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Ron Baron

Baron Capital

United States

3.5

Ron Baron — Investment style

Growth2Value

Favors long-run growth at a reasonable price

Macro9Companies

Bottom-up company research outweighs macro forecasts

Quantitative8Qualitative

Values management quality and durable competitive edges

Short term9Long term

Keeps growth businesses for many years or decades

Concentrated3Diversified

Core funds hold large positions in Tesla and SpaceX

Aggressive2Conservative

Accepts deep drawdowns for substantial upside

Leveraged3Unleveraged

The Partners Fund may use leverage to enhance returns

Short9Long positions

Primarily holds long positions in growth companies

Innovative2Traditional

Backs disruptive businesses in EVs and aerospace

Alternative assets9Stocks

Primarily invests in public and private equities

Style and evaluation scores are subjective HappyStock editorial assessments.

Evaluation scores

Long-term excess returns9/10

Partners Fund earned 16.02% annualized through June 2026

Performance consistency7/10

Strong long-run returns but sharp annual setbacks

Downside protection2/10

Partners Fund fell over 40% in both 2008 and 2022

Replicability6/10

Clear long-term rules but private deals are hard to copy

Explosiveness10/10

Partners Fund returned 149.18% in 2020

Top 3 investment successes

Long-Term Tesla Investment : Baron Capital invested roughly $400 million in Tesla between 2014 and 2016 before electric vehicles became mainstream It kept faith in management and the business through volatility In its Q1 2026 letter, Baron said the shares had risen about fortyfold from the original purchase prices
Early SpaceX Investment : Baron began investing in SpaceX in 2017 based on its reusable-rocket technology and satellite business In his Q1 2026 shareholder letter he reported approximately $13 billion in gains on a cumulative investment of around $1.75 billion
Long-Term MSCI Holding : Baron began buying MSCI at its 2007 IPO near $18 per share and valued the barriers to entry in indexes and financial data In his Q2 2026 letter he noted that the stock had approached $600 while the firm remained a major holder

Top 3 investment setbacks

Sotheby’s Investment Loss : Beginning in 1997, Baron put about $640 million into the auction house expecting an online transformation A price-fixing scandal and poor management judgment sent its shares lower He later acknowledged roughly $350 million in losses and blamed an oversized position and misplaced trust in management
Missed Amazon Opportunity : In 1999, Baron spent time trying to persuade Jeff Bezos to acquire Sotheby’s rather than studying Amazon as an investment He later called the missed chance to invest in Amazon a major mistake This was foregone upside rather than a realized trading loss
Partners Fund Concentration Drawdown : In 2022, falling growth stocks including Tesla hurt the fund Its institutional shares lost 42.41%, substantially more than its benchmark The result illustrated the downside risks of concentrating in volatile growth businesses while allowing leverage

Top 10 reported SEC 13F holdings

Quarter ended: 2026-06-30 · Filed: 2026-08-14

#	Top 10 reported SEC 13F holdings	Share of reported 13F value
1	SpaceX (SPCX)	37%
2	Tesla (TSLA)	8%
3	MSCI	3%
4	Arch Capital Group (ACGL)	2%
5	Hyatt Hotels (H)	2%
6	Shopify (SHOP)	2%
7	Spotify (SPOT)	2%
8	Guidewire Software (GWRE)	2%
9	Charles Schwab (SCHW)	2%
10	Red Rock Resorts (RRR)	2%

SEC 13F covers reported positions of an associated investment manager, not the investor’s full current portfolio.