDNT	RadNet Inc	2025-03-31	Add Add	+0.10%	● 45.92 ($59.14) 72.75	$56.84	-3.89%	Add 1928.57%	710,000	675,000
TREX	Trex Co Inc	2025-03-31	Reduce Reduce	-0.10%	● 54 ($64.97) 74.44	$54.38	-16.30%	Reduce -25.21%	1,610,258	-542,875
VNO	Vornado Realty Trust	2025-03-31	Reduce Reduce	-0.10%	● 35.4 ($40.23) 43.26	$38.24	-4.95%	Reduce -36.55%	1,550,465	-893,247
WING	Wingstop Inc	2025-03-31	New Buy New Buy	+0.10%	● 207 ($260.1) 311.93	$336.64	29.43%	New holding	150,392	150,392
BIRK	Birkenstock Holding PLC	2025-03-31	Add Add	+0.09%	● 43.51 ($52.67) 62.17	$49.18	-6.63%	Add 19.8%	4,024,351	665,000
BFAM	Bright Horizons Family Solutions Inc Bright Horizons Family Solutions Inc	2025-03-31	Reduce Reduce	-0.09%	● 110.55 ($122.72) 130.35	$123.59	0.71%	Reduce -19.82%	1,250,197	-309,080
H	Hyatt Hotels Corp	2025-03-31	Add Add	+0.09%	● 120.83 ($143.92) 166.34	$139.65	-2.97%	Add 4.29%	5,788,963	238,174
ILMN	Illumina Inc	2025-03-31	Reduce Reduce	-0.09%	● 79.34 ($108.24) 144.22	$95.41	-11.85%	Reduce -65.89%	139,133	-268,768
IRT	Independence Realty Trust Inc	2025-03-31	Add Add	+0.09%	● 18.23 ($20.14) 21.8	$17.69	-12.16%	Add 81.32%	3,103,678	1,391,932
BEKE	KE Holdings Inc	2025-03-31	New Buy New Buy	+0.09%	● 16.38 ($19.81) 25.09	$17.74	-10.45%	New holding	1,549,042	1,549,042
MSCI	MSCI Inc	2025-03-31	Reduce Reduce	-0.09%	● 541.46 ($581.29) 628.34	$576.74	-0.78%	Reduce -2.83%	2,071,653	-60,278
WEX	WEX Inc	2025-03-31	Sold Out Sold Out	-0.09%	● 148.29 ($164.66) 186.78	$146.89	-10.79%	Sold Out	0	-203,300
EXR	Extra Space Storage Inc	2025-03-31	New Buy New Buy	+0.08%	● 143.8 ($151.64) 161.28	$147.44	-2.77%	New holding	194,207	194,207
KRC	Kilroy Realty Corp	2025-03-31	Reduce Reduce	-0.08%	● 32.02 ($35.82) 40.63	$34.31	-4.22%	Reduce -54.6%	659,304	-793,027
MAC	Macerich Co	2025-03-31	Reduce Reduce	-0.08%	● 15.88 ($19.13) 20.87	$16.18	-15.42%	Reduce -34.81%	3,047,952	-1,627,519
WELL	Welltower Inc	2025-03-31	Add Add	+0.08%	● 124.05 ($142.48) 156.86	$153.73	7.90%	Add 14.83%	1,322,247	170,752
CHDN	Churchill Downs Inc	2025-03-31	New Buy New Buy	+0.07%	● 106.5 ($119.5) 132.91	$100.98	-15.50%	New holding	208,427	208,427
DAY	Dayforce Inc	2025-03-31	Reduce Reduce	-0.07%	● 52.18 ($64.45) 74.08	$55.39	-14.06%	Reduce -10.95%	3,140,432	-386,024
EXAS	Exact Sciences Corp	2025-03-31	Add Add	+0.07%	● 43.04 ($50.64) 58.51	$53.14	4.94%	Add 64.92%	1,472,714	579,714
IDXX	IDEXX Laboratories Inc	2025-03-31	Add Add	+0.07%	● 406.29 ($434.21) 469.04	$536.34	23.52%	Add 2.71%	2,059,777	54,255
LI	Li Auto Inc	2025-03-31	New Buy New Buy	+0.07%	● 21.72 ($25.75) 32.92	$27.11	5.28%	New holding	919,740	919,740
MPWR	Monolithic Power Systems Inc	2025-03-31	Add Add	+0.07%	● 565.7 ($630.15) 720.25	$731.61	16.10%	Add 485.73%	49,805	41,302
RDDT	Reddit Inc	2025-03-31	Reduce Reduce	-0.07%	● 104.9 ($165.28) 225.23	$150.57	-8.90%	Reduce -95.34%	8,210	-168,136
BN	Brookfield Corp	2025-03-31	Reduce Reduce	-0.06%	● 48.64 ($56.7) 62.05	$61.85	9.08%	Reduce -15.67%	2,016,864	-374,827
DHI	D.R. Horton Inc	2025-03-31	Reduce Reduce	-0.06%	● 125.29 ($134.11) 147.65	$128.92	-3.87%	Reduce -45.52%	198,526	-165,868
LEN	Lennar Corp	2025-03-31	Reduce Reduce	-0.06%	● 113.93 ($123.84) 137.82	$110.61	-10.68%	Reduce -47.66%	184,914	-168,389
TTAN	ServiceTitan Inc	2025-03-31	Add Add	+0.06%	● 82.34 ($97) 105.79	$107.18	10.49%	Add 29.94%	889,075	204,853
SNOW	Snowflake Inc	2025-03-31	Add Add	+0.06%	● 146.16 ($169.7) 192.78	$223.77	31.86%	Add 49.15%	415,209	136,818
VMC	Vulcan Materials Co	2025-03-31	Add Add	+0.06%	● 220.9 ($253.96) 277.54	$260.82	2.70%	Add 57.37%	232,002	84,575
BZ	Kanzhun Ltd	2025-03-31	Sold Out Sold Out	-0.06%	● 12.92 ($16.28) 20.56	$17.84	9.58%	Sold Out	0	-1,644,401
ARGX	argenx SE	2025-03-31	Reduce Reduce	-0.05%	● 571 ($631.12) 671.75	$551.83	-12.56%	Reduce -11.88%	213,400	-28,778
ASML	ASML Holding NV	2025-03-31	Reduce Reduce	-0.05%	● 662.63 ($727.48) 776.99	$801.39	10.16%	Reduce -45.28%	29,038	-24,029
NU	Nu Holdings Ltd	2025-03-31	Reduce Reduce	-0.05%	● 10.12 ($11.82) 13.95	$13.72	16.07%	Reduce -61.82%	1,203,068	-1,947,622
SAIL	SailPoint Inc	2025-03-31	New Buy New Buy	+0.05%	● 18.12 ($21.79) 25.7	$22.87	4.96%	New holding	842,712	842,712
IOT	Samsara Inc	2025-03-31	Add Add	+0.05%	● 34.06 ($46.57) 60.96	$39.78	-14.58%	Add 62.41%	1,098,803	422,235
VRT	Vertiv Holdings Co	2025-03-31	Add Add	+0.05%	● 72.2 ($106.44) 153.49	$128.41	20.64%	Add 7.88%	2,966,603	216,603
XPEV	XPeng Inc	2025-03-31	New Buy New Buy	+0.05%	● 11.55 ($18) 26.34	$17.88	-0.67%	New holding	852,979	852,979
CG	The Carlyle Group Inc	2025-03-31	Reduce Reduce	-0.04%	● 40.03 ($49.59) 56.96	$51.40	3.65%	Reduce -15.01%	1,587,053	-280,200
EGP	EastGroup Properties Inc	2025-03-31	New Buy New Buy	+0.04%	● 155.63 ($174.01) 187.46	$167.12	-3.96%	New holding	82,248	82,248
NPO	Enpro Inc	2025-03-31	Add Add	+0.04%	● 161.21 ($179.63) 207.46	$191.55	6.64%	Add 66.28%	233,415	93,037
FICO	Fair Isaac Corp	2025-03-31	Reduce Reduce	-0.04%	● 1695.35 ($1851.88) 2030.47	$1,827.96	-1.29%	Reduce -7.85%	86,240	-7,350
INSP	Inspire Medical Systems Inc	2025-03-31	Add Add	+0.04%	● 157.24 ($180.91) 215.42	$129.77	-28.27%	Add 21.53%	422,693	74,893
JLL	Jones Lang LaSalle Inc	2025-03-31	Add Add	+0.04%	● 238 ($263.11) 284.76	$255.78	-2.79%	Add 12.25%	471,841	51,475
LVS	Las Vegas Sands Corp	2025-03-31	Add Add	+0.04%	● 38.18 ($44.17) 50.93	$43.51	-1.49%	Add 20.06%	1,953,565	326,400
LOAR	Loar Holdings Inc	2025-03-31	Add Add	+0.04%	● 63.45 ($72.15) 82.39	$86.17	19.43%	Add 148.66%	339,557	203,000
LPLA	LPL Financial Holdings Inc	2025-03-31	Add Add	+0.04%	● 308.87 ($348.21) 383.33	$374.97	7.69%	Add 38.05%	165,251	45,547
MA	Mastercard Inc	2025-03-31	Reduce Reduce	-0.04%	● 504.67 ($544.39) 576.31	$561.94	3.22%	Reduce -28.1%	84,998	-33,216
MELI	MercadoLibre Inc	2025-03-31	Add Add	+0.04%	● 1739 ($1984.94) 2260	$2,613.63	31.67%	Add 12.32%	65,366	7,168
NVMI	Nova Ltd	2025-03-31	Add Add	+0.04%	● 184.33 ($230.93) 273.65	$275.00	19.08%	Add 82.54%	156,353	70,701
PRI	Primerica Inc	2025-03-31	Reduce Reduce	-0.04%	● 271.41 ($284.92) 296.43	$273.67	-3.95%	Reduce -3.12%	1,603,930	-51,617
TTD	The Trade Desk Inc	2025-03-31	Add Add	+0.04%	● 53.59 ($90.47) 126.58	$71.99	-20.43%	Add 15.75%	1,870,626	254,597
BABA	Alibaba Group Holding Ltd	2025-03-31	Add Add	+0.03%	● 80.53 ($115.31) 147.57	$113.41	-1.65%	Add 6.15%	1,522,815	88,195
ASGN	ASGN Inc	2025-03-31	Reduce Reduce	-0.03%	● 63.02 ($76.97) 93.96	$49.93	-35.13%	Reduce -9.78%	1,416,680	-153,606
TEAM	Atlassian Corp	2025-03-31	Add Add	+0.03%	● 208 ($263.86) 322.94	$203.09	-23.03%	Add 39.97%	190,889	54,509
AVNT	Avient Corp	2025-03-31	Reduce Reduce	-0.03%	● 36.91 ($41.36) 44.21	$32.31	-21.88%	Reduce -16.67%	1,250,000	-250,000
CAKE	Cheesecake Factory Inc	2025-03-31	Reduce Reduce	-0.03%	● 44.87 ($51.2) 56.71	$62.68	22.42%	Reduce -10%	1,800,000	-200,000
CGNX	Cognex Corp	2025-03-31	Add Add	+0.03%	● 29.83 ($35.22) 41.02	$31.72	-9.94%	Add 18.75%	1,900,000	300,000
CSGP	CoStar Group Inc	2025-03-31	Reduce Reduce	-0.03%	● 69.29 ($76.08) 80.37	$80.40	5.68%	Reduce -0.89%	19,032,522	-171,042
LLY	Eli Lilly and Co	2025-03-31	Add Add	+0.03%	● 725.72 ($832.09) 929.72	$779.53	-6.32%	Add 64.22%	32,844	12,844
GLPI	Gaming and Leisure Properties Inc	2025-03-31	Reduce Reduce	-0.03%	● 45.62 ($49.12) 51.12	$46.69	-4.95%	Reduce -2.85%	7,594,545	-222,898
ITGR	Integer Holdings Corp	2025-03-31	Add Add	+0.03%	● 115.16 ($130.88) 144.36	$122.97	-6.04%	Add 30.88%	384,055	90,621
JD	JD.com Inc	2025-03-31	Reduce Reduce	-0.03%	● 33.1 ($40.14) 45.21	$32.64	-18.68%	Reduce -29.01%	873,239	-356,912
LYV	Live Nation Entertainment Inc	2025-03-31	Add Add	+0.03%	● 115.79 ($136.52) 154.66	$151.28	10.81%	Add 35.9%	265,000	70,000
NEOG	Neogen Corp	2025-03-31	Reduce Reduce	-0.03%	● 8.43 ($10.48) 13.07	$4.79	-54.34%	Reduce -11.09%	7,543,907	-941,401
PLNT	Planet Fitness Inc	2025-03-31	Reduce Reduce	-0.03%	● 90.12 ($100.65) 109.07	$109.05	8.35%	Reduce -8%	1,150,000	-100,000
RRR	Red Rock Resorts Inc	2025-03-31	Add Add	+0.03%	● 42.69 ($47.31) 52.91	$52.05	10.02%	Add 2.17%	11,602,411	246,210

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